# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-26-001998
**Filing Date:** 2026-6
**Character Count:** 2915924
**Document Hash:** b5701848f2dab1ee9d841b3f717528a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001998.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0002066578-26-001998

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 261067739

**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

### LARGE CAP CORE FUND (Series ID: S000001243)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000003389 | LARGE CAP CORE FUND | NOLCX           |

### SMALL CAP CORE FUND (Series ID: S000001244)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000219382 | Class K      |  |
| C000219383 | Class I      |  |

### SMALL CAP INDEX FUND (Series ID: S000001245)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000003391 | SMALL CAP INDEX FUND | NSIDX           |

### SMALL CAP VALUE FUND (Series ID: S000001246)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000003392 | SMALL CAP VALUE FUND | NOSGX           |

### STOCK INDEX FUND (Series ID: S000001247)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000003393 | STOCK INDEX FUND | NOSIX           |

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

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

### CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND (Series ID: S000001250)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000003396 | CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND | NCITX           |

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

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

### FIXED INCOME FUND (Series ID: S000001252)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000003398 | FIXED INCOME FUND | NOFIX           |

### HIGH YIELD FIXED INCOME FUND (Series ID: S000001256)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000003402 | HIGH YIELD FIXED INCOME FUND | NHFIX           |

### INTERMEDIATE TAX-EXEMPT FUND (Series ID: S000001258)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000003404 | INTERMEDIATE TAX-EXEMPT FUND | NOITX           |

### LIMITED TERM U.S. GOVERNMENT FUND (Series ID: S000001259)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000003405 | LIMITED TERM U.S. GOVERNMENT FUND | NSIUX           |

### TAX-EXEMPT FUND (Series ID: S000001260)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000003406 | TAX-EXEMPT FUND | NOTEX           |

### U.S. GOVERNMENT FUND (Series ID: S000001261)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000003407 | U.S. GOVERNMENT FUND | NOUGX           |

### U.S. GOVERNMENT MONEY MARKET FUND (Series ID: S000001266)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000003412 | U.S. GOVERNMENT MONEY MARKET FUND | NOGXX           |

### U.S. GOVERNMENT SELECT MONEY MARKET FUND (Series ID: S000001267)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000003413 | U.S. GOVERNMENT SELECT MONEY MARKET FUND | NOSXX           |

### INTERNATIONAL EQUITY INDEX FUND (Series ID: S000001268)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000003414 | INTERNATIONAL EQUITY INDEX FUND | NOINX           |

### INCOME EQUITY FUND (Series ID: S000001269)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000003415 | INCOME EQUITY FUND | NOIEX           |

### INTERNATIONAL EQUITY FUND (Series ID: S000001270)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000003416 | INTERNATIONAL EQUITY FUND | NOIGX           |

### LARGE CAP VALUE FUND (Series ID: S000001271)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000003417 | LARGE CAP VALUE FUND | NOLVX           |

### MID CAP INDEX FUND (Series ID: S000001273)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000003419 | MID CAP INDEX FUND | NOMIX           |

### EMERGING MARKETS EQUITY INDEX FUND (Series ID: S000005358)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000014609 | EMERGING MARKETS EQUITY INDEX FUND | NOEMX           |

### ACTIVE M INTERNATIONAL EQUITY FUND (Series ID: S000012492)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000033959 | ACTIVE M INTERNATIONAL EQUITY FUND | NMIEX           |

### GLOBAL REAL ESTATE INDEX FUND (Series ID: S000012717)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000034255 | GLOBAL REAL ESTATE INDEX FUND | NGREX           |

### BOND INDEX FUND (Series ID: S000015790)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000043366 | BOND INDEX FUND | NOBOX           |

### LIMITED TERM TAX-EXEMPT FUND (Series ID: S000018524)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000051415 | LIMITED TERM TAX-EXEMPT FUND | NSITX           |

### World Selection Index Fund (Series ID: S000019579)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000219384 | Class K      | NSRKX           |
| C000219385 | Class I      | NSRIX           |

### ACTIVE M EMERGING MARKETS EQUITY FUND (Series ID: S000024144)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000070886 | ACTIVE M EMERGING MARKETS EQUITY FUND | NMMEX           |

### MULTI-MANAGER GLOBAL REAL ESTATE FUND (Series ID: S000024145)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000070887 | MULTI-MANAGER GLOBAL REAL ESTATE FUND | NMMGX           |

### ULTRA-SHORT FIXED INCOME FUND (Series ID: S000025872)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000077366 | ULTRA-SHORT FIXED INCOME FUND | NUSFX           |
| C000232975 | Siebert Williams Shank Shares | SWSFX           |

### TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND (Series ID: S000025873)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000077367 | TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND | NTAUX           |

### MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND (Series ID: S000026479)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000079432 | MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND | NMHYX           |

### GLOBAL TACTICAL ASSET ALLOCATION FUND (Series ID: S000033427)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000102783 | GLOBAL TACTICAL ASSET ALLOCATION FUND | BBALX           |

### MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND (Series ID: S000037667)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000116140 | MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND | NMFIX           |

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

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

### SHORT BOND FUND (Series ID: S000038896)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000119674 | SHORT BOND FUND | BSBAX           |

### U.S. Quality ESG Fund (Series ID: S000055816)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000219386 | Class I      |  |
| C000219387 | Class K      |  |

?xml version='1.0' encoding='ASCII'? 480757f9-8410-4484-8226-647b2238f295

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number
811-08236

Northern Funds

(Exact name of registrant as specified in charter)

------

50 South LaSalle Street

Chicago, IL 60603

(Address of principal executive offices) (Zip code)

Name and Address of Agent for Service:

Michael D. Mabry

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, Pennsylvania 19103

with a copy to:

Kevin P. O'Rourke

Jose J. Del Real, Esq.

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

#### Registrant's telephone number, including area code:
(800) 595-9111

#### Date of fiscal year end:
March 31

#### Date of reporting period:
March 31, 2026

#### Item 1. Reports to Stockholders.
(a) Copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the "1940 Act") (17 CFR 270.30e-1).

![TSR - Fund Logo - NF](images_8275.jpg)

### U.S. GOVERNMENT MONEY MARKET FUND

### SHARES/NOGXX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the U.S. Government Money Market Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| U.S. GOVERNMENT MONEY MARKET FUND (SHARES/NOGXX) | $36 | 0.35% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353420.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| U.S. GOVERNMENT MONEY MARKET FUND (SHARES/NOGXX) | 3.84% | 3.16% | 2.02% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$21590340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$69585 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Repurchase Agreements | 49.9% |
| U.S. Government Agencies | 38.5% |
| U.S. Government Obligations | 11.6% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at anytime, including during periods of market stress.

NF ANR-TSR NOGXX (5/26)NORTHERN FUNDS

![TSR - Fund Logo - NF](images_8275.jpg)

### U.S. GOVERNMENT SELECT MONEY MARKET FUND

### SHARES/NOSXX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the U.S. Government Select Money Market Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| U.S. GOVERNMENT SELECT MONEY MARKET FUND (SHARES/NOSXX) | $36 | 0.35% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353437.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| U.S. GOVERNMENT SELECT MONEY MARKET FUND (SHARES/NOSXX) | 3.84% | 3.22% | 2.05% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$4483690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$14216 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Repurchase Agreements | 47.6% |
| U.S. Government Agencies | 38.0% |
| U.S. Government Obligations | 13.8% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at anytime, including during periods of market stress.

NF ANR-TSR NOSXX (5/26)NORTHERN FUNDS

![TSR - Fund Logo - NF](images_8275.jpg)

### SMALL CAP CORE FUND

### CLASS I/NSGRX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Small Cap Core Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| SMALL CAP CORE FUND<br>(CLASS I/NSGRX) | $56 | 0.50% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the report i ng pe r iod?
* During the fiscal year ended March 31, 2026, the U.S. Federal Reserve lowered interest rates as inflation data slowed and employment remained steady. Following the selloff on the announcement of tariffs, equities rallied significantly as policy was not as severe as initially outlined.

* The Russell 2000<sup>®</sup> Index, the Fund's benchmark (the "Index"), finished the fiscal year ended March 31, 2026 higher by 25.72%. Energy and materials were among the best performing sectors in the Index, while consumer staples and real estate sectors lagged.

* The Fund's Class I shares' return of 22.55% underperformed the Index.Performance Contributors:Stock selection in consumer discretionary and utilities sectors.Stock selection in micro-capitalization companies.Performance Detractors:Stock selection in healthcare and information technology sectors.Impact from our proprietary quality model.Overweight allocation to higher quality stocks, which underperformed the Index.Underweight allocation to lower quality stocks with poor momentum, which significantly outperformed the Index.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Class I shares of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests). Class I commenced operations on July 30, 2020. Performance prior to that date is for the Shares class (the Shares class is no longer offered for the Fund). Class I Shares' returns of the Fund will be different from the returns of the Shares class shares' returns of the Fund to the extent that they have different expenses.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353733.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| SMALL CAP CORE FUND (CLASS I/NSGRX) | 22.55% | 5.28% | 9.84% |
| RUSSELL 3000<sup>®</sup> INDEX | 18.09% | 10.87% | 13.72% |
| RUSSELL 2000<sup>®</sup> INDEX | 25.72% | 3.77% | 9.88% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$341922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18.92% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Industrials | 18.0% |
| Financials | 17.1% |
| Health Care | 16.1% |
| Information Technology | 13.4% |
| Consumer Discretionary | 9.3% |
| Energy | 6.6% |
| Short-Term Investments | 5.9% |
| Real Estate | 5.0% |
| All other industries less than 5%<sup>\*</sup> | 13.2% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NSGRX (5/26)NORTHERN FUNDS

![TSR - Fund Logo - NF](images_8275.jpg)

### SMALL CAP CORE FUND

### CLASS K/NSCKX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Small Cap Core Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| SMALL CAP CORE FUND<br>(CLASS K/NSCKX) | $45 | 0.40% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, the U.S. Federal Reserve lowered interest rates as inflation data slowed and employment remained steady. Following the selloff on the announcement of tariffs, equities rallied significantly as policy was not as severe as initially outlined.

* The Russell 2000<sup>®</sup> Index, the Fund's benchmark (the "Index"), finished the fiscal year ended March 31, 2026 higher by 25.72%. Energy and materials were among the best performing sectors in the Index, while consumer staples and real estate sectors lagged.

* The Fund's Class K shares' return of 22.63% underperformed the Index.Performance Contributors:Stock selection in consumer discretionary and utilities sectors.Stock selection in micro-capitalization companies.Performance Detractors:Stock selection in healthcare and information technology sectors.Impact from our proprietary quality model.Overweight allocation to higher quality stocks, which underperformed the Index.Underweight allocation to lower quality stocks with poor momentum, which significantly outperformed the Index.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Class K shares of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests). Class K commenced operations on July 30, 2020. Performance prior to that date is for the Shares class (the Shares class is no longer offered for the Fund). Class K Shares' returns of the Fund will be different from the returns of the Shares class shares' returns of the Fund to the extent that they have different expenses.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353790.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| SMALL CAP CORE FUND (CLASS K/NSCKX) | 22.63% | 5.38% | 9.90% |
| RUSSELL 3000<sup>®</sup> INDEX | 18.09% | 10.87% | 13.72% |
| RUSSELL 2000<sup>®</sup> INDEX | 25.72% | 3.77% | 9.88% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$341922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18.92% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Industrials | 18.0% |
| Financials | 17.1% |
| Health Care | 16.1% |
| Information Technology | 13.4% |
| Consumer Discretionary | 9.3% |
| Energy | 6.6% |
| Short-Term Investments | 5.9% |
| Real Estate | 5.0% |
| All other industries less than 5%<sup>\*</sup> | 13.2% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u>or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NSCKX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### HIGH YIELD FIXED INCOME FUND

### SHARES/NHFIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the High Yield Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| HIGH YIELD FIXED INCOME FUND (SHARES/NHFIX) | $62 | 0.60% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, the high yield market posted strong positive returns. High yield spreads ended the fiscal year tighter than where they began. In aggregate, high yield tightened 0.30% to end the period at 3.10%, as represented by the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index, the Fund's style-specific benchmark (the "Index"). Energy was the best performer during the period as consolidation, continued balance sheet improvement, and the conflict involving Iran boosted oil prices, all supporting tighter spreads. Paper and packaging was one of the worst performing sectors as demand remained tepid, while the surge in energy costs increased concerns of margin compression for this sector. Given the risk-on nature of the reporting period, the lower quality portions of the market generally outperformed the higher quality portions. BB rated bonds returned 7.12%, B rated securities returned 6.95%, and CCC rated bonds generated a 7.38% return.

* The Fund returned 7.47% for the reporting period, outperforming the 7.01% return of the Index.Performance contributors:Overweight to B rated securities.Modest overweight to CCC rated securities.Overweight positions in energy and banking.Security selection in wireless, healthcare and midstream.Performance detractors:Underweight to consumer services and gaming.Security selection in packaging and financial institutions.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353807.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| HIGH YIELD FIXED INCOME FUND (SHARES/NHFIX) | 7.47% | 4.10% | 5.72% |
| BLOOMBERG UNIVERSAL INDEX | 4.64% | 0.65% | 2.11% |
| BLOOMBERG U.S. CORPORATE HIGH YIELD 2% ISSUER CAPPED INDEX | 7.01% | 4.22% | 6.12% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2079404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$12424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;40.19% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Corporate Bonds | 74.0% |
| Foreign Issuer Bonds | 11.9% |
| Investment Companies | 8.1% |
| Futures Contracts Sold Short | 5.9% |
| Other less than 5%<sup>\*</sup> | 0.1% |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u>or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NHFIX (5/26)NORTHERN FUNDS

![TSR - Fund Logo - NF](images_8275.jpg)

### CORE BOND FUND

### SHARES/NOCBX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Core Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| CORE BOND FUND (SHARES/NOCBX) | $42 | 0.41% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global macroeconomic risk shifted towards weaker growth and higher inflation, as the impact from the conflict involving Iran brought disruption to global commodity supply, including oil, natural gas, fertilizers, and other inputs. The calendar year-over-year Consumer Price Index reversed its prior trend, rising from 2.8% to 3.3%, while the unemployment rate slightly increased to 4.3% from 4.1%. The U.S. Federal Reserve (the "Fed") continued its easing cycle, delivering 75 basis points ("bps") of cuts in the second half of 2025, bringing the Fed Funds Overnight Rate from a targeted range of 4.25%-4.50% down to 3.50%-3.75%. Investment grade credit index spreads tightened by 6 bps, high yield index spreads tightened by 25 bps, and the mortgage-backed securities ("MBS") index spread tightened by 12 bps during the reporting period.

* The Fund returned 4.27%, underperforming the 4.35% return of its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the reporting period. The Fund adjusted its allocation to securitized holdings throughout the year, adding commercial MBS and asset backed securities ("ABS"), with a particular overweight to ABS in the strategic allocation. Simultaneously, risk was reduced in corporates and MBS at 2025 calendar year end. The Fund remained neutral to duration throughout the reporting period.Performance Contributors:Security selection within, and sector allocation to, investment grade credit and securitized bonds.Performance Detractors:Long Treasury bond holdings were a slight detractor as long-term rates rose at the end of the reporting period.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3352828.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| CORE BOND FUND (SHARES/NOCBX) | 4.27% | 0.29% | 1.65% |
| BLOOMBERG U.S. AGGREGATE BOND INDEX | 4.35% | 0.31% | 1.70% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$91295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;139.58% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| U.S. Government Obligations | 23.2% |
| U.S. Government Agencies | 18.4% |
| Asset-Backed Securities | 18.2% |
| Corporate Bonds | 12.8% |
| Commercial Mortgage-Backed Securities | 5.0% |
| Futures Contracts | 6.5% |
| Futures Contracts Sold Short | 11.1% |
| Other less than 5%<sup>\*</sup> | 4.8% |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOCBX (5/26)NORTHERN FUNDS

![TSR - Fund Logo - NF](images_8275.jpg)

### SHORT BOND FUND

### SHARES/BSBAX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Short Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| SHORT BOND FUND (SHARES/BSBAX) | $41 | 0.40% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global macroeconomic risk shifted towards weaker growth and higher inflation, as the impact from the conflict involving Iran brought disruption to global commodity supply, including oil, natural gas, fertilizers, and other inputs. The calendar year-over-year Consumer Price Index reversed its prior trend, rising from 2.8% to 3.3%, while the unemployment rate slightly increased to 4.3% from 4.1%. The U.S. Federal Reserve (the "Fed") continued its easing cycle, delivering 75 basis points ("bps") of cuts in the second half of 2025, bringing the Fed Funds Overnight Rate from a targeted range of 4.25%-4.50% down to 3.50%-3.75%. Investment grade credit index spreads tightened by 6 bps, high yield index spreads tightened by 25 bps, and the mortgage-backed securities index spread tightened by 12 bps during the reporting period.

* The Fund returned 4.33% for the fiscal year, outperforming its style-specific benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index (the "Index"), which returned 3.96%. As of March 31, 2026, the Fund is comprised of approximately 55% Corporates, 25% Securitized bonds, and 20% U.S. Treasuries. The Fund generally maintained its risk profile, year over year, as well as its neutral-to-duration positioning.Performance Contributors:Overweight to investment grade and high yield corporate bonds and securitized holdings.Performance Detractors:Our natural underweight to U.S. government bonds, versus the Index, was a detractor.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3352902.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| SHORT BOND FUND (SHARES/BSBAX) | 4.33% | 2.12% | 2.19% |
| BLOOMBERG U.S. AGGREGATE BOND INDEX | 4.35% | 0.31% | 1.70% |
| BLOOMBERG 1-3 YEAR U.S. GOVERNMENT/CREDIT INDEX | 3.96% | 2.04% | 2.02% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$188432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;104.90% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Corporate Bonds | 26.8% |
| Foreign Issuer Bonds | 8.7% |
| Asset-Backed Securities | 7.2% |
| U.S. Government Obligations | 6.3% |
| U.S. Government Agencies | 5.4% |
| Futures Contracts | 12.4% |
| Futures Contracts Sold Short | 25.3% |
| Other less than 5%<sup>\*</sup> | 7.9% |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at

<u>northerntrust.com/funds#literature</u>or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR BSBAX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### GLOBAL TACTICAL ASSET ALLOCATION FUND

### SHARES/BBALX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Global Tactical Asset Allocation Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1,2</sup>** |
| GLOBAL TACTICAL ASSET ALLOCATION FUND (SHARES/BBALX) | $28 | 0.26% |

---

1 Reflects applicable expense reimbursements and fee waivers. <br> 2 Expense ratio reflects only the direct expenses of the Fund and not any expenses associated with the underlying funds.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, the U.S. economic backdrop remained constructive despite wide-ranging investor concerns across the period – spanning tariffs, U.S. labor market softening, a U.S. government shutdown and the conflict involving Iran. Most major developed-market central banks continued to cut interest rates. Despite tariff-related market consternation in early April 2025, financial market returns were strong over the reporting period with double-digit gains in equities and mid-to-upper-single-digit gains in fixed income.

* The Fund returned 13.68% during the fiscal year, outperforming the 13.62% return of its blended benchmark, the Asset Allocation Blend Index (60% MSCI All Country World Index and 40% Bloomberg U.S. Aggregate Bond Index).Performance contributors:Tactical positioning, primarily underweight positioning in investment grade fixed income and positioning in non-U.S. equities.The Fund was overweight equities and underweight fixed income throughout most of the reporting period.During the reporting period, the Fund made a number of asset allocation changes, including overall increases in allocations to non-U.S. equities and real assets, along with reductions in U.S. equities and high yield fixed income.Performance detractors:Implementing the Fund's tactical asset allocation recommendations, with some drag in non-U.S. developed market equities.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's two broad-based securities market indices and a blended benchmark.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353363.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| GLOBAL TACTICAL ASSET ALLOCATION FUND (SHARES/BBALX) | 13.68% | 5.24% | 6.44% |
| MSCI ALL COUNTRY WORLD INDEX | 20.01% | 9.49% | 11.33% |
| BLOOMBERG U.S. AGGREGATE BOND INDEX | 4.35% | 0.31% | 1.70% |
| BLENDED INDEX - 60% MSCI ALL COUNTRY WORLD INDEX AND 40% BLOOMBERG U.S. AGGREGATE BOND INDEX | 13.62% | 5.87% | 7.60% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$79935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24.95% |

---

ASSET CLASS WEIGHTINGS AS A % OF INVESTMENTS

---

| | |
|:---|:---|
| U.S. Equity | 38.1% |
| U.S. Bonds - Investment Grade | 19.6% |
| Non U.S. Equity - Developed | 14.6% |
| U.S. Fixed Income | 9.1% |
| Non U.S. Equity - Emerging Markets | 7.5% |
| Cash | 4.7% |
| U.S. Bonds - Inflation Protected | 1.9% |
| Global Infrastructure | 1.9% |
| U.S. Bonds - High Yield | 1.8% |
| Commodities/Natural Resources | 0.7% |
| Cash Equivalent | 0.1% |

---

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR BBALX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND

### SHARES/NMHYX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Multi-Manager High Yield Opportunity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND (SHARES/NMHYX) | $70 | 0.68% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* For the fiscal year ended March 31, 2026, the high yield market returned 6.90%, as measured by the ICE BofA U.S. High Yield Constrained Index, the Fund's style-specific benchmark (the "Index"). During the period, higher quality securities outperformed lower quality securities. BB rated securities returned 6.96%, B rated securities returned 7.22%, and CCC's & lower rated securities returned 4.94%. From a sector perspective, telecommunications, healthcare, and energy outperformed the Index, while technology and transportation underperformed the Index.

* For the fiscal year ended March 31, 2026, the Fund returned 6.27%, underperforming the 6.90% return of the Index.Performance contributors:Sub-adviser BlackRock Investment Management, LLC's ("BlackRock") security selection in retailers, media, and wirelines drove performance, as did an underweight to retail and overweight in B-rated securities.Sub-adviser Polen Capital Credit, LLC's ("Polen") positive carry effect, driven by a higher coupon structure, an overweight to the healthcare sector, and holdings within capital goods, technology, and retail contributed to performance.Sub-adviser Nomura Corporate Research and Asset Management Inc.'s ("Nomura") security selection within energy, basic industry, and financial services was the main driver of performance. Selection within CCC-rated securities, which as a quality cohort lagged, was also positive.Performance detractors:BlackRock's underweight in independent energy, an off-index allocation to loans, and security selection within CCC-rated securities detracted.Polen's overweight to CCC-rated securities and security selection within that quality cohort, as well as an underweight to telecommunications and energy, detracted from performance.Nomura's main detractors to performance were holdings in retail, capital goods, and automotives.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353585.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND (SHARES/NMHYX) | 6.27% | 4.07% | 5.74% |
| BLOOMBERG UNIVERSAL INDEX | 4.64% | 0.65% | 2.11% |
| ICE BofA U.S. HIGH YIELD CONSTRAINED INDEX | 6.90% | 4.19% | 6.04% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$142397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;53.81% |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Corporate Bonds | 80.5% |
| Investment Companies | 10.0% |
| Foreign Issuer Bonds | 8.2% |
| Other less than 5%\* | 6.4% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed ?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NMHYX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### SMALL CAP INDEX FUND

### SHARES/NSIDX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Small Cap Index Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| SMALL CAP INDEX FUND (SHARES/NSIDX) | $11 | 0.10% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global equities delivered strong double digit returns, supported by resilient earnings growth, gradually easing—though still restrictive—monetary policy expectations, and a strong rebound following last April's tariff related selloff as trade policy ultimately proved less severe than initially outlined. Returns moderated during the latter part of the first quarter of 2026 as markets reacted to rising geopolitical risks and elevated energy prices amid escalating tensions in the Middle East. However, despite increased volatility and a late period pullback, full year performance remained firmly positive across all major regions. U.S. equities advanced meaningfully, with market leadership concentrated in information technology and communication services sectors, driven by investor enthusiasm around artificial intelligence–related growth opportunities and capital investment. Small-cap equities outperformed both large-cap equities and mid-cap equities in the U.S., reflecting a sharp recovery in valuations, and benefited from expectations of easing financial conditions, stable credit availability and a rebound in cyclical segments during the period.

* The Fund returned 25.82% during the fiscal year ended March 31, 2026, compared to a return of 25.72% for its benchmark, the Russell 2000<sup>®</sup> Index (the "Index").

* Tracking difference between the Fund's return and the Index's return for the reporting period was primarily due to contributions from securities lending and class action settlement proceeds received by the Fund, which were partially offset by Fund fees and expenses.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3352549.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| SMALL CAP INDEX FUND (SHARES/NSIDX) | 25.82% | 3.71% | 9.75% |
| RUSSELL 3000<sup>®</sup> INDEX | 18.09% | 10.87% | 13.72% |
| RUSSELL 2000<sup>®</sup> INDEX | 25.72% | 3.77% | 9.88% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1384245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22.10% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Industrials | 17.8% |
| Health Care | 17.5% |
| Financials | 16.8% |
| Information Technology | 13.8% |
| Short-Term Investments | 9.1% |
| Consumer Discretionary | 8.2% |
| Energy | 6.7% |
| Real Estate | 5.3% |
| All other industries less than 5%<sup>\*</sup> | 12.2% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NSIDX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### U.S. QUALITY ESG FUND

### CLASS I/NUEIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the U.S. Quality ESG Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| U.S. QUALITY ESG FUND<br>(CLASS I/NUEIX) | $53 | 0.49% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, financial markets delivered strong returns, supported by resilient economic growth and corporate profits that remained near all-time highs. Inflation pressures continued to moderate over the period, while earnings growth proved durable across many sectors of the economy. Monetary policy remained a key driver of market sentiment, as the U.S. Federal Reserve cut interest rates three times during the fiscal year, lowering the federal funds rate by a cumulative 75 basis points and providing support for risk assets.

* U.S. equity markets advanced meaningfully during the period, as reflected by the 17.74% return of the Russell 1000<sup>®</sup> Index, the Fund's benchmark (the "Index"). For much of the year, market leadership was concentrated in information technology and communication services, driven by investor enthusiasm around artificial intelligence–related growth opportunities and capital investment. Toward the end of the period, escalating geopolitical tensions, including the conflict involving Iran, contributed to higher energy prices, resulting in energy becoming the leading performing sector over the fiscal year.

* The Fund's Class I shares' return of 15.46% underperformed the Index. The Fund invests in high-quality companies that Northern Trust Investments, Inc. ("NTI") believes exhibit favorable environmental, social, and governance ("ESG") characteristics, a category NTI believes has the potential to generate attractive long-term, risk-adjusted returns, particularly through full market cycles.Performance contributors:While the quality factor exhibited some supportive characteristics during periods of market volatility, stocks with strong profitability and conservative balance sheets were often overlooked in favor of companies pursuing more aggressive capital spending programs tied to expected artificial intelligence growth.Stock selection was a positive contributor and reflected the Fund's emphasis on financial sustainability and long-term fundamentals.Performance detractors:A modest underweight to the energy sector detracted from relative performance, particularly given the sector's strong performance late in the fiscal year.ESG-related exclusions, most notably within the aerospace and defense industry, as that industry generated strong returns over the period.The Fund's emphasis on quality and profitability detracted during a strong equity market environment that rewarded higher-risk growth and elevated capital investment over near-term earnings discipline.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Class I shares of the Fund and compares the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since the Fund's inception on October 2, 2017. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index. Class I commenced operations on August 21, 2020. Performance prior to that date is for the Shares class (the Shares class is no longer offered for the Fund). Class I Shares' returns of the Fund will be different from the returns of the Shares class shares' returns of the Fund to the extent that they have different expenses.

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3353716.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **Since<br>Inception** |
| U.S. QUALITY ESG FUND (CLASS I/NUEIX) | 15.46% | 10.19% | 12.55% |
| RUSSELL 1000<sup>®</sup> INDEX | 17.74% | 11.34% | 13.41% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$322131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19.93% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 31.6% |
| Financials | 13.4% |
| Health Care | 11.2% |
| Industrials | 10.5% |
| Consumer Discretionary | 9.9% |
| Communication Services | 8.5% |
| All other industries less than 5%<sup>\*</sup> | 15.2% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NUEIX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### U.S. QUALITY ESG FUND

### CLASS K/NUESX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the U.S. Quality ESG Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| U.S. QUALITY ESG FUND<br>(CLASS K/NUESX) | $42 | 0.39% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, financial markets delivered strong returns, supported by resilient economic growth and corporate profits that remained near all-time highs. Inflation pressures continued to moderate over the period, while earnings growth proved durable across many sectors of the economy. Monetary policy remained a key driver of market sentiment, as the U.S. Federal Reserve cut interest rates three times during the fiscal year, lowering the federal funds rate by a cumulative 75 basis points and providing support for risk assets.

* U.S. equity markets advanced meaningfully during the period, as reflected by the 17.74% return of the Russell 1000<sup>®</sup> Index, the Fund's benchmark (the "Index"). For much of the year, market leadership was concentrated in information technology and communication services, driven by investor enthusiasm around artificial intelligence–related growth opportunities and capital investment. Toward the end of the period, escalating geopolitical tensions, including the conflict involving Iran, contributed to higher energy prices, resulting in energy becoming the leading performing sector over the fiscal year.

* The Fund's Class K shares' return of 15.53% underperformed the Index. The Fund invests in high-quality companies that Northern Trust Investments, Inc. ("NTI") believes exhibit favorable environmental, social, and governance ("ESG") characteristics, a category NTI believes has the potential to generate attractive long-term, risk-adjusted returns, particularly through full market cycles.Performance contributors:While the quality factor exhibited some supportive characteristics during periods of market volatility, stocks with strong profitability and conservative balance sheets were often overlooked in favor of companies pursuing more aggressive capital spending programs tied to expected artificial intelligence growth.Stock selection was a positive contributor and reflected the Fund's emphasis on financial sustainability and long-term fundamentals.Performance detractors:A modest underweight to the energy sector detracted from relative performance, particularly given the sector's strong performance late in the fiscal year.ESG-related exclusions, most notably within the aerospace and defense industry, as that industry generated strong returns over the period.The Fund's emphasis on quality and profitability detracted during a strong equity market environment that rewarded higher-risk growth and elevated capital investment over near-term earnings discipline.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Class K shares of the Fund and compares the initial and subsequent account values at the end of each of the completed fiscal years of the Fund since the Fund's inception on October 2, 2017. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index. Class K commenced operations on July 30, 2020. Performance prior to that date is for the Shares class (the Shares class is no longer offered for the Fund). Class K Shares' returns of the Fund will be different from the returns of the Shares class shares' returns of the Fund to the extent that they have different expenses.

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3353659.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **Since<br>Inception** |
| U.S. QUALITY ESG FUND (CLASS K/NUESX) | 15.53% | 10.29% | 12.92% |
| RUSSELL 1000<sup>®</sup> INDEX | 17.74% | 11.34% | 13.41% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$322131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19.93% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 31.6% |
| Financials | 13.4% |
| Health Care | 11.2% |
| Industrials | 10.5% |
| Consumer Discretionary | 9.9% |
| Communication Services | 8.5% |
| All other industries less than 5%<sup>\*</sup> | 15.2% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NUESX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### SMALL CAP VALUE FUND

### SHARES/NOSGX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Small Cap Value Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| SMALL CAP VALUE FUND (SHARES/NOSGX) | $56 | 0.50% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the repo rt ing period?
* During the fiscal year ended March 31, 2026, the U.S. Federal Reserve lowered interest rates as inflation data slowed and employment remained steady. Following the selloff on the announcement of tariffs, equities rallied significantly as policy was not as severe as initially outlined. 

* The Russell 2000<sup>®</sup> Value Index, the Fund's style-specific benchmark (the "Index"), finished the fiscal year ended March 31, 2026 higher by 28.09%. Energy and communication services were among the best performing sectors in the Index, while consumer staples and real estate sectors lagged.

* The Fund's return of 22.93% underperformed the Index.Performance Contributors:Stock selection in industrials and consumer staples sectors.Overweight to companies that have higher momentum.Performance Detractors:Underperformance of the highly rated stocks within our stock selection model as well as the outperformance of poorly rated stocks within the model.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3352771.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| SMALL CAP VALUE FUND (SHARES/NOSGX) | 22.93% | 6.02% | 8.08% |
| RUSSELL 3000<sup>®</sup> INDEX | 18.09% | 10.87% | 13.72% |
| RUSSELL 2000<sup>®</sup> VALUE INDEX | 28.09% | 5.79% | 9.61% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$615675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;46.17% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Financials | 24.3% |
| Industrials | 13.7% |
| Consumer Discretionary | 9.8% |
| Information Technology | 9.1% |
| Energy | 8.9% |
| Health Care | 8.0% |
| Real Estate | 8.0% |
| Materials | 5.4% |
| Short-Term Investments | 5.4% |
| Utilities | 5.1% |
| All other industries less than 5%<sup>\*</sup> | 4.2% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOSGX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### INTERMEDIATE TAX-EXEMPT FUND

### SHARES/NOITX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Intermediate Tax-Exempt Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| INTERMEDIATE TAX-EXEMPT FUND (SHARES/NOITX) | $46 | 0.45% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, the municipal market was volatile. The fiscal year began with uncertainty regarding the municipal tax-exemption and headline policy risk prior to the passage of the One Big Beautiful Bill Act (OBBA). The municipal market stabilized once the OBBA was passed, the tax-exemption was preserved, and policy risks diminished. In addition, the U.S. Federal Reserve continued to cut rates through the latter half of 2025. As such, the municipal market ended 2025 and entered 2026 with historically high returns. However, by the end of the fiscal year, sentiment shifted as the conflict involving Iran progressed, biasing expectations toward weaker growth and higher inflation. During the fiscal year, the municipal yield curve steepened, with front-end yields down 20 to 30 basis points ("bps") and long-end yields up by 25 bps.

* For the fiscal year ended March 31, 2026, the Fund returned 4.54%, outperforming the 4.48% return of its style-specific benchmark, the Bloomberg Municipal 1-15 Year Index. The Fund is actively managed and seeks to provide a high level of current income exempt from regular federal income tax by investing in municipal instruments. Performance contributors:Overweight to intermediate/longer duration bonds.Performance detractors:Underweight to BBB rated bonds.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353272.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| INTERMEDIATE TAX-EXEMPT FUND (SHARES/NOITX) | 4.54% | 0.82% | 1.75% |
| BLOOMBERG U.S. MUNICIPAL BOND INDEX | 4.29% | 0.84% | 2.16% |
| BLOOMBERG MUNICIPAL 1-15 YEAR INDEX | 4.48% | 1.17% | 2.10% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1188875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$4251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;30.91% |

---

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| New York | 11.7% |
| Florida | 8.5% |
| Illinois | 7.9% |
| Texas | 7.7% |
| California | 7.5% |
| Kentucky | 5.2% |
| All other states less than 5%<sup>\*</sup> | 51.5% |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOITX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND

### SHARES/NMFIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Multi-Manager Global Listed Infrastructure Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND (SHARES/NMFIX) | $108 | 0.96% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, the global listed infrastructure market, as measured by the S&P Global Infrastructure Index, the Fund's style-specific benchmark (the "Index"), posted a positive return of 25.85%, outperforming the broader global equity market. Utilities and independent power producers (IPPs) outperformed the other sectors during the period on strong earnings growth and growth in the global demand for power.

* The Fund posted a return of 23.97% for the fiscal year, underperforming the Index.Performance contributors:The Fund benefited from stock selection in gas utilities and highways and rail tracks, and overweight positioning in the United Kingdom and Italy contributed to relative performance.Sub-adviser Lazard Asset Management, LLC outperformed the Index over the period due to overweights in Italy and the United Kingdom, as well as stock selection in Hong Kong.Sub-adviser Cohen & Steers Capital Management, Inc. outperformed, with positive stock selection in the United States, especially in electric utilities and oil and gas infrastructure.Performance detractors:Non-benchmark positioning in communication towers and stock selection in electric utilities and oil and gas infrastructure detracted.Regionally, stock selection in the United States and France was the main detractor.Sub-adviser First Sentier Investors (Australia) IM, LTD underperformed due to poor stock selection in the United States and an overweight to communication towers.Sub-adviser Eagle Global Advisors, LLC underperformed during the period with exposures to oil and gas infrastructure lagging the group.Sub-adviser KBI Global Investors (North America), LTD underperformed over the period due to poor stock selection in the United States, specifically overweights to communication towers and renewable infrastructure securities.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353511.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND (SHARES/NMFIX) | 23.97% | 8.11% | 7.57% |
| MSCI ALL COUNTRY WORLD INDEX | 20.01% | 9.49% | 11.33% |
| S&P GLOBAL INFRASTRUCTURE INDEX | 25.85% | 11.14% | 8.43% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1007341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$7940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;56.86% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 45.2% |
| Euro | 21.5% |
| British Pound | 9.2% |
| Canadian Dollar | 5.2% |
| Australian Dollar | 5.1% |
| All other currencies less than 5%<sup>\*</sup> | 14.3% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NMFIX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### INCOME EQUITY FUND

### SHARES/NOIEX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Income Equity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| INCOME EQUITY FUND (SHARES/NOIEX) | $53 | 0.48% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* The U.S. equity market moved higher in the fiscal year ended March 31, 2026, as reflected by the 17.80% total return of the S&P 500<sup>®</sup> Index, the Fund's benchmark (the "Index"). Dividend yield comprised 1.47% of the Index's total return for the period. Energy, a sector typically associated with higher dividend yields, was the top-performing sector in the Index. In contrast, two other high-dividend-paying sectors, financials and real estate, underperformed the Index.

* The Fund returned 19.56% during the fiscal year, outperforming the Index.Performance contributors:Underweight to non-dividend-paying stocks, which lagged the IndexOverweight to high-quality companies and underweight to lower-quality companiesStock selection within the communication services, financials, and health care sectorsThe number of dividend-paying companies in the Index increased during the period, expanding the opportunity set for the Fund to invest in income-producing stocks.Performance detractors:Emphasis on higher-dividend-paying securities, as higher-dividend-paying securities underperformed lower-dividend-paying securities during the periodStock selection within the industrials and consumer staples sectors

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3352623.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| INCOME EQUITY FUND (SHARES/NOIEX) | 19.56% | 12.49% | 12.68% |
| S&P 500<sup>®</sup> INDEX | 17.80% | 12.06% | 14.16% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$282213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;38.47% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 34.5% |
| Financials | 11.4% |
| Health Care | 9.7% |
| Industrials | 9.6% |
| Communication Services | 9.0% |
| Consumer Discretionary | 7.8% |
| Consumer Staples | 5.6% |
| All other industries less than 5%<sup>\*</sup> | 13.3% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOIEX (5/26)NORTHERN FUNDS

![TSR - Fund Logo - NF](images_8275.jpg)

### INTERNATIONAL EQUITY FUND

### SHARES/NOIGX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the International Equity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at

northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| INTERNATIONAL EQUITY FUND (SHARES/NOIGX) | $58 | 0.50% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, developed ex-U.S. market performance was driven by a combination of pronounced U.S. dollar weakness, the steepest decline since the early 1990s, more attractive relative valuations following years of U.S. technology led dominance, and proactive interest rate cuts by foreign central banks that provided a meaningful boost to growth and equity returns. At the sector level, energy and utilities delivered the strongest performance, while consumer discretionary and consumer staples lagged the broader market.

* The Fund returned 30.15% for the fiscal year ended March 31, 2026, outperforming the 22.99% return of its benchmark, the MSCI World ex USA Index (the "Index"). The Fund's holdings are motivated by a focus on attractively valued, high quality stocks with positive market sentiment.Performance contributors:The Fund's tilt toward higher momentum stocks contributed meaningfully to results as stocks with strong price and sentiment trends outperformed.At the sector level, stock selection added the most value in financials and industrials.Regionally, stock selection contributed positively to performance across all geographies.Strong returns from inexpensive stocks across a broad range of regions and sectors were a key driver of active performance, reflecting the Fund's value exposure amid a favorable environment for non-U.S. equities.Performance detractors:The Fund's emphasis on higher quality names modestly detracted during the period as quality stocks lagged.At the sector level, stock selection in communication services and information technology detracted.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3352680.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| INTERNATIONAL EQUITY FUND (SHARES/NOIGX) | 30.15% | 10.97% | 8.82% |
| MSCI WORLD EX USA INDEX | 22.99% | 8.40% | 8.66% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$188576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;64.51% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Euro | 29.7% |
| Japanese Yen | 19.5% |
| British Pound | 12.7% |
| Canadian Dollar | 12.2% |
| Swiss Franc | 6.9% |
| All other currencies less than 5%<sup>\*</sup> | 18.7% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed ?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOIGX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### FIXED INCOME FUND

### SHARES/NOFIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| FIXED INCOME FUND (SHARES/NOFIX) | $46 | 0.45% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global macroeconomic risk shifted towards weaker growth and higher inflation, as the impact from the Iran war brought disruption to global commodity supply, including oil, natural gas, fertilizers, and other inputs. The calendar year-over-year Consumer Price Index reversed its prior trend, rising from 2.8% to 3.3%, while the unemployment rate slightly increased to 4.3% from 4.1%. The U.S. Federal Reserve (the "Fed") continued its easing cycle, delivering 75 basis points ("bps") of cuts in the second half of 2025, bringing the Fed Funds Overnight Rate from a targeted range of 4.25%-4.50% down to 3.50%-3.75%. Investment grade credit index spreads tightened by 6 bps, high yield index spreads tightened by 25 bps, and the mortgage-backed securities ("MBS") index spread tightened by 12 bps during the reporting period.

* The Fund returned 4.88%, outperforming the 4.35% return of its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the reporting period. The Fund adjusted its allocation to securitized holdings throughout the year, adding commercial MBS and asset backed securities ("ABS"), with a particular overweight to ABS in the strategic allocation. Simultaneously, risk was reduced in corporates and MBS at 2025 calendar year end. The Fund remained neutral to duration throughout the reporting period.Performance Contributors:Security selection within, and sector allocation to, investment grade credit and securitized bonds.Performance Detractors:Long Treasury bond holdings were a slight detractor as long-term rates rose at the end of the reporting period.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3352845.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| FIXED INCOME FUND (SHARES/NOFIX) | 4.88% | 0.59% | 2.04% |
| BLOOMBERG U.S. AGGREGATE BOND INDEX | 4.35% | 0.31% | 1.70% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$282923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;127.85% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| U.S. Government Agencies | 21.6% |
| Asset-Backed Securities | 18.2% |
| Corporate Bonds | 17.6% |
| U.S. Government Obligations | 14.8% |
| Commercial Mortgage-Backed Securities | 6.0% |
| Futures Contracts | 5.4% |
| Futures Contracts Sold Short | 10.1% |
| Other less than 5%<sup>\*</sup> | 6.3% |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed ?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOFIX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### U.S. GOVERNMENT FUND

### SHARES/NOUGX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the U.S. Government Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| U.S. GOVERNMENT FUND (SHARES/NOUGX) | $44 | 0.43% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global macroeconomic risk shifted towards weaker growth and higher inflation, as the impact from the conflict involving Iran brought disruption to global commodity supply, including oil, natural gas, fertilizers, and other inputs. The calendar year-over-year Consumer Price Index reversed its prior trend, rising from 2.8% to 3.3%, while the unemployment rate slightly increased to 4.3% from 4.1%. The U.S. Federal Reserve (the "Fed") continued its easing cycle, delivering 75 basis points of cuts in the second half of 2025, bringing the Fed Funds Overnight Rate from a targeted range of 4.25%-4.50% down to 3.50%-3.75%.

* Interest rates were largely unchanged in fiscal year ended March 31, 2026, although the curve twisted around the 10-year maturity. The spread between 2-year and 10-year yields ended the fiscal year at +0.52%. Generic 2-year yields fell 0.09% to 3.80%, while 5-year yields fell 0.01% to 3.94%. Generic 10-year yields rose 0.11% to 4.32%, and 30-year bond yields rose 0.34% to 4.91%.

* The Fund returned 2.99% for the fiscal year, underperforming its style-specific benchmark, the Bloomberg Intermediate U.S. Government Bond Index, which returned 3.98%.Performance contributors:Allocation to U.S. mortgage-backed securities.Tactical positioning in yield curve and duration.Performance detractors:Allocation to U.S. TIPS.Underweight to U.S. Agencies.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3352993.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| U.S. GOVERNMENT FUND (SHARES/NOUGX) | 2.99% | 0.48% | 1.05% |
| BLOOMBERG U.S. AGGREGATE BOND INDEX | 4.35% | 0.31% | 1.70% |
| BLOOMBERG INTERMEDIATE U.S. GOVERNMENT BOND INDEX | 3.98% | 1.00% | 1.53% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$25993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;54.27% |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| U.S. Government Obligations | 94.3% |
| Other less than 5%\*<sup>\*</sup> | 5.0% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOUGX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### STOCK INDEX FUND

### SHARES/NOSIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Stock Index Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at

northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| STOCK INDEX FUND (SHARES/NOSIX) | $5 | 0.05% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global equities delivered strong double-digit returns, supported by resilient earnings growth, gradually easing—though still restrictive—monetary policy expectations, and a strong rebound following last April's tariff related selloff as trade policy ultimately proved less severe than initially outlined. Returns moderated during the latter part of the first quarter of 2026 as markets reacted to rising geopolitical risks and elevated energy prices amid escalating tensions in the Middle East. However, despite increased volatility and a late period pullback, full year performance remained firmly positive across all major regions. U.S. large cap equities, represented by the S&P 500<sup>®</sup> Index, advanced meaningfully, with market leadership concentrated in information technology and communication services sectors, driven by investor enthusiasm around artificial intelligence–related growth opportunities and capital investment. This advance also reflected a continuation of strong index performance momentum over the last few years, supported by resilient economic growth and robust corporate fundamentals.

* The Fund returned 17.75% during the fiscal year ended March 31, 2026, compared to a return of 17.80% for its benchmark, the S&P 500<sup>®</sup> Index (the "Index").

* Tracking difference between the Fund's return and the Index's return for the reporting period was primarily due to Fund fees and expenses.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3352606.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| STOCK INDEX FUND (SHARES/NOSIX) | 17.75% | 11.98% | 14.05% |
| S&P 500<sup>®</sup> INDEX | 17.80% | 12.06% | 14.16% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$16628095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;3.58% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 32.5% |
| Financials | 12.2% |
| Communication Services | 10.1% |
| Consumer Discretionary | 9.5% |
| Health Care | 9.3% |
| Industrials | 9.0% |
| Consumer Staples | 5.2% |
| All other industries less than 5%<sup>\*</sup> | 12.2% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOSIX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### TAX-EXEMPT FUND

### SHARES/NOTEX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Tax-Exempt Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| TAX-EXEMPT FUND (SHARES/NOTEX) | $46 | 0.45% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, the municipal market was volatile. The fiscal year began with uncertainty regarding the municipal tax-exemption and headline policy risk prior to the passage of the One Big Beautiful Bill Act (OBBA). The municipal market stabilized once the OBBA was passed, the tax-exemption was preserved, and policy risks diminished. In addition, the U.S. Federal Reserve continued to cut rates through the latter half of 2025. As such, the municipal market ended 2025 and entered 2026 with historically high returns. However, by the end of the fiscal year, sentiment shifted as the conflict involving Iran progressed, biasing expectations toward weaker growth and higher inflation. During the fiscal year, the municipal yield curve steepened, with front-end yields down 20 to 30 basis points ("bps") and long-end yields up by 25 bps.

* For the fiscal year ended March 31, 2026, the Fund returned 4.51%, outperforming the 4.29% return of its benchmark, the Bloomberg U.S. Municipal Bond Index. The Fund is actively managed and seeks to provide a high level of current income exempt from regular federal income tax by investing in municipal instruments.Performance contributors:Overweight to long duration.Overweight to AA bonds.Performance detractors:Underweight to lower quality bonds.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353289.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| TAX-EXEMPT FUND (SHARES/NOTEX) | 4.51% | 0.36% | 1.76% |
| BLOOMBERG U.S. MUNICIPAL BOND INDEX | 4.29% | 0.84% | 2.16% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$745743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;46.31% |

---

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| New York | 13.4% |
| Illinois | 9.4% |
| Florida | 9.2% |
| California | 7.8% |
| Texas | 6.3% |
| Colorado | 5.4% |
| All other states less than 5%<sup>\*</sup> | 48.5% |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOTEX (5/26)NORTHERN FUNDS

![TSR - Fund Logo - NF](images_8275.jpg)

### CALIFORNIA TAX-EXEMPT FUND

### SHARES/NCATX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the California Tax-Exempt Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| CALIFORNIA TAX-EXEMPT FUND (SHARES/NCATX) | $47 | 0.46% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, the municipal market was volatile. The fiscal year began with uncertainty regarding the municipal tax-exemption and headline policy risk prior to the passage of the One Big Beautiful Bill Act (OBBA). The municipal market stabilized once the OBBA was passed, the tax-exemption was preserved, and policy risks diminished. In addition, the U.S. Federal Reserve continued to cut rates through the latter half of 2025. As such, the municipal market ended 2025 and entered 2026 with historically high returns. However, by the end of the fiscal year, sentiment shifted as the conflict involving Iran progressed, biasing expectations toward weaker growth and higher inflation. During the fiscal year, the municipal yield curve steepened, with front-end yields down 20 to 30 basis points ("bps") and long-end yields up by 25 bps.

* For the fiscal year ended March 31, 2026, the Fund returned 4.20%, underperforming the 4.27% return of its style-specific benchmark, the Bloomberg California Municipal Bond Index. The Fund is actively managed and seeks to provide high current income exempt from regular federal income tax and California state personal income tax.Performance contributors:Overweight to long duration bonds.Performance detractors:Underweight to lower quality bonds.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3353215.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| CALIFORNIA TAX-EXEMPT FUND (SHARES/NCATX) | 4.20% | 0.46% | 1.76% |
| BLOOMBERG U.S. MUNICIPAL BOND INDEX | 4.29% | 0.84% | 2.16% |
| BLOOMBERG CALIFORNIA MUNICIPAL BOND INDEX | 4.27% | 0.83% | 2.09% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$131317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;35.90% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Revenue Bonds | 63.3% |
| General Obligation Unlimited Bonds | 28.5% |
| All other issuers less than 5%<sup>\*</sup> | 8.2% |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NCATX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### ARIZONA TAX-EXEMPT FUND

### SHARES/NOAZX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Arizona Tax-Exempt Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| ARIZONA TAX-EXEMPT FUND (SHARES/NOAZX) | $48 | 0.47% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, the municipal market was volatile. The fiscal year began with uncertainty regarding the municipal tax-exemption and headline policy risk prior to the passage of the One Big Beautiful Bill Act (OBBA). The municipal market stabilized once the OBBA was passed, the tax-exemption was preserved, and policy risks diminished. In addition, the U.S. Federal Reserve continued to cut rates through the latter half of 2025. As such, the municipal market ended 2025 and entered 2026 with historically high returns. However, by the end of the fiscal year, sentiment shifted as the conflict involving Iran progressed, biasing expectations toward weaker growth and higher inflation. During the fiscal year, the municipal yield curve steepened, with front-end yields down 20 to 30 basis points ("bps") and long-end yields up by 25 bps.

* During the fiscal year ended March 31, 2026, the Fund returned 3.93%, underperforming the 4.07% return of its style-specific benchmark, the Bloomberg Arizona Municipal Bond Index. The Fund seeks to provide high current income exempt from regular federal income tax and Arizona state personal income tax by investing in municipal instruments.Performance contributors:Underweight to AA rated bonds.Overweight to long duration bonds.Performance detractors:Overweight to education bonds.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353141.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| ARIZONA TAX-EXEMPT FUND (SHARES/NOAZX) | 3.93% | 0.39% | 1.58% |
| BLOOMBERG U.S. MUNICIPAL BOND INDEX | 4.29% | 0.84% | 2.16% |
| BLOOMBERG ARIZONA MUNICIPAL BOND INDEX | 4.07% | 0.73% | 1.98% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$53641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;34.78% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Revenue Bonds | 76.7% |
| General Obligation Unlimited Bonds | 19.0% |
| All other issuers less than 5%<sup>\*</sup> | 4.3% |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOAZX (5/26)NORTHERN FUNDS

![TSR - Fund Logo - NF](images_8275.jpg)

### CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND

### SHARES/NCITX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the California Intermediate Tax-Exempt Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND (SHARES/NCITX) | $46 | 0.45% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, the municipal market was volatile. The fiscal year began with uncertainty regarding the municipal tax-exemption and headline policy risk prior to the passage of the One Big Beautiful Bill Act (OBBA). The municipal market stabilized once the OBBA was passed, the tax-exemption was preserved, and policy risks diminished. In addition, the U.S. Federal Reserve continued to cut rates through the latter half of 2025. As such, the municipal market ended 2025 and entered 2026 with historically high returns. However, by the end of the fiscal year, sentiment shifted as the conflict involving Iran progressed, biasing expectations toward weaker growth and higher inflation. During the fiscal year, the municipal yield curve steepened, with front-end yields down 20 to 30 basis points ("bps") and long-end yields up by 25 bps.

* For the fiscal year ended March 31, 2026, the Fund returned 4.31%, underperforming the 4.44% return of its style-specific benchmark, the Bloomberg California Intermediate Municipal Bond Index. The Fund is actively managed and seeks to provide high current income exempt from regular federal income tax and California state personal income tax by investing in municipal instruments.Performance contributors:Overweight to transportation and education sectors.Performance detractors:Underweight to intermediate/longer duration bonds.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353198.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND (SHARES/NCITX) | 4.31% | 0.54% | 1.55% |
| BLOOMBERG U.S. MUNICIPAL BOND INDEX | 4.29% | 0.84% | 2.16% |
| BLOOMBERG CALIFORNIA INTERMEDIATE MUNICIPAL BOND INDEX | 4.44% | 0.92% | 1.85% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$252058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33.04% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Revenue Bonds | 63.1% |
| General Obligation Unlimited Bonds | 26.4% |
| All other issuers less than 5%<sup>\*</sup> | 10.5% |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NCITX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### ULTRA-SHORT FIXED INCOME FUND

### SHARES/NUSFX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Ultra-Short Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| ULTRA-SHORT FIXED INCOME FUND<br>(SHARES/NUSFX) | $26 | 0.25% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global macroeconomic risk shifted towards weaker growth and higher inflation, as the impact from the conflict involving Iran brought disruption to global commodity supply, including oil, natural gas, fertilizers, and other inputs. The calendar year-over-year Consumer Price Index reversed its prior trend, rising from 2.8% to 3.3%, while the unemployment rate slightly increased to 4.3% from 4.1%. The U.S. Federal Reserve (the "Fed") continued its easing cycle, delivering 75 basis points of cuts in the second half of 2025, bringing the Fed Funds Overnight Rate from a targeted range of 4.25%-4.50% down to 3.50%-3.75%. 1-year, 2-year and 3-year Treasury yields fell by -0.37%, -0.09% and -0.06%, and the curve steepened. Year over year, 1-3 Corporate Option Adjusted Spreads widened slightly, from 58 to 61 basis points.

* The Fund's Shares class returned 4.53%, outperforming the 3.67% return of its style-specific benchmark, the ICE BofA 1-Year U.S. Treasury Note Index (the "Index"), for the reporting period. The Fund's overall credit quality remained relatively constant throughout the course of the fiscal year. The Fund maintained its neutral-to-duration positioning throughout the fiscal year.Performance Contributors:Sector allocation to investment grade corporate bonds and securitized holdings.Overweight to corporate bonds.Performance Detractors:Our natural underweight to U.S. government bonds, versus the Index, was a detractor.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353050.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| ULTRA-SHORT FIXED INCOME FUND (SHARES/NUSFX) | 4.53% | 3.38% | 2.68% |
| BLOOMBERG GLOBAL AGGREGATE BOND INDEX | 4.24% | -1.47% | 0.58% |
| ICE BofA 1-YEAR U.S. TREASURY NOTE INDEX | 3.67% | 2.58% | 2.05% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1650984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$3365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;59.00% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Corporate Bonds | 48.1% |
| Foreign Issuer Bonds | 32.3% |
| Asset-Backed Securities | 9.9% |
| Investment Companies | 5.1% |
| Other less than 5%<sup>\*</sup> | 4.6% |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NUSFX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### ULTRA-SHORT FIXED INCOME FUND

### SIEBERT WILLIAMS SHANK SHARES/SWSFX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Ultra-Short Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at

northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| ULTRA-SHORT FIXED INCOME FUND<br>(SIEBERT WILLIAMS SHANK SHARES/SWSFX) | $26 | 0.25% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global macroeconomic risk shifted towards weaker growth and higher inflation, as the impact from the conflict involving Iran brought disruption to global commodity supply, including oil, natural gas, fertilizers, and other inputs. The calendar year-over-year Consumer Price Index reversed its prior trend, rising from 2.8% to 3.3%, while the unemployment rate slightly increased to 4.3% from 4.1%. The U.S. Federal Reserve (the "Fed") continued its easing cycle, delivering 75 basis points of cuts in the second half of 2025, bringing the Fed Funds Overnight Rate from a targeted range of 4.25%-4.50% down to 3.50%-3.75%. 1-year, 2-year and 3-year Treasury yields fell by -0.37%, -0.09% and -0.06%, and the curve steepened. Year over year, 1-3 Corporate Option Adjusted Spreads widened slightly, from 58 to 61 basis points.

* The Fund's Siebert Williams Shank share class returned 4.43%, outperforming the 3.67% return of its style-specific benchmark, the ICE BofA 1-Year U.S. Treasury Note Index (the "Index"), for the reporting period. The Fund's overall credit quality remained relatively constant throughout the course of the fiscal year. The Fund maintained its neutral-to-duration positioning throughout the fiscal year.Performance Contributors:Sector allocation to investment grade corporate bonds and securitized holdings.Overweight to corporate bonds.Performance Detractors:Our natural underweight to U.S. government bonds, versus the Index, was a detractor.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Siebert Williams Shank Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests). Siebert Williams Shank Shares commenced operations on September 13, 2022. Performance prior to that date is for the Shares class. Siebert Williams Shank Shares' returns of the Fund will be different from the returns of the Shares class shares' returns of the Fund to the extent that they have different expenses.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353067.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| ULTRA-SHORT FIXED INCOME FUND (SIEBERT WILLIAMS SHANK SHARES/SWSFX) | 4.43% | 3.36% | 2.67% |
| BLOOMBERG GLOBAL AGGREGATE BOND INDEX | 4.24% | -1.47% | 0.58% |
| ICE BofA 1-YEAR U.S. TREASURY NOTE INDEX | 3.67% | 2.58% | 2.05% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1650984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$3365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;59.00% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Corporate Bonds | 48.1% |
| Foreign Issuer Bonds | 32.3% |
| Asset-Backed Securities | 9.9% |
| Investment Companies | 5.1% |
| Other less than 5%<sup>\*</sup> | 4.6% |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR SWSFX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND

### SHARES/NTAUX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Tax-Advantaged Ultra-Short Fixed Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND (SHARES/NTAUX) | $25 | 0.25% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, the municipal market was volatile. The fiscal year began with uncertainty regarding the municipal tax-exemption and headline policy risk prior to the passage of the One Big Beautiful Bill Act (OBBA). The municipal market stabilized once the OBBA was passed, the tax-exemption was preserved, and policy risks diminished. In addition, the U.S. Federal Reserve continued to cut rates through the latter half of 2025. As such, the municipal market ended 2025 and entered 2026 with historically high returns. However, by the end of the fiscal year, sentiment shifted as the conflict involving Iran progressed, biasing expectations toward weaker growth and higher inflation. During the fiscal year, the municipal yield curve steepened, with front-end yields down 20 to 30 basis points ("bps") and long-end yields up by 25 bps.

* During the fiscal year ended March 31, 2026, the Fund returned 3.07%, outperforming the 3.05% return of its benchmark, the 75% ICE BofA 6-12 Month Municipal Securities Index and 25% ICE BofA 1-3 Year U.S. Municipal Securities Index. The Fund is actively managed and seeks to maximize total return (capital appreciation and income), adjusted for the federal maximum tax rate, to the extent consistent with preservation of principal.Performance contributors:Overweight to A and BBB bonds.Performance detractors:Underweight to 0 to 1 year duration bucket.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index, two style-specific indices (reflecting the market segments in which the Fund invests) and a blended index.

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3352976.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND (SHARES/NTAUX) | 3.07% | 2.28% | 1.82% |
| BLOOMBERG U.S. MUNICIPAL BOND INDEX | 4.29% | 0.84% | 2.16% |
| ICE BofA 6-12 MONTH MUNICIPAL SECURITIES INDEX | 2.98% | 2.14% | 1.64% |
| ICE BofA 1-3 YEAR U.S. MUNICIPAL SECURITIES INDEX | 3.25% | 1.63% | 1.59% |
| 75% ICE BofA 6-12 MONTH MUNICIPAL SECURITIES INDEX AND 25% ICE BofA 1-3 YEAR U.S. MUNICIPAL SECURITIES INDEX | 3.05% | 2.01% | 1.63% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2927677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$5821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;93.56% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Municipal Bonds | 78.0% |
| Short-Term Investments | 7.4% |
| Foreign Issuer Bonds | 7.0% |
| Other less than 5%<sup>\*</sup> | 7.6% |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#liter

ature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NTAUX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### MULTI-MANAGER GLOBAL REAL ESTATE FUND

### SHARES/NMMGX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Multi-Manager Global Real Estate Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| MULTI-MANAGER GLOBAL REAL ESTATE FUND (SHARES/NMMGX) | $95 | 0.92% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, the FTSE<sup>®</sup> EPRA<sup>®</sup>/NAREIT<sup>®</sup> Developed<sup>®</sup> Index, the Fund's style-specific benchmark (the "Index"), returned 8.97%. Real estate developers and operators, healthcare REITs and data center REITs outperformed. Residential REITs underperformed on poor fundamentals and pockets of oversupply. Office and self-storage REITs also lagged, as did securities in the United States, United Kingdom and Australia.

* The Fund returned 6.54% for the fiscal year, underperforming the Index. Near the end of the first quarter of 2026, a change was made to the sub-adviser lineup with the termination of Massachusetts Financial Services Company, and the addition of Cohen & Steers Capital Management, Inc. (core, benchmark aware approach).Performance contributors:The Fund's overweight to data center REITs contributed, as did an underweight to Germany.Sub-adviser Janus Henderson Investors US LLC ("Janus") outperformed with positive stock selection in the United States, especially in healthcare and data center REITs.Performance detractors:Stock selection in the United States, especially in industrial and office REITs, detracted from performance.Sub-adviser Janus' overweight to single-family residential REITs and an underweight to Hong Kong detracted during the period.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353568.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| MULTI-MANAGER GLOBAL REAL ESTATE FUND (SHARES/NMMGX) | 6.54% | 0.95% | 3.23% |
| MSCI ALL COUNTRY WORLD INDEX | 20.01% | 9.49% | 11.33% |
| FTSE EPRA NAREIT DEVELOPED INDEX | 8.97% | 1.82% | 2.83% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$75341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;82.15% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 68.7% |
| Japanese Yen | 8.6% |
| Euro | 6.5% |
| Australian Dollar | 5.0% |
| All other currencies less than 5%<sup>\*</sup> | 12.0% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

The Board of Trustees of Northern Funds approved the termination of Massachusetts Financial Services Company as a sub-adviser to the Fund effective on February 23, 2026, and the appointment of Cohen & Steers Capital Management, Inc. as a sub-adviser to the Fund effective on March 4, 2026.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NMMGX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### ACTIVE M EMERGING MARKETS EQUITY FUND

### SHARES/NMMEX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Active M Emerging Markets Equity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| ACTIVE M EMERGING MARKETS EQUITY FUND (SHARES/NMMEX) | $132 | 1.11% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* For the fiscal year ended March 31, 2026, the emerging markets as measured by the MSCI Emerging Markets Index, the Fund's benchmark (the "Index"), posted a strong gain. Markets such as South Korea and Taiwan benefited from a heavier weighting to information technology stocks, more specifically semiconductor companies. Rising commodity prices benefited commodity linked markets, such as Peru, Brazil and South Africa. China, the largest country weight in the Index, lagged the broader Index as a result of weakening consumption and concerns of higher valuations among information technology and internet consumer platform stocks.

* The Fund returned 37.73% over the period, outperforming the 29.55% return of the Index.Performance contributors:The Fund's overweight to information technology stocks added value as did overall stock selection in the sector.An underweight to one of the lowest performing markets, India, proved beneficial as lower earnings, unresolved tariff agreements and higher oil prices negatively impacted that market.The Fund's underweight to China was a source of added value for the period.The Fund's overweight to several commodity linked markets, such as Peru, Brazil, Mexico and South Africa, contributed to the Fund's outperformance as well.Axiom Investors LLC, a growth-oriented sub-adviser in the Fund, outperformed through overweight positions in information technology stocks within South Korea and Taiwan. Stock selection in both markets also added value. Westwood Global Investments, LLC also outperformed with an overweight allocation to and stock selection in South Korea, an underweight to China and India, and overweight allocations to commodity linked markets. These contributing factors offset an underweight to Taiwan.Performance detractors:An underweight to Taiwan, due to an underweight to the market's largest weighted stock, Taiwan Semiconductor Manufacturing Company, proved detrimental.The Fund's holdings were on average a detractor within India.Although FIAM LLC outperformed the Fund's Index, Taiwan proved a challenging market for the sub-adviser as weak stock selection and an underweight allocation proved detrimental.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353494.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| ACTIVE M EMERGING MARKETS EQUITY FUND (SHARES/NMMEX) | 37.73% | 4.81% | 8.11% |
| MSCI EMERGING MARKETS INDEX | 29.55% | 3.69% | 7.80% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$193610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;67.26% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 19.1% |
| Taiwan Dollar | 16.9% |
| Korean Won | 15.6% |
| Hong Kong Dollar | 11.6% |
| Indian Rupee | 8.7% |
| South African Rand | 5.8% |
| All other currencies less than 5%<sup>\*</sup> | 23.6% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NMMEX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### WORLD SELECTION INDEX FUND

### CLASS I/NSRIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the World Selection Index Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| WORLD SELECTION INDEX FUND<br>(CLASS I/NSRIX) | $32 | 0.29% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global equities delivered strong double-digit returns, supported by resilient earnings growth, gradually easing—though still restrictive—monetary policy expectations, and a strong rebound following last April's tariff-related selloff as trade policy ultimately proved less severe than initially outlined. Returns moderated during the latter part of the first quarter of 2026 as markets reacted to rising geopolitical risks and elevated energy prices amid escalating tensions in the Middle East. However, despite increased volatility and a late-period pullback, full-year performance remained firmly positive across all major regions. U.S. equities advanced meaningfully, with market leadership concentrated in information technology and communication services, driven by investor enthusiasm around artificial intelligence–related growth opportunities and capital investment. Developed markets outside the U.S. outperformed, supported by improving earnings momentum in Japan and strength in European financials and industrials, while emerging markets were the strongest major equity segment over the trailing year, benefiting from a rebound in technology-related supply chains, with top country performance contributions coming from Taiwan, South Korea, and China.

* The Fund's Class I shares returned 19.95% during the fiscal year ended March 31, 2026, compared with a return of 19.61% for its benchmark, the MSCI World Selection Index (the "Index"). The Index outperformed the broad developed market during the period, as gauged by the 18.90% return of the MSCI World Index.

* Tracking difference between the Fund's return and the Index's return for the reporting period was primarily due to the dividend withholding tax differential that the Fund's portfolio experiences relative to the tax rates assumed by the Index and fair value pricing, which were partially offset by Fund fees and expenses.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Class I shares of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests). Class I commenced operations on July 30, 2020. Performance prior to that date is for the Shares class (the Shares class is no longer offered for the Fund). Class I Shares' returns of the Fund will be different from the returns of the Shares class shares' returns of the Fund to the extent that they have different expenses.

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3352401.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| WORLD SELECTION INDEX FUND (CLASS I/NSRIX) | 19.95% | 10.08% | 11.73% |
| MSCI WORLD INDEX | 18.90% | 10.27% | 11.80% |
| MSCI WORLD SELECTION INDEX | 19.61% | 9.93% | 11.57% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced. The one year total return has been adjusted to reflect performance in conformity with U.S. GAAP principles and may differ from the total return in other performance information.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1937223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$3481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;7.99% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 71.5% |
| Euro | 8.3% |
| Japanese Yen | 6.2% |
| All other currencies less than 5%<sup>\*</sup> | 13.3% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Effective June 2, 2025, the Fund's underlying index, the MSCI World Selection Index, implemented certain changes to its methodology. The Fund's principal investment strategy was updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NSRIX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### WORLD SELECTION INDEX FUND

### CLASS K/NSRKX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the World Selection Index Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| WORLD SELECTION INDEX FUND<br>(CLASS K/NSRKX) | $26 | 0.24% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global equities delivered strong double-digit returns, supported by resilient earnings growth, gradually easing—though still restrictive—monetary policy expectations, and a strong rebound following last April's tariff-related selloff as trade policy ultimately proved less severe than initially outlined. Returns moderated during the latter part of the first quarter of 2026 as markets reacted to rising geopolitical risks and elevated energy prices amid escalating tensions in the Middle East. However, despite increased volatility and a late-period pullback, full-year performance remained firmly positive across all major regions. U.S. equities advanced meaningfully, with market leadership concentrated in information technology and communication services, driven by investor enthusiasm around artificial intelligence–related growth opportunities and capital investment. Developed markets outside the U.S. outperformed, supported by improving earnings momentum in Japan and strength in European financials and industrials, while emerging markets were the strongest major equity segment over the trailing year, benefiting from a rebound in technology-related supply chains, with top country performance contributions coming from Taiwan, South Korea, and China.

* The Fund's Class K shares returned 20.05% during the fiscal year ended March 31, 2026, compared with a return of 19.61% for its benchmark, the MSCI World Selection Index (the "Index"). The Index outperformed the broad developed market during the period, as gauged by the 18.90% return of the MSCI World Index.

* Tracking difference between the Fund's return and the Index's return for the reporting period was primarily due to the dividend withholding tax differential that the Fund's portfolio experiences relative to the tax rates assumed by the Index and fair value pricing, which were partially offset by Fund fees and expenses.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Class K shares of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests). Class K commenced operations on July 30, 2020. Performance prior to that date is for the Shares class (the Shares class is no longer offered for the Fund). Class K Shares' returns of the Fund will be different from the returns of the Shares class shares' returns of the Fund to the extent that they have different expenses.

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3352458.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| WORLD SELECTION INDEX FUND (CLASS K/NSRKX) | 20.05% | 10.14% | 11.77% |
| MSCI WORLD INDEX | 18.90% | 10.27% | 11.80% |
| MSCI WORLD SELECTION INDEX | 19.61% | 9.93% | 11.57% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1937223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$3481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;7.99% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 71.5% |
| Euro | 8.3% |
| Japanese Yen | 6.2% |
| All other currencies less than 5%<sup>\*</sup> | 13.3% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Effective June 2, 2025, the Fund's underlying index, the MSCI World Selection Index, implemented certain changes to its methodology. The Fund's principal investment strategy was updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NSRKX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### LIMITED TERM TAX-EXEMPT FUND

### SHARES/NSITX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Limited Term Tax-Exempt Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| LIMITED TERM TAX-EXEMPT FUND (SHARES/NSITX) | $46 | 0.45% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, the municipal market was volatile. The fiscal year began with uncertainty regarding the municipal tax-exemption and headline policy risk prior to the passage of the One Big Beautiful Bill Act (OBBA). The municipal market stabilized once the OBBA was passed, the tax-exemption was preserved, and policy risks diminished. In addition, the U.S. Federal Reserve continued to cut rates through the latter half of 2025. As such, the municipal market ended 2025 and entered 2026 with historically high returns. However, by the end of the fiscal year, sentiment shifted as the conflict involving Iran progressed, biasing expectations toward weaker growth and higher inflation. During the fiscal year, the municipal yield curve steepened, with front-end yields down 20 to 30 basis points ("bps") and long-end yields up by 25 bps.

* For the fiscal year ended March 31, 2026, the Fund returned 3.46%, underperforming the 3.66% return of its style-specific benchmark, the Bloomberg 1-5 Year Blend Municipal Bond Index. The Fund is actively managed and seeks to provide a high level of current income exempt from regular federal income tax by investing in municipal instruments.Performance contributors:Overweight to longer duration bonds.Performance detractors:Underweight to lower quality bonds.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3353346.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| LIMITED TERM TAX-EXEMPT FUND (SHARES/NSITX) | 3.46% | 1.31% | 1.53% |
| BLOOMBERG U.S. MUNICIPAL BOND INDEX | 4.29% | 0.84% | 2.16% |
| BLOOMBERG 1-5 YEAR BLEND MUNICIPAL BOND INDEX | 3.66% | 1.38% | 1.69% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$324364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;28.23% |

---

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Texas | 14.4% |
| Alabama | 6.6% |
| Florida | 6.4% |
| Illinois | 6.1% |
| New York | 5.4% |
| California | 5.1% |
| All other states less than 5%<sup>\*</sup> | 56.0% |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NSITX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### LIMITED TERM U.S. GOVERNMENT FUND

### SHARES/NSIUX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Limited Term U.S. Government Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| LIMITED TERM U.S. GOVERNMENT FUND (SHARES/NSIUX) | $45 | 0.44% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global macroeconomic risk shifted towards weaker growth and higher inflation, as the impact from the conflict involving Iran brought disruption to global commodity supply, including oil, natural gas, fertilizers, and other inputs. The calendar year-over-year Consumer Price Index reversed its prior trend, rising from 2.8% to 3.3%, while the unemployment rate slightly increased to 4.3% from 4.1%. The U.S. Federal Reserve (the "Fed") continued its easing cycle, delivering 75 basis points of cuts in the second half of 2025, bringing the Fed Funds Overnight Rate from a targeted range of 4.25%-4.50% down to 3.50%-3.75%.

* Interest rates were largely unchanged during the fiscal year ended March 31, 2026, although the curve twisted around the 10-year maturity. The spread between 2-year and 10-year yields ended the fiscal year at +0.52%. Generic 2-year yields fell 0.09% to 3.80%, while 5-year yields fell 0.01% to 3.94%. Generic 10-year yields rose 0.11% to 4.32%, and 30-year bond yields rose 0.34% to 4.91%.

* The Fund returned 3.54% for the fiscal year, underperforming its style-specific benchmark, the Bloomberg 1-5 Year U.S. Government Index, which returned 3.88%.Performance contributors:Allocation to U.S. mortgage-backed securities.Tactical positioning in yield curve and duration.Performance detractors:Allocation to U.S. TIPS.Underweight to U.S. Agencies.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWT H OF $10,000
![Fund Performance - Growth of 10K](chartimages_3352919.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| LIMITED TERM U.S. GOVERNMENT FUND (SHARES/NSIUX) | 3.54% | 1.11% | 1.26% |
| BLOOMBERG U.S. AGGREGATE BOND INDEX | 4.35% | 0.31% | 1.70% |
| BLOOMBERG 1-5 YEAR U.S. GOVERNMENT INDEX | 3.88% | 1.44% | 1.68% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$26428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;74.89% |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| U.S. Government Obligations | 96.4% |
| Other less than 5%\*<sup>\*</sup> | 3.8% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NSIUX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### BOND INDEX FUND

### SHARES/NOBOX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Bond Index Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| BOND INDEX FUND (SHARES/NOBOX) | $7 | 0.07% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, the spread between 10-year and 2-year U.S. Treasuries widened by 20 basis points ("bps"), while the spread between 30-year and 10-year yields widened by 23 bps. Performance of other market segments was positive: U.S. investment-grade credit (4.84%); U.S. Agency mortgage-backed securities (5.79%); commercial mortgage-backed securities (5.39%); asset-backed securities (4.66%); and U.S. Agencies (4.15%). U.S. Treasuries displayed total return of 3.25%, as the Treasury yield curve steepened: 2-year, 5-year, 10-year, and 30-year yields changed by -9, -1, +11, and +34 bps, respectively.

* The U.S. bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, the Fund's benchmark (the "Index"), returned 4.35% for the fiscal year ended March 31, 2026. Performance of the Index in the first quarter 2026 was characterized by mixed returns across sectors. The U.S. investment grade credit sector displayed -0.48% total return amid slight credit spread widening. U.S. Agency mortgage-backed securities displayed total return of 0.40%.

* The Fund returned 4.26% during the fiscal year ended March 31, 2026, underperforming the Index.

* Sector, curve, and security selection strategies are driven by the composition of the Index, and the Fund seeks to track as closely as possible (before deduction of fees, expenses, and taxes) the investment performance of the Index. Tracking difference between the Fund's returns and the Index's total return for the reporting period was primarily due to the Fund's use of a sampling methodology to seek to track the Index, and Fund fees and expenses.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3353124.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| BOND INDEX FUND (SHARES/NOBOX) | 4.26% | 0.25% | 1.58% |
| BLOOMBERG U.S. AGGREGATE BOND INDEX | 4.35% | 0.31% | 1.70% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$3042790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;4174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;56.65% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| U.S. Government Obligations | 44.9% |
| U.S. Government Agencies | 23.8% |
| Corporate Bonds | 20.0% |
| Foreign Issuer Bonds | 5.5% |
| Other less than 5%<sup>\*</sup> | 5.8% |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOBOX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### ACTIVE M INTERNATIONAL EQUITY FUND

### SHARES/NMIEX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Active M International Equity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| ACTIVE M INTERNATIONAL EQUITY FUND (SHARES/NMIEX) | $94 | 0.84% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, international equity markets advanced higher, as stocks in the energy, materials, and utilities sectors contributed the most to the return of the MSCI World ex USA IMI Index, the Fund's benchmark (the "Index"). For the fiscal period, value stocks outperformed growth stocks.

* The Fund returned 24.66% over the period, outperforming the 23.84% return of the Index.

* Performance contributors:Strong stock selection across technology hardware & storage, apparel accessories & luxury goods, and interactive media & services helped the Fund outperform the Index.Overweight to South Korea and Taiwan were beneficial to performance over the period.Value oriented sub-advisers Causeway Capital Management LLC and Wellington Management Company LLP's performance was supported by that style tailwind.Victory Capital Management Inc., which provides a smaller capitalization profile to the Fund, outperformed the Index, supported by small capitalization stocks outperforming large capitalization stocks over the period.

* Performance detractors:Stock selection in the communication services and financials sectors were a drag on the Fund's performance.Relative sector positioning was a headwind, in particular an overweight to communication services and underweights to materials, utilities, and energy.WCM Investment Management, LLC and AllianceBernstein, L.P.'s growth orientation was more challenged.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3353642.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| ACTIVE M INTERNATIONAL EQUITY FUND (SHARES/NMIEX) | 24.66% | 9.04% | 9.51% |
| MSCI WORLD EX USA IMI INDEX | 23.84% | 7.96% | 8.56% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$610096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$4325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;48.58% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Euro | 30.6% |
| British Pound | 19.4% |
| United States Dollar | 15.1% |
| Japanese Yen | 12.4% |
| All other currencies less than 5%<sup>\*</sup> | 20.4% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NMIEX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### EMERGING MARKETS EQUITY INDEX FUND

### SHARES/NOEMX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Emerging Markets Equity Index Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| EMERGING MARKETS EQUITY INDEX FUND (SHARES/NOEMX) | $17 | 0.15% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global equities delivered strong double digit returns, supported by resilient earnings growth, gradually easing—though still restrictive—monetary policy expectations, and a strong rebound following last April's tariff related selloff as trade policy ultimately proved less severe than initially outlined. Returns moderated during the latter part of the first quarter of 2026 as markets reacted to rising geopolitical risks and elevated energy prices amid escalating tensions in the Middle East. Emerging markets were the strongest major equity segment over the trailing year which represented a meaningful recovery following multiple years of lagging performance relative to developed markets. By country, key contributors included technology-oriented markets in Asia, notably Taiwan and South Korea, where semi conductor-related stocks benefited from improving demand conditions, as well as selected strength in Latin America, which was supported by domestic growth and favorable commodity prices. 

* The Fund returned 32.01% during the fiscal year ended March 31, 2026, compared with a return of 29.55% for its benchmark, the MSCI Emerging Markets Index (the "Index").

* Tracking difference between the Fund's return and the Index's return for the reporting period was primarily due to fair value pricing of international securities included in the Fund's portfolio, as well as the impact of foreign exchange differential, which was partially offset by dividend withholding taxes, and Fund fees and expenses. Additionally, the Fund does accrue for capital gains taxes in the India market, in which the Index does not accrue for. 

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3352327.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| EMERGING MARKETS EQUITY INDEX FUND (SHARES/NOEMX) | 32.01% | 3.73% | 7.65% |
| MSCI EMERGING MARKETS INDEX | 29.55% | 3.69% | 7.80% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2546240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17.87% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Taiwan Dollar | 22.3% |
| Hong Kong Dollar | 21.9% |
| Korean Won | 15.3% |
| Indian Rupee | 12.3% |
| All other currencies less than 5%<sup>\*</sup> | 28.1% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOEMX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### LARGE CAP CORE FUND

### SHARES/NOLCX

#### ANNUAL SHAREHOLDER RE PO RT \| March 31, 2026
This annual shareholder report contains important information about the Large Cap Core Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| LARGE CAP CORE FUND (SHARES/NOLCX) | $50 | 0.45% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, financial markets posted strong returns, supported by resilient economic growth, corporate profits near all-time highs, and moderating inflation. Earnings growth remained durable across much of the economy, while monetary policy played a key role in shaping sentiment and providing support for risk assets as the U.S. Federal Reserve cut interest rates three times, lowering the federal funds rate by a cumulative 75 basis points.

* U.S. equities advanced meaningfully, with the S&P 500<sup>®</sup> Index (the "Index"), the Fund's benchmark, returning 17.80%, led for much of the year by information technology amid enthusiasm for artificial intelligence. Toward period end, escalating geopolitical tensions, including the conflict involving Iran, pushed energy prices higher, making energy the strongest performing sector over the fiscal year.

* The Fund returned 21.93% for the period, outperforming the 17.80% return for the Index.Performance contributors:Stocks with strong sentiment from both the broader market and market analysts generated positive returns, benefiting the Fund through its momentum exposure. The Fund's tilt towards higher quality names contributed to returns as higher quality stocks outperformed those with average or lower quality fundamentals.Expensive stocks, typically underweighted by the Fund, lagged the Index, which contributed positively to overall performance. Stock selection was most effective in the financials and health care sectors.Performance detractors:At the sector level, stock selection in information technology and consumer staples detracted.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3352697.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| LARGE CAP CORE FUND (SHARES/NOLCX) | 21.93% | 13.58% | 13.69% |
| S&P 500<sup>®</sup> INDEX | 17.80% | 12.06% | 14.16% |

---

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$322992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;43.13% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 32.2% |
| Financials | 12.6% |
| Communication Services | 10.4% |
| Consumer Discretionary | 9.9% |
| Health Care | 9.9% |
| Industrials | 8.8% |
| All other industries less than 5%<sup>\*</sup> | 16.5% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOLCX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### MID CAP INDEX FUND

### SHARES/NOMIX

#### ANNUAL SHAREHOLDER REP ORT \| March 31, 2026
This annual shareholder report contains important information about the Mid Cap Index Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature.</u> You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| MID CAP INDEX FUND (SHARES/NOMIX) | $11 | 0.10% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global equities delivered strong double digit returns, supported by resilient earnings growth, gradually easing—though still restrictive—monetary policy expectations, and a strong rebound following last April's tariff related selloff as trade policy ultimately proved less severe than initially outlined. Returns moderated during the latter part of the first quarter of 2026 as markets reacted to rising geopolitical risks and elevated energy prices amid escalating tensions in the Middle East. However, despite increased volatility and a late period pullback, full year performance remained firmly positive across all major regions. U.S. equities advanced meaningfully, with market leadership concentrated in information technology and communication services sectors, driven by investor enthusiasm around artificial intelligence–related growth opportunities and capital investment. Mid-cap equities in the U.S. delivered solid but comparatively lower gains relative to other stocks in the capitalization spectrum. Mid-cap equities slightly underperformed large cap stocks, and underperformed small cap stocks as mid-caps did not participate as fully in the risk-on rebound that lifted smaller, more cyclical companies during most of the reporting period.

* The Fund returned 17.24% during the fiscal year ending March 31, 2026, compared with a return of 17.35% for its benchmark, the S&P Midcap 400<sup>®</sup> Index (the "Index").

* Tracking difference between the Fund's return and the Index's return for the reporting period was primarily due to Fund fees and expenses.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3352532.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| MID CAP INDEX FUND (SHARES/NOMIX) | 17.24% | 6.81% | 10.44% |
| RUSSELL 3000<sup>®</sup> INDEX | 18.09% | 10.87% | 13.72% |
| S&P MIDCAP 400<sup>®</sup> INDEX | 17.35% | 6.92% | 10.58% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2051722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15.97% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Industrials | 25.0% |
| Financials | 14.7% |
| Information Technology | 12.0% |
| Consumer Discretionary | 10.8% |
| Health Care | 8.7% |
| Real Estate | 6.7% |
| Materials | 5.7% |
| Energy | 5.3% |
| All other industries less than 5%<sup>\*</sup> | 12.8% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOMIX (5/26)NORTHERN FUNDS

![TSR - Fund Logo - NF](images_8275.jpg)

### INTERNATIONAL EQUITY INDEX FUND

### SHARES/NOINX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the International Equity Index Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature.</u> You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| INTERNATIONAL EQUITY INDEX FUND (SHARES/NOINX) | $11 | 0.10% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global equities delivered strong double-digit returns, supported by resilient earnings growth, gradually easing—though still restrictive—monetary policy expectations, and a strong rebound following last April's tariff-related selloff as trade policy ultimately proved less severe than initially outlined. Returns moderated during the latter part of the first quarter of 2026 as markets reacted to rising geopolitical risks and elevated energy prices amid escalating tensions in the Middle East. However, despite increased volatility and a late-period pullback, full-year performance remained firmly positive across all major regions. U.S. equities advanced meaningfully, with market leadership concentrated in information technology and communication services sectors, driven by investor enthusiasm around artificial intelligence–related growth opportunities and capital investment. Developed markets outside the U.S. outperformed, supported by improving earnings momentum in Japan and strength in European financials and industrials, while emerging markets were the strongest major equity segment over the trailing year, benefiting from a rebound in technology-related supply chains, with top country performance contributions coming from Taiwan, South Korea, and China.

* The Fund returned 23.14% during the fiscal year ended March 31, 2026, compared with a return of 21.27% for its benchmark, the MSCI EAFE<sup>®</sup> Index (the "Index").

* Tracking difference between the Fund's return and the Index's return for the reporting period was primarily due to contributions from the fair value pricing of international securities included in the Fund's portfolio, the impact of foreign exchange rate differential, and by dividend withholding tax rate differences relative to the Index. These contributions were partially offset by Fund fees and expenses.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index.

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3352475.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| INTERNATIONAL EQUITY INDEX FUND (SHARES/NOINX) | 23.14% | 8.45% | 8.65% |
| MSCI EAFE INDEX | 21.27% | 7.91% | 8.38% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$6101148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17.24% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Euro | 33.4% |
| Japanese Yen | 22.2% |
| British Pound | 14.8% |
| Swiss Franc | 9.0% |
| Australian Dollar | 6.5% |
| All other currencies less than 5%<sup>\*</sup> | 12.9% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOINX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### LARGE CAP VALUE FUND

### SHARES/NOLVX

#### ANNUAL SHAREHO LDE R REPORT \| March 31, 2026
This annual shareholder report contains important information about the Large Cap Value Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature</u>. You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| LARGE CAP VALUE FUND (SHARES/NOLVX) | $61 | 0.56% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, financial markets delivered strong returns, supported by resilient economic growth and corporate profits that remained near all-time highs. Inflation pressures continued to moderate over the period, while earnings growth proved durable across many sectors of the economy. Monetary policy remained a key driver of market sentiment, as the U.S. Federal Reserve cut interest rates three times during the fiscal year, lowering the federal funds rate by a cumulative 75 basis points and providing support for risk assets.

* U.S. equity markets advanced meaningfully during the period, as reflected by the 15.87% return of the Russell 1000<sup>®</sup> Value Index, the Fund's style-specific benchmark (the "Index"). For much of the year, market leadership was concentrated in information technology and industrials, driven by investor enthusiasm around artificial intelligence–related growth opportunities and capital investment. Toward the end of the period, escalating geopolitical tensions, including the conflict involving Iran, contributed to higher energy prices, resulting in energy becoming the leading performing sector over the fiscal year.

* The Fund posted a return of 18.20% for the fiscal year ended March 31, 2026, outperforming the 15.87% return of the Index. The Fund invests in stocks that Northern Trust Investments, Inc. believes are inexpensive, well-managed, and highly profitable with sustainable and efficient cash flow.Performance contributors:Exposure to high-quality stocksAllocation to value stocksStock selection within health care and communication services sectors**Performance detractors**:Stock selection in information technology and consumer staples sectorsA modest underweight in semiconductors and aerospace industries, as stocks in those industries significantly outperformed the Index in this period

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3352754.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| LARGE CAP VALUE FUND (SHARES/NOLVX) | 18.20% | 9.93% | 10.71% |
| RUSSELL 1000<sup>®</sup> INDEX | 17.74% | 11.34% | 13.97% |
| RUSSELL 1000<sup>®</sup> VALUE INDEX | 15.87% | 9.43% | 10.58% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$67156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;62.14% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Financials | 21.0% |
| Industrials | 12.8% |
| Health Care | 12.5% |
| Information Technology | 11.7% |
| Communication Services | 9.1% |
| Consumer Discretionary | 6.8% |
| Energy | 6.7% |
| Consumer Staples | 6.3% |
| Utilities | 5.3% |
| All other industries less than 5%<sup>\*</sup> | 9.7% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NOLVX (5/26)NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_8178.jpg)

### GLOBAL REAL ESTATE INDEX FUND

### SHARES/NGREX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Global Real Estate Index Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at <u>northerntrust.com/funds#literature.</u> You can also request this information by contacting us at 800-595-9111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| GLOBAL REAL ESTATE INDEX FUND (SHARES/NGREX) | $54 | 0.51% |

---

1 Reflects applicable expense reimbursements and fee waivers.

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2026, global equities delivered strong double-digit returns, supported by resilient earnings growth, gradually easing—though still restrictive—monetary policy expectations, and a strong rebound following last April's tariff-related selloff as trade policy ultimately proved less severe than initially outlined. Returns moderated during the latter part of the first quarter of 2026 as markets reacted to rising geopolitical risks and elevated energy prices amid escalating tensions in the Middle East. However, despite increased volatility and a late-period pullback, full-year performance remained firmly positive across all major regions. Global real estate equity securities also delivered positive returns during the reporting period supported by income and valuation recovery, but moderate returns when compared to the broader global equity market, as gauged by the 20.01% return of the MSCI All Country World Index. 

* The Fund returned 10.39% during the fiscal year ended March 31, 2026, compared with a return of 9.50% for its benchmark, the MSCI<sup>®</sup> ACWI<sup>®</sup> IMI Core Real Estate Index (the "Index").

* Tracking difference between the Fund's return and the Index's return for the reporting period was primarily due to contributions from the dividend withholding tax differential that the Fund's portfolio experiences relative to the tax rates assumed by the Index and fair value pricing differences, which were partially offset by Fund fees and expenses.

#### Fund Performance
The following graph assumes an initial $10,000 investment in the Shares class of the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years. For comparative purposes, the graph and chart below also show the performance of the Fund's broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests).

#### GROWTH OF $10,000 <sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_3352384.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| GLOBAL REAL ESTATE INDEX FUND (SHARES/NGREX) | 10.39% | 2.14% | 3.46% |
| MSCI WORLD INDEX | 18.90% | 10.27% | 11.80% |
| MSCI ACWI IMI CORE REAL ESTATE INDEX | 9.50% | 1.61% | 3.01% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns.

*The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, fund performance would have been reduced.

Visit

northerntrust.com/funds#performance for the most recent performance information.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$685804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;3.69% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 58.0% |
| Japanese Yen | 9.8% |
| Hong Kong Dollar | 5.1% |
| All other currencies less than 5%<sup>\*</sup> | 27.1% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

\* Includes derivatives and categories rounding to less than 5%, if any.

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus, as it may be supplemented from time to time, or its next prospectus, which we expect to be available by July 31, 2026, at <u>northerntrust.com/funds#literature</u> or upon request at 800-595-9111.

On May 20, 2025, the Board of Trustees of Northern Funds approved the Fund to participate in securities lending. In order to generate additional income, the Fund may lend securities to banks, brokers and dealers or other qualified institutions. The Fund's investment strategy and investment risks were updated accordingly.

Where can I find more information?

![TSR - QR Code - NF](images_8276.jpg)

Scan the QR code or visit

northerntrust.com/funds#literature, to find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information.

You can also request this information by contacting us at 800-595-9111.

NF ANR-TSR NGREX (5/26)NORTHERN FUNDS

------

(b) Copy of notice transmitted to stockholders in reliance on Rule 30e-3 under the 1940 Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(c) The registrant has not amended its Code of Ethics during the period covered by this report.

(d) The registrant has not granted any waivers, including an implicit waiver, from any provisions of its Code of Ethics during the period covered by this report.

(e) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR), serving on its audit committee. David R. Martin and Therese M. Bobek each are an "audit committee financial expert" and are "independent" (as each term is defined in Item 3 of Form N-CSR).

Under applicable securities laws and regulations, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the registrant's Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the registrant's Audit Committee or Board of Trustees.

------

#### Item 4. Principal Accountant Fees and Services.
*Items 4(a) – 4(d): Audit, Audit-Related, Tax and All Other Fees*

Fees for the fiscal year ended March 31, 2026 were billed by the principal accountant related to the registrant. The principal accountant billed the registrant aggregate fees for services rendered to the registrant for the fiscal years ended March 31, 2026 and March 31, 2025, respectively, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | 2026 |  | 2025 |
|  | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved |
| (a) Audit Fees | $984215 | $0$5314200<sup>(3)</sup> | $804750 | $0$5039618<sup>(3)</sup> |
| (b) Audit-Related Fees | $165983<sup>(1)</sup> | $0$28650<sup>(1)</sup> | $165983<sup>(1)</sup> | $0$26205<sup>(1)</sup> |
| (c) Tax Fees | $274794<sup>(2)</sup> | $0$2916120<sup>(4)</sup> | $232884<sup>(2)</sup> | $0$3520990<sup>(4)</sup> |
| (d) All Other Fees | $0 | $0$237444<sup>(5)</sup> | $0 | $0$1679158<sup>(5)</sup> |

---

(1) Amount relates to 17f-2 procedures.

(2) Amounts relate to excise tax return review and registered investment company tax return review.

(3) Amounts relate to audit fees on The Northern Trust Company sponsored funds.

(4) Amounts relate to international tax compliance and consulting, tax fees on various Northern sponsored funds, and general tax consultations for The Northern Trust Company.

(5) Amounts relate to enterprise risk and remediation management related services provided to The Northern Trust Company.

"Service affiliates" as it relates to the aggregate "Audit Fees," "Audit-Related Fees," "Tax Fees" and "All Other Fees" that were billed by the principal accountant for the fiscal years ended March 31, 2026 and March 31, 2025, respectively, are Northern Trust Investments, Inc. ("NTI") and entities controlling, controlled by or under common control with NTI that provide ongoing services to the registrant for assurance and related services that relate directly to the operations and financial reporting of the registrant. "Audit-Related Fees" are fees that are reasonably related to the performance of the audit or review of the registrant's financial statements, but not reported as "Audit Fees." "Tax Fees" are fees for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning. "All Other Fees" are for products and services provided by the principal accountant other than those reported as Audit, Audit-Related or Tax Fees.

*Item 4(e)(1): Pre-Approval Policies and Procedures*

Pursuant to the Northern Funds' Amended and Restated Audit Committee Charter adopted on August 3, 2006, as amended, to the extent required by applicable regulations, all audit and non-audit services provided by the independent registered public accountants shall either be: (a) pre-approved by the Audit Committee as a whole; or (b) between meetings of the Audit Committee by either the Chairman of the Audit Committee, the designated Audit Committee Financial Expert (if any), or another member of the Audit Committee, provided that, in each case, such pre-approvals must be reported to the full Audit Committee at its next meeting.

*Item 4(e)(2): Percentage of Fees Pre-Approved Pursuant to Waiver Provision of Paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X*

No percentage of the principal accountant's fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

*Item 4(f): Work Performed by Persons Other than the Principal Accountant*

Not applicable.

*Item 4(g): Aggregate Non-Audit Fees Disclosure*

The aggregate non-audit fees and services billed by the principal accountant for services rendered to the registrant and service affiliates for the last two fiscal years were $3,622,991 and $5,433,032 for 2026 and 2025, respectively.

*Item 4(h): Non-Audit Services and Independent Accountant's Independence*

The registrant's Audit Committee has considered whether the provision of non-audit services to service affiliates, not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the registered public accountant's independence in performing audit services.

*Item 4(i)*

Not applicable.

*Item 4(j)*

Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) The registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the Financial Statements filed under Item 7 of this report on Form N-CSR.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

------

**NORTHERN FUNDS EQUITY FUNDS**

**ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION**

March 31, 2026

![](img9d8ea28d1.gif)

---

| | |
|:---|:---|
| ![](img127ad49f2.gif)<br>| &nbsp;&nbsp;&nbsp;&nbsp; ![](imgfd35f3a23.gif)<br>|

---

------

**EQUITY FUNDS** <br>

**TABLE OF CONTENTS**<br>

---

| | |
|:---|:---|
| **2** | **[STATEMENTS OF ASSETS AND LIABILITIES](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_FS-FundBookHeader_1)** |
| **6** | **[STATEMENTS OF OPERATIONS](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_FS-FundBookHeader_5)** |
| **10** | **[STATEMENTS OF CHANGES IN NET ASSETS](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_FS-FundBookHeader_9)** |
| **16** | **[FINANCIAL HIGHLIGHTS](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_FS-FundBookHeader_15)** |
| **38** | **[SCHEDULES OF INVESTMENTS](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_1)** |
| **38** | **[ACTIVE M EMERGING MARKETS EQUITY FUND (Ticker Symbol: NMMEX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_1)** |
| **42** | **[ACTIVE M INTERNATIONAL EQUITY FUND (Ticker Symbol: NMIEX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_5)** |
| **51** | **[EMERGING MARKETS EQUITY INDEX FUND (Ticker Symbol: NOEMX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_14)** |
| **72** | **[GLOBAL REAL ESTATE INDEX FUND (Ticker Symbol: NGREX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_35)** |
| **81** | **[GLOBAL TACTICAL ASSET ALLOCATION FUND (Ticker Symbol: BBALX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_44)** |
| **83** | **[INCOME EQUITY FUND (Ticker Symbol: NOIEX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_46)** |
| **88** | **[INTERNATIONAL EQUITY FUND (Ticker Symbol: NOIGX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_51)** |
| **93** | **[INTERNATIONAL EQUITY INDEX FUND (Ticker Symbol: NOINX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_56)** |
| **105** | **[LARGE CAP CORE FUND (Ticker Symbol: NOLCX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_68)** |
| **110** | **[LARGE CAP VALUE FUND (Ticker Symbol: NOLVX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_73)** |
| **115** | **[MID CAP INDEX FUND (Ticker Symbol: NOMIX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_78)** |
| **123** | **[MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND (Ticker Symbol: NMFIX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_86)** |
| **127** | **[MULTI-MANAGER GLOBAL REAL ESTATE FUND (Ticker Symbol: NMMGX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_90)** |
| **130** | **[SMALL CAP CORE FUND](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_93)[(](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_93)[Ticker Symbols:](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_93)[Class I](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_93)[:](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_93)[NSGRX](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_93)[, Class K:](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_93)[NSCKX](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_93)[)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_93)** |
| **152** | **[SMALL CAP INDEX FUND (Ticker Symbol: NSIDX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_115)** |
| **178** | **[SMALL CAP VALUE FUND (Ticker Symbol: NOSGX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_141)** |
| **186** | **[STOCK INDEX FUND (Ticker Symbol: NOSIX)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_149)** |
| **195** | **[U.S. QUALITY ESG FUND](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_158)[(](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_158)[Ticker Symbols:](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_158)[Class I](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_158)[:](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_158)[NUEIX](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_158)[, Class K:](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_158)[NUESX](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_158)[)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_158)** |
| **200** | **[WORLD SELECTION INDEX FUND](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_163)[(](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_163)[Ticker Symbols:](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_163)[Class I](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_163)[:](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_163)[NSRIX](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_163)[, Class K:](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_163)[NSRKX](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_163)[)](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_SOI-TOC-SOI_163)** |
| **211** | **[NOTES TO THE FINANCIAL STATEMENTS](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_NTF-NotestoFinancialStatements_1)** |
| **231** | **[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_RPA2-TOC-RPA_1)** |
| **232** | **[TAX AND DISTRIBUTION INFORMATION](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_TI-TOC-TaxInfo_1)** |
| **234** | **[FORM N-CSR - ITEMS 8-11](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_NCSR811-FormNCSRTOC_1)** |
| **235** | **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_68d8adcc-f38c-4355-9d53-e750c45176e1_BFA-TOC-BasisforApproval_1)** |

---

NORTHERN FUNDS ANNUAL REPORT **1** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**STATEMENTS OF ASSETS AND LIABILITIES** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands, except per share data* | Active M<br> Emerging Markets<br> Equity Fund<br>| Active M<br> International<br> Equity Fund<br>| Emerging Markets<br> Equity<br> Index Fund<br>| Global Real<br> Estate Index<br> Fund<br>|
| ASSETS: |  |  |  |  |
| Investments, at value  | &nbsp;&nbsp; $187461 | &nbsp;&nbsp; $578443 | &nbsp;&nbsp; $2498525 | &nbsp;&nbsp; $674261 |
| Investments in affiliates, at value | &nbsp;&nbsp; 8693 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 18886 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 44462 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 11689 <br> <sup>(1)</sup><br>|
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 592 | &nbsp;&nbsp; — |
| Cash held at broker for future contracts  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2901 | &nbsp;&nbsp; 691 |
| Foreign currencies, at value  | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 1540 | &nbsp;&nbsp; 3733 | &nbsp;&nbsp; 2370 |
| Dividend income receivable | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 2222 | &nbsp;&nbsp; 5940 | &nbsp;&nbsp; 2702 |
| Securities lending income receivable | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2 |
| Receivable for capital gains tax | &nbsp;&nbsp; 28 | &nbsp;&nbsp; — | &nbsp;&nbsp; 92 | &nbsp;&nbsp; — |
| Receivable for foreign tax reclaims | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 2249 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 1200 |
| Receivable for securities sold | &nbsp;&nbsp; 1151 | &nbsp;&nbsp; 4153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 362 | &nbsp;&nbsp; 2135 | &nbsp;&nbsp; 340 |
| Receivable for fund shares sold | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 4586 | &nbsp;&nbsp; 1836 | &nbsp;&nbsp; 26 |
| Receivable from investment adviser | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 1 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 32 |
| Prepaid and other assets | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 |
| Total Assets | &nbsp;&nbsp; 198735 | &nbsp;&nbsp; 612464 | &nbsp;&nbsp; 2560445 | &nbsp;&nbsp; 693331 |
| LIABILITIES: |  |  |  |  |
| Cash overdraft | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 13 |
| Payable upon return of securities loaned | &nbsp;&nbsp; 4309 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 3726 | &nbsp;&nbsp; 6687 |
| Payable for securities purchased | &nbsp;&nbsp; 498 | &nbsp;&nbsp; 1864 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; — |
| Payable for fund shares redeemed | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 333 |
| Payable to U.S. Treasury (Note 2) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 326 |
| Payable to affiliates: |  |  |  |  |
| Management fees | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 71 |
| Custody fees | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 16 |
| Shareholder servicing fees | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 18 |
| Transfer agent fees | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 22 |
| Accrued Trustee fees and expenses | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 6 |
| Outstanding options written, at value (premiums received $(23)) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deferred foreign capital gains tax payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 9604 | &nbsp;&nbsp; — |
| Accrued other liabilities | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 35 |
| Total Liabilities | &nbsp;&nbsp; 5125 | &nbsp;&nbsp; 2368 | &nbsp;&nbsp; 14205 | &nbsp;&nbsp; 7527 |
| Net Assets | &nbsp;&nbsp; $193610 | &nbsp;&nbsp; $610096 | &nbsp;&nbsp; $2546240 | &nbsp;&nbsp; $685804 |
| ANALYSIS OF NET ASSETS: |  |  |  |  |
| Capital stock | &nbsp;&nbsp; $138680 | &nbsp;&nbsp; $452837 | &nbsp;&nbsp; $1948461 | &nbsp;&nbsp; $603376 |
| Distributable earnings | &nbsp;&nbsp; 54930 | &nbsp;&nbsp; 157259 | &nbsp;&nbsp; 597779 | &nbsp;&nbsp; 82428 |
| Net Assets | &nbsp;&nbsp; $193610 | &nbsp;&nbsp; $610096 | &nbsp;&nbsp; $2546240 | &nbsp;&nbsp; $685804 |
| **Net Assets:** |  |  |  |  |
| Shares | &nbsp;&nbsp; $193610 | &nbsp;&nbsp; $610096 | &nbsp;&nbsp; $2546240 | &nbsp;&nbsp; $685804 |
| **Total Shares Outstanding ($.001 par value, unlimited authorization):** |  |  |  |  |
| Shares | &nbsp;&nbsp; 9501 | &nbsp;&nbsp; 47229 | &nbsp;&nbsp; 171363 | &nbsp;&nbsp; 66917 |
| **Net Asset Value, Redemption and Offering Price Per Share:** |  |  |  |  |
| Shares | &nbsp;&nbsp; $20.38 | &nbsp;&nbsp; $12.92 | &nbsp;&nbsp; $14.86 | &nbsp;&nbsp; $10.25 |
| Investments, at cost | &nbsp;&nbsp; $133803 | &nbsp;&nbsp; $445415 | &nbsp;&nbsp; $1383747 | &nbsp;&nbsp; $432368 |
| Investments in affiliates, at cost | &nbsp;&nbsp; 8693 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 18886 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 44462 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 11689 <br> <sup>(1)</sup><br>|
| Foreign currencies, at cost | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 1477 | &nbsp;&nbsp; 3726 | &nbsp;&nbsp; 2374 |
| Securities on loan, at value | &nbsp;&nbsp; $4776 | &nbsp;&nbsp; $1731 | &nbsp;&nbsp; $7741 | &nbsp;&nbsp; $7318 |

---

<br> <sup>(1)</sup> *Investments in affiliates, at value and Investments in affiliates, at cost include securities purchased using cash collateral received from securities lending activities.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **2** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Global Tactical<br> Asset Allocation<br> Fund<br>| Income<br> Equity<br> Fund<br>| International<br> Equity<br> Fund<br>| International<br> Equity<br> Index Fund<br>| Large Cap<br> Core<br> Fund<br>| Large Cap<br> Value<br> Fund<br>|
| $16168 | &nbsp;&nbsp; $279744 | &nbsp;&nbsp; $184312 | &nbsp;&nbsp; $5928418 | &nbsp;&nbsp; $320428 | &nbsp;&nbsp; $66748 |
| 66160 | &nbsp;&nbsp; 5034 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 3666 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 99168 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 3538 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 1651 <br> <sup>(1)</sup><br>|
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 8149 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 17405 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 20 | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 719 | &nbsp;&nbsp; 22038 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 55 |
|  — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; 811 | &nbsp;&nbsp; 30749 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 |
| 4 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 4724 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 14 |
| 17 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1448 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; — |
| 4 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 3 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 294 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 3 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 2 |
| 82376 | &nbsp;&nbsp; 285308 | &nbsp;&nbsp; 191304 | &nbsp;&nbsp; 6112528 | &nbsp;&nbsp; 324358 | &nbsp;&nbsp; 68475 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 84 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; 2749 | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 6102 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1222 |
| 2389 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2139 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 17 | &nbsp;&nbsp; 251 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 4571 | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 60 |
| 4 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 7 |
|  — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1 |
| 9 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 4 |
| 3 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 2 |
| 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 7 |
|  — | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 15 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 15 |
| 2441 | &nbsp;&nbsp; 3095 | &nbsp;&nbsp; 2728 | &nbsp;&nbsp; 11380 | &nbsp;&nbsp; 1366 | &nbsp;&nbsp; 1319 |
| $79935 | &nbsp;&nbsp; $282213 | &nbsp;&nbsp; $188576 | &nbsp;&nbsp; $6101148 | &nbsp;&nbsp; $322992 | &nbsp;&nbsp; $67156 |
| $66732 | &nbsp;&nbsp; $191542 | &nbsp;&nbsp; $168432 | &nbsp;&nbsp; $3816746 | &nbsp;&nbsp; $162858 | &nbsp;&nbsp; $49627 |
| 13203 | &nbsp;&nbsp; 90671 | &nbsp;&nbsp; 20144 | &nbsp;&nbsp; 2284402 | &nbsp;&nbsp; 160134 | &nbsp;&nbsp; 17529 |
| $79935 | &nbsp;&nbsp; $282213 | &nbsp;&nbsp; $188576 | &nbsp;&nbsp; $6101148 | &nbsp;&nbsp; $322992 | &nbsp;&nbsp; $67156 |
| $79935 | &nbsp;&nbsp; $282213 | &nbsp;&nbsp; $188576 | &nbsp;&nbsp; $6101148 | &nbsp;&nbsp; $322992 | &nbsp;&nbsp; $67156 |
| 5594 | &nbsp;&nbsp; 15739 | &nbsp;&nbsp; 13727 | &nbsp;&nbsp; 344364 | &nbsp;&nbsp; 10568 | &nbsp;&nbsp; 2872 |
| $14.29 | &nbsp;&nbsp; $17.93 | &nbsp;&nbsp; $13.74 | &nbsp;&nbsp; $17.72 | &nbsp;&nbsp; $30.56 | &nbsp;&nbsp; $23.38 |
| $16103 | &nbsp;&nbsp; $193754 | &nbsp;&nbsp; $146899 | &nbsp;&nbsp; $2911017 | &nbsp;&nbsp; $174975 | &nbsp;&nbsp; $50549 |
| 52511 | &nbsp;&nbsp; 5034 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 3666 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 99168 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 3538 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 1651 <br> <sup>(1)</sup><br>|
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1159 | &nbsp;&nbsp; 17356 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  $— | &nbsp;&nbsp; $2757 | &nbsp;&nbsp; $728 | &nbsp;&nbsp; $27567 | &nbsp;&nbsp; $1115 | &nbsp;&nbsp; $1206 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **3** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**STATEMENTS OF ASSETS AND LIABILITIES continued**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands, except per share data* | &nbsp;&nbsp;&nbsp; Mid Cap<br> Index<br> Fund<br>| &nbsp;&nbsp;&nbsp; Multi-Manager<br> Global Listed<br> Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp; Multi-Manager<br> Global Real Estate<br> Fund<br>| &nbsp;&nbsp;&nbsp; Small Cap<br> Core<br> Fund<br>|
| ASSETS: |  |  |  |  |
| Investments, at value  | &nbsp;&nbsp;&nbsp;&nbsp; $2010419 | &nbsp;&nbsp;&nbsp;&nbsp; $972931 | &nbsp;&nbsp;&nbsp;&nbsp; $72623 | &nbsp;&nbsp;&nbsp;&nbsp; $338029 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp; 77119 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 39157 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3346 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19715 <br> <sup>(1)</sup><br>|
| Cash | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Cash held at broker for future contracts  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign currencies, at value  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 964 | &nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividend income receivable | &nbsp;&nbsp;&nbsp;&nbsp; 2020 | &nbsp;&nbsp;&nbsp;&nbsp; 1817 | &nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| Receivable for capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivable for foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 1589 | &nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11241 | &nbsp;&nbsp;&nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1251 | &nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Prepaid and other assets | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 2091259 | &nbsp;&nbsp;&nbsp;&nbsp; 1028244 | &nbsp;&nbsp;&nbsp;&nbsp; 76996 | &nbsp;&nbsp;&nbsp;&nbsp; 358532 |
| LIABILITIES: |  |  |  |  |
| Cash overdraft | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp; 38366 | &nbsp;&nbsp;&nbsp;&nbsp; 8207 | &nbsp;&nbsp;&nbsp;&nbsp; 722 | &nbsp;&nbsp;&nbsp;&nbsp; 16256 |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12003 | &nbsp;&nbsp;&nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Payable for variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; 971 | &nbsp;&nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 237 |
| Payable to affiliates: |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Shareholder servicing fees | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 53 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| Accrued Trustee fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| Accrued other liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 39537 | &nbsp;&nbsp;&nbsp;&nbsp; 20903 | &nbsp;&nbsp;&nbsp;&nbsp; 1655 | &nbsp;&nbsp;&nbsp;&nbsp; 16610 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $2051722 | &nbsp;&nbsp;&nbsp;&nbsp; $1007341 | &nbsp;&nbsp;&nbsp;&nbsp; $75341 | &nbsp;&nbsp;&nbsp;&nbsp; $341922 |
| ANALYSIS OF NET ASSETS: |  |  |  |  |
| Capital stock | &nbsp;&nbsp;&nbsp;&nbsp; $1265506 | &nbsp;&nbsp;&nbsp;&nbsp; $809551 | &nbsp;&nbsp;&nbsp;&nbsp; $72323 | &nbsp;&nbsp;&nbsp;&nbsp; $200554 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; 786216 | &nbsp;&nbsp;&nbsp;&nbsp; 197790 | &nbsp;&nbsp;&nbsp;&nbsp; 3018 | &nbsp;&nbsp;&nbsp;&nbsp; 141368 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $2051722 | &nbsp;&nbsp;&nbsp;&nbsp; $1007341 | &nbsp;&nbsp;&nbsp;&nbsp; $75341 | &nbsp;&nbsp;&nbsp;&nbsp; $341922 |
| **Net Assets:** |  |  |  |  |
| Shares | &nbsp;&nbsp;&nbsp;&nbsp; $2051722 | &nbsp;&nbsp;&nbsp;&nbsp; $1007341 | &nbsp;&nbsp;&nbsp;&nbsp; $75341 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 185333 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156589 |
| &nbsp;&nbsp; **Total Shares Outstanding ($.001 par value, unlimited** <br> **authorization):**<br>|  |  |  |  |
| Shares | &nbsp;&nbsp;&nbsp;&nbsp; 96241 | &nbsp;&nbsp;&nbsp;&nbsp; 68808 | &nbsp;&nbsp;&nbsp;&nbsp; 7121 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7503 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6348 |
| **Net Asset Value, Redemption and Offering Price Per Share:** |  |  |  |  |
| Shares | &nbsp;&nbsp;&nbsp;&nbsp; $21.32 | &nbsp;&nbsp;&nbsp;&nbsp; $14.64 | &nbsp;&nbsp;&nbsp;&nbsp; $10.58 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;24.70 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;24.67 |
| Investments, at cost | &nbsp;&nbsp;&nbsp;&nbsp; $1334285 | &nbsp;&nbsp;&nbsp;&nbsp; $808109 | &nbsp;&nbsp;&nbsp;&nbsp; $68840 | &nbsp;&nbsp;&nbsp;&nbsp; $203608 |
| Investments in affiliates, at cost | &nbsp;&nbsp;&nbsp;&nbsp; 77119 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 39157 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3346 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19755 <br> <sup>(1)</sup><br>|
| Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 972 | &nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities on loan, at value | &nbsp;&nbsp;&nbsp;&nbsp; $41859 | &nbsp;&nbsp;&nbsp;&nbsp; $17429 | &nbsp;&nbsp;&nbsp;&nbsp; $678 | &nbsp;&nbsp;&nbsp;&nbsp; $17741 |

---

<br> <sup>(1)</sup> *Investments in affiliates, at value and Investments in affiliates, at cost include securities purchased using cash collateral received from securities lending activities.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **4** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap<br> Index<br> Fund<br>| &nbsp;&nbsp;&nbsp; Small Cap<br> Value<br> Fund<br>| &nbsp;&nbsp;&nbsp; Stock<br> Index<br> Fund<br>| &nbsp;&nbsp;&nbsp; U.S. Quality<br> ESG<br> Fund<br>| &nbsp;&nbsp;&nbsp; World<br> Selection<br> Index Fund<br>|
| $1362952 | &nbsp;&nbsp;&nbsp;&nbsp; $595897 | &nbsp;&nbsp;&nbsp;&nbsp; $16340319 | &nbsp;&nbsp;&nbsp;&nbsp; $314898 | &nbsp;&nbsp;&nbsp;&nbsp; $1891487 |
| 124124 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31772 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 291983 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8567 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31636 <br> <sup>(1)</sup><br>|
|  — | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3793 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3084 |
| 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 916 | &nbsp;&nbsp;&nbsp;&nbsp; 8843 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 2727 |
| 77 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| 4 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 2960 |
| 640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 743 | &nbsp;&nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp;&nbsp; 7994 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 904 |
| 486 | &nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 3136 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 2737 |
| 16 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| 16 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| 1490278 | &nbsp;&nbsp;&nbsp;&nbsp; 629667 | &nbsp;&nbsp;&nbsp;&nbsp; 16652645 | &nbsp;&nbsp;&nbsp;&nbsp; 323992 | &nbsp;&nbsp;&nbsp;&nbsp; 1939363 |
| 7 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| 105633 | &nbsp;&nbsp;&nbsp;&nbsp; 12621 | &nbsp;&nbsp;&nbsp;&nbsp; 20864 | &nbsp;&nbsp;&nbsp;&nbsp; 1801 | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
| 15 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 8 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| 248 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 | &nbsp;&nbsp;&nbsp;&nbsp; 2576 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |
| 24 | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| 22 | &nbsp;&nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
| 43 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| 7 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| 21 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| 106033 | &nbsp;&nbsp;&nbsp;&nbsp; 13992 | &nbsp;&nbsp;&nbsp;&nbsp; 24550 | &nbsp;&nbsp;&nbsp;&nbsp; 1861 | &nbsp;&nbsp;&nbsp;&nbsp; 2140 |
| $1384245 | &nbsp;&nbsp;&nbsp;&nbsp; $615675 | &nbsp;&nbsp;&nbsp;&nbsp; $16628095 | &nbsp;&nbsp;&nbsp;&nbsp; $322131 | &nbsp;&nbsp;&nbsp;&nbsp; $1937223 |
| $834131 | &nbsp;&nbsp;&nbsp;&nbsp; $375671 | &nbsp;&nbsp;&nbsp;&nbsp; $4181238 | &nbsp;&nbsp;&nbsp;&nbsp; $166842 | &nbsp;&nbsp;&nbsp;&nbsp; $1028630 |
| 550114 | &nbsp;&nbsp;&nbsp;&nbsp; 240004 | &nbsp;&nbsp;&nbsp;&nbsp; 12446857 | &nbsp;&nbsp;&nbsp;&nbsp; 155289 | &nbsp;&nbsp;&nbsp;&nbsp; 908593 |
| $1384245 | &nbsp;&nbsp;&nbsp;&nbsp; $615675 | &nbsp;&nbsp;&nbsp;&nbsp; $16628095 | &nbsp;&nbsp;&nbsp;&nbsp; $322131 | &nbsp;&nbsp;&nbsp;&nbsp; $1937223 |
| $1384245 | &nbsp;&nbsp;&nbsp;&nbsp; $615675 | &nbsp;&nbsp;&nbsp;&nbsp; $16628095 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 264289 | &nbsp;&nbsp;&nbsp;&nbsp; 941277 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57842 | &nbsp;&nbsp;&nbsp;&nbsp; 995946 |
| 88690 | &nbsp;&nbsp;&nbsp;&nbsp; 58553 | &nbsp;&nbsp;&nbsp;&nbsp; 255829 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12896 | &nbsp;&nbsp;&nbsp;&nbsp; 37944 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2829 | &nbsp;&nbsp;&nbsp;&nbsp; 40171 |
| $15.61 | &nbsp;&nbsp;&nbsp;&nbsp; $10.51 | &nbsp;&nbsp;&nbsp;&nbsp; $65.00 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;20.49 | &nbsp;&nbsp;&nbsp;&nbsp;24.81 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;20.45 | &nbsp;&nbsp;&nbsp;&nbsp;24.79 |
| $773914 | &nbsp;&nbsp;&nbsp;&nbsp; $368741 | &nbsp;&nbsp;&nbsp;&nbsp; $3838632 | &nbsp;&nbsp;&nbsp;&nbsp; $193318 | &nbsp;&nbsp;&nbsp;&nbsp; $966714 |
| 124150 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31772 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 279140 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8567 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 30096 <br> <sup>(1)</sup><br>|
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2704 |
| $116293 | &nbsp;&nbsp;&nbsp;&nbsp; $12446 | &nbsp;&nbsp;&nbsp;&nbsp; $21278 | &nbsp;&nbsp;&nbsp;&nbsp; $1756 | &nbsp;&nbsp;&nbsp;&nbsp; $1543 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **5** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**STATEMENTS OF OPERATIONS** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands* | Active M<br> Emerging Markets<br> Equity Fund<br>| Active M<br> International<br> Equity Fund<br>| Emerging Markets<br> Equity<br> Index Fund<br>| Global Real<br> Estate Index<br> Fund<br>|
| INVESTMENT INCOME: |  |  |  |  |
| Dividend income | &nbsp;&nbsp; $4795 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; $13888 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; $50058 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; $26385 <br> <sup>(1)</sup><br>|
| Income from securities loaned (net of fees) (Note 2) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 10 |
| Dividend income from investments in affiliates | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 842 | &nbsp;&nbsp; 2273 | &nbsp;&nbsp; 330 |
| Interest income (Note 6) | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 512 |
| Foreign tax reclaims (Note 2) | &nbsp;&nbsp; — | &nbsp;&nbsp; 918 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investment Income | &nbsp;&nbsp; 5017 | &nbsp;&nbsp; 15674 | &nbsp;&nbsp; 52545 | &nbsp;&nbsp; 27237 |
| EXPENSES: |  |  |  |  |
| Management fees | &nbsp;&nbsp; 1952 | &nbsp;&nbsp; 4771 | &nbsp;&nbsp; 3127 | &nbsp;&nbsp; 3192 |
| Custody fees | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 236 |
| Transfer agent fees | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 307 |
| Blue sky fees | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 25 |
| Printing fees | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 7 |
| Audit fees | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26 |
| Legal fees | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| Shareholder servicing fees (Shares) | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 118 |
| Trustee fees and expenses | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| Interest expense | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| Tax Expense (Note 2) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 326 |
| Other | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 36 |
| Total Expenses | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 5343 | &nbsp;&nbsp; 5885 | &nbsp;&nbsp; 4312 |
| Less expenses reimbursed by investment adviser | &nbsp;&nbsp; (547)<br>| &nbsp;&nbsp; (446)<br>| &nbsp;&nbsp; (2576)<br>| &nbsp;&nbsp; (206)<br>|
| Less custodian credits | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Expenses | &nbsp;&nbsp; 1997 | &nbsp;&nbsp; 4897 | &nbsp;&nbsp; 3309 | &nbsp;&nbsp; 4106 |
| **Net Investment Income** | &nbsp;&nbsp; **3020** | &nbsp;&nbsp; **10777** | &nbsp;&nbsp; **49236** | &nbsp;&nbsp; **23131** |
| NET REALIZED AND UNREALIZED GAINS: |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |
| Investments | &nbsp;&nbsp; 17979 <br> <sup>(2)</sup><br>| &nbsp;&nbsp; 58733 <br> <sup>(2)</sup><br>| &nbsp;&nbsp; (16281 )<sup>(2)</sup><br>| &nbsp;&nbsp; 78043 <br> <sup>(2)</sup><br>|
| Investments in affiliates | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; 889 | &nbsp;&nbsp; 2683 | &nbsp;&nbsp; 14828 | &nbsp;&nbsp; 1386 |
| Foreign currency transactions | &nbsp;&nbsp; (95)<br>| &nbsp;&nbsp; (184)<br>| &nbsp;&nbsp; (392)<br>| &nbsp;&nbsp; 78 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (92)<br>| &nbsp;&nbsp; (170)<br>|
| Net changes in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp; 34534 <br> <sup>(4)</sup><br>| &nbsp;&nbsp; 48257 <br> <sup>(4)</sup><br>| &nbsp;&nbsp; 521033 <br> <sup>(4)</sup><br>| &nbsp;&nbsp; (26192 )<sup>(4)</sup><br>|
| Investments in affiliates | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 218 |
| Foreign currency translations | &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; 158 | &nbsp;&nbsp; (74)<br>| &nbsp;&nbsp; 51 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 3 |
| Net Gains | &nbsp;&nbsp; 53286 | &nbsp;&nbsp; 110122 | &nbsp;&nbsp; 519620 | &nbsp;&nbsp; 53417 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; **$56306** | &nbsp;&nbsp; **$120899** | &nbsp;&nbsp; **$568856** | &nbsp;&nbsp; **$76548** |

---

<sup>(1)</sup> *Net of $539, $1,777, $6,901, $1,501, $11, $699, $22,570, $3 and $3, respectively, in foreign withholding taxes.*

<sup>(2)</sup> *Net of foreign capital gains tax paid of $90, $35, $2,104 and $492, respectively.*

<sup>(3)</sup> *Amount includes capital gain distributions from affiliated funds of $537.*

<sup>(4)</sup> *Net change in unrealized of deferred foreign capital gains tax of $56, $22, $5,504 and $480, respectively.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **6** NORTHERN FUNDS ANNUAL REPORT

------

**For the Fiscal Year Ended March 31, 2026** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Global Tactical<br> Asset Allocation<br> Fund<br>| Income<br> Equity<br> Fund<br>| International<br> Equity<br> Fund<br>| International<br> Equity<br> Index Fund<br>| Large Cap<br> Core<br> Fund<br>| Large Cap<br> Value<br> Fund<br>|
| &nbsp;&nbsp;&nbsp; $452 | &nbsp;&nbsp; $5542 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; $4677 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; $158671 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; $4719 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; $1490 <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 67 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 1889 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 961 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 3951 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 13230 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 2343 | &nbsp;&nbsp; 5671 | &nbsp;&nbsp; 4988 | &nbsp;&nbsp; 176880 | &nbsp;&nbsp; 4836 | &nbsp;&nbsp; 1517 |
| &nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp; 1194 | &nbsp;&nbsp; 773 | &nbsp;&nbsp; 5388 | &nbsp;&nbsp; 1420 | &nbsp;&nbsp; 345 |
| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 769 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 2305 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; 338 | &nbsp;&nbsp; 1655 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 9210 | &nbsp;&nbsp; 1772 | &nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp; (129)<br>| &nbsp;&nbsp; (396)<br>| &nbsp;&nbsp; (215)<br>| &nbsp;&nbsp; (3026)<br>| &nbsp;&nbsp; (308)<br>| &nbsp;&nbsp; (128)<br>|
| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp; 1258 | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 6178 | &nbsp;&nbsp; 1464 | &nbsp;&nbsp; 368 |
| &nbsp;&nbsp;&nbsp; **2136** | &nbsp;&nbsp; **4413** | &nbsp;&nbsp; **4173** | &nbsp;&nbsp; **170702** | &nbsp;&nbsp; **3372** | &nbsp;&nbsp; **1149** |
| &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 19023 | &nbsp;&nbsp; 20303 | &nbsp;&nbsp; 69789 | &nbsp;&nbsp; 29829 | &nbsp;&nbsp; 2591 |
| &nbsp;&nbsp;&nbsp; 1435 <br> <sup>(3)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 11914 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (23)<br>| &nbsp;&nbsp; 1344 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; 18550 | &nbsp;&nbsp; 16417 | &nbsp;&nbsp; 964214 | &nbsp;&nbsp; 27974 | &nbsp;&nbsp; 6993 |
| &nbsp;&nbsp;&nbsp; 6474 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp; (24)<br>| &nbsp;&nbsp; 111 | &nbsp;&nbsp; 3040 | &nbsp;&nbsp; (38)<br>| &nbsp;&nbsp; (3)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 1829 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 331 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 7866 | &nbsp;&nbsp; 38085 | &nbsp;&nbsp; 37237 | &nbsp;&nbsp; 1052506 | &nbsp;&nbsp; 58125 | &nbsp;&nbsp; 9673 |
| &nbsp;&nbsp;&nbsp; **$10002** | &nbsp;&nbsp; **$42498** | &nbsp;&nbsp; **$41410** | &nbsp;&nbsp; **$1223208** | &nbsp;&nbsp; **$61497** | &nbsp;&nbsp; **$10822** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **7** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**STATEMENTS OF OPERATIONS continued**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands* | &nbsp;&nbsp;&nbsp; Mid Cap<br> Index<br> Fund<br>| &nbsp;&nbsp;&nbsp; Multi-Manager<br> Global Listed<br> Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp; Multi-Manager<br> Global Real Estate<br> Fund<br>| &nbsp;&nbsp;&nbsp; Small Cap<br> Core<br> Fund<br>|
| INVESTMENT INCOME: |  |  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp;&nbsp; $28371 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $32365 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $2605 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $4516 <br> <sup>(1)</sup><br>|
| Income from securities loaned (net of fees) (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| Dividend income from investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 737 | &nbsp;&nbsp;&nbsp;&nbsp; 1224 | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 628 |
| Interest income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 29161 | &nbsp;&nbsp;&nbsp;&nbsp; 33641 | &nbsp;&nbsp;&nbsp;&nbsp; 2709 | &nbsp;&nbsp;&nbsp;&nbsp; 5183 |
| EXPENSES: |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 1807 | &nbsp;&nbsp;&nbsp;&nbsp; 8418 | &nbsp;&nbsp;&nbsp;&nbsp; 759 | &nbsp;&nbsp;&nbsp;&nbsp; 1342 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 773 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 136 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
| Shareholder servicing fees (Shares) | &nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shareholder servicing fees (Class I) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| Trustee fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 3175 | &nbsp;&nbsp;&nbsp;&nbsp; 9486 | &nbsp;&nbsp;&nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp;&nbsp; 1838 |
| Less expenses reimbursed by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; (1110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (478)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (142)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (244)<br>|
| Less custodian credits | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 2065 | &nbsp;&nbsp;&nbsp;&nbsp; 9006 | &nbsp;&nbsp;&nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp;&nbsp; 1594 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **27096** | &nbsp;&nbsp;&nbsp;&nbsp; **24635** | &nbsp;&nbsp;&nbsp;&nbsp; **1923** | &nbsp;&nbsp;&nbsp;&nbsp; **3589** |
| NET REALIZED AND UNREALIZED GAINS: |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 161758 | &nbsp;&nbsp;&nbsp;&nbsp; 74388 | &nbsp;&nbsp;&nbsp;&nbsp; 5795 | &nbsp;&nbsp;&nbsp;&nbsp; 45591 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1403)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2456 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1468 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net changes in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 125092 | &nbsp;&nbsp;&nbsp;&nbsp; 97618 | &nbsp;&nbsp;&nbsp;&nbsp; (2183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21199 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 564 | &nbsp;&nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Gains | &nbsp;&nbsp;&nbsp;&nbsp; 286011 | &nbsp;&nbsp;&nbsp;&nbsp; 174643 | &nbsp;&nbsp;&nbsp;&nbsp; 3624 | &nbsp;&nbsp;&nbsp;&nbsp; 68342 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$313107** | &nbsp;&nbsp;&nbsp;&nbsp; **$199278** | &nbsp;&nbsp;&nbsp;&nbsp; **$5547** | &nbsp;&nbsp;&nbsp;&nbsp; **$71931** |

---

<sup>(1)</sup> *Net of $37, $2,334, $104, $8, $28, $0, $46, $26 and $2,211, respectively, in foreign withholding taxes.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **8** NORTHERN FUNDS ANNUAL REPORT

------

**For the Fiscal Year Ended March 31, 2026** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap<br> Index<br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap<br> Value<br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Stock<br> Index<br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Quality<br> ESG<br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; World<br> Selection<br> Index Fund<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15527 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11963 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $197984 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5316 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30728 <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (744)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1019)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6894)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **16069** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **9824** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **198905** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3755** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **26514** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (243)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (85)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60629)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2078084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8030)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7588)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (539)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2310357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$281409** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$134208** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$2509262** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$73679** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$351124** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **9** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Active M<br> Emerging Markets<br> Equity Fund | &nbsp;&nbsp;&nbsp; Active M<br> Emerging Markets<br> Equity Fund | &nbsp;&nbsp;&nbsp; Active M<br> International<br> Equity Fund | &nbsp;&nbsp;&nbsp; Active M<br> International<br> Equity Fund | &nbsp;&nbsp;&nbsp; Emerging Markets<br> Equity<br> Index Fund | &nbsp;&nbsp;&nbsp; Emerging Markets<br> Equity<br> Index Fund |
| Amounts in thousands | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $3020 | &nbsp;&nbsp;&nbsp;&nbsp; $1986 | &nbsp;&nbsp;&nbsp;&nbsp; $10777 | &nbsp;&nbsp;&nbsp;&nbsp; $9323 | &nbsp;&nbsp;&nbsp;&nbsp; $49236 | &nbsp;&nbsp;&nbsp;&nbsp; $45593 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 18773 | &nbsp;&nbsp;&nbsp;&nbsp; 14696 | &nbsp;&nbsp;&nbsp;&nbsp; 61232 | &nbsp;&nbsp;&nbsp;&nbsp; 50648 | &nbsp;&nbsp;&nbsp;&nbsp; (1937)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52098)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 34513 | &nbsp;&nbsp;&nbsp;&nbsp; (9002)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48890 | &nbsp;&nbsp;&nbsp;&nbsp; (33040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 521557 | &nbsp;&nbsp;&nbsp;&nbsp; 145611 |
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56306 | &nbsp;&nbsp;&nbsp;&nbsp; 7680 | &nbsp;&nbsp;&nbsp;&nbsp; 120899 | &nbsp;&nbsp;&nbsp;&nbsp; 26931 | &nbsp;&nbsp;&nbsp;&nbsp; 568856 | &nbsp;&nbsp;&nbsp;&nbsp; 139106 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Shares <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12369)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12139)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79469 | &nbsp;&nbsp;&nbsp;&nbsp; 14286 | &nbsp;&nbsp;&nbsp;&nbsp; 190188 | &nbsp;&nbsp;&nbsp;&nbsp; 142200 |
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital <br> Share Transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12369)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12139)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79469 | &nbsp;&nbsp;&nbsp;&nbsp; 14286 | &nbsp;&nbsp;&nbsp;&nbsp; 190188 | &nbsp;&nbsp;&nbsp;&nbsp; 142200 |
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; (3609)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1199)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58808)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52272)<br>|
| Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (3609)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1199)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58808)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52272)<br>|
| DISTRIBUTIONS TO CLASS K SHAREHOLDERS: |  |  |  |  |  |  |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **40328** | &nbsp;&nbsp;&nbsp;&nbsp; **(5658)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **141560** | &nbsp;&nbsp;&nbsp;&nbsp; **(18127)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **698413** | &nbsp;&nbsp;&nbsp;&nbsp; **229034** |
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 153282 | &nbsp;&nbsp;&nbsp;&nbsp; 158940 | &nbsp;&nbsp;&nbsp;&nbsp; 468536 | &nbsp;&nbsp;&nbsp;&nbsp; 486663 | &nbsp;&nbsp;&nbsp;&nbsp; 1847827 | &nbsp;&nbsp;&nbsp;&nbsp; 1618793 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp; $193610 | &nbsp;&nbsp;&nbsp;&nbsp; $153282 | &nbsp;&nbsp;&nbsp;&nbsp; $610096 | &nbsp;&nbsp;&nbsp;&nbsp; $468536 | &nbsp;&nbsp;&nbsp;&nbsp; $2546240 | &nbsp;&nbsp;&nbsp;&nbsp; $1847827 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **10** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Global Real<br> Estate Index<br> Fund | &nbsp;&nbsp;&nbsp; Global Real<br> Estate Index<br> Fund | &nbsp;&nbsp; Global Tactical<br> Asset Allocation<br> Fund | &nbsp;&nbsp; Global Tactical<br> Asset Allocation<br> Fund | &nbsp;&nbsp; Income<br> Equity<br> Fund | &nbsp;&nbsp; Income<br> Equity<br> Fund | &nbsp;&nbsp; International<br> Equity<br> Fund | &nbsp;&nbsp; International<br> Equity<br> Fund |
| **2026** | **2025** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp; $23131 | &nbsp;&nbsp;&nbsp; $30460 | &nbsp;&nbsp;&nbsp; $2136 | &nbsp;&nbsp;&nbsp; $2606 | &nbsp;&nbsp;&nbsp; $4413 | &nbsp;&nbsp;&nbsp; $3565 | &nbsp;&nbsp;&nbsp; $4173 | &nbsp;&nbsp;&nbsp; $3974 |
| &nbsp;&nbsp;&nbsp; 79337 | &nbsp;&nbsp;&nbsp; (10607)<br>| &nbsp;&nbsp;&nbsp; 1489 | &nbsp;&nbsp;&nbsp; 4765 | &nbsp;&nbsp;&nbsp; 19570 | &nbsp;&nbsp;&nbsp; 11522 | &nbsp;&nbsp;&nbsp; 20649 | &nbsp;&nbsp;&nbsp; 7346 |
| &nbsp;&nbsp;&nbsp; (25920)<br>| &nbsp;&nbsp;&nbsp; 13439 | &nbsp;&nbsp;&nbsp; 6377 | &nbsp;&nbsp;&nbsp; (2578)<br>| &nbsp;&nbsp;&nbsp; 18515 | &nbsp;&nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp; 16588 | &nbsp;&nbsp;&nbsp; (103)<br>|
| &nbsp;&nbsp;&nbsp; 76548 | &nbsp;&nbsp;&nbsp; 33292 | &nbsp;&nbsp;&nbsp; 10002 | &nbsp;&nbsp;&nbsp; 4793 | &nbsp;&nbsp;&nbsp; 42498 | &nbsp;&nbsp;&nbsp; 16582 | &nbsp;&nbsp;&nbsp; 41410 | &nbsp;&nbsp;&nbsp; 11217 |
| &nbsp;&nbsp;&nbsp; (479355)<br>| &nbsp;&nbsp;&nbsp; 125930 | &nbsp;&nbsp;&nbsp; (4742)<br>| &nbsp;&nbsp;&nbsp; (16403)<br>| &nbsp;&nbsp;&nbsp; 34338 | &nbsp;&nbsp;&nbsp; 52023 | &nbsp;&nbsp;&nbsp; 10399 | &nbsp;&nbsp;&nbsp; (6908)<br>|
| &nbsp;&nbsp;&nbsp; (479355)<br>| &nbsp;&nbsp;&nbsp; 125930 | &nbsp;&nbsp;&nbsp; (4742)<br>| &nbsp;&nbsp;&nbsp; (16403)<br>| &nbsp;&nbsp;&nbsp; 34338 | &nbsp;&nbsp;&nbsp; 52023 | &nbsp;&nbsp;&nbsp; 10399 | &nbsp;&nbsp;&nbsp; (6908)<br>|
| &nbsp;&nbsp;&nbsp; (28163)<br>| &nbsp;&nbsp;&nbsp; (30797)<br>| &nbsp;&nbsp;&nbsp; (2379)<br>| &nbsp;&nbsp;&nbsp; (2614)<br>| &nbsp;&nbsp;&nbsp; (21005)<br>| &nbsp;&nbsp;&nbsp; (12043)<br>| &nbsp;&nbsp;&nbsp; (1344)<br>| &nbsp;&nbsp;&nbsp; (5867)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (154)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; (28163)<br>| &nbsp;&nbsp;&nbsp; (30797)<br>| &nbsp;&nbsp;&nbsp; (2533)<br>| &nbsp;&nbsp;&nbsp; (2614)<br>| &nbsp;&nbsp;&nbsp; (21005)<br>| &nbsp;&nbsp;&nbsp; (12043)<br>| &nbsp;&nbsp;&nbsp; (1344)<br>| &nbsp;&nbsp;&nbsp; (5867)<br>|
| &nbsp;&nbsp;&nbsp; **(430970)**<br>| &nbsp;&nbsp;&nbsp; **128425** | &nbsp;&nbsp;&nbsp; **2727** | &nbsp;&nbsp;&nbsp; **(14224)**<br>| &nbsp;&nbsp;&nbsp; **55831** | &nbsp;&nbsp;&nbsp; **56562** | &nbsp;&nbsp;&nbsp; **50465** | &nbsp;&nbsp;&nbsp; **(1558)**<br>|
| &nbsp;&nbsp;&nbsp; 1116774 | &nbsp;&nbsp;&nbsp; 988349 | &nbsp;&nbsp;&nbsp; 77208 | &nbsp;&nbsp;&nbsp; 91432 | &nbsp;&nbsp;&nbsp; 226382 | &nbsp;&nbsp;&nbsp; 169820 | &nbsp;&nbsp;&nbsp; 138111 | &nbsp;&nbsp;&nbsp; 139669 |
| &nbsp;&nbsp;&nbsp; $685804 | &nbsp;&nbsp;&nbsp; $1116774 | &nbsp;&nbsp;&nbsp; $79935 | &nbsp;&nbsp;&nbsp; $77208 | &nbsp;&nbsp;&nbsp; $282213 | &nbsp;&nbsp;&nbsp; $226382 | &nbsp;&nbsp;&nbsp; $188576 | &nbsp;&nbsp;&nbsp; $138111 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **11** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**STATEMENTS OF CHANGES IN NET ASSETS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; International<br> Equity<br> Index Fund | &nbsp;&nbsp;&nbsp; International<br> Equity<br> Index Fund | &nbsp;&nbsp;&nbsp; Large Cap<br> Core<br> Fund | &nbsp;&nbsp;&nbsp; Large Cap<br> Core<br> Fund | &nbsp;&nbsp;&nbsp; Large Cap<br> Value<br> Fund | &nbsp;&nbsp;&nbsp; Large Cap<br> Value<br> Fund |
| Amounts in thousands | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $170702 | &nbsp;&nbsp;&nbsp;&nbsp; $142004 | &nbsp;&nbsp;&nbsp;&nbsp; $3372 | &nbsp;&nbsp;&nbsp;&nbsp; $3046 | &nbsp;&nbsp;&nbsp;&nbsp; $1149 | &nbsp;&nbsp;&nbsp;&nbsp; $1098 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 83092 | &nbsp;&nbsp;&nbsp;&nbsp; 50287 | &nbsp;&nbsp;&nbsp;&nbsp; 30189 | &nbsp;&nbsp;&nbsp;&nbsp; 25381 | &nbsp;&nbsp;&nbsp;&nbsp; 2683 | &nbsp;&nbsp;&nbsp;&nbsp; 4071 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 969414 | &nbsp;&nbsp;&nbsp;&nbsp; 67938 | &nbsp;&nbsp;&nbsp;&nbsp; 27936 | &nbsp;&nbsp;&nbsp;&nbsp; (5295)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6990 | &nbsp;&nbsp;&nbsp;&nbsp; (2205)<br>|
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp; 1223208 | &nbsp;&nbsp;&nbsp;&nbsp; 260229 | &nbsp;&nbsp;&nbsp;&nbsp; 61497 | &nbsp;&nbsp;&nbsp;&nbsp; 23132 | &nbsp;&nbsp;&nbsp;&nbsp; 10822 | &nbsp;&nbsp;&nbsp;&nbsp; 2964 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Shares <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90925 | &nbsp;&nbsp;&nbsp;&nbsp; 23887 | &nbsp;&nbsp;&nbsp;&nbsp; 7518 | &nbsp;&nbsp;&nbsp;&nbsp; (2469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3182)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (894)<br>|
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Class K <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Class I <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital <br> Share Transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90925 | &nbsp;&nbsp;&nbsp;&nbsp; 23887 | &nbsp;&nbsp;&nbsp;&nbsp; 7518 | &nbsp;&nbsp;&nbsp;&nbsp; (2469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3182)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (894)<br>|
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; (220157)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (171276)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27354)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4617)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (220157)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (171276)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27354)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4617)<br>|
| DISTRIBUTIONS TO CLASS K SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Distributions to Class K Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| DISTRIBUTIONS TO CLASS I SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Distributions to Class I Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **1093976** | &nbsp;&nbsp;&nbsp;&nbsp; **112840** | &nbsp;&nbsp;&nbsp;&nbsp; **41661** | &nbsp;&nbsp;&nbsp;&nbsp; **(4599)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4576** | &nbsp;&nbsp;&nbsp;&nbsp; **(2547)**<br>|
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 5007172 | &nbsp;&nbsp;&nbsp;&nbsp; 4894332 | &nbsp;&nbsp;&nbsp;&nbsp; 281331 | &nbsp;&nbsp;&nbsp;&nbsp; 285930 | &nbsp;&nbsp;&nbsp;&nbsp; 62580 | &nbsp;&nbsp;&nbsp;&nbsp; 65127 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp; $6101148 | &nbsp;&nbsp;&nbsp;&nbsp; $5007172 | &nbsp;&nbsp;&nbsp;&nbsp; $322992 | &nbsp;&nbsp;&nbsp;&nbsp; $281331 | &nbsp;&nbsp;&nbsp;&nbsp; $67156 | &nbsp;&nbsp;&nbsp;&nbsp; $62580 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **12** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Mid Cap<br> Index<br> Fund | &nbsp;&nbsp;&nbsp; Mid Cap<br> Index<br> Fund | &nbsp;&nbsp; Multi-Manager<br> Global Listed<br> Infrastructure Fund | &nbsp;&nbsp; Multi-Manager<br> Global Listed<br> Infrastructure Fund | &nbsp;&nbsp; Multi-Manager<br> Global Real Estate<br> Fund | &nbsp;&nbsp; Multi-Manager<br> Global Real Estate<br> Fund | &nbsp;&nbsp; Small Cap<br> Core<br> Fund | &nbsp;&nbsp; Small Cap<br> Core<br> Fund |
| **2026** | **2025** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp; $27096 | &nbsp;&nbsp;&nbsp; $29362 | &nbsp;&nbsp;&nbsp; $24635 | &nbsp;&nbsp;&nbsp; $26009 | &nbsp;&nbsp;&nbsp; $1923 | &nbsp;&nbsp;&nbsp; $2368 | &nbsp;&nbsp;&nbsp; $3589 | &nbsp;&nbsp;&nbsp; $3922 |
| &nbsp;&nbsp;&nbsp; 160355 | &nbsp;&nbsp;&nbsp; 138747 | &nbsp;&nbsp;&nbsp; 76994 | &nbsp;&nbsp;&nbsp; 27493 | &nbsp;&nbsp;&nbsp; 5805 | &nbsp;&nbsp;&nbsp; 4356 | &nbsp;&nbsp;&nbsp; 47051 | &nbsp;&nbsp;&nbsp; 72060 |
| &nbsp;&nbsp;&nbsp; 125656 | &nbsp;&nbsp;&nbsp; (222302)<br>| &nbsp;&nbsp;&nbsp; 97649 | &nbsp;&nbsp;&nbsp; 26090 | &nbsp;&nbsp;&nbsp; (2181)<br>| &nbsp;&nbsp;&nbsp; (7071)<br>| &nbsp;&nbsp;&nbsp; 21291 | &nbsp;&nbsp;&nbsp; (92678)<br>|
| &nbsp;&nbsp;&nbsp; 313107 | &nbsp;&nbsp;&nbsp; (54193)<br>| &nbsp;&nbsp;&nbsp; 199278 | &nbsp;&nbsp;&nbsp; 79592 | &nbsp;&nbsp;&nbsp; 5547 | &nbsp;&nbsp;&nbsp; (347)<br>| &nbsp;&nbsp;&nbsp; 71931 | &nbsp;&nbsp;&nbsp; (16696)<br>|
| &nbsp;&nbsp;&nbsp; (47831)<br>| &nbsp;&nbsp;&nbsp; 19356 | &nbsp;&nbsp;&nbsp; 9239 | &nbsp;&nbsp;&nbsp; (160188)<br>| &nbsp;&nbsp;&nbsp; (22949)<br>| &nbsp;&nbsp;&nbsp; (28234)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15804 | &nbsp;&nbsp;&nbsp; (68595)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (50764)<br>| &nbsp;&nbsp;&nbsp; 16662 |
| &nbsp;&nbsp;&nbsp; (47831)<br>| &nbsp;&nbsp;&nbsp; 19356 | &nbsp;&nbsp;&nbsp; 9239 | &nbsp;&nbsp;&nbsp; (160188)<br>| &nbsp;&nbsp;&nbsp; (22949)<br>| &nbsp;&nbsp;&nbsp; (28234)<br>| &nbsp;&nbsp;&nbsp; (34960)<br>| &nbsp;&nbsp;&nbsp; (51933)<br>|
| &nbsp;&nbsp;&nbsp; (132282)<br>| &nbsp;&nbsp;&nbsp; (186532)<br>| &nbsp;&nbsp;&nbsp; (55919)<br>| &nbsp;&nbsp;&nbsp; (33377)<br>| &nbsp;&nbsp;&nbsp; (2291)<br>| &nbsp;&nbsp;&nbsp; (2738)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; (132282)<br>| &nbsp;&nbsp;&nbsp; (186532)<br>| &nbsp;&nbsp;&nbsp; (55919)<br>| &nbsp;&nbsp;&nbsp; (33377)<br>| &nbsp;&nbsp;&nbsp; (2291)<br>| &nbsp;&nbsp;&nbsp; (2738)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (26129)<br>| &nbsp;&nbsp;&nbsp; (27569)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (26129)<br>| &nbsp;&nbsp;&nbsp; (27569)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22704)<br>| &nbsp;&nbsp;&nbsp; (34616)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22704)<br>| &nbsp;&nbsp;&nbsp; (34616)<br>|
| &nbsp;&nbsp;&nbsp; **132994** | &nbsp;&nbsp;&nbsp; **(221369)**<br>| &nbsp;&nbsp;&nbsp; **152598** | &nbsp;&nbsp;&nbsp; **(113973)**<br>| &nbsp;&nbsp;&nbsp; **(19693)**<br>| &nbsp;&nbsp;&nbsp; **(31319)**<br>| &nbsp;&nbsp;&nbsp; **(11862)**<br>| &nbsp;&nbsp;&nbsp; **(130814)**<br>|
| &nbsp;&nbsp;&nbsp; 1918728 | &nbsp;&nbsp;&nbsp; 2140097 | &nbsp;&nbsp;&nbsp; 854743 | &nbsp;&nbsp;&nbsp; 968716 | &nbsp;&nbsp;&nbsp; 95034 | &nbsp;&nbsp;&nbsp; 126353 | &nbsp;&nbsp;&nbsp; 353784 | &nbsp;&nbsp;&nbsp; 484598 |
| &nbsp;&nbsp;&nbsp; $2051722 | &nbsp;&nbsp;&nbsp; $1918728 | &nbsp;&nbsp;&nbsp; $1007341 | &nbsp;&nbsp;&nbsp; $854743 | &nbsp;&nbsp;&nbsp; $75341 | &nbsp;&nbsp;&nbsp; $95034 | &nbsp;&nbsp;&nbsp; $341922 | &nbsp;&nbsp;&nbsp; $353784 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **13** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**STATEMENTS OF CHANGES IN NET ASSETS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Small Cap<br> Index<br> Fund | &nbsp;&nbsp; Small Cap<br> Index<br> Fund | &nbsp;&nbsp; Small Cap<br> Value<br> Fund | &nbsp;&nbsp; Small Cap<br> Value<br> Fund | &nbsp;&nbsp; Stock<br> Index<br> Fund | &nbsp;&nbsp; Stock<br> Index<br> Fund |
| Amounts in thousands | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp; $16069 | &nbsp;&nbsp;&nbsp; $14766 | &nbsp;&nbsp;&nbsp; $9824 | &nbsp;&nbsp;&nbsp; $11164 | &nbsp;&nbsp;&nbsp; $198905 | &nbsp;&nbsp;&nbsp; $192425 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp; 25765 | &nbsp;&nbsp;&nbsp; 42539 | &nbsp;&nbsp;&nbsp; 184984 | &nbsp;&nbsp;&nbsp; 252138 | &nbsp;&nbsp;&nbsp; 236490 | &nbsp;&nbsp;&nbsp; 204847 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 239575 | &nbsp;&nbsp;&nbsp; (105303)<br>| &nbsp;&nbsp;&nbsp; (60600)<br>| &nbsp;&nbsp;&nbsp; (287731)<br>| &nbsp;&nbsp;&nbsp; 2073867 | &nbsp;&nbsp;&nbsp; 711256 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp; 281409 | &nbsp;&nbsp;&nbsp; (47998)<br>| &nbsp;&nbsp;&nbsp; 134208 | &nbsp;&nbsp;&nbsp; (24429)<br>| &nbsp;&nbsp;&nbsp; 2509262 | &nbsp;&nbsp;&nbsp; 1108528 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| Net increase (decrease) in net assets resulting from Shares transactions | &nbsp;&nbsp;&nbsp; (2465)<br>| &nbsp;&nbsp;&nbsp; 72629 | &nbsp;&nbsp;&nbsp; (102151)<br>| &nbsp;&nbsp;&nbsp; 51967 | &nbsp;&nbsp;&nbsp; 85664 | &nbsp;&nbsp;&nbsp; 526653 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Class K <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net increase (decrease) in net assets resulting from Class I transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital Share <br> Transactions<br>| &nbsp;&nbsp;&nbsp; (2465)<br>| &nbsp;&nbsp;&nbsp; 72629 | &nbsp;&nbsp;&nbsp; (102151)<br>| &nbsp;&nbsp;&nbsp; 51967 | &nbsp;&nbsp;&nbsp; 85664 | &nbsp;&nbsp;&nbsp; 526653 |
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp; (21529)<br>| &nbsp;&nbsp;&nbsp; (81260)<br>| &nbsp;&nbsp;&nbsp; (199120)<br>| &nbsp;&nbsp;&nbsp; (349822)<br>| &nbsp;&nbsp;&nbsp; (503097)<br>| &nbsp;&nbsp;&nbsp; (389612)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp; (21529)<br>| &nbsp;&nbsp;&nbsp; (81260)<br>| &nbsp;&nbsp;&nbsp; (199120)<br>| &nbsp;&nbsp;&nbsp; (349822)<br>| &nbsp;&nbsp;&nbsp; (503097)<br>| &nbsp;&nbsp;&nbsp; (389612)<br>|
| DISTRIBUTIONS TO CLASS K SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Distributions to Class K Shareholders | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| DISTRIBUTIONS TO CLASS I SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Distributions to Class I Shareholders | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp; **257415** | &nbsp;&nbsp;&nbsp; **(56629)**<br>| &nbsp;&nbsp;&nbsp; **(167063)**<br>| &nbsp;&nbsp;&nbsp; **(322284)**<br>| &nbsp;&nbsp;&nbsp; **2091829** | &nbsp;&nbsp;&nbsp; **1245569** |
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp; 1126830 | &nbsp;&nbsp;&nbsp; 1183459 | &nbsp;&nbsp;&nbsp; 782738 | &nbsp;&nbsp;&nbsp; 1105022 | &nbsp;&nbsp;&nbsp; 14536266 | &nbsp;&nbsp;&nbsp; 13290697 |
| End of year | &nbsp;&nbsp;&nbsp; $1384245 | &nbsp;&nbsp;&nbsp; $1126830 | &nbsp;&nbsp;&nbsp; $615675 | &nbsp;&nbsp;&nbsp; $782738 | &nbsp;&nbsp;&nbsp; $16628095 | &nbsp;&nbsp;&nbsp; $14536266 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **14** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | |
|:---|:---|:---|:---|
| U.S. Quality<br> ESG<br> Fund | U.S. Quality<br> ESG<br> Fund | &nbsp;&nbsp;&nbsp; World<br> Selection<br> Index Fund | &nbsp;&nbsp;&nbsp; World<br> Selection<br> Index Fund |
| **2026** | **2025** | **2026** | **2025** |
| $3755 | &nbsp;&nbsp;&nbsp;&nbsp; $5000 | &nbsp;&nbsp;&nbsp;&nbsp; $26514 | &nbsp;&nbsp;&nbsp;&nbsp; $29472 |
| 78088 | &nbsp;&nbsp;&nbsp;&nbsp; 20733 | &nbsp;&nbsp;&nbsp;&nbsp; 85218 | &nbsp;&nbsp;&nbsp;&nbsp; 76219 |
| (8164)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2086)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 239392 | &nbsp;&nbsp;&nbsp;&nbsp; (35244)<br>|
| 73679 | &nbsp;&nbsp;&nbsp;&nbsp; 23647 | &nbsp;&nbsp;&nbsp;&nbsp; 351124 | &nbsp;&nbsp;&nbsp;&nbsp; 70447 |
| (202050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (162203)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 142748 |
| 6236 | &nbsp;&nbsp;&nbsp;&nbsp; 27432 | &nbsp;&nbsp;&nbsp;&nbsp; (11815)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (389092)<br>|
| (195814)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20848 | &nbsp;&nbsp;&nbsp;&nbsp; (174018)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (246344)<br>|
| (41390)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50802)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51868)<br>|
| (41390)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50802)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51868)<br>|
| (6680)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (670)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55570)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52300)<br>|
| (6680)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (670)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55570)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52300)<br>|
| **(170205)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **36664** | &nbsp;&nbsp;&nbsp;&nbsp; **70734** | &nbsp;&nbsp;&nbsp;&nbsp; **(280065)**<br>|
| 492336 | &nbsp;&nbsp;&nbsp;&nbsp; 455672 | &nbsp;&nbsp;&nbsp;&nbsp; 1866489 | &nbsp;&nbsp;&nbsp;&nbsp; 2146554 |
| $322131 | &nbsp;&nbsp;&nbsp;&nbsp; $492336 | &nbsp;&nbsp;&nbsp;&nbsp; $1937223 | &nbsp;&nbsp;&nbsp;&nbsp; $1866489 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **15** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Active M Emerging** <br> **Markets Equity Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$15.09** | &nbsp;&nbsp; **$14.57** | &nbsp;&nbsp; **$13.40** | &nbsp;&nbsp; **$15.38** | &nbsp;&nbsp; **$22.17** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.30 | 0.19 | 0.20 | 0.22 | 0.24 <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 5.37 | 0.45 | 1.22 | &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (2.11)<br>|
| Total from Investment Operations | 5.67 | 0.64 | 1.42 | &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (1.87)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup>  | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.36)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.56)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (4.92)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $20.38 | &nbsp;&nbsp; $15.09 | &nbsp;&nbsp; $14.57 | &nbsp;&nbsp; $13.40 | &nbsp;&nbsp; $15.38 |
| **Total Return**<sup>(3)</sup>  | **37.73%**<br>| **4.40%**<br>| **10.74%**<br>| &nbsp;&nbsp; **(12.09)%** <br> <sup>(4)</sup><br>| &nbsp;&nbsp; **(9.64)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $193610 | &nbsp;&nbsp; $153282 | &nbsp;&nbsp; $158940 | &nbsp;&nbsp; $173307 | &nbsp;&nbsp; $313365 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(5)</sup> <br>| 1.11 <br> %<sup>(6)</sup><br>| 1.11 <br> %<sup>(6)</sup><br>| 1.11 <br> %<sup>(6)</sup><br>| 1.10<br> %<br>| 1.10<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 1.41<br> %<br>| 1.33<br> %<br>| 1.41<br> %<br>| 1.30<br> %<br>| 1.26<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(5)</sup> <br>| 1.67 <br> %<sup>(6)</sup><br>| 1.23 <br> %<sup>(6)</sup><br>| 1.45 <br> %<sup>(6)</sup><br>| 1.45<br> %<br>| 1.01<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.37<br> %<br>| 1.01<br> %<br>| 1.15<br> %<br>| 1.25<br> %<br>| 0.85<br> %<br>|
| Portfolio Turnover Rate | 67.26<br> %<br>| 121.70<br> %<br>| 97.82<br> %<br>| 115.02<br> %<br>| 99.51<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $14,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund's* *total return.* 

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $12,000, $13,000, $10,000, $10,000 and less than $1,000, representing less than 0.01 percent of* *average net assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and* *absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(6)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **16** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Active M International** <br> **Equity Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$11.46** | &nbsp;&nbsp; **$12.41** | &nbsp;&nbsp; **$11.34** | &nbsp;&nbsp; **$11.45** | &nbsp;&nbsp; **$12.81** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.25 | 0.25 | 0.24 | 0.21 | 0.16 <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 2.56 | 0.38 | 1.63 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.21)<br>|
| Total from Investment Operations | 2.81 | 0.63 | 1.87 | 0.05 | &nbsp;&nbsp; (0.05)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup>  | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.20)<br>|
| From net realized gains | &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.11)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.31)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $12.92 | &nbsp;&nbsp; $11.46 | &nbsp;&nbsp; $12.41 | &nbsp;&nbsp; $11.34 | &nbsp;&nbsp; $11.45 |
| **Total Return**<sup>(3)</sup>  | **24.66%**<br>| **6.13%**<br>| **17.10%**<br>| **0.55%**<br>| &nbsp;&nbsp; **(1.04)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $610096 | &nbsp;&nbsp; $468536 | &nbsp;&nbsp; $486663 | &nbsp;&nbsp; $479178 | &nbsp;&nbsp; $584015 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(4)</sup> <br>| 0.84 <br> %<sup>(5)</sup><br>| 0.85 <br> %<sup>(5)</sup><br>| 0.85 <br> %<sup>(5)</sup><br>| 0.85<br> %<br>| 0.84<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.92<br> %<br>| 0.94<br> %<br>| 0.93<br> %<br>| 0.93<br> %<br>| 0.90<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(4)</sup> <br>| 1.85 <br> %<sup>(5)</sup><br>| 1.94 <br> %<sup>(5)</sup><br>| 1.81 <br> %<sup>(5)</sup><br>| 1.66<br> %<br>| 1.10<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.77<br> %<br>| 1.85<br> %<br>| 1.73<br> %<br>| 1.58<br> %<br>| 1.04<br> %<br>|
| Portfolio Turnover Rate | 48.58<br> %<br>| 39.23<br> %<br>| 37.54<br> %<br>| 51.69<br> %<br>| 41.19<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $20,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $49,000, $39,000, $34,000, $23,000 and less than $1,000, representing less than 0.01 percent of* *average net assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and* *absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **17** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Emerging Markets Equity** <br> **Index Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$11.55** | &nbsp;&nbsp; **$10.97** | &nbsp;&nbsp; **$10.64** | &nbsp;&nbsp; **$12.15** | &nbsp;&nbsp; **$14.32** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.31 | 0.30 | 0.30 | 0.34 | 0.29 <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 3.37 | 0.61 | 0.44 | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (2.08)<br>|
| Total from Investment Operations | 3.68 | 0.91 | 0.74 | &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.79)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup>  | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.38)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.38)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $14.86 | &nbsp;&nbsp; $11.55 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $12.15 |
| **Total Return**<sup>(3)</sup>  | **32.01%**<br>| **8.41%**<br>| **7.17%**<br>| &nbsp;&nbsp; **(10.30)%** <br> <sup>(4)</sup><br>| &nbsp;&nbsp; **(12.69)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $2546240 | &nbsp;&nbsp; $1847827 | &nbsp;&nbsp; $1618793 | &nbsp;&nbsp; $1515201 | &nbsp;&nbsp; $1949107 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.15 <br> %<sup>(5)(6)</sup><br>| 0.15 <br> %<sup>(5)</sup><br>| 0.14 <br> %<sup>(5)</sup><br>| 0.22 <br> %<sup>(6)</sup><br>| 0.30 <br> %<sup>(6)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.26<br> %<br>| 0.27<br> %<br>| 0.29<br> %<br>| 0.33<br> %<br>| 0.34<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 2.20 <br> %<sup>(5)(6)</sup><br>| 2.54 <br> %<sup>(5)</sup><br>| 2.67 <br> %<sup>(5)</sup><br>| 3.10 <br> %<sup>(6)</sup><br>| 2.18 <br> %<sup>(6)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.09<br> %<br>| 2.42<br> %<br>| 2.52<br> %<br>| 2.99<br> %<br>| 2.14<br> %<br>|
| Portfolio Turnover Rate | 17.87<br> %<br>| 12.17<br> %<br>| 44.18<br> %<br>| 57.68<br> %<br>| 20.35<br> %<br>|

---

<sup>(1)</sup> *The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $10,000. The reimbursements represents less than $0.01 per share and* *had no effect on the Fund's total return.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The Northern Trust Company reimbursed the Fund approximately $5,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(6)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $4,000, $15,000 and $1,000, representing less than 0.01 percent of average net assets for the fiscal years* *ended March 31, 2026, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment* *income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **18** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Global Real Estate** <br> **Index Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.64** | &nbsp;&nbsp; **$9.51** | &nbsp;&nbsp; **$8.97** | &nbsp;&nbsp; **$11.62** | &nbsp;&nbsp; **$10.67** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.20 | 0.29 | 0.28 | 0.26 | 0.24 <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.79 | 0.12 | 0.50 | &nbsp;&nbsp; (2.67)<br>| 1.03 |
| Total from Investment Operations | 0.99 | 0.41 | 0.78 | &nbsp;&nbsp; (2.41)<br>| 1.27 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup>  | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.32)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — |
| Total Distributions Paid | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.32)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $11.62 |
| **Total Return**<sup>(3)</sup>  | **10.39%**<br>| **4.37%**<br>| **8.85%**<br>| &nbsp;&nbsp; **(20.74)%** <br> <sup>(4)</sup><br>| **11.84%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $685804 | &nbsp;&nbsp; $1116774 | &nbsp;&nbsp; $988349 | &nbsp;&nbsp; $998910 | &nbsp;&nbsp; $1492882 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(5)</sup> <br>| 0.51 <br> %<sup>(6)</sup><br>| 0.47 <br> %<sup>(6)</sup><br>| 0.47 <br> %<sup>(6)</sup><br>| 0.47<br> %<br>| 0.48<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.54<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.49<br> %<br>| 0.48<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(5)</sup> <br>| 2.90 <br> %<sup>(6)</sup><br>| 2.89 <br> %<sup>(6)</sup><br>| 3.18 <br> %<sup>(6)</sup><br>| 2.96<br> %<br>| 2.23<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.87<br> %<br>| 2.88<br> %<br>| 3.17<br> %<br>| 2.94<br> %<br>| 2.23<br> %<br>|
| Portfolio Turnover Rate | 3.69<br> %<br>| 8.98<br> %<br>| 5.96<br> %<br>| 7.48<br> %<br>| 5.75<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $7,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The Northern Trust Company reimbursed the Fund approximately $10,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $18,000, $26,000, $30,000, $18,000 and $1,000, representing less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(6)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **19** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Global Tactical Asset** <br> **Allocation Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$12.98** | &nbsp;&nbsp; **$12.64** | &nbsp;&nbsp; **$11.92** | &nbsp;&nbsp; **$13.68** | &nbsp;&nbsp; **$13.74** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.36 | 0.42 | 0.44 | 0.38 | 0.33 <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 1.41 | 0.34 | 0.72 | &nbsp;&nbsp; (1.26)<br>| 0.22 |
| Total from Investment Operations | 1.77 | 0.76 | 1.16 | &nbsp;&nbsp; (0.88)<br>| 0.55 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.31)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.30)<br>|
| Return of capital | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Distributions Paid | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.61)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $14.29 | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp; $12.64 | &nbsp;&nbsp; $11.92 | &nbsp;&nbsp; $13.68 |
| **Total Return**<sup>(2)</sup>  | **13.68%**<br>| **6.04%**<br>| **9.95%**<br>| &nbsp;&nbsp; **(6.27)%**<br>| **3.92%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $79935 | &nbsp;&nbsp; $77208 | &nbsp;&nbsp; $91432 | &nbsp;&nbsp; $101835 | &nbsp;&nbsp; $128119 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(3)</sup> <br>| 0.26 <br> %<sup>(4)(5)</sup><br>| 0.26 <br> %<sup>(4)(5)</sup><br>| 0.27 <br> %<sup>(4)(5)</sup><br>| 0.26 <br> %<sup>(5)</sup><br>| 0.26<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<sup>(3)</sup> <br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.40<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 2.71 <br> %<sup>(4)(5)</sup><br>| 3.16 <br> %<sup>(4)(5)</sup><br>| 3.58 <br> %<sup>(4)(5)</sup><br>| 3.01 <br> %<sup>(5)</sup><br>| 2.45<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.54<br> %<br>| 2.99<br> %<br>| 3.45<br> %<br>| 2.88<br> %<br>| 2.32<br> %<br>|
| Portfolio Turnover Rate | 24.95<br> %<br>| 94.22<br> %<br>| 38.30<br> %<br>| 34.86<br> %<br>| 60.88<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund's* *total return.* 

<sup>(2)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(3)</sup> *Expense ratios reflect only the direct expenses of the Fund and not any expenses associated with the underlying funds.*

<sup>(4)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $7,000, $3,000, $1,000 and less than $1,000, representing less than 0.01 percent of average net assets* *for the fiscal years ended March 31, 2026, 2025, 2024 and 2023, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **20** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Income Equity Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$16.22** | &nbsp;&nbsp; **$15.67** | &nbsp;&nbsp; **$13.26** | &nbsp;&nbsp; **$15.07** | &nbsp;&nbsp; **$14.81** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.31 | 0.29 | 0.30 | 0.28 | 0.19 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 2.86 | 1.26 | 3.10 | &nbsp;&nbsp; (1.33)<br>| 2.24 |
| Total from Investment Operations | 3.17 | 1.55 | 3.40 | &nbsp;&nbsp; (1.05)<br>| 2.43 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.18)<br>|
| From net realized gains | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (1.99)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (2.17)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $17.93 | &nbsp;&nbsp; $16.22 | &nbsp;&nbsp; $15.67 | &nbsp;&nbsp; $13.26 | &nbsp;&nbsp; $15.07 |
| **Total Return**<sup>(1)</sup>  | **19.56%**<br>| **9.82%**<br>| **26.54%**<br>| &nbsp;&nbsp; **(6.78)%**<br>| **16.31%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $282213 | &nbsp;&nbsp; $226382 | &nbsp;&nbsp; $169820 | &nbsp;&nbsp; $138543 | &nbsp;&nbsp; $164466 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.48 <br> %<sup>(3)</sup><br>| 0.49 <br> %<sup>(3)</sup><br>| 0.49 <br> %<sup>(3)</sup><br>| 0.66<br> %<br>| 1.01<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.64<br> %<br>| 0.64<br> %<br>| 0.63<br> %<br>| 0.80<br> %<br>| 1.16<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 1.70 <br> %<sup>(3)</sup><br>| 1.78 <br> %<sup>(3)</sup><br>| 2.14 <br> %<sup>(3)</sup><br>| 2.10<br> %<br>| 1.18<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.54<br> %<br>| 1.63<br> %<br>| 2.00<br> %<br>| 1.96<br> %<br>| 1.03<br> %<br>|
| Portfolio Turnover Rate | 38.47<br> %<br>| 21.52<br> %<br>| 25.40<br> %<br>| 34.87<br> %<br>| 30.55<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $7,000, $8,000, $3,000, $1,000 and $1,000, representing less than 0.01 percent of average net assets* *for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **21** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **International Equity** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$10.64** | &nbsp;&nbsp; **$10.24** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$9.68** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.31 | 0.30 | 0.29 | 0.29 | 0.25 <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 2.89 | 0.54 | 1.10 | &nbsp;&nbsp; (0.31)<br>| 0.10 |
| Total from Investment Operations | 3.20 | 0.84 | 1.39 | &nbsp;&nbsp; (0.02)<br>| 0.35 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup>  | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $13.74 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.70 |
| **Total Return**<sup>(3)</sup>  | **30.15%**<br>| **8.62%**<br>| **15.07%**<br>| &nbsp;&nbsp; **(0.02)%**<br>| **3.49%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $188576 | &nbsp;&nbsp; $138111 | &nbsp;&nbsp; $139669 | &nbsp;&nbsp; $124062 | &nbsp;&nbsp; $124543 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.50 <br> %<sup>(4)(5)</sup><br>| 0.51 <br> %<sup>(4)(5)</sup><br>| 0.51 <br> %<sup>(4)(5)</sup><br>| 0.51 <br> %<sup>(5)</sup><br>| 0.51<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.63<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 2.54 <br> %<sup>(4)(5)</sup><br>| 2.85 <br> %<sup>(4)(5)</sup><br>| 3.01 <br> %<sup>(4)(5)</sup><br>| 3.28 <br> %<sup>(5)</sup><br>| 2.91<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.41<br> %<br>| 2.71<br> %<br>| 2.87<br> %<br>| 3.14<br> %<br>| 2.77<br> %<br>|
| Portfolio Turnover Rate | 64.51<br> %<br>| 49.68<br> %<br>| 47.19<br> %<br>| 46.55<br> %<br>| 41.96<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $5,000. The reimbursements represent less than $0.01 per share. Without these* *reimbursements, the total return would have been 3.48%.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $2,000, $1,000, $2,000 and $1,000, representing less than 0.01 percent of average net assets for the* *fiscal years ended March 31, 2026, 2025, 2024 and 2023, respectively. Subject to the contractual expense limitation and absent the additional reimbursements,* *net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **22** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **International Equity** <br> **Index Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$14.91** | &nbsp;&nbsp; **$14.65** | &nbsp;&nbsp; **$13.13** | &nbsp;&nbsp; **$13.50** | &nbsp;&nbsp; **$13.92** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.49 | 0.42 | 0.43 | 0.40 | 0.37 <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 2.95 | 0.35 | 1.56 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total from Investment Operations | 3.44 | 0.77 | 1.99 | &nbsp;&nbsp; (0.04)<br>| 0.04 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup>  | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.46)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.46)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $17.72 | &nbsp;&nbsp; $14.91 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $13.13 | &nbsp;&nbsp; $13.50 |
| **Total Return**<sup>(3)</sup>  | **23.14%**<br>| **5.55%**<br>| **15.38%**<br>| &nbsp;&nbsp; **(0.11)%**<br>| **0.13%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $6101148 | &nbsp;&nbsp; $5007172 | &nbsp;&nbsp; $4894332 | &nbsp;&nbsp; $4479806 | &nbsp;&nbsp; $4851381 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.10 <br> %<sup>(4)(5)</sup><br>| 0.10 <br> %<sup>(4)</sup><br>| 0.10 <br> %<sup>(4)</sup><br>| 0.17 <br> %<sup>(5)</sup><br>| 0.24<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.15<br> %<br>| 0.16<br> %<br>| 0.16<br> %<br>| 0.20<br> %<br>| 0.24<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 2.85 <br> %<sup>(4)(5)</sup><br>| 2.85 <br> %<sup>(4)</sup><br>| 3.06 <br> %<sup>(4)</sup><br>| 3.20 <br> %<sup>(5)</sup><br>| 2.61<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.80<br> %<br>| 2.79<br> %<br>| 3.00<br> %<br>| 3.17<br> %<br>| 2.61<br> %<br>|
| Portfolio Turnover Rate | 17.24<br> %<br>| 19.42<br> %<br>| 21.42<br> %<br>| 20.88<br> %<br>| 20.76<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $6,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $2,000 and $6,000, representing less than 0.01 percent of average net assets for the fiscal years ended* *March 31, 2026 and 2023, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and* *reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **23** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Large Cap Core Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$27.25** | &nbsp;&nbsp; **$27.48** | &nbsp;&nbsp; **$22.78** | &nbsp;&nbsp; **$25.71** | &nbsp;&nbsp; **$25.24** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.33 | 0.30 | 0.32 | 0.31 | 0.30 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 5.70 | 2.03 | 6.56 | &nbsp;&nbsp; (2.16)<br>| 4.09 |
| Total from Investment Operations | 6.03 | 2.33 | 6.88 | &nbsp;&nbsp; (1.85)<br>| 4.39 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.30)<br>|
| From net realized gains | &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (3.62)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (3.92)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $30.56 | &nbsp;&nbsp; $27.25 | &nbsp;&nbsp; $27.48 | &nbsp;&nbsp; $22.78 | &nbsp;&nbsp; $25.71 |
| **Total Return**<sup>(1)</sup>  | **21.93%**<br>| **8.21%**<br>| **31.46%**<br>| &nbsp;&nbsp; **(7.00)%**<br>| **17.18%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $322992 | &nbsp;&nbsp; $281331 | &nbsp;&nbsp; $285930 | &nbsp;&nbsp; $242606 | &nbsp;&nbsp; $289337 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.45 <br> %<sup>(3)</sup><br>| 0.45 <br> %<sup>(3)</sup><br>| 0.45 <br> %<sup>(3)</sup><br>| 0.45<br> %<br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.56<br> %<br>| 0.55<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 1.04 <br> %<sup>(3)</sup><br>| 1.04 <br> %<sup>(3)</sup><br>| 1.27 <br> %<sup>(3)</sup><br>| 1.35<br> %<br>| 1.10<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 0.94<br> %<br>| 0.94<br> %<br>| 1.17<br> %<br>| 1.24<br> %<br>| 1.00<br> %<br>|
| Portfolio Turnover Rate | 43.13<br> %<br>| 35.20<br> %<br>| 44.46<br> %<br>| 38.46<br> %<br>| 44.93<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $6,000, $6,000, $3,000, $3,000 and less than $1,000, representing less than 0.01 percent of average* *net assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **24** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Large Cap Value Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$20.71** | &nbsp;&nbsp; **$21.33** | &nbsp;&nbsp; **$18.61** | &nbsp;&nbsp; **$21.27** | &nbsp;&nbsp; **$20.39** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.41 | 0.38 | 0.42 | 0.39 | 0.35 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 3.34 | 0.59 | 3.38 | &nbsp;&nbsp; (1.49)<br>| 2.28 |
| Total from Investment Operations | 3.75 | 0.97 | 3.80 | &nbsp;&nbsp; (1.10)<br>| 2.63 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.43)<br>|
| From net realized gains | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.32)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.75)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $23.38 | &nbsp;&nbsp; $20.71 | &nbsp;&nbsp; $21.33 | &nbsp;&nbsp; $18.61 | &nbsp;&nbsp; $21.27 |
| **Total Return**<sup>(1)</sup>  | **18.20%**<br>| **4.75%**<br>| **21.04%**<br>| &nbsp;&nbsp; **(5.18)%**<br>| **13.00%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $67156 | &nbsp;&nbsp; $62580 | &nbsp;&nbsp; $65127 | &nbsp;&nbsp; $59007 | &nbsp;&nbsp; $67714 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.56 <br> %<sup>(2)(3)</sup><br>| 0.57 <br> %<sup>(2)(3)</sup><br>| 0.57 <br> %<sup>(2)(3)</sup><br>| 0.56 <br> %<sup>(3)</sup><br>| 0.57<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.76<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.80<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 1.76 <br> %<sup>(2)(3)</sup><br>| 1.71 <br> %<sup>(2)(3)</sup><br>| 1.99 <br> %<sup>(2)(3)</sup><br>| 1.99 <br> %<sup>(3)</sup><br>| 1.55<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.56<br> %<br>| 1.51<br> %<br>| 1.80<br> %<br>| 1.80<br> %<br>| 1.32<br> %<br>|
| Portfolio Turnover Rate | 62.14<br> %<br>| 60.87<br> %<br>| 38.42<br> %<br>| 78.33<br> %<br>| 75.05<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $1,000, $2,000, $1,000 and less than $1,000, representing less than 0.01 percent of average net assets* *for the fiscal years ended March 31, 2026, 2025, 2024 and 2023, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **25** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mid Cap Index Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$19.44** | &nbsp;&nbsp; **$21.94** | &nbsp;&nbsp; **$19.23** | &nbsp;&nbsp; **$22.41** | &nbsp;&nbsp; **$23.76** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.30 | 0.31 | 0.33 | 0.32 | 0.28 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 3.02 | &nbsp;&nbsp; (0.80)<br>| 3.98 | &nbsp;&nbsp; (1.57)<br>| 0.80 |
| Total from Investment Operations | 3.32 | &nbsp;&nbsp; (0.49)<br>| 4.31 | &nbsp;&nbsp; (1.25)<br>| 1.08 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.25)<br>|
| From net realized gains | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (2.18)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; (2.43)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $21.32 | &nbsp;&nbsp; $19.44 | &nbsp;&nbsp; $21.94 | &nbsp;&nbsp; $19.23 | &nbsp;&nbsp; $22.41 |
| **Total Return**<sup>(1)</sup>  | **17.24%**<br>| &nbsp;&nbsp; **(2.78)%**<br>| **23.25%**<br>| &nbsp;&nbsp; **(5.28)%**<br>| **4.44%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $2051722 | &nbsp;&nbsp; $1918728 | &nbsp;&nbsp; $2140097 | &nbsp;&nbsp; $1999551 | &nbsp;&nbsp; $2439401 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.10 <br> %<sup>(2)(3)</sup><br>| 0.10 <br> %<sup>(2)</sup><br>| 0.10 <br> %<sup>(2)</sup><br>| 0.12 <br> %<sup>(3)</sup><br>| 0.15 <br> %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.16<br> %<br>| 0.16<br> %<br>| 0.16<br> %<br>| 0.18<br> %<br>| 0.19<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 1.35 <br> %<sup>(2)(3)</sup><br>| 1.40 <br> %<sup>(2)</sup><br>| 1.54 <br> %<sup>(2)</sup><br>| 1.48 <br> %<sup>(3)</sup><br>| 1.13 <br> %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.29<br> %<br>| 1.34<br> %<br>| 1.48<br> %<br>| 1.42<br> %<br>| 1.09<br> %<br>|
| Portfolio Turnover Rate | 15.97<br> %<br>| 16.94<br> %<br>| 21.60<br> %<br>| 13.39<br> %<br>| 15.17<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $1,000, $15,000 and $2,000, representing less than 0.01 percent of average net assets for the fiscal years* *ended March 31, 2026, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment* *income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **26** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Multi-Manager Global** <br> **Listed Infrastructure** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$12.54** | &nbsp;&nbsp; **$11.87** | &nbsp;&nbsp; **$11.96** | &nbsp;&nbsp; **$13.02** | &nbsp;&nbsp; **$12.92** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.37 | 0.39 | 0.32 | 0.26 | 0.32 <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 2.55 | 0.71 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.85)<br>| 1.10 |
| Total from Investment Operations | 2.92 | 1.10 | 0.25 | &nbsp;&nbsp; (0.59)<br>| 1.42 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup>  | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.28)<br>|
| From net realized gains | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.04)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.32)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $14.64 | &nbsp;&nbsp; $12.54 | &nbsp;&nbsp; $11.87 | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $13.02 |
| **Total Return**<sup>(3)</sup>  | **23.97%**<br>| **9.47%**<br>| **2.17%**<br>| &nbsp;&nbsp; **(4.43)%**<br>| **11.46%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $1007341 | &nbsp;&nbsp; $854743 | &nbsp;&nbsp; $968716 | &nbsp;&nbsp; $987476 | &nbsp;&nbsp; $1103323 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(4)</sup> <br>| 0.96 <br> %<sup>(5)</sup><br>| 0.96 <br> %<sup>(5)</sup><br>| 0.96 <br> %<sup>(5)</sup><br>| 0.96<br> %<br>| 0.97<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 0.99<br> %<br>| 0.97<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(4)</sup> <br>| 2.63 <br> %<sup>(5)</sup><br>| 2.72 <br> %<sup>(5)</sup><br>| 2.72 <br> %<sup>(5)</sup><br>| 2.27<br> %<br>| 2.38<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.58<br> %<br>| 2.67<br> %<br>| 2.67<br> %<br>| 2.24<br> %<br>| 2.38<br> %<br>|
| Portfolio Turnover Rate | 56.86<br> %<br>| 70.72<br> %<br>| 48.35<br> %<br>| 57.83<br> %<br>| 62.31<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $13,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $64,000, $65,000, $72,000, $57,000 and $1,000, representing less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **27** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Multi-Manager Global** <br> **Real Estate Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$10.21** | &nbsp;&nbsp; **$10.55** | &nbsp;&nbsp; **$10.02** | &nbsp;&nbsp; **$12.72** | &nbsp;&nbsp; **$11.37** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.23 | 0.23 | 0.22 | 0.24 | 0.15 <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.43 | &nbsp;&nbsp; (0.32)<br>| 0.52 | &nbsp;&nbsp; (2.74)<br>| 1.56 |
| Total from Investment Operations | 0.66 | &nbsp;&nbsp; (0.09)<br>| 0.74 | &nbsp;&nbsp; (2.50)<br>| 1.71 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup>  | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.36)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $10.58 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.55 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $12.72 |
| **Total Return**<sup>(3)</sup>  | **6.54%**<br>| &nbsp;&nbsp; **(0.94)%**<br>| **7.47%**<br>| &nbsp;&nbsp; **(19.64)%**<br>| **15.03%** <br> <sup>(4)</sup><br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $75341 | &nbsp;&nbsp; $95034 | &nbsp;&nbsp; $126353 | &nbsp;&nbsp; $121173 | &nbsp;&nbsp; $204893 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(5)</sup> <br>| 0.92 <br> %<sup>(6)</sup><br>| 0.93 <br> %<sup>(6)</sup><br>| 0.92 <br> %<sup>(6)</sup><br>| 0.92<br> %<br>| 0.91<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 1.09<br> %<br>| 1.08<br> %<br>| 1.08<br> %<br>| 1.06<br> %<br>| 1.00<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(5)</sup> <br>| 2.26 <br> %<sup>(6)</sup><br>| 2.03 <br> %<sup>(6)</sup><br>| 2.17 <br> %<sup>(6)</sup><br>| 2.06<br> %<br>| 1.20<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.09<br> %<br>| 1.88<br> %<br>| 2.01<br> %<br>| 1.92<br> %<br>| 1.11<br> %<br>|
| Portfolio Turnover Rate | 82.15<br> %<br>| 57.69<br> %<br>| 56.04<br> %<br>| 59.41<br> %<br>| 42.01<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $1,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *During the fiscal year ended March 31, 2022, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the* *total return would have been 14.55%.* 

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $6,000, $10,000, $9,000, $7,000 and less than $1,000, representing less than 0.01 percent of average* *net assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(6)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **28** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Cap Core Fund** | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$23.31** | &nbsp;&nbsp; **$28.67** | &nbsp;&nbsp; **$25.40** | &nbsp;&nbsp; **$27.82** | &nbsp;&nbsp; **$32.58** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income | 0.32 | 0.20 | 0.31 | 0.28 | 0.24 |
| Net realized and unrealized gains (losses) | 4.91 | &nbsp;&nbsp; (1.00)<br>| 4.84 | &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total from Investment Operations | 5.23 | &nbsp;&nbsp; (0.80)<br>| 5.15 | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (0.09)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.17)<br>|
| From net realized gains | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (4.50)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (3.84)<br>| &nbsp;&nbsp; (4.56)<br>| &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (4.67)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $24.70 | &nbsp;&nbsp; $23.31 | &nbsp;&nbsp; $28.67 | &nbsp;&nbsp; $25.40 | &nbsp;&nbsp; $27.82 |
| **Total Return**<sup>(1)</sup>  | **22.63%**<br>| &nbsp;&nbsp; **(4.00)%**<br>| **20.74%**<br>| &nbsp;&nbsp; **(8.08)%**<br>| &nbsp;&nbsp; **(0.54)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $185333 | &nbsp;&nbsp; $159816 | &nbsp;&nbsp; $264729 | &nbsp;&nbsp; $240538 | &nbsp;&nbsp; $279376 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements and <br> credits<sup>(2)</sup> <br>| 0.40 <br> %<sup>(3)</sup><br>| 0.47 <br> %<sup>(3)</sup><br>| 0.49 <br> %<sup>(3)</sup><br>| 0.49<br> %<br>| 0.49<br> %<br>|
| Expenses, before reimbursements and credits | 0.47<br> %<br>| 0.53<br> %<br>| 0.54<br> %<br>| 0.54<br> %<br>| 0.54<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 1.07 <br> %<sup>(3)</sup><br>| 0.99 <br> %<sup>(3)</sup><br>| 1.12 <br> %<sup>(3)</sup><br>| 1.13<br> %<br>| 0.70<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.00<br> %<br>| 0.93<br> %<br>| 1.07<br> %<br>| 1.08<br> %<br>| 0.65<br> %<br>|
| Portfolio Turnover Rate | 18.92<br> %<br>| 17.68<br> %<br>| 15.33<br> %<br>| 13.01<br> %<br>| 15.47<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment* *at net asset value at the end of the period.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $9,000, $15,000, $12,000, $12,000 and $1,000, representing less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **29** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Cap Core Fund** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$23.29** | &nbsp;&nbsp; **$28.62** | &nbsp;&nbsp; **$25.37** | &nbsp;&nbsp; **$27.77** | &nbsp;&nbsp; **$32.56** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income | 0.40 | 0.23 | 0.29 | 0.30 | 0.17 |
| Net realized and unrealized gains (losses) | 4.81 | &nbsp;&nbsp; (1.07)<br>| 4.83 | &nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp; (0.30)<br>|
| Total from Investment Operations | 5.21 | &nbsp;&nbsp; (0.84)<br>| 5.12 | &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (0.13)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.16)<br>|
| From net realized gains | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (4.50)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (4.66)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $24.67 | &nbsp;&nbsp; $23.29 | &nbsp;&nbsp; $28.62 | &nbsp;&nbsp; $25.37 | &nbsp;&nbsp; $27.77 |
| **Total Return**<sup>(1)</sup>  | **22.55%**<br>| &nbsp;&nbsp; **(4.12)%**<br>| **20.62%**<br>| &nbsp;&nbsp; **(8.18)%**<br>| &nbsp;&nbsp; **(0.63)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $156589 | &nbsp;&nbsp; $193968 | &nbsp;&nbsp; $219869 | &nbsp;&nbsp; $193854 | &nbsp;&nbsp; $226545 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements and <br> credits<sup>(2)</sup> <br>| 0.50 <br> %<sup>(3)</sup><br>| 0.57 <br> %<sup>(3)</sup><br>| 0.59 <br> %<sup>(3)</sup><br>| 0.59<br> %<br>| 0.59<br> %<br>|
| Expenses, before reimbursements and credits | 0.57<br> %<br>| 0.63<br> %<br>| 0.64<br> %<br>| 0.64<br> %<br>| 0.64<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.96 <br> %<sup>(3)</sup><br>| 0.91 <br> %<sup>(3)</sup><br>| 1.02 <br> %<sup>(3)</sup><br>| 1.03<br> %<br>| 0.59<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 0.89<br> %<br>| 0.85<br> %<br>| 0.97<br> %<br>| 0.98<br> %<br>| 0.54<br> %<br>|
| Portfolio Turnover Rate | 18.92<br> %<br>| 17.68<br> %<br>| 15.33<br> %<br>| 13.01<br> %<br>| 15.47<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment* *at net asset value at the end of the period.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $9,000, $17,000, $10,000, $10,000, and $1,000 representing less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **30** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Cap Index Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$12.60** | &nbsp;&nbsp; **$14.02** | &nbsp;&nbsp; **$11.96** | &nbsp;&nbsp; **$14.40** | &nbsp;&nbsp; **$17.24** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.18 | 0.17 | 0.18 | 0.18 | 0.15 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 3.08 | &nbsp;&nbsp; (0.65)<br>| 2.15 | &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (1.10)<br>|
| Total from Investment Operations | 3.26 | &nbsp;&nbsp; (0.48)<br>| 2.33 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (0.95)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>|
| From net realized gains | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (1.76)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.89)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $15.61 | &nbsp;&nbsp; $12.60 | &nbsp;&nbsp; $14.02 | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $14.40 |
| **Total Return**<sup>(1)</sup>  | **25.82%**<br>| &nbsp;&nbsp; **(4.06)%**<br>| **19.59%**<br>| &nbsp;&nbsp; **(11.68)%**<br>| &nbsp;&nbsp; **(5.88)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $1384245 | &nbsp;&nbsp; $1126830 | &nbsp;&nbsp; $1183459 | &nbsp;&nbsp; $1163077 | &nbsp;&nbsp; $1535414 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.10 <br> %<sup>(2)(3)</sup><br>| 0.10 <br> %<sup>(2)</sup><br>| 0.10 <br> %<sup>(2)</sup><br>| 0.12 <br> %<sup>(3)</sup><br>| 0.15 <br> %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.16<br> %<br>| 0.16<br> %<br>| 0.16<br> %<br>| 0.18<br> %<br>| 0.19<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 1.24 <br> %<sup>(2)(3)</sup><br>| 1.21 <br> %<sup>(2)</sup><br>| 1.34 <br> %<sup>(2)</sup><br>| 1.38 <br> %<sup>(3)</sup><br>| 0.88 <br> %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.18<br> %<br>| 1.15<br> %<br>| 1.28<br> %<br>| 1.32<br> %<br>| 0.84<br> %<br>|
| Portfolio Turnover Rate | 22.10<br> %<br>| 20.51<br> %<br>| 11.87<br> %<br>| 13.66<br> %<br>| 25.57<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $2,000, $4,000 and $1,000, representing less than 0.01 percent of average net assets for the fiscal years* *ended March 31, 2026, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment* *income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **31** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Cap Value Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$12.23** | &nbsp;&nbsp; **$20.09** | &nbsp;&nbsp; **$18.10** | &nbsp;&nbsp; **$20.71** | &nbsp;&nbsp; **$23.46** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.23 | 0.22 | 0.22 | 0.22 | 0.18 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 2.47 | &nbsp;&nbsp; (0.59)<br>| 3.13 | &nbsp;&nbsp; (1.78)<br>| 0.56 |
| Total from Investment Operations | 2.70 | &nbsp;&nbsp; (0.37)<br>| 3.35 | &nbsp;&nbsp; (1.56)<br>| 0.74 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.19)<br>|
| From net realized gains | &nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp; (7.31)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (3.30)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp; (7.49)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (3.49)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $12.23 | &nbsp;&nbsp; $20.09 | &nbsp;&nbsp; $18.10 | &nbsp;&nbsp; $20.71 |
| **Total Return**<sup>(1)</sup>  | **22.93%**<br>| &nbsp;&nbsp; **(3.98)%**<br>| **18.78%**<br>| &nbsp;&nbsp; **(7.50)%**<br>| **3.29%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $615675 | &nbsp;&nbsp; $782738 | &nbsp;&nbsp; $1105022 | &nbsp;&nbsp; $1617670 | &nbsp;&nbsp; $2293215 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.50 <br> %<sup>(3)</sup><br>| 0.90 <br> %<sup>(3)</sup><br>| 1.00 <br> %<sup>(3)</sup><br>| 1.00<br> %<br>| 1.00<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.66<br> %<br>| 1.04<br> %<br>| 1.15<br> %<br>| 1.13<br> %<br>| 1.15<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 1.48 <br> %<sup>(3)</sup><br>| 1.12 <br> %<sup>(3)</sup><br>| 1.14 <br> %<sup>(3)</sup><br>| 1.08<br> %<br>| 0.69<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.32<br> %<br>| 0.98<br> %<br>| 0.99<br> %<br>| 0.95<br> %<br>| 0.54<br> %<br>|
| Portfolio Turnover Rate | 46.17<br> %<br>| 26.80<br> %<br>| 18.61<br> %<br>| 13.25<br> %<br>| 20.41<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $47,000, $58,000, $85,000, $63,000 and $3,000, representing less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **32** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Stock Index Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$56.87** | &nbsp;&nbsp; **$53.98** | &nbsp;&nbsp; **$43.69** | &nbsp;&nbsp; **$49.65** | &nbsp;&nbsp; **$44.44** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.79 | 0.77 | 0.75 | 0.71 | 0.62 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 9.34 | 3.68 | 11.99 | &nbsp;&nbsp; (4.72)<br>| 6.29 |
| Total from Investment Operations | 10.13 | 4.45 | 12.74 | &nbsp;&nbsp; (4.01)<br>| 6.91 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.62)<br>|
| From net realized gains | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.08)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (1.70)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $65.00 | &nbsp;&nbsp; $56.87 | &nbsp;&nbsp; $53.98 | &nbsp;&nbsp; $43.69 | &nbsp;&nbsp; $49.65 |
| **Total Return**<sup>(1)</sup>  | **17.75%**<br>| **8.16%**<br>| **29.82%**<br>| &nbsp;&nbsp; **(7.82)%**<br>| **15.51%** <br> <sup>(2)</sup><br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $16628095 | &nbsp;&nbsp; $14536266 | &nbsp;&nbsp; $13290697 | &nbsp;&nbsp; $10729781 | &nbsp;&nbsp; $12467719 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.05 <br> %<sup>(3)(4)</sup><br>| 0.05 <br> %<sup>(3)</sup><br>| 0.05 <br> %<sup>(3)</sup><br>| 0.07 <br> %<sup>(4)</sup><br>| 0.10 <br> %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.09<br> %<br>| 0.10<br> %<br>| 0.09<br> %<br>| 0.11<br> %<br>| 0.13<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 1.22 <br> %<sup>(3)(4)</sup><br>| 1.33 <br> %<sup>(3)</sup><br>| 1.55 <br> %<sup>(3)</sup><br>| 1.62 <br> %<sup>(4)</sup><br>| 1.26 <br> %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.18<br> %<br>| 1.28<br> %<br>| 1.51<br> %<br>| 1.58<br> %<br>| 1.23<br> %<br>|
| Portfolio Turnover Rate | 3.58<br> %<br>| 3.43<br> %<br>| 2.74<br> %<br>| 2.96<br> %<br>| 3.11<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The Northern Trust Company reimbursed the Fund approximately $2,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled less than $1,000, approximately $39,000 and $7,000, representing less than 0.01 percent of average net assets for the* *fiscal years ended March 31, 2026, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net* *investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **33** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Quality ESG Fund** | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$20.02** | &nbsp;&nbsp; **$19.35** | &nbsp;&nbsp; **$15.30** | &nbsp;&nbsp; **$17.26** | &nbsp;&nbsp; **$16.12** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income | 0.23 | 0.21 | 0.22 | 0.22 | 0.16 |
| Net realized and unrealized gains (losses) | 2.98 | 0.79 | 4.05 | &nbsp;&nbsp; (1.58)<br>| 2.09 |
| Total from Investment Operations | 3.21 | 1.00 | 4.27 | &nbsp;&nbsp; (1.36)<br>| 2.25 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.16)<br>|
| From net realized gains | &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.95)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (1.11)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $20.49 | &nbsp;&nbsp; $20.02 | &nbsp;&nbsp; $19.35 | &nbsp;&nbsp; $15.30 | &nbsp;&nbsp; $17.26 |
| **Total Return**<sup>(1)</sup>  | **15.53%**<br>| **5.07%**<br>| **28.06%**<br>| &nbsp;&nbsp; **(7.70)%**<br>| **13.71%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $264289 | &nbsp;&nbsp; $441622 | &nbsp;&nbsp; $427431 | &nbsp;&nbsp; $375837 | &nbsp;&nbsp; $482259 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements and <br> credits<sup>(2)</sup> <br>| 0.39 <br> %<sup>(3)</sup><br>| 0.39 <br> %<sup>(3)</sup><br>| 0.39 <br> %<sup>(3)</sup><br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Expenses, before reimbursements and credits | 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.87 <br> %<sup>(3)</sup><br>| 1.02 <br> %<sup>(3)</sup><br>| 1.27 <br> %<sup>(3)</sup><br>| 1.37<br> %<br>| 0.95<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 0.82<br> %<br>| 0.97<br> %<br>| 1.22<br> %<br>| 1.32<br> %<br>| 0.90<br> %<br>|
| Portfolio Turnover Rate | 19.93<br> %<br>| 36.27<br> %<br>| 36.53<br> %<br>| 45.72<br> %<br>| 29.11<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $10,000, $9,000, $6,000, $7,000 and $3,000, representing less than 0.01 percent of average net assets* *for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **34** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Quality ESG Fund** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$19.98** | &nbsp;&nbsp; **$19.33** | &nbsp;&nbsp; **$15.28** | &nbsp;&nbsp; **$17.25** | &nbsp;&nbsp; **$16.12** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income | 0.18 | 0.21 | 0.21 | 0.18 | 0.15 |
| Net realized and unrealized gains (losses) | 3.01 | 0.75 | 4.04 | &nbsp;&nbsp; (1.56)<br>| 2.09 |
| Total from Investment Operations | 3.19 | 0.96 | 4.25 | &nbsp;&nbsp; (1.38)<br>| 2.24 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.16)<br>|
| From net realized gains | &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.95)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (1.11)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $20.45 | &nbsp;&nbsp; $19.98 | &nbsp;&nbsp; $19.33 | &nbsp;&nbsp; $15.28 | &nbsp;&nbsp; $17.25 |
| **Total Return**<sup>(1)</sup>  | **15.46%**<br>| **4.91%**<br>| **28.01%**<br>| &nbsp;&nbsp; **(7.79)%**<br>| **13.62%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $57842 | &nbsp;&nbsp; $50714 | &nbsp;&nbsp; $28241 | &nbsp;&nbsp; $18181 | &nbsp;&nbsp; $2186 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, net of reimbursements and credits | 0.49 <br> %<sup>(2)(3)</sup><br>| 0.49 <br> %<sup>(2)(3)</sup><br>| 0.49 <br> %<sup>(2)(3)</sup><br>| 0.49 <br> %<sup>(3)</sup><br>| 0.49<br> %<br>|
| Expenses, before reimbursements and credits | 0.54<br> %<br>| 0.54<br> %<br>| 0.54<br> %<br>| 0.55<br> %<br>| 0.53<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of reimbursements <br> and credits<br>| 0.78 <br> %<sup>(2)(3)</sup><br>| 0.91 <br> %<sup>(2)(3)</sup><br>| 1.17 <br> %<sup>(2)(3)</sup><br>| 1.27 <br> %<sup>(3)</sup><br>| 1.02<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 0.73<br> %<br>| 0.86<br> %<br>| 1.12<br> %<br>| 1.21<br> %<br>| 0.98<br> %<br>|
| Portfolio Turnover Rate | 19.93<br> %<br>| 36.27<br> %<br>| 36.53<br> %<br>| 45.72<br> %<br>| 29.11<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $1,000, $1,000, less than $1,000 and $1,000 representing less than 0.01 percent of average net assets* *for the fiscal years ended March 31, 2026, 2025, 2024 and 2023, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **35** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **World Selection Index Fund** | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$21.86** | &nbsp;&nbsp; **$22.43** | &nbsp;&nbsp; **$17.92** | &nbsp;&nbsp; **$19.57** | &nbsp;&nbsp; **$18.67** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income | 0.38 | 0.35 | 0.31 | 0.31 | 0.30 <br> <sup>(1)</sup><br>|
| Net realized and unrealized gains (losses) | 4.05 | 0.36 | 4.53 | &nbsp;&nbsp; (1.64)<br>| 1.70 |
| Total from Investment Operations | 4.43 | 0.71 | 4.84 | &nbsp;&nbsp; (1.33)<br>| 2.00 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup>  | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>|
| From net realized gains | &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.82)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.10)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $24.81 | &nbsp;&nbsp; $21.86 | &nbsp;&nbsp; $22.43 | &nbsp;&nbsp; $17.92 | &nbsp;&nbsp; $19.57 |
| **Total Return**<sup>(3)</sup>  | **20.05%**<br>| **2.92%**<br>| **27.20%**<br>| &nbsp;&nbsp; **(6.67)%**<br>| **10.48%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $941277 | &nbsp;&nbsp; $973823 | &nbsp;&nbsp; $857489 | &nbsp;&nbsp; $736028 | &nbsp;&nbsp; $740470 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements and <br> credits<sup>(4)</sup> <br>| 0.24 <br> %<sup>(5)</sup><br>| 0.24 <br> %<sup>(5)</sup><br>| 0.24 <br> %<sup>(5)</sup><br>| 0.24<br> %<br>| 0.24<br> %<br>|
| Expenses, before reimbursements and credits | 0.24<br> %<br>| 0.24<br> %<br>| 0.24<br> %<br>| 0.24<br> %<br>| 0.24<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of reimbursements <br> and credits<sup>(4)</sup> <br>| 1.39 <br> %<sup>(5)</sup><br>| 1.46 <br> %<sup>(5)</sup><br>| 1.67 <br> %<sup>(5)</sup><br>| 1.86<br> %<br>| 1.49<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.39<br> %<br>| 1.46<br> %<br>| 1.67<br> %<br>| 1.86<br> %<br>| 1.49<br> %<br>|
| Portfolio Turnover Rate | 7.99<br> %<br>| 13.38<br> %<br>| 15.57<br> %<br>| 19.49<br> %<br>| 8.31<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund's total* *return.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $21,000, $21,000, $28,000, $12,000 and $1,000, representing less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **36** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **World Selection Index Fund** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$21.85** | &nbsp;&nbsp; **$22.41** | &nbsp;&nbsp; **$17.91** | &nbsp;&nbsp; **$19.56** | &nbsp;&nbsp; **$18.66** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income | 0.36 | 0.44 | 0.24 | 0.29 | 0.23 <br> <sup>(1)</sup><br>|
| Net realized and unrealized gains (losses) | 4.05 | 0.26 | 4.58 | &nbsp;&nbsp; (1.62)<br>| 1.77 |
| Total from Investment Operations | 4.41 | 0.70 | 4.82 | &nbsp;&nbsp; (1.33)<br>| 2.00 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup>  | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>|
| From net realized gains | &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.82)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.10)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $24.79 | &nbsp;&nbsp; $21.85 | &nbsp;&nbsp; $22.41 | &nbsp;&nbsp; $17.91 | &nbsp;&nbsp; $19.56 |
| **Total Return**<sup>(3)</sup>  | **19.95%**<br>| **2.91%**<br>| **27.11%**<br>| &nbsp;&nbsp; **(6.72)%**<br>| **10.47%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $995946 | &nbsp;&nbsp; $892666 | &nbsp;&nbsp; $1289065 | &nbsp;&nbsp; $793201 | &nbsp;&nbsp; $732245 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements and <br> credits<sup>(4)</sup> <br>| 0.29 <br> %<sup>(5)</sup><br>| 0.29 <br> %<sup>(5)</sup><br>| 0.29 <br> %<sup>(5)</sup><br>| 0.29<br> %<br>| 0.29<br> %<br>|
| Expenses, before reimbursements and credits | 0.29<br> %<br>| 0.29<br> %<br>| 0.29<br> %<br>| 0.29<br> %<br>| 0.29<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of reimbursements <br> and credits<sup>(4)</sup> <br>| 1.32 <br> %<sup>(5)</sup><br>| 1.43 <br> %<sup>(5)</sup><br>| 1.62 <br> %<sup>(5)</sup><br>| 1.83<br> %<br>| 1.48<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.32<br> %<br>| 1.43<br> %<br>| 1.62<br> %<br>| 1.83<br> %<br>| 1.48<br> %<br>|
| Portfolio Turnover Rate | 7.99<br> %<br>| 13.38<br> %<br>| 15.57<br> %<br>| 19.49<br> %<br>| 8.31<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund's total* *return.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $22,000, $25,000, $34,000, $12,000 and $1,000, representing less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **37** EQUITY FUNDS

------

**Schedule of Investments** <br>

**ACTIVE M EMERGING MARKETS EQUITY FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.4%** <sup>(1)</sup> | **COMMON STOCKS – 93.4%** <sup>(1)</sup> | **COMMON STOCKS – 93.4%** <sup>(1)</sup> |
| **Argentina – 0.8%** | **Argentina – 0.8%** | **Argentina – 0.8%** |
| Grupo Financiero Galicia S.A. ADR<sup>\* †</sup>  | 33111 | **$1547** |
| **Australia – 0.7%** | **Australia – 0.7%** | **Australia – 0.7%** |
| Anglogold Ashanti PLC | 14759 | **1437** |
| **Austria – 0.3%** | **Austria – 0.3%** | **Austria – 0.3%** |
| Erste Group Bank A.G. | 6007 | **649** |
| **Brazil – 3.4%** | **Brazil – 3.4%** | **Brazil – 3.4%** |
| Azzas 2154 S.A. | 42500 | 209 |
| B3 S.A. - Brasil Bolsa Balcao\* | 36200 | 128 |
| Banco BTG Pactual S.A.\* | 67700 | 739 |
| &nbsp;&nbsp; Cia de Saneamento Basico do Estado <br> de Sao Paulo SABESP<br>| 14824 | 454 |
| &nbsp;&nbsp; Cyrela Brazil Realty S.A. <br> Empreendimentos e Participacoes<br>| 74100 | 392 |
| Embraer S.A. | 80500 | 1196 |
| NU Holdings Ltd., Class A\* | 35100 | 504 |
| Raia Drogasil S.A. ADR | 296372 | 1340 |
| TOTVS S.A.\* | 129800 | 878 |
| Vale S.A. ADR | 52789 | 840 |
|  |  | **6680** |
| **Chile – 0.5%** | **Chile – 0.5%** | **Chile – 0.5%** |
| Antofagasta PLC | 19905 | **886** |
| **China – 16.4%** | **China – 16.4%** | **China – 16.4%** |
| Alibaba Group Holding Ltd. | 106700 | 1680 |
| Alibaba Group Holding Ltd. ADR | 6423 | 806 |
| Baidu, Inc., Class A\* | 30250 | 421 |
| BYD Co. Ltd., Class H | 108702 | 1490 |
| &nbsp;&nbsp; China Construction Bank Corp., <br> Class H<br>| 2690538 | 2922 |
| China Life Insurance Co. Ltd., Class H | 401716 | 1284 |
| &nbsp;&nbsp; China Merchants Bank Co. Ltd., <br> Class H<br>| 64500 | 410 |
| &nbsp;&nbsp; China Petroleum & Chemical Corp., <br> Class H<br>| 1703626 | 979 |
| &nbsp;&nbsp; Contemporary Amperex Technology <br> Co. Ltd., Class A<br>| 39405 | 2310 |
| Haier Smart Home Co. Ltd., Class A | 245121 | 763 |
| Hansoh Pharmaceutical Group Co. Ltd. | 229998 | 1046 |
| Innovent Biologics, Inc.\* | 28500 | 313 |
| JD Health International, Inc.\* | 21300 | 130 |
| &nbsp;&nbsp; Jiangsu Hengli Hydraulic Co. Ltd., <br> Class A<br>| 29200 | 412 |
| &nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. <br> Ltd., Class H\*<br>| 16300 | 135 |
| Laopu Gold Co. Ltd., Class H | 6400 | 524 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.4%** <sup>(1)</sup>**continued**  |
| **China – 16.4%continued** | **China – 16.4%continued** | **China – 16.4%continued** |
| &nbsp;&nbsp; Leader Harmonious Drive Systems Co. <br> Ltd., Class A<br>| 7791 | $215 |
| PDD Holdings, Inc. ADR\* | 6934 | 709 |
| &nbsp;&nbsp; PICC Property & Casualty Co. Ltd., <br> Class H<br>| 367678 | 677 |
| Piotech, Inc., Class A | 7540 | 413 |
| Ruijie Networks Co. Ltd., Class A | 33800 | 381 |
| Sany Heavy Industry Co. Ltd., Class A | 231171 | 650 |
| Shangri-La Asia Ltd. | 170000 | 97 |
| &nbsp;&nbsp; Shenzhen Inovance Technology Co. <br> Ltd., Class A<br>| 116799 | 1144 |
| Sieyuan Electric Co. Ltd., Class A | 23900 | 709 |
| Tencent Holdings Ltd. | 106561 | 6727 |
| Topsports International Holdings Ltd. | 795266 | 279 |
| Weichai Power Co. Ltd., Class H | 130000 | 463 |
| WuXi AppTec Co. Ltd., Class H | 74271 | 1123 |
| Yum China Holdings, Inc. | 27895 | 1361 |
| &nbsp;&nbsp; Zhejiang China Commodities City <br> Group Co. Ltd., Class A<br>| 114400 | 216 |
| Zijin Mining Group Co. Ltd., Class A | 207771 | 1015 |
|  |  | **31804** |
| **Egypt – 0.7%** | **Egypt – 0.7%** | **Egypt – 0.7%** |
| Commercial International Bank - Egypt <br> (CIB)<br>| 618239 | **1372** |
| **Greece – 1.3%** | **Greece – 1.3%** | **Greece – 1.3%** |
| Eurobank S.A. | 214228 | 860 |
| National Bank of Greece S.A. | 113832 | 1764 |
|  |  | **2624** |
| **Guatemala – 0.1%** | **Guatemala – 0.1%** | **Guatemala – 0.1%** |
| Millicom International Cellular S.A. | 3795 | **284** |
| **Hong Kong – 0.7%** | **Hong Kong – 0.7%** | **Hong Kong – 0.7%** |
| AIA Group Ltd. | 74300 | 835 |
| Hong Kong Exchanges & Clearing Ltd. | 10400 | 527 |
|  |  | **1362** |
| **Hungary – 1.2%** | **Hungary – 1.2%** | **Hungary – 1.2%** |
| OTP Bank Nyrt. | 14266 | 1538 |
| Richter Gedeon Nyrt. | 20728 | 741 |
|  |  | **2279** |
| **India – 8.7%** | **India – 8.7%** | **India – 8.7%** |
| Bajaj Finance Ltd. | 33270 | 293 |
| Bharat Electronics Ltd. | 225576 | 975 |
| Bharti Airtel Ltd. | 27927 | 531 |
| BSE Ltd. | 13331 | 382 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **38** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.4%** <sup>(1)</sup>**continued**  |
| **India – 8.7%continued** | **India – 8.7%continued** | **India – 8.7%continued** |
| HDFC Bank Ltd. | 233657 | $1858 |
| HDFC Bank Ltd. ADR | 2270 | 57 |
| Hero MotoCorp Ltd. | 38879 | 2152 |
| Hitachi Energy India Ltd. | 1257 | 324 |
| ICICI Bank Ltd. | 108483 | 1412 |
| Indian Hotels (The) Co. Ltd. | 41461 | 251 |
| JK Cement Ltd. | 10516 | 580 |
| Larsen & Toubro Ltd. | 50319 | 1876 |
| Mahindra & Mahindra Ltd. | 19725 | 637 |
| Reliance Industries Ltd. | 15904 | 230 |
| Siemens Energy India Ltd. | 16858 | 467 |
| State Bank of India | 121280 | 1293 |
| Tata Consultancy Services Ltd. | 115040 | 2912 |
| TVS Motor Co. Ltd. | 15557 | 570 |
|  |  | **16800** |
| **Indonesia – 2.8%** | **Indonesia – 2.8%** | **Indonesia – 2.8%** |
| Astra International Tbk PT | 3688854 | 1375 |
| Bank Central Asia Tbk PT | 7698847 | 2946 |
| Telkom Indonesia Persero Tbk PT | 5993000 | 1092 |
|  |  | **5413** |
| **Japan – 0.5%** | **Japan – 0.5%** | **Japan – 0.5%** |
| Komatsu Ltd. | 25044 | **983** |
| **Macau – 0.2%** | **Macau – 0.2%** | **Macau – 0.2%** |
| Galaxy Entertainment Group Ltd. | 76000 | **343** |
| **Malaysia – 0.5%** | **Malaysia – 0.5%** | **Malaysia – 0.5%** |
| CIMB Group Holdings Bhd. | 495251 | **928** |
| **Mexico – 5.2%** | **Mexico – 5.2%** | **Mexico – 5.2%** |
| America Movil S.A.B. de C.V. ADR | 128265 | 3268 |
| &nbsp;&nbsp; Fomento Economico Mexicano S.A.B. <br> de C.V. ADR<br>| 7390 | 821 |
| &nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de <br> C.V., Class O<br>| 223571 | 2476 |
| Southern Copper Corp. | 4931 | 848 |
| Wal-Mart de Mexico S.A.B. de C.V. | 814701 | 2656 |
|  |  | **10069** |
| **Peru – 4.1%** | **Peru – 4.1%** | **Peru – 4.1%** |
| &nbsp;&nbsp; Cia de Minas Buenaventura S.A.A. <br> ADR<br>| 63653 | 2294 |
| Credicorp Ltd. | 16542 | 5611 |
|  |  | **7905** |
| **Philippines – 0.3%** | **Philippines – 0.3%** | **Philippines – 0.3%** |
| International Container Terminal <br> Services, Inc.<br>| 43280 | **496** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.4%** <sup>(1)</sup>**continued**  |
| **Saudi Arabia – 1.4%** | **Saudi Arabia – 1.4%** | **Saudi Arabia – 1.4%** |
| Al Rajhi Bank | 54146 | $1542 |
| Saudi Arabian Oil Co. | 158180 | 1153 |
|  |  | **2695** |
| **South Africa – 5.8%** | **South Africa – 5.8%** | **South Africa – 5.8%** |
| Bid Corp. Ltd. | 43590 | 1050 |
| Bidvest Group Ltd. | 125531 | 1694 |
| Capitec Bank Holdings Ltd. | 2618 | 643 |
| FirstRand Ltd. | 116328 | 595 |
| Gold Fields Ltd. | 19423 | 904 |
| Impala Platinum Holdings Ltd. | 48096 | 707 |
| MTN Group Ltd. | 125169 | 1452 |
| Standard Bank Group Ltd. | 86560 | 1569 |
| Valterra Platinum Ltd. | 29884 | 2569 |
|  |  | **11183** |
| **South Korea – 15.6%** | **South Korea – 15.6%** | **South Korea – 15.6%** |
| APR Corp. | 4149 | 930 |
| Hanwha Aerospace Co. Ltd. | 1355 | 1104 |
| HD Hyundai Electric Co. Ltd. | 1664 | 928 |
| HD Hyundai Heavy Industries Co. Ltd. | 2573 | 794 |
| Hyundai Mobis Co. Ltd. | 2525 | 649 |
| Hyundai Motor Co. | 12625 | 3763 |
| Hyundai Rotem Co. Ltd. | 6035 | 672 |
| KB Financial Group, Inc. | 9960 | 932 |
| NCSoft Corp. | 5885 | 880 |
| Samsung Biologics Co. Ltd.<sup>(2) \*</sup>  | 286 | 285 |
| Samsung Electro-Mechanics Co. Ltd. | 4063 | 1111 |
| Samsung Electronics Co. Ltd. | 131936 | 14820 |
| SK hynix, Inc. | 6160 | 3350 |
|  |  | **30218** |
| **Taiwan – 16.9%** | **Taiwan – 16.9%** | **Taiwan – 16.9%** |
| Accton Technology Corp. | 25000 | 1217 |
| ASPEED Technology, Inc. | 5530 | 1908 |
| Delta Electronics, Inc. | 59700 | 2657 |
| Eclat Textile Co. Ltd. | 44346 | 464 |
| Elite Material Co. Ltd. | 12700 | 1063 |
| eMemory Technology, Inc. | 8000 | 696 |
| Globalwafers Co. Ltd. | 89000 | 1200 |
| Hiwin Technologies Corp. | 78665 | 574 |
| Hon Hai Precision Industry Co. Ltd. | 502396 | 3023 |
| Hon Precision, Inc. | 3280 | 377 |
| MediaTek, Inc. | 44237 | 2142 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **39** EQUITY FUNDS

------

**Schedule of Investments** <br>

**ACTIVE M EMERGING MARKETS EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.4%** <sup>(1)</sup>**continued**  |
| **Taiwan – 16.9%continued** | **Taiwan – 16.9%continued** | **Taiwan – 16.9%continued** |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 286688 | $16162 |
| Yageo Corp. | 144313 | 1152 |
|  |  | **32635** |
| **Thailand – 0.2%** | **Thailand – 0.2%** | **Thailand – 0.2%** |
| Advanced Info Service PCL NVDR | 35800 | **410** |
| **Turkey – 1.3%** | **Turkey – 1.3%** | **Turkey – 1.3%** |
| &nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret <br> A.S.<br>| 120138 | 867 |
| &nbsp;&nbsp; Astor Transformator Enerji Turizm Insaat <br> Ve Petrol Sanayi Ticaret A.S.<br>| 229095 | 1023 |
| Yapi ve Kredi Bankasi A.S.\* | 717487 | 545 |
|  |  | **2435** |
| **United Arab Emirates – 2.2%** | **United Arab Emirates – 2.2%** | **United Arab Emirates – 2.2%** |
| Adnoc Gas PLC | 1220785 | 1068 |
| Emaar Properties PJSC | 1005146 | 3245 |
|  |  | **4313** |
| **United States – 1.6%** | **United States – 1.6%** | **United States – 1.6%** |
| Tenaris S.A. ADR<sup>†</sup>  | 53064 | **3087** |
| **Total Common Stocks** |  |  |
| **(Cost $129,168)** |  | **180837** |
| **PREFERRED STOCKS – 2.4%** <sup>(1)</sup> | **PREFERRED STOCKS – 2.4%** <sup>(1)</sup> | **PREFERRED STOCKS – 2.4%** <sup>(1)</sup> |
| **Brazil – 2.4%** | **Brazil – 2.4%** | **Brazil – 2.4%** |
| Banco Bradesco S.A.\* | 200000 | 741 |
| Itau Unibanco Holding S.A., 4.17%<sup>(3)</sup>  | 98430 | 826 |
| Itau Unibanco Holding S.A. ADR, <br> 3.90%<sup>(3)</sup> <br>| 360263 | 3019 |
|  |  | **4586** |
| **India – 0.0%** | **India – 0.0%** | **India – 0.0%** |
| TVS Motor Co. Ltd.\* | 40720 | **4** |
| **Total Preferred Stocks** |  |  |
| **(Cost $2,557)** |  | **4590** |
| **INVESTMENT COMPANIES – 5.4%**  | **INVESTMENT COMPANIES – 5.4%**  | **INVESTMENT COMPANIES – 5.4%**  |
| iShares Core S&P 500 ETF | 2900 | 1894 |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(4) (5) (6)</sup> <br>| 4308600 | 4308 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(4) (5)</sup> <br>| 4384541 | 4385 |
| **Total Investment Companies** |  |  |
| **(Cost $10,631)** |  | **10587** |

---

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| U.S. Treasury Bill, |  |  |
| 3.65%, 5/7/26<sup>(7) (8)</sup>  | $140 | $140 |
| **Total Short-Term Investments** |  |  |
| **(Cost $140)** |  | **140** |
| **Total Investments – 101.3%** |  |  |
| **(Cost $142,496)** |  | **196154** |
| Liabilities less Other Assets – (1.3%) |  | (2544)<br>|
| **Net Assets – 100.0%** |  | **$193610** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup>  | *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup>  | *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 March 31,* <br> *2026, the value of this security amounted to approximately $285,000 or* <br> *0.1% of net assets.*<br>|
| <sup>(3)</sup>  | *Current yield is disclosed. Dividends are calculated based on a percentage* <br> *of the issuer's net income.*<br>|
| <sup>(4)</sup>  | *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>(5)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(6)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>(7)</sup>  | *Discount rate at the time of purchase.* |
| <sup>(8)</sup>  | *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| ETF – Exchange-Traded Fund |
| MSCI – Morgan Stanley Capital International |
| NVDR – Non-Voting Depositary Receipt |
| S&P – Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **40** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; MSCI <br> Emerging <br> Markets Index <br> (United States <br> Dollar)<br>| 43 | $3127 | Long | 6/26 | $(49)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

At March 31, 2026, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Information Technology | 28.7<br> %<br>|
| Financials | 23.5 |
| Industrials | 11.0 |
| Consumer Discretionary | 8.8 |
| Communication Services | 7.9 |
| Materials | 6.2 |
| Consumer Staples | 3.6 |
| Energy | 3.3 |
| Health Care | 1.9 |
| Real Estate | 1.7 |
| Utilities | 0.2 |
| Short-Term Investments | 4.5 |
| Total Investments | 101.3 |
| Liabilities less Other Assets | (1.3)<br>|
| Net Assets | 100.0<br> %<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.

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).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2026 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Argentina | &nbsp;&nbsp; $1547 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1547 |
| Australia | &nbsp;&nbsp; 1437 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1437 |
| Brazil | &nbsp;&nbsp; 6680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6680 |
| China | &nbsp;&nbsp; 2876 | &nbsp;&nbsp; 28928 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31804 |
| Egypt | &nbsp;&nbsp; 1372 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1372 |
| Guatemala | &nbsp;&nbsp; 284 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 284 |
| India | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 16743 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16800 |
| Mexico | &nbsp;&nbsp; 10069 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10069 |
| Peru | &nbsp;&nbsp; 7905 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7905 |
| United States | &nbsp;&nbsp; 3087 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3087 |
| All Other Countries<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 99852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 99852 |
| Total Common Stocks | &nbsp;&nbsp; 35314 | &nbsp;&nbsp; 145523 | &nbsp;&nbsp; — | &nbsp;&nbsp; 180837 |
| Preferred Stocks<sup>(1)</sup>  | &nbsp;&nbsp; 4590 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4590 |
| Investment Companies | &nbsp;&nbsp; 10587 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10587 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 140 | &nbsp;&nbsp; — | &nbsp;&nbsp; 140 |
| Total Investments | &nbsp;&nbsp; $50491 | &nbsp;&nbsp; $145663 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $196154 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(49)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(49)<br>|

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $32578 | $28270 | $4308 | 4308600 | $3 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 4733 | 104161 | 104509 | 4385 | 4384541 | 212 |
| Total | $4733 | $136739 | $132779 | $8693 | 8693141 | $215 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **41** EQUITY FUNDS

------

**Schedule of Investments** <br>

**ACTIVE M INTERNATIONAL EQUITY FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup> | **COMMON STOCKS – 94.0%** <sup>(1)</sup> | **COMMON STOCKS – 94.0%** <sup>(1)</sup> |
| **Australia – 1.1%** | **Australia – 1.1%** | **Australia – 1.1%** |
| Ansell Ltd. | 16481 | $323 |
| Aristocrat Leisure Ltd. | 18127 | 576 |
| Bendigo & Adelaide Bank Ltd. | 33727 | 231 |
| Charter Hall Group | 26606 | 346 |
| Magellan Financial Group Ltd. | 53682 | 369 |
| Medibank Pvt Ltd. | 128627 | 389 |
| OceanaGold Corp. | 33826 | 1067 |
| Orica Ltd. | 31571 | 442 |
| Paladin Energy Ltd.\* | 39674 | 314 |
| Ramelius Resources Ltd. | 291963 | 775 |
| Rio Tinto Ltd. | 3708 | 417 |
| Sandfire Resources Ltd.\* | 48108 | 548 |
| Ventia Services Group Pty. Ltd. | 98098 | 356 |
| Whitehaven Coal Ltd. | 41009 | 259 |
|  |  | **6412** |
| **Austria – 0.6%** | **Austria – 0.6%** | **Austria – 0.6%** |
| ams-OSRAM A.G.\* | 17102 | 180 |
| BAWAG Group A.G.\* | 5678 | 867 |
| DO & CO A.G. | 992 | 188 |
| Erste Group Bank A.G. | 13747 | 1486 |
| Mondi PLC | 74521 | 839 |
|  |  | **3560** |
| **Belgium – 1.0%** | **Belgium – 1.0%** | **Belgium – 1.0%** |
| Ageas S.A./N.V. | 19063 | 1396 |
| Anheuser-Busch InBev S.A./N.V. | 23973 | 1663 |
| Colruyt Group N.V | 5502 | 231 |
| KBC Group N.V. | 7402 | 905 |
| Proximus S.A.DP | 37001 | 301 |
| Syensqo S.A. | 18977 | 1098 |
| Umicore S.A. | 26100 | 494 |
|  |  | **6088** |
| **Brazil – 1.3%** | **Brazil – 1.3%** | **Brazil – 1.3%** |
| Ambev S.A. | 455666 | 1341 |
| Lojas Renner S.A.\* | 242522 | 696 |
| Natura Cosmeticos S.A.\* | 392832 | 789 |
| NU Holdings Ltd., Class A\* | 212466 | 3053 |
| Telefonica Brasil S.A.\* | 142084 | 1128 |
| Ultrapar Participacoes S.A. | 122377 | 677 |
|  |  | **7684** |
| **Canada – 4.2%** | **Canada – 4.2%** | **Canada – 4.2%** |
| Algonquin Power & Utilities Corp. | 24611 | 151 |
| Aritzia, Inc.\* | 5518 | 450 |
| Atco Ltd., Class I | 5778 | 283 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **Canada – 4.2%continued** | **Canada – 4.2%continued** | **Canada – 4.2%continued** |
| Barrick Mining Corp. | 24794 | $1013 |
| Bird Construction, Inc. | 11120 | 319 |
| Boardwalk Real Estate Investment Trust | 6754 | 306 |
| Boralex, Inc., Class A | 4266 | 112 |
| Canadian Natural Resources Ltd. | 69542 | 3392 |
| Canadian Pacific Kansas City Ltd. | 22010 | 1732 |
| &nbsp;&nbsp; Canadian Pacific Kansas City Ltd. (New <br> York Exchange)<br>| 50278 | 3955 |
| Canadian Tire Corp. Ltd., Class A | 4552 | 612 |
| CES Energy Solutions Corp. | 34961 | 463 |
| Colliers International Group, Inc. | 1765 | 189 |
| DPM Metals, Inc. | 33595 | 1183 |
| Enerflex Ltd. | 26123 | 546 |
| Finning International, Inc. | 11640 | 720 |
| Gildan Activewear, Inc. | 4591 | 256 |
| Headwater Exploration, Inc. | 61940 | 572 |
| Hudbay Minerals, Inc. | 30754 | 644 |
| Kinaxis, Inc.\* | 2419 | 244 |
| Maple Leaf Foods, Inc. | 13274 | 286 |
| Methanex Corp. | 10074 | 600 |
| Northland Power, Inc. | 5029 | 85 |
| Nutrien Ltd. | 17364 | 1310 |
| Quebecor, Inc., Class B | 11397 | 484 |
| Royal Bank of Canada | 2610 | 422 |
| Shopify, Inc., Class A\* | 20439 | 2424 |
| Stantec, Inc. | 8737 | 755 |
| Toronto-Dominion Bank (The) | 7998 | 747 |
| Vermilion Energy, Inc. | 34529 | 476 |
| Whitecap Resources, Inc. | 70270 | 793 |
|  |  | **25524** |
| **China – 1.7%** | **China – 1.7%** | **China – 1.7%** |
| Alibaba Group Holding Ltd. | 17201 | 271 |
| Baidu, Inc., Class A\* | 81210 | 1129 |
| BOC Aviation Ltd. | 79500 | 789 |
| China Mengniu Dairy Co. Ltd. | 449779 | 992 |
| DiDi Global, Inc. ADR\* | 86850 | 357 |
| JD.com, Inc., Class A | 65080 | 960 |
| Nexteer Automotive Group Ltd. | 347000 | 226 |
| Tencent Holdings Ltd. | 87025 | 5494 |
|  |  | **10218** |
| **Denmark – 0.8%** | **Denmark – 0.8%** | **Denmark – 0.8%** |
| FLSmidth & Co. A/S | 4085 | 310 |
| ISS A/S | 10011 | 367 |
| Jyske Bank A/S (Registered) | 3495 | 484 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **42** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **Denmark – 0.8%continued** | **Denmark – 0.8%continued** | **Denmark – 0.8%continued** |
| Netcompany Group A/S<sup>\* †</sup>  | 5258 | $319 |
| Novo Nordisk A/S, Class B | 61035 | 2249 |
| Royal Unibrew A/S | 3965 | 324 |
| Tryg A/S | 41365 | 990 |
|  |  | **5043** |
| **Finland – 0.5%** | **Finland – 0.5%** | **Finland – 0.5%** |
| Konecranes OYJ | 19133 | 625 |
| Nokia OYJ | 184741 | 1472 |
| Nordea Bank Abp | 49272 | 845 |
| Orion OYJ, Class B | 3669 | 297 |
|  |  | **3239** |
| **France – 9.7%** | **France – 9.7%** | **France – 9.7%** |
| Alstom S.A.\* | 167262 | 4766 |
| Arkema S.A. | 11267 | 767 |
| AXA S.A. | 51747 | 2372 |
| Ayvens S.A. | 23507 | 277 |
| BNP Paribas S.A. | 59587 | 5676 |
| Capgemini S.E. | 16994 | 1986 |
| Carrefour S.A. | 70611 | 1302 |
| Cie de Saint-Gobain S.A. | 51211 | 4214 |
| Covivio S.A./France | 6118 | 366 |
| Danone S.A. | 7946 | 638 |
| Eiffage S.A. | 3509 | 539 |
| Elis S.A. | 15828 | 448 |
| Engie S.A. | 79368 | 2559 |
| Gaztransport Et Technigaz S.A. | 1271 | 296 |
| Ipsen S.A. | 2521 | 473 |
| Kering S.A. | 20050 | 6063 |
| Klepierre S.A. | 13496 | 509 |
| LVMH Moet Hennessy Louis Vuitton S.E. | 1676 | 932 |
| Orange S.A. | 131335 | 2683 |
| Renault S.A. | 31491 | 1068 |
| Safran S.A. | 16242 | 5312 |
| SCOR S.E. | 7091 | 251 |
| Societe Generale S.A. | 109272 | 7979 |
| Sodexo S.A. | 8298 | 426 |
| Sopra Steria Group | 1703 | 238 |
| SPIE S.A. | 10341 | 517 |
| TotalEnergies S.E. | 51502 | 4755 |
| Valeo S.E. | 45253 | 554 |
| Vallourec S.A.CA | 3018 | 76 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **France – 9.7%continued** | **France – 9.7%continued** | **France – 9.7%continued** |
| Vinci S.A. | 4199 | $629 |
| Virbac S.A.CA | 632 | 261 |
|  |  | **58932** |
| **Germany – 7.9%** | **Germany – 7.9%** | **Germany – 7.9%** |
| Aumovio S.E.\* | 11005 | 425 |
| BASF S.E. | 30569 | 1847 |
| Bechtle A.G. | 5390 | 182 |
| Beiersdorf A.G. | 6081 | 538 |
| Bilfinger S.E. | 3076 | 348 |
| Brenntag S.E. | 10806 | 713 |
| Continental A.G. | 10031 | 689 |
| CTS Eventim A.G. & Co. KGaA | 2846 | 163 |
| Daimler Truck Holding A.G. | 52095 | 2483 |
| Deutsche Bank A.G. (Registered) | 61501 | 1800 |
| Deutsche Boerse A.G. | 9087 | 2642 |
| Deutsche Lufthansa A.G. (Registered) | 109974 | 908 |
| Deutsche Telekom A.G. (Registered) | 69962 | 2580 |
| E.ON S.E. | 28175 | 616 |
| Evonik Industries A.G. | 51769 | 1003 |
| Freenet A.G. | 7923 | 242 |
| Fresenius S.E. & Co. KGaA | 32916 | 1686 |
| GEA Group A.G. | 4894 | 346 |
| Infineon Technologies A.G. | 62726 | 2756 |
| KION Group A.G. | 3829 | 199 |
| Mercedes-Benz Group A.G. | 8772 | 531 |
| Nordex S.E.\* | 11683 | 615 |
| Rheinmetall A.G. | 1302 | 2171 |
| SAP S.E. | 37757 | 6390 |
| Scout24 S.E. | 3782 | 290 |
| Siemens A.G. (Registered) | 1589 | 377 |
| Siemens Energy A.G. | 77136 | 12695 |
| SUSS MicroTec S.E. | 4751 | 271 |
| TAG Immobilien A.G. | 26139 | 409 |
| TUI A.G. | 44950 | 341 |
| Verbio S.E.\* | 2663 | 141 |
| Wacker Chemie A.G. | 5195 | 503 |
| Zalando S.E.\* | 41878 | 1002 |
|  |  | **47902** |
| **Greece – 0.1%** | **Greece – 0.1%** | **Greece – 0.1%** |
| Eurobank S.A. | 169400 | 680 |
| National Bank of Greece S.A. | 4381 | 68 |
|  |  | **748** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **43** EQUITY FUNDS

------

**Schedule of Investments** <br>

**ACTIVE M INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **Guatemala – 0.1%** | **Guatemala – 0.1%** | **Guatemala – 0.1%** |
| Millicom International Cellular S.A. | 9017 | **$676** |
| **Hong Kong – 1.2%** | **Hong Kong – 1.2%** | **Hong Kong – 1.2%** |
| AIA Group Ltd. | 67600 | 759 |
| ASMPT Ltd. | 47196 | 616 |
| CK Asset Holdings Ltd. | 176324 | 1007 |
| HKT Trust & HKT Ltd. | 483000 | 753 |
| Prudential PLC | 274393 | 3827 |
| Yue Yuen Industrial Holdings Ltd. | 251340 | 491 |
|  |  | **7453** |
| **India – 0.5%** | **India – 0.5%** | **India – 0.5%** |
| Canara Bank | 377117 | 509 |
| ICICI Bank Ltd. ADR | 102724 | 2661 |
|  |  | **3170** |
| **Indonesia – 0.2%** | **Indonesia – 0.2%** | **Indonesia – 0.2%** |
| Bank Mandiri Persero Tbk PT | 1056100 | 296 |
| Bank Negara Indonesia Persero Tbk PT | 3630010 | 809 |
|  |  | **1105** |
| **Ireland – 0.9%** | **Ireland – 0.9%** | **Ireland – 0.9%** |
| AIB Group PLC | 123148 | 1253 |
| AIB Group PLC (Irish Stock Exchange) | 451 | 5 |
| AIB Group PLC (London Exchange) | 139802 | 1469 |
| Bank of Ireland Group PLC | 97373 | 1742 |
| Cairn Homes PLC | 128106 | 313 |
| Glanbia PLC | 23839 | 469 |
| Kerry Group PLC, Class A | 5454 | 432 |
|  |  | **5683** |
| **Israel – 0.7%** | **Israel – 0.7%** | **Israel – 0.7%** |
| Bank Leumi Le-Israel B.M. | 20724 | 462 |
| Nice Ltd.\* | 2990 | 330 |
| Phoenix Financial Ltd. | 9239 | 491 |
| Teva Pharmaceutical Industries Ltd. <br> ADR\*<br>| 108210 | 3259 |
|  |  | **4542** |
| **Italy – 2.8%** | **Italy – 2.8%** | **Italy – 2.8%** |
| Azimut Holding S.p.A. | 11272 | 428 |
| Banca Generali S.p.A. | 4966 | 296 |
| BPER Banca S.p.A. | 100704 | 1315 |
| De' Longhi S.p.A. | 7753 | 274 |
| Enel S.p.A. | 195013 | 2123 |
| Eni S.p.A. | 77594 | 2203 |
| Generali | 16752 | 676 |
| Iren S.p.A. | 112946 | 322 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **Italy – 2.8%continued** | **Italy – 2.8%continued** | **Italy – 2.8%continued** |
| Lottomatica Group S.p.A. | 41237 | $1190 |
| Maire S.p.A. | 18535 | 289 |
| Prysmian S.p.A. | 8177 | 956 |
| Reply S.p.A. | 2277 | 212 |
| Ryanair Holdings PLC | 19630 | 556 |
| UniCredit S.p.A. | 89018 | 6415 |
|  |  | **17255** |
| **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** |
| Endeavour Mining PLC | 12942 | **776** |
| **Japan – 12.5%** | **Japan – 12.5%** | **Japan – 12.5%** |
| Alfresa Holdings Corp. | 25713 | 414 |
| Amada Co. Ltd. | 27600 | 383 |
| Anritsu Corp. | 19600 | 352 |
| Azbil Corp. | 27200 | 235 |
| BIPROGY, Inc. | 22900 | 675 |
| Chiba Bank (The) Ltd. | 116870 | 1506 |
| Chugai Pharmaceutical Co. Ltd. | 11700 | 647 |
| CKD Corp. | 3000 | 81 |
| Credit Saison Co. Ltd. | 18100 | 469 |
| CyberAgent, Inc. | 28500 | 242 |
| Daicel Corp. | 26000 | 203 |
| Daiichi Life Group, Inc. | 45806 | 419 |
| Dentsu Group, Inc.\* | 42530 | 730 |
| Ebara Corp. | 8500 | 240 |
| Eisai Co. Ltd. | 27006 | 839 |
| ENEOS Holdings, Inc. | 26000 | 232 |
| FANUC Corp. | 64500 | 2247 |
| Food & Life Cos. Ltd. | 6000 | 355 |
| Fuji Corp. | 12700 | 387 |
| GS Yuasa Corp. | 14500 | 498 |
| Hakuhodo DY Holdings, Inc. | 47000 | 306 |
| Hino Motors Ltd.\* | 67504 | 165 |
| Hitachi Ltd. | 18500 | 541 |
| Honda Motor Co. Ltd. | 190272 | 1540 |
| Horiba Ltd. | 5890 | 687 |
| Ibiden Co. Ltd. | 11600 | 569 |
| INFRONEER Holdings, Inc. | 31800 | 443 |
| Isuzu Motors Ltd. | 10011 | 144 |
| Japan Airlines Co. Ltd. | 47473 | 772 |
| Japan Hotel REIT Investment Corp. | 511 | 242 |
| Japan Post Insurance Co. Ltd. | 145590 | 1471 |
| JGC Holdings Corp. | 45950 | 679 |
| Kandenko Co. Ltd. | 15400 | 586 |
| Kaneka Corp. | 5500 | 168 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **44** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **Japan – 12.5%continued** | **Japan – 12.5%continued** | **Japan – 12.5%continued** |
| KDDI Corp. | 85200 | $1459 |
| Kinden Corp. | 8800 | 397 |
| Koito Manufacturing Co. Ltd. | 64260 | 998 |
| Kubota Corp. | 102740 | 1621 |
| Kuraray Co. Ltd. | 32950 | 347 |
| Kyushu Electric Power Co., Inc. | 27600 | 318 |
| Lion Corp. | 21900 | 229 |
| Mebuki Financial Group, Inc. | 90400 | 696 |
| Meidensha Corp. | 6000 | 294 |
| Mitsubishi Estate Co. Ltd. | 42586 | 1178 |
| Mitsubishi Gas Chemical Co., Inc. | 21100 | 493 |
| Mitsubishi Heavy Industries Ltd. | 83588 | 2280 |
| Mitsubishi UFJ Financial Group, Inc. | 54900 | 928 |
| Mitsui E&S Co. Ltd. | 8500 | 309 |
| Mitsui Fudosan Co. Ltd. | 79200 | 838 |
| Mitsui Kinzoku Co. Ltd. | 5000 | 938 |
| Morinaga Milk Industry Co. Ltd. | 9900 | 298 |
| Nextage Co. Ltd. | 11500 | 232 |
| NHK Spring Co. Ltd. | 22000 | 349 |
| Nikon Corp. | 33866 | 410 |
| Nintendo Co. Ltd. | 50596 | 2887 |
| Nippon Electric Glass Co. Ltd. | 9500 | 367 |
| Nippon Shinyaku Co. Ltd. | 7300 | 238 |
| Nippon Television Holdings, Inc. | 18192 | 366 |
| Nissan Chemical Corp. | 8900 | 341 |
| Nissan Motor Co. Ltd.\* | 229518 | 487 |
| Nissui Corp. | 47500 | 405 |
| Nitto Boseki Co. Ltd.<sup>†</sup>  | 6200 | 768 |
| Obic Co. Ltd. | 23000 | 560 |
| Open House Group Co. Ltd. | 20200 | 1294 |
| PAL GROUP Holdings Co. Ltd. | 16300 | 150 |
| Persol Holdings Co. Ltd. | 582310 | 852 |
| Renesas Electronics Corp. | 308100 | 4375 |
| Resona Holdings, Inc. | 155547 | 1731 |
| Resorttrust, Inc. | 22800 | 251 |
| Rinnai Corp. | 22098 | 514 |
| Rohm Co. Ltd. | 65928 | 1285 |
| RTL Group S.A.<sup>†</sup>  | 7959 | 335 |
| Sankyu, Inc. | 4300 | 239 |
| Santen Pharmaceutical Co. Ltd. | 23000 | 261 |
| Sanwa Holdings Corp. | 16700 | 380 |
| Sawai Group Holdings Co. Ltd. | 18700 | 264 |
| Sega Sammy Holdings, Inc. | 31290 | 482 |
| Seria Co. Ltd. | 10400 | 249 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **Japan – 12.5%continued** | **Japan – 12.5%continued** | **Japan – 12.5%continued** |
| SMC Corp. | 8000 | $3129 |
| Sompo Holdings, Inc. | 53900 | 2106 |
| Sony Group Corp. | 39100 | 806 |
| Stanley Electric Co. Ltd. | 26079 | 474 |
| Subaru Corp. | 46112 | 737 |
| Sugi Holdings Co. Ltd. | 11100 | 245 |
| Sumitomo Bakelite Co. Ltd. | 7600 | 236 |
| Sumitomo Heavy Industries Ltd. | 15683 | 479 |
| Sumitomo Mitsui Financial Group, Inc. | 59600 | 1965 |
| Sumitomo Mitsui Trust Group, Inc. | 57374 | 1826 |
| SWCC Corp. | 5300 | 424 |
| Sysmex Corp. | 65210 | 568 |
| T&D Holdings, Inc. | 90741 | 2306 |
| Taiheiyo Cement Corp. | 20091 | 449 |
| Takeda Pharmaceutical Co. Ltd. | 46292 | 1708 |
| THK Co. Ltd. | 14936 | 445 |
| Tokyo Ohka Kogyo Co. Ltd. | 12500 | 610 |
| Tokyo Seimitsu Co. Ltd. | 5300 | 464 |
| Tokyo Tatemono Co. Ltd. | 14800 | 340 |
| Tokyu Fudosan Holdings Corp. | 43200 | 367 |
| Toyo Suisan Kaisha Ltd. | 14400 | 1005 |
| Toyo Tire Corp. | 10200 | 235 |
| Toyoda Gosei Co. Ltd. | 11700 | 305 |
| Tsumura & Co. | 10100 | 240 |
| Tsuruha Holdings, Inc. | 39785 | 628 |
| UACJ Corp. | 2700 | 39 |
| Yamaguchi Financial Group, Inc. | 31000 | 479 |
| Yamato Holdings Co. Ltd. | 50940 | 563 |
|  |  | **76338** |
| **Mexico – 0.3%** | **Mexico – 0.3%** | **Mexico – 0.3%** |
| America Movil S.A.B. de C.V., Class B | 1453222 | **1848** |
| **Netherlands – 5.7%** | **Netherlands – 5.7%** | **Netherlands – 5.7%** |
| ABN AMRO Bank N.V. - C.V.A. | 67083 | 2146 |
| Adyen N.V.\* | 2249 | 2250 |
| Akzo Nobel N.V. | 9182 | 527 |
| ArcelorMittal S.A. | 9807 | 511 |
| ASM International N.V. | 3199 | 2437 |
| ASML Holding N.V. | 872 | 1154 |
| ASML Holding N.V. (Registered) | 4440 | 5864 |
| ASR Nederland N.V. | 6213 | 428 |
| BE Semiconductor Industries N.V. | 2288 | 483 |
| Euronext N.V. | 10482 | 1687 |
| Heineken N.V. | 46934 | 3612 |
| ING Groep N.V. | 140341 | 3667 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **45** EQUITY FUNDS

------

**Schedule of Investments** <br>

**ACTIVE M INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **Netherlands – 5.7%continued** | **Netherlands – 5.7%continued** | **Netherlands – 5.7%continued** |
| Koninklijke Ahold Delhaize N.V. | 7788 | $364 |
| Koninklijke Heijmans N.V. - CVA | 3042 | 275 |
| Koninklijke KPN N.V. | 118349 | 658 |
| Koninklijke Philips N.V. | 168398 | 4612 |
| NN Group N.V. | 36229 | 2834 |
| Randstad N.V. | 20551 | 540 |
| SBM Offshore N.V. | 8681 | 345 |
| Wolters Kluwer N.V. | 3567 | 267 |
|  |  | **34661** |
| **Norway – 0.1%** | **Norway – 0.1%** | **Norway – 0.1%** |
| Kitron ASA | 26427 | 258 |
| Salmar ASA | 3753 | 219 |
|  |  | **477** |
| **Pakistan – 0.0%** | **Pakistan – 0.0%** | **Pakistan – 0.0%** |
| VEON Ltd. ADR\* | 4814 | **223** |
| **Russia – 0.0%** | **Russia – 0.0%** | **Russia – 0.0%** |
| Gazprom PJSC ADR<sup>(2) (3) \*</sup>  | 54380 |  |
| LUKOIL PJSC ADR<sup>(2) (3) \*</sup>  | 4766 |  |
| Mobile TeleSystems PJSC ADR<sup>(2) (3) \*</sup>  | 64508 |  |
| Sberbank of Russia PJSC<sup>(2) (3) \*</sup>  | 186456 |  |
|  |  | **—** |
| **Singapore – 1.8%** | **Singapore – 1.8%** | **Singapore – 1.8%** |
| iFAST Corp. Ltd. | 42900 | 302 |
| Keppel DC REIT | 170900 | 291 |
| Oversea-Chinese Banking Corp. Ltd. | 64800 | 1116 |
| SATS Ltd. | 89300 | 246 |
| Sea Ltd. ADR\* | 77913 | 6452 |
| Sheng Siong Group Ltd. | 114400 | 252 |
| Singapore Exchange Ltd. | 37200 | 571 |
| United Overseas Bank Ltd. | 46900 | 1349 |
| UOL Group Ltd. | 52800 | 402 |
|  |  | **10981** |
| **South Africa – 0.7%** | **South Africa – 0.7%** | **South Africa – 0.7%** |
| Anglo American PLC | 29386 | 1248 |
| MTN Group Ltd. | 137781 | 1599 |
| Old Mutual Ltd. | 985033 | 812 |
| Scatec ASA\* | 24014 | 325 |
|  |  | **3984** |
| **South Korea – 3.5%** | **South Korea – 3.5%** | **South Korea – 3.5%** |
| Classys, Inc. | 9635 | 323 |
| Coway Co. Ltd. | 4481 | 214 |
| Daewoong Pharmaceutical Co. Ltd. | 2044 | 215 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **South Korea – 3.5%continued** | **South Korea – 3.5%continued** | **South Korea – 3.5%continued** |
| Han Kuk Carbon Co. Ltd.\* | 11065 | $283 |
| Hankook Tire & Technology Co. Ltd. | 9302 | 332 |
| Hanwha Corp. | 3540 | 251 |
| HD-Hyundai Marine Engine\* | 6065 | 276 |
| Hyosung Heavy Industries Corp. | 173 | 284 |
| Hyundai Mobis Co. Ltd. | 3118 | 802 |
| Iljin Electric Co. Ltd. | 6360 | 296 |
| IsuPetasys Co. Ltd. | 6797 | 454 |
| JB Financial Group Co. Ltd. | 18187 | 355 |
| KB Financial Group, Inc. | 12655 | 1184 |
| KIWOOM Securities Co. Ltd. | 1507 | 416 |
| KT Corp. ADR | 55310 | 1186 |
| KT&G Corp. | 3144 | 329 |
| LEENO Industrial, Inc. | 8028 | 506 |
| LG Electronics, Inc. | 3599 | 258 |
| LG H&H Co. Ltd. | 1255 | 204 |
| LG Innotek Co. Ltd. | 1561 | 306 |
| Netmarble Corp. | 8822 | 288 |
| Poongsan Corp. | 5583 | 318 |
| Samsung E&A Co. Ltd. | 16690 | 394 |
| Samsung Electronics Co. Ltd. | 34397 | 3864 |
| &nbsp;&nbsp; Samsung Fire & Marine Insurance Co. <br> Ltd.<br>| 1867 | 541 |
| Sanil Electric Co. Ltd. | 2990 | 270 |
| Shinhan Financial Group Co. Ltd. | 39103 | 2255 |
| Silicon2 Co. Ltd. | 10997 | 280 |
| SK hynix, Inc. | 4977 | 2707 |
| SK Telecom Co. Ltd. | 33914 | 1735 |
| WONIK IPS Co. Ltd. | 3336 | 241 |
| Youngone Corp. | 121 | 6 |
|  |  | **21373** |
| **Spain – 0.7%** | **Spain – 0.7%** | **Spain – 0.7%** |
| Amadeus IT Group S.A. | 7258 | 412 |
| ATALAYA MINING COPPER S.A. | 33851 | 320 |
| Bankinter S.A. | 47938 | 755 |
| Indra Sistemas S.A.<sup>†</sup>  | 13955 | 769 |
| Industria de Diseno Textil S.A. | 15148 | 871 |
| Logista Integral S.A. | 6950 | 261 |
| Mapfre S.A. | 114322 | 512 |
| Merlin Properties Socimi S.A. | 32442 | 528 |
|  |  | **4428** |
| **Sweden – 1.1%** | **Sweden – 1.1%** | **Sweden – 1.1%** |
| Avanza Bank Holding AB | 12678 | 490 |
| Bravida Holding AB | 25267 | 266 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **46** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **Sweden – 1.1%continued** | **Sweden – 1.1%continued** | **Sweden – 1.1%continued** |
| Hexagon AB, Class B | 188096 | $1830 |
| NCC AB, Class B | 12611 | 280 |
| SKF AB, Class B | 52509 | 1254 |
| Storskogen Group AB, Class B | 202769 | 190 |
| Tele2 AB, Class B | 21627 | 444 |
| &nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, <br> Class B<br>| 120917 | 1370 |
| Wihlborgs Fastigheter AB | 29351 | 269 |
|  |  | **6393** |
| **Switzerland – 2.1%** | **Switzerland – 2.1%** | **Switzerland – 2.1%** |
| ABB Ltd. (Registered) | 10815 | 880 |
| Accelleron Industries A.G. | 5903 | 533 |
| Adecco Group A.G. (Registered) | 34570 | 837 |
| Avolta A.G.\* | 5708 | 342 |
| DKSH Holding A.G. | 3927 | 288 |
| EFG International A.G.\* | 10854 | 231 |
| Galenica A.G. | 6304 | 720 |
| PSP Swiss Property A.G. (Registered) | 3038 | 605 |
| Siegfried Holding A.G. (Registered)\* | 2295 | 217 |
| Sportradar Group A.G., Class A<sup>\* †</sup>  | 11546 | 193 |
| Sulzer A.G. (Registered) | 2762 | 578 |
| Swatch Group (The) A.G. (Bearer) | 5157 | 1146 |
| &nbsp;&nbsp; Swissquote Group Holding S.A. <br> (Registered)<br>| 1301 | 641 |
| Temenos A.G. (Registered) | 4881 | 421 |
| UBS Group A.G. (Registered) | 127128 | 4945 |
| Ypsomed Holding A.G. (Registered)<sup>†</sup>  | 404 | 140 |
|  |  | **12717** |
| **Taiwan – 1.9%** | **Taiwan – 1.9%** | **Taiwan – 1.9%** |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 180984 | 10203 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. ADR<br>| 4282 | 1447 |
|  |  | **11650** |
| **Thailand – 0.4%** | **Thailand – 0.4%** | **Thailand – 0.4%** |
| Bangkok Bank PCL (Registered) | 133301 | 673 |
| Kasikornbank PCL (Registered) | 167381 | 969 |
| Kasikornbank PCL NVDR | 156145 | 913 |
|  |  | **2555** |
| **Turkey – 0.0%** | **Turkey – 0.0%** | **Turkey – 0.0%** |
| Coca-Cola Icecek A.S. | 75605 | **121** |
| **United Kingdom – 16.3%** | **United Kingdom – 16.3%** | **United Kingdom – 16.3%** |
| 3i Group PLC | 89531 | 2934 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 16.3%continued** | **United Kingdom – 16.3%continued** | **United Kingdom – 16.3%continued** |
| AstraZeneca PLC | 45200 | $8828 |
| Autotrader Group PLC | 48304 | 302 |
| Babcock International Group PLC | 33612 | 518 |
| BAE Systems PLC | 299180 | 8709 |
| Balfour Beatty PLC | 52445 | 525 |
| Barclays PLC | 683559 | 3602 |
| Barratt Redrow PLC | 138895 | 486 |
| Berkeley Group Holdings PLC | 22950 | 1052 |
| British American Tobacco PLC | 152972 | 8911 |
| British Land (The) Co. PLC | 197090 | 942 |
| BT Group PLC | 589049 | 1651 |
| Bunzl PLC | 13540 | 406 |
| Burberry Group PLC\* | 49299 | 721 |
| CK Hutchison Holdings Ltd. | 142654 | 1096 |
| Compass Group PLC | 25715 | 714 |
| Computacenter PLC | 8083 | 321 |
| Convatec Group PLC | 100160 | 288 |
| Cranswick PLC | 4925 | 343 |
| Currys PLC | 239345 | 398 |
| DCC PLC<sup>†</sup>  | 16752 | 1032 |
| Diageo PLC | 166066 | 3085 |
| Drax Group PLC | 36393 | 430 |
| easyJet PLC | 273461 | 1268 |
| Entain PLC | 29437 | 222 |
| Games Workshop Group PLC | 1369 | 323 |
| Genus PLC | 6744 | 214 |
| Harbour Energy PLC | 115218 | 456 |
| Hikma Pharmaceuticals PLC | 32437 | 544 |
| Howden Joinery Group PLC | 22749 | 242 |
| ICG PLC | 11041 | 225 |
| IG Group Holdings PLC | 41664 | 786 |
| IMI PLC | 9235 | 315 |
| Inchcape PLC | 30008 | 297 |
| Informa PLC | 60556 | 604 |
| Investec PLC | 38129 | 293 |
| J Sainsbury PLC | 124708 | 560 |
| Kingfisher PLC | 227868 | 865 |
| Lancashire Holdings Ltd. | 40373 | 315 |
| Land Securities Group PLC | 99162 | 736 |
| Lloyds Banking Group PLC | 1879103 | 2322 |
| London Stock Exchange Group PLC | 3113 | 368 |
| LondonMetric Property PLC | 135266 | 326 |
| Marex Group PLC | 9375 | 418 |
| Melrose Industries PLC | 164483 | 1108 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **47** EQUITY FUNDS

------

**Schedule of Investments** <br>

**ACTIVE M INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 16.3%continued** | **United Kingdom – 16.3%continued** | **United Kingdom – 16.3%continued** |
| Mitie Group PLC | 109274 | $248 |
| National Grid PLC | 174429 | 2941 |
| NatWest Group PLC | 330232 | 2450 |
| OSB Group PLC | 42890 | 297 |
| Pearson PLC | 50961 | 669 |
| Reckitt Benckiser Group PLC | 75502 | 5124 |
| RELX PLC | 24994 | 824 |
| RELX PLC | 95816 | 3178 |
| Rolls-Royce Holdings PLC | 691240 | 10556 |
| Segro PLC | 142946 | 1243 |
| Serco Group PLC | 61542 | 233 |
| Smith & Nephew PLC | 82137 | 1297 |
| Smiths Group PLC | 33563 | 1022 |
| Softcat PLC | 11152 | 181 |
| SSE PLC | 11489 | 397 |
| St. James's Place PLC | 25785 | 406 |
| Standard Chartered PLC | 216492 | 4496 |
| Tate & Lyle PLC | 83851 | 402 |
| Tesco PLC | 183471 | 1157 |
| Trainline PLC\* | 72928 | 219 |
| Tritax Big Box REIT PLC | 139014 | 262 |
| UNITE Group (The) PLC | 77802 | 469 |
| Watches of Switzerland Group PLC\* | 43535 | 258 |
| Weir Group (The) PLC | 19963 | 747 |
| WPP PLC | 153725 | 476 |
|  |  | **99653** |
| **United States – 11.5%** | **United States – 11.5%** | **United States – 11.5%** |
| Aon PLC, Class A | 6107 | 1971 |
| Arch Capital Group Ltd.\* | 39459 | 3788 |
| BP PLC | 586108 | 4620 |
| BRP, Inc. | 4929 | 354 |
| Buzzi S.p.A. | 10498 | 530 |
| Carnival Corp. | 102981 | 2665 |
| Experian PLC | 50450 | 1754 |
| Ferguson Enterprises, Inc. | 13780 | 3214 |
| GSK PLC | 150901 | 4138 |
| Haleon PLC | 41804 | 207 |
| IMAX Corp.\* | 13382 | 509 |
| &nbsp;&nbsp; Kiniksa Pharmaceuticals International <br> PLC\*<br>| 6308 | 304 |
| Linde PLC | 6038 | 2993 |
| Medtronic PLC | 35553 | 3081 |
| Novartis A.G. (Registered) | 29306 | 4450 |
| Philip Morris International, Inc. | 37894 | 6265 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.0%** <sup>(1)</sup>**continued**  |
| **United States – 11.5%continued** | **United States – 11.5%continued** | **United States – 11.5%continued** |
| QIAGEN N.V. | 6600 | $264 |
| Roche Holding A.G. | 10350 | 4087 |
| Sanofi S.A. | 57343 | 5531 |
| Schneider Electric S.E. | 4295 | 1180 |
| Seagate Technology Holdings PLC | 13181 | 5164 |
| Shell PLC | 119327 | 5572 |
| Smurfit Westrock PLC | 42464 | 1692 |
| Spotify Technology S.A.\* | 7278 | 3529 |
| Waste Connections, Inc. | 12359 | 2008 |
|  |  | **69870** |
| **Total Common Stocks** |  |  |
| **(Cost $440,670)** |  | **573282** |
| **PREFERRED STOCKS – 0.7%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.7%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.7%** <sup>(1)</sup> |
| **Brazil – 0.3%** | **Brazil – 0.3%** | **Brazil – 0.3%** |
| Banco Bradesco S.A. ADR\* | 561889 | **2051** |
| **Germany – 0.4%** | **Germany – 0.4%** | **Germany – 0.4%** |
| Henkel A.G. & Co. KGaA, 3.13%<sup>(4)</sup>  | 12527 | 962 |
| Volkswagen A.G., 6.09%<sup>(4)</sup>  | 14055 | 1408 |
|  |  | **2370** |
| **Total Preferred Stocks** |  |  |
| **(Cost $3,999)** |  | **4421** |
| **INVESTMENT COMPANIES – 3.1%**  | **INVESTMENT COMPANIES – 3.1%**  | **INVESTMENT COMPANIES – 3.1%**  |
| iShares Core MSCI EAFE ETF | 3840 | 348 |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(5) (6) (7)</sup> <br>| 30046 | 30 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(5) (6)</sup> <br>| 18855545 | 18856 |
| **Total Investment Companies** |  |  |
| **(Cost $19,240)** |  | **19234** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **48** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| U.S. Treasury Bill, |  |  |
| 3.65%, 5/7/26<sup>(8) (9)</sup>  | $392 | $392 |
| **Total Short-Term Investments** |  |  |
| **(Cost $392)** |  | **392** |
| **Total Investments – 97.9%** |  |  |
| **(Cost $464,301)** |  | **597329** |
| Other Assets less Liabilities – 2.1% |  | 12767 |
| **Net Assets – 100.0%** |  | **$610096** |

---

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Restricted security. At March 31, 2026, the value of these restricted securities* *amounted to $0 or 0.0% of net assets. Additional information on these* *restricted securities are as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| Gazprom PJSC ADR | 9/27/17-12/29/21 | &nbsp;&nbsp; $242 |
| LUKOIL PJSC ADR | 9/27/17-2/9/22 | &nbsp;&nbsp; 254 |
| Mobile TeleSystems PJSC ADR | 1/28/22-2/11/22 | &nbsp;&nbsp; 498 |
| Sberbank of Russia PJSC | 1/3/19-11/25/20 | &nbsp;&nbsp; 625 |

---

---

| | |
|:---|:---|
| <sup>(3)</sup>  | *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(4)</sup>  | *Current yield is disclosed. Dividends are calculated based on a percentage* <br> *of the issuer's net income.*<br>|
| <sup>(5)</sup>  | *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>(6)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(7)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>(8)</sup>  | *Discount rate at the time of purchase.* |
| <sup>(9)</sup>  | *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| EAFE – Europe, Australasia and the Far East |
| ETF – Exchange-Traded Fund |
| MSCI – Morgan Stanley Capital International |

---

NVDR – Non-Voting Depositary Receipt<br>

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 109 | $15811 | Long | 6/26 | $266 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

At March 31, 2026, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Financials | 21.6<br> %<br>|
| Industrials | 19.1 |
| Information Technology | 10.8 |
| Consumer Discretionary | 8.3 |
| Health Care | 8.3 |
| Consumer Staples | 7.2 |
| Communication Services | 6.1 |
| Materials | 4.8 |
| Energy | 4.4 |
| Real Estate | 2.3 |
| Utilities | 1.8 |
| Short-Term Investments | 3.2 |
| Total Investments | 97.9 |
| Other Assets less Liabilities | 2.1 |
| Net Assets | 100.0<br> %<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.

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).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2026 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **49** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ACTIVE M INTERNATIONAL EQUITY FUND continued**  | **March 31, 2026**  |

---

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Australia | &nbsp;&nbsp; $1067 | &nbsp;&nbsp; $5345 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6412 |
| Brazil | &nbsp;&nbsp; 7684 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7684 |
| Canada | &nbsp;&nbsp; 25524 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25524 |
| China | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 9861 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10218 |
| France | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 58856 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58932 |
| Guatemala | &nbsp;&nbsp; 676 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 676 |
| India | &nbsp;&nbsp; 2661 | &nbsp;&nbsp; 509 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3170 |
| Israel | &nbsp;&nbsp; 3259 | &nbsp;&nbsp; 1283 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4542 |
| Ivory Coast | &nbsp;&nbsp; 776 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 776 |
| Japan | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 76218 | &nbsp;&nbsp; — | &nbsp;&nbsp; 76338 |
| Mexico | &nbsp;&nbsp; 1848 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1848 |
| Netherlands | &nbsp;&nbsp; 5864 | &nbsp;&nbsp; 28797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34661 |
| Pakistan | &nbsp;&nbsp; 223 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 223 |
| Singapore | &nbsp;&nbsp; 6452 | &nbsp;&nbsp; 4529 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10981 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| South Korea | &nbsp;&nbsp; $1186 | &nbsp;&nbsp; $20187 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21373 |
| Switzerland | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 12524 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12717 |
| Taiwan | &nbsp;&nbsp; 1447 | &nbsp;&nbsp; 10203 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11650 |
| United Kingdom | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 99235 | &nbsp;&nbsp; — | &nbsp;&nbsp; 99653 |
| United States | &nbsp;&nbsp; 37537 | &nbsp;&nbsp; 32333 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69870 |
| All Other Countries<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 116034 | &nbsp;&nbsp; — | &nbsp;&nbsp; 116034 |
| Total Common Stocks | &nbsp;&nbsp; 97368 | &nbsp;&nbsp; 475914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 573282 |
| Preferred Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; 2051 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2051 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 2370 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2370 |
| Total Preferred Stocks | &nbsp;&nbsp; 2051 | &nbsp;&nbsp; 2370 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4421 |
| Investment Companies | &nbsp;&nbsp; 19234 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19234 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 392 | &nbsp;&nbsp; — | &nbsp;&nbsp; 392 |
| Total Investments | &nbsp;&nbsp; $118653 | &nbsp;&nbsp; $478676 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $597329 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $266 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $266 |

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $9098 | $9068 | $30 | 30046 | $4 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 17420 | 258098 | 256662 | 18856 | 18855545 | 838 |
| Total | $17420 | $267196 | $265730 | $18886 | 18885591 | $842 |

---

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

*See Notes to the Financial Statements.* 

EQUITY FUNDS **50** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **EMERGING MARKETS EQUITY INDEX FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup> | **COMMON STOCKS – 95.9%** <sup>(1)</sup> | **COMMON STOCKS – 95.9%** <sup>(1)</sup> |
| **Australia – 0.5%** | **Australia – 0.5%** | **Australia – 0.5%** |
| Anglogold Ashanti PLC | 121330 | **$12174** |
| **Brazil – 3.6%** | **Brazil – 3.6%** | **Brazil – 3.6%** |
| Ambev S.A. | 1157160 | 3407 |
| Axia Energia | 290300 | 3280 |
| B3 S.A. - Brasil Bolsa Balcao\* | 1262595 | 4485 |
| Banco Bradesco S.A.\* | 382777 | 1237 |
| Banco BTG Pactual S.A.\* | 286900 | 3133 |
| Banco do Brasil S.A.\* | 403188 | 1795 |
| BB Seguridade Participacoes S.A. | 168101 | 1131 |
| Caixa Seguridade Participacoes S/A | 132200 | 465 |
| &nbsp;&nbsp; Cia de Saneamento Basico do Estado <br> de Sao Paulo SABESP<br>| 119497 | 3660 |
| Cia Paranaense de Energia - Copel | 491000 | 1464 |
| CPFL Energia S.A. | 50400 | 474 |
| Embraer S.A. | 168100 | 2497 |
| Energisa S/A | 69630 | 705 |
| Eneva S.A.\* | 248200 | 1176 |
| Engie Brasil Energia S.A. | 68945 | 437 |
| Equatorial S.A. | 282355 | 2230 |
| Klabin S.A. | 205711 | 779 |
| Localiza Rent a Car S.A.\* | 220984 | 2007 |
| MBRF Global Foods Co. S.A. | 149646 | 624 |
| &nbsp;&nbsp; Motiva Infraestrutura de Mobilidade <br> S.A.<br>| 227500 | 696 |
| NU Holdings Ltd., Class A\* | 816884 | 11739 |
| Petroleo Brasileiro S.A. - Petrobras | 899534 | 9326 |
| Porto Seguro S.A. | 48400 | 471 |
| PRIO S.A.\* | 202000 | 2585 |
| Raia Drogasil S.A. ADR | 306028 | 1384 |
| Rede D'Or Sao Luiz S.A. | 190600 | 1432 |
| Rumo S.A. | 314694 | 992 |
| StoneCo Ltd., Class A\* | 52043 | 735 |
| Suzano S.A. | 162785 | 1631 |
| Telefonica Brasil S.A.\* | 190780 | 1514 |
| TIM S.A. | 194300 | 1029 |
| TOTVS S.A.\* | 133955 | 906 |
| Ultrapar Participacoes S.A. | 172948 | 957 |
| Vale S.A. | 876013 | 13947 |
| Vibra Energia S.A. | 255565 | 1555 |
| WEG S.A. | 402248 | 3954 |
| XP, Inc., Class A | 93745 | 1785 |
|  |  | **91624** |
| **Chile – 0.4%** | **Chile – 0.4%** | **Chile – 0.4%** |
| Banco de Chile | 10987798 | 1994 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **Chile – 0.4%continued** | **Chile – 0.4%continued** | **Chile – 0.4%continued** |
| Banco de Credito e Inversiones S.A. | 20743 | $1344 |
| Banco Santander Chile | 15654755 | 1296 |
| Cencosud S.A. | 300669 | 821 |
| Empresas CMPC S.A. | 269342 | 366 |
| Empresas Copec S.A. | 88176 | 609 |
| Enel Chile S.A. | 7355840 | 568 |
| Falabella S.A. | 144329 | 883 |
| Latam Airlines Group S.A. | 78115494 | 1924 |
| Plaza S.A. | 182002 | 775 |
|  |  | **10580** |
| **China – 24.7%** | **China – 24.7%** | **China – 24.7%** |
| 360 Security Technology, Inc., Class A | 89800 | 141 |
| &nbsp;&nbsp; 37 Interactive Entertainment Network <br> Technology Group Co. Ltd., Class A<br>| 41800 | 132 |
| 3SBio, Inc.\* | 440500 | 1295 |
| AAC Technologies Holdings, Inc. | 180500 | 770 |
| Accelink Technologies Co. Ltd., Class A | 11600 | 144 |
| ACM Research Shanghai, Inc., Class A | 3200 | 67 |
| &nbsp;&nbsp; Advanced Micro-Fabrication <br> Equipment, Inc. China, Class A<br>| 9798 | 442 |
| AECC Aviation Power Co. Ltd., Class A | 36300 | 255 |
| Agricultural Bank of China Ltd., Class A | 1232100 | 1193 |
| Agricultural Bank of China Ltd., Class H | 6592367 | 4738 |
| &nbsp;&nbsp; Aier Eye Hospital Group Co. Ltd., <br> Class A<br>| 124676 | 173 |
| Air China Ltd., Class A\* | 201200 | 198 |
| Airtac International Group | 33765 | 1069 |
| Akeso, Inc.\* | 153000 | 2574 |
| Alibaba Group Holding Ltd. | 4128980 | 65001 |
| &nbsp;&nbsp; Alibaba Health Information Technology <br> Ltd.<sup>\* †</sup> <br>| 1378000 | 836 |
| Aluminum Corp. of China Ltd., Class A | 170300 | 285 |
| Aluminum Corp. of China Ltd., Class H | 923435 | 1345 |
| Amlogic Shanghai Co. Ltd., Class A\* | 6175 | 72 |
| Angel Yeast Co. Ltd., Class A | 9100 | 53 |
| Anhui Conch Cement Co. Ltd., Class A | 76700 | 260 |
| Anhui Conch Cement Co. Ltd., Class H | 283575 | 770 |
| Anhui Gujing Distillery Co. Ltd., Class A | 5400 | 81 |
| &nbsp;&nbsp; Anhui Jianghuai Automobile Group <br> Corp. Ltd., Class A\*<br>| 31500 | 212 |
| &nbsp;&nbsp; Anji Microelectronics Technology <br> Shanghai Co. Ltd., Class A<br>| 2683 | 99 |
| &nbsp;&nbsp; Anker Innovations Technology Co. Ltd., <br> Class A<br>| 10130 | 160 |
| ANTA Sports Products Ltd. | 304632 | 2970 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **51** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| APT Medical, Inc., Class A | 2900 | $107 |
| &nbsp;&nbsp; Avary Holding Shenzhen Co. Ltd., <br> Class A<br>| 36800 | 284 |
| &nbsp;&nbsp; AviChina Industry & Technology Co. <br> Ltd., Class H<br>| 733313 | 313 |
| &nbsp;&nbsp; BAIC BluePark New Energy Technology <br> Co. Ltd., Class A\*<br>| 57600 | 60 |
| Baidu, Inc., Class A\* | 535532 | 7445 |
| &nbsp;&nbsp; Baiyin Nonferrous Group Co. Ltd., <br> Class A<br>| 115400 | 140 |
| Bank of Beijing Co. Ltd., Class A | 267900 | 214 |
| Bank of Changsha Co. Ltd., Class A | 50200 | 70 |
| Bank of Chengdu Co. Ltd., Class A | 57700 | 143 |
| Bank of China Ltd., Class A | 619900 | 527 |
| Bank of China Ltd., Class H | 16794652 | 10810 |
| &nbsp;&nbsp; Bank of Communications Co. Ltd., <br> Class A<br>| 777900 | 790 |
| &nbsp;&nbsp; Bank of Communications Co. Ltd., <br> Class H<br>| 2084117 | 1899 |
| Bank of Hangzhou Co. Ltd., Class A | 124920 | 304 |
| Bank of Jiangsu Co. Ltd., Class A | 237044 | 375 |
| Bank of Nanjing Co. Ltd., Class A | 178096 | 294 |
| Bank of Ningbo Co. Ltd., Class A | 103450 | 458 |
| Bank of Shanghai Co. Ltd., Class A | 215871 | 310 |
| Bank of Suzhou Co. Ltd., Class A | 106900 | 130 |
| Baoshan Iron & Steel Co. Ltd., Class A | 357196 | 333 |
| &nbsp;&nbsp; Beijing Compass Technology <br> Development Co. Ltd., Class A<br>| 7400 | 105 |
| Beijing Enlight Media Co. Ltd., Class A | 36500 | 82 |
| Beijing Enterprises Holdings Ltd. | 109771 | 424 |
| &nbsp;&nbsp; Beijing Kingsoft Office Software, Inc., <br> Class A<br>| 7789 | 268 |
| &nbsp;&nbsp; Beijing New Building Materials PLC, <br> Class A<br>| 19900 | 76 |
| &nbsp;&nbsp; Beijing Roborock Technology Co. Ltd., <br> Class A<br>| 2651 | 46 |
| Beijing Tong Ren Tang Co. Ltd., Class A | 17800 | 72 |
| &nbsp;&nbsp; Beijing Wantai Biological Pharmacy <br> Enterprise Co. Ltd., Class A\*<br>| 11158 | 64 |
| &nbsp;&nbsp; Beijing-Shanghai High Speed Railway <br> Co. Ltd., Class A<br>| 756700 | 555 |
| Bestechnic Shanghai Co. Ltd., Class A | 2228 | 57 |
| Bilibili, Inc., Class Z\* | 60291 | 1359 |
| &nbsp;&nbsp; Biwin Storage Technology Co. Ltd., <br> Class A\*<br>| 7202 | 227 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| &nbsp;&nbsp; Bluefocus Intelligent Communications <br> Group Co. Ltd., Class A\*<br>| 55400 | $122 |
| BOC Aviation Ltd. | 45000 | 447 |
| &nbsp;&nbsp; BOC International China Co. Ltd., <br> Class A<br>| 28600 | 51 |
| &nbsp;&nbsp; BOE Technology Group Co. Ltd., <br> Class A<br>| 456200 | 261 |
| Bosideng International Holdings Ltd. | 1034000 | 534 |
| BYD Co. Ltd., Class A | 83700 | 1280 |
| BYD Co. Ltd., Class H | 882896 | 12105 |
| BYD Electronic International Co. Ltd. | 195500 | 696 |
| &nbsp;&nbsp; C&D International Investment Group <br> Ltd.<br>| 227650 | 367 |
| Caitong Securities Co. Ltd., Class A | 58910 | 65 |
| &nbsp;&nbsp; Cambricon Technologies Corp. Ltd., <br> Class A\*<br>| 6067 | 878 |
| Capital Securities Co. Ltd., Class A | 24400 | 58 |
| CCOOP Group Co. Ltd., Class A\* | 289800 | 79 |
| CGN Power Co. Ltd., Class H | 2623000 | 1180 |
| &nbsp;&nbsp; Changchun High-Tech Industry Group <br> Co. Ltd., Class A<br>| 5100 | 64 |
| Changjiang Securities Co. Ltd., Class A | 97000 | 97 |
| &nbsp;&nbsp; Changzhou Xingyu Automotive Lighting <br> Systems Co. Ltd., Class A<br>| 4000 | 71 |
| &nbsp;&nbsp; Chaozhou Three-Circle Group Co. Ltd., <br> Class A<br>| 27200 | 212 |
| &nbsp;&nbsp; Chengtun Mining Group Co. Ltd., <br> Class A<br>| 59000 | 111 |
| &nbsp;&nbsp; Chifeng Jilong Gold Mining Co. Ltd., <br> Class A<br>| 25500 | 164 |
| China CITIC Bank Corp. Ltd., Class A | 141900 | 171 |
| China CITIC Bank Corp. Ltd., Class H | 2038286 | 2062 |
| &nbsp;&nbsp; China CITIC Financial Asset <br> Management Co. Ltd., Class H\*<br>| 3605000 | 366 |
| China Coal Energy Co. Ltd., Class H | 474000 | 789 |
| China Construction Bank Corp., Class A | 276600 | 386 |
| &nbsp;&nbsp; China Construction Bank Corp., <br> Class H<br>| 23157693 | 25152 |
| China CSSC Holdings Ltd., Class A | 116300 | 522 |
| &nbsp;&nbsp; China Eastern Airlines Corp. Ltd., <br> Class A\*<br>| 277400 | 173 |
| &nbsp;&nbsp; China Energy Engineering Corp. Ltd., <br> Class A<br>| 430300 | 182 |
| China Everbright Bank Co. Ltd., Class A | 665900 | 310 |
| China Feihe Ltd. | 900000 | 400 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **52** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| &nbsp;&nbsp; China Galaxy Securities Co. Ltd., <br> Class A<br>| 101300 | $188 |
| &nbsp;&nbsp; China Galaxy Securities Co. Ltd., <br> Class H<br>| 846500 | 860 |
| China Gas Holdings Ltd. | 624095 | 571 |
| &nbsp;&nbsp; China Gold International Resources <br> Corp. Ltd.<br>| 55000 | 1095 |
| &nbsp;&nbsp; China Great Wall Securities Co. Ltd., <br> Class A<br>| 59100 | 77 |
| &nbsp;&nbsp; China Greatwall Technology Group <br> Co. Ltd., Class A\*<br>| 51600 | 112 |
| China Hongqiao Group Ltd. | 686000 | 3125 |
| &nbsp;&nbsp; China Huishan Dairy Holdings Co. <br> Ltd.<sup>(2) \*</sup> <br>| 1922380 |  |
| &nbsp;&nbsp; China International Capital Corp. Ltd., <br> Class A<br>| 49000 | 231 |
| &nbsp;&nbsp; China International Capital Corp. Ltd., <br> Class H<br>| 435200 | 964 |
| China Jushi Co. Ltd., Class A | 52822 | 189 |
| China Life Insurance Co. Ltd., Class A | 35600 | 188 |
| China Life Insurance Co. Ltd., Class H | 1783544 | 5699 |
| China Literature Ltd.\* | 103800 | 343 |
| &nbsp;&nbsp; China Longyuan Power Group Corp. <br> Ltd., Class H<br>| 557473 | 507 |
| China Mengniu Dairy Co. Ltd. | 729870 | 1610 |
| China Merchants Bank Co. Ltd., Class A | 309179 | 1764 |
| &nbsp;&nbsp; China Merchants Bank Co. Ltd., <br> Class H<br>| 936433 | 5945 |
| &nbsp;&nbsp; China Merchants Energy Shipping Co. <br> Ltd., Class A<br>| 109700 | 262 |
| &nbsp;&nbsp; China Merchants Expressway Network <br> & Technology Holdings Co. Ltd., <br> Class A<br>| 84400 | 121 |
| China Merchants Port Holdings Co. Ltd. | 284067 | 532 |
| &nbsp;&nbsp; China Merchants Securities Co. Ltd., <br> Class A<br>| 127910 | 288 |
| &nbsp;&nbsp; China Merchants Shekou Industrial <br> Zone Holdings Co. Ltd., Class A<br>| 152700 | 189 |
| &nbsp;&nbsp; China Minsheng Banking Corp. Ltd., <br> Class A<br>| 466840 | 258 |
| &nbsp;&nbsp; China Minsheng Banking Corp. Ltd., <br> Class H<br>| 1573654 | 737 |
| &nbsp;&nbsp; China National Building Material Co. <br> Ltd., Class H<br>| 839943 | 515 |
| &nbsp;&nbsp; China National Chemical Engineering <br> Co. Ltd., Class A<br>| 73800 | 94 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| &nbsp;&nbsp; China National Nuclear Power Co. <br> Ltd., Class A<br>| 271098 | $355 |
| &nbsp;&nbsp; China National Software & Service Co. <br> Ltd., Class A\*<br>| 10400 | 55 |
| China Nonferrous Mining Corp. Ltd. | 313000 | 467 |
| &nbsp;&nbsp; China Northern Rare Earth Group <br> High-Tech Co. Ltd., Class A<br>| 46100 | 325 |
| China Oilfield Services Ltd., Class H | 416757 | 476 |
| China Overseas Land & Investment Ltd. | 886195 | 1317 |
| &nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., <br> Class A<br>| 101100 | 546 |
| &nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., <br> Class H<br>| 639337 | 2627 |
| &nbsp;&nbsp; China Petroleum & Chemical Corp., <br> Class A<br>| 516100 | 432 |
| &nbsp;&nbsp; China Petroleum & Chemical Corp., <br> Class H<br>| 5392628 | 3100 |
| &nbsp;&nbsp; China Power International Development <br> Ltd.<br>| 960000 | 387 |
| China Railway Group Ltd., Class A | 257500 | 204 |
| China Railway Group Ltd., Class H | 1026827 | 543 |
| &nbsp;&nbsp; China Railway Signal & <br> Communication Corp. Ltd., Class A<br>| 110341 | 91 |
| &nbsp;&nbsp; China Rare Earth Resources And <br> Technology Co. Ltd., Class A\*<br>| 14300 | 101 |
| China Resources Beer Holdings Co. Ltd. | 376448 | 1243 |
| China Resources Gas Group Ltd. | 231058 | 564 |
| China Resources Land Ltd. | 779932 | 2918 |
| &nbsp;&nbsp; China Resources Microelectronics Ltd., <br> Class A<br>| 23419 | 154 |
| &nbsp;&nbsp; China Resources Mixc Lifestyle Services <br> Ltd.<br>| 156200 | 940 |
| &nbsp;&nbsp; China Resources Power Holdings Co. <br> Ltd.<br>| 511735 | 1198 |
| &nbsp;&nbsp; China Resources Sanjiu Medical & <br> Pharmaceutical Co. Ltd., Class A<br>| 24843 | 101 |
| China Ruyi Holdings Ltd.\* | 2960000 | 585 |
| &nbsp;&nbsp; China Shenhua Energy Co. Ltd., <br> Class A<br>| 89300 | 599 |
| &nbsp;&nbsp; China Shenhua Energy Co. Ltd., <br> Class H<br>| 816136 | 4797 |
| &nbsp;&nbsp; China Southern Airlines Co. Ltd., <br> Class A\*<br>| 149900 | 124 |
| &nbsp;&nbsp; China State Construction Engineering <br> Corp. Ltd., Class A<br>| 534280 | 389 |
| &nbsp;&nbsp; China State Construction International <br> Holdings Ltd.<br>| 307600 | 327 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **53** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| &nbsp;&nbsp; China Taiping Insurance Holdings Co. <br> Ltd.<br>| 350704 | $930 |
| &nbsp;&nbsp; China Three Gorges Renewables <br> Group Co. Ltd., Class A<br>| 426400 | 263 |
| &nbsp;&nbsp; China Tourism Group Duty Free Corp. <br> Ltd., Class A<br>| 29400 | 302 |
| China Tower Corp. Ltd., Class H | 1025800 | 1411 |
| &nbsp;&nbsp; China Tungsten And Hightech Materials <br> Co. Ltd., Class A<br>| 34400 | 242 |
| &nbsp;&nbsp; China United Network Communications <br> Ltd., Class A<br>| 436900 | 283 |
| China Vanke Co. Ltd., Class A\* | 202600 | 118 |
| China XD Electric Co. Ltd., Class A | 84400 | 188 |
| China Yangtze Power Co. Ltd., Class A | 342100 | 1341 |
| China Zheshang Bank Co. Ltd., Class A | 252330 | 110 |
| &nbsp;&nbsp; Chongqing Afari Technology Co. Ltd., <br> Class A\*<br>| 65200 | 94 |
| &nbsp;&nbsp; Chongqing Changan Automobile Co. <br> Ltd., Class A<br>| 104368 | 152 |
| &nbsp;&nbsp; Chongqing Rural Commercial Bank Co. <br> Ltd., Class A<br>| 121400 | 124 |
| &nbsp;&nbsp; Chongqing Rural Commercial Bank Co. <br> Ltd., Class H<br>| 577000 | 507 |
| &nbsp;&nbsp; Chongqing Zhifei Biological Products <br> Co. Ltd., Class A\*<br>| 51050 | 111 |
| Chow Tai Fook Jewellery Group Ltd.<sup>†</sup>  | 471800 | 659 |
| &nbsp;&nbsp; CICT Mobile Communication <br> Technology Co. Ltd., Class A\*<br>| 56703 | 126 |
| CITIC Ltd. | 982803 | 1494 |
| &nbsp;&nbsp; Citic Pacific Special Steel Group Co. <br> Ltd., Class A<br>| 70300 | 167 |
| CITIC Securities Co. Ltd., Class A | 166045 | 581 |
| CITIC Securities Co. Ltd., Class H | 384900 | 1175 |
| CMOC Group Ltd., Class A | 270400 | 686 |
| CMOC Group Ltd., Class H | 885000 | 1859 |
| &nbsp;&nbsp; CNGR Advanced Material Co. Ltd., <br> Class A<br>| 10502 | 77 |
| CNPC Capital Co. Ltd., Class A | 123100 | 182 |
| &nbsp;&nbsp; Contemporary Amperex Technology <br> Co. Ltd., Class A<br>| 64540 | 3783 |
| &nbsp;&nbsp; Contemporary Amperex Technology <br> Co. Ltd., Class H<sup>†</sup> <br>| 24200 | 1912 |
| &nbsp;&nbsp; COSCO SHIPPING Energy <br> Transportation Co. Ltd., Class A<br>| 75500 | 243 |
| &nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd., <br> Class A<br>| 165880 | 361 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| &nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd., <br> Class H<br>| 615650 | $1172 |
| CRRC Corp. Ltd., Class A | 358200 | 330 |
| CRRC Corp. Ltd., Class H | 1090000 | 706 |
| CSC Financial Co. Ltd., Class A | 53600 | 167 |
| CSI Solar Co. Ltd., Class A | 44662 | 84 |
| &nbsp;&nbsp; CSPC Innovation Pharmaceutical Co. <br> Ltd., Class A<br>| 15120 | 70 |
| CSPC Pharmaceutical Group Ltd. | 1949360 | 2284 |
| Daqin Railway Co. Ltd., Class A | 294900 | 229 |
| &nbsp;&nbsp; Datang International Power Generation <br> Co. Ltd., Class A<br>| 170500 | 98 |
| Dongfang Electric Corp. Ltd., Class A | 51700 | 268 |
| Dongxing Securities Co. Ltd., Class A | 50400 | 90 |
| Dosilicon Co. Ltd., Class A\* | 6957 | 112 |
| &nbsp;&nbsp; East Money Information Co. Ltd., <br> Class A<br>| 238724 | 658 |
| &nbsp;&nbsp; Eastroc Beverage Group Co. Ltd., <br> Class A<br>| 7320 | 218 |
| Ecovacs Robotics Co. Ltd., Class A | 8100 | 72 |
| Empyrean Technology Co. Ltd., Class A | 6300 | 75 |
| ENN Energy Holdings Ltd. | 187579 | 1516 |
| ENN Natural Gas Co. Ltd., Class A | 31600 | 100 |
| Eoptolink Technology, Inc. Ltd., Class A | 14520 | 959 |
| Eve Energy Co. Ltd., Class A | 27496 | 250 |
| Everbright Securities Co. Ltd., Class A | 49998 | 111 |
| &nbsp;&nbsp; Everdisplay Optronics Shanghai Co. <br> Ltd., Class A\*<br>| 140978 | 47 |
| Far East Horizon Ltd. | 598000 | 540 |
| &nbsp;&nbsp; Fiberhome Telecommunication <br> Technologies Co. Ltd., Class A<br>| 21200 | 156 |
| &nbsp;&nbsp; Focus Media Information Technology <br> Co. Ltd., Class A<br>| 208900 | 199 |
| &nbsp;&nbsp; Foshan Haitian Flavouring & Food Co. <br> Ltd., Class A<br>| 61158 | 366 |
| Founder Securities Co. Ltd., Class A | 131800 | 130 |
| &nbsp;&nbsp; Founder Technology Group Corp., <br> Class A\*<br>| 67800 | 98 |
| &nbsp;&nbsp; Foxconn Industrial Internet Co. Ltd., <br> Class A<br>| 184100 | 1395 |
| &nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., <br> Class A<br>| 33692 | 279 |
| &nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., <br> Class H<br>| 138800 | 1042 |
| GalaxyCore, Inc., Class A | 41118 | 78 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **54** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| &nbsp;&nbsp; Ganfeng Lithium Group Co. Ltd., <br> Class A<br>| 22240 | $257 |
| &nbsp;&nbsp; Ganfeng Lithium Group Co. Ltd., <br> Class H<br>| 118800 | 1127 |
| GCL Technology Holdings Ltd.\* | 5963000 | 663 |
| &nbsp;&nbsp; GD Power Development Co. Ltd., <br> Class A<br>| 242200 | 170 |
| GDS Holdings Ltd., Class A\* | 268000 | 1343 |
| Geely Automobile Holdings Ltd. | 1588641 | 4286 |
| GEM Co. Ltd., Class A | 61100 | 71 |
| Genscript Biotech Corp.\* | 304000 | 426 |
| Geovis Technology Co. Ltd., Class A | 13496 | 121 |
| GF Securities Co. Ltd., Class A | 96993 | 254 |
| GF Securities Co. Ltd., Class H | 202800 | 376 |
| Giant Biogene Holding Co. Ltd.<sup>†</sup>  | 92000 | 329 |
| Giant Network Group Co. Ltd., Class A | 24900 | 114 |
| &nbsp;&nbsp; GigaDevice Semiconductor, Inc., <br> Class A<br>| 8880 | 315 |
| GoerTek, Inc., Class A | 41300 | 135 |
| &nbsp;&nbsp; Goldwind Science & Technology Co. <br> Ltd., Class A<br>| 42100 | 161 |
| Goneo Group Co. Ltd., Class A | 12299 | 75 |
| Gotion High-tech Co. Ltd., Class A | 24200 | 126 |
| Great Wall Motor Co. Ltd., Class H | 567796 | 905 |
| &nbsp;&nbsp; Gree Electric Appliances, Inc. of <br> Zhuhai, Class A<br>| 38800 | 214 |
| &nbsp;&nbsp; Guangdong Haid Group Co. Ltd., <br> Class A<br>| 22400 | 162 |
| &nbsp;&nbsp; Guangdong HEC Technology Holding <br> Co. Ltd., Class A\*<br>| 41100 | 182 |
| Guangdong Investment Ltd. | 760514 | 767 |
| &nbsp;&nbsp; Guangzhou Automobile Group Co. <br> Ltd., Class A<br>| 68100 | 71 |
| &nbsp;&nbsp; Guangzhou Baiyunshan <br> Pharmaceutical Holdings Co. Ltd., <br> Class A<br>| 19400 | 64 |
| &nbsp;&nbsp; Guangzhou Haige Communications <br> Group, Inc. Co., Class A<br>| 39500 | 87 |
| &nbsp;&nbsp; Guangzhou Tinci Materials Technology <br> Co. Ltd., Class A<br>| 27780 | 187 |
| Guobo Electronics Co. Ltd., Class A | 6383 | 104 |
| &nbsp;&nbsp; Guolian Minsheng Securities Co. Ltd., <br> Class A<br>| 87500 | 116 |
| Guosen Securities Co. Ltd., Class A | 81200 | 133 |
| Guotai Haitong Securities Co. Ltd. | 217638 | 526 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| &nbsp;&nbsp; Guotai Haitong Securities Co. Ltd., <br> Class H<br>| 458748 | $787 |
| Guoyuan Securities Co. Ltd., Class A | 47460 | 53 |
| H World Group Ltd. ADR | 48941 | 2461 |
| Haidilao International Holding Ltd. | 375000 | 683 |
| Haier Smart Home Co. Ltd., Class A | 94797 | 295 |
| Haier Smart Home Co. Ltd., Class H | 594400 | 1586 |
| &nbsp;&nbsp; Hainan Airlines Holding Co. Ltd., <br> Class A\*<br>| 575800 | 122 |
| &nbsp;&nbsp; Hainan Airport Infrastructure Co. Ltd., <br> Class A<br>| 122100 | 65 |
| &nbsp;&nbsp; Haisco Pharmaceutical Group Co. Ltd., <br> Class A<br>| 12400 | 98 |
| Haitian International Holdings Ltd. | 166000 | 427 |
| &nbsp;&nbsp; Hangzhou Chang Chuan Technology <br> Co. Ltd., Class A<br>| 8800 | 158 |
| &nbsp;&nbsp; Hangzhou First Applied Material Co. <br> Ltd., Class A<br>| 34659 | 89 |
| &nbsp;&nbsp; Hangzhou Silan Microelectronics Co. <br> Ltd., Class A<br>| 17200 | 65 |
| &nbsp;&nbsp; Hangzhou Tigermed Consulting Co. <br> Ltd., Class A<br>| 6500 | 51 |
| Hansoh Pharmaceutical Group Co. Ltd. | 368000 | 1674 |
| &nbsp;&nbsp; Hebei Changshan Biochemical <br> Pharmaceutical Co. Ltd., Class A\*<br>| 14600 | 80 |
| &nbsp;&nbsp; Henan Shenhuo Coal Industry & <br> Electricity Power Co. Ltd., Class A<br>| 34200 | 154 |
| &nbsp;&nbsp; Henan Shuanghui Investment & <br> Development Co. Ltd., Class A<br>| 47600 | 196 |
| Hengan International Group Co. Ltd. | 149398 | 524 |
| Hengli Petrochemical Co. Ltd., Class A | 104160 | 329 |
| &nbsp;&nbsp; Hengtong Optic-electric Co. Ltd., <br> Class A<br>| 37800 | 295 |
| Hesai Group\* | 29260 | 555 |
| Hgtech Co. Ltd., Class A | 10600 | 162 |
| &nbsp;&nbsp; Hithink RoyalFlush Information Network <br> Co. Ltd., Class A<br>| 7800 | 341 |
| Horizon Robotics\* | 1168800 | 1000 |
| &nbsp;&nbsp; Hoshine Silicon Industry Co. Ltd., <br> Class A<br>| 10900 | 64 |
| &nbsp;&nbsp; Hua Hong Semiconductor Ltd., <br> Class A\*<br>| 5911 | 93 |
| &nbsp;&nbsp; Hua Hong Semiconductor Ltd., <br> Class H\*<br>| 176000 | 1789 |
| &nbsp;&nbsp; Huadian Power International Corp. Ltd., <br> Class A<br>| 212400 | 146 |
| Huadong Medicine Co. Ltd., Class A | 22720 | 117 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **55** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| Huafon Chemical Co. Ltd., Class A | 50400 | $75 |
| &nbsp;&nbsp; Huaneng Power International, Inc., <br> Class A<br>| 164000 | 167 |
| &nbsp;&nbsp; Huaneng Power International, Inc., <br> Class H<br>| 1024501 | 772 |
| Huaqin Technology Co. Ltd., Class A | 11000 | 129 |
| Huatai Securities Co. Ltd., Class A | 104200 | 270 |
| Huatai Securities Co. Ltd., Class H | 351000 | 668 |
| Huaxia Bank Co. Ltd., Class A | 156390 | 166 |
| &nbsp;&nbsp; Huayu Automotive Systems Co. Ltd., <br> Class A<br>| 42200 | 118 |
| &nbsp;&nbsp; Huizhou Desay Sv Automotive Co. Ltd., <br> Class A<br>| 9400 | 143 |
| Hunan Valin Steel Co. Ltd., Class A | 101900 | 75 |
| Hundsun Technologies, Inc., Class A | 26145 | 98 |
| Hwatsing Technology Co. Ltd., Class A | 3786 | 97 |
| &nbsp;&nbsp; Hygon Information Technology Co. Ltd., <br> Class A<br>| 32132 | 996 |
| IEIT Systems Co. Ltd., Class A | 17856 | 147 |
| Iflytek Co. Ltd., Class A | 37000 | 251 |
| &nbsp;&nbsp; Imeik Technology Development Co. <br> Ltd., Class A<br>| 4200 | 72 |
| &nbsp;&nbsp; Industrial & Commercial Bank of China <br> Ltd., Class A<br>| 890400 | 985 |
| &nbsp;&nbsp; Industrial & Commercial Bank of China <br> Ltd., Class H<br>| 15714023 | 13945 |
| Industrial Bank Co. Ltd., Class A | 307100 | 839 |
| Industrial Securities Co. Ltd., Class A | 126400 | 108 |
| Ingenic Semiconductor Co. Ltd., Class A | 8100 | 125 |
| &nbsp;&nbsp; Inner Mongolia BaoTou Steel Union <br> Co. Ltd., Class A<br>| 580400 | 214 |
| &nbsp;&nbsp; Inner Mongolia Dian Tou Energy Corp. <br> Ltd., Class A<br>| 29200 | 129 |
| &nbsp;&nbsp; Inner Mongolia Junzheng Energy & <br> Chemical Industry Group Co. Ltd., <br> Class A<br>| 159200 | 127 |
| &nbsp;&nbsp; Inner Mongolia Xingye Silver&Tin <br> Mining Co. Ltd., Class A<br>| 24100 | 144 |
| &nbsp;&nbsp; Inner Mongolia Yili Industrial Group <br> Co. Ltd., Class A<br>| 101300 | 387 |
| &nbsp;&nbsp; Inner Mongolia Yitai Coal Co. Ltd., <br> Class B<br>| 206900 | 443 |
| Innovent Biologics, Inc.\* | 355000 | 3895 |
| &nbsp;&nbsp; Isoftstone Information Technology <br> Group Co. Ltd., Class A<br>| 8400 | 45 |
| J&T Global Express Ltd.\* | 565200 | 738 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| JA Solar Technology Co. Ltd., Class A\* | 41916 | $67 |
| JCET Group Co. Ltd., Class A | 21700 | 125 |
| JD Health International, Inc.\* | 272550 | 1669 |
| JD Logistics, Inc.\* | 494400 | 871 |
| JD.com, Inc., Class A | 571666 | 8432 |
| &nbsp;&nbsp; Jiangsu Eastern Shenghong Co. Ltd., <br> Class A\*<br>| 89900 | 139 |
| Jiangsu Expressway Co. Ltd., Class H | 344000 | 445 |
| &nbsp;&nbsp; Jiangsu Hengli Hydraulic Co. Ltd., <br> Class A<br>| 16468 | 232 |
| &nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. <br> Ltd., Class A<br>| 93385 | 752 |
| &nbsp;&nbsp; Jiangsu Hoperun Software Co. Ltd., <br> Class A<br>| 15200 | 86 |
| &nbsp;&nbsp; Jiangsu King's Luck Brewery JSC Ltd., <br> Class A<br>| 27100 | 104 |
| &nbsp;&nbsp; Jiangsu Yanghe Distillery Co. Ltd., <br> Class A<br>| 24500 | 180 |
| &nbsp;&nbsp; Jiangsu Yuyue Medical Equipment & <br> Supply Co. Ltd., Class A<br>| 10000 | 49 |
| &nbsp;&nbsp; Jiangsu Zhongtian Technology Co. Ltd., <br> Class A<br>| 40200 | 179 |
| Jiangxi Copper Co. Ltd., Class A | 33099 | 211 |
| Jiangxi Copper Co. Ltd., Class H | 250000 | 1111 |
| &nbsp;&nbsp; Jinduicheng Molybdenum Co. Ltd., <br> Class A<br>| 33100 | 91 |
| Jinko Solar Co. Ltd., Class A\* | 139783 | 133 |
| JL Mag Rare-Earth Co. Ltd., Class A | 19100 | 86 |
| &nbsp;&nbsp; Kangmei Pharmaceutical Co. Ltd., <br> Class A<sup>(2) \*</sup> <br>| 4694 |  |
| Kanzhun Ltd. ADR | 86453 | 1158 |
| KE Holdings, Inc., Class A | 479343 | 2367 |
| &nbsp;&nbsp; Kingdee International Software Group <br> Co. Ltd.\*<br>| 708000 | 789 |
| Kingfa Sci & Tech Co. Ltd., Class A | 38300 | 93 |
| Kingnet Network Co. Ltd., Class A | 32000 | 83 |
| Kingsoft Corp. Ltd. | 245503 | 713 |
| Kuaishou Technology | 618200 | 3641 |
| &nbsp;&nbsp; Kuang-Chi Technologies Co. Ltd., <br> Class A\*<br>| 32000 | 180 |
| Kunlun Energy Co. Ltd. | 929230 | 844 |
| Kunlun Tech Co. Ltd., Class A\* | 13900 | 101 |
| Kweichow Moutai Co. Ltd., Class A | 18295 | 3854 |
| Laopu Gold Co. Ltd., Class H | 7000 | 573 |
| LB Group Co. Ltd., Class A | 29400 | 75 |
| Lenovo Group Ltd.<sup>†</sup>  | 1884000 | 2239 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **56** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| Lens Technology Co. Ltd., Class A | 80900 | $333 |
| Leo Group Co. Ltd., Class A | 106700 | 123 |
| Li Auto, Inc., Class A\* | 301930 | 2658 |
| Li Ning Co. Ltd. | 546500 | 1524 |
| Lingyi iTech Guangdong Co., Class A | 107200 | 202 |
| Longfor Group Holdings Ltd.<sup>†</sup>  | 505169 | 498 |
| &nbsp;&nbsp; LONGi Green Energy Technology Co. <br> Ltd., Class A\*<br>| 97669 | 250 |
| &nbsp;&nbsp; Loongson Technology Corp. Ltd., <br> Class A\*<br>| 3800 | 73 |
| &nbsp;&nbsp; Luxshare Precision Industry Co. Ltd., <br> Class A<br>| 100705 | 727 |
| Luzhou Laojiao Co. Ltd., Class A | 21300 | 324 |
| &nbsp;&nbsp; Mango Excellent Media Co. Ltd., <br> Class A<br>| 22070 | 67 |
| &nbsp;&nbsp; Maxscend Microelectronics Co. Ltd., <br> Class A<br>| 6780 | 79 |
| Meitu, Inc.\* | 889000 | 499 |
| Meituan, Class B\* | 1198118 | 13020 |
| &nbsp;&nbsp; Metallurgical Corp. of China Ltd., <br> Class A<br>| 198300 | 87 |
| Midea Group Co. Ltd., Class A | 54300 | 603 |
| Midea Group Co. Ltd., Class H | 98600 | 1070 |
| MINISO Group Holding Ltd. | 125236 | 499 |
| MMG Ltd.\* | 1036000 | 976 |
| Montage Technology Co. Ltd., Class A | 16865 | 316 |
| Muyuan Foods Co. Ltd., Class A | 73978 | 447 |
| NARI Technology Co. Ltd., Class A | 127406 | 483 |
| &nbsp;&nbsp; National Silicon Industry Group Co. <br> Ltd., Class A\*<br>| 54787 | 135 |
| &nbsp;&nbsp; NAURA Technology Group Co. Ltd., <br> Class A<br>| 10105 | 662 |
| NetEase Cloud Music, Inc.\* | 22250 | 373 |
| NetEase, Inc. | 416475 | 9266 |
| &nbsp;&nbsp; New China Life Insurance Co. Ltd., <br> Class A<br>| 34700 | 312 |
| &nbsp;&nbsp; New China Life Insurance Co. Ltd., <br> Class H<br>| 222452 | 1330 |
| New Hope Liuhe Co. Ltd., Class A | 63200 | 75 |
| &nbsp;&nbsp; New Oriental Education & Technology <br> Group, Inc.<br>| 328820 | 1857 |
| Nexchip Semiconductor Corp., Class A | 24199 | 94 |
| &nbsp;&nbsp; Ningbo Deye Technology Co. Ltd., <br> Class A<br>| 11134 | 213 |
| &nbsp;&nbsp; Ningbo Orient Wires & Cables Co. <br> Ltd., Class A<br>| 9200 | 81 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| &nbsp;&nbsp; Ningbo Sanxing Medical Electric Co. <br> Ltd., Class A<br>| 28200 | $108 |
| Ningbo Tuopu Group Co. Ltd., Class A | 27095 | 225 |
| &nbsp;&nbsp; Ningxia Baofeng Energy Group Co. <br> Ltd., Class A<br>| 123600 | 508 |
| NIO, Inc., Class A\* | 447296 | 2674 |
| Nongfu Spring Co. Ltd., Class H | 486200 | 2941 |
| OFILM Group Co. Ltd., Class A\* | 51700 | 65 |
| &nbsp;&nbsp; OmniVision Integrated Circuits Group, <br> Inc.<br>| 18135 | 253 |
| Orient Securities Co. Ltd., Class A | 102839 | 135 |
| PDD Holdings, Inc. ADR\* | 170672 | 17439 |
| &nbsp;&nbsp; People's Insurance Co. Group of China <br> (The) Ltd., Class A<br>| 152500 | 162 |
| &nbsp;&nbsp; People's Insurance Co. Group of China <br> (The) Ltd., Class H<br>| 2050535 | 1427 |
| PetroChina Co. Ltd., Class A | 329500 | 568 |
| PetroChina Co. Ltd., Class H | 5033438 | 6838 |
| Pharmaron Beijing Co. Ltd., Class A | 19125 | 78 |
| &nbsp;&nbsp; PICC Property & Casualty Co. Ltd., <br> Class H<br>| 1653359 | 3047 |
| Ping An Bank Co. Ltd., Class A | 303200 | 489 |
| &nbsp;&nbsp; Ping An Insurance Group Co. of China <br> Ltd., Class A<br>| 156735 | 1309 |
| &nbsp;&nbsp; Ping An Insurance Group Co. of China <br> Ltd., Class H<sup>†</sup> <br>| 1593906 | 12430 |
| Piotech, Inc., Class A | 4201 | 230 |
| &nbsp;&nbsp; Poly Developments and Holdings <br> Group Co. Ltd., Class A<br>| 158200 | 134 |
| Pony AI, Inc., Class A\* | 48700 | 450 |
| Pop Mart International Group Ltd. | 128600 | 2414 |
| &nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., <br> Class A<br>| 438300 | 328 |
| &nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., <br> Class H<br>| 2122000 | 1337 |
| &nbsp;&nbsp; Power Construction Corp. of China Ltd., <br> Class A<br>| 233100 | 195 |
| &nbsp;&nbsp; Qinghai Salt Lake Industry Co. Ltd., <br> Class A\*<br>| 69700 | 377 |
| QuantumCTek Co. Ltd., Class A\* | 1629 | 128 |
| &nbsp;&nbsp; Range Intelligent Computing <br> Technology Group Co. Ltd., Class A<br>| 20700 | 249 |
| Remegen Co. Ltd., Class H\* | 44000 | 544 |
| &nbsp;&nbsp; RoboTechnik Intelligent Technology Co. <br> Ltd., Class A<br>| 2600 | 148 |
| Rockchip Electronics Co. Ltd., Class A | 5800 | 129 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **57** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| &nbsp;&nbsp; Rongsheng Petrochemical Co. Ltd., <br> Class A<br>| 129100 | $226 |
| SAIC Motor Corp. Ltd., Class A | 89193 | 190 |
| Sailun Group Co. Ltd., Class A | 48300 | 91 |
| &nbsp;&nbsp; Sanan Optoelectronics Co. Ltd., <br> Class A<br>| 97100 | 167 |
| Sangfor Technologies, Inc., Class A | 6500 | 98 |
| Sany Heavy Industry Co. Ltd., Class A | 116800 | 329 |
| Satellite Chemical Co. Ltd., Class A | 43761 | 173 |
| SDIC Capital Co. Ltd., Class A | 83900 | 85 |
| SDIC Power Holdings Co. Ltd., Class A | 107000 | 220 |
| SenseTime Group, Inc., Class B\* | 6744000 | 1611 |
| Seres Group Co. Ltd., Class A | 25000 | 331 |
| SF Holding Co. Ltd., Class A | 67800 | 376 |
| SG Micro Corp., Class A | 7605 | 76 |
| Shaanxi Coal Industry Co. Ltd., Class A | 128700 | 472 |
| &nbsp;&nbsp; Shandong Gold Mining Co. Ltd., <br> Class A<br>| 58437 | 352 |
| &nbsp;&nbsp; Shandong Gold Mining Co. Ltd., <br> Class H<br>| 223250 | 950 |
| &nbsp;&nbsp; Shandong Himile Mechanical Science <br> & Technology Co. Ltd., Class A<br>| 11800 | 137 |
| &nbsp;&nbsp; Shandong Hongqiao Aluminum <br> Industry Holding Co. Ltd., Class A\*<br>| 50900 | 203 |
| &nbsp;&nbsp; Shandong Hualu Hengsheng Chemical <br> Co. Ltd., Class A<br>| 27340 | 142 |
| &nbsp;&nbsp; Shandong Nanshan Aluminum Co. Ltd., <br> Class A<br>| 175400 | 158 |
| &nbsp;&nbsp; Shandong Sun Paper Industry JSC Ltd., <br> Class A<br>| 32500 | 70 |
| &nbsp;&nbsp; Shandong Weigao Group Medical <br> Polymer Co. Ltd., Class H<br>| 618116 | 297 |
| &nbsp;&nbsp; Shanghai Allist Pharmaceuticals Co. <br> Ltd., Class A<br>| 6400 | 89 |
| &nbsp;&nbsp; Shanghai Baosight Software Co. Ltd., <br> Class A<br>| 24480 | 82 |
| &nbsp;&nbsp; Shanghai BOCHU Electronic <br> Technology Corp. Ltd., Class A<br>| 4236 | 80 |
| &nbsp;&nbsp; Shanghai Electric Group Co. Ltd., <br> Class A\*<br>| 164800 | 192 |
| &nbsp;&nbsp; Shanghai Electric Power Co. Ltd., <br> Class A<br>| 38500 | 102 |
| &nbsp;&nbsp; Shanghai Fosun Pharmaceutical Group <br> Co. Ltd., Class A<br>| 25300 | 98 |
| &nbsp;&nbsp; Shanghai International Airport Co. Ltd., <br> Class A<br>| 17200 | 69 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| &nbsp;&nbsp; Shanghai Pharmaceuticals Holding Co. <br> Ltd., Class A<br>| 37200 | $92 |
| &nbsp;&nbsp; Shanghai Pudong Development Bank <br> Co. Ltd., Class A<br>| 448492 | 664 |
| &nbsp;&nbsp; Shanghai Putailai New Energy <br> Technology Group Co. Ltd.<br>| 25752 | 120 |
| &nbsp;&nbsp; Shanghai RAAS Blood Products Co. <br> Ltd., Class A<br>| 94600 | 80 |
| &nbsp;&nbsp; Shanghai Rural Commercial Bank Co. <br> Ltd., Class A<br>| 113200 | 149 |
| &nbsp;&nbsp; Shanghai Stonehill Technology Co. Ltd., <br> Class A\*<br>| 89000 | 118 |
| &nbsp;&nbsp; Shanghai United Imaging Healthcare <br> Co. Ltd., Class A<br>| 10770 | 176 |
| &nbsp;&nbsp; Shanghai Zhangjiang High-Tech Park <br> Development Co. Ltd., Class A<br>| 16400 | 81 |
| &nbsp;&nbsp; Shanjin International Gold Co. Ltd., <br> Class A<br>| 38800 | 170 |
| &nbsp;&nbsp; Shannon Semiconductor Technology <br> Co. Ltd., Class A<br>| 7100 | 133 |
| &nbsp;&nbsp; Shanxi Coking Coal Energy Group Co. <br> Ltd., Class A<br>| 79120 | 76 |
| &nbsp;&nbsp; Shanxi Lu'an Environmental Energy <br> Development Co. Ltd., Class A<br>| 36200 | 70 |
| &nbsp;&nbsp; Shanxi Xinghuacun Fen Wine Factory <br> Co. Ltd., Class A<br>| 17060 | 354 |
| &nbsp;&nbsp; Sharetronic Data Technology Co. Ltd., <br> Class A<br>| 4800 | 149 |
| Shenergy Co. Ltd., Class A | 41700 | 54 |
| Shengyi Electronics Co. Ltd., Class A | 9600 | 118 |
| Shengyi Technology Co. Ltd., Class A | 38900 | 313 |
| Shennan Circuits Co. Ltd., Class A | 9724 | 315 |
| &nbsp;&nbsp; Shenwan Hongyuan Group Co. Ltd., <br> Class A<br>| 328200 | 223 |
| &nbsp;&nbsp; Shenzhen Envicool Technology Co. Ltd., <br> Class A<br>| 13700 | 170 |
| &nbsp;&nbsp; Shenzhen Everwin Precision <br> Technology Co. Ltd., Class A<br>| 20500 | 94 |
| &nbsp;&nbsp; Shenzhen Goodix Technology Co. Ltd., <br> Class A<br>| 5000 | 48 |
| &nbsp;&nbsp; Shenzhen Inovance Technology Co. <br> Ltd., Class A<br>| 18900 | 185 |
| &nbsp;&nbsp; Shenzhen Kinwong Electronic Co. Ltd., <br> Class A<br>| 11500 | 95 |
| &nbsp;&nbsp; Shenzhen Longsys Electronics Co. Ltd., <br> Class A\*<br>| 4800 | 212 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **58** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| &nbsp;&nbsp; Shenzhen Megmeet Electrical Co. Ltd., <br> Class A<br>| 8800 | $126 |
| &nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co. Ltd., Class A<br>| 16600 | 397 |
| &nbsp;&nbsp; Shenzhen New Industries Biomedical <br> Engineering Co. Ltd., Class A<br>| 9800 | 70 |
| &nbsp;&nbsp; Shenzhen Salubris Pharmaceuticals Co. <br> Ltd., Class A<br>| 17700 | 158 |
| &nbsp;&nbsp; Shenzhen Sunway Communication Co. <br> Ltd., Class A<br>| 14800 | 142 |
| &nbsp;&nbsp; Shenzhen Techwinsemi Technology Co. <br> Ltd., Class A<br>| 3500 | 200 |
| &nbsp;&nbsp; Shenzhen Transsion Holdings Co. Ltd., <br> Class A<br>| 14547 | 116 |
| &nbsp;&nbsp; Shenzhou International Group Holdings <br> Ltd.<br>| 203100 | 1234 |
| &nbsp;&nbsp; Sichuan Changhong Electric Co. Ltd., <br> Class A<br>| 91100 | 115 |
| &nbsp;&nbsp; Sichuan Chuantou Energy Co. Ltd., <br> Class A<br>| 56000 | 121 |
| &nbsp;&nbsp; Sichuan Kelun Pharmaceutical Co. Ltd., <br> Class A<br>| 23200 | 117 |
| &nbsp;&nbsp; Sichuan Kelun-Biotech <br> Biopharmaceutical Co. Ltd., Class H\*<br>| 11700 | 691 |
| &nbsp;&nbsp; Sichuan Road and Bridge Group Co. <br> Ltd., Class A<br>| 101600 | 149 |
| Sino Biopharmaceutical Ltd. | 2495750 | 1892 |
| Sinolink Securities Co. Ltd., Class A | 33900 | 41 |
| &nbsp;&nbsp; Sinoma Science & Technology Co. Ltd., <br> Class A<br>| 23800 | 138 |
| &nbsp;&nbsp; Sinomine Resource Group Co. Ltd., <br> Class A<br>| 12600 | 138 |
| Sinopharm Group Co. Ltd., Class H | 301114 | 777 |
| Sinotruk Hong Kong Ltd. | 174500 | 889 |
| Skyverse Technology Co. Ltd., Class A\* | 5946 | 133 |
| Smoore International Holdings Ltd.<sup>†</sup>  | 452000 | 515 |
| SooChow Securities Co. Ltd., Class A | 72343 | 82 |
| Spring Airlines Co. Ltd., Class A | 15800 | 107 |
| &nbsp;&nbsp; Sungrow Power Supply Co. Ltd., <br> Class A<br>| 28000 | 616 |
| &nbsp;&nbsp; Sunny Optical Technology Group Co. <br> Ltd.<br>| 175825 | 1212 |
| Sunwoda Electronic Co. Ltd., Class A | 17800 | 66 |
| SUPCON Technology Co. Ltd., Class A | 8381 | 80 |
| &nbsp;&nbsp; Suzhou Dongshan Precision <br> Manufacturing Co. Ltd., Class A<br>| 25700 | 396 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| &nbsp;&nbsp; Suzhou Maxwell Technologies Co. Ltd., <br> Class A<br>| 4200 | $142 |
| &nbsp;&nbsp; Suzhou TFC Optical Communication <br> Co. Ltd., Class A<br>| 12420 | 561 |
| TAL Education Group ADR\* | 100499 | 1143 |
| TBEA Co. Ltd., Class A | 68490 | 266 |
| TCL Technology Group Corp., Class A | 266410 | 166 |
| &nbsp;&nbsp; TCL Zhonghuan Renewable Energy <br> Technology Co. Ltd., Class A\*<br>| 52750 | 68 |
| Tencent Holdings Ltd. | 1534389 | 96869 |
| &nbsp;&nbsp; Tencent Music Entertainment Group <br> ADR<br>| 138114 | 1282 |
| Tianfeng Securities Co. Ltd., Class A\* | 117500 | 63 |
| Tianqi Lithium Corp., Class A\* | 19000 | 155 |
| &nbsp;&nbsp; Tianshan Aluminum Group Co. Ltd., <br> Class A<br>| 78700 | 205 |
| &nbsp;&nbsp; Tianshui Huatian Technology Co. Ltd., <br> Class A<br>| 46700 | 80 |
| Tingyi Cayman Islands Holding Corp. | 486435 | 805 |
| Tongcheng Travel Holdings Ltd. | 313600 | 724 |
| &nbsp;&nbsp; TongFu Microelectronics Co. Ltd., <br> Class A<br>| 22400 | 137 |
| &nbsp;&nbsp; Tongling Nonferrous Metals Group Co. <br> Ltd., Class A<br>| 159700 | 136 |
| Tongwei Co. Ltd., Class A\* | 62300 | 151 |
| Trina Solar Co. Ltd., Class A\* | 28251 | 68 |
| Trip.com Group Ltd. | 148423 | 7341 |
| Tsingtao Brewery Co. Ltd., Class A | 8300 | 75 |
| Tsingtao Brewery Co. Ltd., Class H | 151767 | 942 |
| UBTech Robotics Corp. Ltd., Class H\* | 52700 | 583 |
| &nbsp;&nbsp; Unigroup Guoxin Microelectronics Co. <br> Ltd., Class A<br>| 10479 | 102 |
| Unisplendour Corp. Ltd., Class A | 32948 | 120 |
| &nbsp;&nbsp; United Nova Technology Co. Ltd., <br> Class A\*<br>| 116477 | 108 |
| &nbsp;&nbsp; Universal Scientific Industrial Shanghai <br> Co. Ltd., Class A<br>| 30500 | 148 |
| &nbsp;&nbsp; Verisilicon Microelectronics Shanghai <br> Co. Ltd., Class A\*<br>| 9356 | 283 |
| &nbsp;&nbsp; Victory Giant Technology Huizhou Co. <br> Ltd., Class A<br>| 12600 | 469 |
| Vipshop Holdings Ltd. ADR | 76491 | 1202 |
| &nbsp;&nbsp; Wanhua Chemical Group Co. Ltd., <br> Class A<br>| 49500 | 572 |
| Want Want China Holdings Ltd. | 1151870 | 685 |
| Wanxiang Qianchao Co. Ltd., Class A | 51200 | 115 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **59** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| Weichai Power Co. Ltd., Class A | 107100 | $386 |
| Weichai Power Co. Ltd., Class H | 450812 | 1607 |
| Wens Foodstuff Group Co. Ltd., Class A | 112100 | 270 |
| Western Mining Co. Ltd., Class A | 37500 | 139 |
| Western Securities Co. Ltd., Class A | 61100 | 65 |
| &nbsp;&nbsp; Western Superconducting Technologies <br> Co. Ltd., Class A<br>| 8653 | 90 |
| &nbsp;&nbsp; Wingtech Technology Co. Ltd., <br> Class A\*<br>| 14600 | 67 |
| &nbsp;&nbsp; Wintime Energy Group Co. Ltd., <br> Class A\*<br>| 307400 | 80 |
| &nbsp;&nbsp; Wolong Electric Group Co. Ltd., <br> Class A<br>| 22200 | 120 |
| &nbsp;&nbsp; Wuhan Guide Infrared Co. Ltd., <br> Class A\*<br>| 42825 | 80 |
| Wuliangye Yibin Co. Ltd., Class A | 54000 | 810 |
| &nbsp;&nbsp; WUS Printed Circuit Kunshan Co. Ltd., <br> Class A<br>| 28180 | 315 |
| WuXi AppTec Co. Ltd., Class A | 38492 | 552 |
| WuXi AppTec Co. Ltd., Class H | 90911 | 1375 |
| Wuxi Biologics Cayman, Inc.\* | 848500 | 3617 |
| WuXi XDC Cayman, Inc.\* | 91500 | 686 |
| &nbsp;&nbsp; XCMG Construction Machinery Co. <br> Ltd., Class A<br>| 159500 | 235 |
| Xiamen Tungsten Co. Ltd., Class A | 21200 | 174 |
| Xiaomi Corp., Class B\* | 4140600 | 17034 |
| &nbsp;&nbsp; Xinjiang Daqo New Energy Co. Ltd., <br> Class A\*<br>| 41509 | 127 |
| Xinyi Solar Holdings Ltd. | 1135136 | 424 |
| XPeng, Inc., Class A\* | 300458 | 2568 |
| XtalPi Holdings Ltd.\* | 401000 | 468 |
| Yadea Group Holdings Ltd. | 324000 | 550 |
| &nbsp;&nbsp; Yangtze Optical Fibre & Cable Joint <br> Stock Ltd. Co., Class H<br>| 96500 | 2344 |
| &nbsp;&nbsp; Yankuang Energy Group Co. Ltd., <br> Class A<br>| 72215 | 198 |
| &nbsp;&nbsp; Yankuang Energy Group Co. Ltd., <br> Class H<br>| 814919 | 1511 |
| &nbsp;&nbsp; Yantai Jereh Oilfield Services Group <br> Co. Ltd., Class A<br>| 15500 | 216 |
| &nbsp;&nbsp; Yealink Network Technology Corp. Ltd., <br> Class A<br>| 18440 | 88 |
| Yonghui Superstores Co. Ltd., Class A\* | 154400 | 85 |
| &nbsp;&nbsp; Yonyou Network Technology Co. Ltd., <br> Class A\*<br>| 42835 | 73 |
| YTO Express Group Co. Ltd., Class A | 41800 | 123 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| &nbsp;&nbsp; Yuanjie Semiconductor Technology Co. <br> Ltd., Class A<br>| 1343 | $202 |
| Yum China Holdings, Inc. | 86228 | 4291 |
| Yunnan Aluminium Co. Ltd., Class A | 61400 | 279 |
| Yunnan Baiyao Group Co. Ltd., Class A | 30900 | 246 |
| &nbsp;&nbsp; Yunnan Energy New Material Group <br> Co. Ltd., Class A\*<br>| 15300 | 152 |
| Yunnan Tin Co. Ltd., Class A | 31400 | 147 |
| Yunnan Yuntianhua Co. Ltd., Class A | 22300 | 108 |
| Yutong Bus Co. Ltd., Class A | 28500 | 149 |
| Zangge Mining Co. Ltd., Class A | 27000 | 317 |
| &nbsp;&nbsp; Zhangzhou Pientzehuang <br> Pharmaceutical Co. Ltd., Class A<br>| 7493 | 165 |
| &nbsp;&nbsp; Zhaojin Mining Industry Co. Ltd., <br> Class H<br>| 401000 | 1665 |
| &nbsp;&nbsp; Zhejiang Century Huatong Group Co. <br> Ltd., Class A\*<br>| 116300 | 272 |
| &nbsp;&nbsp; Zhejiang China Commodities City <br> Group Co. Ltd., Class A<br>| 86100 | 163 |
| &nbsp;&nbsp; Zhejiang Chint Electrics Co. Ltd., <br> Class A<br>| 28994 | 138 |
| &nbsp;&nbsp; Zhejiang Dahua Technology Co. Ltd., <br> Class A<br>| 50900 | 125 |
| &nbsp;&nbsp; Zhejiang Huayou Cobalt Co. Ltd., <br> Class A<br>| 31615 | 274 |
| &nbsp;&nbsp; Zhejiang Jingsheng Mechanical & <br> Electrical Co. Ltd., Class A<br>| 17200 | 104 |
| Zhejiang Juhua Co. Ltd., Class A | 32100 | 160 |
| &nbsp;&nbsp; Zhejiang Leapmotor Technology Co. <br> Ltd., Class H\*<br>| 121200 | 733 |
| &nbsp;&nbsp; Zhejiang Longsheng Group Co. Ltd., <br> Class A<br>| 50300 | 96 |
| Zhejiang NHU Co. Ltd., Class A | 42448 | 213 |
| &nbsp;&nbsp; Zhejiang Sanhua Intelligent Controls <br> Co. Ltd., Class A<br>| 32800 | 205 |
| &nbsp;&nbsp; Zhejiang Wanfeng Auto Wheel Co. <br> Ltd., Class A<br>| 31300 | 65 |
| &nbsp;&nbsp; Zhejiang Weiming Environment <br> Protection Co. Ltd., Class A<br>| 19250 | 70 |
| &nbsp;&nbsp; Zhejiang Zheneng Electric Power Co. <br> Ltd., Class A<br>| 180800 | 142 |
| Zheshang Securities Co. Ltd., Class A | 60800 | 85 |
| Zhongji Innolight Co. Ltd., Class A | 15240 | 1281 |
| Zhongjin Gold Corp. Ltd., Class A | 73900 | 297 |
| Zhongtai Securities Co. Ltd., Class A | 119500 | 105 |
| &nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., <br> Class A<br>| 8349 | 63 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **60** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **China – 24.7%continued** | **China – 24.7%continued** | **China – 24.7%continued** |
| &nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., <br> Class H<br>| 106074 | $495 |
| Zijin Mining Group Co. Ltd., Class A | 308300 | 1506 |
| Zijin Mining Group Co. Ltd., Class H | 1438162 | 6534 |
| &nbsp;&nbsp; Zoomlion Heavy Industry Science and <br> Technology Co. Ltd., Class A<br>| 111600 | 140 |
| ZTE Corp., Class A | 59300 | 283 |
| ZTE Corp., Class H | 185517 | 521 |
| ZTO Express Cayman, Inc. | 101584 | 2498 |
|  |  | **629796** |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| Grupo Cibest S.A. | 59986 | 1386 |
| Interconexion Electrica S.A. ESP | 102011 | 778 |
|  |  | **2164** |
| **Czech Republic – 0.1%** | **Czech Republic – 0.1%** | **Czech Republic – 0.1%** |
| CEZ A.S. | 31957 | 1807 |
| Komercni Banka A.S. | 17601 | 897 |
| Moneta Money Bank A.S. | 67015 | 586 |
|  |  | **3290** |
| **Egypt – 0.1%** | **Egypt – 0.1%** | **Egypt – 0.1%** |
| &nbsp;&nbsp; Commercial International Bank - Egypt <br> (CIB)<br>| 600364 | 1332 |
| Eastern Co. S.A.E. | 373069 | 239 |
| Talaat Moustafa Group | 175869 | 240 |
|  |  | **1811** |
| **Greece – 0.5%** | **Greece – 0.5%** | **Greece – 0.5%** |
| Allwyn A.G. | 43867 | 667 |
| Alpha Bank S.A. | 400480 | 1488 |
| Eurobank S.A. | 606175 | 2434 |
| FF Group<sup>(2) \*</sup>  | 18664 |  |
| &nbsp;&nbsp; Hellenic Telecommunications <br> Organization S.A.<br>| 39845 | 755 |
| JUMBO S.A. | 27350 | 700 |
| National Bank of Greece S.A. | 209089 | 3241 |
| Piraeus Bank S.A.\* | 265229 | 2186 |
| Public Power Corp. S.A. | 45890 | 963 |
|  |  | **12434** |
| **Hong Kong – 0.1%** | **Hong Kong – 0.1%** | **Hong Kong – 0.1%** |
| Orient Overseas International Ltd. | 29000 | 520 |
| Zijin Gold International Co. Ltd.\* | 52100 | 1187 |
|  |  | **1707** |
| **Hungary – 0.3%** | **Hungary – 0.3%** | **Hungary – 0.3%** |
| MOL Hungarian Oil & Gas PLC | 97683 | 1162 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **Hungary – 0.3%continued** | **Hungary – 0.3%continued** | **Hungary – 0.3%continued** |
| OTP Bank Nyrt. | 53484 | $5767 |
| Richter Gedeon Nyrt. | 33207 | 1186 |
|  |  | **8115** |
| **India – 12.4%** | **India – 12.4%** | **India – 12.4%** |
| ABB India Ltd. | 13503 | 852 |
| Adani Enterprises Ltd. | 38388 | 749 |
| &nbsp;&nbsp; Adani Ports & Special Economic Zone <br> Ltd.<br>| 126940 | 1775 |
| Adani Power Ltd.\* | 717025 | 1172 |
| Aditya Birla Capital Ltd.\* | 206274 | 661 |
| Alkem Laboratories Ltd. | 11847 | 665 |
| Ambuja Cements Ltd. | 149139 | 659 |
| APL Apollo Tubes Ltd. | 45070 | 949 |
| Apollo Hospitals Enterprise Ltd. | 26299 | 2099 |
| Ashok Leyland Ltd. | 714212 | 1212 |
| Asian Paints Ltd. | 92397 | 2155 |
| Astral Ltd. | 32786 | 567 |
| AU Small Finance Bank Ltd. | 137084 | 1229 |
| Aurobindo Pharma Ltd. | 65546 | 919 |
| Avenue Supermarts Ltd.\* | 38121 | 1602 |
| Axis Bank Ltd. | 549518 | 6978 |
| Bajaj Auto Ltd. | 15761 | 1470 |
| Bajaj Finance Ltd. | 670757 | 5902 |
| Bajaj Finserv Ltd. | 90129 | 1610 |
| Bajaj Holdings & Investment Ltd. | 6268 | 579 |
| Balkrishna Industries Ltd. | 19033 | 433 |
| Bank of Baroda | 252882 | 686 |
| Bharat Electronics Ltd. | 877253 | 3791 |
| Bharat Forge Ltd. | 56098 | 1028 |
| Bharat Heavy Electricals Ltd. | 250255 | 657 |
| Bharat Petroleum Corp. Ltd. | 356084 | 1091 |
| Bharti Airtel Ltd. | 619207 | 11773 |
| Bosch Ltd. | 1685 | 527 |
| Britannia Industries Ltd. | 25487 | 1486 |
| BSE Ltd. | 47520 | 1360 |
| Canara Bank | 424305 | 573 |
| CG Power & Industrial Solutions Ltd. | 167388 | 1194 |
| &nbsp;&nbsp; Cholamandalam Investment and <br> Finance Co. Ltd.<br>| 104897 | 1518 |
| Cipla Ltd. | 140151 | 1842 |
| Coal India Ltd. | 446992 | 2161 |
| Colgate-Palmolive India Ltd. | 28118 | 532 |
| Coromandel International Ltd. | 28538 | 580 |
| Cummins India Ltd. | 32355 | 1552 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **61** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **India – 12.4%continued** | **India – 12.4%continued** | **India – 12.4%continued** |
| Dabur India Ltd. | 130551 | $571 |
| Divi's Laboratories Ltd. | 27970 | 1793 |
| Dixon Technologies India Ltd. | 8496 | 905 |
| DLF Ltd. | 188427 | 1010 |
| Dr. Reddy's Laboratories Ltd. | 135077 | 1833 |
| Eicher Motors Ltd. | 33703 | 2424 |
| Eternal Ltd.\* | 588835 | 1473 |
| Fortis Healthcare Ltd. | 113944 | 986 |
| FSN E-Commerce Ventures Ltd.\* | 261663 | 656 |
| GAIL India Ltd. | 552254 | 828 |
| GE Vernova T&D India Ltd. | 29501 | 1183 |
| GMR Airports Ltd.\* | 669820 | 603 |
| Godrej Consumer Products Ltd. | 96255 | 1008 |
| Godrej Properties Ltd.\* | 39095 | 612 |
| Grasim Industries Ltd. | 64170 | 1741 |
| Havells India Ltd. | 56078 | 710 |
| HCL Technologies Ltd. | 227286 | 3277 |
| HDFC Asset Management Co. Ltd. | 48188 | 1167 |
| HDFC Bank Ltd. | 2740393 | 21790 |
| HDFC Life Insurance Co. Ltd. | 226746 | 1423 |
| Hero MotoCorp Ltd. | 29627 | 1640 |
| Hindalco Industries Ltd. | 322381 | 3060 |
| Hindustan Aeronautics Ltd. | 49645 | 1832 |
| Hindustan Petroleum Corp. Ltd. | 227630 | 838 |
| Hindustan Unilever Ltd. | 196393 | 4341 |
| Hitachi Energy India Ltd. | 3225 | 832 |
| Hyundai Motor India Ltd. | 37855 | 715 |
| ICICI Bank Ltd. | 1275067 | 16599 |
| &nbsp;&nbsp; ICICI Lombard General Insurance Co. <br> Ltd.<br>| 57326 | 1039 |
| ICICI Prudential Life Insurance Co. Ltd. | 81811 | 450 |
| IDFC First Bank Ltd. | 893142 | 559 |
| Indian Hotels (The) Co. Ltd. | 199959 | 1212 |
| Indian Oil Corp. Ltd. | 694102 | 1018 |
| Indus Towers Ltd.\* | 310754 | 1378 |
| IndusInd Bank Ltd.\* | 137759 | 1127 |
| Info Edge India Ltd. | 85180 | 890 |
| Infosys Ltd. | 782329 | 10431 |
| InterGlobe Aviation Ltd. | 46729 | 1970 |
| ITC Ltd. | 702852 | 2166 |
| Jindal Stainless Ltd. | 73500 | 558 |
| Jindal Steel Ltd. | 88609 | 1048 |
| Jio Financial Services Ltd. | 671267 | 1658 |
| JSW Energy Ltd. | 97739 | 491 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **India – 12.4%continued** | **India – 12.4%continued** | **India – 12.4%continued** |
| JSW Steel Ltd. | 143944 | $1719 |
| Jubilant Foodworks Ltd. | 101649 | 478 |
| Kalyan Jewellers India Ltd. | 91703 | 370 |
| Kotak Mahindra Bank Ltd. | 1308832 | 5000 |
| L&T Finance Ltd. | 231138 | 590 |
| Larsen & Toubro Ltd. | 162018 | 6041 |
| Lodha Developers Ltd. | 70492 | 511 |
| LTIMindtree Ltd.<sup>(3)</sup>  | 17603 | 749 |
| Lupin Ltd. | 63080 | 1565 |
| Mahindra & Mahindra Ltd. | 223514 | 7222 |
| Mankind Pharma Ltd. | 30671 | 653 |
| Marico Ltd. | 122302 | 968 |
| Maruti Suzuki India Ltd. | 30091 | 4025 |
| Max Healthcare Institute Ltd. | 188089 | 1955 |
| Mphasis Ltd. | 32251 | 715 |
| MRF Ltd. | 549 | 760 |
| Muthoot Finance Ltd. | 29383 | 987 |
| Nestle India Ltd. | 158612 | 1974 |
| NHPC Ltd. | 691090 | 541 |
| NMDC Ltd. | 693777 | 573 |
| NTPC Ltd. | 1044782 | 4165 |
| Oberoi Realty Ltd. | 28293 | 427 |
| Oil & Natural Gas Corp. Ltd. | 744684 | 2239 |
| Oil India Ltd. | 110508 | 552 |
| One 97 Communications Ltd.\* | 88907 | 907 |
| Oracle Financial Services Software Ltd. | 4865 | 348 |
| Page Industries Ltd. | 1582 | 543 |
| PB Fintech Ltd.\* | 81137 | 1248 |
| Persistent Systems Ltd. | 26454 | 1388 |
| Petronet LNG Ltd. | 169720 | 463 |
| Phoenix Mills (The) Ltd. | 47695 | 782 |
| PI Industries Ltd. | 20062 | 591 |
| Pidilite Industries Ltd. | 72190 | 988 |
| Polycab India Ltd. | 12214 | 891 |
| Power Finance Corp. Ltd. | 349846 | 1449 |
| Power Grid Corp. of India Ltd. | 1122490 | 3526 |
| Prestige Estates Projects Ltd. | 39631 | 476 |
| Punjab National Bank | 565874 | 626 |
| Rail Vikas Nigam Ltd. | 125030 | 333 |
| REC Ltd. | 289236 | 938 |
| Reinet Investments S.C.A. | 33200 | 1089 |
| Reliance Industries Ltd. | 1466608 | 21252 |
| &nbsp;&nbsp; Samvardhana Motherson International <br> Ltd.<br>| 980564 | 1141 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **62** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **India – 12.4%continued** | **India – 12.4%continued** | **India – 12.4%continued** |
| SBI Cards & Payment Services Ltd. | 65115 | $441 |
| SBI Life Insurance Co. Ltd. | 109129 | 2057 |
| Shree Cement Ltd. | 2213 | 541 |
| Shriram Finance Ltd. | 338342 | 3145 |
| Siemens Energy India Ltd. | 20500 | 568 |
| Siemens Ltd.\* | 21229 | 661 |
| Solar Industries India Ltd. | 6321 | 823 |
| SRF Ltd. | 34754 | 921 |
| State Bank of India | 443289 | 4724 |
| Sun Pharmaceutical Industries Ltd. | 230069 | 4332 |
| Sundaram Finance Ltd. | 16046 | 760 |
| Supreme Industries Ltd. | 16766 | 668 |
| Suzlon Energy Ltd.\* | 2446624 | 1029 |
| Swiggy Ltd.\* | 321116 | 904 |
| Tata Communications Ltd. | 25549 | 372 |
| Tata Consultancy Services Ltd. | 215801 | 5463 |
| Tata Consumer Products Ltd. | 139480 | 1518 |
| Tata Motors Ltd.\* | 494421 | 2082 |
| Tata Motors Passenger Vehicles Limited | 502474 | 1628 |
| Tata Power (The) Co. Ltd. | 401362 | 1613 |
| Tata Steel Ltd. | 1799862 | 3674 |
| Tech Mahindra Ltd. | 125866 | 1867 |
| Titan Co. Ltd. | 85017 | 3642 |
| Torrent Pharmaceuticals Ltd. | 28792 | 1279 |
| Torrent Power Ltd. | 46511 | 645 |
| Trent Ltd. | 42480 | 1489 |
| Tube Investments of India Ltd. | 25068 | 690 |
| TVS Motor Co. Ltd. | 57471 | 2104 |
| UltraTech Cement Ltd. | 28371 | 3236 |
| Union Bank of India Ltd. | 371205 | 668 |
| United Spirits Ltd. | 69778 | 901 |
| UPL Ltd. | 118061 | 713 |
| Varun Beverages Ltd. | 317679 | 1296 |
| Vedanta Ltd. | 321576 | 2284 |
| Vishal Mega Mart Ltd.\* | 510289 | 587 |
| Vodafone Idea Ltd.\* | 6020213 | 547 |
| Voltas Ltd. | 55635 | 773 |
| WAAREE Energies Ltd. | 21044 | 717 |
| Wipro Ltd. | 631141 | 1269 |
| Yes Bank Ltd.\* | 3653849 | 683 |
| Zydus Lifesciences Ltd. | 44482 | 418 |
|  |  | **315923** |
| **Indonesia – 0.9%** | **Indonesia – 0.9%** | **Indonesia – 0.9%** |
| Amman Mineral Internasional PT\* | 3386900 | 993 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **Indonesia – 0.9%continued** | **Indonesia – 0.9%continued** | **Indonesia – 0.9%continued** |
| Astra International Tbk PT | 4755260 | $1773 |
| Bank Central Asia Tbk PT | 13271560 | 5077 |
| Bank Mandiri Persero Tbk PT | 8975920 | 2517 |
| Bank Negara Indonesia Persero Tbk PT | 3509418 | 782 |
| Bank Rakyat Indonesia Persero Tbk PT | 16322965 | 3217 |
| Barito Pacific Tbk PT\* | 5559115 | 455 |
| Barito Renewables Energy Tbk PT\* | 1870600 | 587 |
| Bumi Resources Minerals Tbk PT\* | 13174100 | 576 |
| Chandra Asri Pacific Tbk PT | 2056400 | 585 |
| Charoen Pokphand Indonesia Tbk PT | 1721835 | 416 |
| Dian Swastatika Sentosa Tbk PT\* | 233600 | 909 |
| GoTo Gojek Tokopedia Tbk PT\* | 223238232 | 675 |
| Petrindo Jaya Kreasi Tbk PT | 5559365 | 351 |
| Sumber Alfaria Trijaya Tbk PT | 4881700 | 426 |
| Telkom Indonesia Persero Tbk PT | 11983462 | 2183 |
| United Tractors Tbk PT | 393171 | 721 |
|  |  | **22243** |
| **Kazakhstan – 0.0%** | **Kazakhstan – 0.0%** | **Kazakhstan – 0.0%** |
| Solidcore Resources PLC\* | 97434 | **744** |
| **Kuwait – 0.6%** | **Kuwait – 0.6%** | **Kuwait – 0.6%** |
| Boubyan Bank K.S.C.P. | 386351 | 855 |
| Gulf Bank K.S.C.P. | 503167 | 535 |
| Kuwait Finance House K.S.C.P. | 2687653 | 6988 |
| Mabanee Co. KPSC | 181079 | 531 |
| &nbsp;&nbsp; Mobile Telecommunications Co. <br> K.S.C.P.<br>| 471460 | 872 |
| National Bank of Kuwait S.A.K.P. | 1968924 | 5829 |
| Warba Bank K.S.C.P.\* | 546057 | 517 |
|  |  | **16127** |
| **Malaysia – 1.2%** | **Malaysia – 1.2%** | **Malaysia – 1.2%** |
| AMMB Holdings Bhd. | 596537 | 977 |
| Axiata Group Bhd. | 597503 | 327 |
| CELCOMDIGI Bhd. | 886800 | 652 |
| CIMB Group Holdings Bhd. | 1934417 | 3626 |
| Gamuda Bhd. | 1150528 | 1065 |
| Hong Leong Bank Bhd. | 154498 | 838 |
| IHH Healthcare Bhd. | 528000 | 1182 |
| IOI Corp. Bhd. | 591340 | 620 |
| Kuala Lumpur Kepong Bhd. | 124229 | 662 |
| Malayan Banking Bhd. | 1472676 | 4148 |
| Maxis Bhd. | 551951 | 492 |
| MISC Bhd. | 320060 | 665 |
| MR DIY Group M Bhd. | 769700 | 294 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **63** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **Malaysia – 1.2%continued** | **Malaysia – 1.2%continued** | **Malaysia – 1.2%continued** |
| Nestle Malaysia Bhd. | 18100 | $444 |
| Petronas Chemicals Group Bhd. | 552100 | 807 |
| Petronas Dagangan Bhd. | 68300 | 369 |
| Petronas Gas Bhd. | 189800 | 840 |
| Press Metal Aluminium Holdings Bhd. | 870900 | 1722 |
| Public Bank Bhd. | 3464405 | 4029 |
| QL Resources Bhd. | 390375 | 358 |
| RHB Bank Bhd. | 398149 | 832 |
| SD Guthrie Bhd. | 526465 | 787 |
| Sunway Bhd. | 626800 | 746 |
| Telekom Malaysia Bhd. | 280286 | 493 |
| Tenaga Nasional Bhd. | 648250 | 2237 |
| YTL Corp. Bhd. | 625600 | 264 |
| YTL Power International Bhd. | 699700 | 523 |
|  |  | **29999** |
| **Mexico – 2.2%** | **Mexico – 2.2%** | **Mexico – 2.2%** |
| America Movil S.A.B. de C.V., Class B | 4354268 | 5537 |
| Arca Continental S.A.B. de C.V. | 129505 | 1492 |
| Cemex S.A.B. de C.V., Class CPO | 3643645 | 4172 |
| Coca-Cola Femsa S.A.B. de C.V. | 127322 | 1240 |
| Fibra Uno Administracion S.A. de C.V. | 703801 | 1150 |
| &nbsp;&nbsp; Fomento Economico Mexicano S.A.B. <br> de C.V.<br>| 410991 | 4555 |
| Gruma S.A.B. de C.V., Class B | 35660 | 653 |
| &nbsp;&nbsp; Grupo Aeroportuario del Centro Norte <br> S.A.B. de C.V.<br>| 71165 | 1021 |
| &nbsp;&nbsp; Grupo Aeroportuario del Pacifico <br> S.A.B. de C.V., Class B<br>| 92352 | 2274 |
| &nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. <br> de C.V., Class B<br>| 42821 | 1444 |
| Grupo Bimbo S.A.B. de C.V., Class A | 310454 | 1040 |
| Grupo Carso S.A.B. de C.V., Class A1 | 134806 | 1012 |
| &nbsp;&nbsp; Grupo Comercial Chedraui S.A. de <br> C.V.<br>| 90494 | 530 |
| &nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de <br> C.V., Class O<br>| 606709 | 6718 |
| &nbsp;&nbsp; Grupo Financiero Inbursa S.A.B. de <br> C.V., Class O<br>| 361141 | 910 |
| Grupo Mexico S.A.B. de C.V., Class B | 745678 | 7976 |
| Industrias Penoles S.A.B. de C.V.\* | 46814 | 2087 |
| &nbsp;&nbsp; Kimberly-Clark de Mexico S.A.B. de <br> C.V., Class A<br>| 338927 | 802 |
| Prologis Property Mexico S.A. de C.V. | 262000 | 1144 |
| &nbsp;&nbsp; Promotora y Operadora de <br> Infraestructura S.A.B. de C.V.<br>| 42835 | 694 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **Mexico – 2.2%continued** | **Mexico – 2.2%continued** | **Mexico – 2.2%continued** |
| Sigma Foods S.A.B. de C.V. | 926939 | $927 |
| Southern Copper Corp. | 21432 | 3687 |
| Wal-Mart de Mexico S.A.B. de C.V. | 1246721 | 4065 |
|  |  | **55130** |
| **Netherlands – 0.0%** | **Netherlands – 0.0%** | **Netherlands – 0.0%** |
| Nebius Group N.V.<sup>(2) \*</sup>  | 83223 | **—** |
| **Peru – 0.3%** | **Peru – 0.3%** | **Peru – 0.3%** |
| &nbsp;&nbsp; Cia de Minas Buenaventura S.A.A. <br> ADR<br>| 40091 | 1445 |
| Credicorp Ltd. | 16282 | 5522 |
|  |  | **6967** |
| **Philippines – 0.3%** | **Philippines – 0.3%** | **Philippines – 0.3%** |
| Ayala Corp. | 62327 | 521 |
| Ayala Land, Inc. | 1586860 | 423 |
| Bank of the Philippine Islands | 417595 | 687 |
| BDO Unibank, Inc. | 557120 | 1041 |
| &nbsp;&nbsp; International Container Terminal <br> Services, Inc.<br>| 243200 | 2789 |
| Jollibee Foods Corp. | 117233 | 344 |
| Manila Electric Co. | 62490 | 636 |
| Metropolitan Bank & Trust Co. | 467109 | 491 |
| PLDT, Inc. | 19380 | 413 |
| SM Investments Corp. | 56072 | 575 |
| SM Prime Holdings, Inc. | 2505513 | 847 |
|  |  | **8767** |
| **Poland – 1.1%** | **Poland – 1.1%** | **Poland – 1.1%** |
| Allegro.eu S.A.\* | 198776 | 1427 |
| Asseco Poland S.A. | 13695 | 627 |
| Bank Millennium S.A.\* | 138333 | 614 |
| Bank Polska Kasa Opieki S.A. | 43020 | 2543 |
| Budimex S.A. | 3230 | 579 |
| CD Projekt S.A. | 14956 | 962 |
| Dino Polska S.A.\* | 118202 | 1078 |
| KGHM Polska Miedz S.A.\* | 33522 | 2454 |
| LPP S.A. | 262 | 1588 |
| mBank S.A.\* | 3650 | 1086 |
| ORLEN S.A. | 139776 | 5037 |
| PGE Polska Grupa Energetyczna S.A.\* | 211357 | 613 |
| &nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank <br> Polski S.A.<br>| 209022 | 4943 |
| Powszechny Zaklad Ubezpieczen S.A. | 148703 | 2609 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **64** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **Poland – 1.1%continued** | **Poland – 1.1%continued** | **Poland – 1.1%continued** |
| Santander Bank Polska S.A. | 9661 | $1535 |
| Zabka Group S.A.\* | 92852 | 558 |
|  |  | **28253** |
| **Qatar – 0.6%** | **Qatar – 0.6%** | **Qatar – 0.6%** |
| Al Rayan Bank | 1514599 | 910 |
| Commercial Bank PSQC (The) | 771544 | 904 |
| Dukhan Bank | 419647 | 399 |
| Industries Qatar QSC | 361601 | 1057 |
| Mesaieed Petrochemical Holding Co. | 1331784 | 400 |
| Nebras Energy | 100340 | 395 |
| Ooredoo QPSC | 222848 | 763 |
| Qatar Fuel QSC | 160054 | 636 |
| Qatar Gas Transport Co. Ltd. | 647996 | 747 |
| Qatar International Islamic Bank QSC | 229820 | 700 |
| Qatar Islamic Bank QPSC | 427911 | 2669 |
| Qatar National Bank QPSC | 1121435 | 5261 |
|  |  | **14841** |
| **Romania – 0.0%** | **Romania – 0.0%** | **Romania – 0.0%** |
| NEPI Rockcastle N.V.\* | 146452 | **1179** |
| **Russia – 0.0%** | **Russia – 0.0%** | **Russia – 0.0%** |
| Alrosa PJSC<sup>(2) (4) \*</sup>  | 695290 |  |
| Gazprom PJSC ADR<sup>(2) \*</sup>  | 134 |  |
| Mobile TeleSystems PJSC ADR<sup>(2) \*</sup>  | 121420 |  |
| Novatek PJSC GDR (Registered)<sup>(2) \*</sup>  | 24702 |  |
| PhosAgro PJSC GDR<sup>(2) (4) \*</sup>  | 224 |  |
| Polyus PJSC<sup>(2) (4) \*</sup>  | 93590 |  |
| Rosneft Oil Co. PJSC<sup>(2) (4) \*</sup>  | 318005 |  |
| Sberbank of Russia PJSC<sup>(2) (4) \*</sup>  | 2882082 |  |
| &nbsp;&nbsp; Sberbank of Russia PJSC (Moscow <br> Exchange)<sup>(2) \*</sup> <br>| 56000 |  |
| Severstal PAO<sup>(2) (4) \*</sup>  | 55330 |  |
| Severstal PAO GDR (Registered)<sup>(2) (4) \*</sup>  | 1839 |  |
| Surgutneftegas PAO ADR<sup>(2) (4) \*</sup>  | 4629 |  |
| VK CO Ltd. GDR<sup>(2) (4) \*</sup>  | 30900 |  |
| VTB Bank PJSC<sup>(2) (4) \*</sup>  | 160113 |  |
| VTB Bank PJSC GDR<sup>(2) (3) \*</sup>  | 11036 |  |
| VTB Bank PJSC GDR (Registered)<sup>(2) (4) \*</sup>  | 43343 |  |
| X5 Retail Group N.V. GDR <br> (Registered)<sup>(2) (4) \*</sup> <br>| 32705 |  |
|  |  | **—** |
| **Saudi Arabia – 3.0%** | **Saudi Arabia – 3.0%** | **Saudi Arabia – 3.0%** |
| ACWA Power Co.\* | 35933 | 1663 |
| Ades Holding Co. | 73467 | 354 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **Saudi Arabia – 3.0%continued** | **Saudi Arabia – 3.0%continued** | **Saudi Arabia – 3.0%continued** |
| Al Rajhi Bank | 475896 | $13553 |
| Alinma Bank | 298566 | 2303 |
| Almarai Co. JSC | 123685 | 1450 |
| Arab National Bank | 223288 | 1283 |
| &nbsp;&nbsp; Arabian Internet & Communications <br> Services Co.<br>| 5701 | 297 |
| Bank AlBilad | 174504 | 1263 |
| Bank Al-Jazira | 143283 | 448 |
| Banque Saudi Fransi | 291134 | 1545 |
| &nbsp;&nbsp; Bupa Arabia for Cooperative Insurance <br> Co.<br>| 18772 | 885 |
| Co for Cooperative Insurance (The) | 18696 | 638 |
| &nbsp;&nbsp; Dar Al Arkan Real Estate Development <br> Co.\*<br>| 134710 | 653 |
| &nbsp;&nbsp; Dr. Sulaiman Al Habib Medical <br> Services Group Co.<br>| 20454 | 1409 |
| Elm Co. | 5630 | 804 |
| Etihad Etisalat Co. | 88668 | 1543 |
| Jabal Omar Development Co.\* | 129720 | 550 |
| Jarir Marketing Co. | 129200 | 487 |
| &nbsp;&nbsp; Makkah Construction & Development <br> Co.<br>| 21474 | 485 |
| Mouwasat Medical Services Co. | 23031 | 446 |
| Riyad Bank | 362216 | 2854 |
| SABIC Agri-Nutrients Co. | 54703 | 2112 |
| SAL Saudi Logistics Services | 8701 | 387 |
| Saudi Arabian Mining Co.\* | 326051 | 5659 |
| Saudi Arabian Oil Co. | 1462804 | 10666 |
| Saudi Awwal Bank | 247453 | 2465 |
| Saudi Basic Industries Corp. | 218555 | 3508 |
| Saudi Energy Co. | 209115 | 945 |
| Saudi Investment Bank (The) | 156500 | 552 |
| Saudi National Bank (The) | 702812 | 7823 |
| Saudi Tadawul Group Holding Co. | 11247 | 422 |
| Saudi Telecom Co. | 479027 | 5423 |
| Yanbu National Petrochemical Co. | 63280 | 600 |
|  |  | **75475** |
| **South Africa – 3.0%** | **South Africa – 3.0%** | **South Africa – 3.0%** |
| Absa Group Ltd. | 208194 | 2977 |
| Bid Corp. Ltd. | 83467 | 2011 |
| Bidvest Group Ltd. | 77396 | 1044 |
| Capitec Bank Holdings Ltd. | 20821 | 5112 |
| Clicks Group Ltd. | 56313 | 964 |
| Discovery Ltd. | 138876 | 2042 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **65** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **South Africa – 3.0%continued** | **South Africa – 3.0%continued** | **South Africa – 3.0%continued** |
| FirstRand Ltd. | 1202579 | $6147 |
| Gold Fields Ltd. | 215801 | 10039 |
| Harmony Gold Mining Co. Ltd. | 136989 | 2113 |
| Impala Platinum Holdings Ltd. | 216148 | 3177 |
| MTN Group Ltd. | 415940 | 4826 |
| Naspers Ltd., Class N | 189005 | 9788 |
| Nedbank Group Ltd. | 108402 | 1715 |
| Northam Platinum Holdings Ltd. | 86530 | 1809 |
| OUTsurance Group Ltd. | 209973 | 869 |
| Pepkor Holdings Ltd. | 827635 | 1113 |
| Remgro Ltd. | 115298 | 1297 |
| Sanlam Ltd. | 430652 | 2269 |
| Sasol Ltd.\* | 139612 | 1861 |
| Shoprite Holdings Ltd. | 112851 | 1847 |
| Sibanye Stillwater Ltd. | 677057 | 2070 |
| Standard Bank Group Ltd. | 319739 | 5796 |
| Valterra Platinum Ltd. | 63339 | 5445 |
| Vodacom Group Ltd. | 145741 | 1246 |
|  |  | **77577** |
| **South Korea – 14.6%** | **South Korea – 14.6%** | **South Korea – 14.6%** |
| Alteogen, Inc. | 9617 | 2218 |
| Amorepacific Corp. | 7058 | 645 |
| APR Corp. | 5651 | 1266 |
| Celltrion, Inc.\* | 36032 | 4702 |
| DB Insurance Co. Ltd. | 10964 | 1198 |
| Doosan Co. Ltd. | 1795 | 1248 |
| Doosan Enerbility Co. Ltd.\* | 107210 | 6617 |
| Ecopro B.M. Co. Ltd. | 11833 | 1523 |
| Ecopro Co. Ltd.\* | 24367 | 2294 |
| Hana Financial Group, Inc. | 66815 | 4734 |
| Hanjin Kal Corp. | 5437 | 400 |
| Hankook Tire & Technology Co. Ltd. | 16769 | 598 |
| Hanmi Semiconductor Co. Ltd. | 10329 | 1762 |
| Hanwha Aerospace Co. Ltd. | 8005 | 6523 |
| Hanwha Ocean Co. Ltd.\* | 33014 | 2623 |
| Hanwha Systems Co. Ltd. | 18275 | 1350 |
| HD Hyundai Co. Ltd. | 10354 | 1630 |
| HD Hyundai Electric Co. Ltd. | 5664 | 3160 |
| HD Hyundai Heavy Industries Co. Ltd. | 8805 | 2716 |
| HD Hyundai Marine Solution Co. Ltd. | 3622 | 433 |
| &nbsp;&nbsp; HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd.<br>| 10220 | 2333 |
| HLB, Inc.\* | 28125 | 944 |
| HMM Co. Ltd. | 58048 | 744 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **South Korea – 14.6%continued** | **South Korea – 14.6%continued** | **South Korea – 14.6%continued** |
| HYBE Co. Ltd.\* | 5799 | $1167 |
| Hyosung Heavy Industries Corp. | 1354 | 2226 |
| &nbsp;&nbsp; Hyundai Engineering & Construction <br> Co. Ltd.<br>| 18909 | 1795 |
| Hyundai Glovis Co. Ltd. | 9032 | 1249 |
| Hyundai Mobis Co. Ltd. | 14258 | 3667 |
| Hyundai Motor Co. | 32052 | 9553 |
| Hyundai Rotem Co. Ltd. | 18440 | 2052 |
| Industrial Bank of Korea | 67443 | 962 |
| Kakao Corp. | 74236 | 2257 |
| KakaoBank Corp. | 41840 | 672 |
| KB Financial Group, Inc. | 86710 | 8112 |
| Kia Corp. | 56467 | 5435 |
| Korea Aerospace Industries Ltd. | 17385 | 1880 |
| Korea Electric Power Corp. | 60227 | 1654 |
| Korea Investment Holdings Co. Ltd. | 10236 | 1399 |
| Korean Air Lines Co. Ltd. | 44652 | 705 |
| Krafton, Inc.\* | 6701 | 1127 |
| KT&G Corp. | 22993 | 2405 |
| LG Chem Ltd. | 11957 | 2379 |
| LG Corp. | 23268 | 1271 |
| LG Display Co. Ltd.\* | 65190 | 486 |
| LG Electronics, Inc. | 25495 | 1828 |
| LG Energy Solution Ltd.\* | 11360 | 2987 |
| LG Uplus Corp. | 32300 | 326 |
| LIG Nex1 Co. Ltd. | 3097 | 1213 |
| LS Electric Co. Ltd. | 3629 | 1748 |
| Meritz Financial Group, Inc.\* | 18222 | 1350 |
| Mirae Asset Securities Co. Ltd. | 47342 | 1969 |
| NAVER Corp. | 33746 | 4500 |
| NH Investment & Securities Co. Ltd. | 31852 | 629 |
| POSCO Future M Co. Ltd. | 8636 | 1170 |
| POSCO Holdings, Inc. | 17480 | 3863 |
| Posco International Corp. | 11613 | 540 |
| Samsung Biologics Co. Ltd.<sup>(3) \*</sup>  | 2802 | 2794 |
| Samsung C&T Corp. | 20649 | 3506 |
| Samsung Electro-Mechanics Co. Ltd. | 13608 | 3720 |
| Samsung Electronics Co. Ltd. | 1137214 | 127743 |
| Samsung Episholdings Co. Ltd.\* | 1825 | 601 |
| &nbsp;&nbsp; Samsung Fire & Marine Insurance Co. <br> Ltd.<br>| 7358 | 2133 |
| Samsung Heavy Industries Co. Ltd.\* | 169651 | 2752 |
| Samsung Life Insurance Co. Ltd. | 19493 | 2737 |
| Samsung SDI Co. Ltd.\* | 14493 | 3957 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **66** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **South Korea – 14.6%continued** | **South Korea – 14.6%continued** | **South Korea – 14.6%continued** |
| Samsung SDS Co. Ltd. | 10010 | $995 |
| Samyang Foods Co. Ltd. | 933 | 748 |
| Shinhan Financial Group Co. Ltd. | 104569 | 6030 |
| SK Biopharmaceuticals Co. Ltd.\* | 7283 | 456 |
| SK hynix, Inc. | 131125 | 71318 |
| SK Innovation Co. Ltd. | 15998 | 1127 |
| SK Square Co. Ltd.\* | 22153 | 7031 |
| SK Telecom Co. Ltd. | 24185 | 1237 |
| SK, Inc. | 8775 | 1779 |
| S-Oil Corp.\* | 10768 | 716 |
| Woori Financial Group, Inc. | 159131 | 3357 |
| Yuhan Corp. | 13552 | 847 |
|  |  | **371821** |
| **Taiwan – 22.2%** | **Taiwan – 22.2%** | **Taiwan – 22.2%** |
| Accton Technology Corp. | 121000 | 5892 |
| Advantech Co. Ltd. | 114661 | 1160 |
| Alchip Technologies Ltd. | 18644 | 1513 |
| ASE Technology Holding Co. Ltd. | 795055 | 8722 |
| Asia Cement Corp. | 613829 | 670 |
| Asia Vital Components Co. Ltd. | 79250 | 5120 |
| ASPEED Technology, Inc. | 7300 | 2518 |
| Asustek Computer, Inc. | 170546 | 2969 |
| Bizlink Holding, Inc. | 41000 | 2297 |
| Caliway Biopharmaceuticals Co. Ltd.\* | 236000 | 657 |
| Catcher Technology Co. Ltd. | 119111 | 704 |
| Cathay Financial Holding Co. Ltd. | 2316850 | 5183 |
| Chailease Holding Co. Ltd. | 359169 | 1235 |
| Chang Hwa Commercial Bank Ltd. | 1647053 | 1063 |
| China Airlines Ltd. | 774000 | 441 |
| China Steel Corp. | 2783800 | 1661 |
| Chroma ATE, Inc. | 92000 | 4399 |
| Chunghwa Telecom Co. Ltd. | 898260 | 3749 |
| Compal Electronics, Inc. | 989759 | 850 |
| CTBC Financial Holding Co. Ltd. | 3979707 | 6470 |
| Delta Electronics, Inc. | 468313 | 20844 |
| E Ink Holdings, Inc. | 201000 | 874 |
| E.Sun Financial Holding Co. Ltd. | 3488721 | 3474 |
| Elite Material Co. Ltd. | 73266 | 6134 |
| eMemory Technology, Inc. | 16000 | 1392 |
| Eva Airways Corp. | 670996 | 717 |
| Evergreen Marine Corp. Taiwan Ltd. | 253544 | 1585 |
| Far Eastern New Century Corp. | 790587 | 655 |
| &nbsp;&nbsp; Far EasTone Telecommunications Co. <br> Ltd.<br>| 414345 | 1199 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **Taiwan – 22.2%continued** | **Taiwan – 22.2%continued** | **Taiwan – 22.2%continued** |
| First Financial Holding Co. Ltd. | 2835253 | $2527 |
| Formosa Chemicals & Fibre Corp. | 808499 | 1143 |
| Formosa Plastics Corp. | 950201 | 1366 |
| Fortune Electric Co. Ltd. | 35942 | 905 |
| Fubon Financial Holding Co. Ltd. | 2012668 | 5480 |
| Gigabyte Technology Co. Ltd. | 126994 | 898 |
| Global Unichip Corp. | 21022 | 1467 |
| Globalwafers Co. Ltd. | 62709 | 845 |
| Gold Circuit Electronics Ltd. | 79070 | 2195 |
| Hon Hai Precision Industry Co. Ltd. | 3025248 | 18202 |
| Hon Precision, Inc. | 19512 | 2244 |
| Hotai Motor Co. Ltd. | 76361 | 1169 |
| Hua Nan Financial Holdings Co. Ltd. | 2142305 | 2256 |
| Innolux Corp. | 1819457 | 1412 |
| International Games System Co. Ltd. | 55187 | 1315 |
| Inventec Corp. | 628314 | 802 |
| Jentech Precision Industrial Co. Ltd. | 20934 | 2592 |
| KGI Financial Holding Co. Ltd. | 3889015 | 2406 |
| King Slide Works Co. Ltd. | 14000 | 1419 |
| King Yuan Electronics Co. Ltd. | 267000 | 2307 |
| Largan Precision Co. Ltd. | 23835 | 1656 |
| Lite-On Technology Corp. | 475964 | 2140 |
| Lotes Co. Ltd. | 19906 | 1319 |
| MediaTek, Inc. | 366091 | 17727 |
| Mega Financial Holding Co. Ltd. | 2833700 | 3440 |
| Nan Ya Plastics Corp. | 1243562 | 2935 |
| Novatek Microelectronics Corp. | 141988 | 1708 |
| Pegatron Corp. | 513527 | 1236 |
| PharmaEssentia Corp. | 73824 | 1413 |
| President Chain Store Corp. | 134220 | 944 |
| Quanta Computer, Inc. | 649440 | 5739 |
| Realtek Semiconductor Corp. | 119832 | 1820 |
| &nbsp;&nbsp; Shanghai Commercial & Savings Bank <br> (The) Ltd.<br>| 940798 | 1153 |
| SinoPac Financial Holdings Co. Ltd. | 2978705 | 2911 |
| Taiwan Business Bank | 1719053 | 811 |
| &nbsp;&nbsp; Taiwan Cooperative Financial Holding <br> Co. Ltd.<br>| 2559032 | 1887 |
| Taiwan High Speed Rail Corp. | 466765 | 386 |
| Taiwan Mobile Co. Ltd. | 408076 | 1393 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 5916209 | 333529 |
| TCC Group Holdings Co. Ltd. | 1609231 | 1178 |
| Teco Electric and Machinery Co. Ltd. | 276000 | 528 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **67** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **Taiwan – 22.2%continued** | **Taiwan – 22.2%continued** | **Taiwan – 22.2%continued** |
| TS Financial Holding Co. Ltd. | 5164905 | $3801 |
| Unimicron Technology Corp. | 319944 | 4631 |
| Uni-President Enterprises Corp. | 1131150 | 2525 |
| United Microelectronics Corp. | 2714175 | 4852 |
| &nbsp;&nbsp; Vanguard International Semiconductor <br> Corp.<br>| 277033 | 1060 |
| Wan Hai Lines Ltd. | 148005 | 359 |
| Wistron Corp. | 726925 | 2834 |
| Wiwynn Corp. | 27000 | 2848 |
| Ya Hsin Industrial Co. Ltd.<sup>(2) \*</sup>  | 121548 |  |
| Yageo Corp. | 399500 | 3188 |
| Yang Ming Marine Transport Corp. | 416000 | 681 |
| Yuanta Financial Holding Co. Ltd. | 2582486 | 3676 |
| Zhen Ding Technology Holding Ltd. | 179850 | 1201 |
|  |  | **564606** |
| **Thailand – 1.1%** | **Thailand – 1.1%** | **Thailand – 1.1%** |
| Advanced Info Service PCL (Registered) | 194000 | 2194 |
| Advanced Info Service PCL NVDR | 57999 | 664 |
| Airports of Thailand PCL NVDR<sup>†</sup>  | 1035500 | 1674 |
| &nbsp;&nbsp; Bangkok Dusit Medical Services PCL <br> NVDR<br>| 2723100 | 1570 |
| Bumrungrad Hospital PCL NVDR | 134787 | 678 |
| Central Pattana PCL NVDR | 468000 | 899 |
| Charoen Pokphand Foods PCL NVDR | 858957 | 552 |
| CP ALL PCL (Registered) | 905200 | 1249 |
| CP ALL PCL NVDR | 356436 | 499 |
| Delta Electronics Thailand PCL NVDR<sup>†</sup>  | 747700 | 6072 |
| &nbsp;&nbsp; Gulf Development PCL NVDR <br> (Registered)<br>| 1106986 | 2029 |
| Kasikornbank PCL NVDR | 144800 | 847 |
| Krung Thai Bank PCL (Registered) | 515250 | 549 |
| Krung Thai Bank PCL NVDR | 277393 | 298 |
| Minor International PCL NVDR<sup>†</sup>  | 815030 | 545 |
| &nbsp;&nbsp; PTT Exploration & Production PCL <br> (Registered)<br>| 242500 | 1187 |
| &nbsp;&nbsp; PTT Exploration & Production PCL <br> NVDR<sup>†</sup> <br>| 94643 | 463 |
| PTT PCL (Registered) | 1835000 | 1947 |
| PTT PCL NVDR | 577000 | 617 |
| SCB X PCL (Registered) | 145800 | 641 |
| SCB X PCL NVDR | 54476 | 240 |
| Siam Cement (The) PCL (Registered) | 51000 | 320 |
| Siam Cement (The) PCL NVDR<sup>†</sup>  | 131998 | 847 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **Thailand – 1.1%continued** | **Thailand – 1.1%continued** | **Thailand – 1.1%continued** |
| TMBThanachart Bank PCL NVDR | 6009400 | $423 |
| True Corp. PCL NVDR (Registered) | 2548423 | 1130 |
|  |  | **28134** |
| **Turkey – 0.4%** | **Turkey – 0.4%** | **Turkey – 0.4%** |
| Akbank T.A.S. | 752307 | 1140 |
| &nbsp;&nbsp; Anadolu Efes Biracilik Ve Malt Sanayii <br> A.S.<sup>(5)</sup> <br>| 8 |  |
| &nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret <br> A.S.<br>| 329601 | 2378 |
| BIM Birlesik Magazalar A.S. | 107352 | 1672 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | 863320 | 556 |
| Ford Otomotiv Sanayi A.S. | 161855 | 374 |
| Haci Omer Sabanci Holding A.S. | 267211 | 548 |
| Is Gayrimenkul Yatirim Ortakligi A.S.<sup>(5)</sup>  | 1 |  |
| KOC Holding A.S. | 191856 | 853 |
| Turk Hava Yollari A.O. | 134583 | 890 |
| Turkcell Iletisim Hizmetleri A.S. | 295456 | 714 |
| Turkiye Is Bankasi A.S., Class C | 1986419 | 599 |
| Turkiye Petrol Rafinerileri A.S. | 218378 | 1260 |
| Yapi ve Kredi Bankasi A.S.\* | 856628 | 650 |
|  |  | **11634** |
| **United Arab Emirates – 1.3%** | **United Arab Emirates – 1.3%** | **United Arab Emirates – 1.3%** |
| Abu Dhabi Commercial Bank PJSC | 757877 | 2579 |
| Abu Dhabi Islamic Bank PJSC | 358377 | 2027 |
| &nbsp;&nbsp; Abu Dhabi National Oil Co. for <br> Distribution PJSC<br>| 796715 | 825 |
| ADNOC Drilling Co. PJSC | 751279 | 1054 |
| Adnoc Gas PLC | 1434651 | 1255 |
| ADNOC Logistics & Services | 428315 | 609 |
| Air Arabia PJSC | 595478 | 662 |
| Aldar Properties PJSC | 911506 | 1952 |
| &nbsp;&nbsp; Dubai Electricity & Water Authority <br> PJSC<br>| 1431094 | 1052 |
| Dubai Islamic Bank PJSC | 694204 | 1398 |
| Emaar Development PJSC | 243573 | 907 |
| Emaar Properties PJSC | 1582160 | 5108 |
| Emirates NBD Bank PJSC | 452031 | 3322 |
| &nbsp;&nbsp; Emirates Telecommunications Group <br> Co. PJSC<br>| 835532 | 4248 |
| First Abu Dhabi Bank PJSC | 1055151 | 4912 |
| Salik Co. PJSC | 451438 | 629 |
|  |  | **32539** |
| **United States – 0.3%** | **United States – 0.3%** | **United States – 0.3%** |
| BeOne Medicines Ltd., Class H\* | 205734 | 4664 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **68** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **United States – 0.3%continued** | **United States – 0.3%continued** | **United States – 0.3%continued** |
| JBS N.V. BDR\* | 83818 | $1500 |
| JBS N.V., Class A\* | 10930 | 196 |
| Legend Biotech Corp. ADR\* | 16311 | 295 |
|  |  | **6655** |
| **Total Common Stocks** |  |  |
| **(Cost $1,355,053)** |  | **2442309** |
| **PREFERRED STOCKS – 2.2%** <sup>(1)</sup> | **PREFERRED STOCKS – 2.2%** <sup>(1)</sup> | **PREFERRED STOCKS – 2.2%** <sup>(1)</sup> |
| **Brazil – 1.3%** | **Brazil – 1.3%** | **Brazil – 1.3%** |
| Axia Energia, Class B, 3.24%<sup>(6)</sup>  | 57841 | 718 |
| Axia Energia, Class C\* | 88981 | 971 |
| Banco Bradesco S.A.\* | 1256594 | 4653 |
| &nbsp;&nbsp; Cia Energetica de Minas Gerais, <br> 1.16%<sup>(6)</sup> <br>| 414321 | 1007 |
| Gerdau S.A., 2.11%<sup>(6)</sup>  | 318046 | 1164 |
| Itau Unibanco Holding S.A., 4.17%<sup>(6)</sup>  | 1305289 | 10957 |
| Itausa S.A., 5.44%<sup>(6)</sup>  | 1422528 | 3823 |
| Klabin S.A., 1.15%<sup>(5) (6)</sup>  | 3 |  |
| Petroleo Brasileiro S.A. - Petrobras, <br> 2.51%<sup>(6)</sup> <br>| 1117061 | 10477 |
|  |  | **33770** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| Sociedad Quimica y Minera de Chile <br> S.A., Class B\*<br>| 33925 | **2745** |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| Grupo Cibest S.A., 6.68%<sup>(6)</sup>  | 105067 | **1931** |
| **South Korea – 0.7%** | **South Korea – 0.7%** | **South Korea – 0.7%** |
| Hyundai Motor Co., 4.39%<sup>(6)</sup>  | 5162 | 817 |
| &nbsp;&nbsp; Hyundai Motor Co. (2nd Preferred), <br> 4.34%<sup>(6)</sup> <br>| 8354 | 1342 |
| Samsung Electronics Co. Ltd., 1.46%<sup>(6)</sup>  | 196065 | 15611 |
|  |  | **17770** |
| **Total Preferred Stocks** |  |  |
| **(Cost $28,694)** |  | **56216** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.8%**  | **INVESTMENT COMPANIES – 1.8%**  | **INVESTMENT COMPANIES – 1.8%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(7) (8) (9)</sup> <br>| 3726519 | $3727 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(7) (8)</sup> <br>| 40735273 | 40735 |
| **Total Investment Companies** |  |  |
| **(Cost $44,462)** |  | **44462** |
| **Total Investments – 99.9%** |  |  |
| **(Cost $1,428,209)** |  | **2542987** |
| Other Assets less Liabilities – 0.1% |  | 3253 |
| **Net Assets – 100.0%** |  | **$2546240** |

---

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(3)</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 March 31,* *2026, the value of these securities amounted to approximately $3,543,000* *or 0.1% of net assets.* 

<sup>(4)</sup> *Restricted security. At March 31, 2026, the value of these restricted securities* *amounted to $0 or 0.0% of net assets. Additional information on these* *restricted securities are as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| Alrosa PJSC | 5/30/14-8/20/20 | &nbsp;&nbsp; $775 |
| PhosAgro PJSC GDR | 7/12/16-1/17/19 | &nbsp;&nbsp; 3 |
| Polyus PJSC | 11/30/17-3/25/21 | &nbsp;&nbsp; 1046 |
| Rosneft Oil Co. PJSC | 3/16/17-3/5/21 | &nbsp;&nbsp; 1951 |
| Sberbank of Russia PJSC | 5/7/09-6/17/21 | &nbsp;&nbsp; 5525 |
| Severstal PAO | 2/26/10-3/25/21 | &nbsp;&nbsp; 815 |
| Severstal PAO GDR (Registered) | 7/30/09 | &nbsp;&nbsp; 12 |
| Surgutneftegas PAO ADR | 4/21/16 | &nbsp;&nbsp; 25 |
| VK CO Ltd. GDR | 11/30/20-3/5/21 | &nbsp;&nbsp; 880 |
| VTB Bank PJSC | 4/21/16-8/20/20 | &nbsp;&nbsp; 818 |
| VTB Bank PJSC GDR (Registered) | 4/2/09-7/30/09 | &nbsp;&nbsp; 91 |
| X5 Retail Group N.V. GDR (Registered) | 5/31/18-2/18/21 | &nbsp;&nbsp; 953 |

---

<sup>(5)</sup> *Value rounds to less than one thousand.*

<sup>(6)</sup> *Current yield is disclosed. Dividends are calculated based on a percentage* *of the issuer's net income.* 

<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 March 31, 2026 is disclosed.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **69** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

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

---

| | |
|:---|:---|
| <sup>(9)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| BDR – Brazilian Depositary Receipt |
| CPO – Certificado de Participación Ordinario |
| GDR – Global Depositary Receipt |
| MSCI – Morgan Stanley Capital International |
| NVDR – Non-Voting Depositary Receipt |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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>|
| Bank of Montreal | Hong Kong <br> Dollar<br>| 2576 | United States <br> Dollar<br>| 331 | 6/17/26 | $1 |
| Citibank | Korean Won | 2479031 | United States <br> Dollar<br>| 1684 | 6/17/26 | 32 |
| JPMorgan Chase | Indian Rupee | 11276 | United States <br> Dollar<br>| 121 | 6/17/26 | 2 |
| Morgan Stanley | South African <br> Rand<br>| 4908 | United States <br> Dollar<br>| 297 | 6/17/26 | 9 |
| Morgan Stanley | Taiwan Dollar | 35797 | United States <br> Dollar<br>| 1122 | 6/17/26 | 8 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 52 |
| Citibank | Brazilian Real | 5762 | United States <br> Dollar<br>| 1092 | 6/17/26 | (1)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (1)<br>|
| Total |  |  |  |  |  | $51 |

---

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; MSCI <br> Emerging <br> Markets Index <br> (United States <br> Dollar)<br>| 773 | $56220 | Long | 6/26 | $(1164)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

At March 31, 2026, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Information Technology | 31.1<br> %<br>|
| Financials | 21.4 |
| Consumer Discretionary | 10.2 |
| Communication Services | 7.9 |
| Materials | 7.1 |
| Industrials | 6.6 |
| Energy | 4.0 |
| Consumer Staples | 3.5 |
| Health Care | 3.1 |
| Utilities | 2.2 |
| Real Estate | 1.0 |
| Short-Term Investments | 1.8 |
| Total Investments | 99.9 |
| Other Assets less Liabilities | 0.1 |
| Net Assets | 100.0<br> %<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.

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).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2026 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $91624 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $91624 |
| Chile | &nbsp;&nbsp; 10580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10580 |
| China | &nbsp;&nbsp; 24685 | &nbsp;&nbsp; 605111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 629796 |
| Colombia | &nbsp;&nbsp; 2164 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2164 |
| Egypt | &nbsp;&nbsp; 1572 | &nbsp;&nbsp; 239 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1811 |
| Kazakhstan | &nbsp;&nbsp; 744 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 744 |
| Mexico | &nbsp;&nbsp; 55130 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55130 |
| Peru | &nbsp;&nbsp; 6967 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6967 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **70** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| United States | &nbsp;&nbsp; $1991 | &nbsp;&nbsp; $4664 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6655 |
| All Other Countries<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1636838 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1636838 |
| Total Common Stocks | &nbsp;&nbsp; 195457 | &nbsp;&nbsp; 2246852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2442309 |
| Preferred Stocks: |  |  |  |  |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 17770 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17770 |
| All Other Countries<sup>(1)</sup>  | &nbsp;&nbsp; 38446 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38446 |
| Total Preferred Stocks | &nbsp;&nbsp; 38446 | &nbsp;&nbsp; 17770 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56216 |
| Investment Companies | &nbsp;&nbsp; 44462 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44462 |
| Total Investments | &nbsp;&nbsp; $278365 | &nbsp;&nbsp; $2264622 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2542987 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $52 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>|
| Futures Contracts | &nbsp;&nbsp; (1164)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1164)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(1164)<br>| &nbsp;&nbsp; $51 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1113)<br>|

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $68501 | $64774 | $3727 | 3726519 | $8 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 48840 | 450583 | 458688 | 40735 | 40735273 | 2265 |
| Total | $48840 | $519084 | $523462 | $44462 | 44461792 | $2273 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **71** EQUITY FUNDS

------

**Schedule of Investments** <br>

**GLOBAL REAL ESTATE INDEX FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup> | **COMMON STOCKS – 98.3%** <sup>(1)</sup> | **COMMON STOCKS – 98.3%** <sup>(1)</sup> |
| **Australia – 4.6%** | **Australia – 4.6%** | **Australia – 4.6%** |
| Abacus Group | 150237 | $106 |
| Abacus Storage King | 163252 | 157 |
| Arena REIT | 136105 | 308 |
| BWP Trust | 201955 | 520 |
| Centuria Industrial REIT<sup>†</sup>  | 186317 | 371 |
| Charter Hall Long Wale REIT | 212403 | 493 |
| Charter Hall Retail REIT | 178189 | 471 |
| Charter Hall Social Infrastructure REIT | 116719 | 209 |
| Dexus | 357887 | 1473 |
| Dexus Industria REIT | 87871 | 140 |
| Gemlife Communities Group\* | 67034 | 206 |
| Goodman Group | 684157 | 12179 |
| GPT Group (The) | 639960 | 2009 |
| Growthpoint Properties Australia Ltd. | 79647 | 116 |
| HomeCo Daily Needs REIT<sup>†</sup>  | 614200 | 503 |
| Ingenia Communities Group | 143168 | 398 |
| Mirvac Group | 1314853 | 1621 |
| National Storage REIT | 466166 | 892 |
| Region Group | 398717 | 626 |
| Scentre Group | 1751454 | 4041 |
| Stockland | 811020 | 2429 |
| Vicinity Ltd. | 1297516 | 2105 |
| Waypoint REIT Ltd. | 212142 | 345 |
|  |  | **31718** |
| **Austria – 0.1%** | **Austria – 0.1%** | **Austria – 0.1%** |
| CA Immobilien Anlagen A.G. | 10049 | 284 |
| CPI Europe A.G.\* | 11740 | 213 |
|  |  | **497** |
| **Belgium – 0.9%** | **Belgium – 0.9%** | **Belgium – 0.9%** |
| Aedifica S.A. | 27968 | 2258 |
| Cofinimmo S.A. | 2615 | 247 |
| Montea N.V. | 6768 | 519 |
| Retail Estates N.V. | 4154 | 318 |
| Shurgard Self Storage Ltd. | 12316 | 357 |
| Vastned N.V.\* | 3050 | 102 |
| Warehouses De Pauw - C.V.A. | 66214 | 1721 |
| Xior Student Housing N.V. | 13849 | 426 |
|  |  | **5948** |
| **Brazil – 0.3%** | **Brazil – 0.3%** | **Brazil – 0.3%** |
| Allos S.A. | 118959 | 695 |
| Iguatemi S.A. | 73600 | 396 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Brazil – 0.3%continued** | **Brazil – 0.3%continued** | **Brazil – 0.3%continued** |
| JHSF Participacoes S.A. | 90900 | $164 |
| Multiplan Empreendimentos <br> Imobiliarios S.A.\*<br>| 113872 | 696 |
|  |  | **1951** |
| **Canada – 1.0%** | **Canada – 1.0%** | **Canada – 1.0%** |
| &nbsp;&nbsp; Allied Properties Real Estate Investment <br> Trust<br>| 27047 | 179 |
| Boardwalk Real Estate Investment Trust | 8382 | 379 |
| BSR Real Estate Investment Trust | 8913 | 98 |
| Canadian Apartment Properties REIT | 24455 | 624 |
| &nbsp;&nbsp; Choice Properties Real Estate <br> Investment Trust<br>| 54369 | 600 |
| Crombie Real Estate Investment Trust | 18180 | 206 |
| CT Real Estate Investment Trust | 18261 | 217 |
| &nbsp;&nbsp; Dream Industrial Real Estate Investment <br> Trust<br>| 48369 | 430 |
| First Capital Real Estate Investment Trust | 36336 | 539 |
| Granite Real Estate Investment Trust | 9665 | 568 |
| H&R Real Estate Investment Trust | 42656 | 300 |
| InterRent Real Estate Investment Trust | 23211 | 221 |
| &nbsp;&nbsp; Killam Apartment Real Estate Investment <br> Trust<br>| 20637 | 237 |
| Mainstreet Equity Corp. | 1543 | 195 |
| Primaris Real Estate Investment Trust | 19478 | 242 |
| RioCan Real Estate Investment Trust | 49552 | 676 |
| Slate Grocery REIT, Class U | 10998 | 120 |
| &nbsp;&nbsp; SmartCentres Real Estate Investment <br> Trust<br>| 23117 | 443 |
| StorageVault Canada, Inc. | 76441 | 242 |
| Vital Infrastructure Property Trust | 39726 | 151 |
|  |  | **6667** |
| **Chile – 0.3%** | **Chile – 0.3%** | **Chile – 0.3%** |
| Parque Arauco S.A. | 227343 | 928 |
| Plaza S.A. | 255130 | 1086 |
|  |  | **2014** |
| **China – 1.6%** | **China – 1.6%** | **China – 1.6%** |
| &nbsp;&nbsp; C&D International Investment Group <br> Ltd.<br>| 309549 | 499 |
| China Jinmao Holdings Group Ltd. | 1826042 | 304 |
| &nbsp;&nbsp; China Merchants Shekou Industrial <br> Zone Holdings Co. Ltd., Class A<br>| 173600 | 215 |
| &nbsp;&nbsp; China Overseas Grand Oceans Group <br> Ltd.<br>| 600500 | 182 |
| China Overseas Land & Investment Ltd. | 1271542 | 1890 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **72** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **China – 1.6%continued** | **China – 1.6%continued** | **China – 1.6%continued** |
| China Resources Land Ltd. | 1080898 | $4045 |
| China Vanke Co. Ltd., Class A\* | 163940 | 95 |
| Country Garden Holdings Co. Ltd.\* | 5547000 | 229 |
| Greentown China Holdings Ltd. | 341500 | 383 |
| &nbsp;&nbsp; Guangdong Hong Kong Greater Bay <br> Area Holdings Ltd.\*<br>| 106000 | 83 |
| Hopson Development Holdings Ltd.\* | 348773 | 120 |
| Logan Group Co. Ltd.\* | 351000 | 57 |
| Longfor Group Holdings Ltd. | 711071 | 701 |
| &nbsp;&nbsp; Poly Developments and Holdings <br> Group Co. Ltd., Class A<br>| 252000 | 214 |
| Poly Property Group Co. Ltd. | 711000 | 159 |
| Radiance Holdings Group Co. Ltd.\* | 213000 | 37 |
| Sasseur Real Estate Investment Trust | 213400 | 106 |
| Seazen Group Ltd.\* | 803904 | 215 |
| &nbsp;&nbsp; Shanghai Jinqiao Export Processing <br> Zone Development Co. Ltd., Class B<br>| 108216 | 82 |
| &nbsp;&nbsp; Shanghai Zhangjiang High-Tech Park <br> Development Co. Ltd., Class A<br>| 31500 | 156 |
| Shenzhen Investment Ltd.\* | 871191 | 78 |
| Shui On Land Ltd. | 1178777 | 77 |
| Sunac China Holdings Ltd.\* | 3027000 | 411 |
| Yanlord Land Group Ltd.<sup>\* †</sup>  | 168300 | 80 |
| Yuexiu Property Co. Ltd. | 509674 | 247 |
|  |  | **10665** |
| **Egypt – 0.0%** | **Egypt – 0.0%** | **Egypt – 0.0%** |
| Talaat Moustafa Group | 241029 | **329** |
| **Finland – 0.1%** | **Finland – 0.1%** | **Finland – 0.1%** |
| Lumo Kodit OYJ | 49194 | **453** |
| **France – 1.7%** | **France – 1.7%** | **France – 1.7%** |
| Altarea S.C.A.<sup>†</sup>  | 1880 | 248 |
| ARGAN S.A. | 4521 | 297 |
| Carmila S.A.\* | 21409 | 415 |
| Covivio S.A./France | 19017 | 1137 |
| Gecina S.A. | 15563 | 1231 |
| ICADE<sup>\* †</sup>  | 10576 | 239 |
| Klepierre S.A. | 71998 | 2714 |
| Mercialys S.A. | 32406 | 439 |
| Nexity S.A.\* | 11929 | 111 |
| Unibail-Rodamco-Westfield\* | 40877 | 4569 |
|  |  | **11400** |
| **Germany – 1.5%** | **Germany – 1.5%** | **Germany – 1.5%** |
| Aroundtown S.A.<sup>\* †</sup>  | 256797 | 678 |
| Grand City Properties S.A.<sup>\* †</sup>  | 22509 | 234 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Germany – 1.5%continued** | **Germany – 1.5%continued** | **Germany – 1.5%continued** |
| LEG Immobilien S.E. | 25595 | $1667 |
| Sirius Real Estate Ltd. | 494119 | 607 |
| TAG Immobilien A.G. | 64251 | 1005 |
| Vonovia S.E. | 255092 | 6353 |
|  |  | **10544** |
| **Greece – 0.0%** | **Greece – 0.0%** | **Greece – 0.0%** |
| LAMDA Development S.A.\* | 20444 | **142** |
| **Hong Kong – 3.9%** | **Hong Kong – 3.9%** | **Hong Kong – 3.9%** |
| Champion REIT | 548000 | 159 |
| CK Asset Holdings Ltd. | 647500 | 3699 |
| Fortune Real Estate Investment Trust | 500000 | 298 |
| Hang Lung Group Ltd. | 277000 | 528 |
| Hang Lung Properties Ltd. | 610674 | 686 |
| Henderson Land Development Co. Ltd. | 487555 | 1808 |
| Hongkong Land Holdings Ltd. | 363918 | 2846 |
| Hysan Development Co. Ltd. | 202045 | 492 |
| K Wah International Holdings Ltd. | 435000 | 123 |
| Kerry Properties Ltd. | 199599 | 560 |
| Link REIT | 874626 | 4050 |
| Sino Land Co. Ltd. | 1238258 | 1845 |
| Sun Hung Kai Properties Ltd. | 486425 | 8244 |
| Wharf Real Estate Investment Co. Ltd. | 563317 | 1633 |
| Yuexiu Real Estate Investment Trust | 779477 | 77 |
|  |  | **27048** |
| **India – 1.3%** | **India – 1.3%** | **India – 1.3%** |
| Aditya Birla Real Estate Ltd. | 17630 | 211 |
| Anant Raj Ltd. | 39586 | 176 |
| Brigade Enterprises Ltd. | 45708 | 316 |
| Brookfield India Real Estate Trust | 155554 | 532 |
| DLF Ltd. | 251198 | 1347 |
| Embassy Office Parks REIT | 283332 | 1259 |
| Godrej Properties Ltd.\* | 50456 | 790 |
| Lodha Developers Ltd. | 100645 | 730 |
| Mahindra Lifespace Developers Ltd. | 31813 | 99 |
| Mindspace Business Parks REIT | 75144 | 357 |
| NESCO Ltd. | 7499 | 81 |
| Nexus Select Trust | 281008 | 447 |
| Oberoi Realty Ltd. | 43972 | 664 |
| Phoenix Mills (The) Ltd. | 65196 | 1069 |
| Prestige Estates Projects Ltd. | 56835 | 682 |
| SignatureGlobal India Ltd.\* | 10712 | 81 |
| Sunteck Realty Ltd. | 19915 | 58 |
|  |  | **8899** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **73** EQUITY FUNDS

------

**Schedule of Investments** <br>

**GLOBAL REAL ESTATE INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Indonesia – 0.0%** | **Indonesia – 0.0%** | **Indonesia – 0.0%** |
| Ciputra Development Tbk PT | 3119536 | $131 |
| Pakuwon Jati Tbk PT | 4288140 | 86 |
| Rimo International Lestari Tbk PT<sup>(2) \*</sup>  | 42545100 |  |
|  |  | **217** |
| **Ireland – 0.0%** | **Ireland – 0.0%** | **Ireland – 0.0%** |
| Irish Residential Properties REIT PLC | 165553 | **194** |
| **Israel – 1.3%** | **Israel – 1.3%** | **Israel – 1.3%** |
| Africa Israel Residences Ltd. | 2162 | 165 |
| Amot Investments Ltd. | 83424 | 511 |
| Amram Avraham Construction Co. Ltd.\* | 7842 | 97 |
| Aura Investments Ltd. | 54003 | 327 |
| Azrieli Group Ltd. | 14304 | 1916 |
| Blue Square Real Estate Ltd. | 1818 | 225 |
| Electra Real Estate Ltd.\* | 10718 | 179 |
| Israel Canada T.R Ltd. | 62818 | 351 |
| Isras Holdings Ltd.\* | 1262 | 123 |
| Isras Investment Co. Ltd. | 452 | 116 |
| Mega Or Holdings Ltd. | 8071 | 1289 |
| Melisron Ltd. | 7956 | 1030 |
| Mivne Real Estate KD Ltd. | 193408 | 802 |
| &nbsp;&nbsp; Prashkovsky Investments and <br> Construction Ltd.\*<br>| 2607 | 122 |
| REIT 1 Ltd. | 65098 | 467 |
| Sella Capital Real Estate Ltd. | 82780 | 267 |
| Summit Real Estate Holdings Ltd. | 12045 | 207 |
| YH Dimri Construction & Development <br> Ltd.<br>| 3391 | 458 |
|  |  | **8652** |
| **Japan – 9.8%** | **Japan – 9.8%** | **Japan – 9.8%** |
| Activia Properties, Inc. | 694 | 615 |
| Advance Residence Investment Corp. | 973 | 996 |
| AEON REIT Investment Corp. | 544 | 430 |
| Comforia Residential REIT, Inc. | 684 | 468 |
| CRE Logistics REIT, Inc. | 191 | 192 |
| Daiwa House Industry Co. Ltd. | 187300 | 5855 |
| Daiwa House REIT Investment Corp. | 1445 | 1141 |
| Daiwa Office Investment Corp. | 178 | 370 |
| &nbsp;&nbsp; Daiwa Securities Living Investments <br> Corp.<br>| 698 | 469 |
| Frontier Real Estate Investment Corp. | 802 | 428 |
| Fukuoka REIT Corp. | 224 | 241 |
| &nbsp;&nbsp; Global One Real Estate Investment <br> Corp.<br>| 335 | 255 |
| GLP J-REIT | 1539 | 1262 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Japan – 9.8%continued** | **Japan – 9.8%continued** | **Japan – 9.8%continued** |
| Goldcrest Co. Ltd. | 5600 | $118 |
| Hankyu Hanshin REIT, Inc. | 203 | 187 |
| Heiwa Real Estate Co. Ltd. | 13500 | 207 |
| Heiwa Real Estate REIT, Inc. | 384 | 347 |
| Hoshino Resorts REIT, Inc. | 205 | 315 |
| Hulic Co. Ltd. | 153740 | 1790 |
| Hulic REIT, Inc. | 449 | 457 |
| Ichigo Office REIT Investment Corp. | 324 | 189 |
| Ichigo, Inc. | 67800 | 201 |
| &nbsp;&nbsp; Industrial & Infrastructure Fund <br> Investment Corp.<br>| 790 | 707 |
| Invincible Investment Corp. | 2596 | 977 |
| Japan Excellent, Inc. | 371 | 334 |
| Japan Hotel REIT Investment Corp. | 1978 | 936 |
| Japan Logistics Fund, Inc. | 847 | 511 |
| Japan Metropolitan Fund Invest | 2382 | 1677 |
| Japan Prime Realty Investment Corp. | 1153 | 708 |
| Japan Real Estate Investment Corp. | 2118 | 1560 |
| Katitas Co. Ltd. | 17600 | 354 |
| KDX Realty Investment Corp. | 1363 | 1385 |
| Keihanshin Building Co. Ltd. | 11200 | 138 |
| LaSalle Logiport REIT | 619 | 581 |
| Leopalace21 Corp. | 70400 | 286 |
| Mirai Corp. | 649 | 196 |
| MIRARTH Real Estate Investment Corp. | 322 | 176 |
| Mitsubishi Estate Co. Ltd. | 356980 | 9878 |
| &nbsp;&nbsp; Mitsubishi Estate Logistics REIT <br> Investment Corp.<br>| 475 | 374 |
| &nbsp;&nbsp; Mitsui Fudosan Accommodations Fund, <br> Inc.<br>| 824 | 697 |
| Mitsui Fudosan Co. Ltd. | 887286 | 9391 |
| Mitsui Fudosan Logistics Park, Inc. | 1106 | 789 |
| Mori Hills REIT Investment Corp. | 488 | 408 |
| Mori Trust REIT, Inc. | 906 | 409 |
| Nippon Building Fund, Inc. | 2584 | 2169 |
| Nippon Prologis REIT, Inc. | 2226 | 1199 |
| NIPPON REIT Investment Corp. | 603 | 339 |
| Nomura Real Estate Holdings, Inc. | 187000 | 1203 |
| Nomura Real Estate Master Fund, Inc. | 1303 | 1289 |
| NTT UD REIT Investment Corp. | 487 | 426 |
| Orix JREIT, Inc. | 1736 | 1060 |
| Samty Residential Investment Corp.<sup>†</sup>  | 104 | 69 |
| Sekisui House REIT, Inc. | 1388 | 786 |
| SOSiLA Logistics REIT, Inc. | 227 | 174 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **74** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Japan – 9.8%continued** | **Japan – 9.8%continued** | **Japan – 9.8%continued** |
| Star Asia Investment Corp. | 958 | $335 |
| &nbsp;&nbsp; Sumitomo Realty & Development Co. <br> Ltd.<br>| 204250 | 5742 |
| Sun Frontier Fudousan Co. Ltd. | 9700 | 163 |
| Tokyo Tatemono Co. Ltd. | 63500 | 1458 |
| Tokyu REIT, Inc. | 274 | 341 |
| Tosei Corp. | 20000 | 200 |
| United Urban Investment Corp. | 1026 | 1107 |
|  |  | **67065** |
| **Kuwait – 0.2%** | **Kuwait – 0.2%** | **Kuwait – 0.2%** |
| Commercial Real Estate Co. K.S.C. | 557646 | 325 |
| Kuwait Real Estate Co. K.S.C.\* | 314383 | 345 |
| Mabanee Co. KPSC | 228218 | 669 |
| National Real Estate Co. KPSC\* | 504647 | 113 |
| Salhia Real Estate Co. K.S.C.P. | 147171 | 188 |
|  |  | **1640** |
| **Malaysia – 0.4%** | **Malaysia – 0.4%** | **Malaysia – 0.4%** |
| Axis Real Estate Investment Trust | 529362 | 251 |
| Eco World Development Group Bhd. | 449400 | 226 |
| IGB Real Estate Investment Trust | 622500 | 425 |
| IOI Properties Group Bhd. | 480900 | 397 |
| KSL Holdings Bhd. | 102900 | 76 |
| Mah Sing Group Bhd. | 411200 | 103 |
| Matrix Concepts Holdings Bhd. | 390050 | 123 |
| Pavilion Real Estate Investment Trust | 626800 | 269 |
| Sime Darby Property Bhd. | 1055400 | 330 |
| SP Setia Bhd. Group | 782069 | 168 |
| Sunway Real Estate Investment Trust | 577900 | 330 |
| UEM Sunrise Bhd. | 383600 | 44 |
|  |  | **2742** |
| **Mexico – 0.8%** | **Mexico – 0.8%** | **Mexico – 0.8%** |
| &nbsp;&nbsp; Concentradora Fibra Danhos S.A. de <br> C.V.<br>| 104953 | 167 |
| Corp. Inmobiliaria Vesta S.A.B. de C.V. | 291200 | 972 |
| FIBRA Macquarie Mexico | 274426 | 632 |
| Fibra MTY S.A.P.I. de C.V. | 850360 | 720 |
| Fibra Uno Administracion S.A. de C.V. | 949633 | 1551 |
| Prologis Property Mexico S.A. de C.V. | 360161 | 1572 |
|  |  | **5614** |
| **Netherlands – 0.1%** | **Netherlands – 0.1%** | **Netherlands – 0.1%** |
| Eurocommercial Properties N.V. | 15247 | 465 |
| Wereldhave N.V. | 12815 | 318 |
|  |  | **783** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **New Zealand – 0.1%** | **New Zealand – 0.1%** | **New Zealand – 0.1%** |
| Goodman Property Trust | 370657 | $404 |
| Kiwi Property Group Ltd. | 557909 | 292 |
|  |  | **696** |
| **Norway – 0.1%** | **Norway – 0.1%** | **Norway – 0.1%** |
| Entra ASA | 15922 | 173 |
| Public Property Invest A.S. | 77241 | 173 |
|  |  | **346** |
| **Philippines – 0.4%** | **Philippines – 0.4%** | **Philippines – 0.4%** |
| AREIT, Inc. | 386400 | 252 |
| Ayala Land, Inc. | 2107181 | 562 |
| Megaworld Corp. | 3048001 | 105 |
| RL Commercial REIT, Inc. | 2376400 | 260 |
| Robinsons Land Corp. | 459896 | 133 |
| SM Prime Holdings, Inc. | 3318553 | 1122 |
|  |  | **2434** |
| **Qatar – 0.0%** | **Qatar – 0.0%** | **Qatar – 0.0%** |
| United Development Co. QSC | 565258 | **137** |
| **Romania – 0.2%** | **Romania – 0.2%** | **Romania – 0.2%** |
| NEPI Rockcastle N.V.\* | 200456 | **1613** |
| **Saudi Arabia – 0.5%** | **Saudi Arabia – 0.5%** | **Saudi Arabia – 0.5%** |
| Al Rajhi REIT | 88920 | 192 |
| Arabian Centres Co. | 73380 | 334 |
| Arriyadh Development Co. | 37737 | 190 |
| &nbsp;&nbsp; Dar Al Arkan Real Estate Development <br> Co.\*<br>| 181153 | 878 |
| Emaar Economic City\* | 58192 | 151 |
| Jadwa REIT Saudi Fund | 61529 | 184 |
| &nbsp;&nbsp; Makkah Construction & Development <br> Co.<br>| 33458 | 756 |
| Retal Urban Development Co. | 78432 | 283 |
| Taiba Investments Co. | 44221 | 436 |
|  |  | **3404** |
| **Singapore – 2.8%** | **Singapore – 2.8%** | **Singapore – 2.8%** |
| AIMS APAC REIT | 193982 | 217 |
| CapitaLand Ascendas REIT | 1311134 | 2533 |
| CapitaLand Ascott Trust | 918414 | 631 |
| CapitaLand China Trust | 425827 | 212 |
| Capitaland India Trust | 319055 | 253 |
| &nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 2041914 | 3667 |
| CDL Hospitality Trusts | 258652 | 167 |
| Centurion Accommodation REIT | 148100 | 127 |
| Centurion Corp. Ltd. | 67500 | 78 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **75** EQUITY FUNDS

------

**Schedule of Investments** <br>

**GLOBAL REAL ESTATE INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Singapore – 2.8%continued** | **Singapore – 2.8%continued** | **Singapore – 2.8%continued** |
| City Developments Ltd. | 170000 | $1095 |
| Digital Core REIT Management Pte Ltd. | 286600 | 140 |
| ESR-REIT | 207367 | 365 |
| Far East Hospitality Trust | 338203 | 148 |
| Frasers Centrepoint Trust | 432309 | 736 |
| Frasers Logistics & Commercial Trust | 964346 | 674 |
| Keppel DC REIT | 686303 | 1168 |
| Keppel REIT | 1092120 | 758 |
| Lendlease Global Commercial REIT | 756001 | 316 |
| Mapletree Industrial Trust | 729555 | 1103 |
| Mapletree Logistics Trust<sup>†</sup>  | 1174826 | 1054 |
| Mapletree Pan Asia Commercial Trust | 803761 | 828 |
| NTT DC REIT\* | 252400 | 231 |
| &nbsp;&nbsp; Parkway Life Real Estate Investment <br> Trust<br>| 156400 | 488 |
| Starhill Global REIT | 509290 | 213 |
| Stoneweg Europe Stapled Trust | 126771 | 216 |
| Suntec Real Estate Investment Trust | 625491 | 714 |
| UOL Group Ltd. | 158197 | 1205 |
|  |  | **19337** |
| **South Africa – 0.6%** | **South Africa – 0.6%** | **South Africa – 0.6%** |
| Equites Property Fund Ltd. | 275890 | 276 |
| &nbsp;&nbsp; Fortress Real Estate Investments Ltd., <br> Class B<br>| 417824 | 547 |
| Growthpoint Properties Ltd. | 1157345 | 1112 |
| Hyprop Investments Ltd. | 136057 | 434 |
| Redefine Properties Ltd. | 2295140 | 811 |
| Resilient REIT Ltd. | 99195 | 467 |
| Vukile Property Fund Ltd. | 467989 | 615 |
|  |  | **4262** |
| **South Korea – 0.1%** | **South Korea – 0.1%** | **South Korea – 0.1%** |
| ESR Kendall Square REIT Co. Ltd. | 57998 | 165 |
| LOTTE REIT Co. Ltd. | 48366 | 147 |
| SK REITs Co. Ltd. | 53192 | 216 |
|  |  | **528** |
| **Spain – 0.4%** | **Spain – 0.4%** | **Spain – 0.4%** |
| Colonial SFL Socimi S.A. | 91656 | 544 |
| Merlin Properties Socimi S.A. | 131883 | 2146 |
|  |  | **2690** |
| **Sweden – 1.5%** | **Sweden – 1.5%** | **Sweden – 1.5%** |
| Atrium Ljungberg AB, Class B | 90983 | 284 |
| Castellum AB | 122995 | 1429 |
| Catena AB | 14728 | 691 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Sweden – 1.5%continued** | **Sweden – 1.5%continued** | **Sweden – 1.5%continued** |
| Cibus Nordic Real Estate AB publ | 23706 | $358 |
| Corem Property Group AB, Class B<sup>†</sup>  | 180018 | 64 |
| Dios Fastigheter AB | 36293 | 242 |
| Fabege AB | 66897 | 540 |
| Fastighets AB Balder, Class B\* | 237381 | 1396 |
| FastPartner AB, Class A | 11955 | 54 |
| Hufvudstaden AB, Class A | 36121 | 459 |
| Intea Fastigheter AB | 40053 | 298 |
| Logistea AB, Class B | 109685 | 152 |
| NP3 Fastigheter AB | 11763 | 308 |
| Nyfosa AB | 56436 | 392 |
| Pandox AB | 36381 | 696 |
| Platzer Fastigheter Holding AB, Class B | 18394 | 133 |
| Sagax AB, Class B | 74348 | 1386 |
| &nbsp;&nbsp; Samhallsbyggnadsbolaget i Norden <br> AB<sup>\* †</sup> <br>| 350042 | 139 |
| Sveafastigheter AB\* | 19921 | 74 |
| Wallenstam AB, Class B | 131698 | 574 |
| Wihlborgs Fastigheter AB | 90425 | 829 |
|  |  | **10498** |
| **Switzerland – 1.7%** | **Switzerland – 1.7%** | **Switzerland – 1.7%** |
| Allreal Holding A.G. (Registered) | 4961 | 1404 |
| Hiag Immobilien Holding A.G. | 1509 | 255 |
| International Workplace Group PLC | 242002 | 567 |
| Intershop Holding A.G. | 1936 | 408 |
| Mobimo Holding A.G. (Registered) | 2531 | 1207 |
| PSP Swiss Property A.G. (Registered) | 15363 | 3058 |
| Swiss Prime Site A.G. (Registered) | 26938 | 4564 |
|  |  | **11463** |
| **Taiwan – 0.3%** | **Taiwan – 0.3%** | **Taiwan – 0.3%** |
| Chong Hong Construction Co. Ltd. | 61745 | 152 |
| Da-Li Development Co. Ltd. | 85613 | 127 |
| Farglory Land Development Co. Ltd. | 85462 | 190 |
| Highwealth Construction Corp. | 455118 | 499 |
| Huaku Development Co. Ltd. | 96890 | 367 |
| Kindom Development Co. Ltd. | 120190 | 121 |
| Ruentex Development Co. Ltd. | 516955 | 406 |
| Sakura Development Co. Ltd. | 119153 | 181 |
|  |  | **2043** |
| **Thailand – 0.4%** | **Thailand – 0.4%** | **Thailand – 0.4%** |
| Amata Corp. PCL NVDR | 247035 | 145 |
| AP Thailand PCL (Registered) | 441405 | 112 |
| AP Thailand PCL NVDR | 372504 | 96 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **76** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Thailand – 0.4%continued** | **Thailand – 0.4%continued** | **Thailand – 0.4%continued** |
| Central Pattana PCL (Registered) | 581626 | $1098 |
| Central Pattana PCL NVDR | 84098 | 162 |
| Land & Houses PCL NVDR<sup>†</sup>  | 2565100 | 295 |
| Sansiri PCL NVDR | 4424866 | 185 |
| Supalai PCL (Registered) | 280445 | 139 |
| Supalai PCL NVDR | 78600 | 39 |
| WHA Corp. PCL NVDR | 2700600 | 350 |
|  |  | **2621** |
| **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
| &nbsp;&nbsp; Peker Gayrimenkul Yatirim Ortakligi <br> A.S.\*<br>| 1472181 | 478 |
| &nbsp;&nbsp; Reysas Gayrimenkul Yatirim Ortakligi <br> A.S.\*<br>| 201004 | 133 |
| &nbsp;&nbsp; Torunlar Gayrimenkul Yatirim Ortakligi <br> A.S.<br>| 72904 | 142 |
| Ziraat Gayrimenkul Yatirim Ortakligi <br> A.S.<br>| 321743 | 166 |
|  |  | **919** |
| **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** |
| Aldar Properties PJSC | 1292049 | 2766 |
| Deyaar Development PJSC | 386459 | 84 |
| Dubai Residential REIT | 693338 | 209 |
| Emaar Development PJSC | 337967 | 1259 |
| RAK Properties PJSC\* | 498238 | 129 |
|  |  | **4447** |
| **United Kingdom – 2.6%** | **United Kingdom – 2.6%** | **United Kingdom – 2.6%** |
| Big Yellow Group PLC | 61464 | 695 |
| British Land (The) Co. PLC | 330976 | 1583 |
| Derwent London PLC | 35804 | 747 |
| Grainger PLC | 237991 | 512 |
| Great Portland Estates PLC | 110699 | 415 |
| Hammerson PLC | 180530 | 718 |
| Home REIT PLC<sup>(2) \*</sup>  | 484349 | 122 |
| Land Securities Group PLC | 236271 | 1753 |
| Lighthouse Properties PLC | 383702 | 169 |
| LondonMetric Property PLC | 738387 | 1778 |
| Primary Health Properties PLC | 858016 | 1040 |
| Safestore Holdings PLC | 74300 | 627 |
| Segro PLC | 431650 | 3754 |
| Shaftesbury Capital PLC | 483001 | 819 |
| Supermarket Income REIT PLC | 431451 | 454 |
| Target Healthcare REIT PLC | 213683 | 285 |
| Tritax Big Box REIT PLC | 743284 | 1401 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 2.6%continued** | **United Kingdom – 2.6%continued** | **United Kingdom – 2.6%continued** |
| UNITE Group (The) PLC | 147078 | $887 |
| Workspace Group PLC | 47659 | 217 |
|  |  | **17976** |
| **United States – 55.9%** | **United States – 55.9%** | **United States – 55.9%** |
| Acadia Realty Trust | 42788 | 818 |
| Agree Realty Corp. | 38311 | 2888 |
| Alexander's, Inc. | 776 | 183 |
| Alexandria Real Estate Equities, Inc. | 51701 | 2400 |
| American Assets Trust, Inc. | 16452 | 303 |
| American Healthcare REIT, Inc. | 59223 | 2793 |
| American Homes 4 Rent, Class A | 111951 | 3126 |
| Americold Realty Trust, Inc.<sup>†</sup>  | 96066 | 1101 |
| &nbsp;&nbsp; Apartment Investment and <br> Management Co., Class A<br>| 44220 | 180 |
| Apple Hospitality REIT, Inc.<sup>†</sup>  | 75568 | 870 |
| AvalonBay Communities, Inc. | 47320 | 7730 |
| Brandywine Realty Trust | 55383 | 150 |
| Brixmor Property Group, Inc. | 102806 | 2961 |
| Broadstone Net Lease, Inc. | 62239 | 1137 |
| BXP, Inc. | 50806 | 2637 |
| Camden Property Trust | 35443 | 3461 |
| CareTrust REIT, Inc. | 74754 | 2740 |
| CBL & Associates Properties, Inc. | 5190 | 199 |
| Centerspace | 5819 | 334 |
| COPT Defense Properties | 37588 | 1150 |
| Cousins Properties, Inc. | 56768 | 1281 |
| CubeSmart | 76602 | 2807 |
| Curbline Properties Corp. | 31059 | 801 |
| DiamondRock Hospitality Co. | 70314 | 659 |
| Digital Realty Trust, Inc. | 115060 | 20735 |
| Diversified Healthcare Trust | 59842 | 397 |
| Douglas Emmett, Inc. | 57636 | 543 |
| Eagle Hospitality Trust<sup>(2) \*</sup>  | 496400 |  |
| Easterly Government Properties, Inc. | 14275 | 306 |
| EastGroup Properties, Inc. | 17873 | 3308 |
| Empire State Realty Trust, Inc., Class A | 47781 | 248 |
| Equinix, Inc. | 32926 | 32275 |
| Equity LifeStyle Properties, Inc. | 61762 | 3855 |
| Equity Residential | 120762 | 7143 |
| Essex Property Trust, Inc. | 21492 | 5201 |
| Extra Space Storage, Inc. | 70966 | 9306 |
| Federal Realty Investment Trust | 27434 | 2914 |
| First Industrial Realty Trust, Inc. | 44431 | 2570 |
| Four Corners Property Trust, Inc. | 35006 | 828 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **77** EQUITY FUNDS

------

**Schedule of Investments** <br>

**GLOBAL REAL ESTATE INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **United States – 55.9%continued** | **United States – 55.9%continued** | **United States – 55.9%continued** |
| Getty Realty Corp. | 18693 | $594 |
| Gladstone Commercial Corp. | 14553 | 166 |
| Global Net Lease, Inc. | 67940 | 636 |
| Healthcare Realty Trust, Inc. | 110675 | 1880 |
| Healthpeak Properties, Inc. | 233898 | 3843 |
| Highwoods Properties, Inc. | 36768 | 787 |
| Host Hotels & Resorts, Inc. | 231551 | 4437 |
| Howard Hughes Holdings, Inc.\* | 10672 | 675 |
| Hudson Pacific Properties, Inc.\* | 17517 | 104 |
| Independence Realty Trust, Inc. | 78916 | 1175 |
| Innovative Industrial Properties, Inc.<sup>†</sup>  | 9502 | 477 |
| InvenTrust Properties Corp. | 25439 | 775 |
| Invitation Homes, Inc. | 194300 | 4828 |
| Iron Mountain, Inc. | 98835 | 10095 |
| JBG SMITH Properties<sup>†</sup>  | 18390 | 269 |
| Kennedy-Wilson Holdings, Inc. | 35942 | 389 |
| Kilroy Realty Corp.<sup>†</sup>  | 38362 | 1082 |
| Kimco Realty Corp. | 227828 | 5119 |
| Kite Realty Group Trust | 71655 | 1759 |
| LTC Properties, Inc. | 15918 | 592 |
| LXP Industrial Trust | 19363 | 896 |
| Macerich (The) Co. | 85334 | 1613 |
| Medical Properties Trust, Inc.<sup>†</sup>  | 171295 | 793 |
| &nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 39065 | 4771 |
| National Health Investors, Inc. | 15758 | 1274 |
| National Storage Affiliates Trust | 23836 | 900 |
| NETSTREIT Corp.<sup>†</sup>  | 28907 | 544 |
| NexPoint Residential Trust, Inc. | 7498 | 187 |
| NNN REIT, Inc. | 63159 | 2655 |
| Omega Healthcare Investors, Inc. | 99152 | 4345 |
| Park Hotels & Resorts, Inc.<sup>†</sup>  | 64995 | 684 |
| Pebblebrook Hotel Trust | 36249 | 458 |
| Phillips Edison & Co., Inc. | 41769 | 1563 |
| Piedmont Realty Trust, Inc.\* | 41571 | 273 |
| Prologis, Inc. | 311418 | 41163 |
| Public Storage | 52840 | 14313 |
| Realty Income Corp. | 308085 | 18849 |
| Regency Centers Corp. | 58524 | 4428 |
| Rexford Industrial Realty, Inc. | 77402 | 2533 |
| RLJ Lodging Trust<sup>†</sup>  | 45390 | 337 |
| Ryman Hospitality Properties, Inc. | 20124 | 1857 |
| Sabra Health Care REIT, Inc. | 84487 | 1625 |
| Saul Centers, Inc. | 5039 | 164 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **United States – 55.9%continued** | **United States – 55.9%continued** | **United States – 55.9%continued** |
| Sila Realty Trust, Inc. | 19034 | $451 |
| Simon Property Group, Inc. | 109508 | 20427 |
| SL Green Realty Corp.<sup>†</sup>  | 23905 | 883 |
| Smartstop Self Storage REIT, Inc.<sup>†</sup>  | 19231 | 582 |
| St. Joe (The) Co. | 12670 | 796 |
| STAG Industrial, Inc. | 62442 | 2252 |
| Sun Communities, Inc. | 41265 | 5198 |
| Sunstone Hotel Investors, Inc. | 58954 | 531 |
| Tanger, Inc. | 38495 | 1308 |
| Terreno Realty Corp. | 34676 | 2130 |
| UDR, Inc. | 104611 | 3534 |
| UMH Properties, Inc. | 28491 | 411 |
| Urban Edge Properties | 42783 | 855 |
| Ventas, Inc. | 157508 | 12881 |
| Veris Residential, Inc. | 27575 | 520 |
| Vornado Realty Trust | 55274 | 1437 |
| Welltower, Inc. | 230013 | 45476 |
| Whitestone REIT | 16407 | 265 |
| WP Carey, Inc. | 73562 | 4999 |
| Xenia Hotels & Resorts, Inc. | 32451 | 481 |
|  |  | **383662** |
| **Total Common Stocks** |  |  |
| **(Cost $432,368)** |  | **674258** |
| **RIGHTS – 0.0%**  |  |  |
| **Singapore – 0.0%** |  |  |
| CapitaLand Ascendas\* | 36711 | **3** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **3** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **78** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.7%**  | **INVESTMENT COMPANIES – 1.7%**  | **INVESTMENT COMPANIES – 1.7%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(3) (4) (5)</sup> <br>| 6686984 | $6687 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(3) (4)</sup> <br>| 5002243 | 5002 |
| **Total Investment Companies** |  |  |
| **(Cost $11,689)** |  | **11689** |
| **Total Investments – 100.0%** |  |  |
| **(Cost $444,057)** |  | **685950** |
| Liabilities less Other Assets – (0.0%) |  | (146)<br>|
| **Net Assets – 100.0%** |  | **$685804** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup>  | *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup>  | *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(3)</sup>  | *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>(4)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(5)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| EAFE – Europe, Australasia and the Far East |
| MSCI – Morgan Stanley Capital International |
| NVDR – Non-Voting Depositary Receipt |
| S&P – Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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>|
| Bank of Montreal | Canadian <br> Dollar<br>| 361 | United States <br> Dollar<br>| 266 | 6/17/26 | $6 |
| Citibank | Hong Kong <br> Dollar<br>| 1550 | United States <br> Dollar<br>| 199 | 6/17/26 | 1 |
| Citibank | Korean Won | 13475 | United States <br> Dollar<br>| 9 | 6/17/26 | —\* |
| JPMorgan Chase | Euro | 530 | United States <br> Dollar<br>| 616 | 6/17/26 | 2 |
| JPMorgan Chase | Japanese Yen | 63083 | United States <br> Dollar<br>| 400 | 6/17/26 | —\* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| Morgan Stanley | Norwegian <br> Krone<br>| 860 | United States <br> Dollar<br>| 89 | 6/17/26 | $—\* |
| Toronto-Dominion <br> Bank<br>| British Pound | 615 | United States <br> Dollar<br>| 823 | 6/17/26 | 9 |
| UBS | Swiss Franc | 479 | United States <br> Dollar<br>| 619 | 6/17/26 | 14 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 32 |
| Bank of Montreal | United States <br> Dollar<br>| 617 | Hong Kong <br> Dollar<br>| 4808 | 6/17/26 | (1)<br>|
| BNP Paribas | United States <br> Dollar<br>| 54 | Singapore <br> Dollar<br>| 69 | 6/17/26 | (1)<br>|
| Citibank | Brazilian Real | 205 | United States <br> Dollar<br>| 39 | 6/17/26 | (—)\*<br>|
| JPMorgan Chase | Japanese Yen | 57020 | United States <br> Dollar<br>| 362 | 6/17/26 | (—)\*<br>|
| JPMorgan Chase | United States <br> Dollar<br>| 238 | Indian Rupee | 22085 | 6/17/26 | (5)<br>|
| Morgan Stanley | United States <br> Dollar<br>| 165 | Australian <br> Dollar<br>| 232 | 6/17/26 | (5)<br>|
| Morgan Stanley | United States <br> Dollar<br>| 28 | Swedish Krona | 255 | 6/17/26 | (1)<br>|
| Morgan Stanley | United States <br> Dollar<br>| 65 | Taiwan Dollar | 2061 | 6/17/26 | (—)\*<br>|
| Toronto-Dominion <br> Bank<br>| Euro | 1561 | United States <br> Dollar<br>| 1811 | 6/17/26 | (—)\*<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (13)<br>|
| Total |  |  |  |  |  | $19 |

---

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

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini S&P <br> MidCap 400 <br> (United States <br> Dollar)<br>| 14 | $4755 | Long | 6/26 | $40 |
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 38 | 5512 | Long | 6/26 | (4)<br>|
| &nbsp;&nbsp; S&P/TSX 60 <br> Index <br> (Canadian <br> Dollar)<br>| 7 | 1920 | Long | 6/26 | (2)<br>|
| Total |  |  |  |  | $34 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **79** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **GLOBAL REAL ESTATE INDEX FUND continued**  | **March 31, 2026**  |

---

At March 31, 2026, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Real Estate | 98.3<br> %<br>|
| Short-Term Investments | 1.7 |
| Total Investments | 100.0 |
| Liabilities less Other Assets | (0.0)<br>|
| Net Assets | 100.0<br> %<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.

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).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2026 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $1951 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1951 |
| Canada | &nbsp;&nbsp; 6667 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6667 |
| Chile | &nbsp;&nbsp; 2014 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2014 |
| Egypt | &nbsp;&nbsp; 329 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 329 |
| Mexico | &nbsp;&nbsp; 5614 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5614 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 17854 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 17976 |
| United States | &nbsp;&nbsp; 383662 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 383662 |
| All Other Countries<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 256045 | &nbsp;&nbsp; — | &nbsp;&nbsp; 256045 |
| Total Common Stocks | &nbsp;&nbsp; 400237 | &nbsp;&nbsp; 273899 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 674258 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| Investment Companies | &nbsp;&nbsp; 11689 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11689 |
| Total Investments | &nbsp;&nbsp; $411926 | &nbsp;&nbsp; $273902 | &nbsp;&nbsp; $122 | &nbsp;&nbsp; $685950 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $32 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32 |
| Futures Contracts | &nbsp;&nbsp; 40 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (13)<br>|
| Futures Contracts | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $34 | &nbsp;&nbsp; $19 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53 |

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $42160 | $35473 | $6687 | 6686984 | $12 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 10255 | 167495 | 172748 | 5002 | 5002243 | 318 |
| Total | $10255 | $209655 | $208221 | $11689 | 11689227 | $330 |

---

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

*See Notes to the Financial Statements.* 

EQUITY FUNDS **80** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **GLOBAL TACTICAL ASSET ALLOCATION FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 102.9%**  | **INVESTMENT COMPANIES – 102.9%**  | **INVESTMENT COMPANIES – 102.9%**  |
| &nbsp;&nbsp; FlexShares<sup>®</sup> Developed Markets <br> ex-U.S. Quality Low Volatility Index <br> Fund<sup>(1)</sup> <br>| 154506 | $5069 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> iBoxx 5-Year Target <br> Duration TIPS Index Fund<sup>(1)</sup> <br>| 64503 | 1555 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar Developed <br> Markets ex-U.S. Factor Tilt Index <br> Fund<sup>(1)</sup> <br>| 31908 | 2999 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar Emerging <br> Markets Factor Tilt Index Fund<sup>(1)</sup> <br>| 92428 | 6212 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar Global <br> Upstream Natural Resources Index <br> Fund<sup>(1)</sup> <br>| 10274 | 567 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar U.S. Market <br> Factor Tilt Index Fund<sup>(1)</sup> <br>| 46280 | 11170 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> STOXX Global Broad <br> Infrastructure Index Fund<sup>(1)</sup> <br>| 25042 | 1601 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> U.S. Quality Low Volatility <br> Index Fund<sup>(1)</sup> <br>| 72722 | 5228 |
| iShares 20+ Year Treasury Bond ETF | 21018 | 1822 |
| iShares 3-7 Year Treasury Bond ETF | 58346 | 6920 |
| iShares 7-10 Year Treasury Bond ETF | 34617 | 3304 |
| &nbsp;&nbsp; iShares Expanded Tech-Software Sector <br> ETF<br>| 16023 | 1283 |
| iShares MBS ETF | 29363 | 2788 |
| Northern Funds - Fixed Income Fund<sup>(1)</sup>  | 838325 | 7503 |
| &nbsp;&nbsp; Northern Funds - High Yield Fixed <br> Income Fund<sup>(1)</sup> <br>| 246309 | 1480 |
| &nbsp;&nbsp; Northern Funds - International Equity <br> Index Fund<sup>(1)</sup> <br>| 223516 | 3961 |
| &nbsp;&nbsp; Northern Funds - Small Cap Core <br> Fund<sup>(1)</sup> <br>| 85945 | 2123 |
| Northern Funds - Stock Index Fund<sup>(1)</sup>  | 197777 | 12856 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(2) (3)</sup> <br>| 3835957 | 3836 |
| **Total Investment Companies** |  |  |
| **(Cost $68,563)** |  | **82277** |

---

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| U.S. Treasury Bill, |  |  |
| 3.70%, 5/7/26<sup>(4) (5)</sup>  | $51 | **$51** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $51)** | **(Cost $51)** | **51** |
| **Total Investments – 103.0%** | **Total Investments – 103.0%** |  |
| **(Cost $68,614)** | **(Cost $68,614)** | **82328** |
| Liabilities less Other Assets – (3.0%) | Liabilities less Other Assets – (3.0%) | (2393)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$79935** |

---

<sup>(1)</sup> *Investment in affiliated fund. Northern Trust Investments, Inc. is the investment* *adviser to the Fund and the investment adviser to other Northern Funds,* *Northern Institutional Funds and FlexShares Trust.* 

<sup>(2)</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>(3)</sup> *7-day current yield as of March 31, 2026 is disclosed.*

<sup>(4)</sup> *Discount rate at the time of purchase.*

<sup>(5)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ETF - Exchange-Traded Fund |
| MBS - Mortgage Backed Securities |
| TIPS - Treasury Inflation Protected Securities |

---

*Percentages shown are based on Net Assets.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **81** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **GLOBAL TACTICAL ASSET ALLOCATION FUND continued**  | **March 31, 2026**  |

---

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; U.S. Treasury <br> Long Bond<br>| 12 | $1367 | Long | 6/26 | $(45)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Investment Companies | &nbsp;&nbsp; $82277 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82277 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 51 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51 |
| Total Investments | &nbsp;&nbsp; $82277 | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $82328 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(45)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(45)<br>|

---

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<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>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| FlexShares<sup>®</sup> Developed Markets ex-U.S. Quality Low Volatility Index Fund | $2071 | $2885 | $539 | $554 | $98 | $5069 | 154506 | $154 |
| FlexShares<sup>®</sup> Global Quality Real Estate Index Fund | 771 |  | 721 | 50 | (100)<br>|  |  |  |
| FlexShares<sup>®</sup> iBoxx 5-Year Target Duration TIPS Index Fund | 1564 |  |  | (9)<br>|  | 1555 | 64503 | 68 |
| FlexShares<sup>®</sup> Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund | 3507 |  | 1308 | 546 | 254 | 2999 | 31908 | 127 |
| FlexShares<sup>®</sup> Morningstar Emerging Markets Factor Tilt Index Fund | 4834 | 1314 | 1209 | 1143 | 130 | 6212 | 92428 | 220 |
| FlexShares<sup>®</sup> Morningstar Global Upstream Natural Resources Index Fund |  | 1645 | 1266 | 60 | 128 | 567 | 10274 | 2 |
| FlexShares<sup>®</sup> Morningstar U.S. Market Factor Tilt Index Fund | 8968 | 972 | 295 | 1490 | 35 | 11170 | 46280 | 133 |
| FlexShares<sup>®</sup> STOXX Global Broad Infrastructure Index Fund | 807 | 2359 | 1607 | 100 | (58)<br>| 1601 | 25042 | 139 |
| FlexShares<sup>®</sup> U.S. Quality Low Volatility Index Fund | 4794 |  |  | 434 |  | 5228 | 72722 | 84 |
| Northern Funds - Fixed Income Fund | 11746 |  | 4279 | 68 | (32)<br>| 7503 | 838325 | 381 |
| Northern Funds - High Yield Fixed Income Fund | 2364 |  | 865 | 6 | (25)<br>| 1480 | 246309 | 105 |
| Northern Funds - International Equity Index Fund | 4372 |  | 1194 | 607 | 176 | 3961 | 223516 | 159 |
| Northern Funds - Small Cap Core Fund | 1799 | 242 | 271 | 82 | 271 | 2123 | 85945 | 60 |
| Northern Funds - Stock Index Fund | 18330 | 1276 | 8651 | 1343 | 558 | 12856 | 197777 | 136 |
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 1162 | 14278 | 11604 |  |  | 3836 | 3835957 | 121 |
| Total | $67089 | $24971 | $33809 | $6474 | $1435 | $66160 | 5925492 | $1889 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **82** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **INCOME EQUITY FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.0%**  | **COMMON STOCKS – 99.0%**  | **COMMON STOCKS – 99.0%**  |
| **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** |
| General Electric Co. | 4805 | $1364 |
| Lockheed Martin Corp. | 5058 | 3057 |
|  |  | **4421** |
| **Air Freight & Logistics – 0.6%** | **Air Freight & Logistics – 0.6%** | **Air Freight & Logistics – 0.6%** |
| United Parcel Service, Inc., Class B | 18356 | **1806** |
| **Automobiles – 0.9%** | **Automobiles – 0.9%** | **Automobiles – 0.9%** |
| Tesla, Inc.<sup>(1) \*</sup>  | 6822 | **2536** |
| **Banks – 3.9%** | **Banks – 3.9%** | **Banks – 3.9%** |
| Bank of America Corp. | 5937 | 289 |
| Citigroup, Inc. | 35960 | 4078 |
| Cullen/Frost Bankers, Inc. | 6503 | 892 |
| Fifth Third Bancorp | 19136 | 889 |
| First Hawaiian, Inc. | 32947 | 812 |
| JPMorgan Chase & Co. | 9047 | 2661 |
| Truist Financial Corp. | 31045 | 1427 |
|  |  | **11048** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| PepsiCo, Inc. | 2025 | **314** |
| **Biotechnology – 3.7%** | **Biotechnology – 3.7%** | **Biotechnology – 3.7%** |
| AbbVie, Inc. | 21467 | 4669 |
| Amgen, Inc. | 7242 | 2548 |
| Gilead Sciences, Inc. | 22866 | 3187 |
|  |  | **10404** |
| **Broadline Retail – 3.0%** | **Broadline Retail – 3.0%** | **Broadline Retail – 3.0%** |
| Amazon.com, Inc.<sup>(1) \*</sup>  | 35332 | 7359 |
| eBay, Inc. | 12034 | 1095 |
|  |  | **8454** |
| **Capital Markets – 2.7%** | **Capital Markets – 2.7%** | **Capital Markets – 2.7%** |
| Franklin Resources, Inc.<sup>†</sup>  | 57491 | 1358 |
| Invesco Ltd. | 62628 | 1521 |
| Lazard, Inc. | 12521 | 532 |
| Morgan Stanley | 6854 | 1128 |
| State Street Corp. | 12147 | 1537 |
| T. Rowe Price Group, Inc. | 17017 | 1534 |
|  |  | **7610** |
| **Chemicals – 0.7%** | **Chemicals – 0.7%** | **Chemicals – 0.7%** |
| CF Industries Holdings, Inc. | 9339 | 1213 |
| Scotts Miracle-Gro (The) Co. | 12731 | 774 |
|  |  | **1987** |
| **Communications Equipment – 1.6%** | **Communications Equipment – 1.6%** | **Communications Equipment – 1.6%** |
| Cisco Systems, Inc. | 57441 | **4457** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Consumer Finance – 0.3%** | **Consumer Finance – 0.3%** | **Consumer Finance – 0.3%** |
| OneMain Holdings, Inc. | 16045 | **$858** |
| **Consumer Staples Distribution & Retail – 0.4%** | **Consumer Staples Distribution & Retail – 0.4%** | **Consumer Staples Distribution & Retail – 0.4%** |
| Costco Wholesale Corp. | 1024 | **1020** |
| **Diversified Consumer Services – 0.3%** | **Diversified Consumer Services – 0.3%** | **Diversified Consumer Services – 0.3%** |
| H&R Block, Inc. | 27951 | **887** |
| **Diversified Telecommunication Services – 2.1%** | **Diversified Telecommunication Services – 2.1%** | **Diversified Telecommunication Services – 2.1%** |
| AT&T, Inc. | 82014 | 2378 |
| Comcast Corp., Class A | 35262 | 1012 |
| Verizon Communications, Inc. | 49545 | 2487 |
|  |  | **5877** |
| **Electric Utilities – 2.6%** | **Electric Utilities – 2.6%** | **Electric Utilities – 2.6%** |
| Duke Energy Corp. | 19317 | 2529 |
| Edison International | 22310 | 1633 |
| FirstEnergy Corp. | 30895 | 1565 |
| Southern (The) Co. | 16169 | 1561 |
|  |  | **7288** |
| **Electrical Equipment – 2.7%** | **Electrical Equipment – 2.7%** | **Electrical Equipment – 2.7%** |
| Emerson Electric Co. | 9810 | 1285 |
| GE Vernova, Inc. | 4825 | 4212 |
| Rockwell Automation, Inc. | 3703 | 1329 |
| Vertiv Holdings Co., Class A | 3274 | 820 |
|  |  | **7646** |
| **Financial Services – 1.7%** | **Financial Services – 1.7%** | **Financial Services – 1.7%** |
| Berkshire Hathaway, Inc., Class B\* | 3356 | 1608 |
| Equitable Holdings, Inc. | 9414 | 349 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 19853 | 931 |
| MGIC Investment Corp. | 10949 | 288 |
| UWM Holdings Corp.<sup>†</sup>  | 222532 | 806 |
| Western Union (The) Co.<sup>†</sup>  | 89151 | 778 |
|  |  | **4760** |
| **Food Products – 0.4%** | **Food Products – 0.4%** | **Food Products – 0.4%** |
| General Mills, Inc. | 27316 | **1017** |
| **Gas Utilities – 0.4%** | **Gas Utilities – 0.4%** | **Gas Utilities – 0.4%** |
| MDU Resources Group, Inc. | 10164 | 211 |
| UGI Corp. | 22911 | 834 |
|  |  | **1045** |
| **Ground Transportation – 1.3%** | **Ground Transportation – 1.3%** | **Ground Transportation – 1.3%** |
| Old Dominion Freight Line, Inc. | 4592 | 897 |
| Union Pacific Corp. | 11864 | 2879 |
|  |  | **3776** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **83** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INCOME EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Health Care Equipment & Supplies – 0.2%** | **Health Care Equipment & Supplies – 0.2%** | **Health Care Equipment & Supplies – 0.2%** |
| ResMed, Inc. | 2971 | **$667** |
| **Health Care Providers & Services – 0.2%** | **Health Care Providers & Services – 0.2%** | **Health Care Providers & Services – 0.2%** |
| McKesson Corp. | 462 | 400 |
| UnitedHealth Group, Inc. | 760 | 205 |
|  |  | **605** |
| **Health Care Real Estate Investment Trusts – 0.1%** | **Health Care Real Estate Investment Trusts – 0.1%** | **Health Care Real Estate Investment Trusts – 0.1%** |
| Omega Healthcare Investors, Inc. | 4520 | **198** |
| **Hotel & Resort Real Estate Investment Trusts – 0.1%** | **Hotel & Resort Real Estate Investment Trusts – 0.1%** | **Hotel & Resort Real Estate Investment Trusts – 0.1%** |
| Host Hotels & Resorts, Inc. | 21080 | **404** |
| **Hotels, Restaurants & Leisure – 0.9%** | **Hotels, Restaurants & Leisure – 0.9%** | **Hotels, Restaurants & Leisure – 0.9%** |
| Booking Holdings, Inc. | 134 | 564 |
| Las Vegas Sands Corp. | 2677 | 144 |
| Vail Resorts, Inc.<sup>†</sup>  | 6463 | 829 |
| Wendy's (The) Co.<sup>†</sup>  | 49412 | 344 |
| Yum! Brands, Inc. | 4002 | 622 |
|  |  | **2503** |
| **Household Products – 2.3%** | **Household Products – 2.3%** | **Household Products – 2.3%** |
| Clorox (The) Co. | 11619 | 1204 |
| Kimberly-Clark Corp. | 11754 | 1134 |
| Procter & Gamble (The) Co. | 28971 | 4185 |
|  |  | **6523** |
| **Independent Power & Renewable Electricity Producers – 0.3%** | **Independent Power & Renewable Electricity Producers – 0.3%** | **Independent Power & Renewable Electricity Producers – 0.3%** |
| Brookfield Renewable Corp.<sup>†</sup>  | 8987 | 358 |
| Vistra Corp. | 2823 | 424 |
|  |  | **782** |
| **Industrial Conglomerates – 0.2%** | **Industrial Conglomerates – 0.2%** | **Industrial Conglomerates – 0.2%** |
| Honeywell International, Inc. | 2163 | **489** |
| **Insurance – 2.2%** | **Insurance – 2.2%** | **Insurance – 2.2%** |
| Aflac, Inc. | 12650 | 1388 |
| MetLife, Inc. | 20172 | 1427 |
| Old Republic International Corp. | 17356 | 692 |
| Principal Financial Group, Inc. | 10994 | 991 |
| Prudential Financial, Inc. | 16778 | 1639 |
|  |  | **6137** |
| **Interactive Media & Services – 6.5%** | **Interactive Media & Services – 6.5%** | **Interactive Media & Services – 6.5%** |
| Alphabet, Inc., Class A<sup>(1)</sup>  | 50535 | 14532 |
| Meta Platforms, Inc., Class A<sup>(1)</sup>  | 6457 | 3694 |
|  |  | **18226** |
| **IT Services – 1.6%** | **IT Services – 1.6%** | **IT Services – 1.6%** |
| Accenture PLC, Class A | 11048 | 2191 |
| Amdocs Ltd. | 7479 | 488 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **IT Services – 1.6%continued** | **IT Services – 1.6%continued** | **IT Services – 1.6%continued** |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 10257 | $629 |
| International Business Machines Corp. | 5456 | 1323 |
|  |  | **4631** |
| **Leisure Products – 0.5%** | **Leisure Products – 0.5%** | **Leisure Products – 0.5%** |
| Hasbro, Inc. | 15726 | **1472** |
| **Machinery – 1.3%** | **Machinery – 1.3%** | **Machinery – 1.3%** |
| Caterpillar, Inc. | 420 | 297 |
| Illinois Tool Works, Inc. | 6326 | 1647 |
| Otis Worldwide Corp. | 7938 | 612 |
| Snap-on, Inc. | 2921 | 1061 |
|  |  | **3617** |
| **Media – 0.1%** | **Media – 0.1%** | **Media – 0.1%** |
| Nexstar Media Group, Inc. | 817 | **148** |
| **Metals & Mining – 0.7%** | **Metals & Mining – 0.7%** | **Metals & Mining – 0.7%** |
| Newmont Corp. | 11634 | 1260 |
| Southern Copper Corp. | 4541 | 781 |
|  |  | **2041** |
| **Mortgage Real Estate Investment Trusts – 0.6%** | **Mortgage Real Estate Investment Trusts – 0.6%** | **Mortgage Real Estate Investment Trusts – 0.6%** |
| Rithm Capital Corp. | 87973 | 834 |
| Starwood Property Trust, Inc. | 48387 | 833 |
|  |  | **1667** |
| **Multi-Utilities – 0.9%** | **Multi-Utilities – 0.9%** | **Multi-Utilities – 0.9%** |
| Consolidated Edison, Inc. | 14698 | 1664 |
| Public Service Enterprise Group, Inc. | 12011 | 972 |
|  |  | **2636** |
| **Office Real Estate Investment Trusts – 0.3%** | **Office Real Estate Investment Trusts – 0.3%** | **Office Real Estate Investment Trusts – 0.3%** |
| Highwoods Properties, Inc. | 39420 | **844** |
| **Oil, Gas & Consumable Fuels – 2.0%** | **Oil, Gas & Consumable Fuels – 2.0%** | **Oil, Gas & Consumable Fuels – 2.0%** |
| Antero Midstream Corp. | 38050 | 868 |
| APA Corp. | 29849 | 1267 |
| Exxon Mobil Corp. | 8579 | 1455 |
| Valero Energy Corp. | 8196 | 2025 |
|  |  | **5615** |
| **Pharmaceuticals – 5.6%** | **Pharmaceuticals – 5.6%** | **Pharmaceuticals – 5.6%** |
| Bristol-Myers Squibb Co. | 50567 | 3067 |
| Eli Lilly & Co. | 2515 | 2313 |
| Johnson & Johnson | 15628 | 3820 |
| Merck & Co., Inc. | 36970 | 4447 |
| Perrigo Co. PLC | 17781 | 191 |
| Pfizer, Inc. | 71298 | 2002 |
|  |  | **15840** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **84** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Professional Services – 1.4%** | **Professional Services – 1.4%** | **Professional Services – 1.4%** |
| Automatic Data Processing, Inc. | 9989 | $2030 |
| Broadridge Financial Solutions, Inc. | 3381 | 549 |
| Paychex, Inc. | 4956 | 456 |
| Robert Half, Inc. | 35860 | 911 |
|  |  | **3946** |
| **Residential Real Estate Investment Trusts – 0.6%** | **Residential Real Estate Investment Trusts – 0.6%** | **Residential Real Estate Investment Trusts – 0.6%** |
| Camden Property Trust | 6874 | 671 |
| Equity Residential | 16068 | 951 |
|  |  | **1622** |
| **Retail Real Estate Investment Trusts – 0.8%** | **Retail Real Estate Investment Trusts – 0.8%** | **Retail Real Estate Investment Trusts – 0.8%** |
| Brixmor Property Group, Inc. | 23750 | 684 |
| Simon Property Group, Inc. | 8132 | 1517 |
|  |  | **2201** |
| **Semiconductors & Semiconductor Equipment – 16.3%** | **Semiconductors & Semiconductor Equipment – 16.3%** | **Semiconductors & Semiconductor Equipment – 16.3%** |
| Analog Devices, Inc. | 451 | 144 |
| Applied Materials, Inc. | 743 | 254 |
| Broadcom, Inc. | 31806 | 9844 |
| KLA Corp. | 2555 | 3762 |
| Lam Research Corp. | 19906 | 4253 |
| NVIDIA Corp.<sup>(1)</sup>  | 138497 | 24154 |
| QUALCOMM, Inc. | 19684 | 2535 |
| Skyworks Solutions, Inc. | 18792 | 1006 |
|  |  | **45952** |
| **Software – 6.2%** | **Software – 6.2%** | **Software – 6.2%** |
| Bentley Systems, Inc., Class B | 15191 | 533 |
| Gen Digital, Inc. | 46150 | 869 |
| Intuit, Inc. | 5131 | 2218 |
| Microsoft Corp. | 33306 | 12329 |
| Pegasystems, Inc. | 14839 | 632 |
| Salesforce, Inc. | 5453 | 1018 |
|  |  | **17599** |
| **Specialized Real Estate Investment Trusts – 1.9%** | **Specialized Real Estate Investment Trusts – 1.9%** | **Specialized Real Estate Investment Trusts – 1.9%** |
| EPR Properties | 14977 | 748 |
| Gaming and Leisure Properties, Inc. | 17685 | 785 |
| Lamar Advertising Co., Class A | 5081 | 644 |
| Millrose Properties, Inc. | 28865 | 808 |
| Public Storage | 4449 | 1205 |
| VICI Properties, Inc. | 44435 | 1214 |
|  |  | **5404** |
| **Specialty Retail – 1.7%** | **Specialty Retail – 1.7%** | **Specialty Retail – 1.7%** |
| Best Buy Co., Inc. | 22844 | 1466 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Specialty Retail – 1.7%continued** | **Specialty Retail – 1.7%continued** | **Specialty Retail – 1.7%continued** |
| Home Depot (The), Inc. | 7209 | $2371 |
| Williams-Sonoma, Inc. | 5587 | 1019 |
|  |  | **4856** |
| **Technology Hardware, Storage & Peripherals – 8.8%** | **Technology Hardware, Storage & Peripherals – 8.8%** | **Technology Hardware, Storage & Peripherals – 8.8%** |
| Apple, Inc.<sup>(1)</sup>  | 85771 | 21768 |
| HP, Inc. | 73515 | 1412 |
| NetApp, Inc. | 9202 | 942 |
| Western Digital Corp. | 3133 | 848 |
|  |  | **24970** |
| **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** |
| Tapestry, Inc. | 10932 | **1543** |
| **Tobacco – 2.4%** | **Tobacco – 2.4%** | **Tobacco – 2.4%** |
| Altria Group, Inc. | 41698 | 2752 |
| Philip Morris International, Inc. | 24389 | 4032 |
|  |  | **6784** |
| **Trading Companies & Distributors – 0.5%** | **Trading Companies & Distributors – 0.5%** | **Trading Companies & Distributors – 0.5%** |
| Fastenal Co. | 32266 | **1497** |
| **Wireless Telecommunication Services – 0.3%** | **Wireless Telecommunication Services – 0.3%** | **Wireless Telecommunication Services – 0.3%** |
| Millicom International Cellular S.A. | 12336 | **924** |
| **Total Common Stocks** |  |  |
| **(Cost $193,564)** |  | **279554** |
| **INVESTMENT COMPANIES – 1.8%**  | **INVESTMENT COMPANIES – 1.8%**  | **INVESTMENT COMPANIES – 1.8%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(2) (3) (4)</sup> <br>| 2749208 | 2749 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(2) (3)</sup> <br>| 2284526 | 2285 |
| **Total Investment Companies** |  |  |
| **(Cost $5,034)** |  | **5034** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **85** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INCOME EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| U.S. Treasury Bill, |  |  |
| 3.66%, 5/7/26<sup>(5) (6)</sup>  | $191 | **$190** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $190)** | **(Cost $190)** | **190** |
| **Total Investments – 100.9%** | **Total Investments – 100.9%** |  |
| **(Cost $198,788)** | **(Cost $198,788)** | **284778** |
| Liabilities less Other Assets – (0.9%) | Liabilities less Other Assets – (0.9%) | (2565)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$282213** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup>  | *Security represents underlying investment on open written option contracts.* |
| <sup>(2)</sup>  | *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>(3)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(4)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>(5)</sup>  | *Discount rate at the time of purchase.* |
| <sup>(6)</sup>  | *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; Micro E-Mini <br> S&P 500 <br> Index<br>| 77 | $2530 | Long | 6/26 | $(35)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

At March 31, 2026, the Fund had open written call options as follows:

---

| | | | |
|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL**<br> **AMOUNT**<br> **(000S)**<br>| **VALUE**<br> **(000S)**<br>|
| &nbsp;&nbsp; Alphabet, Inc., Class A, Exp. Date 4/17/26, <br> Strike Price $360.00<br>| (505)<br>| $(14522)<br>| $(1)<br>|
| &nbsp;&nbsp; Amazon.com, Inc., Exp. Date 4/17/26, <br> Strike Price $250.00<br>| (353)<br>| (7352)<br>| (1)<br>|
| &nbsp;&nbsp; Apple, Inc., Exp. Date 4/17/26, Strike Price <br> $300.00<br>| (428)<br>| (10862)<br>| (1)<br>|
| &nbsp;&nbsp; Meta Platforms, Inc., Class A, Exp. Date <br> 4/17/26, Strike Price $750.00<br>| (64)<br>| (3662)<br>| (1)<br>|
| &nbsp;&nbsp; NVIDIA Corp., Exp. Date 4/17/26, Strike <br> Price $225.00<br>| (1384)<br>| (24137)<br>| (4)<br>|
| &nbsp;&nbsp; Tesla, Inc., Exp. Date 4/17/26, Strike Price <br> $500.00<br>| (68)<br>| (2528)<br>| (1)<br>|
| Total Written Options Contracts |  |  | $(9)<br>|
| (Premiums Received (000s) $23) |  |  |  |

---

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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup>  | &nbsp;&nbsp; $279554 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $279554 |
| Investment Companies | &nbsp;&nbsp; 5034 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5034 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 190 | &nbsp;&nbsp; — | &nbsp;&nbsp; 190 |
| Total Investments | &nbsp;&nbsp; $284588 | &nbsp;&nbsp; $190 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $284778 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(35)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(35)<br>|
| Written Options | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(44)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(44)<br>|

---

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

*See Notes to the Financial Statements.* 

EQUITY FUNDS **86** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $24381 | $21632 | $2749 | 2749208 | $1 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 2565 | 47780 | 48060 | 2285 | 2284526 | 120 |
| Total | $2565 | $72161 | $69692 | $5034 | 5033734 | $121 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **87** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.7%** <sup>(1)</sup> | **COMMON STOCKS – 97.7%** <sup>(1)</sup> | **COMMON STOCKS – 97.7%** <sup>(1)</sup> |
| **Australia – 6.1%** | **Australia – 6.1%** | **Australia – 6.1%** |
| ANZ Group Holdings Ltd. | 70605 | $1775 |
| Aristocrat Leisure Ltd. | 3122 | 99 |
| BHP Group Ltd. | 1273 | 47 |
| Cochlear Ltd. | 966 | 113 |
| Computershare Ltd. | 5524 | 109 |
| CSL Ltd. | 6776 | 666 |
| Fortescue Ltd. | 130514 | 1844 |
| Origin Energy Ltd. | 38046 | 326 |
| Pro Medicus Ltd. | 2916 | 241 |
| QBE Insurance Group Ltd. | 21323 | 313 |
| Rio Tinto PLC | 28979 | 2694 |
| Stockland | 144346 | 432 |
| Suncorp Group Ltd. | 126205 | 1408 |
| Telstra Group Ltd. | 112831 | 416 |
| Wesfarmers Ltd. | 14187 | 719 |
| WiseTech Global Ltd. | 7450 | 203 |
|  |  | **11405** |
| **Austria – 0.1%** | **Austria – 0.1%** | **Austria – 0.1%** |
| Verbund A.G. | 3636 | **277** |
| **Belgium – 1.6%** | **Belgium – 1.6%** | **Belgium – 1.6%** |
| Anheuser-Busch InBev S.A./N.V. | 32182 | 2233 |
| D'ieteren Group | 878 | 162 |
| KBC Group N.V. | 5477 | 670 |
|  |  | **3065** |
| **Canada – 12.1%** | **Canada – 12.1%** | **Canada – 12.1%** |
| Agnico Eagle Mines Ltd. | 9522 | 1933 |
| AltaGas Ltd. | 156 | 5 |
| Barrick Mining Corp. | 35688 | 1458 |
| Bombardier, Inc., Class B\* | 1389 | 246 |
| Canadian Imperial Bank of Commerce | 16736 | 1586 |
| Canadian National Railway Co. | 20316 | 2091 |
| Canadian Natural Resources Ltd. | 48335 | 2358 |
| Canadian Utilities Ltd., Class A | 3706 | 130 |
| CGI, Inc. | 13610 | 995 |
| Constellation Software, Inc. | 182 | 319 |
| Emera, Inc. | 6157 | 319 |
| Empire Co. Ltd., Class A | 15380 | 551 |
| Fairfax Financial Holdings Ltd. | 1019 | 1736 |
| Gildan Activewear, Inc. | 2313 | 129 |
| IGM Financial, Inc. | 33934 | 1617 |
| Imperial Oil Ltd. | 7335 | 961 |
| Lundin Gold, Inc. | 7114 | 544 |
| Manulife Financial Corp. | 32888 | 1133 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  |
| **Canada – 12.1%continued** | **Canada – 12.1%continued** | **Canada – 12.1%continued** |
| Shopify, Inc., Class A\* | 1189 | $141 |
| Suncor Energy, Inc. | 30589 | 2023 |
| Toronto-Dominion Bank (The) | 26753 | 2499 |
|  |  | **22774** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| Lundin Mining Corp. | 7302 | **182** |
| **China – 1.0%** | **China – 1.0%** | **China – 1.0%** |
| BOC Hong Kong Holdings Ltd. | 279354 | 1539 |
| SITC International Holdings Co. Ltd. | 32702 | 144 |
| Yangzijiang Shipbuilding Holdings Ltd. | 74200 | 221 |
|  |  | **1904** |
| **Denmark – 1.2%** | **Denmark – 1.2%** | **Denmark – 1.2%** |
| Demant A/S<sup>\* †</sup>  | 8817 | 268 |
| Novo Nordisk A/S, Class B | 11573 | 427 |
| Pandora A/S | 11377 | 799 |
| Vestas Wind Systems A/S | 25925 | 776 |
|  |  | **2270** |
| **Finland – 1.1%** | **Finland – 1.1%** | **Finland – 1.1%** |
| Fortum OYJ | 3964 | 101 |
| Kone OYJ, Class B | 5148 | 328 |
| Wartsila OYJ Abp | 42043 | 1572 |
|  |  | **2001** |
| **France – 7.2%** | **France – 7.2%** | **France – 7.2%** |
| Amundi S.A. | 3882 | 334 |
| AXA S.A. | 27815 | 1275 |
| BNP Paribas S.A. | 10941 | 1042 |
| Bouygues S.A. | 11278 | 651 |
| Bureau Veritas S.A. | 36412 | 1094 |
| Capgemini S.E. | 10000 | 1169 |
| Danone S.A. | 8293 | 666 |
| Dassault Aviation S.A. | 1224 | 454 |
| Eiffage S.A. | 7278 | 1118 |
| Engie S.A. | 21122 | 681 |
| Klepierre S.A. | 7532 | 284 |
| LVMH Moet Hennessy Louis Vuitton S.E. | 227 | 126 |
| Publicis Groupe S.A. | 9634 | 797 |
| Safran S.A. | 5489 | 1795 |
| Societe Generale S.A. | 26108 | 1906 |
| Vinci S.A. | 1585 | 237 |
|  |  | **13629** |
| **Germany – 6.8%** | **Germany – 6.8%** | **Germany – 6.8%** |
| adidas A.G. | 3004 | 473 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **88** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  |
| **Germany – 6.8%continued** | **Germany – 6.8%continued** | **Germany – 6.8%continued** |
| Bayerische Motoren Werke A.G. | 9312 | $841 |
| Deutsche Boerse A.G. | 919 | 267 |
| Deutsche Post A.G. | 36096 | 1862 |
| Deutsche Telekom A.G. (Registered) | 65664 | 2421 |
| E.ON S.E. | 7494 | 164 |
| Evonik Industries A.G. | 14186 | 275 |
| Fresenius Medical Care A.G. | 17672 | 786 |
| Fresenius S.E. & Co. KGaA | 11566 | 593 |
| Heidelberg Materials A.G. | 3324 | 685 |
| HOCHTIEF A.G. | 1227 | 540 |
| Mercedes-Benz Group A.G. | 17964 | 1088 |
| MTU Aero Engines A.G. | 216 | 77 |
| RWE A.G. | 6206 | 413 |
| SAP S.E. | 2090 | 354 |
| Siemens A.G. (Registered) | 1722 | 408 |
| Siemens Energy A.G. | 3697 | 608 |
| Siemens Healthineers A.G. | 1060 | 45 |
| Zalando S.E.\* | 37319 | 893 |
|  |  | **12793** |
| **Hong Kong – 2.4%** | **Hong Kong – 2.4%** | **Hong Kong – 2.4%** |
| AIA Group Ltd. | 39462 | 443 |
| CK Asset Holdings Ltd. | 125252 | 716 |
| CK Infrastructure Holdings Ltd. | 30605 | 244 |
| Futu Holdings Ltd. ADR\* | 7096 | 971 |
| Hong Kong & China Gas Co. Ltd. | 63713 | 58 |
| Prudential PLC | 101489 | 1415 |
| Sun Hung Kai Properties Ltd. | 40424 | 685 |
|  |  | **4532** |
| **Ireland – 0.9%** | **Ireland – 0.9%** | **Ireland – 0.9%** |
| AIB Group PLC (Irish Stock Exchange) | 159182 | **1693** |
| **Israel – 1.8%** | **Israel – 1.8%** | **Israel – 1.8%** |
| Bank Hapoalim B.M. | 12970 | 303 |
| Bank Leumi Le-Israel B.M. | 76270 | 1700 |
| &nbsp;&nbsp; Check Point Software Technologies <br> Ltd.\*<br>| 7240 | 1034 |
| ICL Group Ltd. | 85914 | 443 |
|  |  | **3480** |
| **Italy – 2.9%** | **Italy – 2.9%** | **Italy – 2.9%** |
| Banca Mediolanum S.p.A. | 65399 | 1328 |
| Enel S.p.A. | 82753 | 901 |
| Italgas S.p.A. | 8321 | 97 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  |
| **Italy – 2.9%continued** | **Italy – 2.9%continued** | **Italy – 2.9%continued** |
| Ryanair Holdings PLC | 33910 | $961 |
| UniCredit S.p.A. | 30680 | 2211 |
|  |  | **5498** |
| **Japan – 19.5%** | **Japan – 19.5%** | **Japan – 19.5%** |
| Advantest Corp. | 12700 | 1718 |
| Aisin Corp. | 33000 | 457 |
| Asics Corp. | 9500 | 253 |
| Astellas Pharma, Inc. | 2600 | 42 |
| Central Japan Railway Co. | 2200 | 57 |
| Chubu Electric Power Co., Inc. | 2500 | 41 |
| Daito Trust Construction Co. Ltd. | 20600 | 480 |
| Denso Corp. | 96600 | 1199 |
| Fujikura Ltd. | 58200 | 1584 |
| Hitachi Ltd. | 7700 | 225 |
| Hoya Corp. | 2400 | 414 |
| Japan Airlines Co. Ltd. | 33900 | 552 |
| Japan Post Insurance Co. Ltd. | 59200 | 598 |
| Kansai Electric Power (The) Co., Inc. | 7800 | 128 |
| Kao Corp. | 26300 | 1028 |
| Komatsu Ltd. | 35500 | 1393 |
| Lasertec Corp. | 1500 | 331 |
| LY Corp. | 408000 | 989 |
| Makita Corp. | 44900 | 1458 |
| MatsukiyoCocokara & Co. | 33800 | 540 |
| Mitsubishi Chemical Group Corp. | 38300 | 222 |
| Mitsubishi Corp. | 84800 | 2912 |
| Mizuho Financial Group, Inc. | 52200 | 2084 |
| &nbsp;&nbsp; MS&AD Insurance Group Holdings, <br> Inc.<br>| 51300 | 1342 |
| Murata Manufacturing Co. Ltd. | 77500 | 1738 |
| Nippon Yusen K.K. | 13900 | 510 |
| Nitto Denko Corp. | 65100 | 1302 |
| Nomura Research Institute Ltd. | 23900 | 662 |
| Oracle Corp. Japan | 7500 | 411 |
| ORIX Corp. | 29700 | 890 |
| Osaka Gas Co. Ltd. | 1200 | 49 |
| Otsuka Holdings Co. Ltd. | 11800 | 833 |
| Recruit Holdings Co. Ltd. | 23800 | 1030 |
| SBI Holdings, Inc. | 66400 | 1237 |
| Seibu Holdings, Inc. | 2000 | 56 |
| Shionogi & Co. Ltd. | 35900 | 799 |
| SoftBank Corp. | 1135300 | 1515 |
| SoftBank Group Corp. | 20600 | 495 |
| Sony Group Corp. | 58600 | 1209 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **89** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  |
| **Japan – 19.5%continued** | **Japan – 19.5%continued** | **Japan – 19.5%continued** |
| Subaru Corp. | 72300 | $1155 |
| Sumitomo Corp. | 22500 | 837 |
| Sumitomo Electric Industries Ltd. | 6700 | 375 |
| Suzuki Motor Corp. | 62100 | 744 |
| TIS, Inc. | 19400 | 419 |
| Tokyo Gas Co. Ltd. | 600 | 28 |
| Yokogawa Electric Corp. | 14700 | 455 |
|  |  | **36796** |
| **Netherlands – 4.2%** | **Netherlands – 4.2%** | **Netherlands – 4.2%** |
| ArcelorMittal S.A. | 6578 | 343 |
| ASML Holding N.V. | 3444 | 4559 |
| EXOR N.V. | 10108 | 775 |
| Koninklijke Ahold Delhaize N.V. | 38065 | 1777 |
| Wolters Kluwer N.V. | 5501 | 411 |
|  |  | **7865** |
| **Norway – 2.0%** | **Norway – 2.0%** | **Norway – 2.0%** |
| Equinor ASA | 50638 | 2143 |
| Kongsberg Gruppen ASA | 759 | 33 |
| Norsk Hydro ASA | 56780 | 602 |
| Orkla ASA | 75405 | 948 |
|  |  | **3726** |
| **Portugal – 0.2%** | **Portugal – 0.2%** | **Portugal – 0.2%** |
| &nbsp;&nbsp; Banco Comercial Portugues S.A. <br> (Registered)<br>| 28999 | 28 |
| EDP S.A. | 16528 | 88 |
| Galp Energia SGPS S.A. | 13294 | 323 |
|  |  | **439** |
| **Singapore – 1.7%** | **Singapore – 1.7%** | **Singapore – 1.7%** |
| DBS Group Holdings Ltd. | 900 | 40 |
| Oversea-Chinese Banking Corp. Ltd. | 125500 | 2161 |
| Singapore Technologies Engineering <br> Ltd.<br>| 108400 | 924 |
|  |  | **3125** |
| **Spain – 4.0%** | **Spain – 4.0%** | **Spain – 4.0%** |
| Acciona S.A. | 1119 | 295 |
| &nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 7043 | 872 |
| Aena SME S.A.<sup>(2)</sup>  | 53919 | 1605 |
| Banco Bilbao Vizcaya Argentaria S.A. | 120998 | 2641 |
| CaixaBank S.A. | 50280 | 603 |
| Endesa S.A. | 7949 | 335 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  |
| **Spain – 4.0%continued** | **Spain – 4.0%continued** | **Spain – 4.0%continued** |
| Iberdrola S.A. | 41289 | $948 |
| Naturgy Energy Group S.A. | 8382 | 252 |
|  |  | **7551** |
| **Sweden – 2.2%** | **Sweden – 2.2%** | **Sweden – 2.2%** |
| Evolution AB | 8820 | 550 |
| H&M Hennes & Mauritz AB, Class B | 84067 | 1567 |
| Industrivarden AB, Class C | 482 | 24 |
| Sandvik AB | 9920 | 379 |
| Swedbank AB, Class A | 50269 | 1707 |
|  |  | **4227** |
| **Switzerland – 1.8%** | **Switzerland – 1.8%** | **Switzerland – 1.8%** |
| ABB Ltd. (Registered) | 13461 | 1095 |
| &nbsp;&nbsp; Cie Financiere Richemont S.A., Class A <br> (Registered)<br>| 1075 | 191 |
| Geberit A.G. (Registered) | 190 | 129 |
| Logitech International S.A. (Registered) | 19550 | 1786 |
| Sonova Holding A.G. (Registered) | 486 | 110 |
|  |  | **3311** |
| **United Kingdom – 7.3%** | **United Kingdom – 7.3%** | **United Kingdom – 7.3%** |
| AstraZeneca PLC | 2674 | 522 |
| Barclays PLC | 424602 | 2237 |
| British American Tobacco PLC | 18151 | 1057 |
| Centrica PLC | 81001 | 229 |
| CK Hutchison Holdings Ltd. | 29490 | 227 |
| HSBC Holdings PLC | 22089 | 361 |
| Imperial Brands PLC | 44009 | 1791 |
| J Sainsbury PLC | 223089 | 1002 |
| National Grid PLC | 50647 | 854 |
| NatWest Group PLC | 140914 | 1046 |
| Next PLC | 7115 | 1200 |
| RELX PLC | 17216 | 568 |
| Rolls-Royce Holdings PLC | 56852 | 868 |
| Smith & Nephew PLC | 16403 | 259 |
| Smiths Group PLC | 31452 | 958 |
| SSE PLC | 3344 | 116 |
| Standard Chartered PLC | 25330 | 526 |
|  |  | **13821** |
| **United States – 9.5%** | **United States – 9.5%** | **United States – 9.5%** |
| AP Moller - Maersk A/S, Class B<sup>†</sup>  | 197 | 488 |
| GSK PLC | 98005 | 2688 |
| Holcim A.G.\* | 13094 | 1087 |
| Nestle S.A. (Registered) | 7319 | 726 |
| Novartis A.G. (Registered) | 26651 | 4046 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **90** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.7%** <sup>(1)</sup>**continued**  |
| **United States – 9.5%continued** | **United States – 9.5%continued** | **United States – 9.5%continued** |
| Roche Holding A.G. | 9578 | $3782 |
| Sanofi S.A. | 13461 | 1298 |
| Shell PLC | 78887 | 3684 |
| Spotify Technology S.A.\* | 307 | 149 |
|  |  | **17948** |
| **Total Common Stocks** |  |  |
| **(Cost $146,899)** |  | **184312** |
| **INVESTMENT COMPANIES – 2.0%**  | **INVESTMENT COMPANIES – 2.0%**  | **INVESTMENT COMPANIES – 2.0%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(3) (4) (5)</sup> <br>| 471668 | 472 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(3) (4)</sup> <br>| 3194243 | 3194 |
| **Total Investment Companies** |  |  |
| **(Cost $3,666)** |  | **3666** |
| **Total Investments – 99.7%** |  |  |
| **(Cost $150,565)** |  | **187978** |
| Other Assets less Liabilities – 0.3% |  | 598 |
| **Net Assets – 100.0%** |  | **$188576** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup>  | *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup>  | *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 March 31,* <br> *2026, the value of this security amounted to approximately $1,605,000 or* <br> *0.9% of net assets.*<br>|
| <sup>(3)</sup>  | *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>(4)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(5)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| FTSE – Financial Times Stock Exchange |
| S&P – Standard & Poor's |
| SPI – Standardized Precipitation Index |

---

TSX – Toronto Stock Exchange<br>

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; Euro Stoxx 50 <br> (Euro)<br>| 32 | $2032 | Long | 6/26 | $20 |
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 4 | 540 | Long | 6/26 | 13 |
| &nbsp;&nbsp; S&P/TSX 60 <br> Index <br> (Canadian <br> Dollar)<br>| 1 | 274 | Long | 6/26 | 7 |
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 2 | 294 | Long | 6/26 | 1 |
| &nbsp;&nbsp; Yen <br> Denominated <br> Nikkei 225 <br> (Japanese <br> Yen)<br>| 6 | 1003 | Long | 6/26 | 23 |
| Total |  |  |  |  | $64 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

At March 31, 2026, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Financials | 25.2<br> %<br>|
| Industrials | 18.2 |
| Health Care | 9.4 |
| Information Technology | 8.5 |
| Consumer Discretionary | 7.7 |
| Materials | 7.2 |
| Consumer Staples | 6.7 |
| Energy | 6.1 |
| Utilities | 3.7 |
| Communication Services | 3.6 |
| Real Estate | 1.4 |
| Short-Term Investments | 2.0 |
| Total Investments | 99.7 |
| Other Assets less Liabilities | 0.3 |
| Net Assets | 100.0<br> %<br>|

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **91** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **INTERNATIONAL EQUITY FUND continued**  | **March 31, 2026**  |

---

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.

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).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2026 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Canada | &nbsp;&nbsp; $22774 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22774 |
| Chile | &nbsp;&nbsp; 182 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 182 |
| Hong Kong | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 3561 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4532 |
| Israel | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 2446 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3480 |
| United States | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 17799 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17948 |
| All Other Countries<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 135396 | &nbsp;&nbsp; — | &nbsp;&nbsp; 135396 |
| Total Common Stocks | &nbsp;&nbsp; 25110 | &nbsp;&nbsp; 159202 | &nbsp;&nbsp; — | &nbsp;&nbsp; 184312 |
| Investment Companies | &nbsp;&nbsp; 3666 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3666 |
| Total Investments | &nbsp;&nbsp; $28776 | &nbsp;&nbsp; $159202 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $187978 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $64 |

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $1143 | $671 | $472 | 471668 | $— <br> <sup>(1),\*</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 122 | 32083 | 29011 | 3194 | 3194243 | 38 |
| Total | $122 | $33226 | $29682 | $3666 | 3665911 | $38 |

---

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

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

*See Notes to the Financial Statements.* 

EQUITY FUNDS **92** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **INTERNATIONAL EQUITY INDEX FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup> | **COMMON STOCKS – 96.6%** <sup>(1)</sup> | **COMMON STOCKS – 96.6%** <sup>(1)</sup> |
| **Australia – 7.3%** | **Australia – 7.3%** | **Australia – 7.3%** |
| ANZ Group Holdings Ltd. | 871135 | $21899 |
| APA Group | 379320 | 2608 |
| Aristocrat Leisure Ltd. | 161856 | 5143 |
| ASX Ltd. | 57105 | 2073 |
| BHP Group Ltd. | 1470956 | 53746 |
| Brambles Ltd. | 388460 | 6070 |
| CAR Group Ltd. | 112144 | 1814 |
| Cochlear Ltd. | 19624 | 2305 |
| Coles Group Ltd. | 392584 | 5959 |
| Commonwealth Bank of Australia | 485229 | 56678 |
| Computershare Ltd. | 152698 | 3016 |
| CSL Ltd. | 140269 | 13780 |
| Evolution Mining Ltd. | 596574 | 5407 |
| Fortescue Ltd. | 496561 | 7014 |
| Glencore PLC\* | 2881723 | 21959 |
| Goodman Group | 588401 | 10475 |
| Insurance Australia Group Ltd. | 700469 | 3525 |
| Lottery (The) Corp. Ltd. | 640584 | 2388 |
| Lynas Rare Earths Ltd.\* | 264701 | 3597 |
| Macquarie Group Ltd. | 104416 | 14815 |
| Medibank Pvt Ltd. | 796041 | 2409 |
| National Australia Bank Ltd. | 888133 | 25686 |
| Northern Star Resources Ltd. | 399861 | 5838 |
| Origin Energy Ltd. | 510105 | 4372 |
| Pro Medicus Ltd. | 17064 | 1410 |
| Qantas Airways Ltd. | 219933 | 1292 |
| QBE Insurance Group Ltd. | 431609 | 6342 |
| REA Group Ltd.<sup>†</sup>  | 15575 | 1725 |
| Rio Tinto Ltd. | 107301 | 12064 |
| Rio Tinto PLC | 326472 | 30346 |
| Santos Ltd. | 957312 | 5257 |
| Scentre Group | 1553134 | 3583 |
| SGH Ltd.<sup>†</sup>  | 60488 | 1715 |
| Sigma Healthcare Ltd. | 1512322 | 2781 |
| Sonic Healthcare Ltd. | 140736 | 1992 |
| South32 Ltd. | 1270517 | 3819 |
| Stockland | 725102 | 2171 |
| Suncorp Group Ltd. | 318948 | 3558 |
| Telstra Group Ltd. | 1163990 | 4287 |
| Transurban Group | 894687 | 8695 |
| Vicinity Ltd. | 1150221 | 1866 |
| Washington H Soul Pattinson & Co. Ltd. | 95983 | 2683 |
| Wesfarmers Ltd. | 327686 | 16611 |
| Westpac Banking Corp. | 989301 | 27177 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Australia – 7.3%continued** | **Australia – 7.3%continued** | **Australia – 7.3%continued** |
| WiseTech Global Ltd. | 57262 | $1563 |
| Woodside Energy Group Ltd. | 547931 | 13068 |
| Woolworths Group Ltd. | 352635 | 8879 |
|  |  | **445460** |
| **Austria – 0.3%** | **Austria – 0.3%** | **Austria – 0.3%** |
| BAWAG Group A.G.\* | 22729 | 3469 |
| Erste Group Bank A.G. | 88856 | 9601 |
| OMV A.G. | 43277 | 3143 |
| Raiffeisen Bank International A.G. | 39274 | 1680 |
| Verbund A.G. | 19706 | 1502 |
|  |  | **19395** |
| **Belgium – 0.9%** | **Belgium – 0.9%** | **Belgium – 0.9%** |
| Ageas S.A./N.V. | 43726 | 3202 |
| Anheuser-Busch InBev S.A./N.V. | 286876 | 19906 |
| D'ieteren Group | 6316 | 1168 |
| Elia Group S.A./N.V. | 12491 | 1914 |
| Financiere de Tubize S.A. | 6018 | 1488 |
| Groupe Bruxelles Lambert N.V. | 23731 | 2145 |
| KBC Group N.V. | 66135 | 8085 |
| Lotus Bakeries N.V. | 119 | 1352 |
| Sofina S.A. | 4907 | 1189 |
| Syensqo S.A. | 22378 | 1295 |
| UCB S.A. | 36545 | 11008 |
|  |  | **52752** |
| **Brazil – 0.1%** | **Brazil – 0.1%** | **Brazil – 0.1%** |
| Yara International ASA | 46465 | **2705** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| Antofagasta PLC | 116276 | **5173** |
| **China – 0.5%** | **China – 0.5%** | **China – 0.5%** |
| BOC Hong Kong Holdings Ltd. | 1088108 | 5996 |
| Prosus N.V.\* | 377730 | 17267 |
| SITC International Holdings Co. Ltd. | 392000 | 1730 |
| Wharf Holdings (The) Ltd.<sup>†</sup>  | 320000 | 884 |
| Wilmar International Ltd.<sup>†</sup>  | 565800 | 1705 |
| Yangzijiang Shipbuilding Holdings Ltd. | 774600 | 2302 |
|  |  | **29884** |
| **Czech Republic – 0.0%** | **Czech Republic – 0.0%** | **Czech Republic – 0.0%** |
| CSG N.V.\* | 57099 | **1536** |
| **Denmark – 1.5%** | **Denmark – 1.5%** | **Denmark – 1.5%** |
| Carlsberg A.S., Class B | 27740 | 3461 |
| Coloplast A/S, Class B | 37592 | 2563 |
| Danske Bank A/S | 191998 | 9321 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **93** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Denmark – 1.5%continued** | **Denmark – 1.5%continued** | **Denmark – 1.5%continued** |
| Demant A/S<sup>\* †</sup>  | 27804 | $845 |
| DSV A/S | 58931 | 14079 |
| Genmab A/S\* | 18040 | 4827 |
| Novo Nordisk A/S, Class B | 933242 | 34389 |
| Novonesis (Novozymes) B | 100625 | 5954 |
| Orsted A.S.<sup>(2) \*</sup>  | 154722 | 3788 |
| Pandora A/S | 23867 | 1676 |
| ROCKWOOL A/S, Class B | 27940 | 780 |
| Tryg A/S | 99871 | 2391 |
| Vestas Wind Systems A/S | 297520 | 8908 |
|  |  | **92982** |
| **Finland – 1.2%** | **Finland – 1.2%** | **Finland – 1.2%** |
| Elisa OYJ | 41540 | 2014 |
| Fortum OYJ | 131965 | 3354 |
| Kesko OYJ, Class B | 80549 | 1783 |
| Kone OYJ, Class B | 97626 | 6224 |
| Metso OYJ | 194812 | 3369 |
| Neste OYJ | 124399 | 4017 |
| Nokia OYJ | 1536991 | 12250 |
| Nordea Bank Abp | 891718 | 15349 |
| Orion OYJ, Class B | 31600 | 2556 |
| Sampo OYJ, Class A | 689821 | 7392 |
| Stora Enso OYJ (Registered) | 176686 | 2081 |
| UPM-Kymmene OYJ | 155435 | 4835 |
| Wartsila OYJ Abp | 143503 | 5366 |
|  |  | **70590** |
| **France – 8.4%** | **France – 8.4%** | **France – 8.4%** |
| Accor S.A. | 55208 | 2645 |
| Aeroports de Paris S.A. | 10000 | 1217 |
| Air Liquide S.A. | 168106 | 34630 |
| Airbus S.E. | 171985 | 32303 |
| Alstom S.A.\* | 101763 | 2900 |
| Amundi S.A. | 17965 | 1545 |
| AXA S.A. | 485891 | 22276 |
| Ayvens S.A. | 107800 | 1270 |
| BioMerieux | 12245 | 1304 |
| BNP Paribas S.A. | 291630 | 27781 |
| Bollore S.E. | 207017 | 1183 |
| Bouygues S.A. | 56097 | 3236 |
| Bureau Veritas S.A. | 99448 | 2987 |
| Capgemini S.E. | 43605 | 5097 |
| Carrefour S.A. | 173789 | 3204 |
| Cie de Saint-Gobain S.A. | 128099 | 10542 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **France – 8.4%continued** | **France – 8.4%continued** | **France – 8.4%continued** |
| &nbsp;&nbsp; Cie Generale des Etablissements <br> Michelin S.C.A.<br>| 193084 | $6575 |
| Covivio S.A./France | 15848 | 947 |
| Credit Agricole S.A. | 311325 | 5844 |
| Danone S.A. | 187211 | 15035 |
| Dassault Aviation S.A. | 5804 | 2153 |
| Dassault Systemes S.E. | 197776 | 4027 |
| Eiffage S.A. | 20237 | 3107 |
| Engie S.A. | 529611 | 17075 |
| EssilorLuxottica S.A. | 87218 | 20299 |
| Gecina S.A. | 13737 | 1086 |
| Getlink S.E. | 88664 | 1911 |
| Hermes International S.C.A. | 9143 | 17462 |
| Ipsen S.A. | 10786 | 2023 |
| Kering S.A. | 21407 | 6473 |
| Klepierre S.A. | 62721 | 2364 |
| Legrand S.A. | 75806 | 11714 |
| L'Oreal S.A. | 69505 | 28502 |
| LVMH Moet Hennessy Louis Vuitton S.E. | 72175 | 40120 |
| Orange S.A. | 539049 | 11014 |
| Pernod Ricard S.A. | 58007 | 4330 |
| Publicis Groupe S.A. | 65335 | 5403 |
| Renault S.A. | 56432 | 1915 |
| Rexel S.A. | 66379 | 2596 |
| Safran S.A. | 102995 | 33684 |
| Sartorius Stedim Biotech | 8476 | 1659 |
| Societe Generale S.A. | 200342 | 14628 |
| Sodexo S.A. | 26426 | 1357 |
| Thales S.A. | 26721 | 7845 |
| TotalEnergies S.E. | 575699 | 53156 |
| Unibail-Rodamco-Westfield\* | 35675 | 3987 |
| Veolia Environnement S.A. | 180490 | 6895 |
| Vinci S.A. | 143008 | 21418 |
|  |  | **510724** |
| **Germany – 8.3%** | **Germany – 8.3%** | **Germany – 8.3%** |
| adidas A.G. | 49140 | 7744 |
| Allianz S.E. (Registered) | 110254 | 45688 |
| BASF S.E. | 258543 | 15623 |
| Bayer A.G. (Registered) | 284641 | 12940 |
| Bayerische Motoren Werke A.G. | 80805 | 7298 |
| Beiersdorf A.G. | 28719 | 2541 |
| Brenntag S.E. | 35492 | 2342 |
| Commerzbank A.G. | 215977 | 7754 |
| Continental A.G. | 33214 | 2283 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **94** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Germany – 8.3%continued** | **Germany – 8.3%continued** | **Germany – 8.3%continued** |
| CTS Eventim A.G. & Co. KGaA | 18278 | $1048 |
| Daimler Truck Holding A.G. | 135756 | 6472 |
| Deutsche Bank A.G. (Registered) | 524169 | 15338 |
| Deutsche Boerse A.G. | 54381 | 15811 |
| Deutsche Lufthansa A.G. (Registered) | 170170 | 1405 |
| Deutsche Post A.G. | 265305 | 13682 |
| Deutsche Telekom A.G. (Registered) | 1067159 | 39350 |
| E.ON S.E. | 648290 | 14170 |
| Eurofins Scientific S.E. | 34065 | 2491 |
| Evonik Industries A.G. | 74331 | 1440 |
| Fresenius Medical Care A.G. | 63758 | 2837 |
| Fresenius S.E. & Co. KGaA | 124109 | 6357 |
| GEA Group A.G. | 42350 | 2993 |
| Hannover Rueck S.E. | 17696 | 5477 |
| Heidelberg Materials A.G. | 38550 | 7940 |
| Henkel A.G. & Co. KGaA | 28988 | 2076 |
| Hensoldt A.G. | 18059 | 1568 |
| HOCHTIEF A.G. | 4665 | 2052 |
| Infineon Technologies A.G. | 378019 | 16609 |
| Knorr-Bremse A.G. | 21339 | 2382 |
| LEG Immobilien S.E. | 21697 | 1413 |
| Mercedes-Benz Group A.G. | 208043 | 12604 |
| Merck KGaA | 38556 | 4788 |
| MTU Aero Engines A.G. | 15370 | 5502 |
| &nbsp;&nbsp; Muenchener <br> Rueckversicherungs-Gesellschaft <br> A.G. in Muenchen (Registered)<br>| 37873 | 23592 |
| Nemetschek S.E. | 16092 | 1184 |
| Rational A.G. | 1462 | 1058 |
| Rheinmetall A.G. | 13325 | 22222 |
| RWE A.G. | 182880 | 12180 |
| SAP S.E. | 302476 | 51189 |
| Scout24 S.E. | 22694 | 1739 |
| Siemens A.G. (Registered) | 220387 | 52274 |
| Siemens Energy A.G. | 224745 | 36988 |
| Siemens Healthineers A.G. | 96719 | 4057 |
| Symrise A.G. | 38475 | 3258 |
| Talanx A.G. | 18514 | 2253 |
| Vonovia S.E. | 217962 | 5428 |
| Zalando S.E.\* | 65879 | 1576 |
|  |  | **509016** |
| **Hong Kong – 1.8%** | **Hong Kong – 1.8%** | **Hong Kong – 1.8%** |
| AIA Group Ltd. | 3050886 | 34273 |
| CK Asset Holdings Ltd. | 551138 | 3148 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Hong Kong – 1.8%continued** | **Hong Kong – 1.8%continued** | **Hong Kong – 1.8%continued** |
| CK Infrastructure Holdings Ltd. | 191853 | $1531 |
| CLP Holdings Ltd. | 475514 | 4477 |
| Futu Holdings Ltd. ADR\* | 16438 | 2248 |
| Henderson Land Development Co. Ltd. | 414929 | 1539 |
| HKT Trust & HKT Ltd. | 1077220 | 1680 |
| Hong Kong & China Gas Co. Ltd. | 3199005 | 2932 |
| Hong Kong Exchanges & Clearing Ltd. | 347796 | 17628 |
| Hongkong Land Holdings Ltd.<sup>†</sup>  | 311700 | 2438 |
| Link REIT<sup>†</sup>  | 742378 | 3437 |
| MTR Corp. Ltd.<sup>†</sup>  | 457636 | 1878 |
| Power Assets Holdings Ltd. | 407317 | 3174 |
| Prudential PLC | 732492 | 10215 |
| Sino Land Co. Ltd. | 1043502 | 1555 |
| Sun Hung Kai Properties Ltd. | 421758 | 7148 |
| Swire Pacific Ltd., Class A<sup>†</sup>  | 106051 | 1163 |
| Techtronic Industries Co. Ltd. | 429833 | 5722 |
| WH Group Ltd.<sup>(2)</sup>  | 2387213 | 3146 |
| Wharf Real Estate Investment Co. Ltd. | 486766 | 1411 |
|  |  | **110743** |
| **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** |
| Jardine Matheson Holdings Ltd.<sup>†</sup>  | 47300 | **3395** |
| **Ireland – 0.4%** | **Ireland – 0.4%** | **Ireland – 0.4%** |
| AerCap Holdings N.V. | 49505 | 6791 |
| AIB Group PLC (Irish Stock Exchange) | 615716 | 6549 |
| Bank of Ireland Group PLC | 279832 | 5121 |
| Irish Bank Resolution Corp. Ltd.<sup>(3) \*</sup>  | 99788 |  |
| Kerry Group PLC, Class A | 45537 | 3606 |
| Kingspan Group PLC | 45403 | 3833 |
|  |  | **25900** |
| **Israel – 1.0%** | **Israel – 1.0%** | **Israel – 1.0%** |
| Azrieli Group Ltd. | 12613 | 1689 |
| Bank Hapoalim B.M. | 359303 | 8410 |
| Bank Leumi Le-Israel B.M. | 426347 | 9501 |
| &nbsp;&nbsp; Check Point Software Technologies <br> Ltd.\*<br>| 25598 | 3657 |
| Elbit Systems Ltd. | 8007 | 6708 |
| ICL Group Ltd. | 217946 | 1123 |
| Israel Discount Bank Ltd., Class A | 357052 | 3580 |
| Mizrahi Tefahot Bank Ltd. | 45992 | 3335 |
| Nice Ltd.\* | 18413 | 2030 |
| Nova Ltd.\* | 8757 | 3890 |
| Phoenix Financial Ltd. | 67299 | 3575 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **95** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Israel – 1.0%continued** | **Israel – 1.0%continued** | **Israel – 1.0%continued** |
| &nbsp;&nbsp; Teva Pharmaceutical Industries Ltd. <br> ADR\*<br>| 331199 | $9976 |
| Tower Semiconductor Ltd.\* | 33119 | 5807 |
|  |  | **63281** |
| **Italy – 3.2%** | **Italy – 3.2%** | **Italy – 3.2%** |
| Banca Mediolanum S.p.A. | 67379 | 1368 |
| Banca Monte dei Paschi di Siena S.p.A. | 589096 | 5133 |
| Banco BPM S.p.A. | 323308 | 4517 |
| BPER Banca S.p.A. | 432972 | 5652 |
| Coca-Cola HBC A.G. - CDI\* | 64450 | 3654 |
| Davide Campari-Milano N.V. | 181076 | 1290 |
| Enel S.p.A. | 2353443 | 25622 |
| Eni S.p.A. | 591611 | 16799 |
| Ferrari N.V. | 36361 | 12256 |
| FinecoBank Banca Fineco S.p.A. | 183805 | 4081 |
| Generali | 246898 | 9955 |
| Intesa Sanpaolo S.p.A. | 4041225 | 24565 |
| Italgas S.p.A. | 179458 | 2090 |
| Leonardo S.p.A. | 119223 | 8008 |
| Moncler S.p.A. | 68529 | 4130 |
| Poste Italiane S.p.A. | 133622 | 3144 |
| Prysmian S.p.A. | 81223 | 9498 |
| &nbsp;&nbsp; Recordati Industria Chimica e <br> Farmaceutica S.p.A.<br>| 33828 | 1924 |
| Ryanair Holdings PLC | 240448 | 6812 |
| Snam S.p.A. | 599499 | 4559 |
| Telecom Italia S.p.A.<sup>\* †</sup>  | 3498769 | 2451 |
| Telecom Italia S.p.A./Milano (RSP)\* | 1680259 | 1388 |
| Terna - Rete Elettrica Nazionale | 400364 | 4585 |
| UniCredit S.p.A. | 406227 | 29272 |
| Unipol Assicurazioni S.p.A. | 106280 | 2488 |
|  |  | **195241** |
| **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** |
| Endeavour Mining PLC | 58052 | **3514** |
| **Japan – 22.2%** | **Japan – 22.2%** | **Japan – 22.2%** |
| Advantest Corp. | 222100 | 30049 |
| Aeon Co. Ltd. | 644500 | 7692 |
| AGC, Inc. | 57600 | 2031 |
| Aisin Corp. | 142300 | 1970 |
| Ajinomoto Co., Inc. | 261700 | 7338 |
| ANA Holdings, Inc. | 45600 | 811 |
| Asahi Group Holdings Ltd. | 438000 | 4396 |
| Asahi Kasei Corp. | 380500 | 3684 |
| Asics Corp. | 200900 | 5342 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Japan – 22.2%continued** | **Japan – 22.2%continued** | **Japan – 22.2%continued** |
| Astellas Pharma, Inc. | 521200 | $8510 |
| Bandai Namco Holdings, Inc. | 172800 | 4268 |
| Bridgestone Corp. | 327100 | 6789 |
| Canon, Inc. | 251400 | 7001 |
| Capcom Co. Ltd. | 96600 | 2048 |
| Central Japan Railway Co. | 221900 | 5746 |
| Chiba Bank (The) Ltd. | 166600 | 2147 |
| Chubu Electric Power Co., Inc. | 201000 | 3300 |
| Chugai Pharmaceutical Co. Ltd. | 194465 | 10759 |
| Dai Nippon Printing Co. Ltd. | 112300 | 2039 |
| Daifuku Co. Ltd. | 91400 | 3193 |
| Daiichi Life Group, Inc. | 1017300 | 9296 |
| Daiichi Sankyo Co. Ltd.<sup>†</sup>  | 520400 | 9175 |
| Daikin Industries Ltd. | 76100 | 9232 |
| Daito Trust Construction Co. Ltd. | 86700 | 2019 |
| Daiwa House Industry Co. Ltd. | 160000 | 5002 |
| Daiwa Securities Group, Inc. | 394400 | 3710 |
| Denso Corp. | 499500 | 6202 |
| Disco Corp. | 26700 | 10699 |
| East Japan Railway Co. | 277736 | 6339 |
| Ebara Corp. | 136100 | 3835 |
| Eisai Co. Ltd. | 75800 | 2356 |
| ENEOS Holdings, Inc. | 776697 | 6931 |
| FANUC Corp. | 269200 | 9376 |
| Fast Retailing Co. Ltd. | 55200 | 21970 |
| Fuji Electric Co. Ltd. | 40800 | 2857 |
| FUJIFILM Holdings Corp. | 323700 | 6152 |
| Fujikura Ltd. | 437400 | 11901 |
| Fujitsu Ltd. | 506700 | 10297 |
| Hankyu Hanshin Holdings, Inc. | 72200 | 2087 |
| Hikari Tsushin, Inc. | 5000 | 1266 |
| Hitachi Ltd. | 1328800 | 38835 |
| Honda Motor Co. Ltd. | 1066100 | 8630 |
| Hoya Corp. | 97700 | 16853 |
| Hulic Co. Ltd. | 135300 | 1575 |
| Ibiden Co. Ltd. | 69200 | 3394 |
| Idemitsu Kosan Co. Ltd. | 229840 | 2234 |
| IHI Corp. | 297700 | 6084 |
| Inpex Corp. | 254000 | 7453 |
| Isuzu Motors Ltd. | 156200 | 2244 |
| ITOCHU Corp. | 1723300 | 21904 |
| Japan Airlines Co. Ltd. | 42200 | 687 |
| Japan Exchange Group, Inc. | 288800 | 3353 |
| Japan Post Bank Co. Ltd. | 518000 | 8522 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **96** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Japan – 22.2%continued** | **Japan – 22.2%continued** | **Japan – 22.2%continued** |
| Japan Post Holdings Co. Ltd. | 515000 | $5908 |
| Japan Post Insurance Co. Ltd. | 161400 | 1631 |
| Japan Tobacco, Inc. | 347600 | 13338 |
| JFE Holdings, Inc. | 167900 | 1956 |
| JX Advanced Metals Corp. | 163900 | 3563 |
| Kajima Corp. | 120600 | 4581 |
| Kansai Electric Power (The) Co., Inc. | 272400 | 4487 |
| Kao Corp. | 133800 | 5228 |
| Kawasaki Heavy Industries Ltd. | 219500 | 4165 |
| Kawasaki Kisen Kaisha Ltd.<sup>†</sup>  | 101700 | 1712 |
| KDDI Corp. | 847800 | 14518 |
| Keyence Corp. | 56256 | 19923 |
| Kikkoman Corp. | 201800 | 1840 |
| Kioxia Holdings Corp.\* | 55000 | 6992 |
| Kirin Holdings Co. Ltd. | 223100 | 3550 |
| Komatsu Ltd. | 275400 | 10811 |
| Konami Group Corp. | 29600 | 3683 |
| Kubota Corp. | 285500 | 4505 |
| Kyocera Corp. | 378000 | 5844 |
| Kyowa Kirin Co. Ltd. | 73200 | 1209 |
| Lasertec Corp. | 23200 | 5115 |
| LY Corp. | 796700 | 1931 |
| M3, Inc. | 133000 | 1358 |
| Makita Corp. | 67100 | 2179 |
| Marubeni Corp. | 408800 | 15032 |
| MatsukiyoCocokara & Co. | 97600 | 1560 |
| MINEBEA MITSUMI, Inc. | 108300 | 1776 |
| Mitsubishi Chemical Group Corp. | 359000 | 2079 |
| Mitsubishi Corp. | 935200 | 32116 |
| Mitsubishi Electric Corp. | 551100 | 17998 |
| Mitsubishi Estate Co. Ltd. | 307000 | 8495 |
| Mitsubishi HC Capital, Inc. | 251800 | 2250 |
| Mitsubishi Heavy Industries Ltd. | 929200 | 25348 |
| Mitsubishi UFJ Financial Group, Inc. | 3271195 | 55269 |
| Mitsui & Co. Ltd. | 716700 | 27593 |
| Mitsui Fudosan Co. Ltd. | 762700 | 8073 |
| Mitsui OSK Lines Ltd.<sup>†</sup>  | 99700 | 4126 |
| Mizuho Financial Group, Inc. | 722118 | 28823 |
| MonotaRO Co. Ltd. | 78000 | 838 |
| &nbsp;&nbsp; MS&AD Insurance Group Holdings, <br> Inc.<br>| 373129 | 9765 |
| Murata Manufacturing Co. Ltd. | 482673 | 10822 |
| NEC Corp. | 376000 | 9368 |
| Nexon Co. Ltd. | 112000 | 2111 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Japan – 22.2%continued** | **Japan – 22.2%continued** | **Japan – 22.2%continued** |
| NIDEC CORP.\* | 246200 | $3099 |
| Nintendo Co. Ltd. | 318900 | 18197 |
| Nippon Building Fund, Inc. | 2287 | 1920 |
| Nippon Paint Holdings Co. Ltd. | 278800 | 1740 |
| Nippon Sanso Holdings Corp. | 49500 | 1767 |
| Nippon Steel Corp. | 1381405 | 5075 |
| Nippon Yusen K.K. | 121900 | 4474 |
| Nissan Motor Co. Ltd.\* | 677200 | 1437 |
| Nitori Holdings Co. Ltd. | 120000 | 1906 |
| Nitto Denko Corp. | 199600 | 3993 |
| Nomura Holdings, Inc. | 880900 | 6968 |
| Nomura Research Institute Ltd. | 110922 | 3073 |
| NTT, Inc. | 8631300 | 8569 |
| Obayashi Corp. | 187100 | 4506 |
| Obic Co. Ltd. | 93600 | 2281 |
| Olympus Corp. | 329000 | 3132 |
| Oracle Corp. Japan | 11300 | 619 |
| Oriental Land Co. Ltd. | 317300 | 5402 |
| ORIX Corp. | 334500 | 10022 |
| Osaka Gas Co. Ltd. | 105400 | 4274 |
| Otsuka Corp. | 66500 | 1275 |
| Otsuka Holdings Co. Ltd. | 125815 | 8881 |
| Pan Pacific International Holdings Corp. | 554200 | 3400 |
| Panasonic Holdings Corp. | 673200 | 11178 |
| Rakuten Group, Inc.\* | 453700 | 2116 |
| Recruit Holdings Co. Ltd. | 406800 | 17599 |
| Renesas Electronics Corp. | 513100 | 7286 |
| Resona Holdings, Inc. | 600410 | 6681 |
| Ryohin Keikaku Co. Ltd. | 150200 | 3194 |
| Sanrio Co. Ltd. | 264500 | 1632 |
| SBI Holdings, Inc. | 166420 | 3100 |
| SCREEN Holdings Co. Ltd. | 46600 | 2746 |
| Secom Co. Ltd. | 117100 | 4496 |
| Seibu Holdings, Inc. | 59400 | 1659 |
| Sekisui Chemical Co. Ltd. | 108500 | 1809 |
| Sekisui House Ltd. | 176400 | 3938 |
| Seven & i Holdings Co. Ltd. | 603000 | 8116 |
| Shimadzu Corp. | 70300 | 1668 |
| Shimano, Inc. | 21100 | 2211 |
| Shimizu Corp. | 147200 | 2654 |
| Shin-Etsu Chemical Co. Ltd. | 489200 | 19904 |
| Shionogi & Co. Ltd. | 222000 | 4939 |
| Shiseido Co. Ltd. | 115600 | 2371 |
| SMC Corp. | 16600 | 6493 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **97** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Japan – 22.2%continued** | **Japan – 22.2%continued** | **Japan – 22.2%continued** |
| SoftBank Corp. | 8287800 | $11060 |
| SoftBank Group Corp. | 1076600 | 25875 |
| Sompo Holdings, Inc. | 257035 | 10043 |
| Sony Financial Group, Inc. | 1770600 | 1613 |
| Sony Group Corp. | 1781400 | 36744 |
| Subaru Corp. | 172800 | 2761 |
| Sumitomo Corp. | 315300 | 11735 |
| Sumitomo Electric Industries Ltd. | 207100 | 11597 |
| Sumitomo Metal Mining Co. Ltd. | 72900 | 4226 |
| Sumitomo Mitsui Financial Group, Inc. | 1063026 | 35041 |
| Sumitomo Mitsui Trust Group, Inc. | 181938 | 5790 |
| &nbsp;&nbsp; Sumitomo Realty & Development Co. <br> Ltd.<br>| 174400 | 4903 |
| Suntory Beverage & Food Ltd. | 41500 | 1174 |
| Suzuki Motor Corp. | 462900 | 5546 |
| Sysmex Corp. | 150794 | 1315 |
| T&D Holdings, Inc. | 134900 | 3429 |
| Taisei Corp. | 43100 | 4501 |
| Takeda Pharmaceutical Co. Ltd. | 462466 | 17061 |
| TDK Corp. | 561800 | 7284 |
| Terumo Corp. | 379800 | 5085 |
| TIS, Inc. | 64500 | 1392 |
| Toho Co. Ltd. | 153500 | 1619 |
| Tokio Marine Holdings, Inc. | 532500 | 24867 |
| Tokyo Electron Ltd. | 129900 | 31767 |
| Tokyo Gas Co. Ltd. | 92900 | 4386 |
| Tokyu Corp. | 147900 | 1747 |
| TOPPAN Holdings, Inc. | 67500 | 1789 |
| Toray Industries, Inc. | 398500 | 2810 |
| Toyota Industries Corp.<sup>\* †</sup>  | 9900 | 1274 |
| Toyota Motor Corp. | 2747520 | 56954 |
| Toyota Tsusho Corp. | 198600 | 7771 |
| Tsuruha Holdings, Inc. | 69900 | 1103 |
| Unicharm Corp. | 322200 | 1876 |
| West Japan Railway Co. | 122900 | 2441 |
| Yamaha Motor Co. Ltd. | 261000 | 1860 |
| Yokogawa Electric Corp. | 65900 | 2041 |
| Yokohama Financial Group, Inc. | 303600 | 2699 |
| Zensho Holdings Co. Ltd. | 27000 | 1566 |
| ZOZO, Inc. | 140300 | 981 |
|  |  | **1354578** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Macau – 0.1%** | **Macau – 0.1%** | **Macau – 0.1%** |
| Galaxy Entertainment Group Ltd. | 569148 | $2566 |
| Sands China Ltd. | 681899 | 1449 |
|  |  | **4015** |
| **Mexico – 0.1%** | **Mexico – 0.1%** | **Mexico – 0.1%** |
| Fresnillo PLC | 65471 | **2900** |
| **Netherlands – 4.8%** | **Netherlands – 4.8%** | **Netherlands – 4.8%** |
| ABN AMRO Bank N.V. - C.V.A. | 170316 | 5448 |
| Adyen N.V.\* | 7415 | 7420 |
| Akzo Nobel N.V. | 49872 | 2862 |
| ArcelorMittal S.A. | 122698 | 6393 |
| Argenx S.E.\* | 17825 | 12987 |
| ASM International N.V. | 13510 | 10291 |
| ASML Holding N.V. | 112580 | 149015 |
| ASR Nederland N.V. | 46726 | 3219 |
| BE Semiconductor Industries N.V. | 21674 | 4573 |
| CVC Capital Partners PLC | 60648 | 795 |
| Euronext N.V. | 23034 | 3706 |
| EXOR N.V. | 27497 | 2107 |
| Heineken Holding N.V. | 37946 | 2714 |
| Heineken N.V. | 82435 | 6344 |
| ING Groep N.V. | 843849 | 22049 |
| JDE Peet's N.V. | 49761 | 1832 |
| Koninklijke Ahold Delhaize N.V. | 257797 | 12035 |
| Koninklijke KPN N.V. | 1094349 | 6087 |
| Koninklijke Philips N.V. | 220522 | 6040 |
| Magnum Ice Cream (The) Co. N.V.\* | 147935 | 2172 |
| Nebius Group N.V.\* | 61776 | 6410 |
| NN Group N.V. | 77875 | 6091 |
| Randstad N.V. | 30660 | 806 |
| Universal Music Group N.V. | 326266 | 6326 |
| Wolters Kluwer N.V. | 66489 | 4974 |
|  |  | **292696** |
| **New Zealand – 0.2%** | **New Zealand – 0.2%** | **New Zealand – 0.2%** |
| Auckland International Airport Ltd. | 504119 | 2312 |
| Contact Energy Ltd. | 264417 | 1412 |
| Fisher & Paykel Healthcare Corp. Ltd. | 172668 | 3740 |
| Infratil Ltd. | 279298 | 1881 |
| Meridian Energy Ltd. | 400238 | 1279 |
| Xero Ltd.\* | 49652 | 2656 |
|  |  | **13280** |
| **Nigeria – 0.0%** | **Nigeria – 0.0%** | **Nigeria – 0.0%** |
| Airtel Africa PLC | 277213 | **1279** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **98** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Norway – 0.7%** | **Norway – 0.7%** | **Norway – 0.7%** |
| Aker BP ASA | 92564 | $3398 |
| DNB Bank ASA | 261583 | 8158 |
| Equinor ASA | 220429 | 9330 |
| Gjensidige Forsikring ASA | 58644 | 1531 |
| Kongsberg Gruppen ASA | 129082 | 5527 |
| Mowi ASA | 142020 | 3226 |
| Norsk Hydro ASA | 392094 | 4158 |
| Orkla ASA | 206726 | 2600 |
| Salmar ASA | 19918 | 1163 |
| Telenor ASA | 180723 | 3183 |
|  |  | **42274** |
| **Poland – 0.0%** | **Poland – 0.0%** | **Poland – 0.0%** |
| InPost S.A.\* | 72585 | **1274** |
| **Portugal – 0.2%** | **Portugal – 0.2%** | **Portugal – 0.2%** |
| &nbsp;&nbsp; Banco Comercial Portugues S.A. <br> (Registered)<br>| 2253419 | 2209 |
| &nbsp;&nbsp; Banco Espirito Santo S.A. <br> (Registered)<sup>(3) \*</sup> <br>| 882815 |  |
| EDP S.A. | 925276 | 4899 |
| Galp Energia SGPS S.A. | 123289 | 2997 |
| Jeronimo Martins SGPS S.A. | 81740 | 1961 |
|  |  | **12066** |
| **Singapore – 1.7%** | **Singapore – 1.7%** | **Singapore – 1.7%** |
| CapitaLand Ascendas REIT | 1151492 | 2225 |
| &nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 1793083 | 3220 |
| CapitaLand Investment Ltd.<sup>†</sup>  | 688462 | 1468 |
| DBS Group Holdings Ltd. | 616705 | 27402 |
| Grab Holdings Ltd., Class A\* | 703748 | 2576 |
| Keppel Ltd. | 428650 | 3978 |
| Oversea-Chinese Banking Corp. Ltd. | 980251 | 16883 |
| Sea Ltd. ADR\* | 114019 | 9442 |
| Sembcorp Industries Ltd. | 255800 | 1328 |
| Singapore Airlines Ltd.<sup>†</sup>  | 462135 | 2391 |
| Singapore Exchange Ltd. | 252500 | 3874 |
| &nbsp;&nbsp; Singapore Technologies Engineering <br> Ltd.<br>| 446000 | 3801 |
| Singapore Telecommunications Ltd. | 2147025 | 8312 |
| STMicroelectronics N.V. | 195928 | 6726 |
| United Overseas Bank Ltd. | 360149 | 10359 |
|  |  | **103985** |
| **South Africa – 0.2%** | **South Africa – 0.2%** | **South Africa – 0.2%** |
| Anglo American PLC | 322416 | **13698** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **South Korea – 0.0%** | **South Korea – 0.0%** | **South Korea – 0.0%** |
| Delivery Hero S.E.\* | 57370 | **$1024** |
| **Spain – 3.6%** | **Spain – 3.6%** | **Spain – 3.6%** |
| Acciona S.A. | 7195 | 1899 |
| &nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 50884 | 6296 |
| Aena SME S.A.<sup>(2)</sup>  | 221815 | 6605 |
| Amadeus IT Group S.A. | 129169 | 7343 |
| Banco Bilbao Vizcaya Argentaria S.A. | 1656558 | 36156 |
| Banco de Sabadell S.A. | 1467314 | 5275 |
| Banco Santander S.A. | 4267324 | 48286 |
| Bankinter S.A. | 201107 | 3166 |
| CaixaBank S.A. | 1118840 | 13424 |
| Cellnex Telecom S.A.\* | 141309 | 4588 |
| EDP Renovaveis S.A. | 92866 | 1486 |
| Endesa S.A. | 93555 | 3945 |
| Grifols S.A. | 81386 | 855 |
| Iberdrola S.A. | 1864727 | 42806 |
| Indra Sistemas S.A.<sup>†</sup>  | 22882 | 1261 |
| Industria de Diseno Textil S.A. | 314992 | 18111 |
| Mapfre S.A. | 271636 | 1216 |
| Naturgy Energy Group S.A. | 73153 | 2196 |
| Redeia Corp. S.A. | 118184 | 2000 |
| Repsol S.A. | 326765 | 9181 |
| Telefonica S.A. | 1055592 | 4668 |
|  |  | **220763** |
| **Sweden – 3.1%** | **Sweden – 3.1%** | **Sweden – 3.1%** |
| AddTech AB, Class B | 76422 | 2597 |
| Alfa Laval AB | 86003 | 4693 |
| Assa Abloy AB, Class B | 288257 | 10337 |
| Atlas Copco AB, Class A | 777541 | 13676 |
| Atlas Copco AB, Class B | 447045 | 6946 |
| Beijer Ref AB | 116469 | 1601 |
| Boliden AB\* | 83905 | 4454 |
| Epiroc AB, Class A | 189000 | 4640 |
| Epiroc AB, Class B | 110287 | 2372 |
| EQT AB | 145790 | 4477 |
| Essity AB, Class B | 171696 | 4426 |
| Evolution AB | 39980 | 2493 |
| Fastighets AB Balder, Class B\* | 207976 | 1223 |
| H&M Hennes & Mauritz AB, Class B | 143591 | 2677 |
| Hexagon AB, Class B | 612369 | 5958 |
| Holmen AB, Class B | 21263 | 761 |
| Industrivarden AB, Class A | 32358 | 1610 |
| Industrivarden AB, Class C | 46131 | 2297 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **99** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Sweden – 3.1%continued** | **Sweden – 3.1%continued** | **Sweden – 3.1%continued** |
| Indutrade AB | 81304 | $1880 |
| Investment AB Latour, Class B | 43691 | 939 |
| Investor AB, Class B | 526190 | 19919 |
| L E Lundbergforetagen AB, Class B | 22433 | 1281 |
| Lifco AB, Class B | 66657 | 2006 |
| Nibe Industrier AB, Class B | 437307 | 1823 |
| Saab AB, Class B | 94098 | 6173 |
| Sagax AB, Class B | 62455 | 1164 |
| Sandvik AB | 306905 | 11728 |
| Securitas AB, Class B | 145366 | 2444 |
| &nbsp;&nbsp; Skandinaviska Enskilda Banken AB, <br> Class A<br>| 434648 | 7986 |
| Skanska AB, Class B | 100421 | 2708 |
| SKF AB, Class B | 100236 | 2394 |
| Svenska Cellulosa AB S.C.A., Class B | 184533 | 2136 |
| Svenska Handelsbanken AB, Class A | 417482 | 5451 |
| Swedbank AB, Class A | 243833 | 8279 |
| Swedish Orphan Biovitrum AB\* | 57081 | 2386 |
| Tele2 AB, Class B | 158182 | 3252 |
| &nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, <br> Class B<br>| 811575 | 9193 |
| Telia Co. AB | 690251 | 3530 |
| Trelleborg AB, Class B | 60361 | 2249 |
| Volvo AB, Class B | 458738 | 14966 |
|  |  | **191125** |
| **Switzerland – 4.5%** | **Switzerland – 4.5%** | **Switzerland – 4.5%** |
| ABB Ltd. (Registered) | 454529 | 36968 |
| Avolta A.G.\* | 26154 | 1569 |
| &nbsp;&nbsp; Banque Cantonale Vaudoise <br> (Registered)<br>| 8446 | 1368 |
| Barry Callebaut A.G. (Registered) | 1069 | 1874 |
| Belimo Holding A.G. (Registered) | 2919 | 2359 |
| BKW A.G. | 5956 | 1173 |
| &nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Participation Certificate)<br>| 274 | 3847 |
| &nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Registered)<br>| 30 | 4267 |
| &nbsp;&nbsp; Cie Financiere Richemont S.A., Class A <br> (Registered)<br>| 155507 | 27710 |
| DSM-Firmenich A.G. | 50669 | 3619 |
| EMS-Chemie Holding A.G. (Registered) | 2113 | 1650 |
| Galderma Group A.G. | 53263 | 10326 |
| Geberit A.G. (Registered) | 9994 | 6763 |
| Givaudan S.A. (Registered) | 2655 | 8980 |
| Helvetia Baloise Holding A.G. | 22725 | 5870 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **Switzerland – 4.5%continued** | **Switzerland – 4.5%continued** | **Switzerland – 4.5%continued** |
| Julius Baer Group Ltd. | 60491 | $4458 |
| &nbsp;&nbsp; Kuehne + Nagel International A.G. <br> (Registered)<br>| 13602 | 3107 |
| Logitech International S.A. (Registered) | 43791 | 4001 |
| Lonza Group A.G. (Registered) | 20270 | 12969 |
| Partners Group Holding A.G. | 6498 | 6981 |
| Sandoz Group A.G. | 121028 | 9493 |
| &nbsp;&nbsp; Schindler Holding A.G. (Participation <br> Certificate)<br>| 11810 | 3889 |
| Schindler Holding A.G. (Registered) | 7085 | 2228 |
| SGS S.A. (Registered)<sup>†</sup>  | 49196 | 5207 |
| Sika A.G. (Registered) | 44940 | 7474 |
| Sonova Holding A.G. (Registered) | 15109 | 3425 |
| Straumann Holding A.G. (Registered) | 31476 | 3284 |
| Swatch Group (The) A.G. (Bearer) | 8859 | 1969 |
| Swiss Life Holding A.G. (Registered) | 8195 | 8982 |
| Swiss Prime Site A.G. (Registered) | 23761 | 4026 |
| Swisscom A.G. (Registered) | 7415 | 6190 |
| UBS Group A.G. (Registered) | 919108 | 35748 |
| VAT Group A.G. | 7961 | 4911 |
| Zurich Insurance Group A.G. | 42336 | 30186 |
|  |  | **276871** |
| **United Kingdom – 10.4%** | **United Kingdom – 10.4%** | **United Kingdom – 10.4%** |
| 3i Group PLC | 286909 | 9401 |
| Admiral Group PLC | 77873 | 3285 |
| Associated British Foods PLC | 95012 | 2378 |
| AstraZeneca PLC | 449881 | 87870 |
| Autotrader Group PLC | 246670 | 1543 |
| Aviva PLC | 876403 | 6981 |
| BAE Systems PLC | 868692 | 25287 |
| Barclays PLC | 4003965 | 21099 |
| Barratt Redrow PLC | 392392 | 1373 |
| British American Tobacco PLC | 632070 | 36819 |
| BT Group PLC | 1719708 | 4820 |
| Bunzl PLC | 95478 | 2860 |
| Centrica PLC | 1362589 | 3854 |
| CK Hutchison Holdings Ltd. | 781638 | 6007 |
| Coca-Cola Europacific Partners PLC | 59373 | 5383 |
| Compass Group PLC | 490247 | 13621 |
| Diageo PLC | 643012 | 11947 |
| Entain PLC | 174779 | 1320 |
| Halma PLC | 111642 | 5672 |
| HSBC Holdings PLC | 4978763 | 81469 |
| Imperial Brands PLC | 217422 | 8849 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **100** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 10.4%continued** | **United Kingdom – 10.4%continued** | **United Kingdom – 10.4%continued** |
| Informa PLC | 384082 | $3829 |
| &nbsp;&nbsp; International Consolidated Airlines <br> Group S.A. - CDI<br>| 349712 | 1671 |
| Intertek Group PLC | 46117 | 2249 |
| J Sainsbury PLC | 509297 | 2287 |
| JD Sports Fashion PLC | 779073 | 731 |
| Kingfisher PLC | 492390 | 1870 |
| Land Securities Group PLC | 205068 | 1522 |
| Legal & General Group PLC | 1674892 | 5520 |
| Lloyds Banking Group PLC | 17033082 | 21052 |
| London Stock Exchange Group PLC | 132502 | 15660 |
| M&G PLC | 675766 | 2456 |
| Marks & Spencer Group PLC | 601788 | 2703 |
| Melrose Industries PLC | 359376 | 2421 |
| National Grid PLC | 1436263 | 24214 |
| NatWest Group PLC | 2315009 | 17177 |
| Next PLC | 34032 | 5739 |
| Pearson PLC | 170338 | 2235 |
| Reckitt Benckiser Group PLC | 185973 | 12621 |
| RELX PLC | 527002 | 17375 |
| Rentokil Initial PLC | 738462 | 4591 |
| Rolls-Royce Holdings PLC | 2431386 | 37130 |
| Sage Group (The) PLC | 281271 | 3141 |
| Schroders PLC | 215137 | 1640 |
| Segro PLC | 378960 | 3296 |
| Severn Trent PLC | 80299 | 3297 |
| Smith & Nephew PLC | 237975 | 3759 |
| Smiths Group PLC | 93409 | 2845 |
| Spirax Group PLC | 22021 | 1971 |
| SSE PLC | 347886 | 12010 |
| Standard Chartered PLC | 552924 | 11483 |
| Standard Life PLC | 205018 | 1854 |
| Tesco PLC | 1846206 | 11641 |
| Unilever PLC | 631267 | 35393 |
| United Utilities Group PLC | 201948 | 3531 |
| Verisure PLC\* | 73331 | 759 |
| Vodafone Group PLC | 5380056 | 8158 |
| Whitbread PLC | 49617 | 1508 |
| Wise PLC, Class A\* | 196614 | 2360 |
|  |  | **635537** |
| **United States – 9.6%** | **United States – 9.6%** | **United States – 9.6%** |
| Aegon Ltd. | 371343 | 2707 |
| Alcon A.G. | 144021 | 10805 |
| AP Moller - Maersk A/S, Class A<sup>†</sup>  | 880 | 2138 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.6%** <sup>(1)</sup>**continued**  |
| **United States – 9.6%continued** | **United States – 9.6%continued** | **United States – 9.6%continued** |
| AP Moller - Maersk A/S, Class B<sup>†</sup>  | 1152 | $2855 |
| BP PLC | 4557636 | 35926 |
| Buzzi S.p.A. | 21112 | 1065 |
| Experian PLC | 263847 | 9171 |
| Ferrovial S.E. | 147607 | 9597 |
| GSK PLC | 1181952 | 32415 |
| Haleon PLC | 2576920 | 12756 |
| Holcim A.G.\* | 147387 | 12231 |
| InterContinental Hotels Group PLC | 42262 | 5566 |
| Monday.com Ltd.\* | 13010 | 899 |
| Nestle S.A. (Registered) | 747147 | 74109 |
| Novartis A.G. (Registered) | 552100 | 83825 |
| QIAGEN N.V. | 60292 | 2415 |
| Roche Holding A.G. | 203620 | 80403 |
| Roche Holding A.G. (Bearer) | 9261 | 3836 |
| Sanofi S.A. | 318649 | 30735 |
| Schneider Electric S.E. | 159067 | 43691 |
| Shell PLC | 1652022 | 77144 |
| Spotify Technology S.A.\* | 45250 | 21942 |
| Stellantis N.V. | 591037 | 4211 |
| Sunbelt Rentals Holdings, Inc. | 119418 | 7626 |
| Swiss Re A.G. | 86671 | 14473 |
| Tenaris S.A. | 110867 | 3238 |
|  |  | **585779** |
| **Total Common Stocks** |  |  |
| **(Cost $2,881,112)** |  | **5895435** |
| **CONVERTIBLE PREFERRED STOCKS – 0.1%** <sup>(1)</sup> | **CONVERTIBLE PREFERRED STOCKS – 0.1%** <sup>(1)</sup> | **CONVERTIBLE PREFERRED STOCKS – 0.1%** <sup>(1)</sup> |
| **Germany – 0.1%** | **Germany – 0.1%** | **Germany – 0.1%** |
| Dr. Ing hc F Porsche A.G., 2.59%<sup>(4)</sup>  | 33533 | 1503 |
| &nbsp;&nbsp; Porsche Automobil Holding S.E., <br> 4.87%<sup>(4)</sup> <br>| 45648 | 1642 |
| Sartorius A.G., 0.35%<sup>(4)</sup>  | 7623 | 1860 |
|  |  | **5005** |
| **Total Convertible Preferred Stocks** |  |  |
| **(Cost $6,615)** |  | **5005** |
| **PREFERRED STOCKS – 0.2%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.2%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.2%** <sup>(1)</sup> |
| **Germany – 0.2%** | **Germany – 0.2%** | **Germany – 0.2%** |
| &nbsp;&nbsp; Bayerische Motoren Werke A.G., <br> 5.55%<sup>(4)</sup> <br>| 15738 | 1414 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **101** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **PREFERRED STOCKS – 0.2%** <sup>(1)</sup>**continued**  | **PREFERRED STOCKS – 0.2%** <sup>(1)</sup>**continued**  | **PREFERRED STOCKS – 0.2%** <sup>(1)</sup>**continued**  |
| **Germany – 0.2%continued** | **Germany – 0.2%continued** | **Germany – 0.2%continued** |
| Henkel A.G. & Co. KGaA, 3.13%<sup>(4)</sup>  | 46571 | $3578 |
| Volkswagen A.G., 6.09%<sup>(4)</sup>  | 60454 | 6054 |
|  |  | **11046** |
| **Total Preferred Stocks** |  |  |
| **(Cost $9,928)** |  | **11046** |
| **RIGHTS – 0.0%** <sup>(1)</sup> |  |  |
| **Italy – 0.0%** |  |  |
| Telecom Italia S.p.A./Milano<sup>(5) \*</sup>  | 5303752 | **—** |
| **Singapore – 0.0%** |  |  |
| CapitaLand Ascendas\* | 32241 | **3** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **3** |
| **INVESTMENT COMPANIES – 1.9%**  | **INVESTMENT COMPANIES – 1.9%**  | **INVESTMENT COMPANIES – 1.9%**  |
| iShares Core MSCI EAFE ETF | 187000 | 16929 |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(6) (7) (8)</sup> <br>| 6102379 | 6102 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(6) (7)</sup> <br>| 93066036 | 93066 |
| **Total Investment Companies** |  |  |
| **(Cost $112,530)** |  | **116097** |
| **Total Investments – 98.8%** |  |  |
| **(Cost $3,010,185)** |  | **6027586** |
| Other Assets less Liabilities – 1.2% |  | 73562 |
| **Net Assets – 100.0%** |  | **$6101148** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup>  | *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup>  | *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 March 31,* <br> *2026, the value of these securities amounted to approximately $13,539,000* <br> *or 0.2% of net assets.*<br>|
| <sup>(3)</sup>  | *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(4)</sup>  | *Current yield is disclosed. Dividends are calculated based on a percentage* <br> *of the issuer's net income.*<br>|
| <sup>(5)</sup>  | *Value rounds to less than one thousand.* |
| <sup>(6)</sup>  | *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>(7)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(8)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |

---

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| CDI – CREST Depository Interest |
| EAFE – Europe, Australasia and the Far East |
| ETF – Exchange-Traded Fund |
| FTSE – Financial Times Stock Exchange |
| MSCI – Morgan Stanley Capital International |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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>|
| Bank of Montreal | British Pound | 1700 | United States <br> Dollar<br>| 2258 | 6/17/26 | $8 |
| Barclays | Swedish Krona | 20800 | United States <br> Dollar<br>| 2210 | 6/17/26 | 4 |
| JPMorgan Chase | British Pound | 1700 | United States <br> Dollar<br>| 2274 | 6/17/26 | 25 |
| JPMorgan Chase | Euro | 3100 | United States <br> Dollar<br>| 3603 | 6/17/26 | 7 |
| JPMorgan Chase | Swiss Franc | 700 | United States <br> Dollar<br>| 893 | 6/17/26 | 10 |
| Morgan Stanley | Australian <br> Dollar<br>| 1692 | United States <br> Dollar<br>| 1202 | 6/17/26 | 36 |
| Toronto-Dominion <br> Bank<br>| British Pound | 1200 | United States <br> Dollar<br>| 1606 | 6/17/26 | 18 |
| UBS | Swiss Franc | 6450 | United States <br> Dollar<br>| 8322 | 6/17/26 | 186 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 294 |
| Citibank | Japanese Yen | 770000 | United States <br> Dollar<br>| 4858 | 6/17/26 | (26)<br>|
| JPMorgan Chase | Japanese Yen | 735000 | United States <br> Dollar<br>| 4629 | 6/17/26 | (33)<br>|
| JPMorgan Chase | United States <br> Dollar<br>| 2633 | Japanese Yen | 415060 | 6/17/26 | (1)<br>|
| Morgan Stanley | United States <br> Dollar<br>| 1295 | Swedish Krona | 11980 | 6/17/26 | (24)<br>|
| Toronto-Dominion <br> Bank<br>| Euro | 2100 | United States <br> Dollar<br>| 2436 | 6/17/26 | (—)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (84)<br>|
| Total |  |  |  |  |  | $210 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **102** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; Euro Stoxx 50 <br> (Euro)<br>| 162 | $10289 | Long | 6/26 | $(282)<br>|
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 46 | 6210 | Long | 6/26 | (57)<br>|
| &nbsp;&nbsp; Hang Seng <br> Index (Hong <br> Kong Dollar)<br>| 4 | 631 | Long | 4/26 | (14)<br>|
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 1011 | 146651 | Long | 6/26 | 2573 |
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 19 | 2790 | Long | 6/26 | (43)<br>|
| &nbsp;&nbsp; Topix Index <br> (Japanese <br> Yen)<br>| 28 | 6182 | Long | 6/26 | (208)<br>|
| Total |  |  |  |  | $1969 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

At March 31, 2026, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Financials | 24.5<br> %<br>|
| Industrials | 18.6 |
| Health Care | 10.8 |
| Information Technology | 8.5 |
| Consumer Discretionary | 8.0 |
| Consumer Staples | 6.7 |
| Materials | 6.2 |
| Energy | 4.4 |
| Utilities | 4.1 |
| Communication Services | 3.9 |
| Real Estate | 1.5 |
| Short-Term Investments | 1.6 |
| Total Investments | 98.8 |
| Other Assets less Liabilities | 1.2 |
| Net Assets | 100.0<br> %<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.

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).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2026 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Hong Kong | &nbsp;&nbsp; $2248 | &nbsp;&nbsp; $108495 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $110743 |
| Ireland | &nbsp;&nbsp; 6791 | &nbsp;&nbsp; 19109 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25900 |
| Israel | &nbsp;&nbsp; 13633 | &nbsp;&nbsp; 49648 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63281 |
| Netherlands | &nbsp;&nbsp; 8582 | &nbsp;&nbsp; 284114 | &nbsp;&nbsp; — | &nbsp;&nbsp; 292696 |
| Singapore | &nbsp;&nbsp; 12018 | &nbsp;&nbsp; 91967 | &nbsp;&nbsp; — | &nbsp;&nbsp; 103985 |
| United Kingdom | &nbsp;&nbsp; 5383 | &nbsp;&nbsp; 630154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 635537 |
| United States | &nbsp;&nbsp; 22841 | &nbsp;&nbsp; 562938 | &nbsp;&nbsp; — | &nbsp;&nbsp; 585779 |
| All Other Countries<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 4077514 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4077514 |
| Total Common Stocks | &nbsp;&nbsp; 71496 | &nbsp;&nbsp; 5823939 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5895435 |
| &nbsp;&nbsp; Convertible Preferred <br> Stocks<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 5005 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5005 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 11046 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11046 |
| Rights<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| Investment Companies | &nbsp;&nbsp; 116097 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 116097 |
| Total Investments | &nbsp;&nbsp; $187593 | &nbsp;&nbsp; $5839993 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6027586 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $294 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $294 |
| Futures Contracts | &nbsp;&nbsp; 2573 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2573 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (84)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (84)<br>|
| Futures Contracts | &nbsp;&nbsp; (604)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (604)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $1969 | &nbsp;&nbsp; $210 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2179 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **103** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **INTERNATIONAL EQUITY INDEX FUND continued**  | **March 31, 2026**  |

---

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $156559 | $150457 | $6102 | 6102379 | $22 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 1914 | 818146 | 726994 | 93066 | 93066036 | 939 |
| Total | $1914 | $974705 | $877451 | $99168 | 99168415 | $961 |

---

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

*See Notes to the Financial Statements.* 

EQUITY FUNDS **104** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LARGE CAP CORE FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.1%**  | **COMMON STOCKS – 99.1%**  | **COMMON STOCKS – 99.1%**  |
| **Aerospace & Defense – 2.4%** | **Aerospace & Defense – 2.4%** | **Aerospace & Defense – 2.4%** |
| General Dynamics Corp. | 7578 | $2601 |
| General Electric Co. | 8621 | 2446 |
| Lockheed Martin Corp. | 4205 | 2542 |
|  |  | **7589** |
| **Air Freight & Logistics – 1.1%** | **Air Freight & Logistics – 1.1%** | **Air Freight & Logistics – 1.1%** |
| C.H. Robinson Worldwide, Inc. | 12206 | 2027 |
| &nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 9308 | 1333 |
| United Parcel Service, Inc., Class B | 458 | 45 |
|  |  | **3405** |
| **Automobile Components – 0.7%** | **Automobile Components – 0.7%** | **Automobile Components – 0.7%** |
| Aptiv PLC\* | 16032 | 1113 |
| BorgWarner, Inc. | 19867 | 1078 |
|  |  | **2191** |
| **Automobiles – 1.3%** | **Automobiles – 1.3%** | **Automobiles – 1.3%** |
| Ford Motor Co. | 8559 | 99 |
| General Motors Co. | 3183 | 237 |
| Tesla, Inc.\* | 10793 | 4012 |
|  |  | **4348** |
| **Banks – 3.6%** | **Banks – 3.6%** | **Banks – 3.6%** |
| Bank of America Corp. | 48754 | 2377 |
| Citigroup, Inc. | 21714 | 2462 |
| JPMorgan Chase & Co. | 19701 | 5795 |
| U.S. Bancorp | 12302 | 640 |
| Wells Fargo & Co. | 6039 | 481 |
|  |  | **11755** |
| **Beverages – 0.5%** | **Beverages – 0.5%** | **Beverages – 0.5%** |
| Boston Beer (The) Co., Inc., Class A\* | 1182 | 272 |
| Brown-Forman Corp., Class B<sup>†</sup>  | 11446 | 303 |
| Monster Beverage Corp.\* | 9640 | 699 |
| PepsiCo, Inc. | 2512 | 390 |
|  |  | **1664** |
| **Biotechnology – 1.4%** | **Biotechnology – 1.4%** | **Biotechnology – 1.4%** |
| AbbVie, Inc. | 5564 | 1210 |
| Amgen, Inc. | 8712 | 3065 |
| Gilead Sciences, Inc. | 1799 | 251 |
| Halozyme Therapeutics, Inc.\* | 1163 | 75 |
| Incyte Corp.\* | 713 | 67 |
|  |  | **4668** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Broadline Retail – 3.9%** | **Broadline Retail – 3.9%** | **Broadline Retail – 3.9%** |
| Amazon.com, Inc.\* | 50502 | $10518 |
| eBay, Inc. | 21777 | 1982 |
|  |  | **12500** |
| **Building Products – 0.0%** | **Building Products – 0.0%** | **Building Products – 0.0%** |
| A.O. Smith Corp. | 1758 | **116** |
| **Capital Markets – 3.2%** | **Capital Markets – 3.2%** | **Capital Markets – 3.2%** |
| Affiliated Managers Group, Inc. | 4732 | 1309 |
| Bank of New York Mellon (The) Corp. | 21474 | 2548 |
| Franklin Resources, Inc.<sup>†</sup>  | 34373 | 812 |
| Goldman Sachs Group (The), Inc. | 4004 | 3387 |
| Morgan Stanley | 216 | 36 |
| State Street Corp. | 18120 | 2293 |
|  |  | **10385** |
| **Chemicals – 0.9%** | **Chemicals – 0.9%** | **Chemicals – 0.9%** |
| CF Industries Holdings, Inc. | 23259 | **3020** |
| **Communications Equipment – 1.4%** | **Communications Equipment – 1.4%** | **Communications Equipment – 1.4%** |
| Arista Networks, Inc.\* | 6476 | 795 |
| Cisco Systems, Inc. | 49862 | 3869 |
|  |  | **4664** |
| **Construction & Engineering – 0.4%** | **Construction & Engineering – 0.4%** | **Construction & Engineering – 0.4%** |
| EMCOR Group, Inc. | 375 | 277 |
| Valmont Industries, Inc. | 2348 | 938 |
|  |  | **1215** |
| **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** |
| SLM Corp. | 20268 | 434 |
| Synchrony Financial | 24976 | 1699 |
|  |  | **2133** |
| **Consumer Staples Distribution & Retail – 1.3%** | **Consumer Staples Distribution & Retail – 1.3%** | **Consumer Staples Distribution & Retail – 1.3%** |
| Costco Wholesale Corp. | 825 | 822 |
| Kroger (The) Co. | 31426 | 2274 |
| Sysco Corp. | 1741 | 124 |
| Walmart, Inc. | 9002 | 1119 |
|  |  | **4339** |
| **Containers & Packaging – 0.6%** | **Containers & Packaging – 0.6%** | **Containers & Packaging – 0.6%** |
| Crown Holdings, Inc. | 9121 | 914 |
| Sealed Air Corp. | 25579 | 1076 |
|  |  | **1990** |
| **Diversified Telecommunication Services – 1.7%** | **Diversified Telecommunication Services – 1.7%** | **Diversified Telecommunication Services – 1.7%** |
| AT&T, Inc. | 81129 | 2352 |
| Verizon Communications, Inc. | 64113 | 3218 |
|  |  | **5570** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **105** EQUITY FUNDS

------

**Schedule of Investments** <br>

**LARGE CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** |
| Constellation Energy Corp. | 3981 | $1112 |
| Edison International | 119 | 9 |
| Exelon Corp. | 30332 | 1487 |
| FirstEnergy Corp. | 16382 | 830 |
| NRG Energy, Inc. | 8566 | 1252 |
| OGE Energy Corp. | 1677 | 80 |
| PPL Corp. | 39017 | 1490 |
|  |  | **6260** |
| **Electrical Equipment – 0.3%** | **Electrical Equipment – 0.3%** | **Electrical Equipment – 0.3%** |
| Emerson Electric Co. | 2809 | 368 |
| GE Vernova, Inc. | 547 | 478 |
|  |  | **846** |
| **Electronic Equipment, Instruments & Components – 0.7%** | **Electronic Equipment, Instruments & Components – 0.7%** | **Electronic Equipment, Instruments & Components – 0.7%** |
| Amphenol Corp., Class A | 12328 | 1558 |
| Jabil, Inc. | 3053 | 811 |
|  |  | **2369** |
| **Entertainment – 0.6%** | **Entertainment – 0.6%** | **Entertainment – 0.6%** |
| Netflix, Inc.\* | 19738 | **1898** |
| **Financial Services – 3.5%** | **Financial Services – 3.5%** | **Financial Services – 3.5%** |
| Berkshire Hathaway, Inc., Class B\* | 10070 | 4825 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 18389 | 863 |
| Fiserv, Inc.\* | 12518 | 698 |
| Global Payments, Inc. | 16547 | 1114 |
| Mastercard, Inc., Class A | 610 | 305 |
| MGIC Investment Corp. | 80041 | 2101 |
| PayPal Holdings, Inc. | 8174 | 370 |
| Visa, Inc., Class A | 2920 | 882 |
|  |  | **11158** |
| **Food Products – 0.5%** | **Food Products – 0.5%** | **Food Products – 0.5%** |
| Archer-Daniels-Midland Co. | 18065 | 1313 |
| General Mills, Inc. | 4530 | 169 |
| Pilgrim's Pride Corp. | 6898 | 260 |
|  |  | **1742** |
| **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** |
| Union Pacific Corp. | 4773 | **1158** |
| **Health Care Equipment & Supplies – 1.3%** | **Health Care Equipment & Supplies – 1.3%** | **Health Care Equipment & Supplies – 1.3%** |
| Abbott Laboratories | 5337 | 548 |
| Intuitive Surgical, Inc.\* | 622 | 287 |
| Medtronic PLC | 15146 | 1312 |
| ResMed, Inc. | 9111 | 2045 |
|  |  | **4192** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Health Care Providers & Services – 2.2%** | **Health Care Providers & Services – 2.2%** | **Health Care Providers & Services – 2.2%** |
| Cardinal Health, Inc. | 2018 | $426 |
| Cencora, Inc. | 4081 | 1282 |
| HCA Healthcare, Inc. | 4917 | 2327 |
| McKesson Corp. | 2966 | 2567 |
| UnitedHealth Group, Inc. | 2170 | 587 |
|  |  | **7189** |
| **Hotel & Resort Real Estate Investment Trusts – 0.6%** | **Hotel & Resort Real Estate Investment Trusts – 0.6%** | **Hotel & Resort Real Estate Investment Trusts – 0.6%** |
| Host Hotels & Resorts, Inc. | 99442 | **1905** |
| **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** |
| Booking Holdings, Inc. | 686 | 2888 |
| Carnival Corp. | 49588 | 1283 |
| Expedia Group, Inc. | 4114 | 950 |
| Las Vegas Sands Corp. | 2802 | 151 |
| Royal Caribbean Cruises Ltd. | 581 | 160 |
| Travel + Leisure Co. | 17308 | 1198 |
|  |  | **6630** |
| **Household Durables – 0.0%** | **Household Durables – 0.0%** | **Household Durables – 0.0%** |
| NVR, Inc.\* | 7 | **46** |
| **Household Products – 1.2%** | **Household Products – 1.2%** | **Household Products – 1.2%** |
| Procter & Gamble (The) Co. | 26974 | **3896** |
| **Industrial Conglomerates – 0.7%** | **Industrial Conglomerates – 0.7%** | **Industrial Conglomerates – 0.7%** |
| 3M Co. | 15979 | **2321** |
| **Insurance – 1.6%** | **Insurance – 1.6%** | **Insurance – 1.6%** |
| Aflac, Inc. | 20706 | 2272 |
| Assured Guaranty Ltd. | 13444 | 1095 |
| Globe Life, Inc. | 13211 | 1839 |
|  |  | **5206** |
| **Interactive Media & Services – 7.0%** | **Interactive Media & Services – 7.0%** | **Interactive Media & Services – 7.0%** |
| Alphabet, Inc., Class A | 54103 | 15558 |
| Meta Platforms, Inc., Class A | 12301 | 7038 |
|  |  | **22596** |
| **IT Services – 0.6%** | **IT Services – 0.6%** | **IT Services – 0.6%** |
| Accenture PLC, Class A | 5971 | 1184 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 9610 | 590 |
| International Business Machines Corp. | 368 | 89 |
|  |  | **1863** |
| **Life Sciences Tools & Services – 0.7%** | **Life Sciences Tools & Services – 0.7%** | **Life Sciences Tools & Services – 0.7%** |
| Medpace Holdings, Inc.\* | 4805 | **2307** |
| **Machinery – 2.3%** | **Machinery – 2.3%** | **Machinery – 2.3%** |
| Allison Transmission Holdings, Inc. | 9496 | 1112 |
| Caterpillar, Inc. | 5516 | 3908 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **106** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Machinery – 2.3%continued** | **Machinery – 2.3%continued** | **Machinery – 2.3%continued** |
| Donaldson Co., Inc. | 2418 | $205 |
| Illinois Tool Works, Inc. | 8741 | 2275 |
|  |  | **7500** |
| **Media – 0.9%** | **Media – 0.9%** | **Media – 0.9%** |
| Fox Corp., Class A | 31979 | 1867 |
| Omnicom Group, Inc. | 14618 | 1101 |
|  |  | **2968** |
| **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** |
| Newmont Corp. | 23407 | **2534** |
| **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** |
| Consolidated Edison, Inc. | 7034 | 796 |
| Public Service Enterprise Group, Inc. | 10567 | 855 |
|  |  | **1651** |
| **Oil, Gas & Consumable Fuels – 3.8%** | **Oil, Gas & Consumable Fuels – 3.8%** | **Oil, Gas & Consumable Fuels – 3.8%** |
| Antero Midstream Corp. | 5868 | 134 |
| Antero Resources Corp.\* | 2625 | 111 |
| APA Corp. | 76941 | 3265 |
| EOG Resources, Inc. | 12468 | 1803 |
| Exxon Mobil Corp. | 9795 | 1662 |
| Marathon Petroleum Corp. | 5858 | 1430 |
| Ovintiv, Inc. | 39604 | 2351 |
| Valero Energy Corp. | 6252 | 1545 |
|  |  | **12301** |
| **Pharmaceuticals – 4.3%** | **Pharmaceuticals – 4.3%** | **Pharmaceuticals – 4.3%** |
| Bristol-Myers Squibb Co. | 38394 | 2328 |
| Eli Lilly & Co. | 2518 | 2316 |
| Johnson & Johnson | 22472 | 5493 |
| Merck & Co., Inc. | 20722 | 2493 |
| Pfizer, Inc. | 48533 | 1363 |
|  |  | **13993** |
| **Professional Services – 1.1%** | **Professional Services – 1.1%** | **Professional Services – 1.1%** |
| Automatic Data Processing, Inc. | 10244 | 2081 |
| Leidos Holdings, Inc. | 9419 | 1465 |
|  |  | **3546** |
| **Real Estate Management & Development – 0.8%** | **Real Estate Management & Development – 0.8%** | **Real Estate Management & Development – 0.8%** |
| CBRE Group, Inc., Class A\* | 7859 | 1064 |
| Jones Lang LaSalle, Inc.\* | 5083 | 1547 |
|  |  | **2611** |
| **Retail Real Estate Investment Trusts – 0.5%** | **Retail Real Estate Investment Trusts – 0.5%** | **Retail Real Estate Investment Trusts – 0.5%** |
| Simon Property Group, Inc. | 8629 | **1610** |
| **Semiconductors & Semiconductor Equipment – 14.0%** | **Semiconductors & Semiconductor Equipment – 14.0%** | **Semiconductors & Semiconductor Equipment – 14.0%** |
| Advanced Micro Devices, Inc.\* | 2148 | 437 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Semiconductors & Semiconductor Equipment – 14.0%continued** | **Semiconductors & Semiconductor Equipment – 14.0%continued** | **Semiconductors & Semiconductor Equipment – 14.0%continued** |
| Applied Materials, Inc. | 1945 | $665 |
| Broadcom, Inc. | 33324 | 10314 |
| KLA Corp. | 2010 | 2960 |
| Lam Research Corp. | 5976 | 1277 |
| Micron Technology, Inc. | 5764 | 1947 |
| NVIDIA Corp. | 149803 | 26126 |
| QUALCOMM, Inc. | 12218 | 1573 |
|  |  | **45299** |
| **Software – 7.5%** | **Software – 7.5%** | **Software – 7.5%** |
| Adobe, Inc.\* | 10529 | 2559 |
| AppLovin Corp., Class A\* | 1461 | 581 |
| Intuit, Inc. | 7090 | 3066 |
| Microsoft Corp. | 47697 | 17656 |
| Oracle Corp. | 616 | 91 |
| Palantir Technologies, Inc., Class A\* | 840 | 123 |
|  |  | **24076** |
| **Specialized Real Estate Investment Trusts – 0.0%** | **Specialized Real Estate Investment Trusts – 0.0%** | **Specialized Real Estate Investment Trusts – 0.0%** |
| EPR Properties | 230 | 12 |
| VICI Properties, Inc. | 2063 | 56 |
|  |  | **68** |
| **Specialty Retail – 1.0%** | **Specialty Retail – 1.0%** | **Specialty Retail – 1.0%** |
| Best Buy Co., Inc. | 8860 | 569 |
| Gap (The), Inc. | 1513 | 36 |
| Home Depot (The), Inc. | 5788 | 1904 |
| Ulta Beauty, Inc.\* | 702 | 367 |
| Williams-Sonoma, Inc. | 1132 | 206 |
|  |  | **3082** |
| **Technology Hardware, Storage & Peripherals – 8.0%** | **Technology Hardware, Storage & Peripherals – 8.0%** | **Technology Hardware, Storage & Peripherals – 8.0%** |
| Apple, Inc. | 92268 | 23417 |
| Western Digital Corp. | 8710 | 2356 |
|  |  | **25773** |
| **Textiles, Apparel & Luxury Goods – 0.9%** | **Textiles, Apparel & Luxury Goods – 0.9%** | **Textiles, Apparel & Luxury Goods – 0.9%** |
| Deckers Outdoor Corp.\* | 3918 | 392 |
| Ralph Lauren Corp. | 1254 | 431 |
| Tapestry, Inc. | 13787 | 1946 |
|  |  | **2769** |
| **Tobacco – 1.4%** | **Tobacco – 1.4%** | **Tobacco – 1.4%** |
| Altria Group, Inc. | 41665 | 2750 |
| Philip Morris International, Inc. | 10883 | 1799 |
|  |  | **4549** |
| **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** |
| Ferguson Enterprises, Inc. | 758 | **177** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **107** EQUITY FUNDS

------

**Schedule of Investments** <br>

**LARGE CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  | **COMMON STOCKS - 99.1%continued**  |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| Millicom International Cellular S.A. | 7874 | **$590** |
| **Total Common Stocks** |  |  |
| **(Cost $174,778)** |  | **320231** |
| **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(1) (2) (3)</sup> <br>| 1119669 | 1120 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(1) (2)</sup> <br>| 2418167 | 2418 |
| **Total Investment Companies** |  |  |
| **(Cost $3,538)** |  | **3538** |

---

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| U.S. Treasury Bill, |  |  |
| 3.64%, 5/7/26<sup>(4) (5)</sup>  | $198 | **$197** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $197)** | **(Cost $197)** | **197** |
| **Total Investments – 100.3%** | **Total Investments – 100.3%** |  |
| **(Cost $178,513)** | **(Cost $178,513)** | **323966** |
| Liabilities less Other Assets – (0.3%) | Liabilities less Other Assets – (0.3%) | (974)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$322992** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup>  | *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>(2)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(3)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>(4)</sup>  | *Discount rate at the time of purchase.* |
| <sup>(5)</sup>  | *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: <br>S&P - Standard & Poor's

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 8 | $2628 | Long | 6/26 | $(56)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup>  | &nbsp;&nbsp; $320231 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $320231 |
| Investment Companies | &nbsp;&nbsp; 3538 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3538 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 197 | &nbsp;&nbsp; — | &nbsp;&nbsp; 197 |
| Total Investments | &nbsp;&nbsp; $323769 | &nbsp;&nbsp; $197 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $323966 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(56)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(56)<br>|

---

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

*See Notes to the Financial Statements.* 

EQUITY FUNDS **108** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $4836 | $3716 | $1120 | 1119669 | $1 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 3105 | 30860 | 31547 | 2418 | 2418167 | 108 |
| Total | $3105 | $35696 | $35263 | $3538 | 3537836 | $109 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **109** EQUITY FUNDS

------

**Schedule of Investments** <br>

**LARGE CAP VALUE FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.3%**  | **COMMON STOCKS – 99.3%**  | **COMMON STOCKS – 99.3%**  |
| **Aerospace & Defense – 1.5%** | **Aerospace & Defense – 1.5%** | **Aerospace & Defense – 1.5%** |
| General Dynamics Corp. | 2377 | $816 |
| RTX Corp. | 1119 | 216 |
|  |  | **1032** |
| **Air Freight & Logistics – 0.9%** | **Air Freight & Logistics – 0.9%** | **Air Freight & Logistics – 0.9%** |
| United Parcel Service, Inc., Class B | 6051 | **595** |
| **Banks – 8.4%** | **Banks – 8.4%** | **Banks – 8.4%** |
| Bank of America Corp. | 21146 | 1031 |
| Citigroup, Inc. | 9619 | 1091 |
| First Hawaiian, Inc. | 8797 | 217 |
| JPMorgan Chase & Co. | 8127 | 2391 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.<br>| 522 | 108 |
| Truist Financial Corp. | 1958 | 90 |
| U.S. Bancorp | 2218 | 115 |
| Wells Fargo & Co. | 7198 | 573 |
|  |  | **5616** |
| **Beverages – 1.4%** | **Beverages – 1.4%** | **Beverages – 1.4%** |
| Boston Beer (The) Co., Inc., Class A\* | 572 | 132 |
| Brown-Forman Corp., Class B<sup>†</sup>  | 11524 | 305 |
| Constellation Brands, Inc., Class A | 2692 | 404 |
| Molson Coors Beverage Co., Class B | 2471 | 106 |
|  |  | **947** |
| **Biotechnology – 2.4%** | **Biotechnology – 2.4%** | **Biotechnology – 2.4%** |
| Gilead Sciences, Inc. | 6943 | 968 |
| Halozyme Therapeutics, Inc.\* | 2731 | 176 |
| United Therapeutics Corp.\* | 749 | 444 |
|  |  | **1588** |
| **Broadline Retail – 2.4%** | **Broadline Retail – 2.4%** | **Broadline Retail – 2.4%** |
| Amazon.com, Inc.\* | 4295 | 894 |
| Dillard's, Inc., Class A<sup>†</sup>  | 524 | 300 |
| eBay, Inc. | 4924 | 448 |
|  |  | **1642** |
| **Building Products – 2.3%** | **Building Products – 2.3%** | **Building Products – 2.3%** |
| A.O. Smith Corp. | 4467 | 294 |
| Carlisle Cos., Inc. | 1132 | 378 |
| Johnson Controls International PLC | 6603 | 865 |
|  |  | **1537** |
| **Capital Markets – 4.1%** | **Capital Markets – 4.1%** | **Capital Markets – 4.1%** |
| Bank of New York Mellon (The) Corp. | 7090 | 841 |
| Charles Schwab (The) Corp. | 2683 | 252 |
| Goldman Sachs Group (The), Inc. | 804 | 680 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Capital Markets – 4.1%continued** | **Capital Markets – 4.1%continued** | **Capital Markets – 4.1%continued** |
| Janus Henderson Group PLC | 2050 | $106 |
| Morgan Stanley | 5439 | 895 |
|  |  | **2774** |
| **Chemicals – 1.3%** | **Chemicals – 1.3%** | **Chemicals – 1.3%** |
| CF Industries Holdings, Inc. | 4337 | 563 |
| DuPont de Nemours, Inc. | 6082 | 279 |
|  |  | **842** |
| **Communications Equipment – 2.4%** | **Communications Equipment – 2.4%** | **Communications Equipment – 2.4%** |
| Cisco Systems, Inc. | 16878 | 1309 |
| F5, Inc.\* | 1123 | 325 |
|  |  | **1634** |
| **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** |
| Valmont Industries, Inc. | 861 | **344** |
| **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** |
| Ally Financial, Inc. | 223 | 9 |
| SLM Corp. | 9081 | 194 |
| Synchrony Financial | 3592 | 244 |
|  |  | **447** |
| **Consumer Staples Distribution & Retail – 2.0%** | **Consumer Staples Distribution & Retail – 2.0%** | **Consumer Staples Distribution & Retail – 2.0%** |
| Dollar Tree, Inc.\* | 3575 | 392 |
| Kroger (The) Co. | 3673 | 266 |
| Target Corp. | 2444 | 296 |
| U.S. Foods Holding Corp.\* | 2713 | 250 |
| Walmart, Inc. | 1176 | 146 |
|  |  | **1350** |
| **Diversified Consumer Services – 0.4%** | **Diversified Consumer Services – 0.4%** | **Diversified Consumer Services – 0.4%** |
| Grand Canyon Education, Inc.\* | 1610 | **274** |
| **Diversified Telecommunication Services – 2.1%** | **Diversified Telecommunication Services – 2.1%** | **Diversified Telecommunication Services – 2.1%** |
| AT&T, Inc. | 4456 | 129 |
| Comcast Corp., Class A | 5649 | 162 |
| Verizon Communications, Inc. | 22081 | 1109 |
|  |  | **1400** |
| **Electric Utilities – 2.6%** | **Electric Utilities – 2.6%** | **Electric Utilities – 2.6%** |
| Duke Energy Corp. | 4225 | 553 |
| Evergy, Inc. | 4468 | 366 |
| Exelon Corp. | 9028 | 443 |
| OGE Energy Corp. | 3400 | 163 |
| PPL Corp. | 5975 | 228 |
|  |  | **1753** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **110** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Electrical Equipment – 1.7%** | **Electrical Equipment – 1.7%** | **Electrical Equipment – 1.7%** |
| Emerson Electric Co. | 5527 | $724 |
| Hubbell, Inc. | 839 | 412 |
|  |  | **1136** |
| **Electronic Equipment, Instruments & Components – 0.6%** | **Electronic Equipment, Instruments & Components – 0.6%** | **Electronic Equipment, Instruments & Components – 0.6%** |
| Flex Ltd.\* | 4638 | 304 |
| Teledyne Technologies, Inc.\* | 33 | 20 |
| Vontier Corp. | 1667 | 59 |
|  |  | **383** |
| **Entertainment – 1.0%** | **Entertainment – 1.0%** | **Entertainment – 1.0%** |
| Electronic Arts, Inc. | 2737 | 558 |
| Walt Disney (The) Co. | 936 | 90 |
|  |  | **648** |
| **Financial Services – 4.0%** | **Financial Services – 4.0%** | **Financial Services – 4.0%** |
| Berkshire Hathaway, Inc., Class B\* | 3398 | 1628 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 6117 | 287 |
| MGIC Investment Corp. | 11403 | 300 |
| PayPal Holdings, Inc. | 10415 | 471 |
|  |  | **2686** |
| **Food Products – 2.5%** | **Food Products – 2.5%** | **Food Products – 2.5%** |
| Archer-Daniels-Midland Co. | 3221 | 234 |
| Campbell's (The) Co.<sup>†</sup>  | 10486 | 233 |
| General Mills, Inc. | 7677 | 286 |
| J.M. Smucker (The) Co. | 1719 | 166 |
| Kraft Heinz (The) Co. | 8066 | 181 |
| Lamb Weston Holdings, Inc. | 5870 | 248 |
| Pilgrim's Pride Corp. | 8332 | 315 |
|  |  | **1663** |
| **Gas Utilities – 1.0%** | **Gas Utilities – 1.0%** | **Gas Utilities – 1.0%** |
| MDU Resources Group, Inc. | 15568 | 323 |
| UGI Corp. | 9294 | 338 |
|  |  | **661** |
| **Ground Transportation – 1.0%** | **Ground Transportation – 1.0%** | **Ground Transportation – 1.0%** |
| JB Hunt Transport Services, Inc. | 2120 | 449 |
| Landstar System, Inc. | 1352 | 217 |
|  |  | **666** |
| **Health Care Equipment & Supplies – 2.2%** | **Health Care Equipment & Supplies – 2.2%** | **Health Care Equipment & Supplies – 2.2%** |
| Abbott Laboratories | 1942 | 200 |
| Medtronic PLC | 6848 | 593 |
| ResMed, Inc. | 1514 | 340 |
| STERIS PLC | 1424 | 315 |
|  |  | **1448** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Health Care Providers & Services – 1.0%** | **Health Care Providers & Services – 1.0%** | **Health Care Providers & Services – 1.0%** |
| Cigna Group (The) | 1488 | $397 |
| UnitedHealth Group, Inc. | 1019 | 276 |
|  |  | **673** |
| **Hotel & Resort Real Estate Investment Trusts – 0.6%** | **Hotel & Resort Real Estate Investment Trusts – 0.6%** | **Hotel & Resort Real Estate Investment Trusts – 0.6%** |
| Host Hotels & Resorts, Inc. | 20130 | **386** |
| **Hotels, Restaurants & Leisure – 0.4%** | **Hotels, Restaurants & Leisure – 0.4%** | **Hotels, Restaurants & Leisure – 0.4%** |
| Boyd Gaming Corp. | 1901 | 156 |
| Vail Resorts, Inc.<sup>†</sup>  | 1132 | 145 |
|  |  | **301** |
| **Household Durables – 0.9%** | **Household Durables – 0.9%** | **Household Durables – 0.9%** |
| Garmin Ltd. | 734 | 171 |
| NVR, Inc.\* | 51 | 336 |
| PulteGroup, Inc. | 963 | 113 |
|  |  | **620** |
| **Household Products – 0.4%** | **Household Products – 0.4%** | **Household Products – 0.4%** |
| Procter & Gamble (The) Co. | 1978 | 286 |
| Reynolds Consumer Products, Inc. | 487 | 10 |
|  |  | **296** |
| **Independent Power & Renewable Electricity Producers – 0.5%** | **Independent Power & Renewable Electricity Producers – 0.5%** | **Independent Power & Renewable Electricity Producers – 0.5%** |
| AES (The) Corp. | 24106 | **340** |
| **Insurance – 3.8%** | **Insurance – 3.8%** | **Insurance – 3.8%** |
| Aflac, Inc. | 5305 | 582 |
| American International Group, Inc. | 6274 | 472 |
| Assured Guaranty Ltd. | 3341 | 272 |
| Brighthouse Financial, Inc.\* | 3047 | 183 |
| Loews Corp. | 2147 | 229 |
| MetLife, Inc. | 6008 | 425 |
| Prudential Financial, Inc. | 3788 | 370 |
|  |  | **2533** |
| **Interactive Media & Services – 3.5%** | **Interactive Media & Services – 3.5%** | **Interactive Media & Services – 3.5%** |
| Alphabet, Inc., Class A | 7624 | 2193 |
| Meta Platforms, Inc., Class A | 322 | 184 |
|  |  | **2377** |
| **IT Services – 1.6%** | **IT Services – 1.6%** | **IT Services – 1.6%** |
| Accenture PLC, Class A | 1105 | 219 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 4570 | 280 |
| International Business Machines Corp. | 2250 | 546 |
|  |  | **1045** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| Mattel, Inc.\* | 175 | **3** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **111** EQUITY FUNDS

------

**Schedule of Investments** <br>

**LARGE CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Life Sciences Tools & Services – 0.8%** | **Life Sciences Tools & Services – 0.8%** | **Life Sciences Tools & Services – 0.8%** |
| Danaher Corp. | 1217 | $231 |
| IQVIA Holdings, Inc.\* | 84 | 14 |
| QIAGEN N.V. | 3664 | 147 |
| Thermo Fisher Scientific, Inc. | 282 | 138 |
|  |  | **530** |
| **Machinery – 3.0%** | **Machinery – 3.0%** | **Machinery – 3.0%** |
| Allison Transmission Holdings, Inc. | 3288 | 385 |
| Donaldson Co., Inc. | 3902 | 331 |
| Dover Corp. | 953 | 198 |
| Graco, Inc. | 823 | 70 |
| Mueller Industries, Inc. | 3202 | 355 |
| Snap-on, Inc. | 938 | 341 |
| Toro (The) Co. | 3857 | 360 |
|  |  | **2040** |
| **Media – 1.8%** | **Media – 1.8%** | **Media – 1.8%** |
| Fox Corp., Class A | 5515 | 322 |
| New York Times (The) Co., Class A | 5229 | 438 |
| Nexstar Media Group, Inc. | 1759 | 318 |
| Omnicom Group, Inc. | 1214 | 91 |
| Versant Media Group, Inc.\* | 229 | 9 |
|  |  | **1178** |
| **Metals & Mining – 2.7%** | **Metals & Mining – 2.7%** | **Metals & Mining – 2.7%** |
| Alcoa Corp. | 9217 | 611 |
| Newmont Corp. | 9954 | 1078 |
| Reliance, Inc. | 326 | 99 |
|  |  | **1788** |
| **Multi-Utilities – 1.2%** | **Multi-Utilities – 1.2%** | **Multi-Utilities – 1.2%** |
| Consolidated Edison, Inc. | 3856 | 436 |
| Public Service Enterprise Group, Inc. | 4149 | 336 |
|  |  | **772** |
| **Office Real Estate Investment Trusts – 0.3%** | **Office Real Estate Investment Trusts – 0.3%** | **Office Real Estate Investment Trusts – 0.3%** |
| Kilroy Realty Corp.<sup>†</sup>  | 7893 | **223** |
| **Oil, Gas & Consumable Fuels – 6.7%** | **Oil, Gas & Consumable Fuels – 6.7%** | **Oil, Gas & Consumable Fuels – 6.7%** |
| Antero Resources Corp.\* | 8603 | 365 |
| APA Corp. | 12835 | 545 |
| Devon Energy Corp. | 10171 | 512 |
| EOG Resources, Inc. | 5898 | 852 |
| Exxon Mobil Corp. | 8123 | 1378 |
| Valero Energy Corp. | 3399 | 840 |
|  |  | **4492** |
| **Pharmaceuticals – 6.1%** | **Pharmaceuticals – 6.1%** | **Pharmaceuticals – 6.1%** |
| Bristol-Myers Squibb Co. | 10666 | 647 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Pharmaceuticals – 6.1%continued** | **Pharmaceuticals – 6.1%continued** | **Pharmaceuticals – 6.1%continued** |
| Jazz Pharmaceuticals PLC\* | 1891 | $357 |
| Johnson & Johnson | 6251 | 1528 |
| Merck & Co., Inc. | 4835 | 582 |
| Pfizer, Inc. | 35797 | 1005 |
|  |  | **4119** |
| **Professional Services – 1.8%** | **Professional Services – 1.8%** | **Professional Services – 1.8%** |
| Equifax, Inc. | 227 | 41 |
| ExlService Holdings, Inc.\* | 8009 | 244 |
| Genpact Ltd. | 6838 | 254 |
| Jacobs Solutions, Inc. | 1389 | 177 |
| Leidos Holdings, Inc. | 1947 | 303 |
| &nbsp;&nbsp; Science Applications International <br> Corp.<br>| 58 | 5 |
| SS&C Technologies Holdings, Inc. | 2232 | 151 |
|  |  | **1175** |
| **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** |
| Jones Lang LaSalle, Inc.\* | 1103 | **336** |
| **Residential Real Estate Investment Trusts – 1.0%** | **Residential Real Estate Investment Trusts – 1.0%** | **Residential Real Estate Investment Trusts – 1.0%** |
| AvalonBay Communities, Inc. | 2061 | 336 |
| Equity Residential | 6065 | 359 |
|  |  | **695** |
| **Retail Real Estate Investment Trusts – 0.5%** | **Retail Real Estate Investment Trusts – 0.5%** | **Retail Real Estate Investment Trusts – 0.5%** |
| Brixmor Property Group, Inc. | 12221 | **352** |
| **Semiconductors & Semiconductor Equipment – 4.2%** | **Semiconductors & Semiconductor Equipment – 4.2%** | **Semiconductors & Semiconductor Equipment – 4.2%** |
| Analog Devices, Inc. | 1775 | 565 |
| Applied Materials, Inc. | 3286 | 1123 |
| Cirrus Logic, Inc.\* | 661 | 95 |
| Micron Technology, Inc. | 893 | 302 |
| QUALCOMM, Inc. | 5700 | 734 |
| Texas Instruments, Inc. | 176 | 34 |
|  |  | **2853** |
| **Software – 1.4%** | **Software – 1.4%** | **Software – 1.4%** |
| Adobe, Inc.\* | 992 | 241 |
| Bentley Systems, Inc., Class B | 2137 | 75 |
| Intuit, Inc. | 487 | 210 |
| Microsoft Corp. | 324 | 120 |
| PTC, Inc.\* | 1935 | 276 |
| Roper Technologies, Inc. | 93 | 33 |
|  |  | **955** |
| **Specialized Real Estate Investment Trusts – 0.2%** | **Specialized Real Estate Investment Trusts – 0.2%** | **Specialized Real Estate Investment Trusts – 0.2%** |
| Rayonier, Inc. | 7997 | **165** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **112** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  | **COMMON STOCKS - 99.3%continued**  |
| **Specialty Retail – 1.2%** | **Specialty Retail – 1.2%** | **Specialty Retail – 1.2%** |
| Best Buy Co., Inc. | 4623 | $297 |
| Ross Stores, Inc. | 747 | 162 |
| Ulta Beauty, Inc.\* | 701 | 366 |
|  |  | **825** |
| **Technology Hardware, Storage & Peripherals – 1.5%** | **Technology Hardware, Storage & Peripherals – 1.5%** | **Technology Hardware, Storage & Peripherals – 1.5%** |
| Western Digital Corp. | 3781 | **1023** |
| **Textiles, Apparel & Luxury Goods – 1.5%** | **Textiles, Apparel & Luxury Goods – 1.5%** | **Textiles, Apparel & Luxury Goods – 1.5%** |
| Deckers Outdoor Corp.\* | 2822 | 282 |
| NIKE, Inc., Class B | 7347 | 388 |
| Ralph Lauren Corp. | 1025 | 353 |
|  |  | **1023** |
| **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** |
| MSC Industrial Direct Co., Inc., Class A | 612 | **56** |
| **Wireless Telecommunication Services – 0.7%** | **Wireless Telecommunication Services – 0.7%** | **Wireless Telecommunication Services – 0.7%** |
| Millicom International Cellular S.A. | 6179 | **463** |
| **Total Common Stocks** |  |  |
| **(Cost $50,504)** |  | **66703** |
| **INVESTMENT COMPANIES – 2.5%**  | **INVESTMENT COMPANIES – 2.5%**  | **INVESTMENT COMPANIES – 2.5%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(1) (2) (3)</sup> <br>| 1221810 | 1222 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(1) (2)</sup> <br>| 429306 | 429 |
| **Total Investment Companies** |  |  |
| **(Cost $1,651)** |  | **1651** |

---

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| U.S. Treasury Bill, |  |  |
| 3.66%, 5/7/26<sup>(4) (5)</sup>  | $45 | **$45** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $45)** | **(Cost $45)** | **45** |
| **Total Investments – 101.9%** | **Total Investments – 101.9%** |  |
| **(Cost $52,200)** | **(Cost $52,200)** | **68399** |
| Liabilities less Other Assets – (1.9%) | Liabilities less Other Assets – (1.9%) | (1243)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$67156** |

---

<sup>(1)</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>(2)</sup> *7-day current yield as of March 31, 2026 is disclosed.*

<sup>(3)</sup> *Investment of cash collateral received from securities lending activities.*

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

---

| | |
|:---|:---|
| <sup>(4)</sup>  | *Discount rate at the time of purchase.* |
| <sup>(5)</sup>  | *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; Micro E-Mini <br> S&P 500 <br> Index<br>| 14 | $460 | Long | 6/26 | $(1)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **113** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LARGE CAP VALUE FUND continued**  | **March 31, 2026**  |

---

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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup>  | &nbsp;&nbsp; $66703 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $66703 |
| Investment Companies | &nbsp;&nbsp; 1651 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1651 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 45 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45 |
| Total Investments | &nbsp;&nbsp; $68354 | &nbsp;&nbsp; $45 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $68399 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1)<br>|

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $8546 | $7324 | $1222 | 1221810 | $1 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 502 | 5907 | 5980 | 429 | 429306 | 24 |
| Total | $502 | $14453 | $13304 | $1651 | 1651116 | $25 |

---

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

*See Notes to the Financial Statements.* 

EQUITY FUNDS **114** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **MID CAP INDEX FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%**  | **COMMON STOCKS – 97.8%**  | **COMMON STOCKS – 97.8%**  |
| **Aerospace & Defense – 4.4%** | **Aerospace & Defense – 4.4%** | **Aerospace & Defense – 4.4%** |
| AeroVironment, Inc.\* | 20006 | $3662 |
| ATI, Inc.\* | 85410 | 12424 |
| BWX Technologies, Inc. | 57484 | 11755 |
| Carpenter Technology Corp. | 31309 | 12341 |
| Curtiss-Wright Corp. | 23169 | 15781 |
| Hexcel Corp.<sup>†</sup>  | 48200 | 3901 |
| &nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc.<sup>\* †</sup> <br>| 116068 | 8184 |
| Moog, Inc., Class A | 17873 | 5230 |
| StandardAero, Inc.\* | 118005 | 3048 |
| Woodward, Inc. | 37476 | 13413 |
|  |  | **89739** |
| **Air Freight & Logistics – 0.2%** | **Air Freight & Logistics – 0.2%** | **Air Freight & Logistics – 0.2%** |
| GXO Logistics, Inc.\* | 71357 | **3700** |
| **Automobile Components – 1.0%** | **Automobile Components – 1.0%** | **Automobile Components – 1.0%** |
| Autoliv, Inc.<sup>†</sup>  | 43469 | 4571 |
| BorgWarner, Inc. | 130947 | 7105 |
| Gentex Corp. | 137822 | 3012 |
| Goodyear Tire & Rubber (The) Co.\* | 180373 | 1196 |
| Lear Corp. | 31551 | 3820 |
| Visteon Corp. | 17173 | 1565 |
|  |  | **21269** |
| **Automobiles – 0.2%** | **Automobiles – 0.2%** | **Automobiles – 0.2%** |
| Harley-Davidson, Inc. | 74579 | 1508 |
| Thor Industries, Inc.<sup>†</sup>  | 32834 | 2623 |
|  |  | **4131** |
| **Banks – 5.8%** | **Banks – 5.8%** | **Banks – 5.8%** |
| Associated Banc-Corp | 102937 | 2662 |
| Bank OZK | 64611 | 2965 |
| Columbia Banking System, Inc. | 185993 | 5102 |
| Commerce Bancshares, Inc. | 85949 | 4229 |
| Cullen/Frost Bankers, Inc. | 39677 | 5439 |
| East West Bancorp, Inc. | 86531 | 9238 |
| First Financial Bankshares, Inc. | 81988 | 2414 |
| First Horizon Corp. | 305578 | 6955 |
| Flagstar Bank N.A. | 188373 | 2481 |
| FNB Corp. | 223262 | 3733 |
| Glacier Bancorp, Inc. | 80860 | 3612 |
| Hancock Whitney Corp. | 52171 | 3318 |
| Home BancShares, Inc. | 114158 | 3074 |
| International Bancshares Corp. | 33919 | 2282 |
| Old National Bancorp | 217994 | 4818 |
| Pinnacle Financial Partners, Inc. | 94661 | 8154 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  |
| **Banks – 5.8%continued** | **Banks – 5.8%continued** | **Banks – 5.8%continued** |
| Prosperity Bancshares, Inc. | 63362 | $4257 |
| SouthState Bank Corp | 62334 | 5767 |
| Texas Capital Bancshares, Inc.\* | 28140 | 2670 |
| UMB Financial Corp. | 44950 | 5070 |
| United Bankshares, Inc. | 87495 | 3624 |
| Valley National Bancorp | 300771 | 3693 |
| Webster Financial Corp. | 101233 | 7028 |
| Western Alliance Bancorp | 64631 | 4579 |
| Wintrust Financial Corp. | 42036 | 5840 |
| Zions Bancorp N.A. | 92820 | 5348 |
|  |  | **118352** |
| **Beverages – 0.6%** | **Beverages – 0.6%** | **Beverages – 0.6%** |
| Boston Beer (The) Co., Inc., Class A\* | 4850 | 1118 |
| Celsius Holdings, Inc.\* | 100530 | 3567 |
| Coca-Cola Consolidated, Inc. | 35560 | 6818 |
|  |  | **11503** |
| **Biotechnology – 3.0%** | **Biotechnology – 3.0%** | **Biotechnology – 3.0%** |
| Arrowhead Pharmaceuticals, Inc.\* | 88005 | 5518 |
| BioMarin Pharmaceutical, Inc.\* | 120531 | 6809 |
| Cytokinetics, Inc.\* | 76801 | 5062 |
| Exelixis, Inc.\* | 164249 | 7045 |
| Halozyme Therapeutics, Inc.\* | 73853 | 4773 |
| Neurocrine Biosciences, Inc.\* | 63096 | 8312 |
| Roivant Sciences Ltd.\* | 283373 | 7849 |
| United Therapeutics Corp.\* | 27065 | 16049 |
|  |  | **61417** |
| **Broadline Retail – 0.3%** | **Broadline Retail – 0.3%** | **Broadline Retail – 0.3%** |
| Macy's, Inc. | 167572 | 3031 |
| Ollie's Bargain Outlet Holdings, Inc.\* | 38621 | 3555 |
|  |  | **6586** |
| **Building Products – 1.8%** | **Building Products – 1.8%** | **Building Products – 1.8%** |
| AAON, Inc.<sup>†</sup>  | 42548 | 3521 |
| Advanced Drainage Systems, Inc. | 45068 | 6180 |
| Carlisle Cos., Inc. | 25763 | 8595 |
| Fortune Brands Innovations, Inc. | 75656 | 2948 |
| Owens Corning | 51719 | 5597 |
| Simpson Manufacturing Co., Inc. | 26063 | 4473 |
| Trex Co., Inc.\* | 67475 | 2457 |
| UFP Industries, Inc. | 36632 | 3375 |
|  |  | **37146** |
| **Capital Markets – 2.6%** | **Capital Markets – 2.6%** | **Capital Markets – 2.6%** |
| Affiliated Managers Group, Inc. | 17684 | 4893 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **115** EQUITY FUNDS

------

**Schedule of Investments** <br>

**MID CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  |
| **Capital Markets – 2.6%continued** | **Capital Markets – 2.6%continued** | **Capital Markets – 2.6%continued** |
| Carlyle Group (The), Inc. | 163392 | $7907 |
| Evercore, Inc., Class A | 24346 | 7267 |
| Federated Hermes, Inc. | 46334 | 2628 |
| Hamilton Lane, Inc., Class A<sup>†</sup>  | 25751 | 2560 |
| Houlihan Lokey, Inc. | 34252 | 4919 |
| Janus Henderson Group PLC | 77092 | 3960 |
| Jefferies Financial Group, Inc. | 104142 | 4298 |
| Morningstar, Inc. | 14214 | 2403 |
| SEI Investments Co. | 58577 | 4596 |
| Stifel Financial Corp. | 96078 | 7102 |
|  |  | **52533** |
| **Chemicals – 1.7%** | **Chemicals – 1.7%** | **Chemicals – 1.7%** |
| Ashland, Inc. | 28777 | 1600 |
| Avient Corp. | 57682 | 2094 |
| Axalta Coating Systems Ltd.\* | 134342 | 3721 |
| Cabot Corp. | 33370 | 2513 |
| NewMarket Corp. | 4872 | 3123 |
| Olin Corp. | 71487 | 2125 |
| RPM International, Inc. | 80546 | 8006 |
| Scotts Miracle-Gro (The) Co. | 28110 | 1710 |
| Solstice Advanced Materials, Inc. | 99788 | 7600 |
| Westlake Corp. | 20955 | 2448 |
|  |  | **34940** |
| **Commercial Services & Supplies – 1.5%** | **Commercial Services & Supplies – 1.5%** | **Commercial Services & Supplies – 1.5%** |
| Brink's (The) Co. | 25947 | 2689 |
| Clean Harbors, Inc.\* | 31579 | 9054 |
| MSA Safety, Inc.<sup>†</sup>  | 22945 | 3762 |
| RB Global, Inc. | 116807 | 11196 |
| Tetra Tech, Inc. | 164074 | 4942 |
|  |  | **31643** |
| **Construction & Engineering – 2.6%** | **Construction & Engineering – 2.6%** | **Construction & Engineering – 2.6%** |
| AECOM | 81736 | 6933 |
| API Group Corp.\* | 241111 | 9770 |
| Dycom Industries, Inc.\* | 18836 | 6382 |
| Fluor Corp.\* | 101314 | 4726 |
| MasTec, Inc.\* | 38543 | 12401 |
| Sterling Infrastructure, Inc.\* | 19307 | 7863 |
| Valmont Industries, Inc. | 12376 | 4945 |
|  |  | **53020** |
| **Construction Materials – 0.3%** | **Construction Materials – 0.3%** | **Construction Materials – 0.3%** |
| Eagle Materials, Inc. | 19866 | 3764 |
| Knife River Corp.\* | 35455 | 2895 |
|  |  | **6659** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  |
| **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** |
| Ally Financial, Inc. | 176897 | $6940 |
| FirstCash Holdings, Inc. | 24202 | 4550 |
| SLM Corp. | 126756 | 2714 |
|  |  | **14204** |
| **Consumer Staples Distribution & Retail – 2.9%** | **Consumer Staples Distribution & Retail – 2.9%** | **Consumer Staples Distribution & Retail – 2.9%** |
| Albertsons Cos., Inc., Class A | 230335 | 3925 |
| BJ's Wholesale Club Holdings, Inc.\* | 82372 | 8107 |
| Casey's General Stores, Inc. | 23308 | 16965 |
| Maplebear, Inc.\* | 115749 | 4336 |
| Performance Food Group Co.\* | 98934 | 8475 |
| Sprouts Farmers Market, Inc.\* | 61281 | 4726 |
| U.S. Foods Holding Corp.<sup>\* †</sup>  | 138767 | 12796 |
|  |  | **59330** |
| **Containers & Packaging – 1.0%** | **Containers & Packaging – 1.0%** | **Containers & Packaging – 1.0%** |
| AptarGroup, Inc. | 40223 | 5069 |
| Crown Holdings, Inc. | 70757 | 7093 |
| Graphic Packaging Holding Co. | 185780 | 1847 |
| Greif, Inc., Class A | 16174 | 1085 |
| Silgan Holdings, Inc. | 54851 | 2128 |
| Sonoco Products Co. | 61753 | 3340 |
|  |  | **20562** |
| **Diversified Consumer Services – 0.8%** | **Diversified Consumer Services – 0.8%** | **Diversified Consumer Services – 0.8%** |
| Duolingo, Inc.\* | 25217 | 2486 |
| Graham Holdings Co., Class B | 2130 | 2252 |
| Grand Canyon Education, Inc.\* | 17276 | 2937 |
| H&R Block, Inc. | 79040 | 2509 |
| Service Corp. International<sup>†</sup>  | 88032 | 7263 |
|  |  | **17447** |
| **Diversified Real Estate Investment Trusts – 0.5%** | **Diversified Real Estate Investment Trusts – 0.5%** | **Diversified Real Estate Investment Trusts – 0.5%** |
| Rayonier, Inc. - (Fractional Shares)<sup>(1)</sup>  | 50000 |  |
| WP Carey, Inc.<sup>†</sup>  | 137744 | 9361 |
|  |  | **9361** |
| **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** |
| IDACORP, Inc. | 33940 | 4853 |
| OGE Energy Corp. | 129447 | 6208 |
| Portland General Electric Co. | 70672 | 3729 |
| TXNM Energy, Inc. (New York Stock <br> Exchange)<br>| 61718 | 3608 |
|  |  | **18398** |
| **Electrical Equipment – 2.2%** | **Electrical Equipment – 2.2%** | **Electrical Equipment – 2.2%** |
| Acuity, Inc. | 19188 | 5377 |
| EnerSys | 22994 | 3994 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **116** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  |
| **Electrical Equipment – 2.2%continued** | **Electrical Equipment – 2.2%continued** | **Electrical Equipment – 2.2%continued** |
| Nextpower, Inc., Class A\* | 93363 | $11255 |
| nVent Electric PLC | 101530 | 12009 |
| Regal Rexnord Corp. | 41770 | 7822 |
| Sensata Technologies Holding PLC | 92408 | 3254 |
| Vicor Corp.\* | 14290 | 2301 |
|  |  | **46012** |
| **Electronic Equipment, Instruments & Components – 3.8%** | **Electronic Equipment, Instruments & Components – 3.8%** | **Electronic Equipment, Instruments & Components – 3.8%** |
| Advanced Energy Industries, Inc. | 23740 | 7661 |
| Arrow Electronics, Inc.\* | 31980 | 4586 |
| Avnet, Inc. | 50815 | 3131 |
| Belden, Inc. | 24575 | 2822 |
| Cognex Corp. | 104440 | 5117 |
| Crane NXT Co.<sup>†</sup>  | 30088 | 1221 |
| Fabrinet\* | 22543 | 11757 |
| Flex Ltd.\* | 231393 | 15147 |
| IPG Photonics Corp.\* | 15926 | 1825 |
| Littelfuse, Inc.<sup>†</sup>  | 15702 | 5328 |
| Novanta, Inc.\* | 22594 | 2669 |
| TD SYNNEX Corp. | 47003 | 7930 |
| TTM Technologies, Inc.\* | 64975 | 6330 |
| Vontier Corp. | 88778 | 3149 |
|  |  | **78673** |
| **Energy Equipment & Services – 1.5%** | **Energy Equipment & Services – 1.5%** | **Energy Equipment & Services – 1.5%** |
| NOV, Inc. | 227286 | 4275 |
| TechnipFMC PLC | 254160 | 17570 |
| Valaris Ltd.\* | 40479 | 3969 |
| Weatherford International PLC | 45119 | 4267 |
|  |  | **30081** |
| **Entertainment – 0.1%** | **Entertainment – 0.1%** | **Entertainment – 0.1%** |
| Warner Music Group Corp., Class A | 92700 | **2368** |
| **Financial Services – 1.4%** | **Financial Services – 1.4%** | **Financial Services – 1.4%** |
| Corebridge Financial, Inc. | 158831 | 3790 |
| Equitable Holdings, Inc. | 177744 | 6596 |
| Essent Group Ltd. | 60282 | 3523 |
| Euronet Worldwide, Inc.<sup>\* †</sup>  | 24569 | 1631 |
| MGIC Investment Corp. | 138954 | 3647 |
| Shift4 Payments, Inc., Class A<sup>\* †</sup>  | 42592 | 1863 |
| Voya Financial, Inc. | 58507 | 3997 |
| WEX, Inc.\* | 21553 | 3298 |
|  |  | **28345** |
| **Food Products – 0.8%** | **Food Products – 0.8%** | **Food Products – 0.8%** |
| Darling Ingredients, Inc.\* | 99480 | 6153 |
| Flowers Foods, Inc. | 135024 | 1100 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  |
| **Food Products – 0.8%continued** | **Food Products – 0.8%continued** | **Food Products – 0.8%continued** |
| Ingredion, Inc. | 39551 | $4456 |
| Marzetti (The) Co. | 12807 | 1772 |
| Pilgrim's Pride Corp. | 25949 | 980 |
| Post Holdings, Inc.\* | 26951 | 2664 |
|  |  | **17125** |
| **Gas Utilities – 1.2%** | **Gas Utilities – 1.2%** | **Gas Utilities – 1.2%** |
| National Fuel Gas Co.<sup>†</sup>  | 59697 | 5609 |
| New Jersey Resources Corp. | 63421 | 3483 |
| ONE Gas, Inc. | 37660 | 3244 |
| Southwest Gas Holdings, Inc. | 40349 | 3506 |
| Spire, Inc. | 37136 | 3362 |
| UGI Corp. | 135020 | 4918 |
|  |  | **24122** |
| **Ground Transportation – 1.8%** | **Ground Transportation – 1.8%** | **Ground Transportation – 1.8%** |
| Avis Budget Group, Inc.<sup>\* †</sup>  | 10725 | 1564 |
| &nbsp;&nbsp; Knight-Swift Transportation Holdings, <br> Inc.<br>| 102203 | 5885 |
| Landstar System, Inc. | 21457 | 3440 |
| Ryder System, Inc. | 24998 | 5118 |
| Saia, Inc.\* | 16765 | 5889 |
| XPO, Inc.\* | 73664 | 14331 |
|  |  | **36227** |
| **Health Care Equipment & Supplies – 1.5%** | **Health Care Equipment & Supplies – 1.5%** | **Health Care Equipment & Supplies – 1.5%** |
| DENTSPLY SIRONA, Inc. | 125599 | 1457 |
| Envista Holdings Corp.\* | 103015 | 2613 |
| Globus Medical, Inc., Class A\* | 70041 | 6035 |
| Haemonetics Corp.\* | 29219 | 1647 |
| Lantheus Holdings, Inc.\* | 41690 | 3162 |
| LivaNova PLC\* | 34310 | 2181 |
| Masimo Corp.\* | 28698 | 5104 |
| Penumbra, Inc.\* | 24660 | 8098 |
|  |  | **30297** |
| **Health Care Providers & Services – 1.8%** | **Health Care Providers & Services – 1.8%** | **Health Care Providers & Services – 1.8%** |
| Chemed Corp. | 8922 | 3370 |
| Encompass Health Corp. | 63358 | 6129 |
| Ensign Group (The), Inc. | 36270 | 7309 |
| HealthEquity, Inc.\* | 53839 | 4499 |
| Hims & Hers Health, Inc.<sup>\* †</sup>  | 131024 | 2720 |
| Option Care Health, Inc.<sup>\* †</sup>  | 99936 | 2690 |
| Tenet Healthcare Corp.\* | 55265 | 10429 |
|  |  | **37146** |
| **Health Care Real Estate Investment Trusts – 1.2%** | **Health Care Real Estate Investment Trusts – 1.2%** | **Health Care Real Estate Investment Trusts – 1.2%** |
| American Healthcare REIT, Inc. | 111297 | 5249 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **117** EQUITY FUNDS

------

**Schedule of Investments** <br>

**MID CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  |
| **Health Care Real Estate Investment Trusts – 1.2%continued** | **Health Care Real Estate Investment Trusts – 1.2%continued** | **Health Care Real Estate Investment Trusts – 1.2%continued** |
| CareTrust REIT, Inc. | 140282 | $5141 |
| Healthcare Realty Trust, Inc. | 219315 | 3726 |
| Omega Healthcare Investors, Inc. | 185694 | 8137 |
| Sabra Health Care REIT, Inc. | 158221 | 3043 |
|  |  | **25296** |
| **Health Care Technology – 0.1%** | **Health Care Technology – 0.1%** | **Health Care Technology – 0.1%** |
| Doximity, Inc., Class A\* | 82503 | **1922** |
| **Hotel & Resort Real Estate Investment Trusts – 0.1%** | **Hotel & Resort Real Estate Investment Trusts – 0.1%** | **Hotel & Resort Real Estate Investment Trusts – 0.1%** |
| Park Hotels & Resorts, Inc.<sup>†</sup>  | 126907 | **1336** |
| **Hotels, Restaurants & Leisure – 2.5%** | **Hotels, Restaurants & Leisure – 2.5%** | **Hotels, Restaurants & Leisure – 2.5%** |
| Aramark | 165339 | 6703 |
| Boyd Gaming Corp. | 36143 | 2970 |
| Cava Group, Inc.<sup>\* †</sup>  | 62723 | 5074 |
| Choice Hotels International, Inc.<sup>†</sup>  | 13124 | 1358 |
| Churchill Downs, Inc. | 41800 | 3755 |
| Dutch Bros., Inc., Class A\* | 79906 | 4048 |
| Hilton Grand Vacations, Inc.\* | 37977 | 1486 |
| Hyatt Hotels Corp., Class A<sup>†</sup>  | 26067 | 3748 |
| Planet Fitness, Inc., Class A<sup>\* †</sup>  | 52252 | 3886 |
| Texas Roadhouse, Inc. | 41569 | 6865 |
| Travel + Leisure Co. | 40248 | 2785 |
| Vail Resorts, Inc.<sup>†</sup>  | 22520 | 2890 |
| Wingstop, Inc. | 17486 | 2710 |
| Wyndham Hotels & Resorts, Inc. | 47100 | 3826 |
|  |  | **52104** |
| **Household Durables – 1.6%** | **Household Durables – 1.6%** | **Household Durables – 1.6%** |
| KB Home | 40372 | 2089 |
| Somnigroup International, Inc. | 132312 | 9780 |
| Taylor Morrison Home Corp.\* | 60956 | 3550 |
| Toll Brothers, Inc. | 59777 | 8158 |
| TopBuild Corp.<sup>\* †</sup>  | 17554 | 6167 |
| Whirlpool Corp.<sup>†</sup>  | 40025 | 2158 |
|  |  | **31902** |
| **Independent Power & Renewable Electricity Producers – 0.7%** | **Independent Power & Renewable Electricity Producers – 0.7%** | **Independent Power & Renewable Electricity Producers – 0.7%** |
| Ormat Technologies, Inc. | 38226 | 4278 |
| Talen Energy Corp.\* | 28728 | 9171 |
|  |  | **13449** |
| **Industrial Real Estate Investment Trusts – 1.0%** | **Industrial Real Estate Investment Trusts – 1.0%** | **Industrial Real Estate Investment Trusts – 1.0%** |
| EastGroup Properties, Inc. | 33445 | 6190 |
| First Industrial Realty Trust, Inc. | 83266 | 4817 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  |
| **Industrial Real Estate Investment Trusts – 1.0%continued** | **Industrial Real Estate Investment Trusts – 1.0%continued** | **Industrial Real Estate Investment Trusts – 1.0%continued** |
| Rexford Industrial Realty, Inc. | 144879 | $4742 |
| STAG Industrial, Inc. | 120227 | 4336 |
|  |  | **20085** |
| **Insurance – 3.6%** | **Insurance – 3.6%** | **Insurance – 3.6%** |
| American Financial Group, Inc. | 43512 | 5557 |
| Brighthouse Financial, Inc.<sup>\* †</sup>  | 35889 | 2149 |
| CNO Financial Group, Inc. | 59760 | 2454 |
| Fidelity National Financial, Inc. | 160411 | 7440 |
| First American Financial Corp. | 63513 | 3829 |
| Hanover Insurance Group (The), Inc. | 22189 | 3847 |
| Kinsale Capital Group, Inc. | 13909 | 4752 |
| Old Republic International Corp. | 143073 | 5709 |
| Primerica, Inc. | 20199 | 5059 |
| Reinsurance Group of America, Inc. | 41325 | 8437 |
| RenaissanceRe Holdings Ltd. | 27479 | 8168 |
| RLI Corp. | 57773 | 3295 |
| Ryan Specialty Holdings, Inc. | 71954 | 2428 |
| Selective Insurance Group, Inc. | 37862 | 2854 |
| Unum Group | 95555 | 6978 |
|  |  | **72956** |
| **Interactive Media & Services – 0.3%** | **Interactive Media & Services – 0.3%** | **Interactive Media & Services – 0.3%** |
| Pinterest, Inc., Class A\* | 366241 | **6717** |
| **IT Services – 1.1%** | **IT Services – 1.1%** | **IT Services – 1.1%** |
| Kyndryl Holdings, Inc.\* | 143889 | 1888 |
| Okta, Inc.\* | 106537 | 8386 |
| Twilio, Inc., Class A\* | 95338 | 11995 |
|  |  | **22269** |
| **Leisure Products – 0.5%** | **Leisure Products – 0.5%** | **Leisure Products – 0.5%** |
| Brunswick Corp. | 40619 | 2955 |
| Mattel, Inc.\* | 193693 | 2814 |
| Polaris, Inc. | 32838 | 1790 |
| YETI Holdings, Inc.\* | 49513 | 1812 |
|  |  | **9371** |
| **Life Sciences Tools & Services – 1.6%** | **Life Sciences Tools & Services – 1.6%** | **Life Sciences Tools & Services – 1.6%** |
| Avantor, Inc.\* | 429347 | 3366 |
| Bio-Rad Laboratories, Inc., Class A\* | 11433 | 3187 |
| Bruker Corp. | 69825 | 2522 |
| Illumina, Inc.\* | 96084 | 11843 |
| Medpace Holdings, Inc.\* | 14088 | 6765 |
| Repligen Corp.<sup>\* †</sup>  | 33290 | 3922 |
| Sotera Health Co.\* | 143844 | 2063 |
|  |  | **33668** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **118** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  |
| **Machinery – 5.8%** | **Machinery – 5.8%** | **Machinery – 5.8%** |
| AGCO Corp. | 38128 | $4418 |
| Chart Industries, Inc.\* | 28272 | 5845 |
| CNH Industrial N.V. | 556761 | 6124 |
| Crane Co. | 30773 | 5262 |
| Donaldson Co., Inc. | 72485 | 6152 |
| Esab Corp. | 35540 | 3435 |
| Flowserve Corp. | 79860 | 5871 |
| Graco, Inc. | 104024 | 8806 |
| ITT, Inc. | 54030 | 10294 |
| Lincoln Electric Holdings, Inc. | 34581 | 8614 |
| Middleby (The) Corp.\* | 29130 | 3862 |
| Mueller Industries, Inc. | 69787 | 7732 |
| Oshkosh Corp. | 39764 | 5854 |
| RBC Bearings, Inc.\* | 19863 | 10788 |
| SPX Technologies, Inc.<sup>\* †</sup>  | 31328 | 6264 |
| Terex Corp. | 71494 | 4225 |
| Timken (The) Co. | 39538 | 3976 |
| Toro (The) Co. | 61258 | 5724 |
| Watts Water Technologies, Inc., Class A | 17194 | 4991 |
|  |  | **118237** |
| **Marine Transportation – 0.2%** | **Marine Transportation – 0.2%** | **Marine Transportation – 0.2%** |
| Kirby Corp.\* | 33784 | **4489** |
| **Media – 0.6%** | **Media – 0.6%** | **Media – 0.6%** |
| New York Times (The) Co., Class A | 101555 | 8503 |
| Nexstar Media Group, Inc.<sup>†</sup>  | 17944 | 3245 |
|  |  | **11748** |
| **Metals & Mining – 2.6%** | **Metals & Mining – 2.6%** | **Metals & Mining – 2.6%** |
| Alcoa Corp. | 162827 | 10800 |
| Cleveland-Cliffs, Inc.\* | 358815 | 3032 |
| Commercial Metals Co. | 69828 | 4290 |
| Hecla Mining Co. | 421300 | 7849 |
| MP Materials Corp.<sup>\* †</sup>  | 84695 | 4087 |
| Reliance, Inc. | 32869 | 9990 |
| Royal Gold, Inc. | 50929 | 12961 |
|  |  | **53009** |
| **Mortgage Real Estate Investment Trusts – 0.6%** | **Mortgage Real Estate Investment Trusts – 0.6%** | **Mortgage Real Estate Investment Trusts – 0.6%** |
| Annaly Capital Management, Inc. | 451218 | 9543 |
| Starwood Property Trust, Inc.<sup>†</sup>  | 219102 | 3773 |
|  |  | **13316** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  |
| **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** |
| Black Hills Corp. | 47433 | $3292 |
| Northwestern Energy Group, Inc. | 38623 | 2547 |
|  |  | **5839** |
| **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** |
| COPT Defense Properties | 70978 | 2172 |
| Cousins Properties, Inc. | 105693 | 2386 |
| Kilroy Realty Corp.<sup>†</sup>  | 68678 | 1937 |
| Vornado Realty Trust | 101119 | 2628 |
|  |  | **9123** |
| **Oil, Gas & Consumable Fuels – 3.8%** | **Oil, Gas & Consumable Fuels – 3.8%** | **Oil, Gas & Consumable Fuels – 3.8%** |
| Antero Midstream Corp. | 207906 | 4740 |
| Antero Resources Corp.\* | 184226 | 7819 |
| Chord Energy Corp. | 35744 | 5082 |
| CNX Resources Corp.\* | 89505 | 3450 |
| DT Midstream, Inc. | 63930 | 8609 |
| HF Sinclair Corp.<sup>†</sup>  | 98335 | 6135 |
| Matador Resources Co. | 73504 | 4644 |
| Murphy Oil Corp. | 84370 | 3480 |
| Ovintiv, Inc. | 174615 | 10365 |
| PBF Energy, Inc., Class A | 52198 | 2486 |
| Permian Resources Corp., Class A | 465507 | 9925 |
| Range Resources Corp. | 148905 | 6728 |
| Viper Energy, Inc., Class A | 116875 | 5492 |
|  |  | **78955** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| Louisiana-Pacific Corp. | 39347 | **2863** |
| **Passenger Airlines – 0.3%** | **Passenger Airlines – 0.3%** | **Passenger Airlines – 0.3%** |
| Alaska Air Group, Inc.\* | 72085 | 2651 |
| American Airlines Group, Inc.\* | 415500 | 4463 |
|  |  | **7114** |
| **Personal Care Products – 0.2%** | **Personal Care Products – 0.2%** | **Personal Care Products – 0.2%** |
| BellRing Brands, Inc.\* | 71540 | 1151 |
| Coty, Inc., Class A\* | 236112 | 475 |
| elf Beauty, Inc.\* | 37148 | 2251 |
|  |  | **3877** |
| **Pharmaceuticals – 0.7%** | **Pharmaceuticals – 0.7%** | **Pharmaceuticals – 0.7%** |
| Elanco Animal Health, Inc.\* | 312415 | 7476 |
| Jazz Pharmaceuticals PLC\* | 38190 | 7220 |
|  |  | **14696** |
| **Professional Services – 2.5%** | **Professional Services – 2.5%** | **Professional Services – 2.5%** |
| Booz Allen Hamilton Holding Corp. | 75827 | 5917 |
| CACI International, Inc., Class A\* | 13879 | 7548 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **119** EQUITY FUNDS

------

**Schedule of Investments** <br>

**MID CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  |
| **Professional Services – 2.5%continued** | **Professional Services – 2.5%continued** | **Professional Services – 2.5%continued** |
| Concentrix Corp.<sup>†</sup>  | 27603 | $755 |
| ExlService Holdings, Inc.\* | 99060 | 3017 |
| Exponent, Inc. | 31485 | 2055 |
| FTI Consulting, Inc.\* | 18902 | 3341 |
| Genpact Ltd. | 99707 | 3714 |
| KBR, Inc. | 79849 | 2943 |
| Maximus, Inc. | 34857 | 2234 |
| Parsons Corp.\* | 33313 | 1805 |
| Paylocity Holding Corp.\* | 27554 | 2977 |
| &nbsp;&nbsp; Science Applications International <br> Corp.<br>| 28457 | 2701 |
| TransUnion | 121075 | 8377 |
| UL Solutions, Inc., Class A | 48572 | 4163 |
|  |  | **51547** |
| **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** |
| Jones Lang LaSalle, Inc.\* | 29671 | **9029** |
| **Residential Real Estate Investment Trusts – 0.8%** | **Residential Real Estate Investment Trusts – 0.8%** | **Residential Real Estate Investment Trusts – 0.8%** |
| American Homes 4 Rent, Class A | 205188 | 5729 |
| Equity LifeStyle Properties, Inc. | 121871 | 7607 |
| Independence Realty Trust, Inc. | 149266 | 2223 |
|  |  | **15559** |
| **Retail Real Estate Investment Trusts – 1.0%** | **Retail Real Estate Investment Trusts – 1.0%** | **Retail Real Estate Investment Trusts – 1.0%** |
| Agree Realty Corp. | 75301 | 5676 |
| Brixmor Property Group, Inc. | 192739 | 5551 |
| Kite Realty Group Trust | 136129 | 3342 |
| NNN REIT, Inc. | 119374 | 5017 |
|  |  | **19586** |
| **Semiconductors & Semiconductor Equipment – 3.6%** | **Semiconductors & Semiconductor Equipment – 3.6%** | **Semiconductors & Semiconductor Equipment – 3.6%** |
| Allegro MicroSystems, Inc.\* | 78158 | 2464 |
| Amkor Technology, Inc. | 71602 | 3224 |
| Cirrus Logic, Inc.\* | 31800 | 4599 |
| Entegris, Inc. | 95593 | 11207 |
| Lattice Semiconductor Corp.\* | 86042 | 7981 |
| &nbsp;&nbsp; MACOM Technology Solutions <br> Holdings, Inc.<sup>\* †</sup> <br>| 40570 | 9009 |
| MKS, Inc. | 42250 | 9710 |
| Onto Innovation, Inc.\* | 31231 | 6405 |
| Rambus, Inc.\* | 67775 | 5831 |
| Silicon Laboratories, Inc.\* | 20725 | 4314 |
| SiTime Corp.\* | 13895 | 4799 |
| Synaptics, Inc.<sup>\* †</sup>  | 24471 | 1714 |
| Universal Display Corp. | 27887 | 2556 |
|  |  | **73813** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  |
| **Software – 2.9%** | **Software – 2.9%** | **Software – 2.9%** |
| Appfolio, Inc., Class A\* | 15338 | $2421 |
| Bentley Systems, Inc., Class B<sup>†</sup>  | 93885 | 3297 |
| BILL Holdings, Inc.\* | 55450 | 2124 |
| Blackbaud, Inc.<sup>\* †</sup>  | 21583 | 833 |
| Commvault Systems, Inc.\* | 27709 | 2158 |
| Docusign, Inc.\* | 126139 | 5980 |
| Dolby Laboratories, Inc., Class A<sup>†</sup>  | 38446 | 2309 |
| Dropbox, Inc., Class A<sup>\* †</sup>  | 110392 | 2508 |
| Dynatrace, Inc.\* | 188016 | 6953 |
| Guidewire Software, Inc.\* | 53474 | 7998 |
| InterDigital, Inc. | 16172 | 4884 |
| Manhattan Associates, Inc.\* | 37628 | 5009 |
| Nutanix, Inc., Class A\* | 170112 | 6466 |
| Pegasystems, Inc. | 57496 | 2447 |
| Qualys, Inc.\* | 22118 | 1943 |
| UiPath, Inc., Class A\* | 269469 | 2991 |
|  |  | **60321** |
| **Specialized Real Estate Investment Trusts – 1.3%** | **Specialized Real Estate Investment Trusts – 1.3%** | **Specialized Real Estate Investment Trusts – 1.3%** |
| CubeSmart | 143373 | 5255 |
| EPR Properties | 47801 | 2388 |
| Gaming and Leisure Properties, Inc. | 177834 | 7890 |
| Lamar Advertising Co., Class A | 54605 | 6916 |
| National Storage Affiliates Trust | 44548 | 1681 |
| Rayonier, Inc. | 175056 | 3610 |
|  |  | **27740** |
| **Specialty Retail – 3.4%** | **Specialty Retail – 3.4%** | **Specialty Retail – 3.4%** |
| Abercrombie & Fitch Co., Class A\* | 28363 | 2591 |
| AutoNation, Inc.\* | 16148 | 3153 |
| Bath & Body Works, Inc. | 129045 | 2409 |
| Burlington Stores, Inc.\* | 39113 | 12727 |
| Chewy, Inc., Class A\* | 150228 | 4056 |
| Dick's Sporting Goods, Inc. | 41828 | 8294 |
| Five Below, Inc.\* | 34696 | 7927 |
| &nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A<sup>\*</sup> <br> † <br>| 67893 | 3449 |
| GameStop Corp., Class A<sup>\* †</sup>  | 259322 | 5975 |
| Gap (The), Inc. | 141079 | 3414 |
| Lithia Motors, Inc. | 15304 | 3822 |
| Murphy U.S.A., Inc. | 10615 | 5243 |
| Penske Automotive Group, Inc.<sup>†</sup>  | 11788 | 1763 |
| RH\* | 9718 | 1359 |
| Valvoline, Inc.<sup>\* †</sup>  | 79629 | 2682 |
|  |  | **68864** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **120** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  | **COMMON STOCKS - 97.8%continued**  |
| **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** |
| Everpure, Inc., Class A\* | 197333 | **$11651** |
| **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** |
| Capri Holdings Ltd.\* | 75468 | 1330 |
| Columbia Sportswear Co. | 16374 | 897 |
| Crocs, Inc.\* | 31073 | 2580 |
| PVH Corp. | 29435 | 2053 |
| VF Corp. | 204507 | 3475 |
|  |  | **10335** |
| **Trading Companies & Distributors – 1.7%** | **Trading Companies & Distributors – 1.7%** | **Trading Companies & Distributors – 1.7%** |
| Applied Industrial Technologies, Inc. | 23431 | 6217 |
| Core & Main, Inc., Class A\* | 118149 | 5837 |
| GATX Corp. | 22252 | 3799 |
| MSC Industrial Direct Co., Inc., Class A | 28880 | 2665 |
| Watsco, Inc.<sup>†</sup>  | 21994 | 8001 |
| WESCO International, Inc. | 30634 | 8382 |
|  |  | **34901** |
| **Water Utilities – 0.3%** | **Water Utilities – 0.3%** | **Water Utilities – 0.3%** |
| Essential Utilities, Inc. | 178071 | **7171** |
| **Total Common Stocks** |  |  |
| **(Cost $1,331,059)** |  | **2007194** |
| **INVESTMENT COMPANIES – 3.8%**  | **INVESTMENT COMPANIES – 3.8%**  | **INVESTMENT COMPANIES – 3.8%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(2) (3) (4)</sup> <br>| 38366108 | 38366 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(2) (3)</sup> <br>| 38752702 | 38753 |
| **Total Investment Companies** |  |  |
| **(Cost $77,119)** |  | **77119** |

---

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| U.S. Treasury Bill, |  |  |
| 3.63%, 5/7/26<sup>(5) (6)</sup>  | $3237 | **$3225** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $3,226)** | **(Cost $3,226)** | **3225** |
| **Total Investments – 101.7%** | **Total Investments – 101.7%** |  |
| **(Cost $1,411,404)** | **(Cost $1,411,404)** | **2087538** |
| Liabilities less Other Assets – (1.7%) | Liabilities less Other Assets – (1.7%) | (35816)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2051722** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup>  | *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(2)</sup>  | *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>(3)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(4)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>(5)</sup>  | *Discount rate at the time of purchase.* |
| <sup>(6)</sup>  | *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini S&P <br> MidCap 400<br>| 131 | $44494 | Long | 6/26 | $438 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **121** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **MID CAP INDEX FUND continued**  | **March 31, 2026**  |

---

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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup>  | &nbsp;&nbsp; $2007194 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2007194 |
| Investment Companies | &nbsp;&nbsp; 77119 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 77119 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 3225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3225 |
| Total Investments | &nbsp;&nbsp; $2084313 | &nbsp;&nbsp; $3225 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2087538 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $438 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $438 |

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $482089 | $443723 | $38366 | 38366108 | $126 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 21363 | 262911 | 245521 | 38753 | 38752702 | 611 |
| Total | $21363 | $745000 | $689244 | $77119 | 77118810 | $737 |

---

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

*See Notes to the Financial Statements.* 

EQUITY FUNDS **122** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.2%** <sup>(1)</sup> | **COMMON STOCKS – 94.2%** <sup>(1)</sup> | **COMMON STOCKS – 94.2%** <sup>(1)</sup> |
| **Australia – 5.1%** | **Australia – 5.1%** | **Australia – 5.1%** |
| APA Group | 774756 | $5328 |
| Atlas Arteria Ltd. | 3971327 | 11768 |
| Cleanaway Waste Management Ltd. | 1809627 | 2864 |
| Qube Holdings Ltd. | 1740588 | 5843 |
| Transurban Group | 2672599 | 25974 |
|  |  | **51777** |
| **Brazil – 1.1%** | **Brazil – 1.1%** | **Brazil – 1.1%** |
| Cia Paranaense de Energia - Copel | 1149137 | 3425 |
| &nbsp;&nbsp; Motiva Infraestrutura de Mobilidade <br> S.A.<br>| 1100168 | 3367 |
| Rumo S.A. | 1240900 | 3912 |
|  |  | **10704** |
| **Canada – 5.0%** | **Canada – 5.0%** | **Canada – 5.0%** |
| Ag Growth International, Inc.<sup>†</sup>  | 14952 | 204 |
| Algonquin Power & Utilities Corp. | 705800 | 4323 |
| Canadian National Railway Co. | 191020 | 19661 |
| Enbridge, Inc. | 68331 | 3704 |
| Hydro One Ltd. | 21913 | 905 |
| Keyera Corp. | 46298 | 1791 |
| Keyera Corp. (TSX) | 68674 | 2471 |
| Northland Power, Inc. | 57949 | 972 |
| Rockpoint Gas Storage, Inc., Class A | 42283 | 849 |
| TC Energy Corp. | 245844 | 15395 |
|  |  | **50275** |
| **China – 1.9%** | **China – 1.9%** | **China – 1.9%** |
| &nbsp;&nbsp; Beijing Capital International Airport Co. <br> Ltd., Class H\*<br>| 9486000 | 2221 |
| China Merchants Port Holdings Co. Ltd. | 1320000 | 2470 |
| China Tower Corp. Ltd., Class H | 3633249 | 4998 |
| China Water Affairs Group Ltd. | 280282 | 175 |
| ENN Energy Holdings Ltd. | 864200 | 6986 |
| Guangdong Investment Ltd. | 333046 | 336 |
| Zhejiang Expressway Co. Ltd., Class H | 2632000 | 2416 |
|  |  | **19602** |
| **Denmark – 0.6%** | **Denmark – 0.6%** | **Denmark – 0.6%** |
| Orsted A.S.<sup>(2) \*</sup>  | 245437 | **6009** |
| **France – 6.3%** | **France – 6.3%** | **France – 6.3%** |
| Aeroports de Paris S.A.<sup>†</sup>  | 103945 | 12648 |
| Eiffage S.A. | 20069 | 3081 |
| Engie S.A. | 167877 | 5412 |
| Getlink S.E. | 625187 | 13473 |
| Nexans S.A. | 3185 | 431 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.2%** <sup>(1)</sup>**continued**  |
| **France – 6.3%continued** | **France – 6.3%continued** | **France – 6.3%continued** |
| Veolia Environnement S.A. | 38257 | $1461 |
| Vinci S.A. | 176515 | 26436 |
|  |  | **62942** |
| **Germany – 1.2%** | **Germany – 1.2%** | **Germany – 1.2%** |
| E.ON S.E. | 25585 | 559 |
| &nbsp;&nbsp; Fraport A.G. Frankfurt Airport Services <br> Worldwide\*<br>| 57288 | 4970 |
| RWE A.G. | 98563 | 6565 |
| Siemens A.G. (Registered) | 1760 | 417 |
|  |  | **12511** |
| **Greece – 0.2%** | **Greece – 0.2%** | **Greece – 0.2%** |
| Public Power Corp. S.A. | 85810 | **1801** |
| **Hong Kong – 2.5%** | **Hong Kong – 2.5%** | **Hong Kong – 2.5%** |
| CK Infrastructure Holdings Ltd. | 916800 | 7317 |
| CLP Holdings Ltd. | 608000 | 5725 |
| Power Assets Holdings Ltd. | 1501320 | 11697 |
|  |  | **24739** |
| **India – 0.2%** | **India – 0.2%** | **India – 0.2%** |
| GMR Airports Ltd.\* | 1003476 | 903 |
| NTPC Ltd. | 289561 | 1154 |
|  |  | **2057** |
| **Italy – 7.7%** | **Italy – 7.7%** | **Italy – 7.7%** |
| Enav S.p.A. | 260107 | 1563 |
| Enel S.p.A. | 285294 | 3106 |
| Hera S.p.A. | 2619129 | 12142 |
| Infrastrutture Wireless Italiane S.p.A.<sup>†</sup>  | 1006567 | 8057 |
| Italgas S.p.A. | 782899 | 9119 |
| SES S.A. | 556595 | 3969 |
| Snam S.p.A. | 2743505 | 20866 |
| Terna - Rete Elettrica Nazionale | 1638543 | 18764 |
|  |  | **77586** |
| **Japan – 1.6%** | **Japan – 1.6%** | **Japan – 1.6%** |
| Central Japan Railway Co. | 48000 | 1243 |
| Japan Airport Terminal Co. Ltd. | 117000 | 3834 |
| Kansai Electric Power (The) Co., Inc. | 123300 | 2031 |
| Kurita Water Industries Ltd. | 12700 | 604 |
| Osaka Gas Co. Ltd. | 51300 | 2080 |
| Tokyo Metro Co. Ltd. | 232200 | 2375 |
| West Japan Railway Co. | 194000 | 3853 |
|  |  | **16020** |
| **Malaysia – 0.4%** | **Malaysia – 0.4%** | **Malaysia – 0.4%** |
| Tenaga Nasional Bhd. | 1259500 | **4346** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **123** EQUITY FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.2%** <sup>(1)</sup>**continued**  |
| **Mexico – 2.9%** | **Mexico – 2.9%** | **Mexico – 2.9%** |
| &nbsp;&nbsp; Grupo Aeroportuario del Centro Norte <br> S.A.B. de C.V.<br>| 328361 | $4710 |
| &nbsp;&nbsp; Grupo Aeroportuario del Pacifico <br> S.A.B. de C.V., Class B<br>| 360134 | 8870 |
| &nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. <br> de C.V., Class B<br>| 355348 | 11983 |
| Promotora y Operadora de <br> Infraestructura S.A.B. de C.V.<br>| 247871 | 4016 |
|  |  | **29579** |
| **Netherlands – 0.1%** | **Netherlands – 0.1%** | **Netherlands – 0.1%** |
| Arcadis N.V. | 16093 | **518** |
| **New Zealand – 0.9%** | **New Zealand – 0.9%** | **New Zealand – 0.9%** |
| Auckland International Airport Ltd. | 1987328 | **9116** |
| **Philippines – 0.2%** | **Philippines – 0.2%** | **Philippines – 0.2%** |
| International Container Terminal <br> Services, Inc.<br>| 206980 | **2374** |
| **Portugal – 0.3%** | **Portugal – 0.3%** | **Portugal – 0.3%** |
| REN - Redes Energeticas Nacionais <br> SGPS S.A.<br>| 598356 | **2598** |
| **Spain – 4.4%** | **Spain – 4.4%** | **Spain – 4.4%** |
| Aena SME S.A.<sup>(2)</sup>  | 739283 | 22012 |
| Cellnex Telecom S.A.\* | 178520 | 5796 |
| EDP Renovaveis S.A. | 36633 | 586 |
| Iberdrola S.A. | 634985 | 14577 |
| Redeia Corp. S.A. | 99083 | 1677 |
|  |  | **44648** |
| **Switzerland – 1.9%** | **Switzerland – 1.9%** | **Switzerland – 1.9%** |
| Flughafen Zurich A.G. (Registered) | 60878 | 18986 |
| Landis+Gyr Group A.G.\* | 5257 | 335 |
|  |  | **19321** |
| **United Arab Emirates – 0.1%** | **United Arab Emirates – 0.1%** | **United Arab Emirates – 0.1%** |
| Abu Dhabi Ports Co. PJSC\* | 903230 | **964** |
| **United Kingdom – 9.0%** | **United Kingdom – 9.0%** | **United Kingdom – 9.0%** |
| National Grid PLC | 2819745 | 47538 |
| Pennon Group PLC | 907686 | 6398 |
| Severn Trent PLC | 350649 | 14398 |
| SSE PLC | 40033 | 1382 |
| United Utilities Group PLC | 1192425 | 20846 |
|  |  | **90562** |
| **United States – 40.6%** | **United States – 40.6%** | **United States – 40.6%** |
| Advanced Drainage Systems, Inc. | 2635 | 361 |
| AECOM | 4175 | 354 |
| Alexandria Real Estate Equities, Inc. | 4335 | 201 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.2%** <sup>(1)</sup>**continued**  |
| **United States – 40.6%continued** | **United States – 40.6%continued** | **United States – 40.6%continued** |
| Alliant Energy Corp. | 59204 | $4248 |
| Ameren Corp. | 14218 | 1563 |
| American Electric Power Co., Inc. | 102433 | 13427 |
| American Tower Corp. | 142849 | 24653 |
| American Water Works Co., Inc. | 5448 | 741 |
| Antero Midstream Corp. | 64600 | 1473 |
| Array Technologies, Inc.\* | 42833 | 310 |
| Atmos Energy Corp. | 13508 | 2495 |
| Black Hills Corp. | 28629 | 1987 |
| Bunge Global S.A. | 9473 | 1205 |
| CenterPoint Energy, Inc. | 37563 | 1621 |
| Cheniere Energy, Inc. | 42253 | 11990 |
| Clearway Energy, Inc., Class C | 20350 | 800 |
| Consolidated Edison, Inc. | 64294 | 7277 |
| Constellation Energy Corp. | 29054 | 8113 |
| Crown Castle, Inc. | 206112 | 16759 |
| CSX Corp. | 547174 | 22461 |
| Dominion Energy, Inc. | 127896 | 7907 |
| DT Midstream, Inc. | 55148 | 7427 |
| DTE Energy Co. | 20528 | 3002 |
| Duke Energy Corp. | 116315 | 15230 |
| Eaton Corp. PLC | 1153 | 412 |
| Entergy Corp. | 72293 | 8123 |
| Equinix, Inc. | 5269 | 5165 |
| Essential Utilities, Inc. | 26846 | 1081 |
| Evergy, Inc. | 118634 | 9718 |
| Exelon Corp. | 318218 | 15599 |
| Ferrovial S.E. | 180268 | 11721 |
| First Solar, Inc.\* | 2614 | 516 |
| H2O America<sup>†</sup>  | 50312 | 2952 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<sup>†</sup> <br>| 18229 | 670 |
| Hess Midstream L.P., Class A | 39011 | 1516 |
| Hubbell, Inc. | 1506 | 739 |
| Kinder Morgan, Inc. | 58859 | 1974 |
| Kinetik Holdings, Inc.<sup>†</sup>  | 56859 | 2753 |
| Kodiak Gas Services, Inc. | 37800 | 2204 |
| NextEra Energy, Inc. | 338326 | 31424 |
| Norfolk Southern Corp. | 5015 | 1439 |
| ONEOK, Inc. | 152903 | 13821 |
| Ormat Technologies, Inc. | 3601 | 403 |
| PG&E Corp. | 709109 | 12459 |
| Public Service Enterprise Group, Inc. | 105008 | 8500 |
| SBA Communications Corp. | 63471 | 10924 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **124** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.2%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.2%** <sup>(1)</sup>**continued**  |
| **United States – 40.6%continued** | **United States – 40.6%continued** | **United States – 40.6%continued** |
| Sempra | 210831 | $20486 |
| &nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 44014 | 290 |
| Southwest Gas Holdings, Inc. | 17833 | 1550 |
| Sunrun, Inc.\* | 15376 | 209 |
| Targa Resources Corp. | 91899 | 23042 |
| Tetra Tech, Inc. | 17795 | 536 |
| UGI Corp. | 93336 | 3399 |
| Union Pacific Corp. | 53142 | 12893 |
| Venture Global, Inc., Class A<sup>†</sup>  | 155129 | 2445 |
| Vistra Corp. | 11926 | 1793 |
| Waste Connections, Inc. | 9452 | 1536 |
| &nbsp;&nbsp; Waste Connections, Inc. (New York <br> Stock Exchange)<br>| 4678 | 760 |
| Waste Management, Inc. | 5899 | 1356 |
| Williams (The) Cos., Inc. | 321479 | 23397 |
| Xcel Energy, Inc. | 193736 | 15390 |
| Xylem, Inc. | 3722 | 445 |
|  |  | **409245** |
| **Total Common Stocks** |  |  |
| **(Cost $785,724)** |  | **949294** |
| **MASTER LIMITED PARTNERSHIPS – 2.0%**  | **MASTER LIMITED PARTNERSHIPS – 2.0%**  | **MASTER LIMITED PARTNERSHIPS – 2.0%**  |
| **United States – 2.0%** | **United States – 2.0%** | **United States – 2.0%** |
| Energy Transfer L.P. | 246423 | 4756 |
| Enterprise Products Partners L.P. | 140099 | 5301 |
| MPLX L.P. | 84825 | 4841 |
| Plains All American Pipeline L.P. | 113014 | 2524 |
| Western Midstream Partners L.P. | 56000 | 2305 |
|  |  | **19727** |
| **Total Master Limited Partnerships** |  |  |
| **(Cost $18,180)** |  | **19727** |
| **INVESTMENT COMPANIES – 4.2%**  | **INVESTMENT COMPANIES – 4.2%**  | **INVESTMENT COMPANIES – 4.2%**  |
| Greencoat Renewables PLC<sup>†</sup>  | 942386 | 780 |
| International Public Partnerships Ltd. | 562748 | 955 |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(3) (4) (5)</sup> <br>| 8207123 | 8207 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(3) (4)</sup> <br>| 30949492 | 30950 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 4.2%continued**  | **INVESTMENT COMPANIES – 4.2%continued**  | **INVESTMENT COMPANIES – 4.2%continued**  |
| &nbsp;&nbsp; Renewables Infrastructure Group (The) <br> Ltd.<br>| 948810 | $805 |
| Vh Global Energy Infrastructure PLC | 684836 | 650 |
| **Total Investment Companies** |  |  |
| **(Cost $42,643)** |  | **42347** |

---

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| U.S. Treasury Bill, |  |  |
| 3.64%, 5/7/26<sup>(6) (7)</sup>  | $722 | $720 |
| **Total Short-Term Investments** |  |  |
| **(Cost $719)** |  | **720** |
| **Total Investments – 100.5%** |  |  |
| **(Cost $847,266)** |  | **1012088** |
| Liabilities less Other Assets – (0.5%) |  | (4747)<br>|
| **Net Assets – 100.0%** |  | **$1007341** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup>  | *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup>  | *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 March 31,* <br> *2026, the value of these securities amounted to approximately $28,021,000* <br> *or 2.8% of net assets.*<br>|
| <sup>(3)</sup>  | *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>(4)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(5)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>(6)</sup>  | *Discount rate at the time of purchase.* |
| <sup>(7)</sup>  | *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| EAFE – Europe, Australasia and the Far East |
| MSCI – Morgan Stanley Capital International |
| S&P – Standard & Poor's |
| TSX – Toronto Stock Exchange |

---

*Percentages shown are based on Net Assets.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **125** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND continued**  | **March 31, 2026**  |

---

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br> (United States <br> Dollar)<br>| 20 | $6571 | Long | 6/26 | $(138)<br>|
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 39 | 5657 | Long | 6/26 | (22)<br>|
| Total |  |  |  |  | $(160)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

At March 31, 2026, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Utilities | 45.3<br> %<br>|
| Industrials | 29.2 |
| Energy | 13.5 |
| Real Estate | 5.8 |
| Communication Services | 2.3 |
| Financials | 0.2 |
| Information Technology | 0.1 |
| Consumer Staples | 0.1 |
| Short-Term Investments | 4.0 |
| Total Investments | 100.5 |
| Liabilities less Other Assets | (0.5)<br>|
| Net Assets | 100.0<br> %<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.

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).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2026 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $10704 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10704 |
| Canada | &nbsp;&nbsp; 50275 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50275 |
| Mexico | &nbsp;&nbsp; 29579 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29579 |
| United States | &nbsp;&nbsp; 397524 | &nbsp;&nbsp; 11721 | &nbsp;&nbsp; — | &nbsp;&nbsp; 409245 |
| All Other Countries<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 449491 | &nbsp;&nbsp; — | &nbsp;&nbsp; 449491 |
| Total Common Stocks | &nbsp;&nbsp; 488082 | &nbsp;&nbsp; 461212 | &nbsp;&nbsp; — | &nbsp;&nbsp; 949294 |
| Master Limited Partnerships | &nbsp;&nbsp; 19727 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19727 |
| Investment Companies | &nbsp;&nbsp; 39157 | &nbsp;&nbsp; 3190 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42347 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 720 | &nbsp;&nbsp; — | &nbsp;&nbsp; 720 |
| Total Investments | &nbsp;&nbsp; $546966 | &nbsp;&nbsp; $465122 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1012088 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(160)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(160)<br>|

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $83572 | $75365 | $8207 | 8207123 | $114 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 25814 | 322403 | 317267 | 30950 | 30949492 | 1110 |
| Total | $25814 | $405975 | $392632 | $39157 | 39156615 | $1224 |

---

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

*See Notes to the Financial Statements.* 

EQUITY FUNDS **126** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **MULTI-MANAGER GLOBAL REAL ESTATE FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.4%** <sup>(1)</sup> | **COMMON STOCKS – 96.4%** <sup>(1)</sup> | **COMMON STOCKS – 96.4%** <sup>(1)</sup> |
| **Australia – 5.0%** | **Australia – 5.0%** | **Australia – 5.0%** |
| Dexus | 55360 | $228 |
| Goodman Group | 103610 | 1845 |
| GPT Group (The) | 93649 | 294 |
| Ingenia Communities Group | 106892 | 297 |
| NEXTDC Ltd.\* | 31476 | 252 |
| Scentre Group | 301838 | 696 |
| Stockland | 54175 | 162 |
|  |  | **3774** |
| **Belgium – 1.8%** | **Belgium – 1.8%** | **Belgium – 1.8%** |
| Aedifica S.A. | 8065 | 651 |
| Shurgard Self Storage Ltd. | 3498 | 101 |
| VGP N.V. | 3348 | 324 |
| Warehouses De Pauw - C.V.A. | 5449 | 142 |
| Xior Student Housing N.V. | 3664 | 112 |
|  |  | **1330** |
| **Canada – 0.9%** | **Canada – 0.9%** | **Canada – 0.9%** |
| &nbsp;&nbsp; Dream Industrial Real Estate Investment <br> Trust<br>| 34106 | 303 |
| First Capital Real Estate Investment Trust | 17331 | 257 |
| RioCan Real Estate Investment Trust | 7915 | 108 |
|  |  | **668** |
| **China – 0.2%** | **China – 0.2%** | **China – 0.2%** |
| GDS Holdings Ltd., Class A\* | 26500 | **133** |
| **France – 2.3%** | **France – 2.3%** | **France – 2.3%** |
| Accor S.A. | 2500 | 120 |
| Klepierre S.A. | 13907 | 524 |
| Mercialys S.A. | 15936 | 216 |
| Unibail-Rodamco-Westfield\* | 7710 | 862 |
|  |  | **1722** |
| **Germany – 1.4%** | **Germany – 1.4%** | **Germany – 1.4%** |
| Sirius Real Estate Ltd. | 75882 | 93 |
| TAG Immobilien A.G. | 30536 | 478 |
| Vonovia S.E. | 19956 | 497 |
|  |  | **1068** |
| **Hong Kong – 3.5%** | **Hong Kong – 3.5%** | **Hong Kong – 3.5%** |
| Hongkong Land Holdings Ltd. | 77000 | 602 |
| Link REIT | 145600 | 674 |
| Sun Hung Kai Properties Ltd. | 67000 | 1136 |
| Swire Properties Ltd. | 80400 | 234 |
|  |  | **2646** |
| **Israel – 0.2%** | **Israel – 0.2%** | **Israel – 0.2%** |
| Melisron Ltd. | 1312 | **170** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.4%** <sup>(1)</sup>**continued**  |
| **Japan – 8.6%** | **Japan – 8.6%** | **Japan – 8.6%** |
| Comforia Residential REIT, Inc. | 407 | $278 |
| GLP J-REIT | 230 | 188 |
| Japan Metropolitan Fund Invest | 1072 | 755 |
| Japan Real Estate Investment Corp. | 911 | 671 |
| Mitsubishi Estate Co. Ltd. | 40100 | 1110 |
| &nbsp;&nbsp; Mitsui Fudosan Accommodations Fund, <br> Inc.<br>| 129 | 109 |
| Mitsui Fudosan Co. Ltd. | 123300 | 1305 |
| Nippon Building Fund, Inc. | 345 | 289 |
| Nippon Prologis REIT, Inc. | 321 | 173 |
| Nomura Real Estate Master Fund, Inc. | 230 | 227 |
| &nbsp;&nbsp; Sumitomo Realty & Development Co. <br> Ltd.<br>| 36100 | 1015 |
| United Urban Investment Corp. | 313 | 338 |
|  |  | **6458** |
| **Netherlands – 0.3%** | **Netherlands – 0.3%** | **Netherlands – 0.3%** |
| CTP N.V. | 12272 | **206** |
| **Singapore – 3.2%** | **Singapore – 3.2%** | **Singapore – 3.2%** |
| CapitaLand Ascendas REIT<sup>(2)</sup>  | 134000 | 259 |
| &nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 326313 | 586 |
| CapitaLand Investment Ltd. | 262200 | 559 |
| Centurion Accommodation REIT | 391313 | 337 |
| Digital Core REIT Management Pte Ltd. | 340600 | 166 |
| Keppel DC REIT | 114596 | 195 |
| Keppel REIT | 265000 | 184 |
| UOL Group Ltd. | 17900 | 136 |
|  |  | **2422** |
| **Spain – 0.8%** | **Spain – 0.8%** | **Spain – 0.8%** |
| Merlin Properties Socimi S.A. | 39147 | **637** |
| **Sweden – 1.2%** | **Sweden – 1.2%** | **Sweden – 1.2%** |
| Atrium Ljungberg AB, Class B | 21705 | 68 |
| Catena AB | 6903 | 324 |
| Fastighets AB Balder, Class B\* | 61898 | 364 |
| Swedish Logistic Property AB, Class B\* | 21963 | 84 |
| Wihlborgs Fastigheter AB | 11551 | 106 |
|  |  | **946** |
| **Switzerland – 0.8%** | **Switzerland – 0.8%** | **Switzerland – 0.8%** |
| Swiss Prime Site A.G. (Registered) | 3428 | **581** |
| **United Kingdom – 2.9%** | **United Kingdom – 2.9%** | **United Kingdom – 2.9%** |
| British Land (The) Co. PLC | 73389 | 351 |
| Great Portland Estates PLC<sup>(3)</sup>  | 119 |  |
| Helical PLC | 50000 | 116 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **127** EQUITY FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER GLOBAL REAL ESTATE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.4%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 2.9%continued** | **United Kingdom – 2.9%continued** | **United Kingdom – 2.9%continued** |
| Land Securities Group PLC | 30183 | $224 |
| LondonMetric Property PLC | 55146 | 133 |
| Safestore Holdings PLC | 33876 | 286 |
| Segro PLC | 48995 | 426 |
| Tritax Big Box REIT PLC | 343159 | 647 |
|  |  | **2183** |
| **United States – 63.3%** | **United States – 63.3%** | **United States – 63.3%** |
| Agree Realty Corp. | 19733 | 1487 |
| BXP, Inc. | 14751 | 766 |
| Caesars Entertainment, Inc.\* | 8848 | 234 |
| CareTrust REIT, Inc. | 7982 | 293 |
| CBRE Group, Inc., Class A\* | 5350 | 725 |
| Crown Castle, Inc. | 11457 | 932 |
| CubeSmart | 13047 | 478 |
| D.R. Horton, Inc. | 2815 | 386 |
| Digital Realty Trust, Inc. | 24543 | 4423 |
| Equinix, Inc. | 4135 | 4053 |
| Equity LifeStyle Properties, Inc. | 8324 | 520 |
| Equity Residential | 4772 | 282 |
| Essential Properties Realty Trust, Inc. | 23919 | 726 |
| Essex Property Trust, Inc. | 2277 | 551 |
| Extra Space Storage, Inc. | 10001 | 1311 |
| Federal Realty Investment Trust | 5931 | 630 |
| First Industrial Realty Trust, Inc. | 7732 | 447 |
| Gaming and Leisure Properties, Inc. | 9072 | 403 |
| Healthcare Realty Trust, Inc. | 32490 | 552 |
| Highwoods Properties, Inc. | 25483 | 546 |
| Hilton Worldwide Holdings, Inc. | 1967 | 598 |
| Host Hotels & Resorts, Inc. | 38458 | 737 |
| Hudson Pacific Properties, Inc.\* | 7773 | 46 |
| Invitation Homes, Inc. | 30151 | 749 |
| Iron Mountain, Inc. | 7469 | 763 |
| Janus Living, Inc., Class A-1\* | 15963 | 376 |
| Kilroy Realty Corp.<sup>†</sup>  | 1616 | 45 |
| Kimco Realty Corp. | 59561 | 1338 |
| Lamar Advertising Co., Class A | 4177 | 529 |
| Macerich (The) Co. | 34297 | 648 |
| &nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 5763 | 704 |
| NETSTREIT Corp.<sup>†</sup>  | 33808 | 637 |
| Omega Healthcare Investors, Inc. | 10867 | 476 |
| Outfront Media, Inc. | 11202 | 297 |
| PACS Group, Inc.\* | 4225 | 136 |
| Prologis, Inc. | 34983 | 4624 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 96.4%** <sup>(1)</sup>**continued**  |
| **United States – 63.3%continued** | **United States – 63.3%continued** | **United States – 63.3%continued** |
| Public Storage | 6900 | $1869 |
| Rayonier, Inc. | 13457 | 277 |
| Sabra Health Care REIT, Inc. | 34253 | 659 |
| Simon Property Group, Inc. | 9209 | 1718 |
| Sun Communities, Inc. | 9980 | 1257 |
| Terreno Realty Corp. | 11384 | 699 |
| UDR, Inc. | 15631 | 528 |
| Ventas, Inc. | 16049 | 1312 |
| Welltower, Inc. | 34958 | 6912 |
|  |  | **47679** |
| **Total Common Stocks** |  |  |
| **(Cost $68,840)** |  | **72623** |
| **RIGHTS – 0.0%** <sup>(1)</sup> |  |  |
| **Singapore – 0.0%** |  |  |
| CapitaLand Ascendas<sup>(3) \*</sup>  | 3752 | **—** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **—** |
| **INVESTMENT COMPANIES – 4.4%**  | **INVESTMENT COMPANIES – 4.4%**  | **INVESTMENT COMPANIES – 4.4%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(4) (5) (6)</sup> <br>| 722327 | 723 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(4) (5)</sup> <br>| 2623297 | 2623 |
| **Total Investment Companies** |  |  |
| **(Cost $3,346)** |  | **3346** |
| **Total Investments – 100.8%** |  |  |
| **(Cost $72,186)** |  | **75969** |
| Liabilities less Other Assets – (0.8%) |  | (628)<br>|
| **Net Assets – 100.0%** |  | **$75341** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup>  | *Adjustment factors obtained from an independent evaluation service were* <br> *used to determine the value of certain foreign securities.*<br>|
| <sup>(2)</sup>  | *When-Issued Security. Coupon rate is not in effect at March 31, 2026.* |
| <sup>(3)</sup>  | *Value rounds to less than one thousand.* |
| <sup>(4)</sup>  | *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>(5)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(6)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

*Percentages shown are based on Net Assets.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **128** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

At March 31, 2026, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Real Estate | 93.9<br> %<br>|
| Consumer Discretionary | 1.8 |
| Information Technology | 0.5 |
| Health Care | 0.2 |
| Short-Term Investments | 4.4 |
| Total Investments | 100.8 |
| Liabilities less Other Assets | (0.8)<br>|
| Net Assets | 100.0<br> %<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.

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).The Fund adjusted the price of certain foreign equity securities held in its portfolio on

March 31, 2026 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Belgium | &nbsp;&nbsp; $101 | &nbsp;&nbsp; $1229 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1330 |
| Canada | &nbsp;&nbsp; 668 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 668 |
| United States | &nbsp;&nbsp; 47679 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47679 |
| All Other Countries<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 22946 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22946 |
| Total Common Stocks | &nbsp;&nbsp; 48448 | &nbsp;&nbsp; 24175 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72623 |
| Investment Companies | &nbsp;&nbsp; 3346 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3346 |
| Total Investments | &nbsp;&nbsp; $51794 | &nbsp;&nbsp; $24175 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75969 |

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $8308 | $7585 | $723 | 722327 | $2 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 2984 | 42821 | 43182 | 2623 | 2623297 | 102 |
| Total | $2984 | $51129 | $50767 | $3346 | 3345624 | $104 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **129** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.7%**  | **COMMON STOCKS – 98.7%**  | **COMMON STOCKS – 98.7%**  |
| **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** |
| AAR Corp.\* | 4622 | $506 |
| AeroVironment, Inc.\* | 2886 | 528 |
| Astronics Corp.\* | 6166 | 411 |
| Cadre Holdings, Inc. | 3672 | 113 |
| Ducommun, Inc.\* | 2654 | 324 |
| &nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc.\*<br>| 17179 | 1211 |
| Mercury Systems, Inc.\* | 6345 | 463 |
| Moog, Inc., Class A | 3267 | 956 |
| National Presto Industries, Inc. | 821 | 113 |
| Park Aerospace Corp. | 3066 | 84 |
| V2X, Inc.\* | 2816 | 193 |
| VSE Corp. | 3032 | 559 |
|  |  | **5461** |
| **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** |
| Forward Air Corp.\* | 4438 | **74** |
| **Automobile Components – 1.2%** | **Automobile Components – 1.2%** | **Automobile Components – 1.2%** |
| Adient PLC\* | 11768 | 238 |
| Cooper-Standard Holdings, Inc.\* | 1413 | 39 |
| Dana, Inc. | 16417 | 552 |
| Dauch Corp.\* | 8349 | 49 |
| Dorman Products, Inc.\* | 4509 | 470 |
| Garrett Motion, Inc. | 18971 | 345 |
| Gentherm, Inc.\* | 5284 | 147 |
| Goodyear Tire & Rubber (The) Co.\* | 36007 | 239 |
| LCI Industries | 4672 | 575 |
| Motorcar Parts of America, Inc.\* | 3406 | 38 |
| Patrick Industries, Inc. | 4314 | 479 |
| Phinia, Inc. | 3688 | 252 |
| Standard Motor Products, Inc. | 2839 | 99 |
| Stoneridge, Inc.<sup>\* †</sup>  | 3045 | 15 |
| Strattec Security Corp.\* | 1022 | 80 |
| Visteon Corp. | 3194 | 291 |
| XPEL, Inc.\* | 1981 | 88 |
|  |  | **3996** |
| **Automobiles – 0.0%** | **Automobiles – 0.0%** | **Automobiles – 0.0%** |
| Winnebago Industries, Inc. | 5596 | **173** |
| **Banks – 9.7%** | **Banks – 9.7%** | **Banks – 9.7%** |
| 1st Source Corp. | 3956 | 274 |
| Amalgamated Financial Corp. | 3834 | 149 |
| Ameris Bancorp | 6673 | 520 |
| AmeriServ Financial, Inc. | 2282 | 8 |
| Ames National Corp. | 1114 | 31 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Banks – 9.7%continued** | **Banks – 9.7%continued** | **Banks – 9.7%continued** |
| Arrow Financial Corp. | 3517 | $118 |
| Associated Banc-Corp | 14346 | 371 |
| Atlantic Union Bankshares Corp. | 16794 | 600 |
| Axos Financial, Inc.\* | 8465 | 720 |
| Banc of California, Inc. | 16480 | 290 |
| BancFirst Corp. | 2766 | 300 |
| Bancorp (The), Inc.\* | 5931 | 319 |
| Bank First Corp. | 2031 | 274 |
| Bank of Hawaii Corp. | 4211 | 313 |
| Bank of Marin Bancorp | 2362 | 61 |
| Bank of NT Butterfield & Son (The) Ltd. | 5513 | 289 |
| Bank of South Carolina Corp. | 4148 | 65 |
| Bank7 Corp. | 5540 | 221 |
| BankUnited, Inc. | 8091 | 365 |
| Bankwell Financial Group, Inc. | 4746 | 230 |
| Banner Corp. | 5318 | 323 |
| Bar Harbor Bankshares | 1261 | 41 |
| BCB Bancorp, Inc. | 1483 | 13 |
| Blue Ridge Bankshares, Inc. | 27046 | 114 |
| &nbsp;&nbsp; Burke & Herbert Financial Services <br> Corp.<br>| 1485 | 93 |
| Business First Bancshares, Inc. | 2001 | 54 |
| C&F Financial Corp. | 1023 | 75 |
| California BanCorp | 6396 | 113 |
| Camden National Corp. | 2484 | 118 |
| Capital City Bank Group, Inc. | 1360 | 59 |
| Capitol Federal Financial, Inc. | 15421 | 110 |
| Cathay General Bancorp | 9863 | 492 |
| CB Financial Services, Inc.<sup>†</sup>  | 263 | 9 |
| Central Pacific Financial Corp. | 3209 | 103 |
| CF Bankshares, Inc.<sup>†</sup>  | 3909 | 109 |
| Chain Bridge Bancorp, Inc., Class A<sup>\* †</sup>  | 3960 | 138 |
| Chemung Financial Corp. | 1817 | 98 |
| Citizens & Northern Corp. | 776 | 17 |
| Citizens Community Bancorp, Inc. | 1069 | 21 |
| Citizens Financial Services, Inc. | 195 | 12 |
| City Holding Co. | 2385 | 285 |
| Civista Bancshares, Inc. | 487 | 11 |
| CNB Financial Corp. | 4817 | 140 |
| Colony Bankcorp, Inc. | 920 | 18 |
| Columbia Financial, Inc.\* | 3286 | 58 |
| Community Financial System, Inc. | 5848 | 343 |
| Community Trust Bancorp, Inc. | 1803 | 109 |
| Community West Bancshares | 4951 | 115 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **130** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Banks – 9.7%continued** | **Banks – 9.7%continued** | **Banks – 9.7%continued** |
| ConnectOne Bancorp, Inc. | 2732 | $73 |
| Customers Bancorp, Inc.\* | 3512 | 244 |
| CVB Financial Corp. | 15708 | 305 |
| Dime Community Bancshares, Inc. | 4262 | 144 |
| Eastern Bankshares, Inc. | 20903 | 409 |
| Enterprise Financial Services Corp. | 3376 | 183 |
| Equity Bancshares, Inc., Class A | 2228 | 99 |
| Esquire Financial Holdings, Inc. | 826 | 89 |
| Farmers National Banc Corp. | 7107 | 94 |
| FB Financial Corp. | 4214 | 219 |
| Financial Institutions, Inc. | 2885 | 91 |
| First Bancorp | 5072 | 286 |
| First BanCorp | 19292 | 412 |
| First Bancorp (The), Inc. | 594 | 17 |
| First Busey Corp. | 10635 | 269 |
| First Business Financial Services, Inc. | 778 | 42 |
| First Commonwealth Financial Corp. | 18106 | 318 |
| First Community Bankshares, Inc. | 2060 | 86 |
| First Community Corp. | 3960 | 116 |
| First Financial Bancorp | 10148 | 283 |
| First Financial Bankshares, Inc. | 18110 | 533 |
| First Financial Corp. | 1699 | 107 |
| First Foundation, Inc.\* | 3713 | 22 |
| First Guaranty Bancshares, Inc. | 537 | 4 |
| First Internet Bancorp | 1084 | 22 |
| First Interstate BancSystem, Inc., Class A | 9055 | 302 |
| First Merchants Corp. | 12589 | 488 |
| First Mid Bancshares, Inc. | 2750 | 113 |
| First U.S. Bancshares, Inc. | 7378 | 113 |
| First United Corp. | 4874 | 179 |
| Five Star Bancorp | 1981 | 75 |
| Flushing Financial Corp. | 4309 | 66 |
| FS Bancorp, Inc. | 1544 | 60 |
| Fulton Financial Corp. | 21181 | 431 |
| German American Bancorp, Inc. | 3389 | 142 |
| Glacier Bancorp, Inc. | 13511 | 604 |
| Great Southern Bancorp, Inc. | 1091 | 69 |
| Hancock Whitney Corp. | 10400 | 661 |
| Hanmi Financial Corp. | 3182 | 84 |
| Harleysville Financial Corp. | 203 | 5 |
| Hawthorn Bancshares, Inc. | 688 | 23 |
| HBT Financial, Inc. | 2971 | 79 |
| Heritage Commerce Corp. | 5940 | 74 |
| Heritage Financial Corp. | 5159 | 134 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Banks – 9.7%continued** | **Banks – 9.7%continued** | **Banks – 9.7%continued** |
| Hilltop Holdings, Inc. | 9512 | $341 |
| Home Bancorp, Inc. | 2001 | 121 |
| Home BancShares, Inc. | 22341 | 602 |
| HomeTrust Bancshares, Inc. | 2450 | 104 |
| Hope Bancorp, Inc. | 13110 | 146 |
| Horizon Bancorp, Inc. | 5213 | 86 |
| Huntington Bancshares, Inc. | 54497 | 853 |
| Independent Bank Corp. | 1981 | 66 |
| &nbsp;&nbsp; Independent Bank Corp. (NASDAQ <br> Global Select)<br>| 7299 | 549 |
| International Bancshares Corp. | 7693 | 518 |
| Investar Holding Corp. | 6954 | 190 |
| Jeffersonville Bancorp | 514 | 14 |
| Kearny Financial Corp. | 15456 | 117 |
| Kentucky First Federal Bancorp\* | 942 | 4 |
| Lake Shore Bancorp, Inc. | 786 | 12 |
| Lakeland Financial Corp. | 3012 | 173 |
| Landmark Bancorp, Inc.<sup>†</sup>  | 1103 | 27 |
| Magyar Bancorp, Inc. | 973 | 17 |
| Mechanics Bancorp, Class A | 3020 | 45 |
| Mercantile Bank Corp. | 3648 | 184 |
| Metrocity Bankshares, Inc. | 2476 | 71 |
| Metropolitan Bank Holding Corp. | 1156 | 96 |
| Mid Penn Bancorp, Inc. | 671 | 22 |
| NASB Financial, Inc. | 725 | 28 |
| National Bank Holdings Corp., Class A | 4221 | 165 |
| National Bankshares, Inc. | 577 | 21 |
| NB Bancorp, Inc. | 4681 | 99 |
| NBT Bancorp, Inc. | 6577 | 280 |
| Nicolet Bankshares, Inc. | 2163 | 321 |
| Northeast Bank | 1428 | 160 |
| Northeast Community Bancorp, Inc. | 1716 | 41 |
| Northfield Bancorp, Inc. | 10095 | 137 |
| Northrim BanCorp, Inc. | 4287 | 98 |
| Northwest Bancshares, Inc. | 14955 | 190 |
| Norwood Financial Corp.<sup>†</sup>  | 735 | 22 |
| OceanFirst Financial Corp. | 5920 | 107 |
| OFG Bancorp | 6663 | 270 |
| Ohio Valley Banc Corp. | 1044 | 46 |
| Old Second Bancorp, Inc. | 1703 | 34 |
| Orrstown Financial Services, Inc. | 1817 | 66 |
| Park National Corp. | 1842 | 301 |
| Pathfinder Bancorp, Inc. | 1003 | 13 |
| Pathward Financial, Inc. | 2296 | 205 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **131** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Banks – 9.7%continued** | **Banks – 9.7%continued** | **Banks – 9.7%continued** |
| Patriot National Bancorp, Inc.<sup>\* †</sup>  | 87191 | $112 |
| &nbsp;&nbsp; Peoples Bancorp of North Carolina, <br> Inc.<br>| 997 | 39 |
| Peoples Bancorp, Inc. | 4131 | 136 |
| Peoples Financial Corp. | 201 | 4 |
| Peoples Financial Services Corp. | 670 | 36 |
| Preferred Bank | 2395 | 217 |
| Primis Financial Corp. | 524 | 7 |
| Provident Financial Holdings, Inc. | 1136 | 18 |
| Provident Financial Services, Inc. | 14929 | 316 |
| Renasant Corp. | 10692 | 386 |
| Republic Bancorp, Inc., Class A | 2027 | 143 |
| S&T Bancorp, Inc. | 4522 | 189 |
| Seacoast Banking Corp. of Florida | 10016 | 303 |
| ServisFirst Bancshares, Inc. | 8021 | 584 |
| Shore Bancshares, Inc. | 5591 | 104 |
| Sierra Bancorp | 641 | 22 |
| Simmons First National Corp., Class A | 11891 | 231 |
| SmartFinancial, Inc. | 1651 | 65 |
| South Plains Financial, Inc. | 1485 | 62 |
| Southern First Bancshares, Inc.\* | 2852 | 155 |
| Southern Missouri Bancorp, Inc. | 461 | 29 |
| Southside Bancshares, Inc. | 3144 | 98 |
| Stellar Bancorp, Inc. | 5825 | 213 |
| Stock Yards Bancorp, Inc. | 3906 | 259 |
| Texas Capital Bancshares, Inc.\* | 5497 | 522 |
| Third Coast Bancshares, Inc.\* | 2805 | 106 |
| Timberland Bancorp, Inc.<sup>†</sup>  | 1171 | 46 |
| Tompkins Financial Corp. | 1531 | 121 |
| Towne Bank | 8061 | 271 |
| TriCo Bancshares | 3154 | 150 |
| TrustCo Bank Corp. NY | 1629 | 71 |
| Trustmark Corp. | 7925 | 334 |
| UMB Financial Corp. | 7597 | 857 |
| Union Bankshares, Inc. | 4208 | 102 |
| United Bancorp, Inc.<sup>†</sup>  | 1060 | 16 |
| United Bankshares, Inc. | 15681 | 650 |
| United Community Banks, Inc. | 14180 | 447 |
| Unity Bancorp, Inc. | 1518 | 79 |
| Univest Financial Corp. | 3472 | 119 |
| Virginia National Bankshares Corp. | 105 | 4 |
| WaFd, Inc. | 7140 | 224 |
| Washington Trust Bancorp, Inc. | 2721 | 91 |
| WesBanco, Inc. | 14359 | 495 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Banks – 9.7%continued** | **Banks – 9.7%continued** | **Banks – 9.7%continued** |
| West BanCorp, Inc. | 803 | $19 |
| Westamerica BanCorp | 3800 | 198 |
| Western New England Bancorp, Inc. | 5564 | 72 |
| WSFS Financial Corp. | 10692 | 700 |
|  |  | **33262** |
| **Beverages – 0.3%** | **Beverages – 0.3%** | **Beverages – 0.3%** |
| Boston Beer (The) Co., Inc., Class A\* | 1001 | 230 |
| MGP Ingredients, Inc. | 2122 | 39 |
| National Beverage Corp.\* | 9949 | 335 |
| Vita Coco (The) Co., Inc.\* | 6007 | 288 |
|  |  | **892** |
| **Biotechnology – 7.4%** | **Biotechnology – 7.4%** | **Biotechnology – 7.4%** |
| 4D Molecular Therapeutics, Inc.\* | 6122 | 57 |
| Abeona Therapeutics, Inc.<sup>\* †</sup>  | 15510 | 69 |
| ACADIA Pharmaceuticals, Inc.\* | 13004 | 289 |
| Achieve Life Sciences, Inc.<sup>\* †</sup>  | 25354 | 75 |
| Actuate Therapeutics, Inc.<sup>\* †</sup>  | 13364 | 37 |
| Acumen Pharmaceuticals, Inc.\* | 903 | 2 |
| ADMA Biologics, Inc.\* | 27360 | 247 |
| Agenus, Inc.<sup>\* †</sup>  | 6007 | 20 |
| Agios Pharmaceuticals, Inc.\* | 3307 | 112 |
| Alector, Inc.\* | 10687 | 23 |
| Alkermes PLC\* | 17971 | 635 |
| Allogene Therapeutics, Inc.\* | 18568 | 45 |
| Altimmune, Inc.\* | 8025 | 25 |
| ALX Oncology Holdings, Inc.<sup>\* †</sup>  | 17558 | 35 |
| Amicus Therapeutics, Inc.\* | 44214 | 639 |
| AnaptysBio, Inc.\* | 7266 | 403 |
| Anavex Life Sciences Corp.<sup>\* †</sup>  | 15081 | 46 |
| Anika Therapeutics, Inc.\* | 3345 | 49 |
| Annexon, Inc.\* | 4427 | 25 |
| Annovis Bio, Inc.<sup>\* †</sup>  | 24514 | 55 |
| Apellis Pharmaceuticals, Inc.<sup>\* †</sup>  | 11347 | 457 |
| Aravive, Inc.<sup>(1) \*</sup>  | 8839 |  |
| Arbutus Biopharma Corp.\* | 5236 | 24 |
| Arcellx, Inc.\* | 6510 | 747 |
| Arcturus Therapeutics Holdings, Inc.<sup>\* †</sup>  | 5679 | 44 |
| Arcus Biosciences, Inc.\* | 10542 | 228 |
| Arcutis Biotherapeutics, Inc.\* | 12209 | 288 |
| Ardelyx, Inc.\* | 4404 | 26 |
| ArriVent Biopharma, Inc.<sup>\* †</sup>  | 4307 | 99 |
| Arrowhead Pharmaceuticals, Inc.\* | 12822 | 804 |
| ARS Pharmaceuticals, Inc.<sup>\* †</sup>  | 9262 | 74 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **132** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Biotechnology – 7.4%continued** | **Biotechnology – 7.4%continued** | **Biotechnology – 7.4%continued** |
| Assembly Biosciences, Inc.<sup>\* †</sup>  | 4966 | $138 |
| Aura Biosciences, Inc.\* | 15279 | 102 |
| Aurinia Pharmaceuticals, Inc.\* | 13624 | 202 |
| Avita Medical, Inc.<sup>\* †</sup>  | 11221 | 42 |
| Beyondspring, Inc.<sup>\* †</sup>  | 5429 | 9 |
| BioCryst Pharmaceuticals, Inc.\* | 29678 | 283 |
| Biomea Fusion, Inc.<sup>\* †</sup>  | 21888 | 34 |
| BioNTech S.E. ADR\* | 1108 | 98 |
| C4 Therapeutics, Inc.\* | 4640 | 12 |
| Cabaletta Bio, Inc.<sup>\* †</sup>  | 9306 | 25 |
| Capricor Therapeutics, Inc.<sup>\* †</sup>  | 14445 | 439 |
| CareDx, Inc.\* | 5282 | 92 |
| Caribou Biosciences, Inc.\* | 11187 | 21 |
| Cartesian Therapeutics, Inc.<sup>\* †</sup>  | 3413 | 21 |
| Catalyst Pharmaceuticals, Inc.\* | 23457 | 581 |
| Celcuity, Inc.\* | 11361 | 1297 |
| Celldex Therapeutics, Inc.\* | 6218 | 197 |
| CervoMed, Inc.\* | 3978 | 16 |
| Cibus, Inc.<sup>(2) \* †</sup>  | 1 |  |
| Climb Bio, Inc.\* | 10016 | 69 |
| Cogent Biosciences, Inc.\* | 8654 | 333 |
| Coherus Oncology, Inc.<sup>\* †</sup>  | 10225 | 17 |
| Corbus Pharmaceuticals Holdings, Inc.\* | 1777 | 17 |
| CRISPR Therapeutics A.G.<sup>\* †</sup>  | 8081 | 384 |
| Cullinan Therapeutics, Inc.\* | 7460 | 106 |
| Cytokinetics, Inc.\* | 10602 | 699 |
| CytomX Therapeutics, Inc.\* | 39765 | 187 |
| Day One Biopharmaceuticals, Inc.\* | 4490 | 96 |
| Denali Therapeutics, Inc.\* | 13528 | 260 |
| Design Therapeutics, Inc.\* | 16422 | 175 |
| DiaMedica Therapeutics, Inc.<sup>\* †</sup>  | 13716 | 93 |
| Dianthus Therapeutics, Inc.\* | 3007 | 252 |
| Disc Medicine, Inc.\* | 1522 | 97 |
| Dyne Therapeutics, Inc.\* | 10542 | 191 |
| Editas Medicine, Inc.\* | 5829 | 14 |
| Elicio Therapeutics, Inc.<sup>\* †</sup>  | 10496 | 112 |
| Emergent BioSolutions, Inc.<sup>\* †</sup>  | 6856 | 57 |
| Enanta Pharmaceuticals, Inc.\* | 9791 | 124 |
| Engene Holdings, Inc.<sup>\* †</sup>  | 8938 | 61 |
| Entrada Therapeutics, Inc.\* | 9782 | 123 |
| Foghorn Therapeutics, Inc.\* | 6941 | 33 |
| Fortress Biotech, Inc.<sup>\* †</sup>  | 51264 | 143 |
| Galectin Therapeutics, Inc.<sup>\* †</sup>  | 5380 | 15 |
| Genelux Corp.<sup>\* †</sup>  | 25185 | 61 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Biotechnology – 7.4%continued** | **Biotechnology – 7.4%continued** | **Biotechnology – 7.4%continued** |
| Geron Corp.\* | 17637 | $26 |
| Greenwich Lifesciences, Inc.<sup>\* †</sup>  | 4713 | 113 |
| Gyre Therapeutics, Inc.<sup>\* †</sup>  | 6906 | 48 |
| Immatics N.V.<sup>\* †</sup>  | 6621 | 65 |
| Immix Biopharma, Inc.<sup>\* †</sup>  | 15008 | 137 |
| ImmuCell Corp.<sup>\* †</sup>  | 2005 | 13 |
| Immunome, Inc.\* | 8323 | 182 |
| Inhibrx Biosciences, Inc.<sup>\* †</sup>  | 6623 | 445 |
| Inmune Bio, Inc.<sup>\* †</sup>  | 11549 | 13 |
| Inovio Pharmaceuticals, Inc.<sup>\* †</sup>  | 47318 | 82 |
| Ironwood Pharmaceuticals, Inc.\* | 28386 | 100 |
| Jasper Therapeutics, Inc.<sup>\* †</sup>  | 3638 | 3 |
| KalVista Pharmaceuticals, Inc.<sup>\* †</sup>  | 11984 | 241 |
| Keros Therapeutics, Inc.\* | 1725 | 19 |
| Kodiak Sciences, Inc.\* | 24242 | 924 |
| Korro Bio, Inc.<sup>\* †</sup>  | 2194 | 25 |
| Krystal Biotech, Inc.\* | 1869 | 483 |
| Kura Oncology, Inc.\* | 12044 | 98 |
| Larimar Therapeutics, Inc.\* | 375 | 2 |
| Lexeo Therapeutics, Inc.\* | 4725 | 27 |
| MacroGenics, Inc.\* | 6690 | 19 |
| MannKind Corp.\* | 25984 | 64 |
| MDxHealth S.A.\* | 57475 | 132 |
| MediciNova, Inc.\* | 13894 | 19 |
| MeiraGTx Holdings PLC\* | 8992 | 78 |
| Merrimack Pharmaceuticals, Inc.<sup>(1) \* †</sup>  | 7504 |  |
| MiMedx Group, Inc.\* | 9449 | 37 |
| Mineralys Therapeutics, Inc.\* | 6249 | 169 |
| Mirum Pharmaceuticals, Inc.\* | 8773 | 810 |
| Monte Rosa Therapeutics, Inc.\* | 8333 | 137 |
| Neurogene, Inc.<sup>\* †</sup>  | 2439 | 49 |
| Nkarta, Inc.\* | 16775 | 35 |
| Novavax, Inc.\* | 14015 | 114 |
| Nurix Therapeutics, Inc.\* | 4063 | 63 |
| Olema Pharmaceuticals, Inc.\* | 13567 | 202 |
| Organogenesis Holdings, Inc.\* | 5778 | 14 |
| ORIC Pharmaceuticals, Inc.\* | 14890 | 189 |
| PDL BioPharma, Inc.<sup>(1) \*</sup>  | 24608 | 7 |
| PepGen, Inc.<sup>\* †</sup>  | 4891 | 9 |
| Perspective Therapeutics, Inc.\* | 6514 | 27 |
| PMV Pharmaceuticals, Inc.<sup>\* †</sup>  | 6605 | 8 |
| Praxis Precision Medicines, Inc.\* | 2664 | 858 |
| Precigen, Inc.\* | 63033 | 244 |
| Precision BioSciences, Inc.\* | 7395 | 41 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **133** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Biotechnology – 7.4%continued** | **Biotechnology – 7.4%continued** | **Biotechnology – 7.4%continued** |
| Prime Medicine, Inc.<sup>\* †</sup>  | 11943 | $42 |
| ProKidney Corp.\* | 5668 | 10 |
| ProQR Therapeutics N.V.\* | 4690 | 8 |
| Protagonist Therapeutics, Inc.\* | 3747 | 395 |
| Protalix BioTherapeutics, Inc.<sup>\* †</sup>  | 503 | 1 |
| Prothena Corp. PLC\* | 3817 | 37 |
| PTC Therapeutics, Inc.\* | 7322 | 499 |
| REGENXBIO, Inc.\* | 10274 | 86 |
| Relay Therapeutics, Inc.\* | 10642 | 106 |
| Replimune Group, Inc.\* | 11401 | 87 |
| Rezolute, Inc.\* | 22558 | 69 |
| Rhythm Pharmaceuticals, Inc.\* | 5675 | 494 |
| Sana Biotechnology, Inc.\* | 35772 | 103 |
| Savara, Inc.\* | 5082 | 28 |
| Scholar Rock Holding Corp.\* | 14836 | 729 |
| Sera Prognostics, Inc., Class A<sup>\* †</sup>  | 10320 | 21 |
| Shattuck Labs, Inc.\* | 3786 | 24 |
| Solid Biosciences, Inc.\* | 372 | 3 |
| Spero Therapeutics, Inc.<sup>\* †</sup>  | 6106 | 14 |
| Spyre Therapeutics, Inc.\* | 2928 | 148 |
| Stoke Therapeutics, Inc.\* | 8839 | 288 |
| Sutro Biopharma, Inc.<sup>\* †</sup>  | 252 | 6 |
| Tango Therapeutics, Inc.\* | 7773 | 163 |
| TG Therapeutics, Inc.\* | 12504 | 415 |
| Travere Therapeutics, Inc.\* | 6752 | 201 |
| Tyra Biosciences, Inc.\* | 4389 | 168 |
| Ultragenyx Pharmaceutical, Inc.\* | 8676 | 182 |
| UroGen Pharma Ltd.\* | 11530 | 207 |
| Vanda Pharmaceuticals, Inc.\* | 6975 | 48 |
| Vaxcyte, Inc.\* | 7561 | 439 |
| Veracyte, Inc.\* | 8111 | 261 |
| Vericel Corp.\* | 5450 | 175 |
| Voyager Therapeutics, Inc.\* | 7342 | 28 |
| vTv Therapeutics, Inc., Class A<sup>\* †</sup>  | 3926 | 156 |
| XBiotech, Inc.<sup>\* †</sup>  | 5012 | 12 |
| Xencor, Inc.\* | 3623 | 44 |
| XOMA Royalty Corp.<sup>\* †</sup>  | 6265 | 197 |
| Zymeworks, Inc.\* | 4671 | 117 |
|  |  | **25389** |
| **Broadline Retail – 0.0%** | **Broadline Retail – 0.0%** | **Broadline Retail – 0.0%** |
| Savers Value Village, Inc.\* | 14922 | **111** |
| **Building Products – 1.6%** | **Building Products – 1.6%** | **Building Products – 1.6%** |
| American Woodmark Corp.\* | 1897 | 76 |
| Apogee Enterprises, Inc. | 4148 | 139 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Building Products – 1.6%continued** | **Building Products – 1.6%continued** | **Building Products – 1.6%continued** |
| AZZ, Inc. | 2810 | $352 |
| CSW Industrials, Inc. | 1723 | 449 |
| Gibraltar Industries, Inc.\* | 4595 | 183 |
| Griffon Corp. | 6640 | 483 |
| Insteel Industries, Inc. | 5006 | 168 |
| JELD-WEN Holding, Inc.\* | 8379 | 10 |
| Modine Manufacturing Co.\* | 5414 | 1173 |
| Quanex Building Products Corp. | 3962 | 71 |
| Resideo Technologies, Inc.\* | 16145 | 544 |
| Tecnoglass, Inc. | 4718 | 210 |
| UFP Industries, Inc. | 8243 | 759 |
| Zurn Elkay Water Solutions Corp. | 17093 | 767 |
|  |  | **5384** |
| **Capital Markets – 1.8%** | **Capital Markets – 1.8%** | **Capital Markets – 1.8%** |
| Acadian Asset Management, Inc. | 3376 | 184 |
| &nbsp;&nbsp; Artisan Partners Asset Management, <br> Inc., Class A<br>| 5642 | 205 |
| Associated Capital Group, Inc., Class A | 1713 | 67 |
| BGC Group, Inc., Class A | 32393 | 317 |
| BRC Group Holdings, Inc.<sup>\* †</sup>  | 1907 | 14 |
| Capital Southwest Corp.<sup>†</sup>  | 5154 | 114 |
| Cohen & Steers, Inc. | 3323 | 208 |
| Coincheck Group N.V.<sup>\* †</sup>  | 17765 | 26 |
| Diamond Hill Investment Group, Inc. | 848 | 146 |
| DigitalBridge Group, Inc. | 18197 | 281 |
| Etoro Group Ltd., Class A\* | 7952 | 239 |
| GAMCO Investors, Inc., Class A | 5044 | 121 |
| Miami International Holdings, Inc.\* | 7952 | 310 |
| Moelis & Co., Class A | 7186 | 410 |
| Morgan Stanley Direct Lending Fund<sup>†</sup>  | 8413 | 117 |
| Oaktree Specialty Lending Corp. | 8350 | 94 |
| Patria Investments Ltd., Class A<sup>†</sup>  | 12891 | 162 |
| Piper Sandler Cos. | 9848 | 754 |
| PJT Partners, Inc., Class A | 2687 | 375 |
| Siebert Financial Corp.<sup>\* †</sup>  | 5033 | 10 |
| StepStone Group, Inc., Class A | 5689 | 271 |
| StoneX Group, Inc.\* | 8802 | 710 |
| Victory Capital Holdings, Inc., Class A | 7862 | 515 |
| Virtu Financial, Inc., Class A | 7952 | 350 |
| Virtus Investment Partners, Inc. | 756 | 102 |
| Westwood Holdings Group, Inc. | 1626 | 27 |
| WisdomTree, Inc.<sup>†</sup>  | 10881 | 158 |
|  |  | **6287** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **134** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Chemicals – 2.0%** | **Chemicals – 2.0%** | **Chemicals – 2.0%** |
| AdvanSix, Inc. | 3105 | $76 |
| Alto Ingredients, Inc.<sup>\* †</sup>  | 7346 | 36 |
| American Vanguard Corp.\* | 2973 | 7 |
| Arq, Inc.\* | 713 | 2 |
| Ascent Industries Co.\* | 108 | 1 |
| Ashland, Inc. | 4234 | 235 |
| Aspen Aerogels, Inc.\* | 3403 | 12 |
| Avient Corp. | 10393 | 377 |
| Balchem Corp. | 4039 | 684 |
| Cabot Corp. | 7133 | 537 |
| Chemours (The) Co. | 14211 | 313 |
| H.B. Fuller Co. | 8084 | 499 |
| Hawkins, Inc. | 5159 | 792 |
| Huntsman Corp. | 16345 | 218 |
| Ingevity Corp.\* | 5195 | 370 |
| Innospec, Inc. | 3025 | 221 |
| Intrepid Potash, Inc.\* | 622 | 27 |
| Koppers Holdings, Inc. | 5418 | 210 |
| Kronos Worldwide, Inc. | 3449 | 23 |
| LSB Industries, Inc.<sup>\* †</sup>  | 4244 | 63 |
| Mativ Holdings, Inc. | 9737 | 85 |
| Minerals Technologies, Inc. | 4804 | 341 |
| Olin Corp. | 10576 | 314 |
| Orion S.A. | 5360 | 35 |
| Perimeter Solutions, Inc.\* | 13703 | 335 |
| Quaker Chemical Corp. | 2571 | 319 |
| Sensient Technologies Corp. | 5616 | 485 |
| Stepan Co. | 3101 | 155 |
| Tronox Holdings PLC | 13443 | 131 |
|  |  | **6903** |
| **Commercial Services & Supplies – 1.3%** | **Commercial Services & Supplies – 1.3%** | **Commercial Services & Supplies – 1.3%** |
| ABM Industries, Inc. | 8349 | 322 |
| ACCO Brands Corp. | 13528 | 41 |
| ACV Auctions, Inc., Class A\* | 14303 | 61 |
| Brink's (The) Co. | 6083 | 630 |
| Casella Waste Systems, Inc., Class A\* | 5483 | 435 |
| Cimpress PLC\* | 3346 | 244 |
| Civeo Corp.\* | 239 | 6 |
| CompX International, Inc. | 1898 | 44 |
| CoreCivic, Inc.\* | 13793 | 261 |
| Deluxe Corp. | 5673 | 156 |
| Ennis, Inc. | 4082 | 87 |
| GEO Group (The), Inc.\* | 13511 | 227 |
| HNI Corp. | 8641 | 288 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Commercial Services & Supplies – 1.3%continued** | **Commercial Services & Supplies – 1.3%continued** | **Commercial Services & Supplies – 1.3%continued** |
| Interface, Inc. | 5851 | $146 |
| Liquidity Services, Inc.\* | 3191 | 98 |
| MillerKnoll, Inc. | 10629 | 154 |
| NL Industries, Inc. | 5510 | 32 |
| Odyssey Marine Exploration, Inc.<sup>(2) \*</sup>  | 377 |  |
| OPENLANE, Inc.\* | 16350 | 477 |
| Perma-Fix Environmental Services, Inc.\* | 1043 | 11 |
| Pitney Bowes, Inc.<sup>†</sup>  | 18620 | 206 |
| Quad/Graphics, Inc. | 1820 | 12 |
| UniFirst Corp. | 1895 | 477 |
| Virco Mfg. Corp.<sup>†</sup>  | 2997 | 18 |
|  |  | **4433** |
| **Communications Equipment – 1.2%** | **Communications Equipment – 1.2%** | **Communications Equipment – 1.2%** |
| ADTRAN Holdings, Inc.\* | 6024 | 76 |
| Applied Optoelectronics, Inc.\* | 5301 | 449 |
| Aviat Networks, Inc.\* | 1948 | 44 |
| BK Technologies Corp.<sup>\* †</sup>  | 271 | 20 |
| Calix, Inc.\* | 5805 | 284 |
| Clearfield, Inc.\* | 3167 | 84 |
| Comtech Telecommunications Corp.\* | 2995 | 10 |
| Digi International, Inc.\* | 6862 | 331 |
| Extreme Networks, Inc.\* | 13074 | 197 |
| Gilat Satellite Networks Ltd.<sup>\* †</sup>  | 7676 | 115 |
| Harmonic, Inc.\* | 12238 | 110 |
| Ituran Location and Control Ltd. | 2654 | 130 |
| KVH Industries, Inc.\* | 5262 | 47 |
| NETGEAR, Inc.\* | 3882 | 85 |
| NetScout Systems, Inc.\* | 9323 | 296 |
| Ribbon Communications, Inc.\* | 3698 | 8 |
| Viasat, Inc.\* | 12123 | 555 |
| Viavi Solutions, Inc.\* | 24650 | 820 |
| Vistance Networks, Inc.\* | 22771 | 415 |
|  |  | **4076** |
| **Construction & Engineering – 3.0%** | **Construction & Engineering – 3.0%** | **Construction & Engineering – 3.0%** |
| Arcosa, Inc. | 6981 | 741 |
| Argan, Inc. | 2316 | 1261 |
| Centuri Holdings, Inc.\* | 8253 | 241 |
| Construction Partners, Inc., Class A\* | 4956 | 551 |
| Dycom Industries, Inc.\* | 3731 | 1264 |
| Fluor Corp.\* | 17739 | 828 |
| Granite Construction, Inc. | 6971 | 836 |
| Great Lakes Dredge & Dock Corp.\* | 5355 | 91 |
| IES Holdings, Inc.\* | 1067 | 508 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **135** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Construction & Engineering – 3.0%continued** | **Construction & Engineering – 3.0%continued** | **Construction & Engineering – 3.0%continued** |
| Limbach Holdings, Inc.\* | 1066 | $83 |
| Matrix Service Co.\* | 6993 | 80 |
| MYR Group, Inc.\* | 2008 | 567 |
| NWPX Infrastructure, Inc.\* | 3363 | 262 |
| Orion Group Holdings, Inc.\* | 1996 | 22 |
| Primoris Services Corp. | 3800 | 544 |
| Sterling Infrastructure, Inc.\* | 5026 | 2047 |
| Tutor Perini Corp. | 3525 | 272 |
|  |  | **10198** |
| **Construction Materials – 0.4%** | **Construction Materials – 0.4%** | **Construction Materials – 0.4%** |
| Knife River Corp.\* | 5772 | 471 |
| Titan America S.A.\* | 16566 | 248 |
| United States Lime & Minerals, Inc. | 4238 | 554 |
|  |  | **1273** |
| **Consumer Finance – 1.2%** | **Consumer Finance – 1.2%** | **Consumer Finance – 1.2%** |
| &nbsp;&nbsp; Antalpha Platform Holding Co., <br> Class A\*<br>| 8173 | 61 |
| Atlanticus Holdings Corp.\* | 863 | 45 |
| Bread Financial Holdings, Inc. | 5434 | 407 |
| Dave, Inc.\* | 1229 | 214 |
| Encore Capital Group, Inc.\* | 4334 | 304 |
| Enova International, Inc.\* | 3111 | 423 |
| EZCORP, Inc., Class A\* | 4703 | 119 |
| FirstCash Holdings, Inc. | 5258 | 988 |
| Green Dot Corp., Class A\* | 7218 | 81 |
| LendingClub Corp.\* | 8000 | 115 |
| Medallion Financial Corp. | 836 | 7 |
| Navient Corp. | 21337 | 174 |
| Nelnet, Inc., Class A | 4317 | 557 |
| PRA Group, Inc.\* | 6548 | 115 |
| PROG Holdings, Inc. | 9141 | 262 |
| Upstart Holdings, Inc.<sup>\* †</sup>  | 8250 | 212 |
| World Acceptance Corp.\* | 1119 | 151 |
|  |  | **4235** |
| **Consumer Staples Distribution & Retail – 0.5%** | **Consumer Staples Distribution & Retail – 0.5%** | **Consumer Staples Distribution & Retail – 0.5%** |
| Andersons (The), Inc. | 2570 | 185 |
| Chefs' Warehouse (The), Inc.\* | 2037 | 121 |
| Grocery Outlet Holding Corp.\* | 9579 | 68 |
| Ingles Markets, Inc., Class A | 3535 | 318 |
| &nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br> Inc.<br>| 1175 | 30 |
| PriceSmart, Inc. | 2647 | 398 |
| United Natural Foods, Inc.\* | 5447 | 246 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Consumer Staples Distribution & Retail – 0.5%continued** | **Consumer Staples Distribution & Retail – 0.5%continued** | **Consumer Staples Distribution & Retail – 0.5%continued** |
| Village Super Market, Inc., Class A | 1212 | $51 |
| Weis Markets, Inc. | 2988 | 204 |
|  |  | **1621** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| Ardagh Metal Packaging S.A. | 60597 | 246 |
| Greif, Inc., Class A | 3111 | 209 |
| Myers Industries, Inc. | 4444 | 94 |
| O-I Glass, Inc.\* | 14873 | 156 |
| TriMas Corp. | 6070 | 218 |
|  |  | **923** |
| **Distributors – 0.1%** | **Distributors – 0.1%** | **Distributors – 0.1%** |
| Gold.com, Inc. | 6252 | 250 |
| Weyco Group, Inc. | 2708 | 87 |
|  |  | **337** |
| **Diversified Consumer Services – 1.3%** | **Diversified Consumer Services – 1.3%** | **Diversified Consumer Services – 1.3%** |
| Afya Ltd., Class A | 8528 | 127 |
| American Public Education, Inc.\* | 3700 | 210 |
| Coursera, Inc.\* | 15279 | 89 |
| Covista, Inc.\* | 8104 | 934 |
| Driven Brands Holdings, Inc.\* | 16112 | 203 |
| Frontdoor, Inc.\* | 7054 | 373 |
| Graham Holdings Co., Class B | 580 | 613 |
| Laureate Education, Inc.\* | 13335 | 465 |
| Matthews International Corp., Class A | 4693 | 121 |
| Mister Car Wash, Inc.\* | 30715 | 214 |
| OneSpaWorld Holdings Ltd. | 9664 | 222 |
| Perdoceo Education Corp. | 6411 | 239 |
| Strategic Education, Inc. | 2786 | 231 |
| Stride, Inc.\* | 4247 | 374 |
| Udemy, Inc.<sup>\* †</sup>  | 13325 | 62 |
| Universal Technical Institute, Inc.\* | 2163 | 78 |
| WW International, Inc.<sup>(2) \*</sup>  | 1 |  |
|  |  | **4555** |
| **Diversified Real Estate Investment Trusts – 0.4%** | **Diversified Real Estate Investment Trusts – 0.4%** | **Diversified Real Estate Investment Trusts – 0.4%** |
| AH Realty Trust, Inc. | 3851 | 21 |
| American Assets Trust, Inc. | 5603 | 103 |
| Broadstone Net Lease, Inc. | 15462 | 283 |
| CTO Realty Growth, Inc. | 7520 | 139 |
| Essential Properties Realty Trust, Inc. | 19322 | 587 |
| Gladstone Commercial Corp. | 3614 | 41 |
| Global Net Lease, Inc. | 19004 | 178 |
|  |  | **1352** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **136** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** |
| Anterix, Inc.\* | 5005 | $191 |
| ATN International, Inc. | 1524 | 42 |
| Bandwidth, Inc., Class A\* | 1950 | 35 |
| Globalstar, Inc.\* | 10904 | 724 |
| IDT Corp., Class B | 3373 | 166 |
| IHS Holding Ltd.\* | 31694 | 261 |
| Iridium Communications, Inc. | 13405 | 372 |
| Liberty Latin America Ltd., Class C\* | 10702 | 94 |
| LICT Corp.\* | 6 | 72 |
| Shenandoah Telecommunications Co. | 5857 | 90 |
|  |  | **2047** |
| **Electric Utilities – 0.7%** | **Electric Utilities – 0.7%** | **Electric Utilities – 0.7%** |
| Hawaiian Electric Industries, Inc.\* | 16162 | 240 |
| MGE Energy, Inc. | 5410 | 418 |
| Otter Tail Corp. | 6587 | 578 |
| Portland General Electric Co. | 12706 | 671 |
| TXNM Energy, Inc. (New York Stock <br> Exchange)<br>| 9201 | 538 |
|  |  | **2445** |
| **Electrical Equipment – 2.9%** | **Electrical Equipment – 2.9%** | **Electrical Equipment – 2.9%** |
| Allient, Inc. | 2723 | 161 |
| American Superconductor Corp.\* | 478 | 16 |
| Array Technologies, Inc.\* | 17068 | 123 |
| Atkore, Inc. | 5682 | 335 |
| Babcock & Wilcox Enterprises, Inc.\* | 5222 | 77 |
| Bloom Energy Corp., Class A\* | 24779 | 3357 |
| EnerSys | 5284 | 918 |
| LSI Industries, Inc. | 3139 | 58 |
| Nextpower, Inc., Class A\* | 14581 | 1758 |
| Orion Energy Systems, Inc.<sup>\* †</sup>  | 296 | 3 |
| Plug Power, Inc.<sup>\* †</sup>  | 67728 | 153 |
| Powell Industries, Inc. | 2694 | 1458 |
| Power Solutions International, Inc.<sup>\* †</sup>  | 2337 | 142 |
| Preformed Line Products Co. | 1196 | 324 |
| &nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 19044 | 125 |
| Sunrun, Inc.\* | 19216 | 260 |
| Thermon Group Holdings, Inc.\* | 2161 | 109 |
| TPI Composites, Inc.<sup>(2) \*</sup>  | 4933 |  |
| Ultralife Corp.\* | 1955 | 13 |
| Vicor Corp.\* | 3757 | 605 |
|  |  | **9995** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Electronic Equipment, Instruments & Components – 4.5%** | **Electronic Equipment, Instruments & Components – 4.5%** | **Electronic Equipment, Instruments & Components – 4.5%** |
| 908 Devices, Inc.\* | 11347 | $70 |
| Advanced Energy Industries, Inc. | 4420 | 1426 |
| Arlo Technologies, Inc.\* | 7617 | 108 |
| Badger Meter, Inc. | 3502 | 534 |
| Bel Fuse, Inc., Class B | 3356 | 664 |
| Belden, Inc. | 4566 | 524 |
| Benchmark Electronics, Inc. | 5937 | 333 |
| Climb Global Solutions, Inc. | 14140 | 280 |
| CTS Corp. | 3377 | 161 |
| Daktronics, Inc.\* | 5258 | 103 |
| ePlus, Inc. | 6666 | 502 |
| Fabrinet\* | 5149 | 2685 |
| Frequency Electronics, Inc.\* | 4347 | 192 |
| Identiv, Inc.\* | 260 | 1 |
| Insight Enterprises, Inc.\* | 5907 | 396 |
| Itron, Inc.\* | 5427 | 486 |
| Kimball Electronics, Inc.\* | 3336 | 79 |
| Knowles Corp.\* | 9174 | 236 |
| Methode Electronics, Inc.<sup>(3)</sup>  | 5279 | 29 |
| Mirion Technologies, Inc.\* | 21728 | 404 |
| M-Tron Industries, Inc.<sup>\* †</sup>  | 2310 | 154 |
| Napco Security Technologies, Inc. | 3376 | 133 |
| nLight, Inc.\* | 7862 | 448 |
| Novanta, Inc.\* | 4529 | 535 |
| OSI Systems, Inc.\* | 3336 | 886 |
| PC Connection, Inc. | 4221 | 247 |
| Plexus Corp.\* | 3827 | 775 |
| Powerfleet, Inc. NJ\* | 1546 | 5 |
| Rogers Corp.\* | 2223 | 239 |
| Sanmina Corp.\* | 8263 | 1071 |
| ScanSource, Inc.\* | 2982 | 108 |
| SmartRent, Inc.\* | 75402 | 113 |
| TTM Technologies, Inc.\* | 10470 | 1020 |
| Unusual Machines, Inc.<sup>\* †</sup>  | 6341 | 79 |
| Vishay Intertechnology, Inc. | 13272 | 239 |
| Vishay Precision Group, Inc.\* | 3721 | 162 |
|  |  | **15427** |
| **Energy Equipment & Services – 2.4%** | **Energy Equipment & Services – 2.4%** | **Energy Equipment & Services – 2.4%** |
| Archrock, Inc. | 16771 | 584 |
| Atlas Energy Solutions, Inc.<sup>†</sup>  | 11725 | 154 |
| Bristow Group, Inc. | 4403 | 206 |
| Cactus, Inc., Class A | 6895 | 327 |
| DMC Global, Inc.\* | 3635 | 19 |
| Expro Group Holdings N.V.\* | 11350 | 198 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **137** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Energy Equipment & Services – 2.4%continued** | **Energy Equipment & Services – 2.4%continued** | **Energy Equipment & Services – 2.4%continued** |
| Forum Energy Technologies, Inc.\* | 416 | $24 |
| Geospace Technologies Corp.\* | 4131 | 50 |
| Helix Energy Solutions Group, Inc.\* | 23683 | 234 |
| Helmerich & Payne, Inc. | 11082 | 399 |
| Innovex International, Inc.\* | 4098 | 100 |
| KLX Energy Services Holdings, Inc.\* | 590 | 2 |
| Kodiak Gas Services, Inc. | 9535 | 556 |
| Liberty Energy, Inc. | 16244 | 468 |
| Mammoth Energy Services, Inc.\* | 1811 | 4 |
| Nabors Industries Ltd.\* | 1144 | 98 |
| Natural Gas Services Group, Inc. | 2432 | 92 |
| Next Bridge Hydrocarbons, Inc.<sup>(1) (4) \*</sup>  | 2700 |  |
| Noble Corp. PLC | 17536 | 860 |
| Oceaneering International, Inc.\* | 11407 | 405 |
| Oil States International, Inc.\* | 4003 | 47 |
| Patterson-UTI Energy, Inc. | 39807 | 431 |
| ProFrac Holding Corp., Class A\* | 15099 | 94 |
| ProPetro Holding Corp.\* | 6877 | 99 |
| RPC, Inc. | 26631 | 189 |
| SEACOR Marine Holdings, Inc.<sup>\* †</sup>  | 6954 | 50 |
| Seadrill Ltd.\* | 9764 | 444 |
| Solaris Energy Infrastructure, Inc. | 3439 | 194 |
| TETRA Technologies, Inc.\* | 7887 | 67 |
| Tidewater, Inc.\* | 5987 | 500 |
| Transocean Ltd.<sup>\* †</sup>  | 100491 | 666 |
| Valaris Ltd.\* | 6901 | 677 |
|  |  | **8238** |
| **Entertainment – 0.6%** | **Entertainment – 0.6%** | **Entertainment – 0.6%** |
| Atlanta Braves Holdings, Inc., Class C\* | 13196 | 563 |
| Cinemark Holdings, Inc. | 10470 | 299 |
| CuriosityStream, Inc. | 18830 | 56 |
| IMAX Corp.\* | 4326 | 164 |
| &nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp.\*<br>| 2779 | 164 |
| Manchester United PLC, Class A\* | 16818 | 283 |
| Marcus (The) Corp. | 3379 | 58 |
| Playtika Holding Corp. | 24688 | 69 |
| Sphere Entertainment Co.\* | 2743 | 322 |
|  |  | **1978** |
| **Financial Services – 2.1%** | **Financial Services – 2.1%** | **Financial Services – 2.1%** |
| Acacia Research Corp.\* | 4829 | 23 |
| &nbsp;&nbsp; Banco Latinoamericano de Comercio <br> Exterior S.A., Class E<br>| 5728 | 293 |
| Cannae Holdings, Inc. | 8988 | 102 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Financial Services – 2.1%continued** | **Financial Services – 2.1%continued** | **Financial Services – 2.1%continued** |
| Cass Information Systems, Inc. | 1408 | $62 |
| Enact Holdings, Inc. | 14253 | 582 |
| Essent Group Ltd. | 12527 | 732 |
| EVERTEC, Inc. | 7170 | 202 |
| &nbsp;&nbsp; Federal Agricultural Mortgage Corp., <br> Class C<br>| 812 | 120 |
| Flywire Corp.\* | 9830 | 114 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<sup>†</sup> <br>| 8008 | 294 |
| Jackson Financial, Inc., Class A | 7484 | 791 |
| Lesaka Technologies, Inc.<sup>\* †</sup>  | 4114 | 21 |
| Marqeta, Inc., Class A\* | 43346 | 177 |
| Merchants Bancorp | 4265 | 183 |
| NCR Atleos Corp.\* | 6524 | 284 |
| NMI Holdings, Inc.\* | 7895 | 296 |
| Pagseguro Digital Ltd., Class A | 28417 | 285 |
| Payoneer Global, Inc.\* | 30843 | 149 |
| PennyMac Financial Services, Inc. | 4218 | 369 |
| Radian Group, Inc. | 21873 | 724 |
| Remitly Global, Inc.\* | 15867 | 249 |
| &nbsp;&nbsp; Security National Financial Corp., <br> Class A<sup>\* †</sup> <br>| 5751 | 55 |
| Sezzle, Inc.\* | 3164 | 200 |
| StoneCo Ltd., Class A\* | 27383 | 387 |
| Walker & Dunlop, Inc. | 5036 | 223 |
| Waterstone Financial, Inc.<sup>†</sup>  | 3187 | 57 |
| Western Union (The) Co. | 30902 | 270 |
|  |  | **7244** |
| **Food Products – 0.9%** | **Food Products – 0.9%** | **Food Products – 0.9%** |
| Alico, Inc. | 4005 | 165 |
| B&G Foods, Inc.<sup>†</sup>  | 8613 | 41 |
| Bridgford Foods Corp.\* | 4151 | 31 |
| Calavo Growers, Inc. | 1949 | 50 |
| Cal-Maine Foods, Inc. | 4734 | 375 |
| Fresh Del Monte Produce, Inc. | 3857 | 155 |
| Freshpet, Inc.\* | 4638 | 274 |
| Hain Celestial Group (The), Inc.<sup>\* †</sup>  | 9921 | 7 |
| J&J Snack Foods Corp. | 2273 | 180 |
| John B. Sanfilippo & Son, Inc. | 877 | 70 |
| Lifeway Foods, Inc.<sup>\* †</sup>  | 1540 | 30 |
| Limoneira Co. | 1821 | 24 |
| Marzetti (The) Co. | 2505 | 347 |
| Nomad Foods Ltd. | 19395 | 186 |
| Seneca Foods Corp., Class A\* | 3300 | 499 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **138** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Food Products – 0.9%continued** | **Food Products – 0.9%continued** | **Food Products – 0.9%continued** |
| Simply Good Foods (The) Co.\* | 10460 | $150 |
| Tootsie Roll Industries, Inc. | 7746 | 331 |
| Vital Farms, Inc.<sup>\* †</sup>  | 4549 | 64 |
|  |  | **2979** |
| **Gas Utilities – 1.2%** | **Gas Utilities – 1.2%** | **Gas Utilities – 1.2%** |
| Chesapeake Utilities Corp. | 2836 | 359 |
| New Jersey Resources Corp. | 12815 | 704 |
| Northwest Natural Holding Co. | 4907 | 261 |
| ONE Gas, Inc. | 15012 | 1293 |
| RGC Resources, Inc. | 1100 | 24 |
| Southwest Gas Holdings, Inc. | 7438 | 646 |
| Spire, Inc. | 7259 | 657 |
|  |  | **3944** |
| **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** |
| ArcBest Corp. | 3297 | 325 |
| Covenant Logistics Group, Inc. | 6032 | 164 |
| Heartland Express, Inc. | 9911 | 103 |
| Hertz Global Holdings, Inc.<sup>\* †</sup>  | 31694 | 146 |
| Marten Transport Ltd. | 6942 | 91 |
| PAMT CORP.\* | 4994 | 42 |
| Universal Logistics Holdings, Inc.<sup>†</sup>  | 3514 | 74 |
| Werner Enterprises, Inc. | 5887 | 173 |
|  |  | **1118** |
| **Health Care Equipment & Supplies – 2.9%** | **Health Care Equipment & Supplies – 2.9%** | **Health Care Equipment & Supplies – 2.9%** |
| Alphatec Holdings, Inc.\* | 11434 | 124 |
| AngioDynamics, Inc.\* | 6713 | 76 |
| Apyx Medical Corp.\* | 3238 | 12 |
| Artivion, Inc.\* | 6454 | 236 |
| AtriCure, Inc.\* | 6812 | 194 |
| Avanos Medical, Inc.\* | 7849 | 110 |
| Axogen, Inc.\* | 6345 | 210 |
| Bioventus, Inc., Class A\* | 4651 | 42 |
| Cerus Corp.\* | 30573 | 56 |
| CONMED Corp. | 3707 | 131 |
| CVRx, Inc.\* | 6745 | 64 |
| DENTSPLY SIRONA, Inc. | 18620 | 216 |
| Electromed, Inc.\* | 9257 | 217 |
| Embecta Corp. | 6336 | 56 |
| Enovis Corp.\* | 5291 | 120 |
| Establishment Labs Holdings, Inc.\* | 3340 | 190 |
| FONAR Corp.\* | 5907 | 110 |
| Haemonetics Corp.\* | 5258 | 296 |
| ICU Medical, Inc.\* | 2144 | 277 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Health Care Equipment & Supplies – 2.9%continued** | **Health Care Equipment & Supplies – 2.9%continued** | **Health Care Equipment & Supplies – 2.9%continued** |
| Inmode Ltd.\* | 8292 | $113 |
| Inogen, Inc.\* | 1966 | 12 |
| Inspire Medical Systems, Inc.\* | 2670 | 138 |
| Integer Holdings Corp.\* | 5016 | 441 |
| Integra LifeSciences Holdings Corp.\* | 6501 | 61 |
| iRadimed Corp. | 4274 | 411 |
| IRhythm Holdings, Inc.\* | 3091 | 365 |
| Kewaunee Scientific Corp.<sup>\* †</sup>  | 3662 | 126 |
| Lantheus Holdings, Inc.\* | 8558 | 649 |
| LeMaitre Vascular, Inc. | 6573 | 718 |
| LivaNova PLC\* | 6461 | 411 |
| Merit Medical Systems, Inc.\* | 8111 | 559 |
| Neogen Corp.\* | 23431 | 218 |
| NeuroPace, Inc.\* | 11377 | 150 |
| Omnicell, Inc.\* | 6080 | 203 |
| OraSure Technologies, Inc.\* | 12295 | 37 |
| Orchestra BioMed Holdings, Inc.<sup>\* †</sup>  | 10074 | 43 |
| Orthofix Medical, Inc.\* | 9245 | 106 |
| OrthoPediatrics Corp.\* | 4484 | 71 |
| Pro-Dex, Inc.<sup>\* †</sup>  | 7488 | 368 |
| Pulmonx Corp.\* | 12675 | 16 |
| Pulse Biosciences, Inc.<sup>\* †</sup>  | 13395 | 289 |
| QuidelOrtho Corp.\* | 5371 | 88 |
| RxSight, Inc.\* | 6752 | 42 |
| Sanara Medtech, Inc.\* | 2520 | 43 |
| SANUWAVE Health, Inc.<sup>\* †</sup>  | 2667 | 46 |
| SI-BONE, Inc.\* | 9615 | 121 |
| Sight Sciences, Inc.\* | 11699 | 44 |
| STAAR Surgical Co.\* | 5700 | 107 |
| Stereotaxis, Inc.\* | 818 | 2 |
| Strive, Inc., Class A<sup>\* †</sup>  | 3051 | 31 |
| Tactile Systems Technology, Inc.\* | 1803 | 47 |
| Tandem Diabetes Care, Inc.\* | 6218 | 119 |
| Tela Bio, Inc.\* | 33961 | 21 |
| TransMedics Group, Inc.\* | 3439 | 342 |
| Treace Medical Concepts, Inc.\* | 12432 | 17 |
| UFP Technologies, Inc.\* | 2385 | 462 |
| Utah Medical Products, Inc. | 1939 | 120 |
| Varex Imaging Corp.\* | 7466 | 79 |
|  |  | **9973** |
| **Health Care Providers & Services – 2.8%** | **Health Care Providers & Services – 2.8%** | **Health Care Providers & Services – 2.8%** |
| Acadia Healthcare Co., Inc.\* | 8414 | 197 |
| Accendra Health, Inc.\* | 6617 | 15 |
| AdaptHealth Corp.\* | 7556 | 90 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **139** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Health Care Providers & Services – 2.8%continued** | **Health Care Providers & Services – 2.8%continued** | **Health Care Providers & Services – 2.8%continued** |
| Addus HomeCare Corp.\* | 2604 | $244 |
| Alignment Healthcare, Inc.\* | 17739 | 312 |
| AMN Healthcare Services, Inc.\* | 6654 | 122 |
| Ardent Health, Inc.\* | 13502 | 116 |
| Astrana Health, Inc.\* | 6321 | 155 |
| Aveanna Healthcare Holdings, Inc.\* | 20024 | 129 |
| BrightSpring Health Services, Inc.\* | 7054 | 301 |
| Brookdale Senior Living, Inc.\* | 25909 | 354 |
| Castle Biosciences, Inc.\* | 5082 | 125 |
| Community Health Systems, Inc.\* | 13453 | 39 |
| Concentra Group Holdings Parent, Inc. | 12749 | 273 |
| CorVel Corp.\* | 9727 | 532 |
| Cross Country Healthcare, Inc.\* | 8742 | 82 |
| Enhabit, Inc.\* | 8613 | 121 |
| Ensign Group (The), Inc. | 8246 | 1662 |
| Fulgent Genetics, Inc.\* | 3870 | 61 |
| GeneDx Holdings Corp.\* | 2644 | 170 |
| HealthEquity, Inc.\* | 8313 | 695 |
| Hims & Hers Health, Inc.<sup>\* †</sup>  | 20455 | 425 |
| Joint (The) Corp.<sup>\* †</sup>  | 7862 | 70 |
| LifeStance Health Group, Inc.\* | 34182 | 218 |
| National HealthCare Corp. | 2664 | 425 |
| National Research Corp.<sup>†</sup>  | 5205 | 88 |
| NeoGenomics, Inc.\* | 13044 | 97 |
| OPKO Health, Inc.\* | 58440 | 67 |
| Option Care Health, Inc.\* | 18116 | 488 |
| PACS Group, Inc.\* | 13915 | 447 |
| Pennant Group (The), Inc.\* | 3482 | 106 |
| Privia Health Group, Inc.\* | 10479 | 215 |
| Progyny, Inc.\* | 9668 | 164 |
| RadNet, Inc.\* | 6666 | 373 |
| Select Medical Holdings Corp. | 15800 | 257 |
| Sonida Senior Living, Inc.\* | 2992 | 96 |
| Surgery Partners, Inc.\* | 7945 | 95 |
| U.S. Physical Therapy, Inc. | 2147 | 161 |
|  |  | **9587** |
| **Health Care Real Estate Investment Trusts – 1.0%** | **Health Care Real Estate Investment Trusts – 1.0%** | **Health Care Real Estate Investment Trusts – 1.0%** |
| American Healthcare REIT, Inc. | 18981 | 895 |
| CareTrust REIT, Inc. | 25637 | 939 |
| Chiron Real Estate, Inc. | 1272 | 42 |
| Community Healthcare Trust, Inc. | 2522 | 40 |
| Diversified Healthcare Trust | 23921 | 159 |
| LTC Properties, Inc. | 4672 | 174 |
| Medical Properties Trust, Inc.<sup>†</sup>  | 56191 | 260 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Health Care Real Estate Investment Trusts – 1.0%continued** | **Health Care Real Estate Investment Trusts – 1.0%continued** | **Health Care Real Estate Investment Trusts – 1.0%continued** |
| National Health Investors, Inc. | 5414 | $438 |
| Sabra Health Care REIT, Inc. | 24647 | 474 |
| Sila Realty Trust, Inc. | 5154 | 122 |
|  |  | **3543** |
| **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** |
| American Well Corp., Class A\* | 170 | 1 |
| Certara, Inc.\* | 12333 | 70 |
| Evolent Health, Inc., Class A\* | 14301 | 32 |
| GoodRx Holdings, Inc., Class A\* | 43439 | 85 |
| HealthStream, Inc. | 3854 | 80 |
| LifeMD, Inc.<sup>\* †</sup>  | 9506 | 34 |
| OptimizeRx Corp.\* | 10304 | 65 |
| Phreesia, Inc.\* | 5686 | 48 |
| Schrodinger, Inc.\* | 6929 | 79 |
| Simulations Plus, Inc.\* | 3042 | 36 |
| Teladoc Health, Inc.\* | 16522 | 90 |
| TruBridge, Inc.\* | 5656 | 83 |
| Waystar Holding Corp.\* | 16437 | 396 |
|  |  | **1099** |
| **Hotel & Resort Real Estate Investment Trusts – 0.7%** | **Hotel & Resort Real Estate Investment Trusts – 0.7%** | **Hotel & Resort Real Estate Investment Trusts – 0.7%** |
| Apple Hospitality REIT, Inc.<sup>†</sup>  | 25322 | 292 |
| Braemar Hotels & Resorts, Inc. | 9012 | 21 |
| Chatham Lodging Trust | 4510 | 36 |
| DiamondRock Hospitality Co. | 27738 | 260 |
| Park Hotels & Resorts, Inc.<sup>†</sup>  | 25581 | 269 |
| Pebblebrook Hotel Trust | 15515 | 196 |
| RLJ Lodging Trust<sup>†</sup>  | 22158 | 164 |
| Ryman Hospitality Properties, Inc. | 5914 | 546 |
| Service Properties Trust | 19978 | 27 |
| Summit Hotel Properties, Inc. | 8740 | 39 |
| Sunstone Hotel Investors, Inc. | 27115 | 244 |
| Xenia Hotels & Resorts, Inc. | 13491 | 200 |
|  |  | **2294** |
| **Hotels, Restaurants & Leisure – 1.3%** | **Hotels, Restaurants & Leisure – 1.3%** | **Hotels, Restaurants & Leisure – 1.3%** |
| Arcos Dorados Holdings, Inc., Class A<sup>†</sup>  | 23928 | 197 |
| Biglari Holdings, Inc., Class B\* | 523 | 172 |
| BJ's Restaurants, Inc.\* | 3646 | 128 |
| Bloomin' Brands, Inc. | 9162 | 49 |
| Brightstar Lottery PLC | 10063 | 128 |
| Canterbury Park Holding Corp. | 953 | 15 |
| Cheesecake Factory (The), Inc.<sup>†</sup>  | 4569 | 250 |
| Cracker Barrel Old Country Store, Inc.<sup>†</sup>  | 3167 | 89 |
| Dave & Buster's Entertainment, Inc.<sup>\* †</sup>  | 7092 | 77 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **140** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Hotels, Restaurants & Leisure – 1.3%continued** | **Hotels, Restaurants & Leisure – 1.3%continued** | **Hotels, Restaurants & Leisure – 1.3%continued** |
| Dine Brands Global, Inc. | 2060 | $54 |
| Genius Sports Ltd.\* | 22307 | 99 |
| Global Business Travel Group I<sup>\* †</sup>  | 42660 | 238 |
| Golden Entertainment, Inc. | 522 | 14 |
| Hilton Grand Vacations, Inc.\* | 8962 | 351 |
| Jack in the Box, Inc.<sup>\* †</sup>  | 2738 | 27 |
| Kura Sushi U.S.A., Inc., Class A<sup>\* †</sup>  | 1244 | 87 |
| Life Time Group Holdings, Inc.\* | 17951 | 484 |
| Lucky Strike Entertainment Corp.<sup>†</sup>  | 13148 | 109 |
| Marriott Vacations Worldwide Corp. | 3207 | 209 |
| Monarch Casino & Resort, Inc. | 1007 | 96 |
| Nathan's Famous, Inc. | 1027 | 103 |
| Papa John's International, Inc. | 3295 | 107 |
| Penn Entertainment, Inc.\* | 13783 | 207 |
| Pursuit Attractions and Hospitality, Inc.\* | 2755 | 101 |
| Red Robin Gourmet Burgers, Inc.<sup>(2) \* †</sup>  | 87 |  |
| Red Rock Resorts, Inc., Class A | 7965 | 425 |
| Rush Street Interactive, Inc.\* | 9058 | 197 |
| Shake Shack, Inc., Class A\* | 3214 | 284 |
| &nbsp;&nbsp; Town Sports International Holdings, <br> Inc.<sup>(1) \*</sup> <br>| 1105 |  |
| United Parks & Resorts, Inc.\* | 5772 | 189 |
| Wendy's (The) Co.<sup>†</sup>  | 18554 | 129 |
|  |  | **4615** |
| **Household Durables – 1.7%** | **Household Durables – 1.7%** | **Household Durables – 1.7%** |
| Beazer Homes U.S.A., Inc.\* | 3363 | 65 |
| Cavco Industries, Inc.\* | 1226 | 594 |
| Champion Homes, Inc.\* | 6490 | 483 |
| Cricut, Inc., Class A<sup>†</sup>  | 19896 | 74 |
| Dream Finders Homes, Inc., Class A\* | 8881 | 124 |
| Ethan Allen Interiors, Inc. | 3461 | 77 |
| Flexsteel Industries, Inc. | 2905 | 131 |
| GoPro, Inc., Class A<sup>\* †</sup>  | 11216 | 9 |
| Green Brick Partners, Inc.\* | 4088 | 263 |
| &nbsp;&nbsp; Hamilton Beach Brands Holding Co., <br> Class A<br>| 1924 | 36 |
| Hooker Furnishings Corp.<sup>†</sup>  | 1120 | 14 |
| Hovnanian Enterprises, Inc., Class A\* | 227 | 25 |
| Installed Building Products, Inc. | 3038 | 806 |
| KB Home | 10287 | 532 |
| Koss Corp.\* | 3099 | 11 |
| La-Z-Boy, Inc. | 6060 | 195 |
| Leggett & Platt, Inc. | 12793 | 126 |
| Lifetime Brands, Inc. | 499 | 3 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Household Durables – 1.7%continued** | **Household Durables – 1.7%continued** | **Household Durables – 1.7%continued** |
| M/I Homes, Inc.\* | 2750 | $337 |
| Nobility Homes, Inc. | 630 | 18 |
| Sonos, Inc.\* | 10745 | 144 |
| Taylor Morrison Home Corp.\* | 15148 | 882 |
| Tri Pointe Homes, Inc.\* | 14641 | 684 |
| Universal Electronics, Inc.\* | 2695 | 11 |
|  |  | **5644** |
| **Household Products – 0.4%** | **Household Products – 0.4%** | **Household Products – 0.4%** |
| Central Garden & Pet Co.\* | 7213 | 265 |
| Energizer Holdings, Inc. | 7401 | 121 |
| Oil-Dri Corp. of America | 5250 | 342 |
| Spectrum Brands Holdings, Inc. | 4486 | 331 |
| WD-40 Co. | 1670 | 341 |
|  |  | **1400** |
| **Independent Power & Renewable Electricity Producers – 0.3%** | **Independent Power & Renewable Electricity Producers – 0.3%** | **Independent Power & Renewable Electricity Producers – 0.3%** |
| Hallador Energy Co.\* | 8075 | 131 |
| Ormat Technologies, Inc. | 5420 | 607 |
| ReNew Energy Global PLC, Class A\* | 34260 | 157 |
|  |  | **895** |
| **Industrial Real Estate Investment Trusts – 0.3%** | **Industrial Real Estate Investment Trusts – 0.3%** | **Industrial Real Estate Investment Trusts – 0.3%** |
| Industrial Logistics Properties Trust | 7167 | 41 |
| Innovative Industrial Properties, Inc.<sup>†</sup>  | 3165 | 159 |
| LXP Industrial Trust | 5447 | 252 |
| One Liberty Properties, Inc. | 8034 | 172 |
| Terreno Realty Corp. | 8319 | 511 |
|  |  | **1135** |
| **Insurance – 1.9%** | **Insurance – 1.9%** | **Insurance – 1.9%** |
| American Coastal Insurance Corp. | 3105 | 35 |
| AMERISAFE, Inc. | 2439 | 81 |
| Atlantic American Corp. | 4789 | 11 |
| Bowhead Specialty Holdings, Inc.\* | 3021 | 68 |
| Citizens, Inc.<sup>\* †</sup>  | 4205 | 21 |
| CNO Financial Group, Inc. | 26459 | 1086 |
| Donegal Group, Inc., Class A | 3517 | 61 |
| Employers Holdings, Inc. | 5887 | 242 |
| F&G Annuities & Life, Inc. | 11063 | 280 |
| Fidelis Insurance Holdings Ltd. | 10303 | 197 |
| Genworth Financial, Inc.\* | 45314 | 368 |
| Goosehead Insurance, Inc., Class A\* | 2379 | 102 |
| Greenlight Capital Re Ltd., Class A\* | 9127 | 158 |
| Hamilton Insurance Group Ltd., Class B | 9664 | 288 |
| HCI Group, Inc. | 1066 | 165 |
| Horace Mann Educators Corp. | 3909 | 167 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **141** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Insurance – 1.9%continued** | **Insurance – 1.9%continued** | **Insurance – 1.9%continued** |
| Investors Title Co. | 451 | $98 |
| Kansas City Life Insurance Co. | 1381 | 44 |
| Kestrel Group Ltd.<sup>\* †</sup>  | 197 | 2 |
| Lemonade, Inc.\* | 5550 | 348 |
| MBIA, Inc.\* | 12334 | 73 |
| Mercury General Corp. | 2750 | 242 |
| Octave Specialty Group, Inc.\* | 4172 | 19 |
| Oscar Health, Inc., Class A\* | 21413 | 246 |
| Palomar Holdings, Inc.\* | 2697 | 322 |
| ProAssurance Corp.\* | 8601 | 213 |
| Root, Inc., Class A\* | 1599 | 71 |
| Safety Insurance Group, Inc. | 1577 | 115 |
| Selective Insurance Group, Inc. | 6981 | 526 |
| SiriusPoint Ltd.\* | 8561 | 184 |
| &nbsp;&nbsp; Skyward Specialty Insurance Group, <br> Inc.\*<br>| 3772 | 165 |
| Stewart Information Services Corp. | 1954 | 120 |
| Trupanion, Inc.\* | 4086 | 105 |
| United Fire Group, Inc. | 2848 | 106 |
| Universal Insurance Holdings, Inc. | 3027 | 103 |
|  |  | **6432** |
| **Interactive Media & Services – 0.5%** | **Interactive Media & Services – 0.5%** | **Interactive Media & Services – 0.5%** |
| Angi, Inc.\* | 5509 | 38 |
| Bumble, Inc., Class A\* | 9386 | 31 |
| Cargurus, Inc.\* | 9823 | 334 |
| Cars.com, Inc.\* | 6927 | 56 |
| EverQuote, Inc., Class A\* | 3021 | 47 |
| fuboTV, Inc., Class A<sup>\* †</sup>  | 2808 | 27 |
| IAC, Inc.\* | 7378 | 295 |
| QuinStreet, Inc.\* | 10818 | 130 |
| Shutterstock, Inc. | 2670 | 44 |
| Taboola.com Ltd.\* | 30715 | 95 |
| Travelzoo<sup>\* †</sup>  | 3490 | 21 |
| TripAdvisor, Inc.<sup>\* †</sup>  | 11026 | 117 |
| Yelp, Inc.\* | 9896 | 245 |
| Ziff Davis, Inc.\* | 5513 | 231 |
| ZipRecruiter, Inc., Class A\* | 8683 | 16 |
|  |  | **1727** |
| **IT Services – 0.6%** | **IT Services – 0.6%** | **IT Services – 0.6%** |
| ASGN, Inc.\* | 6308 | 244 |
| CI&T, Inc., Class A<sup>\* †</sup>  | 14034 | 71 |
| Crexendo, Inc.\* | 16352 | 101 |
| CSP, Inc.<sup>†</sup>  | 1893 | 16 |
| DigitalOcean Holdings, Inc.<sup>\* †</sup>  | 7140 | 613 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **IT Services – 0.6%continued** | **IT Services – 0.6%continued** | **IT Services – 0.6%continued** |
| DXC Technology Co.\* | 17040 | $214 |
| Fastly, Inc., Class A\* | 13169 | 383 |
| Globant S.A.\* | 3976 | 183 |
| Grid Dynamics Holdings, Inc.\* | 12348 | 70 |
| Hackett Group (The), Inc.<sup>†</sup>  | 4797 | 63 |
| Information Services Group, Inc. | 2966 | 11 |
| Matrix I.T Ltd.<sup>†</sup>  | 3239 | 90 |
| Tucows, Inc., Class A\* | 1111 | 19 |
| Unisys Corp.\* | 4333 | 9 |
| VTEX, Class A\* | 14391 | 58 |
|  |  | **2145** |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| Acushnet Holdings Corp. | 4092 | 382 |
| American Outdoor Brands, Inc.<sup>\* †</sup>  | 1758 | 16 |
| Callaway Golf Co.\* | 10459 | 145 |
| Clarus Corp. | 3892 | 11 |
| Escalade, Inc.<sup>†</sup>  | 3394 | 58 |
| JAKKS Pacific, Inc. | 439 | 9 |
| Johnson Outdoors, Inc., Class A | 2181 | 101 |
| Malibu Boats, Inc., Class A\* | 2491 | 65 |
| Marine Products Corp. | 4791 | 35 |
| MasterCraft Boat Holdings, Inc.\* | 5154 | 106 |
| Peloton Interactive, Inc., Class A\* | 37213 | 160 |
| Polaris, Inc. | 5271 | 287 |
| Sturm Ruger & Co., Inc. | 1811 | 73 |
|  |  | **1448** |
| **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** |
| 10X Genomics, Inc., Class A\* | 11593 | 246 |
| Alpha Teknova, Inc.\* | 2232 | 6 |
| Azenta, Inc.\* | 7998 | 169 |
| BioLife Solutions, Inc.\* | 6659 | 127 |
| Champions Oncology, Inc.\* | 4883 | 28 |
| Codexis, Inc.<sup>\* †</sup>  | 6348 | 10 |
| CryoPort, Inc.\* | 3876 | 32 |
| Fortrea Holdings, Inc.\* | 9512 | 90 |
| Lifecore Biomedical, Inc.\* | 2841 | 11 |
| &nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A\*<br>| 11483 | 33 |
| Mesa Laboratories, Inc. | 1322 | 117 |
| Omniab, Inc.<sup>(1) \*</sup>  | 1740 |  |
| OmniAb, Inc.\* | 14593 | 23 |
| Omniab, Inc. (NASDAQ Exchange)<sup>(1) \*</sup>  | 1740 |  |
| Quanterix Corp.\* | 8214 | 29 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **142** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Life Sciences Tools & Services – 0.3%continued** | **Life Sciences Tools & Services – 0.3%continued** | **Life Sciences Tools & Services – 0.3%continued** |
| &nbsp;&nbsp; Rapid Micro Biosystems, Inc., Class A<sup>\*</sup> <br> † <br>| 2924 | $7 |
| Standard BioTools, Inc.\* | 12341 | 11 |
|  |  | **939** |
| **Machinery – 4.2%** | **Machinery – 4.2%** | **Machinery – 4.2%** |
| Aebi Schmidt Holding A.G. | 2365 | 23 |
| Alamo Group, Inc. | 1425 | 235 |
| Albany International Corp., Class A | 3959 | 207 |
| Astec Industries, Inc. | 3535 | 190 |
| Atmus Filtration Technologies, Inc. | 9747 | 553 |
| Blue Bird Corp.\* | 3003 | 170 |
| CECO Environmental Corp.\* | 1328 | 79 |
| Chart Industries, Inc.\* | 4327 | 895 |
| Columbus McKinnon Corp. | 2136 | 31 |
| Douglas Dynamics, Inc. | 2826 | 119 |
| Eastern (The) Co. | 1060 | 21 |
| Enerpac Tool Group Corp. | 7839 | 286 |
| Enpro, Inc. | 2392 | 600 |
| ESCO Technologies, Inc. | 3611 | 1016 |
| Federal Signal Corp. | 9867 | 1067 |
| Franklin Electric Co., Inc. | 5871 | 541 |
| FreightCar America, Inc.\* | 1360 | 11 |
| Gorman-Rupp (The) Co. | 4035 | 251 |
| Graham Corp.\* | 2826 | 223 |
| Greenbrier (The) Cos., Inc. | 3134 | 165 |
| Helios Technologies, Inc. | 2486 | 161 |
| Hurco Cos., Inc.<sup>\* †</sup>  | 1158 | 17 |
| Hyster-Yale, Inc. | 2355 | 77 |
| JBT Marel Corp. | 3989 | 510 |
| Kadant, Inc. | 1229 | 359 |
| Kennametal, Inc. | 10960 | 396 |
| L.B. Foster Co., Class A\* | 1331 | 37 |
| Lindsay Corp. | 1355 | 161 |
| Miller Industries, Inc. | 2077 | 95 |
| Mueller Water Products, Inc., Class A | 20883 | 574 |
| Omega Flex, Inc. | 1036 | 32 |
| Proto Labs, Inc.\* | 3323 | 189 |
| SPX Technologies, Inc.\* | 6653 | 1330 |
| Standex International Corp. | 2554 | 651 |
| Stratasys Ltd.\* | 5857 | 46 |
| Taylor Devices, Inc.\* | 907 | 52 |
| Tennant Co. | 2511 | 167 |
| Terex Corp. | 11452 | 677 |
| Titan International, Inc.\* | 7723 | 53 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Machinery – 4.2%continued** | **Machinery – 4.2%continued** | **Machinery – 4.2%continued** |
| Trinity Industries, Inc. | 11742 | $378 |
| Twin Disc, Inc. | 2146 | 32 |
| Wabash National Corp. | 4198 | 36 |
| Watts Water Technologies, Inc., Class A | 3757 | 1091 |
| Worthington Enterprises, Inc. | 7842 | 409 |
|  |  | **14213** |
| **Marine Transportation – 0.5%** | **Marine Transportation – 0.5%** | **Marine Transportation – 0.5%** |
| Danaos Corp. | 1777 | 200 |
| Matson, Inc. | 6441 | 1056 |
| Star Bulk Carriers Corp.<sup>†</sup>  | 12633 | 290 |
|  |  | **1546** |
| **Media – 1.0%** | **Media – 1.0%** | **Media – 1.0%** |
| AMC Networks, Inc., Class A\* | 4889 | 33 |
| Cable One, Inc.\* | 644 | 59 |
| DoubleVerify Holdings, Inc.\* | 15867 | 151 |
| EchoStar Corp., Class A\* | 17868 | 2092 |
| Emerald Holding, Inc.<sup>†</sup>  | 5944 | 27 |
| &nbsp;&nbsp; Entravision Communications Corp., <br> Class A<br>| 41009 | 122 |
| EW Scripps (The) Co., Class A\* | 4695 | 17 |
| Gray Media, Inc. | 14764 | 64 |
| iHeartMedia, Inc., Class A\* | 11868 | 35 |
| John Wiley & Sons, Inc., Class A | 5907 | 225 |
| Magnite, Inc.\* | 7553 | 90 |
| Marchex, Inc., Class B\* | 6086 | 9 |
| Saga Communications, Inc., Class A | 1005 | 12 |
| Scholastic Corp.<sup>†</sup>  | 4457 | 174 |
| Sinclair, Inc. | 7122 | 92 |
| Stagwell, Inc.\* | 25222 | 159 |
| TechTarget, Inc.\* | 2808 | 11 |
| Thryv Holdings, Inc.\* | 7284 | 20 |
| U.S.A. TODAY Co., Inc.\* | 15099 | 106 |
|  |  | **3498** |
| **Metals & Mining – 2.0%** | **Metals & Mining – 2.0%** | **Metals & Mining – 2.0%** |
| Alpha Metallurgical Resources, Inc.\* | 1342 | 275 |
| American Battery Technology Co.<sup>\* †</sup>  | 71988 | 201 |
| Ampco-Pittsburgh Corp.\* | 1957 | 13 |
| Century Aluminum Co.\* | 8614 | 506 |
| Coeur Mining, Inc.\* | 72654 | 1364 |
| Commercial Metals Co. | 14558 | 894 |
| Constellium S.E.\* | 16768 | 412 |
| Contango Silver & Gold, Inc.\* | 231 | 4 |
| Fortitude Gold Corp. | 3512 | 17 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **143** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Metals & Mining – 2.0%continued** | **Metals & Mining – 2.0%continued** | **Metals & Mining – 2.0%continued** |
| Hecla Mining Co. | 68658 | $1279 |
| Kaiser Aluminum Corp. | 1942 | 234 |
| Materion Corp. | 4347 | 629 |
| Ramaco Resources, Inc., Class A\* | 5340 | 83 |
| Ryerson Holding Corp. | 3585 | 81 |
| SunCoke Energy, Inc. | 1887 | 12 |
| Tredegar Corp.\* | 4309 | 34 |
| Warrior Met Coal, Inc. | 4970 | 463 |
| Worthington Steel, Inc. | 7829 | 238 |
|  |  | **6739** |
| **Mortgage Real Estate Investment Trusts – 0.4%** | **Mortgage Real Estate Investment Trusts – 0.4%** | **Mortgage Real Estate Investment Trusts – 0.4%** |
| ACRES Commercial Realty Corp.<sup>\* †</sup>  | 2025 | 39 |
| Adamas Trust, Inc. | 7063 | 52 |
| &nbsp;&nbsp; Apollo Commercial Real Estate Finance, <br> Inc.<br>| 21009 | 222 |
| Arbor Realty Trust, Inc.<sup>†</sup>  | 16138 | 124 |
| ARMOUR Residential REIT, Inc.<sup>†</sup>  | 1043 | 17 |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Inc., <br> Class A<sup>†</sup> <br>| 16499 | 316 |
| BrightSpire Capital, Inc. | 7767 | 44 |
| Cherry Hill Mortgage Investment Corp. | 2918 | 7 |
| Dynex Capital, Inc. | 2375 | 30 |
| Ellington Financial, Inc.<sup>†</sup>  | 1051 | 13 |
| Franklin BSP Realty Trust, Inc.<sup>†</sup>  | 5485 | 47 |
| Granite Point Mortgage Trust, Inc. | 4390 | 6 |
| Invesco Mortgage Capital, Inc. | 1667 | 14 |
| Ladder Capital Corp. | 17739 | 173 |
| Orchid Island Capital, Inc.<sup>†</sup>  | 929 | 7 |
| Ready Capital Corp. | 3514 | 6 |
| Redwood Trust, Inc. | 7556 | 42 |
| TPG Mortgage Investment Trust, Inc. | 1805 | 13 |
| Two Harbors Investment Corp. | 5546 | 63 |
|  |  | **1235** |
| **Multi-Utilities – 0.4%** | **Multi-Utilities – 0.4%** | **Multi-Utilities – 0.4%** |
| Avista Corp. | 8830 | 354 |
| Black Hills Corp. | 8190 | 569 |
| Northwestern Energy Group, Inc. | 7286 | 480 |
| Unitil Corp. | 2353 | 123 |
|  |  | **1526** |
| **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** |
| Brandywine Realty Trust | 21096 | 57 |
| COPT Defense Properties | 12282 | 376 |
| Douglas Emmett, Inc. | 18527 | 174 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Office Real Estate Investment Trusts – 0.4%continued** | **Office Real Estate Investment Trusts – 0.4%continued** | **Office Real Estate Investment Trusts – 0.4%continued** |
| Easterly Government Properties, Inc. | 4011 | $86 |
| Empire State Realty Trust, Inc., Class A | 16527 | 86 |
| Highwoods Properties, Inc. | 9939 | 213 |
| Hudson Pacific Properties, Inc.\* | 2326 | 14 |
| JBG SMITH Properties<sup>†</sup>  | 6929 | 101 |
| Piedmont Realty Trust, Inc.\* | 15103 | 99 |
| SL Green Realty Corp.<sup>†</sup>  | 7282 | 269 |
|  |  | **1475** |
| **Oil, Gas & Consumable Fuels – 4.2%** | **Oil, Gas & Consumable Fuels – 4.2%** | **Oil, Gas & Consumable Fuels – 4.2%** |
| Ardmore Shipping Corp. | 14412 | 220 |
| BKV Corp.\* | 7902 | 225 |
| California Resources Corp. | 8936 | 619 |
| Calumet, Inc.\* | 8173 | 293 |
| Centrus Energy Corp., Class A<sup>\* †</sup>  | 1862 | 323 |
| Clean Energy Fuels Corp.\* | 9134 | 23 |
| CNX Resources Corp.\* | 16721 | 645 |
| Comstock Resources, Inc.\* | 10708 | 226 |
| Core Natural Resources, Inc. | 6196 | 649 |
| Crescent Energy Co., Class A | 2236 | 30 |
| CVR Energy, Inc.\* | 12365 | 416 |
| Delek U.S. Holdings, Inc. | 7501 | 338 |
| DHT Holdings, Inc. | 18583 | 339 |
| Evolution Petroleum Corp. | 11561 | 53 |
| FLEX LNG Ltd.<sup>\* †</sup>  | 6573 | 195 |
| FutureFuel Corp. | 4786 | 18 |
| Golar LNG Ltd. | 14833 | 803 |
| Green Plains, Inc.\* | 10483 | 172 |
| Gulfport Energy Corp.\* | 2240 | 474 |
| HighPeak Energy, Inc.<sup>†</sup>  | 11904 | 82 |
| International Seaways, Inc. | 6255 | 456 |
| Kinetik Holdings, Inc.<sup>†</sup>  | 7296 | 353 |
| Magnolia Oil & Gas Corp., Class A | 19379 | 612 |
| Murphy Oil Corp. | 17136 | 707 |
| NACCO Industries, Inc., Class A | 2550 | 133 |
| Navigator Holdings Ltd. | 8308 | 161 |
| Nordic American Tankers Ltd. | 8037 | 47 |
| Northern Oil & Gas, Inc.<sup>†</sup>  | 9124 | 267 |
| Par Pacific Holdings, Inc.\* | 3146 | 197 |
| PBF Energy, Inc., Class A | 14581 | 694 |
| Peabody Energy Corp. | 13693 | 451 |
| PrimeEnergy Resources Corp.\* | 993 | 231 |
| REX American Resources Corp.\* | 15194 | 692 |
| SandRidge Energy, Inc. | 3004 | 49 |
| Scorpio Tankers, Inc. | 7859 | 587 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **144** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Oil, Gas & Consumable Fuels – 4.2%continued** | **Oil, Gas & Consumable Fuels – 4.2%continued** | **Oil, Gas & Consumable Fuels – 4.2%continued** |
| SFL Corp. Ltd. | 13034 | $141 |
| SM Energy Co. | 26588 | 829 |
| Talos Energy, Inc.\* | 16878 | 266 |
| Teekay Corp. Ltd. | 9641 | 118 |
| Teekay Tankers Ltd., Class A | 4214 | 309 |
| Uranium Energy Corp.\* | 44267 | 598 |
| VAALCO Energy, Inc. | 11210 | 71 |
| W&T Offshore, Inc. | 26421 | 90 |
| World Kinect Corp. | 7733 | 178 |
|  |  | **14380** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| Clearwater Paper Corp.\* | 2299 | 33 |
| Magnera Corp.<sup>(2) \*</sup>  | 32 |  |
| Sylvamo Corp. | 4165 | 176 |
|  |  | **209** |
| **Passenger Airlines – 0.2%** | **Passenger Airlines – 0.2%** | **Passenger Airlines – 0.2%** |
| SkyWest, Inc.\* | 7332 | **673** |
| **Personal Care Products – 0.2%** | **Personal Care Products – 0.2%** | **Personal Care Products – 0.2%** |
| BellRing Brands, Inc.\* | 12590 | 203 |
| Edgewell Personal Care Co. | 6883 | 147 |
| Interparfums, Inc. | 2379 | 216 |
| Medifast, Inc.<sup>\* †</sup>  | 2468 | 25 |
| Nature's Sunshine Products, Inc.\* | 2361 | 57 |
| Nu Skin Enterprises, Inc., Class A | 8560 | 62 |
| Oddity Tech Ltd., Class A<sup>\* †</sup>  | 6090 | 82 |
| USANA Health Sciences, Inc.\* | 1448 | 25 |
|  |  | **817** |
| **Pharmaceuticals – 2.4%** | **Pharmaceuticals – 2.4%** | **Pharmaceuticals – 2.4%** |
| Alto Neuroscience, Inc.<sup>\* †</sup>  | 6745 | 152 |
| Amneal Pharmaceuticals, Inc.\* | 25001 | 311 |
| Amphastar Pharmaceuticals, Inc.\* | 6948 | 136 |
| Amylyx Pharmaceuticals, Inc.\* | 18093 | 252 |
| ANI Pharmaceuticals, Inc.\* | 2306 | 177 |
| Assertio Holdings, Inc.<sup>\* †</sup>  | 173 | 3 |
| Atea Pharmaceuticals, Inc.\* | 6573 | 35 |
| Axsome Therapeutics, Inc.\* | 2926 | 495 |
| Biote Corp., Class A<sup>\* †</sup>  | 11456 | 15 |
| Collegium Pharmaceutical, Inc.\* | 10151 | 336 |
| &nbsp;&nbsp; Contineum Therapeutics, Inc., Class A<sup>\*</sup> <br> † <br>| 3900 | 51 |
| Enliven Therapeutics, Inc.\* | 5800 | 227 |
| Esperion Therapeutics, Inc.\* | 85333 | 234 |
| Eton Pharmaceuticals, Inc.<sup>\* †</sup>  | 6752 | 167 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Pharmaceuticals – 2.4%continued** | **Pharmaceuticals – 2.4%continued** | **Pharmaceuticals – 2.4%continued** |
| Evolus, Inc.\* | 7070 | $29 |
| EyePoint, Inc.\* | 8613 | 111 |
| Filana Therapeutics, Inc.\* | 7271 | 12 |
| Fulcrum Therapeutics, Inc.\* | 15017 | 115 |
| GH Research PLC<sup>\* †</sup>  | 6256 | 88 |
| Harmony Biosciences Holdings, Inc.\* | 2323 | 65 |
| Harrow, Inc.<sup>\* †</sup>  | 10354 | 365 |
| Indivior Pharmaceuticals, Inc.\* | 11593 | 353 |
| Innoviva, Inc.\* | 16771 | 391 |
| LENZ Therapeutics, Inc.<sup>\* †</sup>  | 4903 | 45 |
| Lexicon Pharmaceuticals, Inc.<sup>\* †</sup>  | 8400 | 13 |
| Ligand Pharmaceuticals, Inc.\* | 2975 | 594 |
| Liquidia Corp.\* | 5931 | 224 |
| Maze Therapeutics, Inc.\* | 8253 | 246 |
| MediWound Ltd.<sup>\* †</sup>  | 5120 | 83 |
| Ocular Therapeutix, Inc.\* | 395 | 3 |
| Oculis Holding A.G.\* | 6295 | 167 |
| Omeros Corp.<sup>\* †</sup>  | 10242 | 108 |
| Organon & Co. | 24236 | 145 |
| Pacira BioSciences, Inc.\* | 7054 | 159 |
| Perrigo Co. PLC | 12681 | 136 |
| Phathom Pharmaceuticals, Inc.<sup>\* †</sup>  | 6340 | 70 |
| Phibro Animal Health Corp., Class A | 5324 | 295 |
| Pliant Therapeutics, Inc.<sup>\* †</sup>  | 8053 | 10 |
| Prestige Consumer Healthcare, Inc.\* | 7590 | 450 |
| Rafael Holdings, Inc., Class B\* | 10432 | 13 |
| SIGA Technologies, Inc. | 4390 | 24 |
| Supernus Pharmaceuticals, Inc.\* | 6832 | 353 |
| Tarsus Pharmaceuticals, Inc.\* | 2723 | 191 |
| Terns Pharmaceuticals, Inc.\* | 10016 | 528 |
| Theravance Biopharma, Inc.\* | 6143 | 100 |
| Third Harmonic Bio, Inc.<sup>(1) \* †</sup>  | 6789 |  |
| Tilray Brands, Inc.<sup>\* †</sup>  | 7777 | 50 |
| Verrica Pharmaceuticals, Inc.<sup>\* †</sup>  | 1607 | 9 |
| WaVe Life Sciences Ltd.\* | 4722 | 34 |
| Xeris Biopharma Holdings, Inc.\* | 20428 | 119 |
|  |  | **8289** |
| **Professional Services – 1.6%** | **Professional Services – 1.6%** | **Professional Services – 1.6%** |
| Alight, Inc., Class A | 38054 | 22 |
| Asure Software, Inc.\* | 900 | 8 |
| Barrett Business Services, Inc. | 11357 | 331 |
| CBIZ, Inc.\* | 14243 | 382 |
| Concentrix Corp.<sup>†</sup>  | 5974 | 163 |
| Conduent, Inc.\* | 18347 | 23 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **145** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Professional Services – 1.6%continued** | **Professional Services – 1.6%continued** | **Professional Services – 1.6%continued** |
| CRA International, Inc. | 2395 | $388 |
| CSG Systems International, Inc. | 4585 | 366 |
| DLH Holdings Corp.\* | 980 | 6 |
| Exponent, Inc. | 7398 | 483 |
| Forrester Research, Inc.<sup>\* †</sup>  | 4012 | 23 |
| Franklin Covey Co.<sup>\* †</sup>  | 3057 | 48 |
| Huron Consulting Group, Inc.\* | 2432 | 310 |
| ICF International, Inc. | 2429 | 159 |
| Innodata, Inc.<sup>\* †</sup>  | 2670 | 103 |
| Insperity, Inc. | 5039 | 136 |
| Kelly Services, Inc., Class A | 3052 | 27 |
| Korn Ferry | 7040 | 443 |
| Legalzoom.com, Inc.\* | 17020 | 96 |
| ManpowerGroup, Inc. | 5394 | 159 |
| Maximus, Inc. | 6345 | 407 |
| Planet Labs PBC\* | 24186 | 676 |
| Resources Connection, Inc.<sup>†</sup>  | 4797 | 18 |
| TIC Solutions, Inc.\* | 8059 | 53 |
| TriNet Group, Inc. | 5208 | 190 |
| TrueBlue, Inc.\* | 4825 | 19 |
| TTEC Holdings, Inc.<sup>\* †</sup>  | 3066 | 8 |
| Upwork, Inc.\* | 12295 | 135 |
| Verra Mobility Corp.\* | 15896 | 227 |
| Where Food Comes From, Inc.\* | 275 | 4 |
| Willdan Group, Inc.\* | 1875 | 144 |
|  |  | **5557** |
| **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** |
| Altisource Portfolio Solutions S.A.<sup>\* †</sup>  | 4010 | 26 |
| American Realty Investors, Inc.\* | 1120 | 17 |
| AMREP Corp.\* | 1083 | 31 |
| Compass, Inc., Class A\* | 58391 | 427 |
| Cushman & Wakefield Ltd.\* | 12981 | 159 |
| Douglas Elliman, Inc.\* | 4582 | 8 |
| eXp World Holdings, Inc.<sup>†</sup>  | 6877 | 41 |
| Forestar Group, Inc.\* | 6560 | 160 |
| FRP Holdings, Inc.\* | 1363 | 30 |
| JW Mays, Inc.\* | 359 | 14 |
| Kennedy-Wilson Holdings, Inc. | 14798 | 160 |
| Marcus & Millichap, Inc. | 3731 | 99 |
| Newmark Group, Inc., Class A | 14836 | 223 |
| RE/MAX Holdings, Inc., Class A\* | 3949 | 23 |
| RMR Group (The), Inc., Class A<sup>†</sup>  | 81 | 1 |
| St. Joe (The) Co. | 4039 | 254 |
| Star Holdings<sup>\* †</sup>  | 2032 | 15 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Real Estate Management & Development – 0.5%continued** | **Real Estate Management & Development – 0.5%continued** | **Real Estate Management & Development – 0.5%continued** |
| Stratus Properties, Inc.\* | 948 | $29 |
| Tejon Ranch Co.\* | 5060 | 95 |
| Transcontinental Realty Investors, Inc.\* | 292 | 10 |
|  |  | **1822** |
| **Residential Real Estate Investment Trusts – 0.2%** | **Residential Real Estate Investment Trusts – 0.2%** | **Residential Real Estate Investment Trusts – 0.2%** |
| Bluerock Homes Trust, Inc.<sup>†</sup>  | 1250 | 14 |
| BRT Apartments Corp. | 1996 | 27 |
| Centerspace | 1056 | 61 |
| Elme Communities | 9472 | 19 |
| Independence Realty Trust, Inc. | 24935 | 371 |
| NexPoint Residential Trust, Inc. | 2421 | 60 |
| UMH Properties, Inc. | 5253 | 76 |
| Veris Residential, Inc. | 10904 | 206 |
|  |  | **834** |
| **Retail Real Estate Investment Trusts – 1.0%** | **Retail Real Estate Investment Trusts – 1.0%** | **Retail Real Estate Investment Trusts – 1.0%** |
| Acadia Realty Trust | 10870 | 208 |
| Alexander's, Inc. | 411 | 97 |
| CBL & Associates Properties, Inc. | 2487 | 95 |
| Curbline Properties Corp. | 7266 | 187 |
| Getty Realty Corp. | 4767 | 152 |
| InvenTrust Properties Corp. | 7975 | 243 |
| Kite Realty Group Trust | 25915 | 636 |
| Macerich (The) Co. | 17073 | 323 |
| NETSTREIT Corp.<sup>†</sup>  | 7640 | 144 |
| Phillips Edison & Co., Inc. | 13511 | 505 |
| Saul Centers, Inc. | 1262 | 41 |
| SITE Centers Corp. | 3682 | 20 |
| Tanger, Inc. | 9641 | 328 |
| Urban Edge Properties | 13653 | 273 |
| Whitestone REIT | 10174 | 164 |
|  |  | **3416** |
| **Semiconductors & Semiconductor Equipment – 3.0%** | **Semiconductors & Semiconductor Equipment – 3.0%** | **Semiconductors & Semiconductor Equipment – 3.0%** |
| ACM Research, Inc., Class A\* | 6812 | 268 |
| Aeluma, Inc.<sup>\* †</sup>  | 6929 | 91 |
| Alpha & Omega Semiconductor Ltd.\* | 3427 | 76 |
| Ambarella, Inc.\* | 4128 | 212 |
| Amtech Systems, Inc.\* | 597 | 7 |
| Atomera, Inc.<sup>\* †</sup>  | 18475 | 70 |
| Axcelis Technologies, Inc.\* | 7067 | 658 |
| Blaize Holdings, Inc.<sup>\* †</sup>  | 34084 | 62 |
| Canadian Solar, Inc.<sup>\* †</sup>  | 7008 | 97 |
| CEVA, Inc.\* | 2729 | 51 |
| Cohu, Inc.\* | 3121 | 96 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **146** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Semiconductors & Semiconductor Equipment – 3.0%continued** | **Semiconductors & Semiconductor Equipment – 3.0%continued** | **Semiconductors & Semiconductor Equipment – 3.0%continued** |
| Credo Technology Group Holding Ltd.\* | 17301 | $1624 |
| Diodes, Inc.\* | 5596 | 382 |
| Everspin Technologies, Inc.\* | 9011 | 79 |
| FormFactor, Inc.\* | 8830 | 856 |
| Ichor Holdings Ltd.\* | 2630 | 123 |
| Impinj, Inc.\* | 3048 | 313 |
| indie Semiconductor, Inc., Class A<sup>\* †</sup>  | 24359 | 78 |
| inTEST Corp.\* | 3099 | 42 |
| Kopin Corp.<sup>\* †</sup>  | 280 | 1 |
| Kulicke & Soffa Industries, Inc. | 7789 | 512 |
| Magnachip Semiconductor Corp.\* | 2830 | 8 |
| Maxeon Solar Technologies Ltd.<sup>\* †</sup>  | 18859 | 28 |
| NVE Corp. | 1295 | 85 |
| PDF Solutions, Inc.\* | 9313 | 305 |
| Penguin Solutions, Inc.\* | 9399 | 165 |
| Photronics, Inc.\* | 4518 | 183 |
| Power Integrations, Inc. | 6335 | 324 |
| Rambus, Inc.\* | 12394 | 1066 |
| Semtech Corp.\* | 6981 | 537 |
| SiTime Corp.\* | 1998 | 690 |
| Synaptics, Inc.\* | 4446 | 311 |
| Ultra Clean Holdings, Inc.\* | 7862 | 489 |
| Valens Semiconductor Ltd.<sup>\* †</sup>  | 54714 | 62 |
| Veeco Instruments, Inc.\* | 8611 | 292 |
|  |  | **10243** |
| **Software – 3.9%** | **Software – 3.9%** | **Software – 3.9%** |
| 8x8, Inc.\* | 50375 | 84 |
| A10 Networks, Inc. | 6752 | 156 |
| ACI Worldwide, Inc.\* | 13998 | 574 |
| Adeia, Inc. | 11801 | 284 |
| Agilysys, Inc.\* | 3625 | 258 |
| Airship AI Holdings, Inc.<sup>\* †</sup>  | 28197 | 64 |
| Alarm.com Holdings, Inc.\* | 4347 | 188 |
| Alkami Technology, Inc.<sup>\* †</sup>  | 10089 | 158 |
| Allot Ltd.<sup>\* †</sup>  | 9678 | 64 |
| Amplitude, Inc., Class A\* | 12436 | 85 |
| Appian Corp., Class A\* | 6855 | 165 |
| Asana, Inc., Class A\* | 21956 | 140 |
| AvePoint, Inc.\* | 18554 | 176 |
| Bit Digital, Inc.<sup>\* †</sup>  | 29693 | 39 |
| Blackbaud, Inc.\* | 6086 | 235 |
| BlackLine, Inc.\* | 5954 | 220 |
| Box, Inc., Class A\* | 16920 | 400 |
| Braze, Inc., Class A\* | 11135 | 263 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Software – 3.9%continued** | **Software – 3.9%continued** | **Software – 3.9%continued** |
| BTCS, Inc.<sup>\* †</sup>  | 20357 | $28 |
| Cerence, Inc.\* | 118 | 1 |
| Cleanspark, Inc.<sup>\* †</sup>  | 20542 | 175 |
| Clear Secure, Inc., Class A | 8608 | 417 |
| &nbsp;&nbsp; Clearwater Analytics Holdings, Inc., <br> Class A\*<br>| 24113 | 570 |
| Cognyte Software Ltd.\* | 10482 | 85 |
| Commvault Systems, Inc.\* | 4648 | 362 |
| Consensus Cloud Solutions, Inc.\* | 1890 | 45 |
| CS Disco, Inc.\* | 16352 | 62 |
| Daily Journal Corp.<sup>\* †</sup>  | 207 | 100 |
| Digimarc Corp.<sup>\* †</sup>  | 3854 | 19 |
| Digital Turbine, Inc.\* | 9264 | 27 |
| Domo, Inc., Class B\* | 3989 | 12 |
| eGain Corp.\* | 3860 | 30 |
| EverCommerce, Inc.<sup>\* †</sup>  | 17040 | 195 |
| Five9, Inc.\* | 8091 | 123 |
| Freshworks, Inc., Class A\* | 17874 | 143 |
| I3 Verticals, Inc., Class A\* | 2501 | 56 |
| Intapp, Inc.\* | 7650 | 197 |
| InterDigital, Inc. | 4821 | 1456 |
| Karooooo Ltd.<sup>†</sup>  | 2843 | 142 |
| Life360, Inc.<sup>\* †</sup>  | 7203 | 294 |
| LiveRamp Holdings, Inc.\* | 6699 | 178 |
| N-able, Inc.\* | 17765 | 83 |
| nCino, Inc.\* | 10890 | 163 |
| NCR Voyix Corp.<sup>\* †</sup>  | 13225 | 84 |
| ON24, Inc.\* | 11548 | 94 |
| OneSpan, Inc. | 7732 | 81 |
| Pagaya Technologies Ltd., Class A\* | 7341 | 85 |
| PagerDuty, Inc.\* | 9690 | 60 |
| Porch Group, Inc.\* | 9678 | 69 |
| Progress Software Corp.\* | 5294 | 136 |
| Q2 Holdings, Inc.\* | 5858 | 277 |
| Qualys, Inc.\* | 4039 | 355 |
| Radware Ltd.\* | 4086 | 108 |
| Rapid7, Inc.\* | 5752 | 32 |
| Red Violet, Inc.\* | 2476 | 86 |
| Rekor Systems, Inc.<sup>\* †</sup>  | 82775 | 68 |
| Rezolve AI PLC<sup>\* †</sup>  | 64885 | 166 |
| Rimini Street, Inc.\* | 29653 | 97 |
| RingCentral, Inc., Class A | 9380 | 349 |
| Riot Platforms, Inc.\* | 29818 | 369 |
| SEMrush Holdings, Inc., Class A\* | 14034 | 168 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **147** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Software – 3.9%continued** | **Software – 3.9%continued** | **Software – 3.9%continued** |
| SoundThinking, Inc.\* | 3089 | $20 |
| Sprinklr, Inc., Class A\* | 24334 | 146 |
| Sprout Social, Inc., Class A\* | 6340 | 36 |
| SPS Commerce, Inc.\* | 5377 | 299 |
| T3 Defense, Inc.<sup>\* †</sup>  | 8704 | 6 |
| Telos Corp.\* | 15350 | 64 |
| Tenable Holdings, Inc.\* | 11271 | 191 |
| Teradata Corp.\* | 10788 | 276 |
| Upland Software, Inc.<sup>(2) \*</sup>  | 51 |  |
| Varonis Systems, Inc.\* | 10466 | 225 |
| Vertex, Inc., Class A\* | 16837 | 200 |
| Viant Technology, Inc., Class A\* | 7590 | 85 |
| Weave Communications, Inc.\* | 7920 | 37 |
| Workiva, Inc.\* | 4194 | 250 |
| Xperi, Inc.\* | 4786 | 27 |
| Yext, Inc.\* | 11548 | 44 |
| Zeta Global Holdings Corp., Class A\* | 24189 | 385 |
|  |  | **13491** |
| **Specialized Real Estate Investment Trusts – 0.5%** | **Specialized Real Estate Investment Trusts – 0.5%** | **Specialized Real Estate Investment Trusts – 0.5%** |
| Four Corners Property Trust, Inc. | 9472 | 224 |
| Gladstone Land Corp. | 9668 | 99 |
| National Storage Affiliates Trust | 6812 | 257 |
| Outfront Media, Inc. | 17626 | 467 |
| Rayonier, Inc. | 18092 | 373 |
| Safehold, Inc. | 2666 | 36 |
| Smartstop Self Storage REIT, Inc.<sup>†</sup>  | 3199 | 97 |
|  |  | **1553** |
| **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** |
| 1-800-Flowers.com, Inc., Class A<sup>\* †</sup>  | 5358 | 16 |
| Abercrombie & Fitch Co., Class A\* | 7040 | 643 |
| Academy Sports & Outdoors, Inc. | 8074 | 456 |
| American Eagle Outfitters, Inc. | 19842 | 331 |
| America's Car-Mart, Inc.\* | 1300 | 17 |
| Arhaus, Inc. | 12838 | 87 |
| Asbury Automotive Group, Inc.\* | 2127 | 416 |
| Barnes & Noble Education, Inc.<sup>\* †</sup>  | 238 | 2 |
| Bed Bath & Beyond, Inc.\* | 4080 | 19 |
| Boot Barn Holdings, Inc.\* | 3287 | 481 |
| Buckle (The), Inc. | 3658 | 184 |
| Build-A-Bear Workshop, Inc.<sup>†</sup>  | 3346 | 125 |
| Caleres, Inc. | 6003 | 63 |
| Camping World Holdings, Inc., Class A | 4704 | 32 |
| Cato (The) Corp., Class A\* | 4036 | 11 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Specialty Retail – 2.2%continued** | **Specialty Retail – 2.2%continued** | **Specialty Retail – 2.2%continued** |
| Children's Place (The), Inc.<sup>\* †</sup>  | 3300 | $11 |
| Citi Trends, Inc.\* | 3883 | 168 |
| Designer Brands, Inc., Class A | 7452 | 42 |
| Genesco, Inc.\* | 3002 | 87 |
| Group 1 Automotive, Inc. | 2402 | 794 |
| GrowGeneration Corp.\* | 6680 | 7 |
| Haverty Furniture Cos., Inc. | 2839 | 60 |
| Monro, Inc. | 4368 | 70 |
| National Vision Holdings, Inc.\* | 7899 | 205 |
| PetMed Express, Inc.<sup>\* †</sup>  | 3594 | 8 |
| Revolve Group, Inc.\* | 7902 | 179 |
| RideNow Group, Inc.\* | 29831 | 211 |
| Sally Beauty Holdings, Inc.\* | 17599 | 244 |
| Shoe Carnival, Inc. | 7004 | 109 |
| Signet Jewelers Ltd. | 5702 | 483 |
| Sleep Number Corp.<sup>\* †</sup>  | 2636 | 5 |
| Sonic Automotive, Inc., Class A | 6100 | 418 |
| ThredUp, Inc., Class A\* | 10659 | 35 |
| Upbound Group, Inc. | 5795 | 105 |
| Urban Outfitters, Inc.\* | 7474 | 474 |
| Victoria's Secret & Co.\* | 8170 | 379 |
| Winmark Corp. | 663 | 284 |
| Zumiez, Inc.\* | 4472 | 99 |
|  |  | **7360** |
| **Technology Hardware, Storage & Peripherals – 0.2%** | **Technology Hardware, Storage & Peripherals – 0.2%** | **Technology Hardware, Storage & Peripherals – 0.2%** |
| AstroNova, Inc.<sup>\* †</sup>  | 9968 | 92 |
| CPI Card Group, Inc.\* | 4086 | 59 |
| Diebold Nixdorf, Inc.\* | 3515 | 265 |
| GPGI, Inc. | 9593 | 164 |
| Immersion Corp. | 5870 | 32 |
| TransAct Technologies, Inc.<sup>\* †</sup>  | 3106 | 10 |
|  |  | **622** |
| **Textiles, Apparel & Luxury Goods – 0.7%** | **Textiles, Apparel & Luxury Goods – 0.7%** | **Textiles, Apparel & Luxury Goods – 0.7%** |
| Carter's, Inc. | 3995 | 143 |
| Columbia Sportswear Co. | 4970 | 272 |
| Culp, Inc.\* | 3104 | 9 |
| Fossil Group, Inc.<sup>\* †</sup>  | 5042 | 22 |
| G-III Apparel Group Ltd. | 4742 | 131 |
| Kontoor Brands, Inc. | 4980 | 350 |
| Movado Group, Inc. | 2506 | 61 |
| Oxford Industries, Inc. | 3082 | 119 |
| PVH Corp. | 4307 | 300 |
| Rocky Brands, Inc. | 2785 | 108 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **148** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Textiles, Apparel & Luxury Goods – 0.7%continued** | **Textiles, Apparel & Luxury Goods – 0.7%continued** | **Textiles, Apparel & Luxury Goods – 0.7%continued** |
| Steven Madden Ltd. | 10175 | $345 |
| Superior Group of Cos., Inc.<sup>†</sup>  | 2785 | 28 |
| Under Armour, Inc., Class A\* | 39380 | 233 |
| Unifi, Inc.\* | 588 | 2 |
| Vera Bradley, Inc.\* | 2958 | 9 |
| Wolverine World Wide, Inc. | 7640 | 125 |
|  |  | **2257** |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| Turning Point Brands, Inc. | 180 | 16 |
| Universal Corp. | 3535 | 186 |
|  |  | **202** |
| **Trading Companies & Distributors – 1.2%** | **Trading Companies & Distributors – 1.2%** | **Trading Companies & Distributors – 1.2%** |
| BlueLinx Holdings, Inc.\* | 2209 | 120 |
| Boise Cascade Co. | 5344 | 405 |
| Distribution Solutions Group, Inc.\* | 5258 | 138 |
| DNOW, Inc.\* | 21360 | 254 |
| DXP Enterprises, Inc.\* | 1184 | 166 |
| EVI Industries, Inc. | 1752 | 36 |
| GATX Corp. | 4274 | 730 |
| Global Industrial Co. | 5146 | 162 |
| McGrath RentCorp | 3820 | 421 |
| NPK International, Inc.\* | 9471 | 137 |
| Rush Enterprises, Inc., Class A | 15231 | 1007 |
| Titan Machinery, Inc.\* | 1328 | 22 |
| Transcat, Inc.\* | 2603 | 191 |
| Willis Lease Finance Corp. | 1554 | 265 |
| Xometry, Inc., Class A\* | 4970 | 203 |
|  |  | **4257** |
| **Water Utilities – 0.5%** | **Water Utilities – 0.5%** | **Water Utilities – 0.5%** |
| American States Water Co. | 5318 | 402 |
| Artesian Resources Corp., Class A | 2708 | 86 |
| Cadiz, Inc.\* | 9632 | 47 |
| California Water Service Group | 6689 | 303 |
| Consolidated Water Co. Ltd. | 6358 | 211 |
| H2O America<sup>†</sup>  | 3595 | 211 |
| Middlesex Water Co. | 3996 | 208 |
| York Water (The) Co. | 2843 | 87 |
|  |  | **1555** |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| Gogo, Inc.\* | 4720 | 19 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  | **COMMON STOCKS - 98.7%continued**  |
| **Wireless Telecommunication Services – 0.2%continued** | **Wireless Telecommunication Services – 0.2%continued** | **Wireless Telecommunication Services – 0.2%continued** |
| Spok Holdings, Inc. | 9102 | $99 |
| Telephone and Data Systems, Inc. | 11513 | 485 |
|  |  | **603** |
| **Total Common Stocks** |  |  |
| **(Cost $203,177)** |  | **337598** |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Biotechnology – 0.0%** | **Biotechnology – 0.0%** | **Biotechnology – 0.0%** |
| &nbsp;&nbsp; Akero Therapeutics Inc. (Contingent <br> Value Rights)<sup>(1) \* †</sup> <br>| 3564 |  |
| &nbsp;&nbsp; Albireo Pharma, Inc. (Contingent Value <br> Rights)<sup>(1) (4) \*</sup> <br>| 7485 | 69 |
| &nbsp;&nbsp; Concert Pharmaceuticals, Inc. <br> (Contingent Value Rights)<sup>(1) (4) \*</sup> <br>| 20570 |  |
| &nbsp;&nbsp; Flexion Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) (4) \*</sup> <br>| 9753 | 4 |
| &nbsp;&nbsp; Inhibrx, Inc. (Contingent Value <br> Rights)<sup>(1) \*</sup> <br>| 7862 |  |
| &nbsp;&nbsp; Repare Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) \*</sup> <br>| 76762 |  |
| Sage Therapeutics, Inc.<sup>(1) \*</sup>  | 8772 | 4 |
| Tobira Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) (4) \*</sup> <br>| 16926 |  |
|  |  | **77** |
| **Electronic Equipment, Instruments & Components – 0.0%** | **Electronic Equipment, Instruments & Components – 0.0%** | **Electronic Equipment, Instruments & Components – 0.0%** |
| M-Tron Industries, Inc.\* | 2310 | **5** |
| **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** |
| Gurnet Point Capital LLC (Contingent <br> Value Rights)<sup>(1) (4) \*</sup> <br>| 13493 | **—** |
| **Health Care Equipment & Supplies – 0.0%** | **Health Care Equipment & Supplies – 0.0%** | **Health Care Equipment & Supplies – 0.0%** |
| American Medical Alert Corp.<sup>(1) (4) \*</sup>  | 13109 | **—** |
| **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** |
| Resolute Forest Products, Inc., Class A <br> (Contingent Value Rights)<sup>(1) (4) \*</sup> <br>| 11874 | **—** |
| **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** |
| &nbsp;&nbsp; Avadel Pharmaceuticals PLC <br> (Contingent Value Rights)<sup>(1) \*</sup> <br>| 10012 |  |
| &nbsp;&nbsp; Harmony Biosciences Holdings, Inc. <br> (Contingent Value Rights)<sup>(1) \*</sup> <br>| 16116 |  |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **149** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **RIGHTS - 0.0%continued**  | **RIGHTS - 0.0%continued**  | **RIGHTS - 0.0%continued**  |
| **Pharmaceuticals – 0.0%continued** | **Pharmaceuticals – 0.0%continued** | **Pharmaceuticals – 0.0%continued** |
| &nbsp;&nbsp; Opiant Pharmaceuticals, Inc. <br> (Contingent Value Rights)<sup>(1) (4) \*</sup> <br>| 9938 | $— |
| Sun Pharmaceutical Industries Ltd. <br> (Contingent Value Rights)<sup>(1) \*</sup> <br>| 44767 |  |
|  |  | **—** |
| **Total Rights** |  |  |
| **(Cost $131)** |  | **82** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| &nbsp;&nbsp; Escrow Bowl America Inc., <br> Class A <sup>(1) (2) (4) \*</sup> <br>| 492 |  |
| **Total Other** |  |  |
| **(Cost $—)** |  | **—** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp; Bed Bath & Beyond, Inc., Exp. <br> 10/07/26, Strike $15.50<sup>(2) \*</sup> <br>| 438 | $— |
| &nbsp;&nbsp; Nabors Industries Ltd., Exp. 6/11/26, <br> Strike $166.67<sup>(2) \*</sup> <br>| 743 |  |
| &nbsp;&nbsp; Pulse Biosciences, Inc., Exp. 6/27/29, <br> Strike $0.00\*<br>| 1625 | 9 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **9** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 5.8%**  | **INVESTMENT COMPANIES – 5.8%**  | **INVESTMENT COMPANIES – 5.8%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(5) (6) (7)</sup> <br>| 16255765 | $16256 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(5) (6)</sup> <br>| 3430362 | 3430 |
| **Total Investment Companies** |  |  |
| **(Cost $19,686)** |  | **19686** |

---

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| U.S. Treasury Bill, |  |  |
| 3.69%, 5/7/26<sup>(8) (9)</sup>  | $370 | **$369** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $369)** | **(Cost $369)** | **369** |
| **Total Investments – 104.6%** | **Total Investments – 104.6%** |  |
| **(Cost $223,363)** | **(Cost $223,363)** | **357744** |
| Liabilities less Other Assets – (4.6%) | Liabilities less Other Assets – (4.6%) | (15822)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$341922** |

---

<sup>(1)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(2)</sup> *Value rounds to less than one thousand.*

<sup>(3)</sup> *Investment in affiliate.*

<sup>(4)</sup> *Restricted security. At March 31, 2026, the value of these restricted securities* *amounted to approximately $73,000 or 0.0% of net assets. Additional* *information on these restricted securities are as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| &nbsp;&nbsp; Albireo Pharma, Inc. (Contingent Value <br> Rights)<br>| 3/3/23 | &nbsp;&nbsp; $— |
| American Medical Alert Corp. | 1/3/12 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Concert Pharmaceuticals, Inc. (Contingent <br> Value Rights)<br>| 3/7/23 | &nbsp;&nbsp; — |
| Escrow Bowl America Inc., Class A | 11/14/25 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Flexion Therapeutics, Inc. (Contingent Value <br> Rights)<br>| 11/22/21 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Gurnet Point Capital LLC (Contingent Value <br> Rights)<br>| 9/22/23 | &nbsp;&nbsp; — |
| Next Bridge Hydrocarbons, Inc. | 12/13/22 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; Opiant Pharmaceuticals, Inc. (Contingent <br> Value Rights)<br>| 3/3/23 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Resolute Forest Products, Inc., Class A <br> (Contingent Value Rights)<br>| 3/1/23 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Tobira Therapeutics, Inc. (Contingent Value <br> Rights)<br>| 11/2/16 | &nbsp;&nbsp; 131 |

---

---

| | |
|:---|:---|
| <sup>(5)</sup>  | *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>(6)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(7)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>(8)</sup>  | *Discount rate at the time of purchase.* |
| <sup>(9)</sup>  | *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **150** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: <br>ADR - American Depositary Receipt

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini Russell <br> 2000 Index<br>| 32 | $4020 | Long | 6/26 | $8 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Biotechnology | &nbsp;&nbsp; $25382 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7 | &nbsp;&nbsp; $25389 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Capital Markets | &nbsp;&nbsp; $6220 | &nbsp;&nbsp; $67 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6287 |
| Household Durables | &nbsp;&nbsp; 5626 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5644 |
| All Other Industries<sup>(1)</sup>  | &nbsp;&nbsp; 300278 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 300278 |
| Total Common Stocks | &nbsp;&nbsp; 337506 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 337598 |
| Rights: |  |  |  |  |
| Biotechnology | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 77 |
| &nbsp;&nbsp; Electronic Equipment, <br> Instruments & <br> Components<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| Total Rights | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 82 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 |
| Investment Companies | &nbsp;&nbsp; 19686 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19686 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 369 |
| Total Investments | &nbsp;&nbsp; $357197 | &nbsp;&nbsp; $463 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; $357744 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8 |

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<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>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Methode Electronics, Inc. | $40 | $3 | $10 | $4 | $(8)<br>| $29 | 5279 | $2 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 90378 | 74122 |  |  | 16256 | 16255765 | 312 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 10890 | 64150 | 71610 |  |  | 3430 | 3430362 | 314 |
| Total | $10930 | $154531 | $145742 | $4 | $(8)<br>| $19715 | 19691406 | $628 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **151** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%**  | **COMMON STOCKS – 98.3%**  | **COMMON STOCKS – 98.3%**  |
| **Aerospace & Defense – 2.0%** | **Aerospace & Defense – 2.0%** | **Aerospace & Defense – 2.0%** |
| AAR Corp.\* | 18257 | $1997 |
| AeroVironment, Inc.\* | 17484 | 3200 |
| AerSale Corp.\* | 18549 | 115 |
| AIRO Group Holdings, Inc.<sup>\* †</sup>  | 10736 | 82 |
| Archer Aviation, Inc., Class A<sup>\* †</sup>  | 280155 | 1448 |
| Astronics Corp.\* | 14305 | 954 |
| Beta Technologies, Inc., Class A<sup>\* †</sup>  | 16233 | 239 |
| Byrna Technologies, Inc.<sup>\* †</sup>  | 7184 | 66 |
| Cadre Holdings, Inc.<sup>†</sup>  | 13450 | 413 |
| Ducommun, Inc.\* | 6467 | 789 |
| Eve Holding, Inc.<sup>\* †</sup>  | 39577 | 98 |
| Firefly Aerospace, Inc.<sup>\* †</sup>  | 11340 | 323 |
| Intuitive Machines, Inc.<sup>\* †</sup>  | 50840 | 943 |
| &nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc.\*<br>| 83758 | 5906 |
| Mercury Systems, Inc.\* | 25285 | 1843 |
| Moog, Inc., Class A | 13087 | 3830 |
| National Presto Industries, Inc. | 2436 | 334 |
| Park Aerospace Corp. | 8770 | 240 |
| Red Cat Holdings, Inc.<sup>\* †</sup>  | 48186 | 631 |
| Redwire Corp.<sup>\* †</sup>  | 50437 | 429 |
| Satellogic, Inc., Class A<sup>\* †</sup>  | 42646 | 232 |
| V2X, Inc.\* | 12465 | 854 |
| Voyager Technologies, Inc., Class A<sup>\* †</sup>  | 22652 | 530 |
| VSE Corp. | 12446 | 2295 |
| York Space Systems, Inc.<sup>\* †</sup>  | 8919 | 198 |
|  |  | **27989** |
| **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** |
| Arrive AI, Inc.\* | 14334 | 11 |
| Forward Air Corp.<sup>\* †</sup>  | 10868 | 182 |
| Hub Group, Inc., Class A | 27602 | 995 |
| Radiant Logistics, Inc.\* | 18585 | 131 |
|  |  | **1319** |
| **Automobile Components – 1.0%** | **Automobile Components – 1.0%** | **Automobile Components – 1.0%** |
| Adient PLC\* | 36978 | 747 |
| Cooper-Standard Holdings, Inc.\* | 7425 | 207 |
| Dana, Inc. | 52854 | 1779 |
| Dauch Corp.\* | 103606 | 614 |
| Dorman Products, Inc.\* | 12679 | 1323 |
| Fox Factory Holding Corp.\* | 18742 | 308 |
| Garrett Motion, Inc. | 82269 | 1495 |
| Gentherm, Inc.\* | 13548 | 376 |
| Goodyear Tire & Rubber (The) Co.\* | 126066 | 836 |
| Holley, Inc.\* | 31554 | 97 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Automobile Components – 1.0%continued** | **Automobile Components – 1.0%continued** | **Automobile Components – 1.0%continued** |
| LCI Industries | 11066 | $1361 |
| Motorcar Parts of America, Inc.\* | 7295 | 81 |
| Patrick Industries, Inc.<sup>†</sup>  | 15176 | 1686 |
| Phinia, Inc. | 17846 | 1221 |
| Solid Power, Inc.\* | 85593 | 257 |
| Standard Motor Products, Inc. | 10147 | 352 |
| Strattec Security Corp.\* | 2018 | 158 |
| Visteon Corp. | 12595 | 1148 |
| XPEL, Inc.\* | 11974 | 530 |
|  |  | **14576** |
| **Automobiles – 0.0%** | **Automobiles – 0.0%** | **Automobiles – 0.0%** |
| &nbsp;&nbsp; Faraday Future Intelligent Electric, Inc.<sup>\*</sup> <br> † <br>| 126384 | 35 |
| Livewire Group, Inc.<sup>\* †</sup>  | 8870 | 15 |
| Winnebago Industries, Inc. | 13015 | 403 |
|  |  | **453** |
| **Banks – 9.6%** | **Banks – 9.6%** | **Banks – 9.6%** |
| 1st Source Corp. | 8703 | 602 |
| ACNB Corp.<sup>†</sup>  | 4887 | 234 |
| Amalgamated Financial Corp.<sup>†</sup>  | 10976 | 427 |
| Amerant Bancorp, Inc. | 16936 | 373 |
| Ameris Bancorp | 30384 | 2370 |
| Ames National Corp. | 4453 | 126 |
| Arrow Financial Corp. | 7824 | 263 |
| Associated Banc-Corp | 76665 | 1983 |
| Atlantic Union Bankshares Corp. | 66162 | 2365 |
| Avidbank Holdings, Inc.<sup>\* †</sup>  | 905 | 26 |
| Axos Financial, Inc.\* | 25080 | 2134 |
| Banc of California, Inc. | 63647 | 1119 |
| BancFirst Corp. | 9563 | 1038 |
| Bancorp (The), Inc.\* | 19171 | 1030 |
| Bank First Corp. | 4690 | 633 |
| Bank of Hawaii Corp. | 18423 | 1368 |
| Bank of Marin Bancorp | 7346 | 188 |
| Bank of NT Butterfield & Son (The) Ltd. | 19367 | 1016 |
| Bank7 Corp. | 2288 | 91 |
| BankUnited, Inc. | 34773 | 1570 |
| Bankwell Financial Group, Inc. | 3267 | 158 |
| Banner Corp. | 15408 | 935 |
| Bar Harbor Bankshares | 8006 | 260 |
| BayCom Corp.<sup>†</sup>  | 4938 | 147 |
| BCB Bancorp, Inc. | 8699 | 78 |
| Beacon Financial Corp. | 38993 | 1170 |
| Blue Foundry Bancorp<sup>\* †</sup>  | 8299 | 110 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **152** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Banks – 9.6%continued** | **Banks – 9.6%continued** | **Banks – 9.6%continued** |
| Blue Ridge Bankshares, Inc.<sup>†</sup>  | 29873 | $125 |
| Bridgewater Bancshares, Inc.\* | 10397 | 184 |
| &nbsp;&nbsp; Burke & Herbert Financial Services <br> Corp.<br>| 6063 | 378 |
| Business First Bancshares, Inc. | 15069 | 407 |
| BV Financial, Inc.\* | 3736 | 71 |
| Byline Bancorp, Inc. | 14640 | 462 |
| C&F Financial Corp. | 1588 | 116 |
| California BanCorp | 11122 | 197 |
| Camden National Corp. | 7952 | 377 |
| Capital Bancorp, Inc.<sup>†</sup>  | 4907 | 146 |
| Capital City Bank Group, Inc. | 6416 | 279 |
| Capitol Federal Financial, Inc. | 55365 | 395 |
| Carter Bankshares, Inc.\* | 10145 | 237 |
| Cathay General Bancorp | 30236 | 1508 |
| CB Financial Services, Inc.<sup>†</sup>  | 2152 | 74 |
| Central Pacific Financial Corp. | 12086 | 386 |
| CF Bankshares, Inc.<sup>†</sup>  | 2078 | 58 |
| Chain Bridge Bancorp, Inc., Class A<sup>\* †</sup>  | 1128 | 39 |
| Chemung Financial Corp. | 2167 | 117 |
| ChoiceOne Financial Services, Inc. | 6182 | 174 |
| Citizens & Northern Corp.<sup>†</sup>  | 8557 | 191 |
| Citizens Community Bancorp, Inc.<sup>†</sup>  | 4870 | 96 |
| Citizens Financial Services, Inc. | 1891 | 116 |
| City Holding Co. | 6418 | 767 |
| Civista Bancshares, Inc. | 10025 | 228 |
| CNB Financial Corp.<sup>†</sup>  | 13144 | 381 |
| Coastal Financial Corp.\* | 5819 | 443 |
| CoastalSouth Bancshares, Inc.<sup>†</sup>  | 3738 | 92 |
| Colony Bankcorp, Inc. | 8914 | 178 |
| Columbia Financial, Inc.\* | 11901 | 208 |
| Commercial Bancgroup, Inc.<sup>†</sup>  | 3517 | 91 |
| Community Financial System, Inc.<sup>†</sup>  | 24334 | 1427 |
| Community Trust Bancorp, Inc. | 7533 | 457 |
| Community West Bancshares<sup>†</sup>  | 8314 | 194 |
| ConnectOne Bancorp, Inc. | 21626 | 579 |
| Customers Bancorp, Inc.\* | 14652 | 1017 |
| CVB Financial Corp.<sup>†</sup>  | 59096 | 1146 |
| Dime Community Bancshares, Inc. | 18796 | 636 |
| Eagle Bancorp Montana, Inc. | 3838 | 79 |
| Eagle Bancorp, Inc. | 12550 | 312 |
| Eagle Financial Services, Inc.<sup>†</sup>  | 2509 | 88 |
| Eastern Bankshares, Inc. | 101571 | 1987 |
| ECB Bancorp, Inc.\* | 3966 | 66 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Banks – 9.6%continued** | **Banks – 9.6%continued** | **Banks – 9.6%continued** |
| Enterprise Financial Services Corp. | 16778 | $908 |
| Equity Bancshares, Inc., Class A | 8230 | 365 |
| Esquire Financial Holdings, Inc. | 3243 | 349 |
| Farmers & Merchants Bancorp, Inc. | 6385 | 164 |
| Farmers National Banc Corp. | 24749 | 326 |
| FB Bancorp, Inc.<sup>\* †</sup>  | 8365 | 115 |
| FB Financial Corp. | 20753 | 1078 |
| Fidelity D&D Bancorp, Inc. | 2482 | 107 |
| Financial Institutions, Inc.<sup>†</sup>  | 9467 | 300 |
| Finward Bancorp<sup>†</sup>  | 1583 | 57 |
| Finwise Bancorp\* | 5096 | 81 |
| First Bancorp<sup>†</sup>  | 18576 | 1047 |
| First BanCorp | 72004 | 1538 |
| First Bancorp (The), Inc. | 5447 | 153 |
| First Bank | 10800 | 173 |
| First Busey Corp. | 39609 | 1001 |
| First Business Financial Services, Inc. | 3917 | 211 |
| First Capital, Inc. | 1505 | 75 |
| First Commonwealth Financial Corp. | 47135 | 829 |
| First Community Bankshares, Inc. | 7344 | 305 |
| First Community Corp. | 3456 | 101 |
| First Financial Bancorp | 48652 | 1356 |
| First Financial Bankshares, Inc.<sup>†</sup>  | 61963 | 1825 |
| First Financial Corp.<sup>†</sup>  | 5305 | 335 |
| First Foundation, Inc.\* | 27247 | 161 |
| First Internet Bancorp | 4212 | 86 |
| First Interstate BancSystem, Inc., Class A | 40371 | 1348 |
| First Merchants Corp. | 28753 | 1114 |
| First Mid Bancshares, Inc. | 10401 | 428 |
| First National Corp.<sup>†</sup>  | 3641 | 98 |
| First United Corp. | 2786 | 102 |
| First Western Financial, Inc.\* | 3462 | 85 |
| Firstsun Capital Bancorp<sup>\* †</sup>  | 6192 | 226 |
| Five Star Bancorp<sup>†</sup>  | 7570 | 286 |
| Flagstar Bank N.A. | 141729 | 1867 |
| Flushing Financial Corp. | 15631 | 240 |
| Franklin Financial Services Corp.<sup>†</sup>  | 1940 | 99 |
| FS Bancorp, Inc. | 2671 | 103 |
| Fulton Financial Corp.<sup>†</sup>  | 84215 | 1713 |
| FVCBankcorp, Inc.<sup>†</sup>  | 6506 | 99 |
| GBank Financial Holdings, Inc.<sup>\* †</sup>  | 3683 | 99 |
| German American Bancorp, Inc. | 16502 | 690 |
| Glacier Bancorp, Inc. | 59247 | 2647 |
| Great Southern Bancorp, Inc. | 3996 | 252 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **153** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Banks – 9.6%continued** | **Banks – 9.6%continued** | **Banks – 9.6%continued** |
| Greene County Bancorp, Inc. | 3437 | $77 |
| Hancock Whitney Corp. | 38576 | 2453 |
| Hanmi Financial Corp. | 13881 | 366 |
| Hanover Bancorp, Inc.<sup>†</sup>  | 1518 | 33 |
| Hawthorn Bancshares, Inc. | 2686 | 90 |
| HBT Financial, Inc. | 5545 | 148 |
| Heritage Commerce Corp. | 28793 | 359 |
| Heritage Financial Corp. | 16171 | 420 |
| Hilltop Holdings, Inc. | 20508 | 735 |
| Hingham Institution For Savings (The)<sup>†</sup>  | 820 | 234 |
| Home Bancorp, Inc. | 3179 | 193 |
| Home BancShares, Inc. | 86899 | 2340 |
| HomeTrust Bancshares, Inc. | 7401 | 316 |
| Hope Bancorp, Inc. | 56572 | 632 |
| Horizon Bancorp, Inc. | 22536 | 373 |
| Independent Bank Corp. | 9633 | 321 |
| &nbsp;&nbsp; Independent Bank Corp. (NASDAQ <br> Global Select)<sup>†</sup> <br>| 22967 | 1727 |
| International Bancshares Corp. | 25106 | 1689 |
| Investar Holding Corp.<sup>†</sup>  | 5490 | 150 |
| John Marshall Bancorp, Inc. | 5224 | 106 |
| Kearny Financial Corp. | 28269 | 213 |
| Lakeland Financial Corp. | 11297 | 648 |
| Landmark Bancorp, Inc.<sup>†</sup>  | 2720 | 67 |
| LCNB Corp.<sup>†</sup>  | 7030 | 110 |
| LINKBANCORP, Inc. | 10923 | 91 |
| Live Oak Bancshares, Inc. | 16013 | 530 |
| MainStreet Bancshares, Inc. | 3265 | 72 |
| Mechanics Bancorp, Class A<sup>†</sup>  | 22255 | 328 |
| Mercantile Bank Corp.<sup>†</sup>  | 8037 | 406 |
| Meridian Corp.<sup>†</sup>  | 4605 | 87 |
| Metrocity Bankshares, Inc.<sup>†</sup>  | 10505 | 301 |
| Metropolitan Bank Holding Corp. | 4236 | 353 |
| Mid Penn Bancorp, Inc. | 9450 | 304 |
| Midland States Bancorp, Inc. | 8825 | 197 |
| MVB Financial Corp.<sup>†</sup>  | 5400 | 134 |
| National Bank Holdings Corp., Class A | 17256 | 676 |
| National Bankshares, Inc. | 2917 | 106 |
| NB Bancorp, Inc. | 18214 | 384 |
| NBT Bancorp, Inc.<sup>†</sup>  | 23445 | 998 |
| Nicolet Bankshares, Inc. | 8489 | 1262 |
| Northeast Bank | 3336 | 375 |
| Northeast Community Bancorp, Inc. | 5252 | 125 |
| Northfield Bancorp, Inc. | 17901 | 242 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Banks – 9.6%continued** | **Banks – 9.6%continued** | **Banks – 9.6%continued** |
| Northpointe Bancshares, Inc.<sup>†</sup>  | 8833 | $152 |
| Northrim BanCorp, Inc.<sup>†</sup>  | 9900 | 226 |
| Northwest Bancshares, Inc. | 66312 | 842 |
| Norwood Financial Corp.<sup>†</sup>  | 5029 | 148 |
| Oak Valley Bancorp<sup>†</sup>  | 3410 | 111 |
| OceanFirst Financial Corp. | 25457 | 459 |
| OFG Bancorp | 19685 | 796 |
| Ohio Valley Banc Corp.<sup>†</sup>  | 1755 | 77 |
| Old National Bancorp | 163014 | 3603 |
| Old Second Bancorp, Inc. | 24003 | 484 |
| OP Bancorp<sup>†</sup>  | 5505 | 73 |
| Orange County Bancorp, Inc. | 5647 | 181 |
| Origin Bancorp, Inc. | 13501 | 560 |
| Orrstown Financial Services, Inc. | 8301 | 299 |
| Park National Corp. | 6798 | 1111 |
| Parke Bancorp, Inc. | 4894 | 139 |
| Pathward Financial, Inc. | 10385 | 927 |
| Patriot National Bancorp, Inc.<sup>\* †</sup>  | 28397 | 37 |
| PCB Bancorp | 4975 | 112 |
| Peapack-Gladstone Financial Corp. | 7054 | 248 |
| &nbsp;&nbsp; Peoples Bancorp of North Carolina, <br> Inc.<br>| 1816 | 71 |
| Peoples Bancorp, Inc. | 16191 | 532 |
| Peoples Financial Services Corp. | 4488 | 239 |
| Pioneer Bancorp, Inc.\* | 5388 | 75 |
| Plumas Bancorp<sup>†</sup>  | 2855 | 139 |
| Ponce Financial Group, Inc.\* | 9140 | 153 |
| Preferred Bank<sup>†</sup>  | 5276 | 478 |
| Primis Financial Corp.<sup>†</sup>  | 9761 | 130 |
| Princeton Bancorp, Inc. | 2786 | 94 |
| Provident Financial Services, Inc. | 60274 | 1275 |
| QCR Holdings, Inc.<sup>†</sup>  | 7595 | 649 |
| RBB Bancorp<sup>†</sup>  | 6963 | 149 |
| Red River Bancshares, Inc.<sup>†</sup>  | 2281 | 206 |
| Renasant Corp. | 43373 | 1567 |
| Republic Bancorp, Inc., Class A | 3706 | 261 |
| Rhinebeck Bancorp, Inc.\* | 1290 | 20 |
| Richmond Mutual BanCorp, Inc. | 3521 | 48 |
| Riverview Bancorp, Inc.<sup>†</sup>  | 11775 | 65 |
| S&T Bancorp, Inc. | 17595 | 736 |
| SB Financial Group, Inc. | 2751 | 58 |
| Seacoast Banking Corp. of Florida | 45478 | 1378 |
| ServisFirst Bancshares, Inc. | 23758 | 1730 |
| Shore Bancshares, Inc. | 13611 | 254 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **154** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Banks – 9.6%continued** | **Banks – 9.6%continued** | **Banks – 9.6%continued** |
| Sierra Bancorp | 5952 | $202 |
| Simmons First National Corp., Class A<sup>†</sup>  | 66251 | 1289 |
| SmartFinancial, Inc. | 7374 | 288 |
| Sound Financial Bancorp, Inc. | 700 | 31 |
| South Plains Financial, Inc.<sup>†</sup>  | 5972 | 250 |
| Southern First Bancshares, Inc.\* | 3568 | 194 |
| Southern Missouri Bancorp, Inc. | 4640 | 297 |
| Southside Bancshares, Inc. | 13816 | 430 |
| SR Bancorp, Inc.<sup>†</sup>  | 3571 | 60 |
| Stellar Bancorp, Inc. | 21852 | 800 |
| Sterling Bancorp, Inc.<sup>(1) \*</sup>  | 9809 |  |
| Stock Yards Bancorp, Inc. | 12001 | 796 |
| Texas Capital Bancshares, Inc.\* | 20476 | 1943 |
| Third Coast Bancshares, Inc.\* | 6299 | 238 |
| Timberland Bancorp, Inc.<sup>†</sup>  | 3452 | 136 |
| Tompkins Financial Corp. | 6362 | 502 |
| Towne Bank | 40253 | 1355 |
| TriCo Bancshares | 14284 | 679 |
| Triumph Financial, Inc.\* | 10742 | 641 |
| TrustCo Bank Corp. NY | 8466 | 371 |
| Trustmark Corp.<sup>†</sup>  | 25791 | 1087 |
| UMB Financial Corp. | 33591 | 3789 |
| Union Bankshares, Inc.<sup>†</sup>  | 2224 | 54 |
| United Bankshares, Inc. | 65171 | 2699 |
| United Community Banks, Inc. | 56379 | 1775 |
| United Security Bancshares | 7167 | 75 |
| Unity Bancorp, Inc.<sup>†</sup>  | 3407 | 177 |
| Univest Financial Corp. | 13306 | 456 |
| USCB Financial Holdings, Inc. | 6100 | 113 |
| Valley National Bancorp | 225981 | 2775 |
| Virginia National Bankshares Corp. | 2004 | 77 |
| WaFd, Inc. | 35707 | 1121 |
| Washington Trust Bancorp, Inc. | 9117 | 305 |
| WesBanco, Inc. | 44202 | 1525 |
| West BanCorp, Inc. | 7544 | 179 |
| Westamerica BanCorp | 10821 | 564 |
| Western New England Bancorp, Inc. | 8569 | 111 |
| WSFS Financial Corp. | 24964 | 1634 |
|  |  | **133546** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| MGP Ingredients, Inc. | 5805 | 107 |
| National Beverage Corp.\* | 10768 | 362 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Beverages – 0.1%continued** | **Beverages – 0.1%continued** | **Beverages – 0.1%continued** |
| Vita Coco (The) Co., Inc.\* | 22022 | $1055 |
| Zevia PBC, Class A\* | 15449 | 18 |
|  |  | **1542** |
| **Biotechnology – 9.2%** | **Biotechnology – 9.2%** | **Biotechnology – 9.2%** |
| 4D Molecular Therapeutics, Inc.\* | 19073 | 178 |
| Abeona Therapeutics, Inc.<sup>\* †</sup>  | 18587 | 83 |
| Absci Corp.<sup>\* †</sup>  | 65948 | 198 |
| ACADIA Pharmaceuticals, Inc.\* | 58920 | 1312 |
| ADC Therapeutics S.A.\* | 48191 | 181 |
| ADMA Biologics, Inc.\* | 106640 | 961 |
| Agios Pharmaceuticals, Inc.\* | 25746 | 871 |
| Akebia Therapeutics, Inc.\* | 108928 | 151 |
| Aktis Oncology, Inc.<sup>\* †</sup>  | 10194 | 182 |
| Aldeyra Therapeutics, Inc.\* | 16597 | 28 |
| Alector, Inc.\* | 44629 | 96 |
| Alkermes PLC\* | 75393 | 2666 |
| Allogene Therapeutics, Inc.\* | 77171 | 188 |
| Altimmune, Inc.\* | 64044 | 197 |
| Amicus Therapeutics, Inc.\* | 137990 | 1995 |
| AnaptysBio, Inc.\* | 8647 | 480 |
| Anavex Life Sciences Corp.<sup>\* †</sup>  | 43400 | 133 |
| Anika Therapeutics, Inc.\* | 6637 | 96 |
| Annexon, Inc.\* | 60767 | 337 |
| Apogee Therapeutics, Inc.\* | 20615 | 1735 |
| Arbutus Biopharma Corp.\* | 70062 | 315 |
| ARCA biopharma, Inc.\* | 17896 | 878 |
| Arcellx, Inc.\* | 17682 | 2030 |
| Arcturus Therapeutics Holdings, Inc.<sup>\* †</sup>  | 10436 | 81 |
| Arcus Biosciences, Inc.\* | 38335 | 828 |
| Arcutis Biotherapeutics, Inc.\* | 50468 | 1189 |
| Ardelyx, Inc.\* | 108885 | 652 |
| ArriVent Biopharma, Inc.<sup>\* †</sup>  | 15380 | 355 |
| Arrowhead Pharmaceuticals, Inc.\* | 62794 | 3937 |
| ARS Pharmaceuticals, Inc.<sup>\* †</sup>  | 25876 | 208 |
| Atrium Therapeutics, Inc.\* | 6636 | 89 |
| aTyr Pharma, Inc.<sup>\* †</sup>  | 59359 | 46 |
| Aura Biosciences, Inc.\* | 22707 | 152 |
| Aurinia Pharmaceuticals, Inc.\* | 55029 | 816 |
| Avita Medical, Inc.<sup>\* †</sup>  | 9019 | 33 |
| Beam Therapeutics, Inc.<sup>\* †</sup>  | 43835 | 1045 |
| Benitec Biopharma, Inc.<sup>\* †</sup>  | 9872 | 105 |
| Bicara Therapeutics, Inc.<sup>\* †</sup>  | 14729 | 293 |
| BioCryst Pharmaceuticals, Inc.\* | 106237 | 1011 |
| Biohaven Ltd.\* | 55827 | 472 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **155** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Biotechnology – 9.2%continued** | **Biotechnology – 9.2%continued** | **Biotechnology – 9.2%continued** |
| Bridgebio Pharma, Inc.\* | 73735 | $5476 |
| Bright Minds Biosciences, Inc.<sup>\* †</sup>  | 3289 | 240 |
| Candel Therapeutics, Inc.<sup>\* †</sup>  | 23512 | 115 |
| Capricor Therapeutics, Inc.<sup>\* †</sup>  | 19974 | 607 |
| Cardiff Oncology, Inc.<sup>\* †</sup>  | 35801 | 58 |
| CareDx, Inc.\* | 23232 | 403 |
| Cartesian Therapeutics, Inc.<sup>\* †</sup>  | 6688 | 41 |
| Catalyst Pharmaceuticals, Inc.\* | 53493 | 1325 |
| Celcuity, Inc.\* | 16155 | 1844 |
| Celldex Therapeutics, Inc.\* | 29931 | 949 |
| CG oncology, Inc.\* | 27222 | 1842 |
| Cogent Biosciences, Inc.\* | 66208 | 2548 |
| Coherus Oncology, Inc.<sup>\* †</sup>  | 54291 | 92 |
| Compass Therapeutics, Inc.\* | 59228 | 313 |
| Corvus Pharmaceuticals, Inc.\* | 30015 | 439 |
| CRISPR Therapeutics A.G.<sup>\* †</sup>  | 42590 | 2026 |
| Cullinan Therapeutics, Inc.\* | 24089 | 342 |
| Cytokinetics, Inc.\* | 55723 | 3673 |
| Day One Biopharmaceuticals, Inc.\* | 36471 | 782 |
| Denali Therapeutics, Inc.\* | 66411 | 1275 |
| Design Therapeutics, Inc.\* | 11702 | 125 |
| DiaMedica Therapeutics, Inc.<sup>\* †</sup>  | 17618 | 119 |
| Dianthus Therapeutics, Inc.\* | 16465 | 1382 |
| Disc Medicine, Inc.\* | 12922 | 826 |
| Dyne Therapeutics, Inc.<sup>\* †</sup>  | 61937 | 1123 |
| Editas Medicine, Inc.<sup>\* †</sup>  | 50711 | 125 |
| Eledon Pharmaceuticals, Inc.\* | 32836 | 101 |
| Emergent BioSolutions, Inc.\* | 24080 | 200 |
| Enanta Pharmaceuticals, Inc.\* | 11682 | 148 |
| Entrada Therapeutics, Inc.\* | 12167 | 154 |
| Erasca, Inc.\* | 87024 | 1408 |
| Evommune, Inc.<sup>\* †</sup>  | 5346 | 123 |
| Fate Therapeutics, Inc.<sup>\* †</sup>  | 61862 | 74 |
| Fennec Pharmaceuticals, Inc.\* | 15071 | 93 |
| Foghorn Therapeutics, Inc.\* | 18475 | 88 |
| Geron Corp.\* | 245345 | 366 |
| Gossamer Bio, Inc.<sup>\* †</sup>  | 61080 | 20 |
| GRAIL, Inc.\* | 16045 | 829 |
| Greenwich Lifesciences, Inc.<sup>\* †</sup>  | 3278 | 79 |
| Gyre Therapeutics, Inc.<sup>\* †</sup>  | 6420 | 45 |
| Heron Therapeutics, Inc.<sup>\* †</sup>  | 56760 | 45 |
| Humacyte, Inc.<sup>\* †</sup>  | 86569 | 53 |
| Ideaya Biosciences, Inc.\* | 38893 | 1296 |
| ImmunityBio, Inc.<sup>\* †</sup>  | 137367 | 1054 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Biotechnology – 9.2%continued** | **Biotechnology – 9.2%continued** | **Biotechnology – 9.2%continued** |
| Immunome, Inc.<sup>\* †</sup>  | 47294 | $1034 |
| Immunovant, Inc.\* | 38300 | 951 |
| Inhibikase Therapeutics, Inc.<sup>\* †</sup>  | 56309 | 95 |
| Inhibrx Biosciences, Inc.<sup>\* †</sup>  | 4203 | 283 |
| Inmune Bio, Inc.<sup>\* †</sup>  | 20118 | 23 |
| Intellia Therapeutics, Inc.<sup>\* †</sup>  | 52001 | 667 |
| Iovance Biotherapeutics, Inc.<sup>\* †</sup>  | 159582 | 560 |
| Ironwood Pharmaceuticals, Inc.\* | 70326 | 247 |
| Jade Biosciences, Inc.<sup>†</sup>  | 15221 | 214 |
| Janux Therapeutics, Inc.\* | 18991 | 264 |
| KalVista Pharmaceuticals, Inc.<sup>\* †</sup>  | 18023 | 363 |
| Keros Therapeutics, Inc.<sup>\* †</sup>  | 12433 | 137 |
| Kodiak Sciences, Inc.\* | 16989 | 648 |
| Korro Bio, Inc.<sup>\* †</sup>  | 4139 | 47 |
| Krystal Biotech, Inc.\* | 11541 | 2981 |
| Kura Oncology, Inc.\* | 35924 | 292 |
| Kymera Therapeutics, Inc.\* | 26581 | 2214 |
| Larimar Therapeutics, Inc.<sup>\* †</sup>  | 24695 | 111 |
| Lexeo Therapeutics, Inc.\* | 32762 | 188 |
| Madrigal Pharmaceuticals, Inc.\* | 7957 | 4165 |
| MannKind Corp.\* | 137164 | 336 |
| MapLight Therapeutics, Inc.<sup>\* †</sup>  | 9600 | 195 |
| MeiraGTx Holdings PLC\* | 21805 | 189 |
| MiMedx Group, Inc.\* | 51987 | 205 |
| Mineralys Therapeutics, Inc.<sup>\* †</sup>  | 21616 | 586 |
| Mirum Pharmaceuticals, Inc.\* | 19420 | 1794 |
| Monopar Therapeutics, Inc.<sup>\* †</sup>  | 1838 | 101 |
| Monte Rosa Therapeutics, Inc.\* | 28696 | 472 |
| Myriad Genetics, Inc.\* | 40059 | 180 |
| Neurogene, Inc.<sup>\* †</sup>  | 5857 | 118 |
| Nkarta, Inc.\* | 26180 | 55 |
| Novavax, Inc.<sup>\* †</sup>  | 68284 | 556 |
| Nurix Therapeutics, Inc.\* | 46327 | 718 |
| Nuvalent, Inc., Class A\* | 23078 | 2364 |
| Nuvectis Pharma, Inc.<sup>\* †</sup>  | 8159 | 63 |
| Olema Pharmaceuticals, Inc.\* | 33208 | 495 |
| Organogenesis Holdings, Inc.\* | 36716 | 87 |
| ORIC Pharmaceuticals, Inc.\* | 31335 | 397 |
| Perspective Therapeutics, Inc.<sup>\* †</sup>  | 26795 | 112 |
| Pieris Pharmaceuticals, Inc.<sup>\* †</sup>  | 3488 | 435 |
| Praxis Precision Medicines, Inc.\* | 11929 | 3843 |
| Precigen, Inc.\* | 79849 | 309 |
| Prime Medicine, Inc.<sup>\* †</sup>  | 51055 | 178 |
| Protagonist Therapeutics, Inc.\* | 27106 | 2857 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **156** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Biotechnology – 9.2%continued** | **Biotechnology – 9.2%continued** | **Biotechnology – 9.2%continued** |
| Protalix BioTherapeutics, Inc.<sup>\* †</sup>  | 39351 | $85 |
| Protara Therapeutics, Inc.\* | 26123 | 136 |
| Prothena Corp. PLC\* | 21820 | 212 |
| PTC Therapeutics, Inc.\* | 36683 | 2499 |
| Puma Biotechnology, Inc.\* | 21215 | 136 |
| &nbsp;&nbsp; Recursion Pharmaceuticals, Inc., <br> Class A<sup>\* †</sup> <br>| 216127 | 664 |
| REGENXBIO, Inc.<sup>\* †</sup>  | 20438 | 171 |
| Relay Therapeutics, Inc.\* | 64044 | 637 |
| Replimune Group, Inc.\* | 31403 | 240 |
| Rezolute, Inc.\* | 28453 | 87 |
| Rhythm Pharmaceuticals, Inc.\* | 24393 | 2122 |
| Rigel Pharmaceuticals, Inc.\* | 8774 | 237 |
| Rocket Pharmaceuticals, Inc.\* | 36561 | 131 |
| Sana Biotechnology, Inc.<sup>\* †</sup>  | 73950 | 213 |
| Savara, Inc.\* | 65937 | 360 |
| Scholar Rock Holding Corp.\* | 40769 | 2004 |
| SELLAS Life Sciences Group, Inc.<sup>\* †</sup>  | 77210 | 327 |
| Sionna Therapeutics, Inc.<sup>\* †</sup>  | 7172 | 288 |
| Soleno Therapeutics, Inc.\* | 23725 | 794 |
| Solid Biosciences, Inc.\* | 29032 | 209 |
| Spyre Therapeutics, Inc.\* | 32216 | 1625 |
| Stoke Therapeutics, Inc.<sup>\* †</sup>  | 22314 | 727 |
| Syndax Pharmaceuticals, Inc.\* | 39389 | 920 |
| Tango Therapeutics, Inc.<sup>\* †</sup>  | 50828 | 1063 |
| Taysha Gene Therapies, Inc.\* | 99638 | 445 |
| Tectonic Therapeutic, Inc.<sup>\* †</sup>  | 5470 | 169 |
| Tevogen Bio Holdings, Inc.\* | 2669 | 12 |
| TG Therapeutics, Inc.\* | 66914 | 2223 |
| Tonix Pharmaceuticals Holding Corp.<sup>\* †</sup>  | 7147 | 98 |
| Travere Therapeutics, Inc.\* | 38686 | 1149 |
| TriSalus Life Sciences, Inc.\* | 9850 | 39 |
| TuHURA Biosciences, Inc.<sup>\* †</sup>  | 26372 | 47 |
| Twist Bioscience Corp.\* | 28369 | 1348 |
| Tyra Biosciences, Inc.\* | 12173 | 466 |
| Upstream Bio, Inc.<sup>\* †</sup>  | 13807 | 124 |
| UroGen Pharma Ltd.\* | 19228 | 346 |
| Vanda Pharmaceuticals, Inc.\* | 24761 | 171 |
| Vaxcyte, Inc.\* | 57367 | 3334 |
| Vera Therapeutics, Inc.\* | 28979 | 1166 |
| Veracyte, Inc.\* | 36575 | 1178 |
| Verastem, Inc.\* | 33239 | 176 |
| Vericel Corp.\* | 22981 | 739 |
| Vir Biotechnology, Inc.\* | 43384 | 389 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Biotechnology – 9.2%continued** | **Biotechnology – 9.2%continued** | **Biotechnology – 9.2%continued** |
| Viridian Therapeutics, Inc.\* | 37771 | $739 |
| Voyager Therapeutics, Inc.\* | 24817 | 96 |
| Xencor, Inc.\* | 31603 | 381 |
| Xenon Pharmaceuticals, Inc.\* | 39840 | 2317 |
| XOMA Royalty Corp.<sup>\* †</sup>  | 4953 | 155 |
| Zenas Biopharma, Inc.<sup>\* †</sup>  | 10369 | 203 |
| Zymeworks, Inc.\* | 23444 | 587 |
|  |  | **126982** |
| **Broadline Retail – 0.1%** | **Broadline Retail – 0.1%** | **Broadline Retail – 0.1%** |
| Groupon, Inc.<sup>\* †</sup>  | 10650 | 127 |
| Kohl's Corp. | 50663 | 653 |
| Savers Value Village, Inc.\* | 16264 | 121 |
|  |  | **901** |
| **Building Products – 1.5%** | **Building Products – 1.5%** | **Building Products – 1.5%** |
| American Woodmark Corp.\* | 6335 | 252 |
| Apogee Enterprises, Inc.<sup>†</sup>  | 9446 | 317 |
| AZZ, Inc. | 13729 | 1718 |
| CSW Industrials, Inc. | 7368 | 1920 |
| Gibraltar Industries, Inc.\* | 13533 | 540 |
| Griffon Corp.<sup>†</sup>  | 17890 | 1300 |
| Insteel Industries, Inc. | 9046 | 304 |
| Janus International Group, Inc.\* | 60648 | 312 |
| JELD-WEN Holding, Inc.\* | 30211 | 38 |
| Masterbrand, Inc.<sup>\* †</sup>  | 57330 | 476 |
| Modine Manufacturing Co.\* | 24366 | 5280 |
| Quanex Building Products Corp. | 20654 | 371 |
| Resideo Technologies, Inc.\* | 59528 | 2007 |
| Tecnoglass, Inc. | 12294 | 548 |
| UFP Industries, Inc. | 26903 | 2478 |
| Zurn Elkay Water Solutions Corp. | 69440 | 3114 |
|  |  | **20975** |
| **Capital Markets – 1.7%** | **Capital Markets – 1.7%** | **Capital Markets – 1.7%** |
| Acadian Asset Management, Inc. | 12514 | 681 |
| AlTi Global, Inc.<sup>\* †</sup>  | 23429 | 85 |
| &nbsp;&nbsp; Artisan Partners Asset Management, <br> Inc., Class A<br>| 28690 | 1044 |
| Bakkt, Inc.<sup>\* †</sup>  | 8867 | 65 |
| BGC Group, Inc., Class A | 167464 | 1638 |
| Cohen & Steers, Inc. | 12706 | 795 |
| Diamond Hill Investment Group, Inc.<sup>†</sup>  | 1234 | 212 |
| DigitalBridge Group, Inc. | 82682 | 1275 |
| Donnelley Financial Solutions, Inc.\* | 11584 | 546 |
| GCM Grosvenor, Inc., Class A | 29627 | 290 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **157** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Capital Markets – 1.7%continued** | **Capital Markets – 1.7%continued** | **Capital Markets – 1.7%continued** |
| Innventure, Inc.<sup>\* †</sup>  | 27239 | $107 |
| Marex Group PLC | 25373 | 1131 |
| MarketWise, Inc.<sup>†</sup>  | 1041 | 20 |
| Miami International Holdings, Inc.\* | 11722 | 456 |
| Moelis & Co., Class A | 34238 | 1952 |
| Open Lending Corp.\* | 38443 | 48 |
| Patria Investments Ltd., Class A<sup>†</sup>  | 29605 | 373 |
| Perella Weinberg Partners | 31013 | 563 |
| Piper Sandler Cos. | 32280 | 2471 |
| PJT Partners, Inc., Class A | 10563 | 1476 |
| Ridgepost Capital, Inc., Class A<sup>†</sup>  | 25515 | 185 |
| Siebert Financial Corp.<sup>\* †</sup>  | 12947 | 25 |
| &nbsp;&nbsp; Silvercrest Asset Management Group, <br> Inc., Class A<br>| 2147 | 29 |
| StepStone Group, Inc., Class A<sup>†</sup>  | 32091 | 1531 |
| StoneX Group, Inc.\* | 34036 | 2745 |
| Value Line, Inc.<sup>†</sup>  | 578 | 20 |
| Victory Capital Holdings, Inc., Class A | 21054 | 1379 |
| Virtus Investment Partners, Inc. | 2882 | 387 |
| Wealthfront Corp.\* | 17744 | 164 |
| Webull Corp.\* | 130892 | 628 |
| Westwood Holdings Group, Inc. | 4276 | 71 |
| WisdomTree, Inc.<sup>†</sup>  | 56825 | 827 |
|  |  | **23219** |
| **Chemicals – 1.6%** | **Chemicals – 1.6%** | **Chemicals – 1.6%** |
| AdvanSix, Inc. | 11596 | 283 |
| American Vanguard Corp.\* | 7822 | 19 |
| Arq, Inc.\* | 8438 | 22 |
| Ascent Industries Co.<sup>\* †</sup>  | 4788 | 64 |
| ASP Isotopes, Inc.<sup>\* †</sup>  | 55305 | 244 |
| Aspen Aerogels, Inc.\* | 26973 | 92 |
| Avient Corp. | 42947 | 1559 |
| Balchem Corp. | 15266 | 2587 |
| Cabot Corp. | 24403 | 1838 |
| Chemours (The) Co. | 70483 | 1553 |
| Core Molding Technologies, Inc.\* | 3175 | 71 |
| Ecovyst, Inc.\* | 52915 | 680 |
| Flotek Industries, Inc.<sup>\* †</sup>  | 6686 | 113 |
| H.B. Fuller Co. | 25129 | 1550 |
| Hawkins, Inc.<sup>†</sup>  | 8965 | 1377 |
| Ingevity Corp.<sup>\* †</sup>  | 16873 | 1202 |
| Innospec, Inc. | 11334 | 828 |
| Intrepid Potash, Inc.\* | 5204 | 223 |
| Koppers Holdings, Inc. | 9089 | 352 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Chemicals – 1.6%continued** | **Chemicals – 1.6%continued** | **Chemicals – 1.6%continued** |
| Kronos Worldwide, Inc. | 12381 | $81 |
| LSB Industries, Inc.<sup>\* †</sup>  | 24419 | 364 |
| Mativ Holdings, Inc.<sup>†</sup>  | 23625 | 206 |
| Minerals Technologies, Inc. | 14577 | 1034 |
| Orion S.A. | 23321 | 152 |
| Perimeter Solutions, Inc.\* | 64498 | 1575 |
| PureCycle Technologies, Inc.<sup>\* †</sup>  | 57993 | 301 |
| Quaker Chemical Corp. | 6308 | 784 |
| Rayonier Advanced Materials, Inc.\* | 30644 | 339 |
| Sensient Technologies Corp. | 19462 | 1682 |
| Solesence, Inc.<sup>\* †</sup>  | 23699 | 22 |
| Stepan Co. | 9726 | 486 |
| Tronox Holdings PLC | 53811 | 526 |
| Valhi, Inc.<sup>†</sup>  | 2037 | 29 |
|  |  | **22238** |
| **Commercial Services & Supplies – 1.3%** | **Commercial Services & Supplies – 1.3%** | **Commercial Services & Supplies – 1.3%** |
| ABM Industries, Inc. | 27438 | 1057 |
| ACCO Brands Corp. | 36538 | 110 |
| ACV Auctions, Inc., Class A\* | 75243 | 319 |
| BrightView Holdings, Inc.\* | 31942 | 377 |
| Brink's (The) Co. | 19363 | 2007 |
| Casella Waste Systems, Inc., Class A\* | 29016 | 2302 |
| Cimpress PLC<sup>\* †</sup>  | 7713 | 563 |
| CompX International, Inc.<sup>†</sup>  | 457 | 11 |
| CoreCivic, Inc.\* | 47254 | 894 |
| Deluxe Corp. | 20886 | 575 |
| Ennis, Inc. | 11769 | 252 |
| Enviri Corp.\* | 34997 | 687 |
| GEO Group (The), Inc.\* | 61062 | 1026 |
| Healthcare Services Group, Inc.\* | 33118 | 614 |
| HNI Corp. | 32996 | 1102 |
| Interface, Inc. | 26416 | 658 |
| Liquidity Services, Inc.\* | 11047 | 338 |
| MillerKnoll, Inc. | 31047 | 449 |
| Mobile Infrastructure Corp.<sup>\* †</sup>  | 11205 | 25 |
| Montrose Environmental Group, Inc.\* | 14765 | 323 |
| NL Industries, Inc. | 6038 | 35 |
| OPENLANE, Inc.\* | 48364 | 1410 |
| &nbsp;&nbsp; Perma-Fix Environmental Services, Inc.<sup>\*</sup> <br> † <br>| 9019 | 96 |
| Pitney Bowes, Inc.<sup>†</sup>  | 73569 | 813 |
| Quad/Graphics, Inc. | 14746 | 97 |
| UniFirst Corp. | 6834 | 1719 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **158** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Commercial Services & Supplies – 1.3%continued** | **Commercial Services & Supplies – 1.3%continued** | **Commercial Services & Supplies – 1.3%continued** |
| Vestis Corp.\* | 44125 | $347 |
| Virco Mfg. Corp.<sup>†</sup>  | 7262 | 44 |
|  |  | **18250** |
| **Communications Equipment – 1.2%** | **Communications Equipment – 1.2%** | **Communications Equipment – 1.2%** |
| ADTRAN Holdings, Inc.<sup>\* †</sup>  | 33434 | 421 |
| Applied Optoelectronics, Inc.\* | 30511 | 2581 |
| Aviat Networks, Inc.\* | 5918 | 134 |
| BK Technologies Corp.<sup>\* †</sup>  | 1337 | 100 |
| Calix, Inc.\* | 27718 | 1358 |
| Clearfield, Inc.<sup>\* †</sup>  | 4958 | 131 |
| Digi International, Inc.<sup>\* †</sup>  | 17016 | 820 |
| Extreme Networks, Inc.\* | 61079 | 921 |
| Harmonic, Inc.<sup>\* †</sup>  | 50361 | 452 |
| Inseego Corp.<sup>\* †</sup>  | 6452 | 72 |
| NETGEAR, Inc.\* | 13248 | 289 |
| NetScout Systems, Inc.\* | 32823 | 1043 |
| Ribbon Communications, Inc.\* | 37931 | 80 |
| Viasat, Inc.\* | 57524 | 2635 |
| Viavi Solutions, Inc.\* | 106564 | 3546 |
| Vistance Networks, Inc.\* | 101029 | 1839 |
|  |  | **16422** |
| **Construction & Engineering – 2.8%** | **Construction & Engineering – 2.8%** | **Construction & Engineering – 2.8%** |
| Ameresco, Inc., Class A\* | 14432 | 368 |
| Arcosa, Inc. | 22637 | 2403 |
| Argan, Inc. | 6252 | 3405 |
| Bowman Consulting Group Ltd.\* | 6970 | 198 |
| &nbsp;&nbsp; Cardinal Infrastructure Group, Inc., <br> Class A<sup>\* †</sup> <br>| 6310 | 250 |
| Centuri Holdings, Inc.\* | 40505 | 1183 |
| Concrete Pumping Holdings, Inc.\* | 10410 | 75 |
| Construction Partners, Inc., Class A\* | 22177 | 2465 |
| Dycom Industries, Inc.\* | 13503 | 4575 |
| Fluor Corp.\* | 74471 | 3474 |
| Granite Construction, Inc.<sup>†</sup>  | 20402 | 2446 |
| Great Lakes Dredge & Dock Corp.\* | 31418 | 534 |
| IES Holdings, Inc.\* | 4217 | 2009 |
| Legence Corp., Class A\* | 17413 | 983 |
| Limbach Holdings, Inc.\* | 4756 | 371 |
| Matrix Service Co.\* | 12285 | 141 |
| MYR Group, Inc.\* | 7197 | 2032 |
| NWPX Infrastructure, Inc.<sup>\* †</sup>  | 4511 | 351 |
| Orion Group Holdings, Inc.\* | 18705 | 204 |
| Primoris Services Corp. | 25054 | 3584 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Construction & Engineering – 2.8%continued** | **Construction & Engineering – 2.8%continued** | **Construction & Engineering – 2.8%continued** |
| Sterling Infrastructure, Inc.\* | 13839 | $5636 |
| Tutor Perini Corp. | 20742 | 1601 |
|  |  | **38288** |
| **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
| Knife River Corp.<sup>\* †</sup>  | 26553 | 2168 |
| Smith-Midland Corp.<sup>\* †</sup>  | 1371 | 45 |
| Titan America S.A.\* | 12055 | 181 |
| United States Lime & Minerals, Inc. | 4919 | 642 |
|  |  | **3036** |
| **Consumer Finance – 1.0%** | **Consumer Finance – 1.0%** | **Consumer Finance – 1.0%** |
| Atlanticus Holdings Corp.\* | 2485 | 130 |
| Bread Financial Holdings, Inc. | 21369 | 1600 |
| Consumer Portfolio Services, Inc.<sup>\* †</sup>  | 6023 | 47 |
| Dave, Inc.\* | 4747 | 826 |
| Encore Capital Group, Inc.\* | 10279 | 721 |
| Enova International, Inc.\* | 11142 | 1513 |
| FirstCash Holdings, Inc. | 18438 | 3466 |
| Green Dot Corp., Class A\* | 24031 | 270 |
| Jefferson Capital, Inc.<sup>†</sup>  | 10914 | 210 |
| LendingClub Corp.\* | 52128 | 746 |
| LendingTree, Inc.\* | 4889 | 210 |
| Medallion Financial Corp.<sup>†</sup>  | 7420 | 63 |
| Navient Corp. | 30032 | 246 |
| Nelnet, Inc., Class A | 6077 | 784 |
| NerdWallet, Inc., Class A\* | 17185 | 178 |
| Oportun Financial Corp.\* | 15832 | 73 |
| OppFi, Inc.<sup>†</sup>  | 10597 | 82 |
| PRA Group, Inc.\* | 17922 | 314 |
| PROG Holdings, Inc. | 18148 | 521 |
| Regional Management Corp. | 4305 | 139 |
| Upstart Holdings, Inc.<sup>\* †</sup>  | 39479 | 1013 |
| Vroom, Inc.\* | 1689 | 22 |
| World Acceptance Corp.\* | 1185 | 160 |
|  |  | **13334** |
| **Consumer Staples Distribution & Retail – 0.5%** | **Consumer Staples Distribution & Retail – 0.5%** | **Consumer Staples Distribution & Retail – 0.5%** |
| Andersons (The), Inc. | 15198 | 1091 |
| Chefs' Warehouse (The), Inc.\* | 16711 | 994 |
| Grocery Outlet Holding Corp.<sup>\* †</sup>  | 41882 | 295 |
| HF Foods Group, Inc.\* | 11975 | 22 |
| Ingles Markets, Inc., Class A | 6645 | 597 |
| &nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br> Inc.<br>| 5435 | 141 |
| PriceSmart, Inc. | 11985 | 1804 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **159** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Consumer Staples Distribution & Retail – 0.5%continued** | **Consumer Staples Distribution & Retail – 0.5%continued** | **Consumer Staples Distribution & Retail – 0.5%continued** |
| United Natural Foods, Inc.\* | 27981 | $1261 |
| Village Super Market, Inc., Class A | 4119 | 174 |
| Weis Markets, Inc.<sup>†</sup>  | 6542 | 447 |
|  |  | **6826** |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| Ardagh Metal Packaging S.A. | 67691 | 274 |
| Greif, Inc., Class A | 11327 | 760 |
| Greif, Inc., Class B<sup>†</sup>  | 2251 | 197 |
| Myers Industries, Inc. | 17800 | 377 |
| O-I Glass, Inc.\* | 70111 | 737 |
| Ranpak Holdings Corp.\* | 25267 | 90 |
| TriMas Corp. | 14570 | 524 |
|  |  | **2959** |
| **Distributors – 0.1%** | **Distributors – 0.1%** | **Distributors – 0.1%** |
| GigaCloud Technology, Inc., Class A\* | 11408 | 518 |
| Gold.com, Inc. | 9063 | 363 |
| Weyco Group, Inc. | 3202 | 103 |
|  |  | **984** |
| **Diversified Consumer Services – 1.2%** | **Diversified Consumer Services – 1.2%** | **Diversified Consumer Services – 1.2%** |
| American Public Education, Inc.\* | 8039 | 457 |
| Carriage Services, Inc. | 6874 | 314 |
| Coursera, Inc.\* | 64107 | 373 |
| Covista, Inc.\* | 15924 | 1835 |
| Driven Brands Holdings, Inc.<sup>\* †</sup>  | 28834 | 364 |
| European Wax Center, Inc., Class A\* | 15645 | 90 |
| Frontdoor, Inc.\* | 33472 | 1769 |
| Graham Holdings Co., Class B | 1479 | 1564 |
| KinderCare Learning Cos., Inc.<sup>\* †</sup>  | 8575 | 19 |
| Laureate Education, Inc.\* | 59331 | 2067 |
| Lincoln Educational Services Corp.\* | 14002 | 570 |
| Matthews International Corp., Class A<sup>†</sup>  | 14332 | 370 |
| McGraw Hill, Inc.<sup>\* †</sup>  | 14341 | 197 |
| Mister Car Wash, Inc.\* | 47554 | 331 |
| Nerdy, Inc.<sup>\* †</sup>  | 42682 | 35 |
| OneSpaWorld Holdings Ltd. | 46694 | 1072 |
| Perdoceo Education Corp. | 29957 | 1115 |
| Phoenix Education Partners, Inc.<sup>†</sup>  | 2739 | 86 |
| Strategic Education, Inc. | 10790 | 895 |
| Stride, Inc.\* | 19258 | 1698 |
| Udemy, Inc.<sup>\* †</sup>  | 41121 | 190 |
| Universal Technical Institute, Inc.\* | 21701 | 783 |
| Zspace, Inc.\* | 87575 | 10 |
|  |  | **16204** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Diversified Real Estate Investment Trusts – 0.5%** | **Diversified Real Estate Investment Trusts – 0.5%** | **Diversified Real Estate Investment Trusts – 0.5%** |
| AH Realty Trust, Inc. | 35028 | $193 |
| Alpine Income Property Trust, Inc. | 6591 | 119 |
| American Assets Trust, Inc. | 23469 | 432 |
| Broadstone Net Lease, Inc. | 87348 | 1596 |
| CTO Realty Growth, Inc.<sup>†</sup>  | 14149 | 261 |
| Essential Properties Realty Trust, Inc.<sup>†</sup>  | 92522 | 2809 |
| Gladstone Commercial Corp. | 23453 | 268 |
| Global Net Lease, Inc. | 90651 | 848 |
| Modiv Industrial, Inc.<sup>†</sup>  | 5235 | 75 |
| NexPoint Diversified Real Estate Trust<sup>†</sup>  | 19734 | 92 |
|  |  | **6693** |
| **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** |
| Anterix, Inc.\* | 5159 | 197 |
| ATN International, Inc. | 4931 | 134 |
| Bandwidth, Inc., Class A\* | 12005 | 214 |
| Cogent Communications Holdings, Inc. | 21977 | 414 |
| Globalstar, Inc.\* | 23358 | 1551 |
| IDT Corp., Class B | 7288 | 358 |
| Liberty Latin America Ltd., Class A\* | 13537 | 117 |
| Liberty Latin America Ltd., Class C\* | 65835 | 581 |
| Lumen Technologies, Inc.\* | 444213 | 3087 |
| Shenandoah Telecommunications Co.<sup>†</sup>  | 23979 | 370 |
| Uniti Group, Inc.\* | 78792 | 739 |
|  |  | **7762** |
| **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** |
| Genie Energy Ltd., Class B | 8849 | 125 |
| Hawaiian Electric Industries, Inc.\* | 76708 | 1139 |
| MGE Energy, Inc.<sup>†</sup>  | 16949 | 1310 |
| Oklo, Inc.<sup>\* †</sup>  | 56810 | 2817 |
| Otter Tail Corp. | 17951 | 1576 |
| Portland General Electric Co. | 52553 | 2773 |
| TXNM Energy, Inc. (New York Stock <br> Exchange)<br>| 46516 | 2719 |
|  |  | **12459** |
| **Electrical Equipment – 2.9%** | **Electrical Equipment – 2.9%** | **Electrical Equipment – 2.9%** |
| Allient, Inc. | 6771 | 400 |
| American Superconductor Corp.\* | 21560 | 730 |
| Amprius Technologies, Inc.\* | 52738 | 889 |
| Array Technologies, Inc.<sup>\* †</sup>  | 68638 | 496 |
| Atkore, Inc. | 15388 | 906 |
| Bloom Energy Corp., Class A\* | 101471 | 13748 |
| EnerSys | 17129 | 2976 |
| Enovix Corp.<sup>\* †</sup>  | 91891 | 476 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **160** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Electrical Equipment – 2.9%continued** | **Electrical Equipment – 2.9%continued** | **Electrical Equipment – 2.9%continued** |
| Eos Energy Enterprises, Inc.<sup>\* †</sup>  | 140838 | $699 |
| Fluence Energy, Inc.\* | 33161 | 456 |
| Hyliion Holdings Corp.<sup>\* †</sup>  | 51099 | 90 |
| KULR Technology Group, Inc.<sup>\* †</sup>  | 14970 | 35 |
| LSI Industries, Inc. | 12187 | 227 |
| NANO Nuclear Energy, Inc.<sup>\* †</sup>  | 17990 | 368 |
| Net Power, Inc.<sup>\* †</sup>  | 25399 | 40 |
| Nextpower, Inc., Class A\* | 67774 | 8170 |
| NuScale Power Corp.\* | 74799 | 811 |
| Plug Power, Inc.<sup>\* †</sup>  | 618111 | 1397 |
| Powell Industries, Inc. | 4452 | 2409 |
| Power Solutions International, Inc.<sup>\* †</sup>  | 3741 | 228 |
| Preformed Line Products Co. | 1226 | 332 |
| &nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 75909 | 499 |
| SKYX Platforms Corp.<sup>\* †</sup>  | 49046 | 55 |
| SunPower, Inc.<sup>\* †</sup>  | 27415 | 35 |
| Sunrun, Inc.\* | 104379 | 1415 |
| T1 Energy, Inc.\* | 92609 | 407 |
| Thermon Group Holdings, Inc.\* | 15309 | 772 |
| Vicor Corp.\* | 10726 | 1727 |
|  |  | **40793** |
| **Electronic Equipment, Instruments & Components – 3.6%** | **Electronic Equipment, Instruments & Components – 3.6%** | **Electronic Equipment, Instruments & Components – 3.6%** |
| 908 Devices, Inc.<sup>\* †</sup>  | 14878 | 91 |
| Advanced Energy Industries, Inc. | 17522 | 5655 |
| Aeva Technologies, Inc.<sup>\* †</sup>  | 18115 | 238 |
| Arlo Technologies, Inc.\* | 46259 | 658 |
| Badger Meter, Inc. | 13678 | 2084 |
| Bel Fuse, Inc., Class A | 802 | 145 |
| Bel Fuse, Inc., Class B | 4867 | 964 |
| Belden, Inc. | 18052 | 2073 |
| Benchmark Electronics, Inc. | 16437 | 921 |
| Climb Global Solutions, Inc. | 7820 | 155 |
| CTS Corp. | 13545 | 647 |
| Daktronics, Inc.\* | 18973 | 371 |
| ePlus, Inc. | 12391 | 932 |
| Evolv Technologies Holdings, Inc.\* | 69715 | 422 |
| Fabrinet\* | 16779 | 8751 |
| Frequency Electronics, Inc.\* | 3213 | 142 |
| Insight Enterprises, Inc.\* | 13388 | 897 |
| Itron, Inc.\* | 20936 | 1876 |
| Kimball Electronics, Inc.\* | 11056 | 262 |
| Knowles Corp.\* | 39357 | 1011 |
| Methode Electronics, Inc.<sup>(2)</sup>  | 13194 | 74 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Electronic Equipment, Instruments & Components – 3.6%continued** | **Electronic Equipment, Instruments & Components – 3.6%continued** | **Electronic Equipment, Instruments & Components – 3.6%continued** |
| MicroVision, Inc.<sup>\* †</sup>  | 121956 | $78 |
| Mirion Technologies, Inc.\* | 110557 | 2055 |
| M-Tron Industries, Inc.<sup>\* †</sup>  | 1283 | 86 |
| Napco Security Technologies, Inc. | 15809 | 623 |
| Neonode, Inc.<sup>\* †</sup>  | 9379 | 13 |
| nLight, Inc.\* | 21890 | 1248 |
| Novanta, Inc.\* | 16639 | 1965 |
| OSI Systems, Inc.\* | 7337 | 1948 |
| Ouster, Inc.\* | 26395 | 485 |
| PC Connection, Inc. | 5355 | 313 |
| Plexus Corp.\* | 12395 | 2510 |
| Powerfleet, Inc. NJ\* | 53441 | 165 |
| Richardson Electronics Ltd. | 6730 | 74 |
| Rogers Corp.\* | 8247 | 885 |
| Sanmina Corp.\* | 24851 | 3222 |
| ScanSource, Inc.\* | 9793 | 355 |
| TTM Technologies, Inc.\* | 47603 | 4637 |
| Vishay Intertechnology, Inc. | 56735 | 1021 |
| Vishay Precision Group, Inc.\* | 5726 | 249 |
| Vuzix Corp.<sup>\* †</sup>  | 25379 | 59 |
|  |  | **50360** |
| **Energy Equipment & Services – 2.6%** | **Energy Equipment & Services – 2.6%** | **Energy Equipment & Services – 2.6%** |
| Archrock, Inc. | 80466 | 2800 |
| Atlas Energy Solutions, Inc.<sup>†</sup>  | 35089 | 460 |
| Borr Drilling Ltd.\* | 133969 | 773 |
| Bristow Group, Inc. | 13093 | 614 |
| Cactus, Inc., Class A | 31524 | 1493 |
| Core Laboratories, Inc. | 22529 | 378 |
| DMC Global, Inc.\* | 11457 | 60 |
| Energy Services of America Corp.<sup>†</sup>  | 4531 | 60 |
| Expro Group Holdings N.V.<sup>\* †</sup>  | 38730 | 674 |
| Flowco Holdings, Inc., Class A<sup>†</sup>  | 10715 | 221 |
| Forum Energy Technologies, Inc.<sup>\* †</sup>  | 4835 | 284 |
| Helix Energy Solutions Group, Inc.\* | 63205 | 625 |
| Helmerich & Payne, Inc. | 45879 | 1653 |
| Innovex International, Inc.\* | 17480 | 426 |
| Kodiak Gas Services, Inc. | 38954 | 2272 |
| Liberty Energy, Inc. | 73634 | 2121 |
| Mammoth Energy Services, Inc.\* | 9221 | 23 |
| Nabors Industries Ltd.\* | 6412 | 552 |
| &nbsp;&nbsp; National Energy Services Reunited <br> Corp.\*<br>| 30598 | 657 |
| Natural Gas Services Group, Inc. | 4944 | 187 |
| Noble Corp. PLC | 58733 | 2882 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **161** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Energy Equipment & Services – 2.6%continued** | **Energy Equipment & Services – 2.6%continued** | **Energy Equipment & Services – 2.6%continued** |
| Oceaneering International, Inc.\* | 45508 | $1614 |
| Oil States International, Inc.\* | 25244 | 294 |
| Patterson-UTI Energy, Inc. | 159827 | 1731 |
| ProFrac Holding Corp., Class A<sup>\* †</sup>  | 14681 | 91 |
| ProPetro Holding Corp.\* | 44785 | 645 |
| Ranger Energy Services, Inc., Class A | 9751 | 167 |
| RPC, Inc. | 42958 | 304 |
| SEACOR Marine Holdings, Inc.<sup>\* †</sup>  | 11620 | 83 |
| Seadrill Ltd.\* | 28852 | 1313 |
| Select Water Solutions, Inc. | 43472 | 665 |
| Solaris Energy Infrastructure, Inc. | 21290 | 1203 |
| TETRA Technologies, Inc.\* | 60233 | 513 |
| Tidewater, Inc.\* | 22653 | 1893 |
| Transocean Ltd.<sup>\* †</sup>  | 428974 | 2844 |
| Valaris Ltd.<sup>\* †</sup>  | 29072 | 2850 |
|  |  | **35425** |
| **Entertainment – 0.5%** | **Entertainment – 0.5%** | **Entertainment – 0.5%** |
| &nbsp;&nbsp; AMC Entertainment Holdings, Inc., <br> Class A<sup>\* †</sup> <br>| 227699 | 223 |
| Atlanta Braves Holdings, Inc., Class A\* | 3337 | 157 |
| Atlanta Braves Holdings, Inc., Class C\* | 21663 | 925 |
| Cinemark Holdings, Inc. | 49682 | 1417 |
| CuriosityStream, Inc. | 15355 | 45 |
| Gaia, Inc.\* | 11786 | 33 |
| IMAX Corp.\* | 19976 | 759 |
| Lionsgate Studios Corp.\* | 93707 | 899 |
| &nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp.\*<br>| 18363 | 1082 |
| Marcus (The) Corp. | 11341 | 195 |
| Meridian Holdings, Inc.<sup>\* †</sup>  | 2213 | 16 |
| Playstudios, Inc.\* | 66428 | 31 |
| Playtika Holding Corp. | 21810 | 61 |
| Reservoir Media, Inc.\* | 8397 | 82 |
| Sphere Entertainment Co.\* | 12697 | 1491 |
| Starz Entertainment Corp.\* | 6277 | 72 |
| Vivid Seats, Inc., Class A<sup>\* †</sup>  | 4636 | 27 |
|  |  | **7515** |
| **Financial Services – 1.9%** | **Financial Services – 1.9%** | **Financial Services – 1.9%** |
| Acacia Research Corp.\* | 18261 | 88 |
| Alerus Financial Corp. | 11417 | 271 |
| &nbsp;&nbsp; Banco Latinoamericano de Comercio <br> Exterior S.A., Class E<br>| 12817 | 655 |
| Better Home & Finance Holding Co.<sup>\* †</sup>  | 3193 | 114 |
| Burford Capital Ltd. | 91802 | 415 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Financial Services – 1.9%continued** | **Financial Services – 1.9%continued** | **Financial Services – 1.9%continued** |
| Cannae Holdings, Inc.<sup>†</sup>  | 18617 | $212 |
| Cantaloupe, Inc.\* | 25805 | 279 |
| Cass Information Systems, Inc. | 5618 | 247 |
| Compass Diversified Holdings | 29059 | 228 |
| Enact Holdings, Inc. | 12798 | 522 |
| Essent Group Ltd. | 42903 | 2507 |
| EVERTEC, Inc. | 29409 | 830 |
| &nbsp;&nbsp; Federal Agricultural Mortgage Corp., <br> Class C<br>| 4242 | 629 |
| &nbsp;&nbsp; Finance of America Cos., Inc., Class A<sup>\*</sup> <br> † <br>| 1388 | 23 |
| Flywire Corp.\* | 53363 | 621 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<sup>†</sup> <br>| 58274 | 2142 |
| International Money Express, Inc.\* | 13490 | 213 |
| Jackson Financial, Inc., Class A | 31464 | 3326 |
| loanDepot, Inc., Class A<sup>\* †</sup>  | 38502 | 55 |
| Marqeta, Inc., Class A\* | 163091 | 665 |
| Merchants Bancorp<sup>†</sup>  | 11886 | 510 |
| NCR Atleos Corp.\* | 34173 | 1489 |
| NewtekOne, Inc.<sup>†</sup>  | 12455 | 136 |
| NMI Holdings, Inc.\* | 35332 | 1325 |
| Onity Group, Inc.\* | 3589 | 141 |
| Pagseguro Digital Ltd., Class A | 83872 | 840 |
| Payoneer Global, Inc.\* | 126501 | 611 |
| Paysafe Ltd.\* | 12838 | 88 |
| Paysign, Inc.\* | 12770 | 75 |
| PennyMac Financial Services, Inc. | 13420 | 1173 |
| Priority Technology Holdings, Inc.<sup>\* †</sup>  | 10607 | 50 |
| Radian Group, Inc. | 62502 | 2068 |
| Remitly Global, Inc.\* | 80184 | 1257 |
| Repay Holdings Corp.\* | 26880 | 70 |
| &nbsp;&nbsp; Security National Financial Corp., <br> Class A<sup>\* †</sup> <br>| 8491 | 81 |
| Sezzle, Inc.\* | 7354 | 466 |
| StoneCo Ltd., Class A<sup>\* †</sup>  | 115599 | 1632 |
| SWK Holdings Corp.<sup>†</sup>  | 1549 | 26 |
| Velocity Financial, Inc.\* | 6078 | 110 |
| Walker & Dunlop, Inc. | 15016 | 666 |
| Waterstone Financial, Inc.<sup>†</sup>  | 7567 | 137 |
|  |  | **26993** |
| **Food Products – 0.6%** | **Food Products – 0.6%** | **Food Products – 0.6%** |
| Alico, Inc. | 2677 | 110 |
| B&G Foods, Inc.<sup>†</sup>  | 33664 | 162 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **162** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Food Products – 0.6%continued** | **Food Products – 0.6%continued** | **Food Products – 0.6%continued** |
| Beyond Meat, Inc.<sup>\* †</sup>  | 211917 | $149 |
| BRC, Inc., Class A<sup>\* †</sup>  | 56667 | 44 |
| Calavo Growers, Inc. | 8295 | 214 |
| Cal-Maine Foods, Inc. | 20022 | 1585 |
| Dole PLC | 31949 | 457 |
| Forafric Global PLC<sup>\* †</sup>  | 1278 | 12 |
| Fresh Del Monte Produce, Inc. | 15617 | 629 |
| Hain Celestial Group (The), Inc.<sup>\* †</sup>  | 60222 | 42 |
| J&J Snack Foods Corp. | 6855 | 543 |
| John B. Sanfilippo & Son, Inc.<sup>†</sup>  | 3582 | 284 |
| Lifeway Foods, Inc.<sup>\* †</sup>  | 1724 | 33 |
| Limoneira Co. | 7373 | 99 |
| Mama's Creations, Inc.\* | 16219 | 249 |
| Marzetti (The) Co. | 9231 | 1277 |
| Mission Produce, Inc.<sup>\* †</sup>  | 18806 | 259 |
| Seneca Foods Corp., Class A\* | 2171 | 328 |
| Simply Good Foods (The) Co.\* | 39011 | 560 |
| SunOpta, Inc.\* | 45775 | 297 |
| Tootsie Roll Industries, Inc.<sup>†</sup>  | 8474 | 362 |
| Utz Brands, Inc. | 32532 | 258 |
| Vital Farms, Inc.<sup>\* †</sup>  | 15255 | 215 |
| Westrock Coffee Co.<sup>\* †</sup>  | 19833 | 84 |
|  |  | **8252** |
| **Gas Utilities – 1.1%** | **Gas Utilities – 1.1%** | **Gas Utilities – 1.1%** |
| Brookfield Infrastructure Corp., Class A | 56166 | 2220 |
| Chesapeake Utilities Corp. | 10771 | 1361 |
| New Jersey Resources Corp. | 46846 | 2573 |
| Northwest Natural Holding Co. | 19225 | 1023 |
| ONE Gas, Inc. | 27920 | 2405 |
| RGC Resources, Inc.<sup>†</sup>  | 3262 | 72 |
| Southwest Gas Holdings, Inc. | 31733 | 2757 |
| Spire, Inc. | 27195 | 2462 |
|  |  | **14873** |
| **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** |
| ArcBest Corp. | 10532 | 1036 |
| Covenant Logistics Group, Inc. | 7373 | 200 |
| FTAI Infrastructure, Inc.<sup>†</sup>  | 48388 | 239 |
| Heartland Express, Inc. | 19045 | 198 |
| Hertz Global Holdings, Inc.<sup>\* †</sup>  | 54915 | 253 |
| Marten Transport Ltd. | 27730 | 364 |
| PAMT CORP.\* | 3807 | 32 |
| Proficient Auto Logistics, Inc.<sup>\* †</sup>  | 9257 | 63 |
| RXO, Inc.\* | 74475 | 1089 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Ground Transportation – 0.3%continued** | **Ground Transportation – 0.3%continued** | **Ground Transportation – 0.3%continued** |
| Universal Logistics Holdings, Inc.<sup>†</sup>  | 2528 | $54 |
| Werner Enterprises, Inc. | 26634 | 783 |
|  |  | **4311** |
| **Health Care Equipment & Supplies – 2.3%** | **Health Care Equipment & Supplies – 2.3%** | **Health Care Equipment & Supplies – 2.3%** |
| Accuray, Inc.\* | 16427 | 6 |
| Acme United Corp.<sup>†</sup>  | 1838 | 83 |
| Alphatec Holdings, Inc.\* | 53646 | 584 |
| AngioDynamics, Inc.\* | 18285 | 208 |
| Anteris Technologies Global Corp.<sup>\* †</sup>  | 38826 | 215 |
| Artivion, Inc.\* | 20573 | 753 |
| AtriCure, Inc.\* | 22008 | 628 |
| Avanos Medical, Inc.\* | 19867 | 278 |
| Axogen, Inc.<sup>\* †</sup>  | 22224 | 736 |
| Beta Bionics, Inc.<sup>\* †</sup>  | 16900 | 169 |
| Bioventus, Inc., Class A\* | 22515 | 206 |
| Butterfly Network, Inc.\* | 93232 | 377 |
| CapsoVision, Inc.<sup>\* †</sup>  | 13657 | 100 |
| Carlsmed, Inc.<sup>\* †</sup>  | 4865 | 44 |
| Ceribell, Inc.\* | 13142 | 241 |
| Cerus Corp.\* | 78857 | 144 |
| ClearPoint Neuro, Inc.<sup>\* †</sup>  | 14102 | 128 |
| CONMED Corp. | 14115 | 499 |
| CVRx, Inc.<sup>\* †</sup>  | 8878 | 84 |
| Delcath Systems, Inc.<sup>\* †</sup>  | 15287 | 142 |
| Electromed, Inc.<sup>\* †</sup>  | 3658 | 86 |
| Embecta Corp. | 26258 | 232 |
| Enovis Corp.\* | 25973 | 591 |
| Glaukos Corp.\* | 25870 | 2785 |
| Haemonetics Corp.\* | 21687 | 1222 |
| ICU Medical, Inc.\* | 11285 | 1457 |
| Inogen, Inc.<sup>\* †</sup>  | 13004 | 80 |
| Integer Holdings Corp.\* | 15840 | 1394 |
| Integra LifeSciences Holdings Corp.<sup>\* †</sup>  | 29721 | 280 |
| iRadimed Corp. | 3784 | 364 |
| IRhythm Holdings, Inc.\* | 14679 | 1732 |
| Kestra Medical Technologies Ltd.<sup>\* †</sup>  | 13063 | 260 |
| KORU Medical Systems, Inc.\* | 21744 | 94 |
| Lantheus Holdings, Inc.\* | 30452 | 2310 |
| LeMaitre Vascular, Inc. | 9782 | 1068 |
| LENSAR, Inc.<sup>\* †</sup>  | 2568 | 15 |
| LivaNova PLC\* | 25467 | 1619 |
| Lucid Diagnostics, Inc.<sup>\* †</sup>  | 48593 | 56 |
| Merit Medical Systems, Inc.\* | 26936 | 1857 |
| Myomo, Inc.<sup>\* †</sup>  | 15283 | 10 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **163** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Health Care Equipment & Supplies – 2.3%continued** | **Health Care Equipment & Supplies – 2.3%continued** | **Health Care Equipment & Supplies – 2.3%continued** |
| Neogen Corp.\* | 100005 | $929 |
| Neuronetics, Inc.<sup>\* †</sup>  | 8240 | 12 |
| NeuroPace, Inc.\* | 12260 | 161 |
| Novocure Ltd.\* | 46822 | 510 |
| Omnicell, Inc.\* | 21049 | 703 |
| OraSure Technologies, Inc.\* | 29275 | 88 |
| Orthofix Medical, Inc.\* | 19201 | 220 |
| OrthoPediatrics Corp.\* | 7135 | 113 |
| Outset Medical, Inc.<sup>\* †</sup>  | 4186 | 16 |
| PROCEPT BioRobotics Corp.\* | 24251 | 606 |
| Pro-Dex, Inc.\* | 1049 | 52 |
| Pulmonx Corp.\* | 25365 | 33 |
| Pulse Biosciences, Inc.<sup>\* †</sup>  | 8754 | 189 |
| QuidelOrtho Corp.<sup>\* †</sup>  | 30716 | 505 |
| RxSight, Inc.\* | 19763 | 122 |
| Sanara Medtech, Inc.\* | 2058 | 35 |
| SANUWAVE Health, Inc.<sup>\* †</sup>  | 2872 | 50 |
| Shoulder Innovations, Inc.<sup>\* †</sup>  | 5626 | 82 |
| SI-BONE, Inc.\* | 16911 | 214 |
| Sight Sciences, Inc.<sup>\* †</sup>  | 22684 | 86 |
| STAAR Surgical Co.\* | 16558 | 310 |
| Stereotaxis, Inc.\* | 35555 | 65 |
| Strive, Inc., Class A<sup>\* †</sup>  | 25369 | 254 |
| Tactile Systems Technology, Inc.\* | 10162 | 266 |
| Tandem Diabetes Care, Inc.\* | 30925 | 593 |
| TransMedics Group, Inc.\* | 15462 | 1537 |
| Treace Medical Concepts, Inc.\* | 13398 | 18 |
| UFP Technologies, Inc.<sup>\* †</sup>  | 3426 | 663 |
| Utah Medical Products, Inc.<sup>†</sup>  | 1589 | 98 |
| Varex Imaging Corp.\* | 18260 | 194 |
|  |  | **31861** |
| **Health Care Providers & Services – 3.0%** | **Health Care Providers & Services – 3.0%** | **Health Care Providers & Services – 3.0%** |
| Accendra Health, Inc.\* | 29601 | 68 |
| AdaptHealth Corp.\* | 46065 | 548 |
| Addus HomeCare Corp.<sup>\* †</sup>  | 8298 | 777 |
| agilon health, Inc.\* | 6546 | 52 |
| AirSculpt Technologies, Inc.<sup>\* †</sup>  | 9804 | 28 |
| Alignment Healthcare, Inc.\* | 91269 | 1608 |
| AMN Healthcare Services, Inc.\* | 17771 | 326 |
| Ardent Health, Inc.\* | 9401 | 80 |
| Astrana Health, Inc.\* | 18418 | 452 |
| Aveanna Healthcare Holdings, Inc.\* | 23566 | 152 |
| BrightSpring Health Services, Inc.\* | 59525 | 2536 |
| Brookdale Senior Living, Inc.\* | 108493 | 1484 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Health Care Providers & Services – 3.0%continued** | **Health Care Providers & Services – 3.0%continued** | **Health Care Providers & Services – 3.0%continued** |
| Castle Biosciences, Inc.\* | 13798 | $339 |
| Clover Health Investments Corp.<sup>\* †</sup>  | 182988 | 322 |
| Community Health Systems, Inc.\* | 63420 | 186 |
| Concentra Group Holdings Parent, Inc. | 54687 | 1173 |
| CorVel Corp.\* | 13274 | 725 |
| Cross Country Healthcare, Inc.\* | 13131 | 123 |
| DocGo, Inc.\* | 59341 | 37 |
| Enhabit, Inc.\* | 22078 | 311 |
| Ensign Group (The), Inc. | 26108 | 5261 |
| Fulgent Genetics, Inc.\* | 8931 | 142 |
| GeneDx Holdings Corp.\* | 8655 | 556 |
| Guardant Health, Inc.\* | 57669 | 5327 |
| &nbsp;&nbsp; Guardian Pharmacy Services, Inc., <br> Class A\*<br>| 10097 | 380 |
| HealthEquity, Inc.\* | 38931 | 3253 |
| Hims & Hers Health, Inc.<sup>\* †</sup>  | 94553 | 1963 |
| Innovage Holding Corp.\* | 10850 | 87 |
| Joint (The) Corp.<sup>\* †</sup>  | 2675 | 24 |
| LifeStance Health Group, Inc.\* | 78983 | 503 |
| Lumexa Imaging Holdings, Inc.<sup>\* †</sup>  | 12707 | 109 |
| Nano-X Imaging Ltd.<sup>\* †</sup>  | 37261 | 85 |
| National HealthCare Corp. | 5827 | 931 |
| National Research Corp.<sup>†</sup>  | 5948 | 101 |
| NeoGenomics, Inc.\* | 58279 | 432 |
| Nutex Health, Inc.<sup>\* †</sup>  | 2506 | 238 |
| Omada Health, Inc.<sup>\* †</sup>  | 16268 | 204 |
| Oncology Institute (The), Inc.<sup>\* †</sup>  | 33586 | 103 |
| OPKO Health, Inc.\* | 180358 | 206 |
| Option Care Health, Inc.\* | 74460 | 2004 |
| PACS Group, Inc.\* | 20133 | 647 |
| Pediatrix Medical Group, Inc.\* | 40076 | 857 |
| Pennant Group (The), Inc.\* | 16041 | 489 |
| Privia Health Group, Inc.\* | 53381 | 1098 |
| Progyny, Inc.\* | 34137 | 580 |
| RadNet, Inc.\* | 31462 | 1758 |
| SBC Medical Group Holdings, Inc.<sup>\* †</sup>  | 4441 | 19 |
| Select Medical Holdings Corp. | 50500 | 823 |
| Sonida Senior Living, Inc.\* | 2809 | 91 |
| Strata Critical Medical, Inc.<sup>\* †</sup>  | 29285 | 122 |
| Surgery Partners, Inc.<sup>\* †</sup>  | 34867 | 416 |
| Talkspace, Inc.\* | 68137 | 353 |
| U.S. Physical Therapy, Inc. | 6829 | 512 |
| Viemed Healthcare, Inc.\* | 14231 | 131 |
|  |  | **41132** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **164** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Health Care Real Estate Investment Trusts – 1.0%** | **Health Care Real Estate Investment Trusts – 1.0%** | **Health Care Real Estate Investment Trusts – 1.0%** |
| American Healthcare REIT, Inc.<sup>†</sup>  | 82662 | $3898 |
| CareTrust REIT, Inc. | 104563 | 3832 |
| Chiron Real Estate, Inc. | 6281 | 208 |
| Community Healthcare Trust, Inc. | 11942 | 190 |
| Diversified Healthcare Trust<sup>†</sup>  | 100080 | 665 |
| LTC Properties, Inc. | 22208 | 825 |
| National Health Investors, Inc. | 21684 | 1753 |
| Sabra Health Care REIT, Inc.<sup>†</sup>  | 114968 | 2211 |
| Sila Realty Trust, Inc. | 25341 | 600 |
| Strawberry Fields REIT, Inc. | 4513 | 54 |
| Universal Health Realty Income Trust | 6259 | 253 |
|  |  | **14489** |
| **Health Care Technology – 0.2%** | **Health Care Technology – 0.2%** | **Health Care Technology – 0.2%** |
| Claritev Corp.<sup>\* †</sup>  | 5011 | 82 |
| Definitive Healthcare Corp.\* | 2564 | 3 |
| Evolent Health, Inc., Class A\* | 47163 | 108 |
| Health Catalyst, Inc.<sup>\* †</sup>  | 19119 | 24 |
| HealthStream, Inc.<sup>†</sup>  | 10538 | 218 |
| HeartFlow, Inc.<sup>\* †</sup>  | 8743 | 213 |
| LifeMD, Inc.<sup>\* †</sup>  | 21383 | 77 |
| OptimizeRx Corp.\* | 7498 | 47 |
| Phreesia, Inc.\* | 25796 | 216 |
| Schrodinger, Inc.<sup>\* †</sup>  | 25084 | 285 |
| Simulations Plus, Inc.\* | 8785 | 104 |
| Teladoc Health, Inc.\* | 80267 | 438 |
| TruBridge, Inc.\* | 5160 | 76 |
| Waystar Holding Corp.\* | 50578 | 1219 |
|  |  | **3110** |
| **Hotel & Resort Real Estate Investment Trusts – 0.6%** | **Hotel & Resort Real Estate Investment Trusts – 0.6%** | **Hotel & Resort Real Estate Investment Trusts – 0.6%** |
| Apple Hospitality REIT, Inc.<sup>†</sup>  | 102830 | 1183 |
| Braemar Hotels & Resorts, Inc. | 30556 | 72 |
| Chatham Lodging Trust | 20034 | 158 |
| DiamondRock Hospitality Co. | 95688 | 897 |
| Pebblebrook Hotel Trust | 51184 | 646 |
| RLJ Lodging Trust<sup>†</sup>  | 55919 | 415 |
| Ryman Hospitality Properties, Inc. | 28780 | 2655 |
| Service Properties Trust | 66917 | 91 |
| Summit Hotel Properties, Inc. | 46533 | 206 |
| Sunstone Hotel Investors, Inc. | 83019 | 748 |
| Xenia Hotels & Resorts, Inc. | 43231 | 641 |
|  |  | **7712** |
| **Hotels, Restaurants & Leisure – 1.5%** | **Hotels, Restaurants & Leisure – 1.5%** | **Hotels, Restaurants & Leisure – 1.5%** |
| Accel Entertainment, Inc.\* | 23613 | 258 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Hotels, Restaurants & Leisure – 1.5%continued** | **Hotels, Restaurants & Leisure – 1.5%continued** | **Hotels, Restaurants & Leisure – 1.5%continued** |
| Bally's Corp.<sup>\* †</sup>  | 4095 | $39 |
| Biglari Holdings, Inc., Class B\* | 353 | 116 |
| BJ's Restaurants, Inc.\* | 8506 | 299 |
| Black Rock Coffee Bar, Inc., Class A<sup>\* †</sup>  | 8690 | 112 |
| Bloomin' Brands, Inc. | 36806 | 199 |
| Brightstar Lottery PLC | 47697 | 608 |
| Brinker International, Inc.\* | 20205 | 2885 |
| Cheesecake Factory (The), Inc.<sup>†</sup>  | 21344 | 1169 |
| Cracker Barrel Old Country Store, Inc.<sup>†</sup>  | 9867 | 277 |
| Dave & Buster's Entertainment, Inc.<sup>\* †</sup>  | 11696 | 127 |
| Dine Brands Global, Inc. | 6475 | 170 |
| El Pollo Loco Holdings, Inc.\* | 12619 | 175 |
| First Watch Restaurant Group, Inc.\* | 28783 | 302 |
| Genius Sports Ltd.\* | 98874 | 438 |
| Global Business Travel Group I<sup>\* †</sup>  | 58370 | 326 |
| Golden Entertainment, Inc. | 9259 | 247 |
| Hilton Grand Vacations, Inc.\* | 28402 | 1111 |
| Inspired Entertainment, Inc.\* | 13379 | 95 |
| Jack in the Box, Inc.<sup>\* †</sup>  | 7106 | 69 |
| Krispy Kreme, Inc.<sup>†</sup>  | 32408 | 110 |
| Kura Sushi U.S.A., Inc., Class A<sup>\* †</sup>  | 3349 | 234 |
| Life Time Group Holdings, Inc.\* | 69611 | 1875 |
| Lindblad Expeditions Holdings, Inc.\* | 18298 | 317 |
| Marriott Vacations Worldwide Corp. | 13001 | 847 |
| Monarch Casino & Resort, Inc. | 6041 | 577 |
| Nathan's Famous, Inc. | 1463 | 147 |
| Navan, Inc., Class A<sup>\* †</sup>  | 15996 | 212 |
| Papa John's International, Inc. | 14813 | 480 |
| Portillo's, Inc., Class A\* | 28743 | 152 |
| Pursuit Attractions and Hospitality, Inc.\* | 10174 | 373 |
| RCI Hospitality Holdings, Inc. | 2776 | 63 |
| Red Rock Resorts, Inc., Class A<sup>†</sup>  | 22861 | 1220 |
| Rush Street Interactive, Inc.\* | 41861 | 910 |
| Sabre Corp.\* | 163564 | 237 |
| Serve Robotics, Inc.<sup>\* †</sup>  | 31698 | 267 |
| Shake Shack, Inc., Class A\* | 17890 | 1583 |
| Six Flags Entertainment Corp.<sup>\* †</sup>  | 43802 | 777 |
| Super Group SGHC Ltd. | 72706 | 785 |
| Sweetgreen, Inc., Class A<sup>\* †</sup>  | 45798 | 238 |
| Target Hospitality Corp.\* | 14120 | 131 |
| United Parks & Resorts, Inc.\* | 12210 | 399 |
| Xponential Fitness, Inc., Class A<sup>\* †</sup>  | 15017 | 90 |
|  |  | **21046** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **165** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Household Durables – 1.5%** | **Household Durables – 1.5%** | **Household Durables – 1.5%** |
| Bassett Furniture Industries, Inc. | 3826 | $54 |
| Beazer Homes U.S.A., Inc.\* | 12799 | 246 |
| Cavco Industries, Inc.\* | 3612 | 1749 |
| Century Communities, Inc. | 12048 | 691 |
| Champion Homes, Inc.\* | 26084 | 1940 |
| Cricut, Inc., Class A<sup>†</sup>  | 19021 | 71 |
| Dream Finders Homes, Inc., Class A\* | 12820 | 179 |
| Ethan Allen Interiors, Inc. | 11313 | 252 |
| Flexsteel Industries, Inc. | 1853 | 83 |
| Green Brick Partners, Inc.\* | 14660 | 945 |
| &nbsp;&nbsp; Hamilton Beach Brands Holding Co., <br> Class A<br>| 4013 | 76 |
| Helen of Troy Ltd.\* | 9815 | 142 |
| Hovnanian Enterprises, Inc., Class A\* | 2118 | 235 |
| Installed Building Products, Inc. | 10775 | 2857 |
| KB Home | 28662 | 1483 |
| La-Z-Boy, Inc. | 18879 | 607 |
| Legacy Housing Corp.<sup>\* †</sup>  | 4581 | 94 |
| Leggett & Platt, Inc. | 62661 | 619 |
| LGI Homes, Inc.\* | 9815 | 388 |
| Lovesac (The) Co.<sup>\* †</sup>  | 7302 | 108 |
| M/I Homes, Inc.\* | 12000 | 1469 |
| Meritage Homes Corp. | 31193 | 1929 |
| Sonos, Inc.\* | 54454 | 730 |
| Taylor Morrison Home Corp.\* | 44320 | 2581 |
| Traeger, Inc.<sup>(3) \*</sup>  | 1 |  |
| Tri Pointe Homes, Inc.\* | 39572 | 1849 |
|  |  | **21377** |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| Central Garden & Pet Co.\* | 4153 | 153 |
| Central Garden & Pet Co., Class A\* | 23037 | 747 |
| Energizer Holdings, Inc. | 28330 | 465 |
| Oil-Dri Corp. of America | 4394 | 286 |
| Spectrum Brands Holdings, Inc. | 10655 | 785 |
| WD-40 Co. | 6355 | 1296 |
|  |  | **3732** |
| **Independent Power & Renewable Electricity Producers – 0.2%** | **Independent Power & Renewable Electricity Producers – 0.2%** | **Independent Power & Renewable Electricity Producers – 0.2%** |
| Hallador Energy Co.\* | 16446 | 268 |
| Montauk Renewables, Inc.<sup>\* †</sup>  | 40823 | 47 |
| Ormat Technologies, Inc. | 28435 | 3182 |
|  |  | **3497** |
| **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** |
| Brookfield Business Corp., Class A<sup>†</sup>  | 10911 | **345** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Industrial Real Estate Investment Trusts – 0.4%** | **Industrial Real Estate Investment Trusts – 0.4%** | **Industrial Real Estate Investment Trusts – 0.4%** |
| Industrial Logistics Properties Trust | 27047 | $154 |
| Innovative Industrial Properties, Inc.<sup>†</sup>  | 12654 | 635 |
| LXP Industrial Trust | 27155 | 1256 |
| One Liberty Properties, Inc. | 9041 | 194 |
| Terreno Realty Corp. | 47629 | 2925 |
|  |  | **5164** |
| **Insurance – 1.8%** | **Insurance – 1.8%** | **Insurance – 1.8%** |
| Abacus Global Management, Inc.<sup>†</sup>  | 18432 | 145 |
| American Coastal Insurance Corp. | 11816 | 133 |
| &nbsp;&nbsp; American Integrity Insurance Group, <br> Inc.<sup>†</sup> <br>| 6011 | 116 |
| AMERISAFE, Inc. | 8430 | 281 |
| Ategrity Specialty Holdings LLC\* | 4766 | 94 |
| Baldwin Insurance Group (The), Inc.\* | 44943 | 986 |
| Bowhead Specialty Holdings, Inc.\* | 7699 | 173 |
| Citizens, Inc.<sup>\* †</sup>  | 23582 | 119 |
| CNO Financial Group, Inc. | 44034 | 1808 |
| Crawford & Co., Class A | 8874 | 88 |
| Donegal Group, Inc., Class A | 7075 | 122 |
| eHealth, Inc.\* | 5593 | 7 |
| Employers Holdings, Inc.<sup>†</sup>  | 10171 | 418 |
| Exzeo Group, Inc.<sup>\* †</sup>  | 4369 | 64 |
| F&G Annuities & Life, Inc. | 16666 | 422 |
| Fidelis Insurance Holdings Ltd. | 25285 | 483 |
| Genworth Financial, Inc.\* | 182096 | 1479 |
| GoHealth, Inc., Class A<sup>\* †</sup>  | 12310 | 19 |
| Goosehead Insurance, Inc., Class A\* | 10721 | 457 |
| Greenlight Capital Re Ltd., Class A\* | 11832 | 205 |
| Hamilton Insurance Group Ltd., Class B | 20872 | 623 |
| HCI Group, Inc. | 4924 | 761 |
| Heritage Insurance Holdings, Inc.\* | 10956 | 288 |
| Hippo Holdings, Inc.\* | 8381 | 218 |
| Horace Mann Educators Corp. | 18611 | 794 |
| Investors Title Co. | 716 | 156 |
| James River Group Holdings, Inc. | 15433 | 97 |
| Kestrel Group Ltd.<sup>(3) \* †</sup>  | 31 |  |
| Kingstone Cos., Inc.<sup>†</sup>  | 4506 | 66 |
| Kingsway Financial Services, Inc.<sup>\* †</sup>  | 8648 | 90 |
| Lemonade, Inc.<sup>\* †</sup>  | 28623 | 1794 |
| MBIA, Inc.\* | 21334 | 126 |
| Mercury General Corp. | 12531 | 1105 |
| NI Holdings, Inc.<sup>\* †</sup>  | 4111 | 53 |
| Octave Specialty Group, Inc.\* | 15570 | 72 |
| Oscar Health, Inc., Class A\* | 95016 | 1090 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **166** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Insurance – 1.8%continued** | **Insurance – 1.8%continued** | **Insurance – 1.8%continued** |
| Palomar Holdings, Inc.\* | 12122 | $1449 |
| ProAssurance Corp.<sup>\* †</sup>  | 23183 | 573 |
| Root, Inc., Class A\* | 5421 | 239 |
| Safety Insurance Group, Inc.<sup>†</sup>  | 7009 | 509 |
| Selective Insurance Group, Inc. | 27731 | 2091 |
| Selectquote, Inc.\* | 45178 | 28 |
| SiriusPoint Ltd.\* | 46933 | 1011 |
| &nbsp;&nbsp; Skyward Specialty Insurance Group, <br> Inc.\*<br>| 18433 | 805 |
| Slide Insurance Holdings, Inc.<sup>\* †</sup>  | 33452 | 602 |
| Stewart Information Services Corp. | 14136 | 871 |
| Tiptree, Inc. | 10263 | 174 |
| Trupanion, Inc.<sup>\* †</sup>  | 16728 | 428 |
| United Fire Group, Inc.<sup>†</sup>  | 9830 | 364 |
| Universal Insurance Holdings, Inc. | 11999 | 410 |
|  |  | **24506** |
| **Interactive Media & Services – 0.4%** | **Interactive Media & Services – 0.4%** | **Interactive Media & Services – 0.4%** |
| Angi, Inc.\* | 14668 | 101 |
| Arena Group Holdings (The), Inc.\* | 2519 | 5 |
| Bumble, Inc., Class A\* | 30119 | 98 |
| Cargurus, Inc.\* | 36986 | 1259 |
| Cars.com, Inc.<sup>\* †</sup>  | 22764 | 185 |
| EverQuote, Inc., Class A\* | 12542 | 193 |
| fuboTV, Inc., Class A<sup>\* †</sup>  | 14200 | 134 |
| Getty Images Holdings, Inc.<sup>\* †</sup>  | 22026 | 17 |
| Grindr, Inc.\* | 13617 | 165 |
| MediaAlpha, Inc., Class A\* | 14452 | 134 |
| Nextdoor Holdings, Inc.\* | 94884 | 133 |
| QuinStreet, Inc.\* | 26366 | 317 |
| Rumble, Inc.<sup>\* †</sup>  | 47186 | 241 |
| Shutterstock, Inc. | 10574 | 176 |
| Teads Holding Co.<sup>\* †</sup>  | 34022 | 22 |
| Travelzoo<sup>\* †</sup>  | 4764 | 28 |
| TripAdvisor, Inc.<sup>\* †</sup>  | 51743 | 552 |
| Webtoon Entertainment, Inc.<sup>\* †</sup>  | 8540 | 79 |
| Yelp, Inc.\* | 27078 | 670 |
| Ziff Davis, Inc.\* | 18449 | 774 |
| ZipRecruiter, Inc., Class A<sup>\* †</sup>  | 25160 | 46 |
|  |  | **5329** |
| **IT Services – 0.7%** | **IT Services – 0.7%** | **IT Services – 0.7%** |
| Applied Digital Corp.<sup>\* †</sup>  | 110460 | 2622 |
| ASGN, Inc.\* | 18978 | 735 |
| Backblaze, Inc., Class A\* | 22742 | 78 |
| BigBear.ai Holdings, Inc.<sup>\* †</sup>  | 197894 | 697 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **IT Services – 0.7%continued** | **IT Services – 0.7%continued** | **IT Services – 0.7%continued** |
| Commerce.com, Inc.\* | 26459 | $71 |
| Crexendo, Inc.\* | 9840 | 61 |
| CSP, Inc.<sup>†</sup>  | 1756 | 15 |
| DigitalOcean Holdings, Inc.<sup>\* †</sup>  | 35316 | 3029 |
| Fastly, Inc., Class A<sup>\* †</sup>  | 66040 | 1919 |
| Grid Dynamics Holdings, Inc.\* | 28913 | 165 |
| Hackett Group (The), Inc.<sup>†</sup>  | 10506 | 137 |
| Information Services Group, Inc. | 15352 | 59 |
| Rackspace Technology, Inc.\* | 46341 | 45 |
| TSS, Inc.<sup>\* †</sup>  | 9162 | 119 |
| Tucows, Inc., Class A<sup>\* †</sup>  | 3898 | 67 |
| Unisys Corp.\* | 25578 | 53 |
| VTEX, Class A\* | 21868 | 87 |
| Whitefiber, Inc.<sup>\* †</sup>  | 5950 | 71 |
|  |  | **10030** |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| Acushnet Holdings Corp. | 12876 | 1204 |
| American Outdoor Brands, Inc.<sup>\* †</sup>  | 4199 | 39 |
| Callaway Golf Co.\* | 60313 | 837 |
| Clarus Corp. | 18248 | 50 |
| Escalade, Inc.<sup>†</sup>  | 5388 | 93 |
| Funko, Inc., Class A\* | 22352 | 70 |
| JAKKS Pacific, Inc. | 4800 | 96 |
| Johnson Outdoors, Inc., Class A | 3002 | 140 |
| Latham Group, Inc.\* | 25241 | 136 |
| Malibu Boats, Inc., Class A\* | 8082 | 209 |
| Marine Products Corp. | 2344 | 17 |
| MasterCraft Boat Holdings, Inc.\* | 7951 | 163 |
| Peloton Interactive, Inc., Class A\* | 180677 | 775 |
| Polaris, Inc. | 24908 | 1357 |
| Smith & Wesson Brands, Inc. | 20300 | 291 |
| Sturm Ruger & Co., Inc. | 6621 | 265 |
|  |  | **5742** |
| **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** |
| 10X Genomics, Inc., Class A\* | 52823 | 1121 |
| Adaptive Biotechnologies Corp.\* | 69348 | 963 |
| Alpha Teknova, Inc.<sup>\* †</sup>  | 9412 | 27 |
| Atlantic International Corp.\* | 5915 | 18 |
| Azenta, Inc.<sup>\* †</sup>  | 18358 | 388 |
| BioLife Solutions, Inc.<sup>\* †</sup>  | 18671 | 356 |
| Codexis, Inc.<sup>\* †</sup>  | 33086 | 54 |
| CryoPort, Inc.\* | 21152 | 175 |
| Cytek Biosciences, Inc.\* | 51695 | 226 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **167** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Life Sciences Tools & Services – 0.4%continued** | **Life Sciences Tools & Services – 0.4%continued** | **Life Sciences Tools & Services – 0.4%continued** |
| Fortrea Holdings, Inc.\* | 44430 | $419 |
| Ginkgo Bioworks Holdings, Inc.<sup>\* †</sup>  | 17866 | 109 |
| Lifecore Biomedical, Inc.<sup>\* †</sup>  | 10016 | 37 |
| &nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A\*<br>| 46675 | 132 |
| MaxCyte, Inc.\* | 63482 | 45 |
| Mesa Laboratories, Inc. | 2281 | 202 |
| Omniab, Inc.<sup>(1) \*</sup>  | 3016 |  |
| OmniAb, Inc.\* | 58188 | 91 |
| Omniab, Inc. (NASDAQ Exchange)<sup>(1) \*</sup>  | 3016 |  |
| Pacific Biosciences of California, Inc.<sup>\* †</sup>  | 118851 | 157 |
| Personalis, Inc.<sup>\* †</sup>  | 23499 | 150 |
| Quanterix Corp.\* | 16656 | 59 |
| Quantum-Si, Inc.<sup>\* †</sup>  | 92093 | 71 |
| Standard BioTools, Inc.\* | 120675 | 111 |
|  |  | **4911** |
| **Machinery – 3.8%** | **Machinery – 3.8%** | **Machinery – 3.8%** |
| 3D Systems Corp.\* | 71507 | 134 |
| Aebi Schmidt Holding A.G. | 18173 | 177 |
| AirJoule Technologies Corp.<sup>\* †</sup>  | 18232 | 46 |
| Alamo Group, Inc.<sup>†</sup>  | 4723 | 779 |
| Albany International Corp., Class A | 13414 | 700 |
| Alliance Laundry Holdings, Inc.<sup>\* †</sup>  | 20643 | 428 |
| Astec Industries, Inc. | 10425 | 561 |
| Atmus Filtration Technologies, Inc. | 38394 | 2180 |
| Blue Bird Corp.\* | 14465 | 822 |
| CECO Environmental Corp.\* | 13797 | 822 |
| Chart Industries, Inc.\* | 21037 | 4349 |
| Columbus McKinnon Corp. | 13992 | 203 |
| Douglas Dynamics, Inc. | 10694 | 450 |
| Eastern (The) Co.<sup>†</sup>  | 3267 | 66 |
| Energy Recovery, Inc.\* | 22772 | 229 |
| Enerpac Tool Group Corp. | 24294 | 886 |
| Enpro, Inc. | 9787 | 2453 |
| ESCO Technologies, Inc. | 12047 | 3390 |
| Federal Signal Corp. | 27745 | 3000 |
| Franklin Electric Co., Inc. | 18127 | 1671 |
| Gencor Industries, Inc.\* | 5660 | 85 |
| Gorman-Rupp (The) Co.<sup>†</sup>  | 9792 | 608 |
| Graham Corp.\* | 4914 | 388 |
| Greenbrier (The) Cos., Inc. | 14115 | 743 |
| Helios Technologies, Inc. | 15309 | 991 |
| Hillman Solutions Corp.\* | 90328 | 752 |
| Hyster-Yale, Inc. | 6093 | 198 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Machinery – 3.8%continued** | **Machinery – 3.8%continued** | **Machinery – 3.8%continued** |
| JBT Marel Corp. | 24320 | $3110 |
| Kadant, Inc.<sup>†</sup>  | 5500 | 1608 |
| Kennametal, Inc. | 35068 | 1267 |
| L.B. Foster Co., Class A<sup>\* †</sup>  | 5034 | 140 |
| Lindsay Corp. | 4773 | 568 |
| Luxfer Holdings PLC | 13442 | 164 |
| Manitowoc (The) Co., Inc.\* | 17032 | 198 |
| Mayville Engineering Co., Inc.\* | 6782 | 122 |
| Microvast Holdings, Inc.<sup>\* †</sup>  | 85169 | 128 |
| Miller Industries, Inc. | 5404 | 246 |
| Mueller Water Products, Inc., Class A | 72202 | 1985 |
| Omega Flex, Inc. | 2076 | 64 |
| Palladyne AI Corp.<sup>\* †</sup>  | 15954 | 97 |
| Park-Ohio Holdings Corp. | 5016 | 121 |
| Proto Labs, Inc.\* | 10816 | 617 |
| Richtech Robotics, Inc., Class B<sup>\* †</sup>  | 83781 | 175 |
| SPX Technologies, Inc.\* | 22425 | 4484 |
| Standex International Corp. | 5597 | 1426 |
| Tennant Co. | 8208 | 545 |
| Terex Corp. | 52023 | 3075 |
| Titan International, Inc.\* | 24218 | 167 |
| Trinity Industries, Inc. | 37325 | 1201 |
| Wabash National Corp. | 19839 | 171 |
| Watts Water Technologies, Inc., Class A | 12741 | 3699 |
| Worthington Enterprises, Inc. | 14331 | 747 |
|  |  | **53236** |
| **Marine Transportation – 0.3%** | **Marine Transportation – 0.3%** | **Marine Transportation – 0.3%** |
| Costamare Bulkers Holdings Ltd.<sup>\* †</sup>  | 4636 | 72 |
| Costamare, Inc. | 20946 | 354 |
| Genco Shipping & Trading Ltd. | 14540 | 328 |
| Himalaya Shipping Ltd.<sup>\* †</sup>  | 13884 | 185 |
| Matson, Inc. | 14379 | 2357 |
| Pangaea Logistics Solutions Ltd. | 15240 | 108 |
| Safe Bulkers, Inc. | 23237 | 147 |
|  |  | **3551** |
| **Media – 0.9%** | **Media – 0.9%** | **Media – 0.9%** |
| Advantage Solutions, Inc.<sup>\* †</sup>  | 2343 | 49 |
| AMC Networks, Inc., Class A\* | 16087 | 109 |
| Boston Omaha Corp., Class A<sup>\* †</sup>  | 11111 | 130 |
| Cable One, Inc.\* | 2263 | 206 |
| EchoStar Corp., Class A\* | 63001 | 7376 |
| Emerald Holding, Inc.<sup>†</sup>  | 6453 | 29 |
| &nbsp;&nbsp; Entravision Communications Corp., <br> Class A<br>| 31678 | 94 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **168** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Media – 0.9%continued** | **Media – 0.9%continued** | **Media – 0.9%continued** |
| EW Scripps (The) Co., Class A\* | 34115 | $127 |
| Gambling.com Group Ltd.<sup>\* †</sup>  | 5417 | 21 |
| Gray Media, Inc.<sup>†</sup>  | 43500 | 189 |
| Ibotta, Inc., Class A<sup>\* †</sup>  | 4674 | 140 |
| iHeartMedia, Inc., Class A<sup>\* †</sup>  | 51830 | 151 |
| John Wiley & Sons, Inc., Class A | 18287 | 697 |
| Magnite, Inc.\* | 64999 | 772 |
| National CineMedia, Inc. | 34361 | 105 |
| Newsmax, Inc.<sup>\* †</sup>  | 20294 | 106 |
| Nexxen International Ltd.<sup>\* †</sup>  | 12565 | 82 |
| &nbsp;&nbsp; Optimum Communications, Inc., <br> Class A\*<br>| 112375 | 146 |
| PubMatic, Inc., Class A<sup>\* †</sup>  | 19271 | 158 |
| Scholastic Corp.<sup>†</sup>  | 9936 | 388 |
| Sinclair, Inc. | 18827 | 244 |
| Stagwell, Inc.<sup>\* †</sup>  | 49653 | 312 |
| TechTarget, Inc.\* | 16561 | 64 |
| Thryv Holdings, Inc.\* | 10268 | 28 |
| U.S.A. TODAY Co., Inc.\* | 66459 | 469 |
|  |  | **12192** |
| **Metals & Mining – 2.7%** | **Metals & Mining – 2.7%** | **Metals & Mining – 2.7%** |
| Alpha Metallurgical Resources, Inc.<sup>\* †</sup>  | 5336 | 1095 |
| American Battery Technology Co.<sup>\* †</sup>  | 61677 | 172 |
| Caledonia Mining Corp. PLC<sup>†</sup>  | 7130 | 161 |
| Century Aluminum Co.\* | 26151 | 1535 |
| Coeur Mining, Inc.\* | 473812 | 8893 |
| Commercial Metals Co. | 51841 | 3185 |
| Compass Minerals International, Inc.\* | 13999 | 327 |
| Constellium S.E.\* | 63322 | 1557 |
| Contango Silver & Gold, Inc.<sup>\* †</sup>  | 9760 | 183 |
| Critical Metals Corp.<sup>\* †</sup>  | 27691 | 220 |
| Dakota Gold Corp.\* | 39808 | 201 |
| Ferroglobe PLC | 55865 | 230 |
| Friedman Industries, Inc. | 3096 | 55 |
| Hecla Mining Co. | 294161 | 5480 |
| Idaho Strategic Resources, Inc.\* | 6494 | 209 |
| Ivanhoe Electric, Inc.\* | 48393 | 572 |
| Kaiser Aluminum Corp.<sup>†</sup>  | 7433 | 896 |
| Lifezone Metals Ltd.<sup>\* †</sup>  | 18173 | 61 |
| Materion Corp. | 9625 | 1392 |
| Metallus, Inc.\* | 17645 | 288 |
| NioCorp. Developments Ltd.<sup>\* †</sup>  | 57016 | 254 |
| Novagold Resources, Inc.\* | 131766 | 1183 |
| Perpetua Resources Corp.<sup>\* †</sup>  | 39876 | 1121 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Metals & Mining – 2.7%continued** | **Metals & Mining – 2.7%continued** | **Metals & Mining – 2.7%continued** |
| Ramaco Resources, Inc., Class A<sup>\* †</sup>  | 20108 | $311 |
| Ryerson Holding Corp. | 20998 | 472 |
| SSR Mining, Inc.\* | 94099 | 2767 |
| SunCoke Energy, Inc. | 37373 | 243 |
| Tredegar Corp.\* | 10846 | 86 |
| U.S. Gold Corp.<sup>\* †</sup>  | 6087 | 93 |
| U.S. Goldmining, Inc.<sup>\* †</sup>  | 2384 | 28 |
| U.S.A. Rare Earth, Inc., Class A<sup>\* †</sup>  | 85454 | 1293 |
| United States Antimony Corp.<sup>\* †</sup>  | 55972 | 489 |
| Vox Royalty Corp. | 25348 | 133 |
| Warrior Met Coal, Inc. | 24308 | 2264 |
| Worthington Steel, Inc. | 14899 | 452 |
|  |  | **37901** |
| **Mortgage Real Estate Investment Trusts – 0.8%** | **Mortgage Real Estate Investment Trusts – 0.8%** | **Mortgage Real Estate Investment Trusts – 0.8%** |
| ACRES Commercial Realty Corp.<sup>\* †</sup>  | 3457 | 67 |
| Adamas Trust, Inc.<sup>†</sup>  | 37898 | 279 |
| Angel Oak Mortgage REIT, Inc.<sup>†</sup>  | 5149 | 42 |
| &nbsp;&nbsp; Apollo Commercial Real Estate Finance, <br> Inc.<br>| 63603 | 672 |
| Arbor Realty Trust, Inc.<sup>†</sup>  | 88541 | 683 |
| Ares Commercial Real Estate Corp.<sup>†</sup>  | 27043 | 130 |
| ARMOUR Residential REIT, Inc.<sup>†</sup>  | 51614 | 861 |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Inc., <br> Class A<sup>†</sup> <br>| 73087 | 1400 |
| BrightSpire Capital, Inc.<sup>†</sup>  | 57642 | 323 |
| &nbsp;&nbsp; Chicago Atlantic Real Estate Finance, <br> Inc.<sup>†</sup> <br>| 7432 | 84 |
| Chimera Investment Corp. | 36991 | 464 |
| Claros Mortgage Trust, Inc.\* | 37290 | 89 |
| Dynex Capital, Inc.<sup>†</sup>  | 93566 | 1194 |
| Ellington Financial, Inc.<sup>†</sup>  | 57543 | 682 |
| Franklin BSP Realty Trust, Inc.<sup>†</sup>  | 36628 | 311 |
| Invesco Mortgage Capital, Inc.<sup>†</sup>  | 37230 | 301 |
| KKR Real Estate Finance Trust, Inc.<sup>†</sup>  | 23743 | 145 |
| Ladder Capital Corp. | 51748 | 505 |
| Lument Finance Trust, Inc.<sup>†</sup>  | 30639 | 39 |
| MFA Financial, Inc. | 48661 | 466 |
| Nexpoint Real Estate Finance, Inc.<sup>†</sup>  | 4031 | 54 |
| Orchid Island Capital, Inc.<sup>†</sup>  | 87617 | 616 |
| PennyMac Mortgage Investment Trust | 39412 | 459 |
| Ready Capital Corp.<sup>†</sup>  | 60241 | 97 |
| Redwood Trust, Inc. | 56662 | 318 |
| Rithm Property Trust, Inc.<sup>†</sup>  | 2363 | 32 |
| Seven Hills Realty Trust | 8762 | 72 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **169** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Mortgage Real Estate Investment Trusts – 0.8%continued** | **Mortgage Real Estate Investment Trusts – 0.8%continued** | **Mortgage Real Estate Investment Trusts – 0.8%continued** |
| Sunrise Realty Trust, Inc.<sup>†</sup>  | 6172 | $47 |
| TPG Mortgage Investment Trust, Inc. | 14825 | 108 |
| TPG RE Finance Trust, Inc. | 34659 | 271 |
| Two Harbors Investment Corp.<sup>†</sup>  | 47137 | 538 |
|  |  | **11349** |
| **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** |
| Avista Corp. | 37863 | 1520 |
| Black Hills Corp. | 35351 | 2454 |
| Northwestern Energy Group, Inc. | 28791 | 1898 |
| TXNM Energy, Inc.<sup>(1)</sup>  | 50000 |  |
| Unitil Corp. | 8464 | 442 |
|  |  | **6314** |
| **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** |
| Brandywine Realty Trust | 75671 | 205 |
| COPT Defense Properties<sup>†</sup>  | 53112 | 1625 |
| Douglas Emmett, Inc.<sup>†</sup>  | 73878 | 696 |
| Easterly Government Properties, Inc. | 19133 | 410 |
| Empire State Realty Trust, Inc., Class A | 62516 | 325 |
| Franklin Street Properties Corp.<sup>†</sup>  | 63398 | 42 |
| Hudson Pacific Properties, Inc.\* | 22632 | 134 |
| JBG SMITH Properties<sup>†</sup>  | 27172 | 397 |
| NET Lease Office Properties | 6030 | 70 |
| Peakstone Realty Trust | 16482 | 344 |
| Piedmont Realty Trust, Inc.\* | 55841 | 367 |
| Postal Realty Trust, Inc., Class A | 10988 | 204 |
| SL Green Realty Corp.<sup>†</sup>  | 33008 | 1219 |
|  |  | **6038** |
| **Oil, Gas & Consumable Fuels – 4.1%** | **Oil, Gas & Consumable Fuels – 4.1%** | **Oil, Gas & Consumable Fuels – 4.1%** |
| Ardmore Shipping Corp. | 15151 | 231 |
| BKV Corp.\* | 11512 | 328 |
| California Resources Corp. | 34167 | 2365 |
| Calumet, Inc.\* | 32386 | 1163 |
| Centrus Energy Corp., Class A<sup>\* †</sup>  | 7758 | 1347 |
| Clean Energy Fuels Corp.\* | 84353 | 209 |
| CNX Resources Corp.\* | 63603 | 2452 |
| Comstock Resources, Inc.\* | 34385 | 725 |
| Core Natural Resources, Inc. | 23695 | 2482 |
| Crescent Energy Co., Class A | 119318 | 1611 |
| CVR Energy, Inc.\* | 14504 | 488 |
| Delek U.S. Holdings, Inc. | 27640 | 1246 |
| DHT Holdings, Inc. | 62205 | 1137 |
| Diversified Energy Co. | 29015 | 506 |
| Dorian LPG Ltd. | 16863 | 577 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Oil, Gas & Consumable Fuels – 4.1%continued** | **Oil, Gas & Consumable Fuels – 4.1%continued** | **Oil, Gas & Consumable Fuels – 4.1%continued** |
| Empire Petroleum Corp.<sup>\* †</sup>  | 11311 | $34 |
| Encore Energy Corp.<sup>\* †</sup>  | 79036 | 142 |
| Energy Fuels, Inc.<sup>\* †</sup>  | 108468 | 1980 |
| Epsilon Energy Ltd.<sup>†</sup>  | 8914 | 55 |
| Evolution Petroleum Corp. | 17369 | 80 |
| Excelerate Energy, Inc., Class A | 10841 | 362 |
| FLEX LNG Ltd.<sup>\* †</sup>  | 14097 | 419 |
| FutureFuel Corp. | 15149 | 58 |
| Gevo, Inc.<sup>\* †</sup>  | 111855 | 305 |
| Golar LNG Ltd. | 45557 | 2465 |
| Granite Ridge Resources, Inc. | 22766 | 134 |
| Green Plains, Inc.\* | 31263 | 514 |
| Gulfport Energy Corp.\* | 7327 | 1550 |
| HighPeak Energy, Inc.<sup>†</sup>  | 12080 | 83 |
| &nbsp;&nbsp; Infinity Natural Resources, Inc., <br> Class A\*<br>| 8164 | 144 |
| International Seaways, Inc. | 18472 | 1346 |
| Kinetik Holdings, Inc.<sup>†</sup>  | 21858 | 1058 |
| Kolibri Global Energy, Inc.\* | 11375 | 62 |
| Kosmos Energy Ltd.\* | 223677 | 622 |
| Lightbridge Corp.<sup>\* †</sup>  | 14674 | 156 |
| Magnolia Oil & Gas Corp., Class A | 84338 | 2663 |
| Murphy Oil Corp. | 62368 | 2573 |
| NACCO Industries, Inc., Class A<sup>†</sup>  | 2009 | 104 |
| Navigator Holdings Ltd. | 13990 | 270 |
| New Fortress Energy, Inc.<sup>\* †</sup>  | 68124 | 40 |
| NextDecade Corp.<sup>\* †</sup>  | 81747 | 626 |
| NextNRG, Inc.<sup>\* †</sup>  | 47329 | 19 |
| Nordic American Tankers Ltd. | 94446 | 553 |
| Northern Oil & Gas, Inc.<sup>†</sup>  | 44018 | 1287 |
| OPAL Fuels, Inc., Class A\* | 14761 | 37 |
| Par Pacific Holdings, Inc.\* | 23122 | 1448 |
| PBF Energy, Inc., Class A | 39127 | 1863 |
| Peabody Energy Corp. | 57004 | 1878 |
| Prairie Operating Co.<sup>\* †</sup>  | 20720 | 42 |
| PrimeEnergy Resources Corp.\* | 200 | 47 |
| REX American Resources Corp.\* | 13488 | 615 |
| Riley Exploration Permian, Inc. | 6518 | 238 |
| Sable Offshore Corp.<sup>\* †</sup>  | 58436 | 965 |
| SandRidge Energy, Inc. | 15190 | 248 |
| Scorpio Tankers, Inc. | 20759 | 1550 |
| SFL Corp. Ltd. | 55046 | 594 |
| SM Energy Co. | 115567 | 3603 |
| Summit Midstream Corp.<sup>\* †</sup>  | 4407 | 133 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **170** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Oil, Gas & Consumable Fuels – 4.1%continued** | **Oil, Gas & Consumable Fuels – 4.1%continued** | **Oil, Gas & Consumable Fuels – 4.1%continued** |
| Talos Energy, Inc.\* | 59324 | $935 |
| Teekay Corp. Ltd.<sup>†</sup>  | 24797 | 303 |
| Teekay Tankers Ltd., Class A | 10984 | 805 |
| Uranium Energy Corp.\* | 221062 | 2984 |
| VAALCO Energy, Inc. | 45843 | 291 |
| Vitesse Energy, Inc.<sup>†</sup>  | 14305 | 260 |
| W&T Offshore, Inc. | 49865 | 170 |
| World Kinect Corp. | 25660 | 592 |
| XCF Global, Inc., Class A<sup>\* †</sup>  | 55998 | 20 |
|  |  | **56192** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| Clearwater Paper Corp.\* | 6285 | 91 |
| Magnera Corp.\* | 15675 | 149 |
| Sylvamo Corp. | 15750 | 665 |
|  |  | **905** |
| **Passenger Airlines – 0.4%** | **Passenger Airlines – 0.4%** | **Passenger Airlines – 0.4%** |
| Allegiant Travel Co.\* | 6818 | 553 |
| flyExclusive, Inc.<sup>\* †</sup>  | 9287 | 21 |
| Frontier Group Holdings, Inc.<sup>\* †</sup>  | 22662 | 80 |
| JetBlue Airways Corp.<sup>\* †</sup>  | 134723 | 595 |
| Joby Aviation, Inc.<sup>\* †</sup>  | 272899 | 2254 |
| SkyWest, Inc.\* | 18627 | 1711 |
| Sun Country Airlines Holdings, Inc.\* | 22955 | 379 |
|  |  | **5593** |
| **Personal Care Products – 0.2%** | **Personal Care Products – 0.2%** | **Personal Care Products – 0.2%** |
| Beauty Health (The) Co.<sup>\* †</sup>  | 63925 | 57 |
| Edgewell Personal Care Co.<sup>†</sup>  | 20258 | 432 |
| FitLife Brands, Inc.<sup>\* †</sup>  | 2749 | 39 |
| Herbalife Ltd.\* | 46644 | 687 |
| Honest (The) Co., Inc.\* | 48326 | 142 |
| Interparfums, Inc. | 8364 | 760 |
| Lifevantage Corp.<sup>†</sup>  | 2348 | 10 |
| Medifast, Inc.<sup>\* †</sup>  | 6198 | 63 |
| Nature's Sunshine Products, Inc.\* | 7880 | 189 |
| Niagen Bioscience, Inc.<sup>\* †</sup>  | 21859 | 96 |
| Nu Skin Enterprises, Inc., Class A | 20670 | 151 |
| Olaplex Holdings, Inc.<sup>\* †</sup>  | 56100 | 114 |
| USANA Health Sciences, Inc.\* | 4288 | 75 |
| Waldencast PLC, Class A<sup>\* †</sup>  | 30777 | 29 |
|  |  | **2844** |
| **Pharmaceuticals – 2.4%** | **Pharmaceuticals – 2.4%** | **Pharmaceuticals – 2.4%** |
| Aardvark Therapeutics, Inc.<sup>\* †</sup>  | 3413 | 13 |
| Aclaris Therapeutics, Inc.\* | 42210 | 158 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Pharmaceuticals – 2.4%continued** | **Pharmaceuticals – 2.4%continued** | **Pharmaceuticals – 2.4%continued** |
| Alumis, Inc.\* | 31292 | $689 |
| Amneal Pharmaceuticals, Inc.\* | 69527 | 864 |
| Amphastar Pharmaceuticals, Inc.\* | 16004 | 314 |
| Amylyx Pharmaceuticals, Inc.\* | 41491 | 577 |
| ANI Pharmaceuticals, Inc.\* | 8936 | 687 |
| Aquestive Therapeutics, Inc.\* | 44236 | 184 |
| Arvinas, Inc.\* | 24657 | 261 |
| Atea Pharmaceuticals, Inc.<sup>\* †</sup>  | 34065 | 183 |
| Axsome Therapeutics, Inc.\* | 19290 | 3260 |
| BioAge Labs, Inc.\* | 13361 | 234 |
| Biote Corp., Class A<sup>\* †</sup>  | 22118 | 30 |
| Collegium Pharmaceutical, Inc.\* | 14911 | 493 |
| CorMedix, Inc.<sup>\* †</sup>  | 32509 | 221 |
| Crinetics Pharmaceuticals, Inc.\* | 44986 | 1634 |
| Definium Therapeutics, Inc.<sup>\* †</sup>  | 44945 | 849 |
| Edgewise Therapeutics, Inc.\* | 31354 | 988 |
| Enliven Therapeutics, Inc.\* | 18594 | 729 |
| Esperion Therapeutics, Inc.<sup>\* †</sup>  | 116508 | 319 |
| Eton Pharmaceuticals, Inc.<sup>\* †</sup>  | 11836 | 292 |
| Evolus, Inc.\* | 28512 | 117 |
| EyePoint, Inc.\* | 36020 | 464 |
| Fulcrum Therapeutics, Inc.\* | 29497 | 226 |
| Harmony Biosciences Holdings, Inc.\* | 19847 | 556 |
| Harrow, Inc.<sup>\* †</sup>  | 14276 | 503 |
| Indivior Pharmaceuticals, Inc.\* | 56534 | 1723 |
| Innoviva, Inc.\* | 34660 | 808 |
| Journey Medical Corp.<sup>\* †</sup>  | 11281 | 53 |
| LB Pharmaceuticals, Inc.<sup>\* †</sup>  | 9388 | 232 |
| LENZ Therapeutics, Inc.<sup>\* †</sup>  | 10281 | 94 |
| Ligand Pharmaceuticals, Inc.\* | 9018 | 1800 |
| Liquidia Corp.\* | 30121 | 1137 |
| Maze Therapeutics, Inc.<sup>\* †</sup>  | 12010 | 359 |
| MBX Biosciences, Inc.<sup>\* †</sup>  | 13300 | 397 |
| MediWound Ltd.<sup>\* †</sup>  | 5235 | 84 |
| Nuvation Bio, Inc.<sup>\* †</sup>  | 114636 | 492 |
| Ocular Therapeutix, Inc.\* | 85713 | 726 |
| Omeros Corp.<sup>\* †</sup>  | 32914 | 348 |
| Pacira BioSciences, Inc.<sup>\* †</sup>  | 18392 | 416 |
| Phathom Pharmaceuticals, Inc.<sup>\* †</sup>  | 21891 | 243 |
| Phibro Animal Health Corp., Class A | 9691 | 536 |
| Prestige Consumer Healthcare, Inc.\* | 22465 | 1332 |
| Rapport Therapeutics, Inc.\* | 13174 | 412 |
| Septerna, Inc.<sup>\* †</sup>  | 9403 | 226 |
| SIGA Technologies, Inc. | 16535 | 88 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **171** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Pharmaceuticals – 2.4%continued** | **Pharmaceuticals – 2.4%continued** | **Pharmaceuticals – 2.4%continued** |
| Supernus Pharmaceuticals, Inc.\* | 25541 | $1320 |
| Tarsus Pharmaceuticals, Inc.\* | 18262 | 1281 |
| Terns Pharmaceuticals, Inc.\* | 44163 | 2328 |
| Theravance Biopharma, Inc.\* | 18664 | 303 |
| Third Harmonic Bio, Inc.<sup>(1) \* †</sup>  | 11686 |  |
| Trevi Therapeutics, Inc.\* | 43974 | 525 |
| Tvardi Therapeutics, Inc.<sup>\* †</sup>  | 5063 | 16 |
| WaVe Life Sciences Ltd.\* | 65791 | 477 |
| Xeris Biopharma Holdings, Inc.\* | 75962 | 441 |
| Zevra Therapeutics, Inc.\* | 26852 | 250 |
|  |  | **33292** |
| **Professional Services – 1.4%** | **Professional Services – 1.4%** | **Professional Services – 1.4%** |
| Alight, Inc., Class A | 233192 | 136 |
| Asure Software, Inc.\* | 11089 | 95 |
| Barrett Business Services, Inc. | 11385 | 332 |
| BlackSky Technology, Inc.<sup>\* †</sup>  | 14671 | 369 |
| CBIZ, Inc.\* | 22443 | 603 |
| Conduent, Inc.\* | 54828 | 70 |
| CRA International, Inc.<sup>†</sup>  | 2886 | 467 |
| CSG Systems International, Inc.<sup>†</sup>  | 12993 | 1039 |
| Exponent, Inc. | 22979 | 1499 |
| &nbsp;&nbsp; Falcon's Beyond Global, Inc., Class A<sup>\*</sup> <br> † <br>| 9895 | 140 |
| First Advantage Corp.<sup>\* †</sup>  | 35576 | 418 |
| Forrester Research, Inc.<sup>\* †</sup>  | 7284 | 41 |
| Franklin Covey Co.<sup>\* †</sup>  | 3522 | 56 |
| HireQuest, Inc.<sup>†</sup>  | 3768 | 38 |
| Huron Consulting Group, Inc.\* | 7807 | 995 |
| IBEX Holdings Ltd.<sup>\* †</sup>  | 4317 | 116 |
| ICF International, Inc. | 8332 | 544 |
| Innodata, Inc.<sup>\* †</sup>  | 13976 | 540 |
| Insperity, Inc. | 16200 | 438 |
| Kelly Services, Inc., Class A | 12773 | 113 |
| Kforce, Inc. | 7900 | 231 |
| Korn Ferry | 24115 | 1518 |
| Legalzoom.com, Inc.\* | 55875 | 317 |
| Maximus, Inc. | 25327 | 1623 |
| Mistras Group, Inc.\* | 5950 | 88 |
| Planet Labs PBC\* | 125149 | 3498 |
| Public Policy Holding Co., Inc.<sup>\* †</sup>  | 2851 | 37 |
| RCM Technologies, Inc.\* | 2915 | 56 |
| Resolute Holdings Management, Inc.<sup>\* †</sup>  | 2007 | 326 |
| Resources Connection, Inc.<sup>†</sup>  | 17476 | 65 |
| Skillsoft Corp.<sup>\* †</sup>  | 5644 | 24 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Professional Services – 1.4%continued** | **Professional Services – 1.4%continued** | **Professional Services – 1.4%continued** |
| Spire Global, Inc.<sup>\* †</sup>  | 12881 | $162 |
| TIC Solutions, Inc.\* | 92199 | 607 |
| TriNet Group, Inc. | 13550 | 494 |
| TrueBlue, Inc.\* | 9841 | 38 |
| TTEC Holdings, Inc.<sup>\* †</sup>  | 7230 | 18 |
| Upwork, Inc.<sup>\* †</sup>  | 56037 | 614 |
| Verra Mobility Corp.\* | 73233 | 1047 |
| Willdan Group, Inc.\* | 6424 | 492 |
|  |  | **19304** |
| **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** |
| American Realty Investors, Inc.\* | 890 | 14 |
| Compass, Inc., Class A\* | 296820 | 2170 |
| Cushman & Wakefield Ltd.\* | 109530 | 1343 |
| Douglas Elliman, Inc.\* | 26397 | 43 |
| eXp World Holdings, Inc.<sup>†</sup>  | 39555 | 237 |
| Forestar Group, Inc.\* | 9453 | 231 |
| FRP Holdings, Inc.<sup>\* †</sup>  | 5968 | 130 |
| Kennedy-Wilson Holdings, Inc. | 54978 | 595 |
| Logistic Properties of The Americas<sup>\* †</sup>  | 5723 | 19 |
| Marcus & Millichap, Inc. | 10642 | 283 |
| Maui Land & Pineapple Co., Inc.\* | 3950 | 61 |
| Newmark Group, Inc., Class A | 71252 | 1068 |
| RE/MAX Holdings, Inc., Class A\* | 10506 | 60 |
| Real Brokerage (The), Inc.\* | 70576 | 176 |
| RMR Group (The), Inc., Class A<sup>†</sup>  | 8062 | 125 |
| Seaport Entertainment Group, Inc.<sup>\* †</sup>  | 3858 | 83 |
| St. Joe (The) Co. | 17625 | 1107 |
| Stratus Properties, Inc.\* | 3449 | 105 |
| Tejon Ranch Co.<sup>\* †</sup>  | 10283 | 194 |
| Transcontinental Realty Investors, Inc.\* | 552 | 19 |
|  |  | **8063** |
| **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** |
| BRT Apartments Corp. | 5895 | 79 |
| Centerspace | 7608 | 437 |
| Clipper Realty, Inc. | 10406 | 31 |
| Independence Realty Trust, Inc. | 110814 | 1650 |
| NexPoint Residential Trust, Inc. | 10902 | 273 |
| UMH Properties, Inc. | 36402 | 525 |
| Veris Residential, Inc. | 36223 | 684 |
|  |  | **3679** |
| **Retail Real Estate Investment Trusts – 1.2%** | **Retail Real Estate Investment Trusts – 1.2%** | **Retail Real Estate Investment Trusts – 1.2%** |
| Acadia Realty Trust<sup>†</sup>  | 60598 | 1159 |
| Alexander's, Inc. | 948 | 224 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **172** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Retail Real Estate Investment Trusts – 1.2%continued** | **Retail Real Estate Investment Trusts – 1.2%continued** | **Retail Real Estate Investment Trusts – 1.2%continued** |
| CBL & Associates Properties, Inc. | 8494 | $326 |
| Curbline Properties Corp. | 45548 | 1175 |
| FrontView REIT, Inc.<sup>†</sup>  | 10331 | 160 |
| Getty Realty Corp. | 25266 | 803 |
| InvenTrust Properties Corp. | 36564 | 1114 |
| Kite Realty Group Trust<sup>†</sup>  | 101370 | 2489 |
| Macerich (The) Co. | 120125 | 2270 |
| NETSTREIT Corp.<sup>†</sup>  | 39081 | 736 |
| Phillips Edison & Co., Inc. | 58889 | 2203 |
| Saul Centers, Inc. | 6071 | 198 |
| SITE Centers Corp. | 21061 | 114 |
| Tanger, Inc. | 53053 | 1803 |
| Urban Edge Properties | 58410 | 1167 |
| Whitestone REIT | 20642 | 333 |
|  |  | **16274** |
| **Semiconductors & Semiconductor Equipment – 3.4%** | **Semiconductors & Semiconductor Equipment – 3.4%** | **Semiconductors & Semiconductor Equipment – 3.4%** |
| ACM Research, Inc., Class A\* | 23568 | 927 |
| Aehr Test Systems<sup>\* †</sup>  | 13312 | 494 |
| Aeluma, Inc.<sup>\* †</sup>  | 5190 | 68 |
| Alpha & Omega Semiconductor Ltd.\* | 12298 | 273 |
| Ambarella, Inc.\* | 18942 | 975 |
| Ambiq Micro, Inc.<sup>\* †</sup>  | 8868 | 225 |
| Atomera, Inc.<sup>\* †</sup>  | 16781 | 64 |
| Axcelis Technologies, Inc.\* | 14253 | 1327 |
| Blaize Holdings, Inc.<sup>\* †</sup>  | 28830 | 52 |
| CEVA, Inc.\* | 12920 | 241 |
| Cohu, Inc.\* | 21554 | 660 |
| Credo Technology Group Holding Ltd.\* | 74995 | 7040 |
| Diodes, Inc.\* | 21461 | 1465 |
| FormFactor, Inc.\* | 36045 | 3496 |
| Ichor Holdings Ltd.\* | 15504 | 723 |
| Impinj, Inc.\* | 13146 | 1350 |
| indie Semiconductor, Inc., Class A<sup>\* †</sup>  | 88024 | 283 |
| Kopin Corp.<sup>\* †</sup>  | 73253 | 165 |
| Kulicke & Soffa Industries, Inc. | 23501 | 1544 |
| MaxLinear, Inc.\* | 37872 | 659 |
| Navitas Semiconductor Corp.\* | 95595 | 838 |
| NVE Corp. | 2056 | 135 |
| PDF Solutions, Inc.\* | 14842 | 485 |
| Penguin Solutions, Inc.\* | 23441 | 413 |
| Photronics, Inc.\* | 26748 | 1081 |
| Power Integrations, Inc. | 25331 | 1297 |
| Rambus, Inc.\* | 49913 | 4294 |
| Rigetti Computing, Inc.\* | 152273 | 2138 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Semiconductors & Semiconductor Equipment – 3.4%continued** | **Semiconductors & Semiconductor Equipment – 3.4%continued** | **Semiconductors & Semiconductor Equipment – 3.4%continued** |
| Semtech Corp.\* | 43238 | $3325 |
| Silicon Laboratories, Inc.\* | 15179 | 3160 |
| SiTime Corp.\* | 10441 | 3606 |
| SkyWater Technology, Inc.<sup>\* †</sup>  | 16679 | 457 |
| Synaptics, Inc.\* | 17965 | 1258 |
| Ultra Clean Holdings, Inc.\* | 20832 | 1295 |
| Veeco Instruments, Inc.<sup>\* †</sup>  | 27148 | 919 |
|  |  | **46732** |
| **Software – 4.3%** | **Software – 4.3%** | **Software – 4.3%** |
| 8x8, Inc.\* | 69925 | 116 |
| A10 Networks, Inc. | 33904 | 784 |
| ACI Worldwide, Inc.\* | 47680 | 1955 |
| Adeia, Inc. | 50899 | 1223 |
| Agilysys, Inc.\* | 11822 | 841 |
| Airship AI Holdings, Inc.<sup>\* †</sup>  | 5589 | 13 |
| Alarm.com Holdings, Inc.<sup>\* †</sup>  | 21816 | 942 |
| Alkami Technology, Inc.<sup>\* †</sup>  | 31259 | 490 |
| Amplitude, Inc., Class A\* | 47251 | 322 |
| Appian Corp., Class A\* | 18753 | 452 |
| Arteris, Inc.\* | 14041 | 231 |
| Asana, Inc., Class A<sup>\* †</sup>  | 38767 | 248 |
| AudioEye, Inc.\* | 5796 | 37 |
| AvePoint, Inc.\* | 70545 | 671 |
| Bit Digital, Inc.<sup>\* †</sup>  | 141697 | 186 |
| Bitdeer Technologies Group, Class A<sup>\* †</sup>  | 58168 | 503 |
| Blackbaud, Inc.<sup>\* †</sup>  | 17368 | 671 |
| BlackLine, Inc.\* | 22734 | 841 |
| Blend Labs, Inc., Class A\* | 83536 | 142 |
| Box, Inc., Class A\* | 64664 | 1529 |
| Braze, Inc., Class A\* | 41481 | 979 |
| C3.ai, Inc., Class A<sup>\* †</sup>  | 61023 | 514 |
| Cerence, Inc.\* | 22127 | 140 |
| Chaince Digital Holdings, Inc.<sup>\* †</sup>  | 20354 | 81 |
| Cipher Digital, Inc.<sup>\* †</sup>  | 150189 | 1933 |
| Cleanspark, Inc.<sup>\* †</sup>  | 115970 | 987 |
| Clear Secure, Inc., Class A | 40908 | 1980 |
| &nbsp;&nbsp; Clearwater Analytics Holdings, Inc., <br> Class A\*<br>| 129287 | 3058 |
| Commvault Systems, Inc.\* | 20359 | 1586 |
| Consensus Cloud Solutions, Inc.\* | 9174 | 218 |
| Core Scientific, Inc.\* | 134445 | 2011 |
| CS Disco, Inc.\* | 15359 | 59 |
| Daily Journal Corp.<sup>\* †</sup>  | 603 | 291 |
| Digimarc Corp.<sup>\* †</sup>  | 9333 | 46 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **173** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Software – 4.3%continued** | **Software – 4.3%continued** | **Software – 4.3%continued** |
| Digital Turbine, Inc.\* | 53979 | $155 |
| Domo, Inc., Class B<sup>\* †</sup>  | 19218 | 59 |
| D-Wave Quantum, Inc.<sup>\* †</sup>  | 170302 | 2457 |
| eGain Corp.<sup>\* †</sup>  | 8902 | 70 |
| EverCommerce, Inc.<sup>\* †</sup>  | 6211 | 71 |
| Expensify, Inc., Class A\* | 11871 | 10 |
| Five9, Inc.\* | 35570 | 540 |
| Freshworks, Inc., Class A\* | 98215 | 789 |
| Hut 8 Corp.\* | 45580 | 2138 |
| I3 Verticals, Inc., Class A<sup>\* †</sup>  | 10782 | 241 |
| Intapp, Inc.\* | 26011 | 668 |
| InterDigital, Inc. | 12004 | 3625 |
| Kaltura, Inc.<sup>\* †</sup>  | 26314 | 32 |
| Life360, Inc.<sup>\* †</sup>  | 9309 | 380 |
| LiveRamp Holdings, Inc.\* | 29450 | 781 |
| MARA Holdings, Inc.<sup>\* †</sup>  | 177320 | 1447 |
| Mitek Systems, Inc.\* | 20615 | 278 |
| N-able, Inc.\* | 30554 | 143 |
| NCR Voyix Corp.<sup>\* †</sup>  | 62752 | 397 |
| NextNav, Inc.<sup>\* †</sup>  | 44025 | 705 |
| ON24, Inc.\* | 18864 | 153 |
| OneSpan, Inc. | 18706 | 197 |
| Ooma, Inc.<sup>\* †</sup>  | 12534 | 182 |
| Pagaya Technologies Ltd., Class A<sup>\* †</sup>  | 29117 | 339 |
| PagerDuty, Inc.\* | 39032 | 242 |
| PAR Technology Corp.<sup>\* †</sup>  | 17747 | 237 |
| Porch Group, Inc.\* | 38926 | 279 |
| Progress Software Corp.\* | 19312 | 495 |
| Q2 Holdings, Inc.\* | 28609 | 1353 |
| Qualys, Inc.\* | 16590 | 1457 |
| Rapid7, Inc.\* | 28231 | 156 |
| Red Violet, Inc.\* | 4928 | 171 |
| ReposiTrak, Inc.<sup>†</sup>  | 7232 | 55 |
| Rezolve AI PLC<sup>\* †</sup>  | 107513 | 275 |
| Rimini Street, Inc.\* | 23881 | 78 |
| Riot Platforms, Inc.\* | 160851 | 1988 |
| SEMrush Holdings, Inc., Class A\* | 22715 | 271 |
| Silvaco Group, Inc.<sup>\* †</sup>  | 5762 | 41 |
| SoundHound AI, Inc., Class A<sup>\* †</sup>  | 181269 | 1245 |
| SoundThinking, Inc.\* | 2505 | 17 |
| Sprinklr, Inc., Class A\* | 51079 | 307 |
| Sprout Social, Inc., Class A\* | 22428 | 128 |
| SPS Commerce, Inc.\* | 17463 | 972 |
| Telos Corp.\* | 25817 | 108 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Software – 4.3%continued** | **Software – 4.3%continued** | **Software – 4.3%continued** |
| Tenable Holdings, Inc.\* | 54417 | $921 |
| Terawulf, Inc.<sup>\* †</sup>  | 144030 | 2078 |
| Varonis Systems, Inc.\* | 53424 | 1147 |
| Vertex, Inc., Class A\* | 31582 | 376 |
| Via Transportation, Inc., Class A<sup>\* †</sup>  | 4014 | 60 |
| Viant Technology, Inc., Class A<sup>\* †</sup>  | 8104 | 91 |
| Weave Communications, Inc.\* | 33119 | 153 |
| WM Technology, Inc.\* | 22810 | 15 |
| Workiva, Inc.\* | 23741 | 1416 |
| Xperi, Inc.\* | 23103 | 129 |
| Yext, Inc.\* | 37735 | 145 |
| Zeta Global Holdings Corp., Class A\* | 98240 | 1564 |
|  |  | **59907** |
| **Specialized Real Estate Investment Trusts – 0.3%** | **Specialized Real Estate Investment Trusts – 0.3%** | **Specialized Real Estate Investment Trusts – 0.3%** |
| Farmland Partners, Inc. | 17876 | 201 |
| Four Corners Property Trust, Inc. | 48626 | 1150 |
| Gladstone Land Corp. | 17337 | 177 |
| Outfront Media, Inc. | 68334 | 1811 |
| Safehold, Inc.<sup>†</sup>  | 26866 | 363 |
| Smartstop Self Storage REIT, Inc.<sup>†</sup>  | 26180 | 793 |
|  |  | **4495** |
| **Specialty Retail – 1.9%** | **Specialty Retail – 1.9%** | **Specialty Retail – 1.9%** |
| 1-800-Flowers.com, Inc., Class A<sup>\* †</sup>  | 7082 | 22 |
| Abercrombie & Fitch Co., Class A\* | 20898 | 1909 |
| Academy Sports & Outdoors, Inc. | 30979 | 1749 |
| Advance Auto Parts, Inc.<sup>†</sup>  | 28078 | 1481 |
| American Eagle Outfitters, Inc. | 74567 | 1245 |
| America's Car-Mart, Inc.\* | 2220 | 28 |
| Arhaus, Inc. | 22025 | 149 |
| Arko Corp. | 30533 | 170 |
| Asbury Automotive Group, Inc.\* | 8944 | 1748 |
| BARK, Inc.<sup>\* †</sup>  | 58106 | 29 |
| Barnes & Noble Education, Inc.<sup>\* †</sup>  | 8812 | 78 |
| Bed Bath & Beyond, Inc.<sup>\* †</sup>  | 29303 | 136 |
| Boot Barn Holdings, Inc.\* | 14225 | 2082 |
| Buckle (The), Inc. | 14401 | 725 |
| Build-A-Bear Workshop, Inc.<sup>†</sup>  | 5984 | 224 |
| Caleres, Inc. | 16682 | 176 |
| Camping World Holdings, Inc., Class A | 25842 | 177 |
| Citi Trends, Inc.<sup>\* †</sup>  | 2290 | 99 |
| Designer Brands, Inc., Class A<sup>†</sup>  | 16870 | 96 |
| Envela Corp.<sup>\* †</sup>  | 3960 | 66 |
| EVgo, Inc.\* | 53865 | 93 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **174** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Specialty Retail – 1.9%continued** | **Specialty Retail – 1.9%continued** | **Specialty Retail – 1.9%continued** |
| Genesco, Inc.\* | 5080 | $147 |
| Group 1 Automotive, Inc. | 5481 | 1812 |
| Haverty Furniture Cos., Inc. | 6821 | 144 |
| J Jill, Inc.<sup>†</sup>  | 4140 | 47 |
| Lands' End, Inc.\* | 5109 | 57 |
| MarineMax, Inc.\* | 9496 | 257 |
| Monro, Inc. | 12291 | 197 |
| National Vision Holdings, Inc.<sup>\* †</sup>  | 35697 | 925 |
| OneWater Marine, Inc., Class A<sup>\* †</sup>  | 3899 | 37 |
| Outdoor Holding Co.\* | 47601 | 96 |
| Petco Health & Wellness Co., Inc.\* | 44068 | 123 |
| RealReal (The), Inc.\* | 50701 | 460 |
| Revolve Group, Inc.\* | 18262 | 413 |
| Sally Beauty Holdings, Inc.\* | 45096 | 625 |
| Shoe Carnival, Inc. | 9128 | 142 |
| Signet Jewelers Ltd. | 18215 | 1542 |
| Sleep Number Corp.<sup>\* †</sup>  | 4451 | 8 |
| Sonic Automotive, Inc., Class A | 6739 | 462 |
| Stitch Fix, Inc., Class A\* | 47981 | 159 |
| ThredUp, Inc., Class A<sup>\* †</sup>  | 42801 | 140 |
| Torrid Holdings, Inc.<sup>\* †</sup>  | 17888 | 32 |
| Upbound Group, Inc. | 23657 | 427 |
| Urban Outfitters, Inc.\* | 30468 | 1930 |
| Victoria's Secret & Co.\* | 32372 | 1501 |
| Warby Parker, Inc., Class A\* | 45578 | 960 |
| Winmark Corp. | 1351 | 578 |
| Zumiez, Inc.\* | 6126 | 136 |
|  |  | **25839** |
| **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** |
| Corsair Gaming, Inc.\* | 19364 | 108 |
| CPI Card Group, Inc.\* | 4468 | 65 |
| Diebold Nixdorf, Inc.\* | 11394 | 860 |
| Eastman Kodak Co.\* | 30683 | 278 |
| GPGI, Inc.<sup>†</sup>  | 83185 | 1422 |
| Immersion Corp. | 14973 | 82 |
| IonQ, Inc.<sup>\* †</sup>  | 160400 | 4624 |
| Quantum Computing, Inc.<sup>\* †</sup>  | 91792 | 629 |
| Turtle Beach Corp.<sup>\* †</sup>  | 6061 | 61 |
| Xerox Holdings Corp.<sup>†</sup>  | 46037 | 59 |
|  |  | **8188** |
| **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** |
| Capri Holdings Ltd.\* | 55186 | 972 |
| Carter's, Inc. | 16771 | 600 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Textiles, Apparel & Luxury Goods – 0.5%continued** | **Textiles, Apparel & Luxury Goods – 0.5%continued** | **Textiles, Apparel & Luxury Goods – 0.5%continued** |
| Ermenegildo Zegna N.V.<sup>†</sup>  | 29551 | $308 |
| Figs, Inc., Class A\* | 42005 | 620 |
| G-III Apparel Group Ltd. | 17275 | 479 |
| Kontoor Brands, Inc. | 25373 | 1784 |
| Lakeland Industries, Inc.<sup>†</sup>  | 5512 | 45 |
| Movado Group, Inc. | 7430 | 181 |
| Oxford Industries, Inc. | 6922 | 267 |
| Rocky Brands, Inc. | 3564 | 138 |
| Steven Madden Ltd. | 32994 | 1119 |
| Superior Group of Cos., Inc.<sup>†</sup>  | 6298 | 64 |
| Wolverine World Wide, Inc. | 37147 | 606 |
|  |  | **7183** |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| Ispire Technology, Inc.<sup>\* †</sup>  | 10631 | 20 |
| Turning Point Brands, Inc. | 8653 | 751 |
| Universal Corp. | 11005 | 580 |
|  |  | **1351** |
| **Trading Companies & Distributors – 1.0%** | **Trading Companies & Distributors – 1.0%** | **Trading Companies & Distributors – 1.0%** |
| Alta Equipment Group, Inc.<sup>†</sup>  | 11192 | 60 |
| BlueLinx Holdings, Inc.\* | 3293 | 178 |
| Boise Cascade Co. | 17054 | 1294 |
| Custom Truck One Source, Inc.\* | 29866 | 196 |
| Distribution Solutions Group, Inc.\* | 5017 | 132 |
| DNOW, Inc.\* | 85134 | 1014 |
| DXP Enterprises, Inc.\* | 5966 | 834 |
| EVI Industries, Inc. | 3566 | 73 |
| GATX Corp. | 16619 | 2838 |
| Global Industrial Co. | 6436 | 203 |
| Herc Holdings, Inc.<sup>†</sup>  | 15132 | 1506 |
| Hudson Technologies, Inc.\* | 15803 | 93 |
| Karat Packaging, Inc. | 4224 | 118 |
| McGrath RentCorp | 11266 | 1242 |
| NPK International, Inc.\* | 38321 | 555 |
| Rush Enterprises, Inc., Class A | 28517 | 1885 |
| Rush Enterprises, Inc., Class B | 4082 | 263 |
| Titan Machinery, Inc.\* | 10565 | 177 |
| Transcat, Inc.\* | 4087 | 300 |
| Willis Lease Finance Corp. | 1375 | 234 |
| Xometry, Inc., Class A\* | 20694 | 845 |
|  |  | **14040** |
| **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** |
| Sky Harbour Group Corp.<sup>\* †</sup>  | 10715 | **103** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **175** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Water Utilities – 0.3%** | **Water Utilities – 0.3%** | **Water Utilities – 0.3%** |
| American States Water Co. | 17773 | $1344 |
| Cadiz, Inc.\* | 28405 | 139 |
| California Water Service Group | 27448 | 1244 |
| Consolidated Water Co. Ltd. | 7387 | 245 |
| Global Water Resources, Inc. | 8372 | 63 |
| H2O America<sup>†</sup>  | 15248 | 895 |
| Middlesex Water Co. | 8236 | 429 |
| Pure Cycle Corp.\* | 8462 | 85 |
| York Water (The) Co. | 7082 | 216 |
|  |  | **4660** |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| Gogo, Inc.\* | 33482 | 135 |
| Spok Holdings, Inc.<sup>†</sup>  | 8360 | 91 |
| Telephone and Data Systems, Inc. | 46446 | 1955 |
|  |  | **2181** |
| **Total Common Stocks** |  |  |
| **(Cost $771,928)** |  | **1360868** |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Biotechnology – 0.0%** | **Biotechnology – 0.0%** | **Biotechnology – 0.0%** |
| Cartesian Therapeutics, Inc.<sup>(1) \*</sup>  | 50322 | 104 |
| &nbsp;&nbsp; Chinook Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) \*</sup> <br>| 7412 |  |
| &nbsp;&nbsp; Chinook Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) \*</sup> <br>| 26398 |  |
| &nbsp;&nbsp; Inhibrx, Inc. (Contingent Value <br> Rights)<sup>(1) \*</sup> <br>| 15255 |  |
| &nbsp;&nbsp; Oncternal Therapeutics, Inc. <br> (Contingent Value Rights)<sup>(1) (4) \* †</sup> <br>| 398 |  |
| Tobira Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) (4) \* †</sup> <br>| 5175 |  |
|  |  | **104** |
| **Electronic Equipment, Instruments & Components – 0.0%** | **Electronic Equipment, Instruments & Components – 0.0%** | **Electronic Equipment, Instruments & Components – 0.0%** |
| M-Tron Industries, Inc.\* | 1283 | **3** |
| **Total Rights** |  |  |
| **(Cost $40)** |  | **107** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp; Pulse Biosciences, Inc., Exp. 6/27/29, <br> Strike $0.00<sup>\* †</sup> <br>| 836 | $4 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **4** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 9.0%**  | **INVESTMENT COMPANIES – 9.0%**  | **INVESTMENT COMPANIES – 9.0%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(5) (6) (7)</sup> <br>| 105633362 | $105633 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(5) (6)</sup> <br>| 18417368 | 18417 |
| **Total Investment Companies** |  |  |
| **(Cost $124,050)** |  | **124050** |

---

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| U.S. Treasury Bill, |  |  |
| 3.68%, 5/7/26<sup>(8) (9)</sup>  | $2054 | **$2047** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $2,046)** | **(Cost $2,046)** | **2047** |
| **Total Investments – 107.4%** | **Total Investments – 107.4%** |  |
| **(Cost $898,064)** | **(Cost $898,064)** | **1487076** |
| Liabilities less Other Assets – (7.4%) | Liabilities less Other Assets – (7.4%) | (102831)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1384245** |

---

<sup>(1)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(2)</sup> *Investment in affiliate.*

<sup>(3)</sup> *Value rounds to less than one thousand.*

<sup>(4)</sup> *Restricted security. At March 31, 2026, the value of these restricted securities* *amounted to $0 or 0.0% of net assets. Additional information on these* *restricted securities are as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| &nbsp;&nbsp; Oncternal Therapeutics, Inc. (Contingent <br> Value Rights)<br>| 6/10/19 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp; Tobira Therapeutics, Inc. (Contingent Value <br> Rights)<br>| 11/2/16 | &nbsp;&nbsp; 40 |

---

---

| | |
|:---|:---|
| <sup>(5)</sup>  | *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>(6)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(7)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>(8)</sup>  | *Discount rate at the time of purchase.* |
| <sup>(9)</sup>  | *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

*Percentages shown are based on Net Assets.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **176** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini Russell <br> 2000 Index<br>| 181 | $22735 | Long | 6/26 | $49 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup>  | &nbsp;&nbsp; $1360868 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1360868 |
| Rights: |  |  |  |  |
| Biotechnology | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 104 |
| &nbsp;&nbsp; Electronic Equipment, <br> Instruments & <br> Components<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| Total Rights | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 107 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| Investment Companies | &nbsp;&nbsp; 124050 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 124050 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 2047 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2047 |
| Total Investments | &nbsp;&nbsp; $1484921 | &nbsp;&nbsp; $2051 | &nbsp;&nbsp; $104 | &nbsp;&nbsp; $1487076 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $49 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49 |

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<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>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Methode Electronics, Inc. | $109 | $62 | $90 | $21 | $(28)<br>| $74 | 13194 | $5 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 529676 | 424043 |  |  | 105633 | 105633362 | 1013 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 22924 | 140012 | 144519 |  |  | 18417 | 18417368 | 744 |
| Total | $23033 | $669750 | $568652 | $21 | $(28)<br>| $124124 | 124063924 | $1762 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **177** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP VALUE FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.5%**  | **COMMON STOCKS – 96.5%**  | **COMMON STOCKS – 96.5%**  |
| **Automobile Components – 1.2%** | **Automobile Components – 1.2%** | **Automobile Components – 1.2%** |
| Dauch Corp.\* | 478679 | $2838 |
| LCI Industries | 6458 | 794 |
| Phinia, Inc. | 13179 | 902 |
| Standard Motor Products, Inc. | 62538 | 2173 |
| Visteon Corp. | 5914 | 539 |
|  |  | **7246** |
| **Automobiles – 0.2%** | **Automobiles – 0.2%** | **Automobiles – 0.2%** |
| Harley-Davidson, Inc. | 22731 | 460 |
| Winnebago Industries, Inc. | 15227 | 472 |
|  |  | **932** |
| **Banks – 16.9%** | **Banks – 16.9%** | **Banks – 16.9%** |
| 1st Source Corp. | 9378 | 649 |
| ACNB Corp. | 13604 | 651 |
| Amalgamated Financial Corp. | 22913 | 891 |
| Ameris Bancorp | 40189 | 3134 |
| Axos Financial, Inc.\* | 73666 | 6268 |
| Bank First Corp. | 5447 | 736 |
| Bank of NT Butterfield & Son (The) Ltd. | 40549 | 2128 |
| Bank7 Corp. | 13967 | 557 |
| Banner Corp. | 28369 | 1721 |
| Bar Harbor Bankshares | 18911 | 614 |
| Business First Bancshares, Inc. | 23226 | 628 |
| Camden National Corp. | 14031 | 666 |
| Cathay General Bancorp | 89522 | 4464 |
| Central Pacific Financial Corp. | 34519 | 1103 |
| ChoiceOne Financial Services, Inc. | 20053 | 564 |
| Colony Bankcorp, Inc. | 34709 | 693 |
| Community Financial System, Inc. | 52162 | 3059 |
| Community Trust Bancorp, Inc. | 63067 | 3829 |
| Customers Bancorp, Inc.\* | 39291 | 2727 |
| CVB Financial Corp. | 94945 | 1841 |
| Enterprise Financial Services Corp. | 21371 | 1156 |
| Equity Bancshares, Inc., Class A | 14224 | 632 |
| Farmers National Banc Corp. | 42804 | 563 |
| First Bancorp | 22610 | 1274 |
| First BanCorp | 306473 | 6546 |
| First Bank | 37656 | 603 |
| First Business Financial Services, Inc. | 13457 | 726 |
| First Financial Bancorp | 95936 | 2675 |
| First Financial Corp. | 15977 | 1010 |
| First Hawaiian, Inc. | 8275 | 204 |
| First Merchants Corp. | 29975 | 1161 |
| First Mid Bancshares, Inc. | 16199 | 667 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  |
| **Banks – 16.9%continued** | **Banks – 16.9%continued** | **Banks – 16.9%continued** |
| FS Bancorp, Inc. | 14594 | $563 |
| Glacier Bancorp, Inc. | 39321 | 1757 |
| Hancock Whitney Corp. | 63623 | 4046 |
| Hanmi Financial Corp. | 24918 | 657 |
| HBT Financial, Inc. | 24741 | 661 |
| Heritage Financial Corp. | 31348 | 815 |
| Huntington Bancshares, Inc. | 334825 | 5240 |
| Independent Bank Corp. | 18281 | 609 |
| Mercantile Bank Corp. | 13072 | 660 |
| Metrocity Bankshares, Inc. | 20313 | 582 |
| Metropolitan Bank Holding Corp. | 10329 | 860 |
| NBT Bancorp, Inc. | 96582 | 4113 |
| Nicolet Bankshares, Inc. | 5093 | 757 |
| Northeast Community Bancorp, Inc. | 23938 | 570 |
| Northrim BanCorp, Inc. | 30827 | 705 |
| OFG Bancorp | 56701 | 2294 |
| Pathward Financial, Inc. | 15458 | 1379 |
| PCB Bancorp | 29821 | 671 |
| Preferred Bank | 16375 | 1485 |
| QCR Holdings, Inc. | 15300 | 1307 |
| S&T Bancorp, Inc. | 15039 | 629 |
| Shore Bancshares, Inc. | 41878 | 782 |
| Sierra Bancorp | 52912 | 1795 |
| SmartFinancial, Inc. | 18379 | 718 |
| Southern Missouri Bancorp, Inc. | 10898 | 697 |
| Southside Bancshares, Inc. | 19175 | 596 |
| Stock Yards Bancorp, Inc. | 9070 | 601 |
| Texas Capital Bancshares, Inc.\* | 25649 | 2434 |
| TriCo Bancshares | 57890 | 2752 |
| Trustmark Corp. | 29617 | 1248 |
| UMB Financial Corp. | 21907 | 2471 |
| United Community Banks, Inc. | 18969 | 597 |
| Unity Bancorp, Inc. | 13305 | 690 |
| Univest Financial Corp. | 31208 | 1069 |
| USCB Financial Holdings, Inc. | 30805 | 571 |
| Westamerica BanCorp | 30459 | 1589 |
| WSFS Financial Corp. | 10357 | 678 |
|  |  | **103788** |
| **Biotechnology – 3.0%** | **Biotechnology – 3.0%** | **Biotechnology – 3.0%** |
| BioNTech S.E. ADR\* | 9581 | 851 |
| Black Diamond Therapeutics, Inc.\* | 270315 | 576 |
| Emergent BioSolutions, Inc.\* | 146094 | 1213 |
| GRAIL, Inc.\* | 43966 | 2272 |
| Keros Therapeutics, Inc.<sup>\* †</sup>  | 37581 | 415 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **178** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  |
| **Biotechnology – 3.0%continued** | **Biotechnology – 3.0%continued** | **Biotechnology – 3.0%continued** |
| Monte Rosa Therapeutics, Inc.\* | 271646 | $4468 |
| Myriad Genetics, Inc.\* | 114420 | 515 |
| Novavax, Inc.<sup>\* †</sup>  | 115704 | 942 |
| Nurix Therapeutics, Inc.\* | 11395 | 177 |
| PDL BioPharma, Inc.<sup>(1) \*</sup>  | 1029654 | 309 |
| PTC Therapeutics, Inc.\* | 7935 | 541 |
| Puma Biotechnology, Inc.\* | 267945 | 1712 |
| Relay Therapeutics, Inc.\* | 396435 | 3944 |
| Xencor, Inc.\* | 45021 | 543 |
|  |  | **18478** |
| **Broadline Retail – 0.1%** | **Broadline Retail – 0.1%** | **Broadline Retail – 0.1%** |
| Kohl's Corp. | 61055 | **788** |
| **Building Products – 0.9%** | **Building Products – 0.9%** | **Building Products – 0.9%** |
| American Woodmark Corp.\* | 3251 | 129 |
| Gibraltar Industries, Inc.\* | 9775 | 390 |
| Hayward Holdings, Inc.\* | 38405 | 514 |
| Insteel Industries, Inc. | 2635 | 89 |
| Masterbrand, Inc.\* | 42525 | 353 |
| UFP Industries, Inc. | 41492 | 3822 |
|  |  | **5297** |
| **Capital Markets – 0.3%** | **Capital Markets – 0.3%** | **Capital Markets – 0.3%** |
| Hercules Capital, Inc.<sup>†</sup>  | 62437 | 922 |
| StoneX Group, Inc.\* | 8989 | 725 |
| Virtus Investment Partners, Inc. | 3059 | 411 |
|  |  | **2058** |
| **Chemicals – 1.4%** | **Chemicals – 1.4%** | **Chemicals – 1.4%** |
| AdvanSix, Inc. | 1848 | 45 |
| Avient Corp. | 16094 | 584 |
| Ecovyst, Inc.\* | 15855 | 204 |
| Flotek Industries, Inc.<sup>\* †</sup>  | 53396 | 906 |
| H.B. Fuller Co. | 18595 | 1147 |
| Innospec, Inc. | 23995 | 1752 |
| Koppers Holdings, Inc. | 20118 | 778 |
| Mativ Holdings, Inc. | 50971 | 443 |
| Perimeter Solutions, Inc.\* | 98140 | 2397 |
| Stepan Co. | 9956 | 498 |
|  |  | **8754** |
| **Commercial Services & Supplies – 1.5%** | **Commercial Services & Supplies – 1.5%** | **Commercial Services & Supplies – 1.5%** |
| CoreCivic, Inc.\* | 25577 | 484 |
| Deluxe Corp. | 34435 | 948 |
| Ennis, Inc. | 37292 | 799 |
| Healthcare Services Group, Inc.\* | 10005 | 185 |
| HNI Corp. | 2876 | 96 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  |
| **Commercial Services & Supplies – 1.5%continued** | **Commercial Services & Supplies – 1.5%continued** | **Commercial Services & Supplies – 1.5%continued** |
| Interface, Inc. | 27719 | $691 |
| OPENLANE, Inc.\* | 24024 | 700 |
| UniFirst Corp. | 21848 | 5497 |
|  |  | **9400** |
| **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** |
| Ceragon Networks Ltd.\* | 236671 | 511 |
| Clearfield, Inc.\* | 17543 | 465 |
| Digi International, Inc.\* | 62663 | 3020 |
| Harmonic, Inc.\* | 60275 | 541 |
|  |  | **4537** |
| **Construction & Engineering – 1.1%** | **Construction & Engineering – 1.1%** | **Construction & Engineering – 1.1%** |
| Bowman Consulting Group Ltd.\* | 17533 | 499 |
| Concrete Pumping Holdings, Inc.<sup>\* †</sup>  | 97951 | 699 |
| Fluor Corp.\* | 55646 | 2596 |
| Granite Construction, Inc. | 2841 | 341 |
| Great Lakes Dredge & Dock Corp.\* | 61033 | 1037 |
| Primoris Services Corp. | 9467 | 1354 |
|  |  | **6526** |
| **Consumer Finance – 1.4%** | **Consumer Finance – 1.4%** | **Consumer Finance – 1.4%** |
| Atlanticus Holdings Corp.\* | 11136 | 584 |
| Bread Financial Holdings, Inc. | 11671 | 874 |
| Nelnet, Inc., Class A | 35869 | 4626 |
| PROG Holdings, Inc. | 20552 | 590 |
| Regional Management Corp. | 18030 | 581 |
| World Acceptance Corp.\* | 9775 | 1320 |
|  |  | **8575** |
| **Consumer Staples Distribution & Retail – 1.4%** | **Consumer Staples Distribution & Retail – 1.4%** | **Consumer Staples Distribution & Retail – 1.4%** |
| Andersons (The), Inc. | 122723 | **8809** |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| Myers Industries, Inc. | 48929 | **1036** |
| **Distributors – 0.7%** | **Distributors – 0.7%** | **Distributors – 0.7%** |
| GigaCloud Technology, Inc., Class A\* | 83579 | 3793 |
| Gold.com, Inc. | 16766 | 672 |
|  |  | **4465** |
| **Diversified Consumer Services – 0.5%** | **Diversified Consumer Services – 0.5%** | **Diversified Consumer Services – 0.5%** |
| American Public Education, Inc.\* | 23288 | 1325 |
| Graham Holdings Co., Class B | 553 | 585 |
| Mister Car Wash, Inc.\* | 70113 | 489 |
| Perdoceo Education Corp. | 8901 | 331 |
| Strategic Education, Inc. | 6359 | 527 |
|  |  | **3257** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **179** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  |
| **Diversified Real Estate Investment Trusts – 1.2%** | **Diversified Real Estate Investment Trusts – 1.2%** | **Diversified Real Estate Investment Trusts – 1.2%** |
| AH Realty Trust, Inc. | 75583 | $416 |
| American Assets Trust, Inc. | 72335 | 1332 |
| Broadstone Net Lease, Inc. | 89889 | 1642 |
| Essential Properties Realty Trust, Inc. | 127794 | 3880 |
|  |  | **7270** |
| **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** |
| Bandwidth, Inc., Class A\* | 5670 | 101 |
| IDT Corp., Class B | 4775 | 234 |
| Uniti Group, Inc.\* | 328210 | 3079 |
|  |  | **3414** |
| **Electric Utilities – 1.3%** | **Electric Utilities – 1.3%** | **Electric Utilities – 1.3%** |
| Hawaiian Electric Industries, Inc.\* | 48075 | 713 |
| Otter Tail Corp. | 31940 | 2803 |
| Portland General Electric Co. | 82841 | 4372 |
|  |  | **7888** |
| **Electrical Equipment – 2.7%** | **Electrical Equipment – 2.7%** | **Electrical Equipment – 2.7%** |
| Allient, Inc. | 25603 | 1513 |
| EnerSys | 38885 | 6755 |
| Nextpower, Inc., Class A\* | 29693 | 3579 |
| Power Solutions International, Inc.<sup>\* †</sup>  | 8608 | 524 |
| Preformed Line Products Co. | 5217 | 1413 |
| &nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 253327 | 1667 |
| Thermon Group Holdings, Inc.\* | 20140 | 1015 |
|  |  | **16466** |
| **Electronic Equipment, Instruments & Components – 2.8%** | **Electronic Equipment, Instruments & Components – 2.8%** | **Electronic Equipment, Instruments & Components – 2.8%** |
| Bel Fuse, Inc., Class B | 1424 | 282 |
| Benchmark Electronics, Inc. | 4834 | 271 |
| ePlus, Inc. | 7976 | 600 |
| Itron, Inc.\* | 7837 | 702 |
| Kimball Electronics, Inc.\* | 19616 | 465 |
| PC Connection, Inc. | 72221 | 4222 |
| Sanmina Corp.\* | 52147 | 6760 |
| ScanSource, Inc.\* | 3409 | 124 |
| TTM Technologies, Inc.\* | 30196 | 2942 |
| Vishay Precision Group, Inc.\* | 20642 | 896 |
|  |  | **17264** |
| **Energy Equipment & Services – 3.1%** | **Energy Equipment & Services – 3.1%** | **Energy Equipment & Services – 3.1%** |
| Borr Drilling Ltd.\* | 153731 | 887 |
| Expro Group Holdings N.V.\* | 180169 | 3137 |
| Helix Energy Solutions Group, Inc.\* | 69369 | 686 |
| Innovex International, Inc.\* | 32631 | 796 |
| Liberty Energy, Inc. | 44465 | 1281 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  |
| **Energy Equipment & Services – 3.1%continued** | **Energy Equipment & Services – 3.1%continued** | **Energy Equipment & Services – 3.1%continued** |
| Nabors Industries Ltd.\* | 10456 | $900 |
| Noble Corp. PLC | 52528 | 2577 |
| TETRA Technologies, Inc.\* | 145843 | 1243 |
| Tidewater, Inc.\* | 18867 | 1576 |
| Valaris Ltd.\* | 59859 | 5868 |
|  |  | **18951** |
| **Entertainment – 0.1%** | **Entertainment – 0.1%** | **Entertainment – 0.1%** |
| Marcus (The) Corp. | 38624 | 663 |
| Reservoir Media, Inc.\* | 8794 | 86 |
|  |  | **749** |
| **Financial Services – 1.9%** | **Financial Services – 1.9%** | **Financial Services – 1.9%** |
| Enact Holdings, Inc. | 5816 | 237 |
| Essent Group Ltd. | 50667 | 2961 |
| Merchants Bancorp | 34539 | 1482 |
| Pagseguro Digital Ltd., Class A | 214596 | 2150 |
| Radian Group, Inc. | 154522 | 5112 |
|  |  | **11942** |
| **Food Products – 0.3%** | **Food Products – 0.3%** | **Food Products – 0.3%** |
| Mission Produce, Inc.\* | 9608 | 132 |
| Seneca Foods Corp., Class A\* | 5886 | 889 |
| Village Farms International, Inc.<sup>\* †</sup>  | 375264 | 1066 |
|  |  | **2087** |
| **Gas Utilities – 2.0%** | **Gas Utilities – 2.0%** | **Gas Utilities – 2.0%** |
| MDU Resources Group, Inc.<sup>†</sup>  | 31152 | 646 |
| New Jersey Resources Corp. | 68780 | 3777 |
| Northwest Natural Holding Co. | 32280 | 1718 |
| Southwest Gas Holdings, Inc. | 15405 | 1339 |
| Spire, Inc. | 52975 | 4796 |
|  |  | **12276** |
| **Ground Transportation – 0.8%** | **Ground Transportation – 0.8%** | **Ground Transportation – 0.8%** |
| ArcBest Corp. | 51386 | **5054** |
| **Health Care Equipment & Supplies – 1.1%** | **Health Care Equipment & Supplies – 1.1%** | **Health Care Equipment & Supplies – 1.1%** |
| Artivion, Inc.\* | 14538 | 532 |
| Avanos Medical, Inc.\* | 12973 | 182 |
| CONMED Corp. | 14544 | 514 |
| Embecta Corp. | 7802 | 69 |
| ICU Medical, Inc.\* | 11838 | 1529 |
| Inmode Ltd.\* | 11465 | 157 |
| Integer Holdings Corp.\* | 5765 | 507 |
| Integra LifeSciences Holdings Corp.<sup>\* †</sup>  | 72338 | 682 |
| LivaNova PLC\* | 13956 | 887 |
| Omnicell, Inc.\* | 12978 | 433 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **180** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  |
| **Health Care Equipment & Supplies – 1.1%continued** | **Health Care Equipment & Supplies – 1.1%continued** | **Health Care Equipment & Supplies – 1.1%continued** |
| QuidelOrtho Corp.\* | 19097 | $314 |
| Tactile Systems Technology, Inc.\* | 20216 | 528 |
| Varex Imaging Corp.\* | 48977 | 520 |
|  |  | **6854** |
| **Health Care Providers & Services – 1.6%** | **Health Care Providers & Services – 1.6%** | **Health Care Providers & Services – 1.6%** |
| AdaptHealth Corp.\* | 135045 | 1607 |
| Addus HomeCare Corp.\* | 2169 | 203 |
| Astrana Health, Inc.\* | 22230 | 545 |
| Aveanna Healthcare Holdings, Inc.\* | 71134 | 458 |
| Castle Biosciences, Inc.\* | 7550 | 185 |
| Community Health Systems, Inc.\* | 186842 | 549 |
| Concentra Group Holdings Parent, Inc. | 28631 | 614 |
| Innovage Holding Corp.\* | 95755 | 768 |
| National HealthCare Corp. | 5606 | 895 |
| NeoGenomics, Inc.\* | 108194 | 803 |
| PACS Group, Inc.\* | 15316 | 492 |
| Select Medical Holdings Corp. | 106494 | 1735 |
| Strata Critical Medical, Inc.<sup>\* †</sup>  | 107997 | 452 |
| Surgery Partners, Inc.<sup>\* †</sup>  | 32524 | 388 |
|  |  | **9694** |
| **Health Care Real Estate Investment Trusts – 1.7%** | **Health Care Real Estate Investment Trusts – 1.7%** | **Health Care Real Estate Investment Trusts – 1.7%** |
| CareTrust REIT, Inc. | 92130 | 3377 |
| National Health Investors, Inc. | 49695 | 4018 |
| Sabra Health Care REIT, Inc. | 115755 | 2226 |
| Sila Realty Trust, Inc. | 23323 | 552 |
|  |  | **10173** |
| **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** |
| Certara, Inc.\* | 53480 | 305 |
| Definitive Healthcare Corp.\* | 138958 | 171 |
| GoodRx Holdings, Inc., Class A\* | 215231 | 422 |
| HealthStream, Inc. | 4102 | 85 |
| Teladoc Health, Inc.\* | 128299 | 699 |
| Waystar Holding Corp.\* | 19166 | 462 |
|  |  | **2144** |
| **Hotel & Resort Real Estate Investment Trusts – 1.2%** | **Hotel & Resort Real Estate Investment Trusts – 1.2%** | **Hotel & Resort Real Estate Investment Trusts – 1.2%** |
| Apple Hospitality REIT, Inc.<sup>†</sup>  | 105614 | 1216 |
| DiamondRock Hospitality Co. | 239110 | 2240 |
| RLJ Lodging Trust<sup>†</sup>  | 87371 | 648 |
| Sunstone Hotel Investors, Inc. | 260061 | 2343 |
| Xenia Hotels & Resorts, Inc. | 43659 | 648 |
|  |  | **7095** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  |
| **Hotels, Restaurants & Leisure – 0.7%** | **Hotels, Restaurants & Leisure – 0.7%** | **Hotels, Restaurants & Leisure – 0.7%** |
| BJ's Restaurants, Inc.\* | 3150 | $110 |
| Brightstar Lottery PLC | 99651 | 1269 |
| Cracker Barrel Old Country Store, Inc.<sup>†</sup>  | 13689 | 385 |
| Golden Entertainment, Inc. | 18470 | 493 |
| Life Time Group Holdings, Inc.\* | 21107 | 569 |
| Pursuit Attractions and Hospitality, Inc.\* | 15917 | 583 |
| Red Rock Resorts, Inc., Class A | 18285 | 976 |
|  |  | **4385** |
| **Household Durables – 3.6%** | **Household Durables – 3.6%** | **Household Durables – 3.6%** |
| Ethan Allen Interiors, Inc. | 80538 | 1793 |
| Green Brick Partners, Inc.\* | 18222 | 1174 |
| Hovnanian Enterprises, Inc., Class A\* | 8145 | 903 |
| KB Home | 87666 | 4537 |
| La-Z-Boy, Inc. | 5798 | 186 |
| Leggett & Platt, Inc. | 55122 | 545 |
| M/I Homes, Inc.\* | 23906 | 2927 |
| Meritage Homes Corp. | 35731 | 2210 |
| Taylor Morrison Home Corp.\* | 135470 | 7890 |
|  |  | **22165** |
| **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** |
| Clearway Energy, Inc., Class C | 18424 | **724** |
| **Industrial Real Estate Investment Trusts – 1.0%** | **Industrial Real Estate Investment Trusts – 1.0%** | **Industrial Real Estate Investment Trusts – 1.0%** |
| LXP Industrial Trust | 24570 | 1136 |
| One Liberty Properties, Inc. | 67059 | 1439 |
| Terreno Realty Corp. | 59748 | 3670 |
|  |  | **6245** |
| **Insurance – 3.2%** | **Insurance – 3.2%** | **Insurance – 3.2%** |
| Brighthouse Financial, Inc.\* | 9512 | 569 |
| CNO Financial Group, Inc. | 179864 | 7385 |
| Employers Holdings, Inc. | 113394 | 4665 |
| F&G Annuities & Life, Inc. | 31166 | 789 |
| Genworth Financial, Inc.\* | 294070 | 2388 |
| Heritage Insurance Holdings, Inc.\* | 33486 | 879 |
| Hippo Holdings, Inc.\* | 19912 | 519 |
| Kemper Corp. | 23058 | 705 |
| Mercury General Corp. | 9504 | 838 |
| Stewart Information Services Corp. | 17217 | 1060 |
|  |  | **19797** |
| **Interactive Media & Services – 0.7%** | **Interactive Media & Services – 0.7%** | **Interactive Media & Services – 0.7%** |
| Angi, Inc.\* | 142099 | 973 |
| Cars.com, Inc.<sup>\* †</sup>  | 101055 | 820 |
| Taboola.com Ltd.\* | 152058 | 471 |
| TripAdvisor, Inc.<sup>\* †</sup>  | 41268 | 440 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **181** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  |
| **Interactive Media & Services – 0.7%continued** | **Interactive Media & Services – 0.7%continued** | **Interactive Media & Services – 0.7%continued** |
| Ziff Davis, Inc.\* | 30663 | $1287 |
| ZoomInfo Technologies, Inc.\* | 54617 | 327 |
|  |  | **4318** |
| **IT Services – 0.5%** | **IT Services – 0.5%** | **IT Services – 0.5%** |
| ASGN, Inc.\* | 22387 | 867 |
| DXC Technology Co.\* | 37642 | 473 |
| Fastly, Inc., Class A<sup>\* †</sup>  | 59892 | 1740 |
| Grid Dynamics Holdings, Inc.\* | 10368 | 59 |
| Hackett Group (The), Inc.<sup>†</sup>  | 3744 | 49 |
|  |  | **3188** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| JAKKS Pacific, Inc. | 24487 | **488** |
| **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** |
| AbCellera Biologics, Inc.<sup>\* †</sup>  | 123712 | 432 |
| Azenta, Inc.\* | 17037 | 360 |
| CryoPort, Inc.\* | 58986 | 488 |
| &nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A\*<br>| 160713 | 455 |
| Omniab, Inc.<sup>(1) \*</sup>  | 6939 |  |
| Omniab, Inc. (NASDAQ Exchange)<sup>(1) \*</sup>  | 6939 |  |
|  |  | **1735** |
| **Machinery – 2.1%** | **Machinery – 2.1%** | **Machinery – 2.1%** |
| Astec Industries, Inc. | 13764 | 741 |
| Enpro, Inc. | 4720 | 1183 |
| Greenbrier (The) Cos., Inc. | 11105 | 585 |
| Helios Technologies, Inc. | 18876 | 1222 |
| Kennametal, Inc. | 26377 | 953 |
| Miller Industries, Inc. | 1554 | 71 |
| Proto Labs, Inc.\* | 14072 | 802 |
| Standex International Corp. | 18113 | 4616 |
| Terex Corp. | 25691 | 1518 |
| Trinity Industries, Inc. | 21144 | 680 |
| Worthington Enterprises, Inc. | 10003 | 522 |
|  |  | **12893** |
| **Marine Transportation – 0.9%** | **Marine Transportation – 0.9%** | **Marine Transportation – 0.9%** |
| Matson, Inc. | 31341 | 5138 |
| Safe Bulkers, Inc. | 72275 | 457 |
| Star Bulk Carriers Corp.<sup>†</sup>  | 6684 | 154 |
|  |  | **5749** |
| **Media – 1.1%** | **Media – 1.1%** | **Media – 1.1%** |
| DoubleVerify Holdings, Inc.\* | 54677 | 519 |
| EchoStar Corp., Class A\* | 20354 | 2383 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  |
| **Media – 1.1%continued** | **Media – 1.1%continued** | **Media – 1.1%continued** |
| Gray Media, Inc. | 215323 | $935 |
| Ibotta, Inc., Class A<sup>\* †</sup>  | 22964 | 688 |
| Nexxen International Ltd.<sup>\* †</sup>  | 62942 | 410 |
| Stagwell, Inc.\* | 111064 | 699 |
| U.S.A. TODAY Co., Inc.\* | 145341 | 1025 |
|  |  | **6659** |
| **Metals & Mining – 3.8%** | **Metals & Mining – 3.8%** | **Metals & Mining – 3.8%** |
| Coeur Mining, Inc.\* | 240383 | 4512 |
| Commercial Metals Co. | 129352 | 7946 |
| Constellium S.E.\* | 39156 | 963 |
| Hecla Mining Co. | 414299 | 7718 |
| Kaiser Aluminum Corp. | 2154 | 260 |
| Nexa Resources S.A. | 66861 | 708 |
| SunCoke Energy, Inc. | 66991 | 436 |
| Worthington Steel, Inc. | 22286 | 676 |
|  |  | **23219** |
| **Mortgage Real Estate Investment Trusts – 0.6%** | **Mortgage Real Estate Investment Trusts – 0.6%** | **Mortgage Real Estate Investment Trusts – 0.6%** |
| Dynex Capital, Inc. | 100848 | 1287 |
| Ellington Financial, Inc.<sup>†</sup>  | 91634 | 1086 |
| Ladder Capital Corp. | 106039 | 1036 |
|  |  | **3409** |
| **Multi-Utilities – 1.6%** | **Multi-Utilities – 1.6%** | **Multi-Utilities – 1.6%** |
| Black Hills Corp. | 57031 | 3959 |
| Northwestern Energy Group, Inc. | 60363 | 3980 |
| Unitil Corp. | 39312 | 2054 |
|  |  | **9993** |
| **Office Real Estate Investment Trusts – 0.2%** | **Office Real Estate Investment Trusts – 0.2%** | **Office Real Estate Investment Trusts – 0.2%** |
| COPT Defense Properties | 22077 | 675 |
| Douglas Emmett, Inc. | 48948 | 461 |
| Highwoods Properties, Inc. | 14324 | 307 |
|  |  | **1443** |
| **Oil, Gas & Consumable Fuels – 5.8%** | **Oil, Gas & Consumable Fuels – 5.8%** | **Oil, Gas & Consumable Fuels – 5.8%** |
| California Resources Corp. | 69097 | 4783 |
| Centrus Energy Corp., Class A<sup>\* †</sup>  | 5063 | 879 |
| CNX Resources Corp.\* | 140068 | 5400 |
| DHT Holdings, Inc. | 321421 | 5872 |
| Dorian LPG Ltd. | 18867 | 645 |
| HighPeak Energy, Inc.<sup>†</sup>  | 115294 | 796 |
| Magnolia Oil & Gas Corp., Class A | 27915 | 881 |
| Northern Oil & Gas, Inc. | 47770 | 1396 |
| Par Pacific Holdings, Inc.\* | 17822 | 1116 |
| REX American Resources Corp.\* | 37333 | 1701 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **182** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  |
| **Oil, Gas & Consumable Fuels – 5.8%continued** | **Oil, Gas & Consumable Fuels – 5.8%continued** | **Oil, Gas & Consumable Fuels – 5.8%continued** |
| Riley Exploration Permian, Inc. | 35329 | $1288 |
| SandRidge Energy, Inc. | 49485 | 807 |
| Scorpio Tankers, Inc. | 39303 | 2934 |
| SFL Corp. Ltd. | 61950 | 669 |
| SM Energy Co. | 102397 | 3193 |
| Teekay Tankers Ltd., Class A | 43481 | 3188 |
|  |  | **35548** |
| **Passenger Airlines – 0.6%** | **Passenger Airlines – 0.6%** | **Passenger Airlines – 0.6%** |
| SkyWest, Inc.\* | 14645 | 1345 |
| Sun Country Airlines Holdings, Inc.\* | 126933 | 2097 |
|  |  | **3442** |
| **Personal Care Products – 0.0%** | **Personal Care Products – 0.0%** | **Personal Care Products – 0.0%** |
| USANA Health Sciences, Inc.\* | 10462 | **183** |
| **Pharmaceuticals – 1.7%** | **Pharmaceuticals – 1.7%** | **Pharmaceuticals – 1.7%** |
| Amneal Pharmaceuticals, Inc.\* | 100542 | 1250 |
| Amphastar Pharmaceuticals, Inc.\* | 3829 | 75 |
| Indivior Pharmaceuticals, Inc.\* | 16803 | 512 |
| Ligand Pharmaceuticals, Inc.\* | 12899 | 2575 |
| Pacira BioSciences, Inc.\* | 42768 | 967 |
| Prestige Consumer Healthcare, Inc.\* | 48247 | 2860 |
| Supernus Pharmaceuticals, Inc.\* | 45025 | 2327 |
| Theravance Biopharma, Inc.\* | 9060 | 147 |
|  |  | **10713** |
| **Professional Services – 0.8%** | **Professional Services – 0.8%** | **Professional Services – 0.8%** |
| Concentrix Corp.<sup>†</sup>  | 10672 | 292 |
| Korn Ferry | 41794 | 2631 |
| Mistras Group, Inc.\* | 52305 | 773 |
| Willdan Group, Inc.\* | 12954 | 992 |
|  |  | **4688** |
| **Real Estate Management & Development – 0.8%** | **Real Estate Management & Development – 0.8%** | **Real Estate Management & Development – 0.8%** |
| Cushman & Wakefield Ltd.\* | 231401 | 2837 |
| Howard Hughes Holdings, Inc.<sup>\* †</sup>  | 7411 | 469 |
| Newmark Group, Inc., Class A | 108954 | 1633 |
|  |  | **4939** |
| **Residential Real Estate Investment Trusts – 0.1%** | **Residential Real Estate Investment Trusts – 0.1%** | **Residential Real Estate Investment Trusts – 0.1%** |
| Veris Residential, Inc. | 41805 | **789** |
| **Retail Real Estate Investment Trusts – 1.6%** | **Retail Real Estate Investment Trusts – 1.6%** | **Retail Real Estate Investment Trusts – 1.6%** |
| Acadia Realty Trust | 28141 | 538 |
| CBL & Associates Properties, Inc. | 16187 | 622 |
| Getty Realty Corp. | 44992 | 1431 |
| InvenTrust Properties Corp. | 19220 | 585 |
| Kite Realty Group Trust | 27061 | 664 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  |
| **Retail Real Estate Investment Trusts – 1.6%continued** | **Retail Real Estate Investment Trusts – 1.6%continued** | **Retail Real Estate Investment Trusts – 1.6%continued** |
| Phillips Edison & Co., Inc. | 55725 | $2085 |
| Tanger, Inc. | 36595 | 1244 |
| Urban Edge Properties | 91078 | 1820 |
| Whitestone REIT | 46718 | 755 |
|  |  | **9744** |
| **Semiconductors & Semiconductor Equipment – 3.7%** | **Semiconductors & Semiconductor Equipment – 3.7%** | **Semiconductors & Semiconductor Equipment – 3.7%** |
| ACM Research, Inc., Class A\* | 48727 | 1917 |
| Axcelis Technologies, Inc.\* | 49543 | 4612 |
| Diodes, Inc.\* | 33638 | 2296 |
| Photronics, Inc.\* | 198551 | 8023 |
| Synaptics, Inc.\* | 35310 | 2473 |
| Veeco Instruments, Inc.\* | 110951 | 3757 |
|  |  | **23078** |
| **Software – 0.8%** | **Software – 0.8%** | **Software – 0.8%** |
| Box, Inc., Class A\* | 15601 | 369 |
| Daily Journal Corp.<sup>\* †</sup>  | 1375 | 663 |
| I3 Verticals, Inc., Class A\* | 37499 | 838 |
| LiveRamp Holdings, Inc.\* | 21040 | 558 |
| Mitek Systems, Inc.\* | 66800 | 902 |
| N-able, Inc.\* | 142948 | 668 |
| OneSpan, Inc. | 39514 | 416 |
| Porch Group, Inc.\* | 91731 | 658 |
|  |  | **5072** |
| **Specialized Real Estate Investment Trusts – 0.2%** | **Specialized Real Estate Investment Trusts – 0.2%** | **Specialized Real Estate Investment Trusts – 0.2%** |
| EPR Properties | 10712 | 535 |
| Farmland Partners, Inc. | 26195 | 294 |
| Rayonier, Inc. | 25334 | 523 |
|  |  | **1352** |
| **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** |
| Academy Sports & Outdoors, Inc. | 13343 | 753 |
| American Eagle Outfitters, Inc. | 74998 | 1252 |
| Asbury Automotive Group, Inc.\* | 2790 | 545 |
| Group 1 Automotive, Inc. | 1405 | 465 |
| Lands' End, Inc.<sup>\* †</sup>  | 21326 | 240 |
| National Vision Holdings, Inc.\* | 23397 | 606 |
| Sally Beauty Holdings, Inc.\* | 14212 | 197 |
| Shoe Carnival, Inc. | 73915 | 1152 |
| Signet Jewelers Ltd. | 19201 | 1625 |
| Sonic Automotive, Inc., Class A | 53873 | 3694 |
| Urban Outfitters, Inc.\* | 12573 | 797 |
| Victoria's Secret & Co.\* | 35176 | 1631 |
| Zumiez, Inc.\* | 23116 | 512 |
|  |  | **13469** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **183** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  | **COMMON STOCKS - 96.5%continued**  |
| **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** | **Technology Hardware, Storage & Peripherals – 0.6%** |
| Corsair Gaming, Inc.\* | 83136 | $461 |
| Diebold Nixdorf, Inc.\* | 39677 | 2993 |
| Turtle Beach Corp.\* | 40003 | 406 |
|  |  | **3860** |
| **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** |
| G-III Apparel Group Ltd. | 6195 | 172 |
| PVH Corp. | 19075 | 1331 |
| Rocky Brands, Inc. | 36192 | 1401 |
|  |  | **2904** |
| **Trading Companies & Distributors – 2.3%** | **Trading Companies & Distributors – 2.3%** | **Trading Companies & Distributors – 2.3%** |
| Boise Cascade Co. | 11989 | 909 |
| DNOW, Inc.\* | 38750 | 462 |
| GATX Corp. | 32184 | 5495 |
| Hudson Technologies, Inc.\* | 92577 | 544 |
| NPK International, Inc.\* | 186558 | 2703 |
| Rush Enterprises, Inc., Class A | 49747 | 3289 |
| Willis Lease Finance Corp. | 3451 | 588 |
|  |  | **13990** |
| **Water Utilities – 0.1%** | **Water Utilities – 0.1%** | **Water Utilities – 0.1%** |
| Artesian Resources Corp., Class A<sup>†</sup>  | 15717 | **501** |
| **Total Common Stocks** |  |  |
| **(Cost $366,796)** |  | **593949** |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Biotechnology – 0.0%** | **Biotechnology – 0.0%** | **Biotechnology – 0.0%** |
| Chinook Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) \*</sup> <br>| 89437 | **—** |
| **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** |
| &nbsp;&nbsp; AstraZeneca PLC (Contingent Value <br> Rights)<sup>(1) \*</sup> <br>| 28202 | **—** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **—** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp; Nabors Industries Ltd., Exp. 6/11/26, <br> Strike $166.67\*<br>| 6861 | $3 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **3** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 5.1%**  | **INVESTMENT COMPANIES – 5.1%**  | **INVESTMENT COMPANIES – 5.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(2) (3) (4)</sup> <br>| 12620765 | $12621 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(2) (3)</sup> <br>| 19151221 | 19151 |
| **Total Investment Companies** |  |  |
| **(Cost $31,772)** |  | **31772** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.3%**  | **SHORT-TERM INVESTMENTS – 0.3%**  | **SHORT-TERM INVESTMENTS – 0.3%**  |
| U.S. Treasury Bill, |  |  |
| 3.62%, 5/7/26<sup>(5) (6)</sup>  | $1952 | **$1945** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $1,945)** | **(Cost $1,945)** | **1945** |
| **Total Investments – 101.9%** | **Total Investments – 101.9%** |  |
| **(Cost $400,513)** | **(Cost $400,513)** | **627669** |
| Liabilities less Other Assets – (1.9%) | Liabilities less Other Assets – (1.9%) | (11994)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$615675** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup>  | *Security is valued using significant unobservable inputs and is classified as* <br> *Level 3 in the fair value hierarchy.* <br>|
| <sup>(2)</sup>  | *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>(3)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(4)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>(5)</sup>  | *Discount rate at the time of purchase.* |
| <sup>(6)</sup>  | *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR - American Depositary Receipt |
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **184** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini Russell <br> 2000 Index<br>| 142 | $17837 | Long | 6/26 | $(8)<br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 13 | 4271 | Long | 6/26 | (68)<br>|
| Total |  |  |  |  | $(76)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Biotechnology | &nbsp;&nbsp; $18169 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $309 | &nbsp;&nbsp; $18478 |
| All Other Industries<sup>(1)</sup>  | &nbsp;&nbsp; 575471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 575471 |
| Total Common Stocks | &nbsp;&nbsp; 593640 | &nbsp;&nbsp; — | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 593949 |
| Warrants | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| Investment Companies | &nbsp;&nbsp; 31772 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31772 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1945 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1945 |
| Total Investments | &nbsp;&nbsp; $625415 | &nbsp;&nbsp; $1945 | &nbsp;&nbsp; $309 | &nbsp;&nbsp; $627669 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(76)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(76)<br>|

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $163902 | $151281 | $12621 | 12620765 | $305 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 14658 | 229094 | 224601 | 19151 | 19151221 | 808 |
| Total | $14658 | $392996 | $375882 | $31772 | 31771986 | $1113 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **185** EQUITY FUNDS

------

**Schedule of Investments** <br>

**STOCK INDEX FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%**  | **COMMON STOCKS – 98.3%**  | **COMMON STOCKS – 98.3%**  |
| **Aerospace & Defense – 2.3%** | **Aerospace & Defense – 2.3%** | **Aerospace & Defense – 2.3%** |
| Axon Enterprise, Inc.\* | 22987 | $9762 |
| Boeing (The) Co.\* | 228136 | 45406 |
| General Dynamics Corp. | 74153 | 25451 |
| General Electric Co. | 308177 | 87451 |
| Howmet Aerospace, Inc. | 119270 | 27487 |
| Huntington Ingalls Industries, Inc. | 11209 | 4258 |
| L3Harris Technologies, Inc. | 55696 | 19224 |
| Lockheed Martin Corp. | 59963 | 36241 |
| Northrop Grumman Corp. | 39683 | 27073 |
| RTX Corp. | 394732 | 76144 |
| Textron, Inc. | 49797 | 4360 |
| TransDigm Group, Inc. | 16095 | 18654 |
|  |  | **381511** |
| **Air Freight & Logistics – 0.3%** | **Air Freight & Logistics – 0.3%** | **Air Freight & Logistics – 0.3%** |
| C.H. Robinson Worldwide, Inc. | 34188 | 5678 |
| &nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 42051 | 6023 |
| FedEx Corp.<sup>†</sup>  | 64637 | 23022 |
| United Parcel Service, Inc., Class B | 210808 | 20739 |
|  |  | **55462** |
| **Automobile Components – 0.0%** | **Automobile Components – 0.0%** | **Automobile Components – 0.0%** |
| Aptiv PLC\* | 58329 | **4050** |
| **Automobiles – 2.0%** | **Automobiles – 2.0%** | **Automobiles – 2.0%** |
| Ford Motor Co. | 1108598 | 12793 |
| General Motors Co. | 270987 | 20189 |
| Tesla, Inc.\* | 820653 | 305078 |
|  |  | **338060** |
| **Banks – 3.4%** | **Banks – 3.4%** | **Banks – 3.4%** |
| Bank of America Corp. | 1928506 | 94015 |
| Citigroup, Inc. | 515375 | 58449 |
| Citizens Financial Group, Inc. | 127445 | 7643 |
| Fifth Third Bancorp | 251633 | 11691 |
| Huntington Bancshares, Inc. | 560103 | 8765 |
| JPMorgan Chase & Co. | 789702 | 232299 |
| KeyCorp | 292489 | 5864 |
| M&T Bank Corp. | 46893 | 9694 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.<br>| 116036 | 24146 |
| Regions Financial Corp. | 265651 | 6939 |
| Truist Financial Corp. | 379073 | 17426 |
| U.S. Bancorp | 462823 | 24071 |
| Wells Fargo & Co. | 910403 | 72477 |
|  |  | **573479** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Beverages – 1.1%** | **Beverages – 1.1%** | **Beverages – 1.1%** |
| Brown-Forman Corp., Class B<sup>†</sup>  | 28158 | $744 |
| Coca-Cola (The) Co. | 1132403 | 86119 |
| Constellation Brands, Inc., Class A | 40659 | 6099 |
| Keurig Dr. Pepper, Inc. | 378751 | 9972 |
| Molson Coors Beverage Co., Class B | 37645 | 1621 |
| Monster Beverage Corp.\* | 207132 | 15009 |
| PepsiCo, Inc. | 396172 | 61522 |
|  |  | **181086** |
| **Biotechnology – 1.8%** | **Biotechnology – 1.8%** | **Biotechnology – 1.8%** |
| AbbVie, Inc. | 518800 | 112834 |
| Amgen, Inc. | 156963 | 55228 |
| Biogen, Inc.\* | 45610 | 8362 |
| Gilead Sciences, Inc. | 366071 | 51019 |
| Incyte Corp.\* | 51522 | 4849 |
| Moderna, Inc.\* | 92281 | 4688 |
| Regeneron Pharmaceuticals, Inc. | 30123 | 23274 |
| Vertex Pharmaceuticals, Inc.\* | 73140 | 32660 |
|  |  | **292914** |
| **Broadline Retail – 3.6%** | **Broadline Retail – 3.6%** | **Broadline Retail – 3.6%** |
| Amazon.com, Inc.\* | 2852514 | 594093 |
| eBay, Inc. | 137471 | 12513 |
|  |  | **606606** |
| **Building Products – 0.5%** | **Building Products – 0.5%** | **Building Products – 0.5%** |
| A.O. Smith Corp.<sup>†</sup>  | 40524 | 2672 |
| Allegion PLC | 25913 | 3765 |
| Builders FirstSource, Inc.\* | 26757 | 2203 |
| Carrier Global Corp. | 228209 | 12850 |
| Johnson Controls International PLC | 182413 | 23887 |
| Lennox International, Inc.<sup>†</sup>  | 8292 | 3849 |
| Masco Corp. | 51339 | 3099 |
| Trane Technologies PLC | 65868 | 27450 |
|  |  | **79775** |
| **Capital Markets – 3.2%** | **Capital Markets – 3.2%** | **Capital Markets – 3.2%** |
| Ameriprise Financial, Inc. | 27445 | 12197 |
| Ares Management Corp., Class A | 55434 | 6048 |
| Bank of New York Mellon (The) Corp. | 205473 | 24375 |
| Blackrock, Inc. | 41649 | 40054 |
| Blackstone, Inc. | 223300 | 25677 |
| Cboe Global Markets, Inc. | 31046 | 8726 |
| Charles Schwab (The) Corp. | 493217 | 46353 |
| CME Group, Inc. | 105873 | 31270 |
| Coinbase Global, Inc., Class A\* | 62784 | 10963 |
| FactSet Research Systems, Inc. | 13254 | 2876 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **186** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Capital Markets – 3.2%continued** | **Capital Markets – 3.2%continued** | **Capital Markets – 3.2%continued** |
| Franklin Resources, Inc.<sup>†</sup>  | 110267 | $2604 |
| Goldman Sachs Group (The), Inc. | 88253 | 74661 |
| Interactive Brokers Group, Inc., Class A | 128239 | 8601 |
| Intercontinental Exchange, Inc. | 162829 | 25610 |
| Invesco Ltd. | 126463 | 3072 |
| KKR & Co., Inc. | 194935 | 18031 |
| Moody's Corp. | 45980 | 20059 |
| Morgan Stanley | 354786 | 58387 |
| MSCI, Inc. | 22372 | 12059 |
| Nasdaq, Inc.<sup>(1)</sup>  | 125408 | 10645 |
| Northern Trust Corp.<sup>(1)</sup>  | 58149 | 8116 |
| Raymond James Financial, Inc. | 54751 | 7927 |
| Robinhood Markets, Inc., Class A\* | 227600 | 15773 |
| S&P Global, Inc. | 90591 | 38532 |
| State Street Corp. | 84435 | 10686 |
| T. Rowe Price Group, Inc. | 60289 | 5434 |
|  |  | **528736** |
| **Chemicals – 1.2%** | **Chemicals – 1.2%** | **Chemicals – 1.2%** |
| Air Products and Chemicals, Inc. | 66831 | 19414 |
| Albemarle Corp. | 37471 | 6727 |
| CF Industries Holdings, Inc. | 44030 | 5717 |
| Corteva, Inc. | 202729 | 16970 |
| Dow, Inc. | 223352 | 9303 |
| DuPont de Nemours, Inc. | 118244 | 5416 |
| Ecolab, Inc. | 74473 | 19811 |
| International Flavors & Fragrances, Inc. | 67770 | 4917 |
| Linde PLC | 135642 | 67246 |
| LyondellBasell Industries N.V., Class A | 80177 | 6459 |
| Mosaic (The) Co. | 75275 | 1919 |
| PPG Industries, Inc. | 60727 | 6490 |
| Sherwin-Williams (The) Co. | 65802 | 21093 |
|  |  | **191482** |
| **Commercial Services & Supplies – 0.4%** | **Commercial Services & Supplies – 0.4%** | **Commercial Services & Supplies – 0.4%** |
| Cintas Corp. | 101949 | 17244 |
| Copart, Inc.\* | 245460 | 8149 |
| Republic Services, Inc.<sup>†</sup>  | 61047 | 13371 |
| Rollins, Inc.<sup>†</sup>  | 83499 | 4460 |
| Veralto Corp. | 67023 | 5926 |
| Waste Management, Inc. | 109441 | 25148 |
|  |  | **74298** |
| **Communications Equipment – 1.1%** | **Communications Equipment – 1.1%** | **Communications Equipment – 1.1%** |
| Arista Networks, Inc.\* | 303503 | 37264 |
| Ciena Corp.\* | 41261 | 16019 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Communications Equipment – 1.1%continued** | **Communications Equipment – 1.1%continued** | **Communications Equipment – 1.1%continued** |
| Cisco Systems, Inc. | 1158667 | $89901 |
| F5, Inc.\* | 17133 | 4957 |
| Lumentum Holdings, Inc.<sup>\* †</sup>  | 20090 | 14119 |
| Motorola Solutions, Inc. | 48373 | 20992 |
|  |  | **183252** |
| **Construction & Engineering – 0.3%** | **Construction & Engineering – 0.3%** | **Construction & Engineering – 0.3%** |
| Comfort Systems U.S.A., Inc. | 9931 | 13695 |
| EMCOR Group, Inc. | 12420 | 9170 |
| Quanta Services, Inc. | 43644 | 23961 |
|  |  | **46826** |
| **Construction Materials – 0.3%** | **Construction Materials – 0.3%** | **Construction Materials – 0.3%** |
| CRH PLC | 191078 | 20086 |
| Martin Marietta Materials, Inc. | 18490 | 10885 |
| Vulcan Materials Co. | 40513 | 11032 |
|  |  | **42003** |
| **Consumer Finance – 0.5%** | **Consumer Finance – 0.5%** | **Consumer Finance – 0.5%** |
| American Express Co. | 158192 | 47850 |
| Capital One Financial Corp. | 185429 | 33828 |
| Synchrony Financial | 109320 | 7436 |
|  |  | **89114** |
| **Consumer Staples Distribution & Retail – 2.1%** | **Consumer Staples Distribution & Retail – 2.1%** | **Consumer Staples Distribution & Retail – 2.1%** |
| Costco Wholesale Corp. | 130224 | 129759 |
| Dollar General Corp. | 65938 | 7829 |
| Dollar Tree, Inc.\* | 57212 | 6265 |
| Kroger (The) Co. | 176951 | 12804 |
| Sysco Corp. | 140907 | 10051 |
| Target Corp. | 133653 | 16199 |
| Walmart, Inc. | 1280048 | 159084 |
|  |  | **341991** |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| Amcor PLC | 122647 | 4875 |
| Avery Dennison Corp. | 19643 | 3392 |
| Ball Corp. | 86628 | 5121 |
| International Paper Co. | 140833 | 5028 |
| Packaging Corp. of America | 23784 | 5047 |
| Smurfit Westrock PLC | 140090 | 5583 |
|  |  | **29046** |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| Genuine Parts Co. | 36220 | 3830 |
| Pool Corp. | 7187 | 1454 |
|  |  | **5284** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **187** EQUITY FUNDS

------

**Schedule of Investments** <br>

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Diversified Telecommunication Services – 0.9%** | **Diversified Telecommunication Services – 0.9%** | **Diversified Telecommunication Services – 0.9%** |
| AT&T, Inc. | 2063970 | $59835 |
| Comcast Corp., Class A | 1065150 | 30580 |
| Verizon Communications, Inc. | 1242367 | 62367 |
|  |  | **152782** |
| **Electric Utilities – 1.6%** | **Electric Utilities – 1.6%** | **Electric Utilities – 1.6%** |
| Alliant Energy Corp.<sup>†</sup>  | 79608 | 5713 |
| American Electric Power Co., Inc. | 157641 | 20664 |
| Constellation Energy Corp. | 92401 | 25803 |
| Duke Energy Corp. | 227684 | 29813 |
| Edison International | 109507 | 8014 |
| Entergy Corp. | 131840 | 14813 |
| Evergy, Inc. | 68390 | 5602 |
| Eversource Energy | 110582 | 7661 |
| Exelon Corp. | 288859 | 14160 |
| FirstEnergy Corp. | 161786 | 8196 |
| NextEra Energy, Inc. | 604220 | 56120 |
| NRG Energy, Inc. | 58808 | 8594 |
| PG&E Corp. | 634201 | 11143 |
| Pinnacle West Capital Corp. | 30189 | 3041 |
| PPL Corp. | 218877 | 8361 |
| Southern (The) Co.<sup>†</sup>  | 322717 | 31149 |
| Xcel Energy, Inc. | 169926 | 13499 |
|  |  | **272346** |
| **Electrical Equipment – 1.2%** | **Electrical Equipment – 1.2%** | **Electrical Equipment – 1.2%** |
| AMETEK, Inc. | 68210 | 14621 |
| Eaton Corp. PLC | 114892 | 41093 |
| Emerson Electric Co. | 166621 | 21831 |
| GE Vernova, Inc. | 79365 | 69278 |
| Generac Holdings, Inc.<sup>\* †</sup>  | 14691 | 2870 |
| Hubbell, Inc. | 15926 | 7815 |
| Rockwell Automation, Inc. | 33467 | 12011 |
| Vertiv Holdings Co., Class A | 109921 | 27544 |
|  |  | **197063** |
| **Electronic Equipment, Instruments & Components – 0.9%** | **Electronic Equipment, Instruments & Components – 0.9%** | **Electronic Equipment, Instruments & Components – 0.9%** |
| Amphenol Corp., Class A<sup>†</sup>  | 357616 | 45185 |
| CDW Corp. | 33756 | 4085 |
| Coherent Corp.\* | 52739 | 12563 |
| Corning, Inc. | 228128 | 31018 |
| Jabil, Inc. | 32011 | 8503 |
| Keysight Technologies, Inc.\* | 51879 | 14649 |
| TE Connectivity PLC | 87961 | 18386 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Electronic Equipment, Instruments & Components – 0.9%continued** | **Electronic Equipment, Instruments & Components – 0.9%continued** | **Electronic Equipment, Instruments & Components – 0.9%continued** |
| Teledyne Technologies, Inc.\* | 13821 | $8362 |
| Zebra Technologies Corp., Class A<sup>\* †</sup>  | 11965 | 2502 |
|  |  | **145253** |
| **Energy Equipment & Services – 0.3%** | **Energy Equipment & Services – 0.3%** | **Energy Equipment & Services – 0.3%** |
| Baker Hughes Co. | 291709 | 17809 |
| Halliburton Co. | 251886 | 9821 |
| SLB Ltd. | 426072 | 21896 |
|  |  | **49526** |
| **Entertainment – 1.3%** | **Entertainment – 1.3%** | **Entertainment – 1.3%** |
| Electronic Arts, Inc. | 67766 | 13815 |
| Live Nation Entertainment, Inc.<sup>\* †</sup>  | 46513 | 7094 |
| Netflix, Inc.\* | 1228554 | 118126 |
| Take-Two Interactive Software, Inc.\* | 48430 | 9565 |
| TKO Group Holdings, Inc. | 19868 | 4006 |
| Walt Disney (The) Co. | 522740 | 50382 |
| Warner Bros. Discovery, Inc.\* | 713782 | 19600 |
|  |  | **222588** |
| **Financial Services – 3.5%** | **Financial Services – 3.5%** | **Financial Services – 3.5%** |
| Apollo Global Management, Inc. | 131070 | 14604 |
| Berkshire Hathaway, Inc., Class B\* | 534873 | 256311 |
| Block, Inc.\* | 168483 | 10139 |
| Corpay, Inc.\* | 20216 | 5883 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 161374 | 7570 |
| Fiserv, Inc.\* | 148523 | 8288 |
| Global Payments, Inc. | 76508 | 5149 |
| Jack Henry & Associates, Inc. | 18067 | 2855 |
| Mastercard, Inc., Class A | 238023 | 118930 |
| PayPal Holdings, Inc. | 279986 | 12664 |
| Visa, Inc., Class A | 489654 | 147993 |
|  |  | **590386** |
| **Food Products – 0.4%** | **Food Products – 0.4%** | **Food Products – 0.4%** |
| Archer-Daniels-Midland Co. | 133771 | 9724 |
| Bunge Global S.A.<sup>†</sup>  | 43558 | 5541 |
| Campbell's (The) Co.<sup>†</sup>  | 34144 | 760 |
| Conagra Brands, Inc. | 108663 | 1708 |
| General Mills, Inc. | 149433 | 5562 |
| Hershey (The) Co. | 43036 | 8947 |
| Hormel Foods Corp. | 63211 | 1432 |
| J.M. Smucker (The) Co. | 26269 | 2533 |
| Kraft Heinz (The) Co. | 271101 | 6097 |
| McCormick & Co., Inc. (Non Voting) | 65277 | 3292 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **188** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Food Products – 0.4%continued** | **Food Products – 0.4%continued** | **Food Products – 0.4%continued** |
| Mondelez International, Inc., Class A | 383311 | $22094 |
| Tyson Foods, Inc., Class A<sup>†</sup>  | 90555 | 5802 |
|  |  | **73492** |
| **Gas Utilities – 0.1%** | **Gas Utilities – 0.1%** | **Gas Utilities – 0.1%** |
| Atmos Energy Corp. | 47064 | **8694** |
| **Ground Transportation – 0.9%** | **Ground Transportation – 0.9%** | **Ground Transportation – 0.9%** |
| CSX Corp. | 555950 | 22822 |
| JB Hunt Transport Services, Inc. | 19824 | 4200 |
| Norfolk Southern Corp. | 67108 | 19260 |
| Old Dominion Freight Line, Inc. | 56248 | 10991 |
| Uber Technologies, Inc.\* | 607950 | 43730 |
| Union Pacific Corp. | 171779 | 41677 |
|  |  | **142680** |
| **Health Care Equipment & Supplies – 1.7%** | **Health Care Equipment & Supplies – 1.7%** | **Health Care Equipment & Supplies – 1.7%** |
| Abbott Laboratories | 503620 | 51707 |
| Align Technology, Inc.\* | 21315 | 3654 |
| Baxter International, Inc. | 121746 | 2045 |
| Becton Dickinson & Co. | 80095 | 12593 |
| Boston Scientific Corp.\* | 426322 | 26752 |
| Cooper (The) Cos., Inc.\* | 50276 | 3595 |
| Dexcom, Inc.\* | 104986 | 6593 |
| Edwards Lifesciences Corp.\* | 175571 | 14060 |
| GE HealthCare Technologies, Inc. | 126221 | 8984 |
| Hologic, Inc.\* | 71761 | 5424 |
| IDEXX Laboratories, Inc.\* | 24195 | 13595 |
| Insulet Corp.\* | 18371 | 3855 |
| Intuitive Surgical, Inc.\* | 102740 | 47362 |
| Medtronic PLC | 372182 | 32250 |
| ResMed, Inc. | 40792 | 9157 |
| Solventum Corp.\* | 39868 | 2603 |
| STERIS PLC | 26894 | 5947 |
| Stryker Corp. | 99217 | 32602 |
| Zimmer Biomet Holdings, Inc.<sup>†</sup>  | 52469 | 4744 |
|  |  | **287522** |
| **Health Care Providers & Services – 1.5%** | **Health Care Providers & Services – 1.5%** | **Health Care Providers & Services – 1.5%** |
| Cardinal Health, Inc. | 70890 | 14980 |
| Cencora, Inc. | 55344 | 17386 |
| Centene Corp.\* | 122099 | 3998 |
| Cigna Group (The) | 76296 | 20352 |
| CVS Health Corp. | 374716 | 26912 |
| DaVita, Inc.\* | 11259 | 1730 |
| Elevance Health, Inc. | 62795 | 18383 |
| HCA Healthcare, Inc. | 46735 | 22117 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Health Care Providers & Services – 1.5%continued** | **Health Care Providers & Services – 1.5%continued** | **Health Care Providers & Services – 1.5%continued** |
| Henry Schein, Inc.\* | 35977 | $2652 |
| Humana, Inc. | 32290 | 5599 |
| Labcorp Holdings, Inc. | 25536 | 6813 |
| McKesson Corp. | 36331 | 31439 |
| Quest Diagnostics, Inc. | 32953 | 6458 |
| UnitedHealth Group, Inc. | 262972 | 71158 |
| Universal Health Services, Inc., Class B | 18748 | 3355 |
|  |  | **253332** |
| **Health Care Real Estate Investment Trusts – 0.3%** | **Health Care Real Estate Investment Trusts – 0.3%** | **Health Care Real Estate Investment Trusts – 0.3%** |
| Alexandria Real Estate Equities, Inc. | 35376 | 1642 |
| Healthpeak Properties, Inc. | 174560 | 2868 |
| Ventas, Inc. | 133473 | 10916 |
| Welltower, Inc. | 201548 | 39848 |
|  |  | **55274** |
| **Hotel & Resort Real Estate Investment Trusts – 0.0%** | **Hotel & Resort Real Estate Investment Trusts – 0.0%** | **Hotel & Resort Real Estate Investment Trusts – 0.0%** |
| Host Hotels & Resorts, Inc. | 213719 | **4095** |
| **Hotels, Restaurants & Leisure – 1.8%** | **Hotels, Restaurants & Leisure – 1.8%** | **Hotels, Restaurants & Leisure – 1.8%** |
| Airbnb, Inc., Class A\* | 119966 | 15149 |
| Booking Holdings, Inc. | 9451 | 39792 |
| Carnival Corp. | 316027 | 8179 |
| Chipotle Mexican Grill, Inc.\* | 389348 | 12463 |
| Darden Restaurants, Inc. | 36121 | 7081 |
| Domino's Pizza, Inc. | 7811 | 2803 |
| DoorDash, Inc., Class A\* | 106280 | 15958 |
| Expedia Group, Inc. | 35731 | 8250 |
| Hilton Worldwide Holdings, Inc. | 68682 | 20885 |
| Las Vegas Sands Corp. | 79049 | 4259 |
| Marriott International, Inc., Class A | 65816 | 21526 |
| McDonald's Corp. | 209667 | 65162 |
| MGM Resorts International\* | 69750 | 2581 |
| Norwegian Cruise Line Holdings Ltd.\* | 108176 | 2023 |
| Royal Caribbean Cruises Ltd. | 73551 | 20240 |
| Starbucks Corp. | 338119 | 30292 |
| Wynn Resorts Ltd. | 29551 | 3001 |
| Yum! Brands, Inc. | 84063 | 13070 |
|  |  | **292714** |
| **Household Durables – 0.2%** | **Household Durables – 0.2%** | **Household Durables – 0.2%** |
| D.R. Horton, Inc. | 75367 | 10342 |
| Garmin Ltd. | 48114 | 11163 |
| Lennar Corp., Class A<sup>†</sup>  | 57862 | 5025 |
| NVR, Inc.\* | 794 | 5232 |
| PulteGroup, Inc. | 57692 | 6785 |
|  |  | **38547** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **189** EQUITY FUNDS

------

**Schedule of Investments** <br>

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Household Products – 0.8%** | **Household Products – 0.8%** | **Household Products – 0.8%** |
| Church & Dwight Co., Inc. | 66330 | $6190 |
| Clorox (The) Co. | 30810 | 3193 |
| Colgate-Palmolive Co. | 229962 | 19599 |
| Kimberly-Clark Corp. | 91985 | 8874 |
| Procter & Gamble (The) Co. | 675845 | 97619 |
|  |  | **135475** |
| **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** |
| AES (The) Corp. | 239104 | 3369 |
| Vistra Corp. | 95592 | 14370 |
|  |  | **17739** |
| **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** |
| 3M Co. | 157306 | 22846 |
| Honeywell International, Inc. | 187720 | 42430 |
|  |  | **65276** |
| **Industrial Real Estate Investment Trusts – 0.2%** | **Industrial Real Estate Investment Trusts – 0.2%** | **Industrial Real Estate Investment Trusts – 0.2%** |
| Prologis, Inc. | 275441 | **36408** |
| **Insurance – 1.7%** | **Insurance – 1.7%** | **Insurance – 1.7%** |
| Aflac, Inc. | 141028 | 15472 |
| Allstate (The) Corp.<sup>†</sup>  | 77253 | 16018 |
| American International Group, Inc. | 162922 | 12260 |
| Aon PLC, Class A | 63508 | 20499 |
| Arch Capital Group Ltd.\* | 107994 | 10366 |
| Arthur J. Gallagher & Co. | 72766 | 15760 |
| Assurant, Inc. | 15319 | 3337 |
| Brown & Brown, Inc. | 78180 | 5098 |
| Chubb Ltd. | 107819 | 35141 |
| Cincinnati Financial Corp. | 46387 | 7299 |
| Erie Indemnity Co., Class A<sup>†</sup>  | 5384 | 1353 |
| Everest Group Ltd. | 10331 | 3377 |
| Globe Life, Inc. | 25074 | 3490 |
| Hartford Insurance Group (The), Inc. | 84334 | 11404 |
| Loews Corp. | 52536 | 5608 |
| Marsh & McLennan Cos., Inc. | 138550 | 24031 |
| MetLife, Inc. | 168140 | 11891 |
| Principal Financial Group, Inc. | 57924 | 5220 |
| Progressive (The) Corp. | 168810 | 33465 |
| Prudential Financial, Inc. | 96365 | 9414 |
| Travelers (The) Cos., Inc. | 64840 | 18912 |
| W R Berkley Corp. | 89081 | 5904 |
| Willis Towers Watson PLC | 29307 | 8520 |
|  |  | **283839** |
| **Interactive Media & Services – 7.5%** | **Interactive Media & Services – 7.5%** | **Interactive Media & Services – 7.5%** |
| Alphabet, Inc., Class A | 1703060 | 489732 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Interactive Media & Services – 7.5%continued** | **Interactive Media & Services – 7.5%continued** | **Interactive Media & Services – 7.5%continued** |
| Alphabet, Inc., Class C | 1365097 | $391592 |
| Meta Platforms, Inc., Class A | 638378 | 365235 |
|  |  | **1246559** |
| **IT Services – 0.8%** | **IT Services – 0.8%** | **IT Services – 0.8%** |
| Accenture PLC, Class A | 177569 | 35210 |
| Akamai Technologies, Inc.<sup>\* †</sup>  | 46926 | 5389 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 139504 | 8559 |
| EPAM Systems, Inc.\* | 19839 | 2686 |
| Gartner, Inc.\* | 18495 | 2929 |
| GoDaddy, Inc., Class A\* | 33569 | 2775 |
| International Business Machines Corp. | 271201 | 65736 |
| VeriSign, Inc. | 23478 | 5831 |
|  |  | **129115** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| Hasbro, Inc. | 44296 | **4146** |
| **Life Sciences Tools & Services – 0.8%** | **Life Sciences Tools & Services – 0.8%** | **Life Sciences Tools & Services – 0.8%** |
| Agilent Technologies, Inc. | 79576 | 9070 |
| Bio-Techne Corp. | 35849 | 1874 |
| &nbsp;&nbsp; Charles River Laboratories <br> International, Inc.\*<br>| 11103 | 1915 |
| Danaher Corp. | 181280 | 34371 |
| IQVIA Holdings, Inc.\* | 46571 | 7942 |
| Mettler-Toledo International, Inc.\* | 6358 | 8019 |
| Revvity, Inc. | 27363 | 2397 |
| Thermo Fisher Scientific, Inc. | 108732 | 53445 |
| Waters Corp.\* | 26965 | 8030 |
| West Pharmaceutical Services, Inc. | 19382 | 4858 |
|  |  | **131921** |
| **Machinery – 1.8%** | **Machinery – 1.8%** | **Machinery – 1.8%** |
| Caterpillar, Inc. | 136695 | 96843 |
| Cummins, Inc. | 40562 | 21823 |
| Deere & Co. | 74445 | 41935 |
| Dover Corp. | 37975 | 7916 |
| Fortive Corp. | 86967 | 4808 |
| IDEX Corp. | 24170 | 4581 |
| Illinois Tool Works, Inc. | 78445 | 20418 |
| Ingersoll Rand, Inc. | 110012 | 8814 |
| Nordson Corp. | 17325 | 4609 |
| Otis Worldwide Corp. | 112156 | 8645 |
| PACCAR, Inc. | 152012 | 17557 |
| Parker-Hannifin Corp. | 37412 | 33493 |
| Pentair PLC<sup>†</sup>  | 51104 | 4452 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **190** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Machinery – 1.8%continued** | **Machinery – 1.8%continued** | **Machinery – 1.8%continued** |
| Snap-on, Inc. | 15092 | $5482 |
| Stanley Black & Decker, Inc. | 38167 | 2712 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp.<br>| 50577 | 12640 |
| Xylem, Inc. | 75331 | 9002 |
|  |  | **305730** |
| **Media – 0.2%** | **Media – 0.2%** | **Media – 0.2%** |
| Charter Communications, Inc., Class A\* | 22899 | 4944 |
| EchoStar Corp., Class A\* | 34850 | 4080 |
| Fox Corp., Class A | 66969 | 3911 |
| Fox Corp., Class B | 36917 | 1960 |
| News Corp., Class A | 87485 | 2181 |
| News Corp., Class B<sup>†</sup>  | 22629 | 645 |
| Omnicom Group, Inc. | 98372 | 7408 |
| Paramount Skydance Corp., Class B<sup>†</sup>  | 36207 | 327 |
| Trade Desk (The), Inc., Class A\* | 148788 | 3376 |
|  |  | **28832** |
| **Metals & Mining – 0.5%** | **Metals & Mining – 0.5%** | **Metals & Mining – 0.5%** |
| Freeport-McMoRan, Inc. | 421158 | 24756 |
| Newmont Corp. | 323454 | 35014 |
| Nucor Corp. | 64995 | 10990 |
| Steel Dynamics, Inc.<sup>†</sup>  | 42682 | 7683 |
|  |  | **78443** |
| **Multi-Utilities – 0.6%** | **Multi-Utilities – 0.6%** | **Multi-Utilities – 0.6%** |
| Ameren Corp. | 80001 | 8794 |
| CenterPoint Energy, Inc.<sup>†</sup>  | 193272 | 8342 |
| CMS Energy Corp. | 91986 | 7136 |
| Consolidated Edison, Inc. | 101328 | 11468 |
| Dominion Energy, Inc. | 242727 | 15005 |
| DTE Energy Co.<sup>†</sup>  | 57474 | 8404 |
| NiSource, Inc. | 139565 | 6512 |
| Public Service Enterprise Group, Inc. | 148818 | 12047 |
| Sempra | 192976 | 18751 |
| WEC Energy Group, Inc.<sup>†</sup>  | 91127 | 10550 |
|  |  | **107009** |
| **Office Real Estate Investment Trusts – 0.0%** | **Office Real Estate Investment Trusts – 0.0%** | **Office Real Estate Investment Trusts – 0.0%** |
| BXP, Inc.<sup>†</sup>  | 33667 | **1747** |
| **Oil, Gas & Consumable Fuels – 3.7%** | **Oil, Gas & Consumable Fuels – 3.7%** | **Oil, Gas & Consumable Fuels – 3.7%** |
| APA Corp. | 105305 | 4469 |
| Chevron Corp. | 550361 | 113870 |
| ConocoPhillips | 362195 | 47810 |
| Coterra Energy, Inc. | 236989 | 8328 |
| Devon Energy Corp. | 191899 | 9656 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Oil, Gas & Consumable Fuels – 3.7%continued** | **Oil, Gas & Consumable Fuels – 3.7%continued** | **Oil, Gas & Consumable Fuels – 3.7%continued** |
| Diamondback Energy, Inc.<sup>†</sup>  | 56726 | $11220 |
| EOG Resources, Inc. | 154856 | 22388 |
| EQT Corp. | 176691 | 11245 |
| Expand Energy Corp. | 64866 | 7121 |
| Exxon Mobil Corp. | 1224457 | 207741 |
| Kinder Morgan, Inc. | 587302 | 19692 |
| Marathon Petroleum Corp. | 88373 | 21579 |
| Occidental Petroleum Corp. | 201450 | 13094 |
| ONEOK, Inc. | 178712 | 16154 |
| Phillips 66 | 117389 | 21386 |
| Targa Resources Corp. | 64540 | 16182 |
| Texas Pacific Land Corp. | 15971 | 7579 |
| Valero Energy Corp. | 91273 | 22552 |
| Williams (The) Cos., Inc. | 358015 | 26056 |
|  |  | **608122** |
| **Passenger Airlines – 0.2%** | **Passenger Airlines – 0.2%** | **Passenger Airlines – 0.2%** |
| Delta Air Lines, Inc. | 195384 | 12989 |
| Southwest Airlines Co. | 153904 | 5782 |
| United Airlines Holdings, Inc.\* | 95500 | 8793 |
|  |  | **27564** |
| **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** |
| Estee Lauder (The) Cos., Inc., Class A | 77918 | 5592 |
| Kenvue, Inc. | 531572 | 9164 |
|  |  | **14756** |
| **Pharmaceuticals – 3.5%** | **Pharmaceuticals – 3.5%** | **Pharmaceuticals – 3.5%** |
| Bristol-Myers Squibb Co. | 588232 | 35676 |
| Eli Lilly & Co. | 232121 | 213498 |
| Johnson & Johnson | 706393 | 172671 |
| Merck & Co., Inc. | 725060 | 87217 |
| Pfizer, Inc. | 1679973 | 47174 |
| Viatris, Inc. | 300067 | 4054 |
| Zoetis, Inc. | 125028 | 14780 |
|  |  | **575070** |
| **Professional Services – 0.4%** | **Professional Services – 0.4%** | **Professional Services – 0.4%** |
| Automatic Data Processing, Inc. | 115599 | 23488 |
| Broadridge Financial Solutions, Inc. | 36948 | 6003 |
| Equifax, Inc. | 32495 | 5851 |
| Jacobs Solutions, Inc. | 38190 | 4861 |
| Leidos Holdings, Inc. | 40348 | 6275 |
| Paychex, Inc. | 99869 | 9200 |
| Verisk Analytics, Inc. | 38614 | 7327 |
|  |  | **63005** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **191** EQUITY FUNDS

------

**Schedule of Investments** <br>

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** |
| CBRE Group, Inc., Class A\* | 88614 | $12004 |
| CoStar Group, Inc.\* | 112467 | 4537 |
|  |  | **16541** |
| **Residential Real Estate Investment Trusts – 0.2%** | **Residential Real Estate Investment Trusts – 0.2%** | **Residential Real Estate Investment Trusts – 0.2%** |
| AvalonBay Communities, Inc.<sup>†</sup>  | 38676 | 6318 |
| Camden Property Trust | 25269 | 2468 |
| Equity Residential | 95334 | 5639 |
| Essex Property Trust, Inc. | 16825 | 4071 |
| Invitation Homes, Inc. | 184666 | 4589 |
| &nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 30227 | 3691 |
| UDR, Inc.<sup>†</sup>  | 97419 | 3291 |
|  |  | **30067** |
| **Retail Real Estate Investment Trusts – 0.3%** | **Retail Real Estate Investment Trusts – 0.3%** | **Retail Real Estate Investment Trusts – 0.3%** |
| Federal Realty Investment Trust | 18225 | 1935 |
| Kimco Realty Corp.<sup>†</sup>  | 201921 | 4537 |
| Realty Income Corp. | 260970 | 15966 |
| Regency Centers Corp. | 54622 | 4133 |
| Simon Property Group, Inc. | 97688 | 18222 |
|  |  | **44793** |
| **Semiconductors & Semiconductor Equipment – 14.2%** | **Semiconductors & Semiconductor Equipment – 14.2%** | **Semiconductors & Semiconductor Equipment – 14.2%** |
| Advanced Micro Devices, Inc.\* | 478128 | 97266 |
| Analog Devices, Inc. | 144406 | 45941 |
| Applied Materials, Inc. | 233390 | 79770 |
| Broadcom, Inc. | 1384035 | 428373 |
| First Solar, Inc.\* | 31067 | 6128 |
| Intel Corp.\* | 1360727 | 60049 |
| KLA Corp. | 38647 | 56904 |
| Lam Research Corp. | 367170 | 78450 |
| Microchip Technology, Inc. | 152765 | 9870 |
| Micron Technology, Inc. | 330014 | 111492 |
| Monolithic Power Systems, Inc. | 14053 | 15365 |
| NVIDIA Corp. | 7104274 | 1238985 |
| NXP Semiconductors N.V. | 70952 | 13968 |
| ON Semiconductor Corp.\* | 113171 | 7008 |
| Qnity Electronics, Inc. | 57603 | 6646 |
| QUALCOMM, Inc. | 312416 | 40233 |
| Skyworks Solutions, Inc. | 34560 | 1851 |
| Teradyne, Inc. | 44084 | 13069 |
| Texas Instruments, Inc. | 263502 | 51156 |
|  |  | **2362524** |
| **Software – 8.1%** | **Software – 8.1%** | **Software – 8.1%** |
| Adobe, Inc.\* | 121949 | 29643 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Software – 8.1%continued** | **Software – 8.1%continued** | **Software – 8.1%continued** |
| AppLovin Corp., Class A\* | 78288 | $31159 |
| Autodesk, Inc.\* | 63949 | 15309 |
| Cadence Design Systems, Inc.\* | 80984 | 22503 |
| Crowdstrike Holdings, Inc., Class A\* | 72510 | 28309 |
| Datadog, Inc., Class A\* | 97210 | 11476 |
| Fair Isaac Corp.\* | 7353 | 7850 |
| Fortinet, Inc.\* | 184417 | 15071 |
| Gen Digital, Inc. | 154403 | 2907 |
| Intuit, Inc. | 80226 | 34688 |
| Microsoft Corp. | 2168825 | 802834 |
| Oracle Corp. | 498047 | 73268 |
| Palantir Technologies, Inc., Class A\* | 664330 | 97178 |
| Palo Alto Networks, Inc.\* | 239134 | 38338 |
| PTC, Inc.\* | 31888 | 4544 |
| Roper Technologies, Inc. | 30660 | 10849 |
| Salesforce, Inc. | 271668 | 50712 |
| ServiceNow, Inc.\* | 310005 | 32411 |
| Synopsys, Inc.\* | 56902 | 22560 |
| Trimble, Inc.\* | 62017 | 4045 |
| Tyler Technologies, Inc.\* | 11424 | 3911 |
| Workday, Inc., Class A\* | 58518 | 7603 |
|  |  | **1347168** |
| **Specialized Real Estate Investment Trusts – 0.8%** | **Specialized Real Estate Investment Trusts – 0.8%** | **Specialized Real Estate Investment Trusts – 0.8%** |
| American Tower Corp.<sup>†</sup>  | 134089 | 23141 |
| Crown Castle, Inc. | 121533 | 9882 |
| Digital Realty Trust, Inc. | 95737 | 17253 |
| Equinix, Inc. | 29230 | 28652 |
| Extra Space Storage, Inc. | 58384 | 7656 |
| Iron Mountain, Inc. | 86289 | 8814 |
| Public Storage | 47923 | 12981 |
| SBA Communications Corp. | 28444 | 4896 |
| VICI Properties, Inc. | 294738 | 8052 |
| Weyerhaeuser Co.<sup>†</sup>  | 189644 | 4633 |
|  |  | **125960** |
| **Specialty Retail – 1.7%** | **Specialty Retail – 1.7%** | **Specialty Retail – 1.7%** |
| AutoZone, Inc.\* | 4960 | 16754 |
| Best Buy Co., Inc. | 48898 | 3139 |
| Carvana Co.\* | 39728 | 12490 |
| Home Depot (The), Inc. | 289455 | 95199 |
| Lowe's Cos., Inc. | 166037 | 39231 |
| O'Reilly Automotive, Inc.\* | 251585 | 23224 |
| Ross Stores, Inc. | 96470 | 20898 |
| TJX (The) Cos., Inc. | 327770 | 52345 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **192** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  | **COMMON STOCKS - 98.3%continued**  |
| **Specialty Retail – 1.7%continued** | **Specialty Retail – 1.7%continued** | **Specialty Retail – 1.7%continued** |
| Tractor Supply Co. | 156902 | $7107 |
| Ulta Beauty, Inc.\* | 13548 | 7082 |
| Williams-Sonoma, Inc. | 36913 | 6730 |
|  |  | **284199** |
| **Technology Hardware, Storage & Peripherals – 7.3%** | **Technology Hardware, Storage & Peripherals – 7.3%** | **Technology Hardware, Storage & Peripherals – 7.3%** |
| Apple, Inc. | 4292442 | 1089379 |
| Dell Technologies, Inc., Class C | 87724 | 14398 |
| Hewlett Packard Enterprise Co. | 384692 | 9160 |
| HP, Inc. | 241389 | 4637 |
| NetApp, Inc. | 57880 | 5926 |
| Sandisk Corp.\* | 43200 | 27447 |
| Seagate Technology Holdings PLC | 62741 | 24579 |
| Super Micro Computer, Inc.\* | 152078 | 3463 |
| Western Digital Corp. | 100688 | 27235 |
|  |  | **1206224** |
| **Textiles, Apparel & Luxury Goods – 0.2%** | **Textiles, Apparel & Luxury Goods – 0.2%** | **Textiles, Apparel & Luxury Goods – 0.2%** |
| Deckers Outdoor Corp.\* | 36670 | 3670 |
| Lululemon Athletica, Inc.\* | 28031 | 4292 |
| NIKE, Inc., Class B | 339061 | 17909 |
| Ralph Lauren Corp. | 11904 | 4095 |
| Tapestry, Inc. | 61520 | 8681 |
|  |  | **38647** |
| **Tobacco – 0.7%** | **Tobacco – 0.7%** | **Tobacco – 0.7%** |
| Altria Group, Inc. | 498107 | 32870 |
| Philip Morris International, Inc. | 456498 | 75477 |
|  |  | **108347** |
| **Trading Companies & Distributors – 0.3%** | **Trading Companies & Distributors – 0.3%** | **Trading Companies & Distributors – 0.3%** |
| Fastenal Co. | 339146 | 15736 |
| United Rentals, Inc. | 19078 | 13900 |
| W.W. Grainger, Inc. | 13010 | 14191 |
|  |  | **43827** |
| **Water Utilities – 0.0%** | **Water Utilities – 0.0%** | **Water Utilities – 0.0%** |
| American Water Works Co., Inc. | 53392 | **7266** |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| T-Mobile U.S., Inc. | 140828 | **29578** |
| **Total Common Stocks** |  |  |
| **(Cost $3,822,637)** |  | **16337166** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.6%**  | **INVESTMENT COMPANIES – 1.6%**  | **INVESTMENT COMPANIES – 1.6%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(2) (3) (4)</sup> <br>| 20864250 | $20864 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(2) (3)</sup> <br>| 252357506 | 252358 |
| **Total Investment Companies** |  |  |
| **(Cost $273,222)** |  | **273222** |

---

---

| | | |
|:---|:---|:---|
|  | 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%**  |
| U.S. Treasury Bill, |  |  |
| 3.67%, 5/7/26<sup>(5) (6)</sup>  | $21994 | **$21914** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $21,913)** | **(Cost $21,913)** | **21914** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $4,117,772)** | **(Cost $4,117,772)** | **16632302** |
| Liabilities less Other Assets – (0.0%) | Liabilities less Other Assets – (0.0%) | (4207)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$16628095** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup>  | *Investment in affiliate.* |
| <sup>(2)</sup>  | *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>(3)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(4)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>(5)</sup>  | *Discount rate at the time of purchase.* |
| <sup>(6)</sup>  | *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **193** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **STOCK INDEX FUND continued**  | **March 31, 2026**  |

---

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 876 | $287799 | Long | 6/26 | $(6446)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup>  | &nbsp;&nbsp; $16337166 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16337166 |
| Investment Companies | &nbsp;&nbsp; 273222 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 273222 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 21914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21914 |
| Total Investments | &nbsp;&nbsp; $16610388 | &nbsp;&nbsp; $21914 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16632302 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(6446)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6446)<br>|

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<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>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Nasdaq, Inc. | $9517 | $456 | $443 | $1010 | $105 | $10645 | 125408 | $135 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 288476 | 267612 |  |  | 20864 | 20864250 | 30 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 129995 | 955187 | 832824 |  |  | 252358 | 252357506 | 8351 |
| Northern Trust Corp. | 5886 | 29 | 196 | 2361 | 36 | 8116 | 58149 | 184 |
| Total | $145398 | $1244148 | $1101075 | $3371 | $141 | $291983 | 273405313 | $8700 |

---

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

*See Notes to the Financial Statements.* 

EQUITY FUNDS **194** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **U.S. QUALITY ESG FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%**  | **COMMON STOCKS – 97.6%**  | **COMMON STOCKS – 97.6%**  |
| **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** | **Aerospace & Defense – 0.5%** |
| ATI, Inc.\* | 4585 | $667 |
| Howmet Aerospace, Inc. | 3743 | 863 |
|  |  | **1530** |
| **Air Freight & Logistics – 0.7%** | **Air Freight & Logistics – 0.7%** | **Air Freight & Logistics – 0.7%** |
| C.H. Robinson Worldwide, Inc. | 5306 | 881 |
| Expeditors International of Washington, <br> Inc.<br>| 9282 | 1330 |
|  |  | **2211** |
| **Automobiles – 1.3%** | **Automobiles – 1.3%** | **Automobiles – 1.3%** |
| Tesla, Inc.\* | 11043 | **4105** |
| **Banks – 3.5%** | **Banks – 3.5%** | **Banks – 3.5%** |
| Bank of America Corp. | 5745 | 280 |
| Citigroup, Inc. | 30049 | 3408 |
| Commerce Bancshares, Inc. | 11148 | 548 |
| First Hawaiian, Inc. | 26653 | 657 |
| JPMorgan Chase & Co. | 21945 | 6455 |
|  |  | **11348** |
| **Biotechnology – 3.8%** | **Biotechnology – 3.8%** | **Biotechnology – 3.8%** |
| AbbVie, Inc. | 20575 | 4475 |
| Amgen, Inc. | 6264 | 2204 |
| Gilead Sciences, Inc. | 26374 | 3676 |
| Halozyme Therapeutics, Inc.\* | 17395 | 1124 |
| Incyte Corp.\* | 7372 | 694 |
|  |  | **12173** |
| **Broadline Retail – 3.5%** | **Broadline Retail – 3.5%** | **Broadline Retail – 3.5%** |
| Amazon.com, Inc.\* | 43788 | 9120 |
| eBay, Inc. | 15206 | 1384 |
| Etsy, Inc.\* | 12469 | 623 |
|  |  | **11127** |
| **Building Products – 1.0%** | **Building Products – 1.0%** | **Building Products – 1.0%** |
| Lennox International, Inc. | 2017 | 936 |
| Masco Corp. | 7969 | 481 |
| Trane Technologies PLC | 4721 | 1968 |
|  |  | **3385** |
| **Capital Markets – 3.1%** | **Capital Markets – 3.1%** | **Capital Markets – 3.1%** |
| Affiliated Managers Group, Inc. | 825 | 228 |
| Ameriprise Financial, Inc. | 644 | 286 |
| Bank of New York Mellon (The) Corp. | 14817 | 1758 |
| Goldman Sachs Group (The), Inc. | 757 | 640 |
| Invesco Ltd. | 49690 | 1207 |
| Janus Henderson Group PLC | 24011 | 1234 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Capital Markets – 3.1%continued** | **Capital Markets – 3.1%continued** | **Capital Markets – 3.1%continued** |
| Morgan Stanley | 19573 | $3221 |
| State Street Corp. | 11521 | 1458 |
|  |  | **10032** |
| **Chemicals – 1.4%** | **Chemicals – 1.4%** | **Chemicals – 1.4%** |
| DuPont de Nemours, Inc. | 33276 | 1524 |
| Ecolab, Inc. | 5662 | 1506 |
| Sherwin-Williams (The) Co. | 4185 | 1342 |
|  |  | **4372** |
| **Commercial Services & Supplies – 0.4%** | **Commercial Services & Supplies – 0.4%** | **Commercial Services & Supplies – 0.4%** |
| Cintas Corp. | 1116 | 189 |
| Veralto Corp. | 12535 | 1108 |
|  |  | **1297** |
| **Communications Equipment – 0.6%** | **Communications Equipment – 0.6%** | **Communications Equipment – 0.6%** |
| Cisco Systems, Inc. | 21591 | 1675 |
| F5, Inc.\* | 836 | 242 |
|  |  | **1917** |
| **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** |
| EMCOR Group, Inc. | 2191 | **1618** |
| **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** |
| Ally Financial, Inc. | 10810 | 424 |
| SLM Corp. | 38831 | 832 |
| Synchrony Financial | 17158 | 1167 |
|  |  | **2423** |
| **Consumer Staples Distribution & Retail – 1.0%** | **Consumer Staples Distribution & Retail – 1.0%** | **Consumer Staples Distribution & Retail – 1.0%** |
| Costco Wholesale Corp. | 2190 | 2182 |
| Walmart, Inc. | 8284 | 1030 |
|  |  | **3212** |
| **Containers & Packaging – 0.9%** | **Containers & Packaging – 0.9%** | **Containers & Packaging – 0.9%** |
| Avery Dennison Corp. | 4568 | 789 |
| Crown Holdings, Inc. | 8869 | 889 |
| Sealed Air Corp.<sup>†</sup>  | 32302 | 1358 |
|  |  | **3036** |
| **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** |
| Duke Energy Corp. | 5633 | 738 |
| Evergy, Inc. | 13908 | 1139 |
| Exelon Corp. | 13833 | 678 |
|  |  | **2555** |
| **Electrical Equipment – 1.6%** | **Electrical Equipment – 1.6%** | **Electrical Equipment – 1.6%** |
| Acuity, Inc. | 2978 | 834 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **195** EQUITY FUNDS

------

**Schedule of Investments** <br>

**U.S. QUALITY ESG FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Electrical Equipment – 1.6%continued** | **Electrical Equipment – 1.6%continued** | **Electrical Equipment – 1.6%continued** |
| GE Vernova, Inc. | 4698 | $4101 |
| Rockwell Automation, Inc. | 563 | 202 |
|  |  | **5137** |
| **Electronic Equipment, Instruments & Components – 0.5%** | **Electronic Equipment, Instruments & Components – 0.5%** | **Electronic Equipment, Instruments & Components – 0.5%** |
| Avnet, Inc. | 27823 | **1714** |
| **Energy Equipment & Services – 0.9%** | **Energy Equipment & Services – 0.9%** | **Energy Equipment & Services – 0.9%** |
| SLB Ltd. | 15210 | 782 |
| TechnipFMC PLC | 30035 | 2076 |
|  |  | **2858** |
| **Entertainment – 1.5%** | **Entertainment – 1.5%** | **Entertainment – 1.5%** |
| Electronic Arts, Inc. | 7937 | 1618 |
| Netflix, Inc.\* | 26122 | 2511 |
| Spotify Technology S.A.\* | 1645 | 798 |
|  |  | **4927** |
| **Financial Services – 3.6%** | **Financial Services – 3.6%** | **Financial Services – 3.6%** |
| Berkshire Hathaway, Inc., Class B\* | 6386 | 3060 |
| Equitable Holdings, Inc. | 22501 | 835 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 17074 | 801 |
| Global Payments, Inc. | 18791 | 1265 |
| Mastercard, Inc., Class A | 2516 | 1257 |
| MGIC Investment Corp. | 47723 | 1253 |
| PayPal Holdings, Inc. | 25823 | 1168 |
| Visa, Inc., Class A | 6082 | 1838 |
|  |  | **11477** |
| **Food Products – 0.5%** | **Food Products – 0.5%** | **Food Products – 0.5%** |
| Hershey (The) Co. | 7302 | **1518** |
| **Gas Utilities – 0.4%** | **Gas Utilities – 0.4%** | **Gas Utilities – 0.4%** |
| UGI Corp. | 37293 | **1358** |
| **Ground Transportation – 0.9%** | **Ground Transportation – 0.9%** | **Ground Transportation – 0.9%** |
| Landstar System, Inc. | 4585 | 735 |
| Union Pacific Corp. | 8364 | 2029 |
|  |  | **2764** |
| **Health Care Equipment & Supplies – 0.8%** | **Health Care Equipment & Supplies – 0.8%** | **Health Care Equipment & Supplies – 0.8%** |
| Hologic, Inc.\* | 14889 | 1125 |
| IDEXX Laboratories, Inc.\* | 2331 | 1310 |
|  |  | **2435** |
| **Health Care Providers & Services – 1.8%** | **Health Care Providers & Services – 1.8%** | **Health Care Providers & Services – 1.8%** |
| Cardinal Health, Inc. | 7736 | 1635 |
| Cencora, Inc. | 874 | 275 |
| Cigna Group (The) | 5459 | 1456 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Health Care Providers & Services – 1.8%continued** | **Health Care Providers & Services – 1.8%continued** | **Health Care Providers & Services – 1.8%continued** |
| DaVita, Inc.\* | 1471 | $226 |
| McKesson Corp. | 2643 | 2287 |
|  |  | **5879** |
| **Health Care Technology – 0.4%** | **Health Care Technology – 0.4%** | **Health Care Technology – 0.4%** |
| Doximity, Inc., Class A\* | 18571 | 433 |
| Veeva Systems, Inc., Class A\* | 4415 | 775 |
|  |  | **1208** |
| **Hotels, Restaurants & Leisure – 1.9%** | **Hotels, Restaurants & Leisure – 1.9%** | **Hotels, Restaurants & Leisure – 1.9%** |
| Airbnb, Inc., Class A\* | 3276 | 414 |
| Booking Holdings, Inc. | 576 | 2425 |
| Domino's Pizza, Inc. | 701 | 252 |
| Hilton Worldwide Holdings, Inc. | 5808 | 1766 |
| Travel + Leisure Co. | 18256 | 1263 |
|  |  | **6120** |
| **Household Products – 1.9%** | **Household Products – 1.9%** | **Household Products – 1.9%** |
| Clorox (The) Co. | 1677 | 174 |
| Colgate-Palmolive Co. | 21734 | 1852 |
| Kimberly-Clark Corp. | 15578 | 1503 |
| Procter & Gamble (The) Co. | 18884 | 2728 |
|  |  | **6257** |
| **Independent Power & Renewable Electricity Producers – 0.7%** | **Independent Power & Renewable Electricity Producers – 0.7%** | **Independent Power & Renewable Electricity Producers – 0.7%** |
| Brookfield Renewable Corp. | 24463 | 974 |
| Clearway Energy, Inc., Class C | 34013 | 1337 |
|  |  | **2311** |
| **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** | **Industrial Conglomerates – 0.4%** |
| 3M Co. | 9153 | **1329** |
| **Insurance – 2.3%** | **Insurance – 2.3%** | **Insurance – 2.3%** |
| Aflac, Inc. | 11768 | 1291 |
| American International Group, Inc. | 3817 | 287 |
| Hartford Insurance Group (The), Inc. | 9977 | 1349 |
| MetLife, Inc. | 17868 | 1264 |
| Prudential Financial, Inc. | 9513 | 929 |
| Unum Group | 14549 | 1063 |
| Willis Towers Watson PLC | 3817 | 1110 |
|  |  | **7293** |
| **Interactive Media & Services – 6.4%** | **Interactive Media & Services – 6.4%** | **Interactive Media & Services – 6.4%** |
| Alphabet, Inc., Class A | 54321 | 15620 |
| Meta Platforms, Inc., Class A | 9008 | 5154 |
|  |  | **20774** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **196** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **IT Services – 1.3%** | **IT Services – 1.3%** | **IT Services – 1.3%** |
| Accenture PLC, Class A | 6035 | $1196 |
| International Business Machines Corp. | 12095 | 2932 |
|  |  | **4128** |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| Hasbro, Inc. | 15268 | **1429** |
| **Life Sciences Tools & Services – 0.7%** | **Life Sciences Tools & Services – 0.7%** | **Life Sciences Tools & Services – 0.7%** |
| Mettler-Toledo International, Inc.\* | 1018 | 1284 |
| Waters Corp.\* | 3685 | 1097 |
|  |  | **2381** |
| **Machinery – 2.0%** | **Machinery – 2.0%** | **Machinery – 2.0%** |
| Caterpillar, Inc. | 4581 | 3246 |
| Illinois Tool Works, Inc. | 6189 | 1611 |
| Otis Worldwide Corp. | 2687 | 207 |
| Parker-Hannifin Corp. | 317 | 284 |
| Pentair PLC | 12482 | 1087 |
|  |  | **6435** |
| **Metals & Mining – 0.5%** | **Metals & Mining – 0.5%** | **Metals & Mining – 0.5%** |
| Newmont Corp. | 13828 | **1497** |
| **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** |
| Consolidated Edison, Inc. | 15493 | **1753** |
| **Office Real Estate Investment Trusts – 0.3%** | **Office Real Estate Investment Trusts – 0.3%** | **Office Real Estate Investment Trusts – 0.3%** |
| Kilroy Realty Corp.<sup>†</sup>  | 34659 | **978** |
| **Oil, Gas & Consumable Fuels – 1.0%** | **Oil, Gas & Consumable Fuels – 1.0%** | **Oil, Gas & Consumable Fuels – 1.0%** |
| Cheniere Energy, Inc. | 6167 | 1750 |
| Exxon Mobil Corp. | 8435 | 1431 |
|  |  | **3181** |
| **Pharmaceuticals – 3.9%** | **Pharmaceuticals – 3.9%** | **Pharmaceuticals – 3.9%** |
| Bristol-Myers Squibb Co. | 32922 | 1997 |
| Eli Lilly & Co. | 2656 | 2443 |
| Johnson & Johnson | 8907 | 2177 |
| Merck & Co., Inc. | 13340 | 1604 |
| Pfizer, Inc. | 107261 | 3012 |
| Zoetis, Inc. | 10702 | 1265 |
|  |  | **12498** |
| **Professional Services – 1.6%** | **Professional Services – 1.6%** | **Professional Services – 1.6%** |
| Automatic Data Processing, Inc. | 8581 | 1744 |
| Broadridge Financial Solutions, Inc. | 5667 | 921 |
| ExlService Holdings, Inc.\* | 20852 | 635 |
| Paychex, Inc. | 2005 | 185 |
| Paycom Software, Inc. | 1078 | 131 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Professional Services – 1.6%continued** | **Professional Services – 1.6%continued** | **Professional Services – 1.6%continued** |
| Paylocity Holding Corp.\* | 5872 | $634 |
| Verisk Analytics, Inc. | 4555 | 864 |
|  |  | **5114** |
| **Real Estate Management & Development – 0.8%** | **Real Estate Management & Development – 0.8%** | **Real Estate Management & Development – 0.8%** |
| CBRE Group, Inc., Class A\* | 9657 | 1308 |
| Jones Lang LaSalle, Inc.\* | 4098 | 1247 |
|  |  | **2555** |
| **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** |
| AvalonBay Communities, Inc. | 5524 | **902** |
| **Retail Real Estate Investment Trusts – 0.1%** | **Retail Real Estate Investment Trusts – 0.1%** | **Retail Real Estate Investment Trusts – 0.1%** |
| Brixmor Property Group, Inc. | 6497 | **187** |
| **Semiconductors & Semiconductor Equipment – 13.7%** | **Semiconductors & Semiconductor Equipment – 13.7%** | **Semiconductors & Semiconductor Equipment – 13.7%** |
| Advanced Micro Devices, Inc.\* | 786 | 160 |
| Applied Materials, Inc. | 12794 | 4373 |
| Broadcom, Inc. | 31227 | 9665 |
| KLA Corp. | 714 | 1051 |
| Lam Research Corp. | 18873 | 4032 |
| Micron Technology, Inc. | 1004 | 339 |
| NVIDIA Corp. | 136612 | 23825 |
| QUALCOMM, Inc. | 6255 | 806 |
|  |  | **44251** |
| **Software – 8.5%** | **Software – 8.5%** | **Software – 8.5%** |
| Adobe, Inc.\* | 7091 | 1724 |
| AppLovin Corp., Class A\* | 2695 | 1073 |
| Autodesk, Inc.\* | 5032 | 1205 |
| Bentley Systems, Inc., Class B | 4279 | 150 |
| Cadence Design Systems, Inc.\* | 3646 | 1013 |
| Dropbox, Inc., Class A\* | 38494 | 874 |
| Intuit, Inc. | 5354 | 2315 |
| Manhattan Associates, Inc.\* | 999 | 133 |
| Microsoft Corp. | 40974 | 15167 |
| Palantir Technologies, Inc., Class A\* | 2179 | 319 |
| PTC, Inc.\* | 6836 | 974 |
| Salesforce, Inc. | 11438 | 2135 |
| Teradata Corp.\* | 8373 | 215 |
|  |  | **27297** |
| **Specialized Real Estate Investment Trusts – 0.5%** | **Specialized Real Estate Investment Trusts – 0.5%** | **Specialized Real Estate Investment Trusts – 0.5%** |
| American Tower Corp. | 7252 | 1251 |
| VICI Properties, Inc. | 18359 | 502 |
|  |  | **1753** |
| **Specialty Retail – 1.8%** | **Specialty Retail – 1.8%** | **Specialty Retail – 1.8%** |
| Best Buy Co., Inc. | 6070 | 390 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **197** EQUITY FUNDS

------

**Schedule of Investments** <br>

**U.S. QUALITY ESG FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  | **COMMON STOCKS - 97.6%continued**  |
| **Specialty Retail – 1.8%continued** | **Specialty Retail – 1.8%continued** | **Specialty Retail – 1.8%continued** |
| Home Depot (The), Inc. | 8690 | $2858 |
| Lowe's Cos., Inc. | 3460 | 817 |
| Ulta Beauty, Inc.\* | 891 | 466 |
| Williams-Sonoma, Inc. | 6889 | 1256 |
|  |  | **5787** |
| **Technology Hardware, Storage & Peripherals – 7.0%** | **Technology Hardware, Storage & Peripherals – 7.0%** | **Technology Hardware, Storage & Peripherals – 7.0%** |
| Apple, Inc. | 82835 | 21023 |
| HP, Inc. | 10126 | 195 |
| NetApp, Inc. | 5181 | 530 |
| Western Digital Corp. | 3190 | 863 |
|  |  | **22611** |
| **Textiles, Apparel & Luxury Goods – 1.0%** | **Textiles, Apparel & Luxury Goods – 1.0%** | **Textiles, Apparel & Luxury Goods – 1.0%** |
| Crocs, Inc.\* | 9833 | 817 |
| Deckers Outdoor Corp.\* | 9273 | 928 |
| Tapestry, Inc. | 11227 | 1584 |
|  |  | **3329** |
| **Trading Companies & Distributors – 0.8%** | **Trading Companies & Distributors – 0.8%** | **Trading Companies & Distributors – 0.8%** |
| Fastenal Co. | 31855 | 1478 |
| W.W. Grainger, Inc. | 1155 | 1260 |
|  |  | **2738** |
| **Wireless Telecommunication Services – 0.6%** | **Wireless Telecommunication Services – 0.6%** | **Wireless Telecommunication Services – 0.6%** |
| Millicom International Cellular S.A. | 24367 | **1826** |
| **Total Common Stocks** |  |  |
| **(Cost $192,750)** |  | **314330** |
| **INVESTMENT COMPANIES – 2.6%**  | **INVESTMENT COMPANIES – 2.6%**  | **INVESTMENT COMPANIES – 2.6%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(1) (2) (3)</sup> <br>| 1800611 | 1801 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(1) (2)</sup> <br>| 6766398 | 6766 |
| **Total Investment Companies** |  |  |
| **(Cost $8,567)** |  | **8567** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.2%**  | **SHORT-TERM INVESTMENTS – 0.2%**  | **SHORT-TERM INVESTMENTS – 0.2%**  |
| U.S. Treasury Bill, |  |  |
| 3.59%, 5/7/26<sup>(4) (5)</sup>  | $570 | **$568** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $568)** | **(Cost $568)** | **568** |
| **Total Investments – 100.4%** | **Total Investments – 100.4%** |  |
| **(Cost $201,885)** | **(Cost $201,885)** | **323465** |
| Liabilities less Other Assets – (0.4%) | Liabilities less Other Assets – (0.4%) | (1334)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$322131** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup>  | *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>(2)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(3)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>(4)</sup>  | *Discount rate at the time of purchase.* |
| <sup>(5)</sup>  | *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 23 | $7556 | Long | 6/26 | $(168)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **198** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup>  | &nbsp;&nbsp; $314330 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $314330 |
| Investment Companies | &nbsp;&nbsp; 8567 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8567 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 568 | &nbsp;&nbsp; — | &nbsp;&nbsp; 568 |
| Total Investments | &nbsp;&nbsp; $322897 | &nbsp;&nbsp; $568 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $323465 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(168)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(168)<br>|

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $10478 | $8677 | $1801 | 1800611 | $1 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 5176 | 43466 | 41876 | 6766 | 6766398 | 193 |
| Total | $5176 | $53944 | $50553 | $8567 | 8567009 | $194 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **199** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup> | **COMMON STOCKS – 97.8%** <sup>(1)</sup> | **COMMON STOCKS – 97.8%** <sup>(1)</sup> |
| **Australia – 1.2%** | **Australia – 1.2%** | **Australia – 1.2%** |
| ANZ Group Holdings Ltd. | 138756 | $3488 |
| APA Group | 62258 | 428 |
| Aristocrat Leisure Ltd. | 25304 | 804 |
| ASX Ltd. | 9430 | 342 |
| Brambles Ltd. | 62237 | 973 |
| CAR Group Ltd. | 16832 | 272 |
| Cochlear Ltd. | 2893 | 340 |
| Coles Group Ltd. | 61787 | 938 |
| Computershare Ltd. | 24226 | 478 |
| CSL Ltd. | 22549 | 2215 |
| Evolution Mining Ltd. | 93800 | 850 |
| Fortescue Ltd. | 78564 | 1110 |
| Goodman Group | 95669 | 1703 |
| Lynas Rare Earths Ltd.\* | 41663 | 566 |
| Macquarie Group Ltd. | 16869 | 2393 |
| Northern Star Resources Ltd. | 62161 | 908 |
| QBE Insurance Group Ltd. | 68625 | 1008 |
| REA Group Ltd. | 2606 | 289 |
| South32 Ltd. | 202600 | 609 |
| Suncorp Group Ltd. | 48481 | 541 |
| Transurban Group | 143895 | 1399 |
| WiseTech Global Ltd. | 9245 | 252 |
| Woodside Energy Group Ltd. | 87158 | 2079 |
|  |  | **23985** |
| **Austria – 0.0%** | **Austria – 0.0%** | **Austria – 0.0%** |
| OMV A.G. | 6883 | 500 |
| Verbund A.G. | 3266 | 249 |
|  |  | **749** |
| **Belgium – 0.1%** | **Belgium – 0.1%** | **Belgium – 0.1%** |
| Ageas S.A./N.V. | 6749 | 494 |
| Elia Group S.A./N.V. | 2224 | 341 |
| KBC Group N.V. | 10410 | 1273 |
| Lotus Bakeries N.V. | 20 | 227 |
| Syensqo S.A. | 3500 | 202 |
|  |  | **2537** |
| **Brazil – 0.4%** | **Brazil – 0.4%** | **Brazil – 0.4%** |
| MercadoLibre, Inc.\* | 2103 | 3636 |
| Wheaton Precious Metals Corp. | 20856 | 2738 |
| Yara International ASA | 8185 | 476 |
|  |  | **6850** |
| **Canada – 3.3%** | **Canada – 3.3%** | **Canada – 3.3%** |
| Agnico Eagle Mines Ltd. | 23360 | 4742 |
| Bank of Montreal | 32819 | 4445 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Canada – 3.3%continued** | **Canada – 3.3%continued** | **Canada – 3.3%continued** |
| Bank of Nova Scotia (The) | 56678 | $3931 |
| Brookfield Corp. | 94976 | 3849 |
| CAE, Inc.\* | 14187 | 369 |
| Cameco Corp. | 19987 | 2174 |
| Canadian National Railway Co. | 24526 | 2524 |
| Canadian Tire Corp. Ltd., Class A | 2544 | 342 |
| CGI, Inc. | 9421 | 689 |
| Dollarama, Inc. | 12505 | 1535 |
| Element Fleet Management Corp. | 18338 | 398 |
| Enbridge, Inc. | 100983 | 5474 |
| FirstService Corp. | 1927 | 268 |
| Fortis, Inc. | 23157 | 1292 |
| George Weston Ltd. | 7719 | 545 |
| Hydro One Ltd. | 15248 | 630 |
| Imperial Oil Ltd. | 8136 | 1066 |
| Intact Financial Corp. | 8208 | 1487 |
| Keyera Corp. | 10222 | 395 |
| Kinross Gold Corp. | 55040 | 1683 |
| Loblaw Cos. Ltd. | 27423 | 1250 |
| Metro, Inc. | 9239 | 632 |
| National Bank of Canada | 17995 | 2329 |
| Nutrien Ltd. | 22306 | 1684 |
| Open Text Corp. | 10970 | 244 |
| Pembina Pipeline Corp. | 27257 | 1220 |
| RB Global, Inc. | 8434 | 809 |
| Rogers Communications, Inc., Class B | 16550 | 636 |
| Shopify, Inc., Class A\* | 56242 | 6673 |
| Sun Life Financial, Inc. | 25478 | 1596 |
| TELUS Corp. | 18800 | 242 |
| TELUS Corp. (TSX) | 3799 | 49 |
| Thomson Reuters Corp. | 7132 | 644 |
| Toronto-Dominion Bank (The) | 78168 | 7300 |
| WSP Global, Inc. | 6080 | 946 |
|  |  | **64092** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| Antofagasta PLC | 18191 | 809 |
| Lundin Mining Corp. | 31196 | 778 |
|  |  | **1587** |
| **China – 0.1%** | **China – 0.1%** | **China – 0.1%** |
| Prosus N.V.\* | 60913 | **2784** |
| **Congo, The Democ. Rep. of – 0.0%** | **Congo, The Democ. Rep. of – 0.0%** | **Congo, The Democ. Rep. of – 0.0%** |
| Ivanhoe Mines Ltd., Class A\* | 36938 | **316** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **200** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Denmark – 0.7%** | **Denmark – 0.7%** | **Denmark – 0.7%** |
| Coloplast A/S, Class B | 5780 | $394 |
| DSV A/S | 9393 | 2244 |
| Genmab A/S\* | 2824 | 756 |
| Novo Nordisk A/S, Class B | 147977 | 5453 |
| Novonesis (Novozymes) B | 16148 | 955 |
| Orsted A.S.<sup>(2) \*</sup>  | 23487 | 575 |
| Pandora A/S | 3745 | 263 |
| ROCKWOOL A/S, Class B | 5304 | 148 |
| Tryg A/S | 16952 | 406 |
| Vestas Wind Systems A/S | 45852 | 1373 |
|  |  | **12567** |
| **Finland – 0.4%** | **Finland – 0.4%** | **Finland – 0.4%** |
| Elisa OYJ | 6431 | 312 |
| Kesko OYJ, Class B | 12014 | 266 |
| Kone OYJ, Class B | 15423 | 983 |
| Metso OYJ | 31672 | 548 |
| Neste OYJ | 19425 | 627 |
| Nokia OYJ | 240566 | 1917 |
| Sampo OYJ, Class A | 109039 | 1169 |
| Stora Enso OYJ (Registered) | 26687 | 314 |
| UPM-Kymmene OYJ | 23970 | 746 |
|  |  | **6882** |
| **France – 2.8%** | **France – 2.8%** | **France – 2.8%** |
| Aeroports de Paris S.A.<sup>†</sup>  | 1504 | 183 |
| Air Liquide S.A. | 27011 | 5564 |
| AXA S.A. | 77127 | 3536 |
| BNP Paribas S.A. | 46513 | 4431 |
| Bouygues S.A. | 8711 | 503 |
| Bureau Veritas S.A. | 15362 | 461 |
| Carrefour S.A. | 27239 | 502 |
| &nbsp;&nbsp; Cie Generale des Etablissements <br> Michelin S.C.A.<br>| 30418 | 1036 |
| Covivio S.A./France | 3139 | 188 |
| Credit Agricole S.A. | 47481 | 891 |
| Danone S.A. | 29700 | 2385 |
| Dassault Systemes S.E. | 30515 | 621 |
| Eiffage S.A. | 3190 | 490 |
| EssilorLuxottica S.A. | 13987 | 3255 |
| Gecina S.A. | 2410 | 191 |
| Getlink S.E. | 14606 | 315 |
| Hermes International S.C.A. | 1477 | 2821 |
| Kering S.A. | 3399 | 1028 |
| Legrand S.A. | 12025 | 1858 |
| L'Oreal S.A. | 11028 | 4522 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **France – 2.8%continued** | **France – 2.8%continued** | **France – 2.8%continued** |
| LVMH Moet Hennessy Louis Vuitton S.E. | 11442 | $6360 |
| Publicis Groupe S.A. | 10751 | 889 |
| Rexel S.A. | 10940 | 428 |
| Societe Generale S.A. | 32116 | 2345 |
| TotalEnergies S.E. | 91883 | 8484 |
|  |  | **53287** |
| **Germany – 1.0%** | **Germany – 1.0%** | **Germany – 1.0%** |
| adidas A.G. | 7759 | 1223 |
| Beiersdorf A.G. | 4341 | 384 |
| Commerzbank A.G. | 33756 | 1212 |
| Deutsche Boerse A.G. | 8714 | 2534 |
| Deutsche Lufthansa A.G. (Registered) | 27068 | 223 |
| Eurofins Scientific S.E. | 5178 | 379 |
| Evonik Industries A.G. | 11646 | 226 |
| GEA Group A.G. | 6794 | 480 |
| Heidelberg Materials A.G. | 6153 | 1267 |
| Henkel A.G. & Co. KGaA | 4762 | 341 |
| Infineon Technologies A.G. | 60102 | 2641 |
| Knorr-Bremse A.G. | 3360 | 375 |
| LEG Immobilien S.E. | 3491 | 227 |
| Merck KGaA | 6188 | 769 |
| MTU Aero Engines A.G. | 2479 | 888 |
| &nbsp;&nbsp; Muenchener <br> Rueckversicherungs-Gesellschaft <br> A.G. in Muenchen (Registered)<br>| 6070 | 3781 |
| Scout24 S.E. | 3501 | 268 |
| Symrise A.G. | 6028 | 510 |
| Vonovia S.E. | 34970 | 871 |
| Zalando S.E.\* | 9628 | 230 |
|  |  | **18829** |
| **Hong Kong – 0.6%** | **Hong Kong – 0.6%** | **Hong Kong – 0.6%** |
| AIA Group Ltd. | 484600 | 5444 |
| CK Infrastructure Holdings Ltd. | 29500 | 235 |
| HKT Trust & HKT Ltd. | 181000 | 282 |
| Hong Kong & China Gas Co. Ltd. | 513463 | 471 |
| Hong Kong Exchanges & Clearing Ltd. | 55200 | 2798 |
| MTR Corp. Ltd. | 74126 | 304 |
| Prudential PLC | 116632 | 1627 |
| Sino Land Co. Ltd. | 172380 | 257 |
| Swire Pacific Ltd., Class A<sup>†</sup>  | 17500 | 192 |
| WH Group Ltd.<sup>(2)</sup>  | 398000 | 524 |
|  |  | **12134** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **201** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| AerCap Holdings N.V. | 7891 | $1082 |
| Kerry Group PLC, Class A | 7330 | 581 |
| Kingspan Group PLC | 6824 | 576 |
|  |  | **2239** |
| **Israel – 0.0%** | **Israel – 0.0%** | **Israel – 0.0%** |
| Nice Ltd.\* | 2787 | **307** |
| **Italy – 0.7%** | **Italy – 0.7%** | **Italy – 0.7%** |
| Coca-Cola HBC A.G. - CDI\* | 10391 | 589 |
| Enel S.p.A. | 378856 | 4125 |
| FinecoBank Banca Fineco S.p.A. | 27622 | 613 |
| Generali | 39088 | 1576 |
| Intesa Sanpaolo S.p.A. | 641108 | 3897 |
| Moncler S.p.A. | 10900 | 657 |
| Poste Italiane S.p.A. | 22561 | 531 |
| Prysmian S.p.A. | 12940 | 1513 |
|  |  | **13501** |
| **Japan – 6.2%** | **Japan – 6.2%** | **Japan – 6.2%** |
| Aeon Co. Ltd. | 102800 | 1227 |
| Ajinomoto Co., Inc. | 41400 | 1161 |
| ANA Holdings, Inc. | 6800 | 121 |
| Asahi Kasei Corp. | 59300 | 574 |
| Asics Corp. | 31800 | 846 |
| Astellas Pharma, Inc. | 83400 | 1362 |
| Bandai Namco Holdings, Inc. | 27100 | 669 |
| Bridgestone Corp. | 52600 | 1092 |
| Capcom Co. Ltd. | 15300 | 324 |
| Dai Nippon Printing Co. Ltd. | 18100 | 329 |
| Daifuku Co. Ltd. | 14800 | 517 |
| Daiichi Life Group, Inc. | 160700 | 1468 |
| Daiichi Sankyo Co. Ltd. | 84100 | 1483 |
| Daikin Industries Ltd. | 12400 | 1504 |
| Daiwa House Industry Co. Ltd. | 28700 | 897 |
| Daiwa Securities Group, Inc. | 60800 | 572 |
| Denso Corp. | 81200 | 1008 |
| Disco Corp. | 4200 | 1683 |
| East Japan Railway Co. | 44200 | 1009 |
| Ebara Corp. | 21200 | 597 |
| Eisai Co. Ltd. | 12605 | 392 |
| ENEOS Holdings, Inc. | 128400 | 1146 |
| FANUC Corp. | 43100 | 1501 |
| Fast Retailing Co. Ltd. | 8800 | 3503 |
| Fuji Electric Co. Ltd. | 6400 | 448 |
| FUJIFILM Holdings Corp. | 53100 | 1009 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Japan – 6.2%continued** | **Japan – 6.2%continued** | **Japan – 6.2%continued** |
| Fujitsu Ltd. | 81500 | $1656 |
| Hankyu Hanshin Holdings, Inc. | 10600 | 306 |
| Hitachi Ltd. | 212400 | 6208 |
| Hoya Corp. | 15600 | 2691 |
| Ibiden Co. Ltd. | 11000 | 539 |
| Isuzu Motors Ltd. | 24700 | 355 |
| ITOCHU Corp. | 278100 | 3535 |
| JFE Holdings, Inc. | 26100 | 304 |
| Kao Corp. | 20600 | 805 |
| KDDI Corp. | 135000 | 2312 |
| Kikkoman Corp. | 31300 | 285 |
| Komatsu Ltd. | 43700 | 1715 |
| Konami Group Corp. | 4600 | 572 |
| Kubota Corp. | 46300 | 731 |
| LY Corp. | 120700 | 293 |
| Marubeni Corp. | 66300 | 2438 |
| MatsukiyoCocokara & Co. | 15800 | 253 |
| Mitsubishi Chemical Group Corp. | 56800 | 329 |
| Mitsubishi Estate Co. Ltd. | 48300 | 1337 |
| Mitsui Fudosan Co. Ltd. | 120400 | 1274 |
| Mitsui OSK Lines Ltd. | 15800 | 654 |
| Mizuho Financial Group, Inc. | 115600 | 4614 |
| MonotaRO Co. Ltd. | 12800 | 138 |
| &nbsp;&nbsp; MS&AD Insurance Group Holdings, <br> Inc.<br>| 60600 | 1586 |
| NEC Corp. | 58800 | 1465 |
| Nexon Co. Ltd. | 16800 | 317 |
| Nippon Paint Holdings Co. Ltd. | 42000 | 262 |
| Nippon Steel Corp. | 223300 | 820 |
| Nippon Yusen K.K. | 18900 | 694 |
| Nitori Holdings Co. Ltd. | 18400 | 292 |
| Nitto Denko Corp. | 31300 | 626 |
| Nomura Holdings, Inc. | 139900 | 1107 |
| Nomura Research Institute Ltd. | 17076 | 473 |
| Obayashi Corp. | 29700 | 715 |
| Oriental Land Co. Ltd. | 49000 | 834 |
| ORIX Corp. | 53600 | 1606 |
| Osaka Gas Co. Ltd. | 16000 | 649 |
| Pan Pacific International Holdings Corp. | 89800 | 551 |
| Panasonic Holdings Corp. | 106400 | 1767 |
| Rakuten Group, Inc.\* | 66100 | 308 |
| Recruit Holdings Co. Ltd. | 65000 | 2812 |
| Renesas Electronics Corp. | 83500 | 1186 |
| Ryohin Keikaku Co. Ltd. | 23300 | 496 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **202** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Japan – 6.2%continued** | **Japan – 6.2%continued** | **Japan – 6.2%continued** |
| Sanrio Co. Ltd. | 41500 | $256 |
| Secom Co. Ltd. | 18000 | 691 |
| Seibu Holdings, Inc. | 9600 | 268 |
| Sekisui Chemical Co. Ltd. | 17800 | 297 |
| Sekisui House Ltd. | 26900 | 601 |
| Shimadzu Corp. | 11100 | 263 |
| Shimano, Inc. | 3400 | 356 |
| Shimizu Corp. | 22700 | 409 |
| Shin-Etsu Chemical Co. Ltd. | 77700 | 3161 |
| Shiseido Co. Ltd. | 17900 | 367 |
| SoftBank Corp. | 1327900 | 1772 |
| SoftBank Group Corp. | 170900 | 4107 |
| Sompo Holdings, Inc. | 40700 | 1590 |
| Sony Group Corp. | 285300 | 5885 |
| Subaru Corp. | 26400 | 422 |
| Sumitomo Metal Mining Co. Ltd. | 11600 | 673 |
| Sumitomo Mitsui Financial Group, Inc. | 170500 | 5620 |
| Sumitomo Mitsui Trust Group, Inc. | 29500 | 939 |
| Suntory Beverage & Food Ltd. | 5800 | 164 |
| Sysmex Corp. | 22626 | 197 |
| T&D Holdings, Inc. | 21000 | 534 |
| TDK Corp. | 88500 | 1147 |
| TIS, Inc. | 9800 | 211 |
| Toho Co. Ltd. | 25500 | 269 |
| Tokio Marine Holdings, Inc. | 84400 | 3941 |
| Tokyo Electron Ltd. | 20600 | 5038 |
| Tokyo Gas Co. Ltd. | 14400 | 680 |
| Tokyu Corp. | 22600 | 267 |
| Toray Industries, Inc. | 62000 | 437 |
| Unicharm Corp. | 49900 | 291 |
| West Japan Railway Co. | 18200 | 361 |
| Yamaha Motor Co. Ltd. | 40400 | 288 |
| Yokogawa Electric Corp. | 10100 | 313 |
| Yokohama Financial Group, Inc. | 49000 | 436 |
| ZOZO, Inc. | 22800 | 159 |
|  |  | **120762** |
| **Netherlands – 1.9%** | **Netherlands – 1.9%** | **Netherlands – 1.9%** |
| Akzo Nobel N.V. | 8226 | 472 |
| ASML Holding N.V. | 17936 | 23741 |
| ASR Nederland N.V. | 7003 | 482 |
| ING Groep N.V. | 134616 | 3517 |
| Koninklijke Ahold Delhaize N.V. | 40721 | 1901 |
| Koninklijke KPN N.V. | 177901 | 990 |
| NN Group N.V. | 11850 | 927 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Netherlands – 1.9%continued** | **Netherlands – 1.9%continued** | **Netherlands – 1.9%continued** |
| NXP Semiconductors N.V. | 11488 | $2262 |
| Randstad N.V. | 4696 | 123 |
| Universal Music Group N.V. | 49801 | 966 |
| Wolters Kluwer N.V. | 10550 | 789 |
|  |  | **36170** |
| **New Zealand – 0.1%** | **New Zealand – 0.1%** | **New Zealand – 0.1%** |
| Auckland International Airport Ltd. | 81545 | 374 |
| Contact Energy Ltd. | 37751 | 201 |
| Meridian Energy Ltd. | 60296 | 193 |
| Xero Ltd.\* | 8613 | 461 |
|  |  | **1229** |
| **Norway – 0.3%** | **Norway – 0.3%** | **Norway – 0.3%** |
| Aker BP ASA | 14556 | 534 |
| DNB Bank ASA | 40273 | 1256 |
| Equinor ASA | 35124 | 1487 |
| Gjensidige Forsikring ASA | 10577 | 276 |
| Mowi ASA | 21558 | 490 |
| Norsk Hydro ASA | 61441 | 651 |
| Orkla ASA | 31952 | 402 |
| Telenor ASA | 30105 | 530 |
|  |  | **5626** |
| **Poland – 0.0%** | **Poland – 0.0%** | **Poland – 0.0%** |
| InPost S.A.\* | 11374 | **200** |
| **Portugal – 0.1%** | **Portugal – 0.1%** | **Portugal – 0.1%** |
| &nbsp;&nbsp; Banco Espirito Santo S.A. <br> (Registered)<sup>(3) \*</sup> <br>| 29034 |  |
| EDP S.A. | 144130 | 763 |
| Galp Energia SGPS S.A. | 20076 | 488 |
| Jeronimo Martins SGPS S.A. | 13504 | 324 |
|  |  | **1575** |
| **Singapore – 0.3%** | **Singapore – 0.3%** | **Singapore – 0.3%** |
| CapitaLand Ascendas REIT | 182900 | 353 |
| CapitaLand Investment Ltd.<sup>†</sup>  | 105058 | 224 |
| Grab Holdings Ltd., Class A\* | 109397 | 400 |
| Keppel Ltd. | 65500 | 608 |
| Sembcorp Industries Ltd. | 44000 | 229 |
| Singapore Exchange Ltd. | 40400 | 620 |
| STMicroelectronics N.V. | 31090 | 1067 |
| United Overseas Bank Ltd. | 57300 | 1648 |
|  |  | **5149** |
| **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** |
| Anglo American PLC | 51374 | **2183** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **203** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Spain – 0.7%** | **Spain – 0.7%** | **Spain – 0.7%** |
| &nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 8169 | $1011 |
| Aena SME S.A.<sup>(2)</sup>  | 34328 | 1022 |
| Amadeus IT Group S.A. | 20805 | 1183 |
| Banco de Sabadell S.A. | 231968 | 834 |
| Cellnex Telecom S.A.\* | 22241 | 722 |
| Endesa S.A. | 14396 | 607 |
| Iberdrola S.A. | 298381 | 6850 |
| Redeia Corp. S.A. | 19514 | 330 |
| Repsol S.A. | 51186 | 1438 |
|  |  | **13997** |
| **Sweden – 0.9%** | **Sweden – 0.9%** | **Sweden – 0.9%** |
| AddTech AB, Class B | 12490 | 424 |
| Alfa Laval AB | 13264 | 724 |
| Assa Abloy AB, Class B | 46444 | 1665 |
| Atlas Copco AB, Class A | 123030 | 2164 |
| Atlas Copco AB, Class B | 72654 | 1129 |
| Boliden AB\* | 13676 | 726 |
| Epiroc AB, Class A | 29516 | 725 |
| Epiroc AB, Class B | 19836 | 426 |
| EQT AB | 22683 | 696 |
| Essity AB, Class B | 28812 | 743 |
| Evolution AB | 5798 | 362 |
| H&M Hennes & Mauritz AB, Class B | 22890 | 427 |
| Holmen AB, Class B | 3548 | 127 |
| Indutrade AB | 11722 | 271 |
| Nibe Industrier AB, Class B | 65208 | 272 |
| Sandvik AB | 50183 | 1918 |
| Skanska AB, Class B | 15907 | 429 |
| SKF AB, Class B | 15145 | 362 |
| Svenska Cellulosa AB S.C.A., Class B | 26069 | 302 |
| Svenska Handelsbanken AB, Class A | 68779 | 898 |
| Tele2 AB, Class B | 24663 | 507 |
| Telia Co. AB | 106460 | 544 |
| Volvo AB, Class B | 72930 | 2379 |
|  |  | **18220** |
| **Switzerland – 1.3%** | **Switzerland – 1.3%** | **Switzerland – 1.3%** |
| ABB Ltd. (Registered) | 72612 | 5906 |
| &nbsp;&nbsp; Banque Cantonale Vaudoise <br> (Registered)<br>| 1521 | 246 |
| &nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Participation Certificate)<br>| 42 | 590 |
| &nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Registered)<br>| 5 | 711 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **Switzerland – 1.3%continued** | **Switzerland – 1.3%continued** | **Switzerland – 1.3%continued** |
| DSM-Firmenich A.G. | 8224 | $587 |
| Geberit A.G. (Registered) | 1559 | 1055 |
| Givaudan S.A. (Registered) | 429 | 1451 |
| Julius Baer Group Ltd. | 9815 | 723 |
| &nbsp;&nbsp; Kuehne + Nagel International A.G. <br> (Registered)<br>| 2237 | 511 |
| Logitech International S.A. (Registered) | 7240 | 662 |
| Lonza Group A.G. (Registered) | 3250 | 2079 |
| SGS S.A. (Registered)<sup>†</sup>  | 7552 | 799 |
| Sika A.G. (Registered) | 6932 | 1153 |
| Sonova Holding A.G. (Registered) | 2403 | 545 |
| Swiss Life Holding A.G. (Registered) | 1327 | 1455 |
| Swiss Prime Site A.G. (Registered) | 3709 | 628 |
| Swisscom A.G. (Registered) | 1180 | 985 |
| VAT Group A.G. | 1223 | 755 |
| Zurich Insurance Group A.G. | 6818 | 4861 |
|  |  | **25702** |
| **United Kingdom – 3.3%** | **United Kingdom – 3.3%** | **United Kingdom – 3.3%** |
| 3i Group PLC | 45040 | 1476 |
| Admiral Group PLC | 11519 | 486 |
| Associated British Foods PLC | 14968 | 375 |
| AstraZeneca PLC | 71755 | 14015 |
| Autotrader Group PLC | 36207 | 226 |
| Aviva PLC | 138660 | 1105 |
| Barratt Redrow PLC | 63219 | 221 |
| BT Group PLC | 271628 | 761 |
| Bunzl PLC | 14336 | 430 |
| Coca-Cola Europacific Partners PLC | 9798 | 888 |
| HSBC Holdings PLC | 795033 | 13009 |
| Informa PLC | 57894 | 577 |
| Intertek Group PLC | 7391 | 360 |
| J Sainsbury PLC | 81663 | 367 |
| Kingfisher PLC | 82304 | 313 |
| Land Securities Group PLC | 34434 | 256 |
| Legal & General Group PLC | 256442 | 845 |
| Lloyds Banking Group PLC | 2734193 | 3379 |
| M&G PLC | 99069 | 360 |
| Melrose Industries PLC | 60635 | 408 |
| National Grid PLC | 227694 | 3839 |
| Pearson PLC | 26863 | 353 |
| Reckitt Benckiser Group PLC | 29467 | 2000 |
| RELX PLC | 84321 | 2780 |
| Rentokil Initial PLC | 114562 | 712 |
| Sage Group (The) PLC | 43361 | 484 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **204** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 3.3%continued** | **United Kingdom – 3.3%continued** | **United Kingdom – 3.3%continued** |
| Schroders PLC | 31979 | $244 |
| Segro PLC | 62328 | 542 |
| Smiths Group PLC | 14034 | 427 |
| Spirax Group PLC | 3458 | 309 |
| SSE PLC | 55604 | 1920 |
| Standard Life PLC | 31572 | 286 |
| Tesco PLC | 298315 | 1881 |
| Unilever PLC | 101174 | 5673 |
| Vodafone Group PLC | 868145 | 1316 |
| Whitbread PLC | 7943 | 241 |
|  |  | **62864** |
| **United States – 71.1%** | **United States – 71.1%** | **United States – 71.1%** |
| 3M Co. | 24470 | 3554 |
| Accenture PLC, Class A | 28509 | 5653 |
| Adobe, Inc.\* | 19273 | 4685 |
| Advanced Micro Devices, Inc.\* | 75221 | 15302 |
| Aflac, Inc. | 22826 | 2504 |
| Agilent Technologies, Inc. | 13162 | 1500 |
| Alcon A.G. | 22925 | 1720 |
| Allegion PLC | 4068 | 591 |
| Allstate (The) Corp. | 12026 | 2493 |
| Alnylam Pharmaceuticals, Inc.\* | 6115 | 2023 |
| Alphabet, Inc., Class A | 268868 | 77316 |
| Alphabet, Inc., Class C | 224699 | 64457 |
| American Express Co. | 25554 | 7730 |
| American Tower Corp. | 21457 | 3703 |
| American Water Works Co., Inc. | 8821 | 1200 |
| Ameriprise Financial, Inc. | 4275 | 1900 |
| Amgen, Inc. | 24906 | 8763 |
| Analog Devices, Inc. | 22655 | 7207 |
| Annaly Capital Management, Inc. | 32194 | 681 |
| AP Moller - Maersk A/S, Class A<sup>†</sup>  | 127 | 308 |
| AP Moller - Maersk A/S, Class B<sup>†</sup>  | 187 | 463 |
| Applied Materials, Inc. | 36650 | 12527 |
| Aptiv PLC\* | 9836 | 683 |
| Arch Capital Group Ltd.\* | 17057 | 1637 |
| Atlassian Corp., Class A\* | 7499 | 512 |
| Atmos Energy Corp. | 7529 | 1391 |
| Autodesk, Inc.\* | 9902 | 2371 |
| Automatic Data Processing, Inc. | 18881 | 3836 |
| AutoZone, Inc.\* | 759 | 2564 |
| Avery Dennison Corp. | 3659 | 632 |
| Axon Enterprise, Inc.\* | 3472 | 1475 |
| Baker Hughes Co. | 45672 | 2788 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **United States – 71.1%continued** | **United States – 71.1%continued** | **United States – 71.1%continued** |
| Ball Corp. | 11892 | $703 |
| Bank of New York Mellon (The) Corp. | 32021 | 3799 |
| Best Buy Co., Inc. | 8845 | 568 |
| Biogen, Inc.\* | 6602 | 1210 |
| Blackrock, Inc. | 6825 | 6564 |
| Booking Holdings, Inc. | 1492 | 6282 |
| Bristol-Myers Squibb Co. | 93490 | 5670 |
| Broadridge Financial Solutions, Inc. | 5411 | 879 |
| Bunge Global S.A. | 6477 | 824 |
| Burlington Stores, Inc.\* | 2888 | 940 |
| C.H. Robinson Worldwide, Inc. | 5393 | 896 |
| Cadence Design Systems, Inc.\* | 12553 | 3488 |
| Capital One Financial Corp. | 29545 | 5390 |
| Carrier Global Corp. | 35287 | 1987 |
| Caterpillar, Inc. | 21636 | 15328 |
| Cboe Global Markets, Inc. | 4863 | 1367 |
| CBRE Group, Inc., Class A\* | 13744 | 1862 |
| Cencora, Inc. | 8507 | 2672 |
| Charles Schwab (The) Corp. | 78104 | 7340 |
| Charter Communications, Inc., Class A\* | 4034 | 871 |
| Cheniere Energy, Inc. | 10057 | 2854 |
| Church & Dwight Co., Inc. | 10893 | 1017 |
| Cigna Group (The) | 12319 | 3286 |
| Cintas Corp. | 16607 | 2809 |
| Citizens Financial Group, Inc. | 19628 | 1177 |
| Clorox (The) Co. | 5481 | 568 |
| CMS Energy Corp. | 14325 | 1111 |
| CNH Industrial N.V. | 39957 | 440 |
| Coca-Cola (The) Co. | 188782 | 14357 |
| Colgate-Palmolive Co. | 35124 | 2994 |
| Comcast Corp., Class A | 167040 | 4796 |
| Consolidated Edison, Inc. | 16673 | 1887 |
| Cooper (The) Cos., Inc.\* | 9227 | 660 |
| CRH PLC | 30827 | 3241 |
| Crown Castle, Inc. | 20213 | 1644 |
| CSX Corp. | 85446 | 3508 |
| Cummins, Inc. | 6402 | 3444 |
| D.R. Horton, Inc. | 12175 | 1671 |
| Danaher Corp. | 29240 | 5544 |
| Darden Restaurants, Inc. | 5430 | 1064 |
| Deckers Outdoor Corp.\* | 6730 | 674 |
| Deere & Co. | 11884 | 6694 |
| Delta Air Lines, Inc. | 7685 | 511 |
| Dexcom, Inc.\* | 17775 | 1116 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **205** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **United States – 71.1%continued** | **United States – 71.1%continued** | **United States – 71.1%continued** |
| Dick's Sporting Goods, Inc. | 2995 | $594 |
| Digital Realty Trust, Inc. | 15765 | 2841 |
| Dollar General Corp. | 9971 | 1184 |
| Dover Corp. | 6298 | 1313 |
| Eaton Corp. PLC | 17973 | 6428 |
| eBay, Inc. | 20844 | 1897 |
| Ecolab, Inc. | 11813 | 3142 |
| Edison International | 17562 | 1285 |
| Edwards Lifesciences Corp.\* | 26487 | 2121 |
| Electronic Arts, Inc. | 10996 | 2242 |
| Elevance Health, Inc. | 10215 | 2990 |
| Eli Lilly & Co. | 37118 | 34140 |
| EMCOR Group, Inc. | 2065 | 1525 |
| Equinix, Inc. | 4507 | 4418 |
| Equitable Holdings, Inc. | 13332 | 495 |
| Estee Lauder (The) Cos., Inc., Class A | 11344 | 814 |
| Eversource Energy | 17459 | 1210 |
| Exelon Corp. | 46774 | 2293 |
| &nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 6151 | 881 |
| Fair Isaac Corp.\* | 1085 | 1158 |
| Ferguson Enterprises, Inc. | 8910 | 2078 |
| Ferrovial S.E. | 24379 | 1585 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 23649 | 1109 |
| First Solar, Inc.\* | 4632 | 914 |
| Fiserv, Inc.\* | 24685 | 1377 |
| Fortive Corp. | 15780 | 872 |
| Fox Corp., Class A | 9488 | 554 |
| Fox Corp., Class B | 6954 | 369 |
| Garmin Ltd. | 7577 | 1758 |
| Gartner, Inc.\* | 3434 | 544 |
| General Electric Co. | 48722 | 13826 |
| General Mills, Inc. | 24178 | 900 |
| Genuine Parts Co. | 6233 | 659 |
| Gilead Sciences, Inc. | 57321 | 7989 |
| Graco, Inc. | 7815 | 662 |
| Halliburton Co. | 38841 | 1514 |
| Hartford Insurance Group (The), Inc. | 12845 | 1737 |
| HCA Healthcare, Inc. | 7363 | 3484 |
| Healthpeak Properties, Inc. | 33967 | 558 |
| Hewlett Packard Enterprise Co. | 61593 | 1467 |
| Hilton Worldwide Holdings, Inc. | 10818 | 3290 |
| Hologic, Inc.\* | 10535 | 796 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **United States – 71.1%continued** | **United States – 71.1%continued** | **United States – 71.1%continued** |
| Home Depot (The), Inc. | 46035 | $15140 |
| Hormel Foods Corp. | 13333 | 302 |
| HP, Inc. | 42953 | 825 |
| Hubbell, Inc. | 2475 | 1215 |
| HubSpot, Inc.\* | 2275 | 555 |
| Humana, Inc. | 5454 | 946 |
| Huntington Bancshares, Inc. | 94105 | 1473 |
| IDEX Corp. | 3453 | 654 |
| IDEXX Laboratories, Inc.\* | 3718 | 2089 |
| Illinois Tool Works, Inc. | 12821 | 3337 |
| Incyte Corp.\* | 7667 | 722 |
| Ingersoll Rand, Inc. | 18114 | 1451 |
| Insulet Corp.\* | 3218 | 675 |
| Intel Corp.\* | 208852 | 9217 |
| Intercontinental Exchange, Inc. | 26278 | 4133 |
| International Business Machines Corp. | 43223 | 10477 |
| International Flavors & Fragrances, Inc. | 11624 | 843 |
| International Paper Co. | 22729 | 811 |
| Intuit, Inc. | 12874 | 5566 |
| IQVIA Holdings, Inc.\* | 7795 | 1329 |
| Iron Mountain, Inc. | 13381 | 1367 |
| JB Hunt Transport Services, Inc. | 3537 | 749 |
| Johnson & Johnson | 111254 | 27195 |
| Johnson Controls International PLC | 28209 | 3694 |
| Kenvue, Inc. | 87363 | 1506 |
| Keurig Dr. Pepper, Inc. | 58656 | 1544 |
| KeyCorp | 42626 | 855 |
| Keysight Technologies, Inc.\* | 7958 | 2247 |
| Kimberly-Clark Corp. | 15332 | 1479 |
| Kroger (The) Co. | 27858 | 2016 |
| Labcorp Holdings, Inc. | 3766 | 1005 |
| Lam Research Corp. | 58076 | 12408 |
| Lennox International, Inc. | 1509 | 700 |
| Linde PLC | 21582 | 10699 |
| Lowe's Cos., Inc. | 25961 | 6134 |
| LPL Financial Holdings, Inc. | 3673 | 1105 |
| Lululemon Athletica, Inc.\* | 4977 | 762 |
| LyondellBasell Industries N.V., Class A | 11799 | 951 |
| Marathon Petroleum Corp. | 13907 | 3396 |
| Marsh & McLennan Cos., Inc. | 22581 | 3917 |
| Martin Marietta Materials, Inc. | 2837 | 1670 |
| Marvell Technology, Inc. | 39158 | 3879 |
| Mastercard, Inc., Class A | 39136 | 19555 |
| McCormick & Co., Inc. (Non Voting) | 11313 | 571 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **206** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **United States – 71.1%continued** | **United States – 71.1%continued** | **United States – 71.1%continued** |
| McDonald's Corp. | 32892 | $10222 |
| Merck & Co., Inc. | 114690 | 13796 |
| Mettler-Toledo International, Inc.\* | 940 | 1186 |
| Microsoft Corp. | 326188 | 120745 |
| Monster Beverage Corp.\* | 33682 | 2441 |
| Moody's Corp. | 7435 | 3243 |
| Morgan Stanley | 55014 | 9054 |
| Nasdaq, Inc.<sup>(4)</sup>  | 20858 | 1771 |
| NetApp, Inc. | 9342 | 957 |
| Neurocrine Biosciences, Inc.\* | 4575 | 603 |
| Newmont Corp. | 50518 | 5469 |
| NiSource, Inc. | 22312 | 1041 |
| Northern Trust Corp.<sup>(4)</sup>  | 8673 | 1210 |
| Novartis A.G. (Registered) | 87935 | 13351 |
| NRG Energy, Inc. | 9358 | 1368 |
| Nucor Corp. | 10472 | 1771 |
| NVIDIA Corp. | 1122413 | 195749 |
| NVR, Inc.\* | 126 | 830 |
| Oklo, Inc.\* | 5043 | 250 |
| Old Dominion Freight Line, Inc. | 8665 | 1693 |
| Omnicom Group, Inc. | 14528 | 1094 |
| ONEOK, Inc. | 29043 | 2625 |
| O'Reilly Automotive, Inc.\* | 38776 | 3579 |
| Palo Alto Networks, Inc.\* | 37180 | 5961 |
| Paychex, Inc. | 15488 | 1427 |
| PayPal Holdings, Inc. | 41219 | 1864 |
| Pentair PLC | 7769 | 677 |
| PepsiCo, Inc. | 63207 | 9815 |
| Phillips 66 | 18507 | 3372 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.<br>| 18044 | 3755 |
| PPG Industries, Inc. | 10374 | 1109 |
| Principal Financial Group, Inc. | 10418 | 939 |
| Procter & Gamble (The) Co. | 107997 | 15599 |
| Progressive (The) Corp. | 26979 | 5348 |
| Prologis, Inc. | 43024 | 5687 |
| Prudential Financial, Inc. | 16139 | 1577 |
| PTC, Inc.\* | 5456 | 777 |
| PulteGroup, Inc. | 8963 | 1054 |
| QIAGEN N.V. | 9912 | 397 |
| Quanta Services, Inc. | 6852 | 3762 |
| Quest Diagnostics, Inc. | 5045 | 989 |
| Raymond James Financial, Inc. | 8600 | 1245 |
| Regions Financial Corp. | 40766 | 1065 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **United States – 71.1%continued** | **United States – 71.1%continued** | **United States – 71.1%continued** |
| Rivian Automotive, Inc., Class A<sup>\* †</sup>  | 36209 | $545 |
| Rockwell Automation, Inc. | 5227 | 1876 |
| Royalty Pharma PLC, Class A | 18674 | 896 |
| S&P Global, Inc. | 14332 | 6096 |
| Salesforce, Inc. | 43190 | 8062 |
| SBA Communications Corp. | 4785 | 824 |
| Schneider Electric S.E. | 25379 | 6971 |
| Seagate Technology Holdings PLC | 9989 | 3913 |
| Sempra | 30345 | 2949 |
| ServiceNow, Inc.\* | 48162 | 5035 |
| SLB Ltd. | 68601 | 3525 |
| Smurfit WestRock PLC | 23745 | 942 |
| Solventum Corp.\* | 7101 | 464 |
| Spotify Technology S.A.\* | 7225 | 3503 |
| State Street Corp. | 13138 | 1663 |
| Steel Dynamics, Inc. | 6302 | 1134 |
| STERIS PLC | 4430 | 980 |
| Sunbelt Rentals Holdings, Inc. | 19219 | 1227 |
| Swiss Re A.G. | 13738 | 2294 |
| Synchrony Financial | 16574 | 1127 |
| Synopsys, Inc.\* | 8816 | 3495 |
| Sysco Corp. | 21928 | 1564 |
| T. Rowe Price Group, Inc. | 10034 | 904 |
| Take-Two Interactive Software, Inc.\* | 8671 | 1713 |
| Targa Resources Corp. | 9802 | 2458 |
| Target Corp. | 21007 | 2546 |
| Tesla, Inc.\* | 130587 | 48546 |
| Texas Instruments, Inc. | 42007 | 8155 |
| TJX (The) Cos., Inc. | 51425 | 8213 |
| Tractor Supply Co. | 24775 | 1122 |
| Trane Technologies PLC | 10167 | 4237 |
| TransUnion | 9220 | 638 |
| Travelers (The) Cos., Inc. | 10264 | 2994 |
| Trimble, Inc.\* | 10721 | 699 |
| Truist Financial Corp. | 58547 | 2691 |
| Twilio, Inc., Class A\* | 6877 | 865 |
| U.S. Bancorp | 72143 | 3752 |
| Ulta Beauty, Inc.\* | 2054 | 1074 |
| Union Pacific Corp. | 27449 | 6660 |
| United Parcel Service, Inc., Class B | 33953 | 3340 |
| United Rentals, Inc. | 2906 | 2117 |
| Valero Energy Corp. | 14012 | 3462 |
| Veeva Systems, Inc., Class A\* | 7066 | 1241 |
| Veralto Corp. | 11493 | 1016 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **207** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.8%** <sup>(1)</sup>**continued**  |
| **United States – 71.1%continued** | **United States – 71.1%continued** | **United States – 71.1%continued** |
| Verizon Communications, Inc. | 194961 | $9787 |
| Vertex Pharmaceuticals, Inc.\* | 11736 | 5241 |
| Visa, Inc., Class A | 77919 | 23550 |
| W.W. Grainger, Inc. | 2099 | 2290 |
| Walt Disney (The) Co. | 82675 | 7968 |
| Waters Corp.\* | 4459 | 1328 |
| Welltower, Inc. | 31711 | 6270 |
| West Pharmaceutical Services, Inc. | 3236 | 811 |
| Western Digital Corp. | 15787 | 4270 |
| Weyerhaeuser Co. | 33015 | 807 |
| Williams (The) Cos., Inc. | 56398 | 4105 |
| Williams-Sonoma, Inc. | 5575 | 1016 |
| Willis Towers Watson PLC | 4473 | 1300 |
| Workday, Inc., Class A\* | 9862 | 1281 |
| Xylem, Inc. | 11321 | 1353 |
| Yum! Brands, Inc. | 12740 | 1981 |
| Zimmer Biomet Holdings, Inc. | 8994 | 813 |
| Zoetis, Inc. | 20465 | 2419 |
| Zscaler, Inc.\* | 4676 | 656 |
|  |  | **1377294** |
| **Total Common Stocks** |  |  |
| **(Cost $967,345)** |  | **1893617** |
| **CONVERTIBLE PREFERRED STOCKS – 0.0%** <sup>(1)</sup> | **CONVERTIBLE PREFERRED STOCKS – 0.0%** <sup>(1)</sup> | **CONVERTIBLE PREFERRED STOCKS – 0.0%** <sup>(1)</sup> |
| **Germany – 0.0%** | **Germany – 0.0%** | **Germany – 0.0%** |
| Sartorius A.G., 0.35%<sup>(5)</sup>  | 1200 | **293** |
| **Total Convertible Preferred Stocks** |  |  |
| **(Cost $302)** |  | **293** |
| **PREFERRED STOCKS – 0.0%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.0%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.0%** <sup>(1)</sup> |
| **Germany – 0.0%** | **Germany – 0.0%** | **Germany – 0.0%** |
| Henkel A.G. & Co. KGaA, 3.13%<sup>(5)</sup>  | 7254 | **557** |
| **Total Preferred Stocks** |  |  |
| **(Cost $508)** |  | **557** |
| **RIGHTS – 0.0%**  |  |  |
| **Singapore – 0.0%** |  |  |
| CapitaLand Ascendas\* | 5121 | **1** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **United States – 0.0%** |  |  |
| &nbsp;&nbsp; ABIOMED, Inc. (Contingent Value <br> Rights)<sup>(3) (6) (7) \*</sup> <br>| 2380 | **$—** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **1** |
| **INVESTMENT COMPANIES – 1.5%**  | **INVESTMENT COMPANIES – 1.5%**  | **INVESTMENT COMPANIES – 1.5%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(8) (9) (10)</sup> <br>| 695691 | 696 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(8) (9)</sup> <br>| 27958895 | 27959 |
| **Total Investment Companies** |  |  |
| **(Cost $28,655)** |  | **28655** |
| **Total Investments – 99.3%** |  |  |
| **(Cost $996,810)** |  | **1923123** |
| Other Assets less Liabilities – 0.7% |  | 14100 |
| **Net Assets – 100.0%** |  | **$1937223** |

---

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2026, the value of these securities amounted to approximately $2,121,000* *or 0.1% of net assets.* 

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

<sup>(4)</sup> *Investment in affiliate.*

<sup>(5)</sup> *Current yield is disclosed. Dividends are calculated based on a percentage* *of the issuer's net income.* 

<sup>(6)</sup> *Restricted security. At March 31, 2026, the value of this restricted security* *amounted to $0 or 0.0% of net assets. Additional information on this* *restricted security is as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| ABIOMED, Inc. (Contingent Value Rights) | 12/23/22 | &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| <sup>(7)</sup>  | *Value rounds to less than one thousand.* |
| <sup>(8)</sup>  | *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>(9)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(10)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **208** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| CDI – CREST Depository Interest |
| FTSE – Financial Times Stock Exchange |
| S&P – Standard & Poor's |
| SPI – Standardized Precipitation Index |
| TSX – Toronto Stock Exchange |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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>|
| Bank of Montreal | British Pound | 316 | United States <br> Dollar<br>| 420 | 6/17/26 | $2 |
| Bank of Montreal | Hong Kong <br> Dollar<br>| 4721 | United States <br> Dollar<br>| 606 | 6/17/26 | 1 |
| Barclays | Euro | 200 | United States <br> Dollar<br>| 233 | 6/17/26 | 1 |
| BNP Paribas | New Zealand <br> Dollar<br>| 124 | United States <br> Dollar<br>| 73 | 6/17/26 | 2 |
| JPMorgan Chase | United States <br> Dollar<br>| 138 | Euro | 120 | 6/17/26 | 1 |
| Morgan Stanley | Australian <br> Dollar<br>| 146 | United States <br> Dollar<br>| 103 | 6/17/26 | 2 |
| Morgan Stanley | Canadian <br> Dollar<br>| 91 | United States <br> Dollar<br>| 67 | 6/17/26 | 1 |
| Morgan Stanley | Swiss Franc | 316 | United States <br> Dollar<br>| 405 | 6/17/26 | 7 |
| Toronto-Dominion <br> Bank<br>| United States <br> Dollar<br>| 2031 | Euro | 1751 | 6/17/26 | —\* |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 17 |
| Bank of Montreal | Danish Krone | 1528 | United States <br> Dollar<br>| 237 | 6/17/26 | (—)\*<br>|
| Bank of Montreal | United States <br> Dollar<br>| 1511 | Canadian <br> Dollar<br>| 2047 | 6/17/26 | (34)<br>|
| Citibank | Euro | 330 | United States <br> Dollar<br>| 380 | 6/17/26 | (3)<br>|
| Citibank | Japanese Yen | 217550 | United States <br> Dollar<br>| 1372 | 6/17/26 | (8)<br>|
| Citibank | Swiss Franc | 280 | United States <br> Dollar<br>| 353 | 6/17/26 | (—)\*<br>|
| JPMorgan Chase | United States <br> Dollar<br>| 2315 | Japanese Yen | 364903 | 6/17/26 | (1)<br>|
| Morgan Stanley | United States <br> Dollar<br>| 70 | Australian <br> Dollar<br>| 98 | 6/17/26 | (2)<br>|
| Toronto-Dominion <br> Bank<br>| United States <br> Dollar<br>| 1317 | British Pound | 984 | 6/17/26 | (15)<br>|
| UBS | United States <br> Dollar<br>| 153 | Swiss Franc | 118 | 6/17/26 | (3)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (66)<br>|
| Total |  |  |  |  |  | $(49)<br>|

---

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

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br> (United States <br> Dollar)<br>| 93 | $30554 | Long | 6/26 | $(685)<br>|
| &nbsp;&nbsp; Euro Stoxx 50 <br> (Euro)<br>| 75 | 4764 | Long | 6/26 | (131)<br>|
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 11 | 1485 | Long | 6/26 | (14)<br>|
| &nbsp;&nbsp; S&P/TSX 60 <br> Index <br> (Canadian <br> Dollar)<br>| 2 | 549 | Long | 6/26 | 3 |
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 8 | 1175 | Long | 6/26 | (6)<br>|
| &nbsp;&nbsp; Topix Index <br> (Japanese <br> Yen)<br>| 10 | 2208 | Long | 6/26 | (55)<br>|
| Total |  |  |  |  | $(888)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

At March 31, 2026, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Information Technology | 26.5<br> %<br>|
| Financials | 15.8 |
| Health Care | 10.7 |
| Industrials | 10.1 |
| Communication Services | 9.9 |
| Consumer Discretionary | 8.7 |
| Consumer Staples | 4.7 |
| Materials | 4.3 |
| Energy | 3.0 |
| Utilities | 2.2 |
| Real Estate | 1.9 |
| Short-Term Investments | 1.5 |
| Total Investments | 99.3 |
| Other Assets less Liabilities | 0.7 |
| Net Assets | 100.0<br> %<br>|

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **209** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **WORLD SELECTION INDEX FUND continued**  | **March 31, 2026**  |

---

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.

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).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2026 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $6374 | &nbsp;&nbsp; $476 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6850 |
| Canada | &nbsp;&nbsp; 64092 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64092 |
| Chile | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1587 |
| &nbsp;&nbsp; Congo, The Democ. <br> Rep. of<br>| &nbsp;&nbsp; 316 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 316 |
| Ireland | &nbsp;&nbsp; 1082 | &nbsp;&nbsp; 1157 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2239 |
| Netherlands | &nbsp;&nbsp; 2262 | &nbsp;&nbsp; 33908 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36170 |
| Singapore | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 4749 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5149 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| United Kingdom | &nbsp;&nbsp; $888 | &nbsp;&nbsp; $61976 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62864 |
| United States | &nbsp;&nbsp; 1348036 | &nbsp;&nbsp; 29258 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1377294 |
| All Other Countries<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 337056 | &nbsp;&nbsp; — | &nbsp;&nbsp; 337056 |
| Total Common Stocks | &nbsp;&nbsp; 1424228 | &nbsp;&nbsp; 469389 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1893617 |
| &nbsp;&nbsp; Convertible Preferred <br> Stocks<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 293 | &nbsp;&nbsp; — | &nbsp;&nbsp; 293 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 557 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 1 |
| Investment Companies | &nbsp;&nbsp; 28655 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28655 |
| Total Investments | &nbsp;&nbsp; $1452883 | &nbsp;&nbsp; $470240 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1923123 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17 |
| Futures Contracts | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (66)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (66)<br>|
| Futures Contracts | &nbsp;&nbsp; (891)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (891)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(888)<br>| &nbsp;&nbsp; $(49)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(937)<br>|

---

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

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<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>| **NET**<br> **REALIZED**<br> **GAINS**<br> **(LOSSES)**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Nasdaq, Inc. | $1697 | $186 | $315 | $113 | $90 | $1771 | 20858 | $23 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 7780 | 7084 |  |  | 696 | 695691 | 1 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 33984 | 231057 | 237082 |  |  | 27959 | 27958895 | 731 |
| Northern Trust Corp. | 1073 |  | 257 | 333 | 61 | 1210 | 8673 | 29 |
| Total | $36754 | $239023 | $244738 | $446 | $151 | $31636 | 28684117 | $784 |

---

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

*See Notes to the Financial Statements.* 

EQUITY FUNDS **210** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

---

| | |
|:---|:---|
| **Notes to the financial statements**  | **March 31, 2026**  |

---

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

**1. ORGANIZATION** 

Northern Funds (the "Trust") is a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust offers 49 funds as of March 31, 2026. The Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, Global Tactical Asset Allocation, Income Equity, International Equity, International Equity Index, Large Cap Core, Large Cap Value, Mid Cap Index, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate, Small Cap Core, Small Cap Index, Small Cap Value, Stock Index, U.S. Quality ESG and World Selection Index Funds (each a "Fund" and collectively, the "Funds") are separate, diversified investment portfolios of the Trust. Each of the Funds is presented herein and has its own investment objective (e.g., long-term capital appreciation or total return).

The Global Tactical Asset Allocation Fund seeks to provide long-term capital appreciation and current income by investing primarily in shares of a combination of underlying mutual funds and exchange-traded funds ("ETFs"), including mutual funds and ETFs for which Northern Trust Investments, Inc. ("NTI"), the Fund's investment adviser, or an affiliate acts as investment adviser (collectively, the "Underlying Funds"), and other securities and investments not issued by mutual funds. References to the "Fund" or "Funds" herein may include references to the "Underlying Funds", as applicable.

Except for the Small Cap Core, U.S. Quality ESG and World Selection Index Funds, each Fund is authorized to issue one class of shares designated as the "Shares" class. The Small Cap Core, U.S. Quality ESG and World Selection Index Funds are authorized to issue two classes of shares designated as Class K shares and Class I shares.

NTI, an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser and administrator for the Funds. The Northern Trust Company ("Northern Trust"), an affiliate of NTI, serves as transfer agent, custodian and sub-administrator to each Fund and as securities lending agent to each Fund except for the Global Tactical Asset Allocation Fund. Northern Funds Distributors, LLC, not an affiliate of NTI, is the Trust's distributor.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The Trust, which is an investment company, follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services-Investment Companies.* 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements

in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

The net asset value ("NAV") of each class of each Fund is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), generally 3:00 P.M. Central Time, on each day the NYSE is open for trading.

**A) VALUATION OF SECURITIES AND DERIVATIVE CONTRACTS** 

Securities are valued at their fair value. Securities traded on United States ("U.S.") securities exchanges or in the NASDAQ National Market System are principally valued at the last quoted sale price, or the official closing price (generally, 3:00 P.M. Central Time) on the exchange or market in which such securities are principally traded. If any such security is not traded on a valuation date, it is valued at the most recent quoted bid price. Over-the-counter securities not reported in the NASDAQ National Market System are also generally valued at the most recent quoted bid price. Fixed income securities, however, may be valued on the basis of evaluated prices provided by the Funds' approved independent third-party pricing services when such prices are believed to reflect the fair value of such securities or broker provided prices. Such prices may be determined by taking into account other similar securities' prices, yields, maturities, call features, ratings, institutional size trading in similar groups of securities and developments related to specific securities.

The values of securities of foreign issuers are generally based upon market quotations, which depending upon local convention or regulation, may be the last sale price, the last bid price or the mean between the last bid and asked price as of, in each case, the close of the appropriate exchange. Foreign fixed income securities, however, may, like domestic fixed income securities, be valued based on evaluated prices provided by independent pricing services when such prices are believed to reflect the fair value of such securities.

Shares of open-end investment companies, other than exchange-traded funds, are valued at their closing NAV. Shares of closed-end funds and exchange-traded funds are valued at their closing market price. Spot and forward foreign currency exchange contracts are generally valued using an independent pricing service. Exchange-traded futures and options are valued at the settlement price as established each day by the exchange on which they are traded. The foregoing prices may be obtained from one or more independent pricing services or, as needed or applicable, independent broker-dealers. Short-term investments with a maturity of 60 days or less are valued at their amortized cost.

The Board of Trustees ("Board") has designated NTI as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to any or all Fund

NORTHERN FUNDS ANNUAL REPORT **211** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

investments. Accordingly, any securities for which market quotations are not readily available or for which the available price has been determined to not represent a reliable, current market value are valued at fair value as determined in good faith by NTI. The Board oversees NTI in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. NTI, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of fair values normally used on behalf of a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance and U.S. GAAP. This may occur particularly with respect to certain foreign equity securities held by a Fund, in which case NTI may use adjustment factors obtained from an independent fair value pricing service that are intended to reflect more accurately the fair value of those securities as of the time the Fund's NAV is calculated.

The use of fair valuation involves the risk that the values used by NTI to price a Fund's investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

**B) SECURITIES LENDING** In order to generate additional income, the Funds (other than the Global Tactical Asset Allocation Fund) may lend securities to banks, brokers and dealers or other qualified institutions. In exchange, the borrower provides initial collateral having an initial market value of not less than 102% of the market value of the borrowed securities (105% of the market value of the borrowed securities, if the borrowed securities or the collateral are not denominated in U.S. Dollars). Collateral is maintained in an amount at least equal to the current market value of the securities loaned. This collateral is marked-to-market on a daily basis.

Securities lending may represent no more than one-third of the value of a Fund's total assets (including the loan collateral).

Pursuant to an exemptive order issued by the SEC, Northern Trust (the "Securities Lending Agent"), an affiliate of the Investment Adviser, renders securities lending services to the Funds. For such services, Northern Trust receives a percentage of securities lending revenue generated for the Funds. In addition, cash collateral received by the Funds in connection with a securities loan may be invested in shares of other registered or unregistered money market funds that comply with Rule 2a-7 under the 1940 Act, including money market funds that pay investment advisory or other fees to NTI, Northern Trust, or an affiliate. See Note 6 for more information.

Collateral for loans of portfolio securities made by a Fund may consist of cash, cash equivalents, or securities issued or guaranteed by the U.S. government or its agencies (or any combination thereof). Any cash collateral received by a Fund in connection with these loans may be invested in a variety of short-term investments, either directly or indirectly through

registered or unregistered money market funds that comply with Rule 2a-7 under the 1940 Act, including money market funds managed by NTI.

When a Fund lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the investment of the cash collateral. The market value of securities on loan and the value of investments made with cash collateral received are disclosed in the Schedules of Investments. Non-cash collateral received is not recorded as an asset in the Funds' financial statements because the Funds do not obtain ownership or exercise effective control over such collateral. Securities lending income represents the Funds' net revenue from the securities lending program, including income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the Funds, and other related expenses. The net amount earned from cash collateral invested in money market funds managed by NTI is reflected in the Statements of Operations under Dividend income from investments in affiliates, while the net amount earned from non-cash collateral is reflected in the Statements of Operations under Income from securities loaned (net of fees). The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day.

A Fund will have the right to terminate a loan at any time and recall the loaned securities within the normal and customary settlement time for securities transactions. A Fund does not have the right to vote securities on loan, but loans may be called so that the securities may be voted by a Fund in accordance with policies and procedures approved by the Board and NTI. A borrower might become insolvent or refuse to honor its obligation to return the securities. In the event of a default by a borrower with respect to any loan, the Securities Lending Agent will exercise any and all remedies provided under the applicable borrower agreement. These remedies include purchasing replacement securities for the Fund by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If the proceeds from the collateral are less than the purchase cost of the replacement securities, the Securities Lending Agent is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Authorization Agreement. In this event, a Fund could experience delays in recovering its securities and possibly may incur a capital loss. Each Fund will be responsible for any loss that might result from its investment of the cash collateral it receives from a borrower.

EQUITY FUNDS **212** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2026** <br>

Information with respect to the securities lending activities and fees earned by Northern Trust during the fiscal year ended March 31, 2026, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands* | FAIR VALUE OF<br> OF SECURITIES<br> LOANED<br>| CASH<br> COLLATERAL<br> RECEIVED<br>| NON-CASH<br> COLLATERAL<br> RECEIVED<br>| FEES EARNED |
| &nbsp;&nbsp; Active M Emerging <br> Markets Equity<br>| $4776 | $4309 | $397 | $1 |
| &nbsp;&nbsp; Active M <br> International <br> Equity<br>| 1731 | 30 | 1757 | 2 |
| &nbsp;&nbsp; Emerging Markets <br> Equity Index<br>| 7741 | 3726 | 4563 | 11 |
| &nbsp;&nbsp; Global Real Estate <br> Index<br>| 7318 | 6687 | 870 | 4 |
| Income Equity | 2757 | 2749 |  | —\* |
| International Equity | 728 | 472 | 292 | —\* |
| &nbsp;&nbsp; International Equity <br> Index<br>| 27567 | 6102 | 23411 | 16 |
| Large Cap Core | 1115 | 1120 |  | —\* |
| Large Cap Value | 1206 | 1222 |  | —\* |
| Mid Cap Index | 41859 | 38366 | 3188 | 23 |
| &nbsp;&nbsp; Multi-Manager <br> Global Listed <br> Infrastructure<br>| 17429 | 8207 | 10302 | 24 |
| &nbsp;&nbsp; Multi-Manager <br> Global Real <br> Estate<br>| 678 | 722 |  | —\* |
| Small Cap Core | 17741 | 16256 | 1475 | 57 |
| Small Cap Index | 116293 | 105633 | 10273 | 183 |
| Small Cap Value | 12446 | 12621 | 6 | 57 |
| Stock Index | 21278 | 20864 |  | 6 |
| U.S. Quality ESG | 1756 | 1801 |  | —\* |
| &nbsp;&nbsp; World Selection <br> Index<br>| 1543 | 696 | 983 | 1 |

---

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

The Funds' securities lending transactions are accounted for as secured borrowings and have an overnight and continuous contractual maturity. The gross amounts of recognized liabilities for securities lending transactions outstanding as of March 31, 2026, are disclosed as Payable upon return of securities loaned on the Statements of Assets and Liabilities, where applicable.

Refer to the Fund's Schedule of Investments for details on the securities out on loan. Additional information about master netting arrangements can be found in Note 9.

Securities lending agreements may be subject to regulation as qualified financial contracts ("QFCs"). QFCs include, but are not limited to, securities contracts, commodities contracts, forward contracts, repurchase agreements, securities lending agreements and swaps agreements, as well as related master agreements,

security agreements, credit enhancements, and reimbursement obligations. Regulations adopted by federal banking regulators under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which took effect in 2019, require that certain QFCs with counterparties that are part of U.S. or foreign global systemically important banking organizations be amended to include contractual restrictions on close-out and cross-default rights. If a covered counterparty of a Fund or certain of the covered counterparty's affiliates were to become subject to certain insolvency proceedings, the Fund may be temporarily unable to exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact a Fund's credit and counterparty risks. The remaining maturities of the securities lending transactions are considered overnight and continuous.

**C) FUTURES CONTRACTS** Certain Funds invest in long or short exchange-traded futures contracts for hedging purposes, to increase total return or to seek exposure to certain countries or currencies or to maintain liquidity to meet potential shareholder redemptions, to invest cash balances or dividends or to minimize trading costs. When used as a hedge, a Fund may sell a futures contract in order to offset a decrease in the fair value of its portfolio securities that might otherwise result from a market decline. A Fund may do so either to hedge the value of its portfolio securities as a whole, or to protect against declines occurring prior to sales of securities in the value of the securities to be sold. Conversely, a Fund may purchase a futures contract as a hedge in anticipation of purchases of securities. In addition, a Fund may utilize futures contracts in anticipation of changes in the composition of its portfolio holdings. A Fund bears the market risk arising from changes in the value of these financial instruments. At the time a Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian of a specified amount of liquid assets. Futures are marked-to-market each day with the change in value reflected in the unrealized gains or losses. Risk may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. The Statements of Operations include any realized gains or losses on closed futures contracts in Net realized gains (losses) on futures contracts, and any unrealized gains or losses on open futures contracts in Net change in unrealized appreciation (depreciation) on futures contracts. Further information on the impact of these positions, if any, on the Funds' financial statements can be found in Note 9.

**D) OPTIONS CONTRACTS** Certain Funds buy put options and call options and write covered call options and secured put options for hedging purposes or to earn additional income. When used as a hedge, a Fund may enter into option contracts in order to hedge against adverse price movements of securities which a Fund intends to trade upon. These options may relate to particular securities, foreign and domestic securities indices, financial instruments or foreign currencies. The gains or losses on

NORTHERN FUNDS ANNUAL REPORT **213** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

purchased options contracts are included with Net realized and unrealized gains (losses) on investments on the Statements of Operations. The gains or losses on written options contracts are included with Net realized and unrealized gains (losses) on options written on the Statements of Operations, if applicable.

The risks associated with purchasing an option include risk of loss of premium, change in fair value and counterparty nonperformance under the contract. Credit risk is mitigated to the extent that the exchange on which a particular options contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. Put and call options purchased are accounted for in the same manner as Fund securities.

The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

In writing an option, a Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by a Fund could result in a Fund selling or buying a security or currency at a price different from the current fair value. Further information on the impact of these positions on the Funds' financial statements can be found in Note 9.

**E) FOREIGN CURRENCY TRANSLATION** Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot rates on the NYSE, generally at 3:00 P.M. Central Time. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot rates on the NYSE, generally at 3:00 P.M. Central Time. The gains or losses, if any, on investments from the original purchase date to subsequent sales trade date resulting from changes in foreign exchange rates are included in the Statements of Operations in Net realized gains (losses) on investments and Net change in unrealized appreciation (depreciation) on investments. The gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies and between the trade and settlement dates on investment transactions are included in Net realized gains (losses) on foreign currency transactions and Net change in unrealized appreciation (depreciation) on foreign currency translations in the Statements of Operations.

**F) FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** 

Certain Funds and certain of the Underlying Funds for the Global Tactical Asset Allocation Fund may enter into forward foreign currency exchange contracts for hedging and/or speculative purposes. The objective of a Fund's foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund's foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. All forward foreign currency exchange contracts are "marked-to-market" daily at the applicable exchange rates. Any resulting

unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. Gains or losses are recorded for financial statement purposes as unrealized until the settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign currency exchange contracts in the Statements of Operations.

Forward foreign currency exchange contracts are privately negotiated transactions, and can have substantial price volatility. As a result, these contracts offer less protection against default by the other party than is available for instruments traded on an exchange. When used for hedging purposes, forward foreign currency exchange contracts tend to limit any potential gain that may be realized if the value of the Fund's or an Underlying Fund's foreign holdings increase because of currency fluctuations. When used for speculative purposes, the contracts may result in additional losses that are not otherwise related to the changes in value of the securities held by a Fund or an Underlying Fund. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The Funds bear the market risk from changes in foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity. Further information on the impact of these positions on the Funds' financial statements can be found in Note 9.

**G) INVESTMENT TRANSACTIONS AND INCOME** Investment transactions are recorded as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes amortization of premiums and accretion of discounts using the effective yield method. The interest rates reflected in the Schedules of Investments represent either the stated coupon rate, annualized yield on the date of purchase for discount notes, the current reset rate for floating rate securities, the 7-day yield for money market funds or, for interest-only or principal-only securities, the current effective yield. Cost of investments includes amortization of premiums and accretion of discounts, if any. Dividend income, if any, is recognized on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, or as soon as the information is available. Other non-cash dividends are recognized as investment income at the fair value of the property received. Distributions received from a Fund's investments in real estate investment trusts ("REITs") are comprised of return of capital, capital gains and income. The actual character of the amounts received during the year is not known until the fiscal

EQUITY FUNDS **214** NORTHERN FUNDS ANNUAL REPORT

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**EQUITY FUNDS** <br>

**March 31, 2026** <br>

year-end. A Fund records the character of distributions received from the REITs during the year based on estimates available. A Fund's characterization may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

The Funds allocate all income and realized and unrealized gains or losses on a daily basis to each class of shares based upon the relative proportion of the value of shares outstanding of each class, if applicable.

**H) EXPENSES** Each Fund is charged for those expenses that are directly attributable to that Fund. Expenses arising in connection with a specific class of shares are charged to that class of shares. Expenses incurred which do not specifically relate to an individual Fund generally are allocated among all funds in the Trust in proportion to each Fund's relative net assets. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds. Expenses are recognized on an accrual basis.

**I) REDEMPTION FEES** The Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate and World Selection Index Funds charge a 2 percent redemption fee on the redemption of shares (including by exchange) held for 30 days or less. For the purpose of applying the fee, the Funds use a first-in, first-out ("FIFO") method so that shares held longest are treated as being redeemed first and shares held shortest are treated as being redeemed last. The redemption fee is paid to the Fund from which the redemption is made and is intended to offset the trading, market impact and other costs associated with short-term money movements in and out of the Funds. The redemption fee may be collected by deduction from the redemption proceeds or, if assessed after the redemption transaction, through a separate billing. The Funds are authorized to waive the redemption fee for certain types of redemptions as described in the Funds' prospectus.

Redemption fees for the fiscal year ended March 31, 2026, were as follows:

---

| | |
|:---|:---|
| *Amounts in thousands*  | Redemption Fees |
| Active M International Equity | $5 |
| Global Real Estate Index | —\* |
| International Equity | 1 |
| International Equity Index | 46 |
| Multi-Manager Global Listed Infrastructure | 2 |
| World Selection Index | 14 |

---

<sup>\*</sup> *Amounts round to less than one thousand.*

Redemption fees for the fiscal year ended March 31, 2025, were as follows:

---

| | |
|:---|:---|
| *Amounts in thousands*  | Redemption Fees |
| Active M International Equity | $—\* |
| Emerging Markets Equity Index | 14 |
| Global Real Estate Index | —\* |
| International Equity | —\* |
| International Equity Index | 39 |
| Multi-Manager Global Listed Infrastructure | 13 |
| World Selection Index | 26 |

---

<sup>\*</sup> *Amounts round to less than one thousand.*

The amounts described above are included in Payments for Shares Redeemed in Note 8—Capital Share Transactions. The impact from redemption fees paid to each Fund was less than $0.001 per

share for both fiscal years. There were no redemption fees paid for the fiscal year ended March 31, 2026, for the Active M Emerging Markets Equity, Emerging Markets Equity Index and Multi-Manager Global Real Estate Funds, and for the fiscal year ended March 31, 2025, for the Active M Emerging Markets Equity and Multi-Manager Global Real Estate Funds.

**J) DISTRIBUTIONS TO SHAREHOLDERS** Distributions of dividends from net investment income, if any, are declared and paid as follows:

---

| | |
|:---|:---|
|  | DECLARATION AND<br> PAYMENT FREQUENCY<br>|
| Active M Emerging Markets Equity | Annually |
| Active M International Equity | Annually |
| Emerging Markets Equity Index | Annually |
| Global Real Estate Index | Quarterly |
| Global Tactical Asset Allocation | Quarterly |
| Income Equity | Monthly |
| International Equity | Annually |
| International Equity Index | Annually |
| Large Cap Core | Quarterly |
| Large Cap Value | Annually |
| Mid Cap Index | Annually |
| Multi-Manager Global Listed Infrastructure | Quarterly |
| Multi-Manager Global Real Estate | Quarterly |
| Small Cap Core | Annually |
| Small Cap Index | Annually |
| Small Cap Value | Annually |
| Stock Index | Quarterly |
| U.S. Quality ESG | Quarterly |
| World Selection Index | Annually |

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NORTHERN FUNDS ANNUAL REPORT **215** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

Distributions of net realized capital gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date.

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. The timing and character of distributions determined in accordance with federal income tax regulations may differ from financial statement amounts determined in accordance with U.S. GAAP. Accordingly, the Funds may periodically make reclassifications among certain of their capital accounts to reflect differences between financial reporting and federal income tax basis distributions. The reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications primarily relate to net operating losses, redemptions as distributions, distributions in excess of sub chapter M requirements, Section 988 currency gains and losses, Passive Foreign Investment Companies ("PFICs") gains and losses, recharacterization of distributions received from investments in Master Limited Partnerships ("MLPs"), and recharacterization of dividends received from investments in REITs. These reclassifications have no impact on the net assets or the NAVs per share of the Funds. At March 31, 2026, the following reclassifications were recorded:

---

| | | | |
|:---|:---|:---|:---|
| *Amounts in thousands* | UNDISTRIBUTED<br> NET INVESTMENT<br> INCOME (LOSS)<br>| ACCUMULATED<br> UNDISTRIBUTED<br> NET REALIZED<br> GAINS (LOSSES)<br>| Capital Stock |
| &nbsp;&nbsp; Active M Emerging <br> Markets Equity<br>| $382 | $(237) | $(145) |
| &nbsp;&nbsp; Active M International <br> Equity<br>| 738 | (2236) | 1498 |
| &nbsp;&nbsp; Emerging Markets <br> Equity Index<br>| (1063) | 1063 | —<br> \*<br>|
| &nbsp;&nbsp; Global Real Estate <br> Index<br>| 6869 | (6868) | (1) |
| Income Equity | 2 | (1058) | 1056 |
| International Equity | 2202 | (2202) |  |
| &nbsp;&nbsp; International Equity <br> Index<br>| 9755 | (9874) | 119 |
| Large Cap Core |  | (920) | 920 |
| Large Cap Value | 38 | (38) |  |
| Mid Cap Index | —<br> \*<br>| (2696) | 2696 |
| &nbsp;&nbsp; Multi-Manager Global <br> Listed Infrastructure<br>| (2033) | 2064 | (31) |
| &nbsp;&nbsp; Multi-Manager Global <br> Real Estate<br>| 488 | (488) |  |
| Small Cap Core | 262 | (5727) | 5465 |
| Small Cap Index | 1715 | (1801) | 86 |
| Small Cap Value | 1411 | (30824) | 29413 |
| Stock Index |  | (11737) | 11737 |
| U.S. Quality ESG | 11 | (8225) | 8214 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Amounts in thousands* | UNDISTRIBUTED<br> NET INVESTMENT<br> INCOME (LOSS)<br>| ACCUMULATED<br> UNDISTRIBUTED<br> NET REALIZED<br> GAINS (LOSSES)<br>| Capital Stock |
| World Selection Index | $654 | $(654) | $— |

---

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

**K) FEDERAL INCOME TAXES** No provision for federal income taxes has been made since each Fund's policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute, each year, substantially all of its taxable income

and capital gains to its shareholders. Certain Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are recorded. Taxes accrued on unrealized gains are reflected as a liability on the Statements of Assets and Liabilities under the caption Deferred foreign capital gains tax payable and as a reduction in Net change in unrealized appreciation (depreciation) on investments on the Statements of Operations. When assets subject to capital gains tax are sold, accrued taxes are relieved, and the actual amount of the taxes paid is reflected on the Statements of Operations as a reduction in Net realized gains (losses) on Investments. Certain Funds seek to recover a portion of foreign withholding taxes applied to income earned in jurisdictions where favorable treaty rates for US investors are available. The portion of such taxes believed to be recoverable, if any, is reflected as an asset on the Statements of Assets and Liabilities under the caption Receivable for foreign tax reclaims.

For the period from November 1, 2025, through the fiscal year ended March 31, 2026, the following Funds incurred net capital losses and/or late year ordinary losses for which the Funds intend to treat as having been incurred in the following fiscal year:

---

| | |
|:---|:---|
| *Amounts in thousands*  |  |
| Large Cap Core | $(11) |
| Small Cap Index | (2311) |
| Stock Index | (11049) |
| World Selection Index | (969) |

---

The capital loss carry forwards utilized during the fiscal year ended March 31, 2026 were as follows:

---

| | |
|:---|:---|
| *Amounts in thousands* |  |
| Active M Emerging Markets Equity | $12660 |
| Emerging Markets Equity Index | 5327 |
| Global Real Estate Index | 54909 |
| Global Tactical Asset Allocation | 1399 |
| International Equity | 18377 |

---

EQUITY FUNDS **216** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2026** <br>

---

| | |
|:---|:---|
| *Amounts in thousands* |  |
| International Equity Index | 78,285 |
| Multi-Manager Global Real Estate | 4,324 |

---

Capital losses incurred that will be carried forward indefinitely are as follows:

---

| | | |
|:---|:---|:---|
| *Amounts in thousands* | SHORT-TERM<br> CAPITAL LOSS<br> CARRYFORWARD<br>| LONG-TERM<br> CAPITAL LOSS<br> CARRYFORWARD<br>|
| Emerging Markets Equity Index | $49015 | $377120 |
| Global Real Estate Index | 3540 | 104181 |
| Global Tactical Asset Allocation | 148 |  |
| International Equity | 14293 | 7253 |
| International Equity Index |  | 515309 |

---

At March 31, 2026, the tax components of undistributed net investment income, undistributed realized gains and unrealized gains (losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | UNDISTRIBUTED | UNDISTRIBUTED |  |
| *Amounts in thousands* | ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>| UNREALIZED <br> GAINS (LOSSES)<br>|
| &nbsp;&nbsp; Active M Emerging Markets <br> Equity<br>| $— | $6129 | $48804 |
| Active M International Equity | 3269 | 32004 | 121989 |
| Emerging Markets Equity Index | 8306 |  | 1015617 |
| Global Real Estate Index | 2304 |  | 187849 |
| &nbsp;&nbsp; Global Tactical Asset <br> Allocation<br>|  |  | 13356 |
| Income Equity | 2454 | 4322 | 85528 |
| International Equity | 6317 |  | 35378 |
| International Equity Index | 19018 |  | 2780706 |
| Large Cap Core | 235 | 14949 | 144971 |
| Large Cap Value | 1024 | 481 | 16033 |
| Mid Cap Index | 13799 | 112357 | 660065 |
| &nbsp;&nbsp; Multi-Manager Global Listed <br> Infrastructure<br>| 10578 | 34269 | 152944 |
| &nbsp;&nbsp; Multi-Manager Global Real <br> Estate<br>| 87 | 87 | 2846 |
| Small Cap Core | 2374 | 6930 | 132068 |
| Small Cap Index | 2852 |  | 549575 |
| Small Cap Value | 4705 | 9931 | 225380 |
| Stock Index | 8280 | 24879 | 12424770 |
| U.S. Quality ESG |  | 35094 | 120196 |
| World Selection Index | 1666 | 10545 | 897356 |

---

\* *Ordinary income includes short-term capital gains, if any.*

The tax character of distributions paid during the fiscal year ended March 31, 2026, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands*  | ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>| RETURN<br> OF<br> CAPITAL<br>|
| Active M Emerging Markets Equity | $3609 | $— | $— |
| Active M International Equity | 14274 | 44533 |  |
| Emerging Markets Equity Index | 60631 |  |  |
| Global Real Estate Index | 28163 |  |  |
| Global Tactical Asset Allocation | 2379 |  | 154 |
| Income Equity | 7559 | 13446 |  |
| International Equity | 1344 |  |  |
| International Equity Index | 220157 |  |  |
| Large Cap Core | 4226 | 23128 |  |
| Large Cap Value | 1209 | 1855 |  |
| Mid Cap Index | 39542 | 92740 |  |
| &nbsp;&nbsp; Multi-Manager Global Listed <br> Infrastructure<br>| 25016 | 30903 |  |
| Multi-Manager Global Real Estate | 2291 |  |  |
| Small Cap Core | 4882 | 43950 |  |
| Small Cap Index | 14650 | 6878 |  |
| Small Cap Value | 16227 | 182893 |  |
| Stock Index | 206148 | 296948 |  |
| U.S. Quality ESG | 3755 | 44315 |  |
| World Selection Index | 40585 | 65787 |  |

---

\* *Ordinary income includes short-term capital gains, if any.*

The tax equalization utilized during the fiscal year ended March 31, 2026 were as follows:

---

| | |
|:---|:---|
| *Amounts in thousands* |  |
| Active M International Equity | $1498 |
| Income Equity | 1056 |
| Large Cap Core | 920 |
| Mid Cap Index | 2696 |
| Small Cap Core | 5465 |
| Small Cap Value | 29413 |
| Stock Index | 11519 |
| U.S. Quality ESG | 8214 |

---

The tax character of distributions paid during the fiscal year ended March 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands* | ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>| RETURN<br> OF<br> CAPITAL<br>|
| Active M Emerging Markets Equity | $1199 | $— | $— |

---

NORTHERN FUNDS ANNUAL REPORT **217** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands* | ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>| RETURN<br> OF<br> CAPITAL<br>|
| Active M International Equity | $12830 | $46514 | $— |
| Emerging Markets Equity Index | 52272 |  |  |
| Global Real Estate Index | 30797 |  |  |
| Global Tactical Asset Allocation | 2614 |  |  |
| Income Equity | 4442 | 7601 |  |
| International Equity | 5867 |  |  |
| International Equity Index | 171276 |  |  |
| Large Cap Core | 4271 | 20991 |  |
| Large Cap Value | 2573 | 2044 |  |
| Mid Cap Index | 51614 | 134918 |  |
| &nbsp;&nbsp; Multi-Manager Global Listed <br> Infrastructure<br>| 26513 | 6864 |  |
| Multi-Manager Global Real Estate | 2720 |  | 18 |
| Small Cap Core | 6483 | 55702 |  |
| Small Cap Index | 20707 | 60553 |  |
| Small Cap Value | 10451 | 339371 |  |
| Stock Index | 215068 | 174544 |  |
| U.S. Quality ESG | 5114 | 2717 |  |
| World Selection Index | 35318 | 68849 |  |

---

\* *Ordinary income includes short-term capital gains, if any.*

The tax equalization utilized during the fiscal year ended March 31, 2025, were as follows:

---

| | |
|:---|:---|
| *Amounts in thousands* |  |
| Active M International Equity | $1104 |
| Income Equity | 1014 |
| Large Cap Core | 1022 |
| Large Cap Value | 189 |
| Mid Cap Index | 7834 |
| Multi-Manager Global Listed Infrastructure | 4229 |
| Small Cap Core | 6808 |
| Small Cap Value | 30916 |
| Stock Index | 6478 |
| U.S. Quality ESG | 594 |
| World Selection Index | 5784 |

---

Above figures may differ from those cited elsewhere in this report due to differences in the timing and amounts determined in accordance with federal income tax regulations versus financial statement amounts determined in accordance with U.S. GAAP. The final tax character of the Funds' distributions is reported on IRS Form 1099-DIV.

The Global Real Estate Index Fund has recognized a liability and corresponding expense of approximately $326,000, reflected as "Payable to U.S. Treasury" on the Statement of Assets and Liabilities and "Tax expense" on the Statement of Operations. The amount represents management's estimate of probable and reasonably estimable amounts expected to be payable to the

U.S. Treasury in connection with certain prior-period tax matters pursuant to IRS Notice 2016-10, associated with a European Union discriminatory refund received during the fiscal year ended March 31, 2026.

As of March 31, 2026, no closing agreement has been finalized, and the recorded liability reflects management's estimate of the expected obligation, which may differ from the amount ultimately payable upon final resolution with the U.S. Treasury.

As of March 31, 2026, no Fund had uncertain tax positions that would require financial statement recognition or disclosure. The Funds' federal tax returns remain subject to examination by the Internal Revenue Service for three years after they are filed. Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Funds will be recorded as Interest expense and Other expenses, respectively, on the Statements of Operations.

**L) OTHER RISKS** Certain Funds may invest in emerging market securities. Additional risks are involved when a Fund invests its assets in countries with emerging economies or securities markets. These countries generally are located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central America, South America and Africa. Political and economic structures in many of these countries may lack the social, political and economic stability characteristics of more developed countries. In general, the securities markets of these countries are less liquid, subject to greater price volatility and have smaller market capitalizations. As a result, the risks presented by investments in these countries are heightened.

The Multi-Manager Global Listed Infrastructure Fund invests in MLPs. The benefits derived from the Fund's investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. If any of the MLPs held by the Fund were treated as corporations for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investments in such MLPs would be materially reduced, causing a decline in the value of the common stock. The Fund must include its allocable share of an MLP's taxable income in its reportable taxable income, whether or not it receives a distribution in cash from the MLP. In such case, the Fund may have to liquidate securities to make required distributions to shareholders.

On a daily basis a Fund may hold a cash surplus. Maintaining cash positions may also subject the Funds to additional risks, such as increased counterparty risk exposure to the custodian bank holding the assets held in cash.

**3. SERVICE PLAN** 

The Trust has adopted a Service Plan pursuant to which the Trust may enter into agreements with Northern Trust, its affiliates or other institutions (together "Service Organizations") under which the Service Organizations agree to provide certain administrative

EQUITY FUNDS **218** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2026** <br>

support services and, in some cases, personal and account maintenance services for their customers, who are beneficial owners of shares of the Funds. As compensation for services provided pursuant to the Service Plan, the Service Organizations receive a fee at an annual rate of up to 0.15 percent of the average daily net assets of the Shares class or Class I shares of the Funds, as applicable, beneficially owned by their customers.

NTI has contractually agreed to limit payments of service fees from Class I shares of the Small Cap Core, U.S. Quality ESG and World Selection Index Funds to an annual rate of 0.10 percent, 0.10 percent and 0.05 percent, respectively, of the average daily net assets of the Class I shares of these Funds. There is no service fee permitted by Class K shares of the Small Cap Core, U.S. Quality ESG and World Selection Index Funds.

There were no shareholder servicing fees paid by the Funds to Northern Trust or its affiliates during the fiscal year ended March 31, 2026.

Service Plan expenses, if any, are included in the Statements of Operations under Shareholder servicing fees for the fiscal year ended March 31, 2026.

**4. BANK BORROWINGS** 

The Trust and Northern Institutional Funds, a registered investment company also advised by NTI, jointly entered into a $185,000,000 senior unsecured revolving credit facility on November 8, 2024, which is administered by Citibank, N.A., for liquidity and other purposes (the "Credit Facility"). The interest rate charged under the Credit Facility is equal to the sum of (i) the Federal Funds Rate plus (ii) if Adjusted Term Secured Overnight Financing Rate ("SOFR") (but in no event less than 0 percent) on the date of borrowing exceeds such Federal Funds Rate, the amount by which it so exceeds, plus (iii) 1.00 percent per annum. In addition, there is an annual commitment fee of 0.15 percent on the average undrawn portion of the credit line under the Credit Facility, payable quarterly in arrears, which is included in Other expenses on the Statements of Operations, and on maturity or termination of the Credit Facility. The Credit Facility expired on November 7, 2025.

At a meeting held on August 20-21, 2025, the Board approved an agreement to replace the Credit Facility (as replaced, the "New Credit Facility"). The New Credit Facility, which is administered by Citibank, N.A., is a $185,000,000 senior unsecured revolving credit facility, the same as the Credit Facility. The interest rate and annual commitment fee charged under the New Credit Facility are the same as they were for the Credit Facility. The New Credit Facility went into effect on November 7, 2025 and will expire on November 6, 2026, unless renewed.

During the fiscal year ended March 31, 2026, the following Funds had borrowings with the average loan amounts and weighted average interest rates as disclosed below:

---

| | | |
|:---|:---|:---|
| *Amounts in thousands* | DOLLAR<br> AMOUNT<br>| RATE |
| Active M Emerging Markets Equity | $2200 | 4.77<br> %<br>|
| Global Real Estate Index | 3391 | 5.42 |
| Income Equity | 2471 | 5.37 |
| International Equity | 320 | 5.15 |
| International Equity Index | 1500 | 5.43 |
| Large Cap Core | 1225 | 4.99 |
| Large Cap Value | 400 | 5.42 |
| Small Cap Value | 46400 | 5.44 |

---

No other Funds had any borrowings or incurred any interest expense during the fiscal year ended March 31, 2026. No Funds had any outstanding loan amounts at March 31, 2026.

**5. MANAGEMENT AND OTHER AGREEMENTS** 

As compensation for advisory services (asset allocation services for the Global Tactical Asset Allocation Fund), administration services and the assumption of related expenses, NTI is entitled to a management fee, computed daily and payable monthly, at the annual rates set forth in the table below (expressed as a percentage of each Fund's respective average daily net assets).

With respect to the Small Cap Core, U.S. Quality ESG and World Selection Index Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses (except as further described below); (ii) service fees; (iii) the compensation paid to each Trustee of the Trust that is not an "interested person" (as defined in the 1940 Act); (iv) expenses of third party consultants engaged by the Board of Trustees; (v) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (vi) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vii) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund's or Class's operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

With respect to the Emerging Markets Equity Index, International Equity Index, Mid Cap Index, Small Cap Index, and Stock Index Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses, including any acquired fund fees and expenses, of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding extraordinary expenses. NTI shall first reimburse management

NORTHERN FUNDS ANNUAL REPORT **219** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund's or Class's operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

For all other Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses (except as further described below); (ii) the compensation paid to each Trustee of the Trust that is not an "interested person" (as defined in the 1940 Act); (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund's or Class's operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

NTI has contractually agreed to reimburse the management fees payable by each Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market mutual funds managed by NTI.

The total annual fund operating expenses after expense reimbursement for each Fund may be higher than the contractual limitation as a result of certain excepted expenses that are not reimbursed. The amount of the reimbursement, if any, is included in Less expenses reimbursed by investment adviser as a reduction to Total Expenses in the Statements of Operations.

At March 31, 2026, the annual management fees and contractual expense limitations for the Funds were based on the following annual rates as set forth in the table below.

---

| | | |
|:---|:---|:---|
|  | CONTRACTUAL | CONTRACTUAL |
|  | ANNUAL<br> MANAGEMENT FEES<br>| EXPENSE<br> LIMITATIONS<br>|
| Emerging Markets Equity Index | 0.1400<br> %<br>| 0.1549<br> %<br>|
| Global Real Estate Index | 0.4000<br> %<br>| 0.4700<br> %<br>|
| Global Tactical Asset Allocation | 0.2300<br> %<br>| 0.2500<br> %<br>|
| Income Equity | 0.4600<br> %<br>| 0.4800<br> %<br>|
| International Equity | 0.4700<br> %<br>| 0.4900<br> %<br>|
| International Equity Index | 0.0900<br> %<br>| 0.1049<br> %<br>|
| Large Cap Core | 0.4400<br> %<br>| 0.4500<br> %<br>|
| Large Cap Value | 0.5300<br> %<br>| 0.5500<br> %<br>|
| Mid Cap Index | 0.0900<br> %<br>| 0.1049<br> %<br>|

---

---

| | | |
|:---|:---|:---|
|  | CONTRACTUAL | CONTRACTUAL |
|  | ANNUAL<br> MANAGEMENT FEES<br>| EXPENSE<br> LIMITATIONS<br>|
| Small Cap Core | 0.3800<br> %<br>| 0.4000<br> %<br>|
| Small Cap Index | 0.0900<br> %<br>| 0.1049<br> %<br>|
| Small Cap Value | 0.4500<br> %<br>| 0.5000<br> %<br>|
| Stock Index | 0.0400<br> %<br>| 0.0549<br> %<br>|
| U.S. Quality ESG | 0.3700<br> %<br>| 0.3900<br> %<br>|
| World Selection Index | 0.1800<br> %<br>| 0.2400<br> %<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CONTRACTUAL ANNUAL<br> MANAGEMENT FEES  | CONTRACTUAL ANNUAL<br> MANAGEMENT FEES  | CONTRACTUAL ANNUAL<br> MANAGEMENT FEES  | CONTRACTUAL<br> EXPENSE<br> LIMITATIONS |
|  | FIRST<br> $1 BILLION<br>| NEXT<br> $1 BILLION<br>| OVER<br> $2 BILLION<br>| CONTRACTUAL<br> EXPENSE<br> LIMITATIONS |
| &nbsp;&nbsp; Active M Emerging <br> Markets Equity<br>| 1.080<br> %<br>| 1.048<br> %<br>| 1.017<br> %<br>| 1.100<br> %<br>|
| &nbsp;&nbsp; Active M International <br> Equity<br>| 0.820<br> %<br>| 0.795<br> %<br>| 0.771<br> %<br>| 0.840<br> %<br>|
| &nbsp;&nbsp; Multi-Manager Global <br> Listed Infrastructure<br>| 0.900<br> %<br>| 0.873<br> %<br>| 0.847<br> %<br>| 0.960<br> %<br>|
| &nbsp;&nbsp; Multi-Manager Global <br> Real Estate<br>| 0.890<br> %<br>| 0.863<br> %<br>| 0.837<br> %<br>| 0.910<br> %<br>|

---

The contractual reimbursement arrangements described above may not be terminated before July 31, 2026 without the approval of the Board of Trustees. The contractual reimbursement arrangements will continue automatically thereafter for periods of one year (each such one-year period, a "Renewal Year"). The arrangements may be terminated, as to any succeeding Renewal Year, by NTI or a Fund upon 60 days' written notice prior to the end of the current Renewal Year.

Amounts waived or reimbursed by NTI pursuant to voluntary or contractual agreements may not be recouped by NTI at any time in the future for prior fiscal years.

Pursuant to the Management Agreement with the Trust, NTI is responsible for performing and overseeing investment management services to the Funds.

The Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Listed Infrastructure and Multi-Manager Global Real Estate Funds are managed by NTI and one or more investment sub-advisers unaffiliated with NTI (each a "Sub-Adviser" and together, the "Sub-Advisers"). In addition to selecting the overall investment strategies of the Funds, NTI oversees and monitors the selection and performance of any Sub-Advisers and allocates resources among the Sub-Advisers. The Sub-Advisers manage each sub-advised Fund's investment portfolio pursuant to Sub-Advisory Agreements with NTI.

As of March 31, 2026, Axiom Investors LLC, FIAM LLC and Westwood Global Investments, LLC are the Sub-Advisers for the Active M Emerging Markets Equity Fund.

EQUITY FUNDS **220** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2026** <br>

As of March 31, 2026, AllianceBernstein L.P., Causeway Capital Management LLC, Victory Capital Management Inc., WCM Investment Management, LLC and Wellington Management Company LLP are the Sub-Advisers for the Active M International Equity Fund.

As of March 31, 2026, Cohen & Steers Capital Management, Inc., Eagle Global Advisors, LLC, First Sentier Investors (Australia) IM Ltd., KBI Global Investors (North America), Ltd. and Lazard Asset Management LLC are the Sub-Advisers for the Multi-Manager Global Listed Infrastructure Fund.

As of March 31, 2026, Janus Henderson Investors US LLC and Cohen & Steers Capital Management LLC are the Sub-Advisers for the Multi-Manager Global Real Estate Fund.

NTI is responsible for payment of sub-advisory fees to these Sub-Advisers.

As compensation for services rendered as transfer agent, including the assumption by Northern Trust of the expenses related thereto, Northern Trust receives a fee, computed daily and payable monthly, at an annual rate of 0.0385 percent of the average daily net assets of each Fund.

NTI has entered into a sub-administration agreement with Northern Trust, pursuant to which Northern Trust performs certain administrative services for the Funds. NTI pays Northern Trust for its sub-administration services out of NTI's management fees. Northern Trust also performs certain administrative services for certain Sub-Advisers pursuant to separate agreements with such Sub-Advisers.

For compensation as custodian, Northern Trust receives an amount based on a pre-determined schedule of charges approved by the Board. During the period, the Funds have entered into an expense offset arrangement with the custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Funds' custodian expenses. Custodian credits, if any, are shown as Less custodian credits in the Funds' Statements of Operations.

Northern Funds Distributors, LLC, the distributor for the Funds, received no compensation from the Funds under its distribution agreement. However, it received compensation from NTI for its services as distributor pursuant to a separate letter agreement between it and NTI.

Certain officers of the Trust are also officers of Northern Trust and NTI. All officers serve without compensation from the Funds. The Trust provided a deferred compensation plan for its Trustees who are not officers of Northern Trust or NTI. Prior to August 22, 2013, under the deferred compensation plan, Trustees may have elected to defer all or a portion of their compensation. Effective August 22, 2013, the Trustees may no longer defer their compensation. Any amounts deferred and invested under the plan shall remain invested pursuant to the terms of the plan. Each

Trustee's account shall be deemed to be invested in shares of the Northern Institutional Funds U.S. Government Portfolio (the "Portfolio") and/or the Global Tactical Asset Allocation Fund and/or, at the discretion of the Trust, another money market fund selected by the Trust that complies with the provisions of Rule 2a-7 under the 1940 Act or one or more short-term fixed-income instruments selected by the Trust that are "eligible securities" as defined by that rule. The net investment income, gains and losses achieved by such deemed investment shall be credited to the Trustee's account as provided in the plan.

**6. RELATED PARTY TRANSACTIONS**

Each Fund may invest its uninvested cash in a money market fund advised by NTI or its affiliates. Accordingly, each Fund bears indirectly a proportionate share of that money market fund's operating expenses. These operating expenses include the management, transfer agent and custody fees that the money market fund pays to NTI and/or its affiliates. At March 31, 2026, the Funds held an investment in the Northern Institutional Funds U.S. Government Portfolio. The total annual portfolio operating expenses after expense reimbursement (other than certain excepted expenses as described in the fees and expenses table of the Portfolio's prospectus) on any assets invested in the Portfolio is 0.25 percent. NTI reimbursed each Fund the management fees payable by the Fund in an amount equal to the net management fee NTI earned on the amount invested by the Fund in money market mutual funds managed by NTI, as described in Note 5. This reimbursement is included in Less expenses reimbursed by the investment adviser as a reduction to Total Expenses in the Statements of Operations. This reimbursement's impact on each Fund's net expense and net investment income ratios is included in each Fund's Financial Highlights.

Each Fund that participates in securities lending may invest cash collateral received in Northern Institutional Funds Liquid Assets Portfolio ("Liquid Assets Portfolio"), a money market fund advised by NTI. Accordingly, each Fund bears indirectly a proportionate share of Liquid Assets Portfolio's operating expenses. These operating expenses include the management, transfer agent and custody fees that Liquid Assets Portfolio pays to NTI or its affiliates. At March 31, 2026, certain Funds held an investment in Liquid Assets Portfolio. The total annual portfolio operating expenses after expense reimbursement (other than certain excepted expenses as described in the fees and expenses table of the Liquid Assets Portfolio's prospectus) on any assets invested in the Liquid Assets Portfolio is 0.03 percent. NTI reimbursed each Fund the management fees payable by the Fund in an amount equal to the net management fee NTI earned on the amount invested by the Fund in Liquid Assets Portfolio, as described in Note 5. This reimbursement is included in Less expenses reimbursed by the investment adviser as a reduction to Total Expenses in the Statements of Operations. This reimbursement's impact on each Fund's net expense and net investment income ratios is included in each Fund's Financial Highlights.

NORTHERN FUNDS ANNUAL REPORT **221** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

The Funds are permitted to purchase and sell securities from or to certain affiliated funds or portfolios under specific conditions outlined in Rule 17a-7 Procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price as defined in the Rule 17a-7 Procedures. For the fiscal year ended March 31, 2026, there were no Funds engaged in purchases and/or sales of securities from an affiliated entity.

NTI or the Sub-Advisers may, from time to time, effect trades on behalf of and for the account of the Funds with brokers or dealers that are affiliated with NTI, in conformity with Rule 17e-1 under the 1940 Act and SEC rules and regulations. Under these provisions, any commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged by other brokers or dealers in comparable transactions. For the fiscal year ended March 31, 2026, there were no Funds that paid Northern Trust Securities, Inc., an affiliate of NTI, brokerage commissions.

During the fiscal year ended March 31, 2026, the Multi-Manager Global Listed Infrastructure Fund received reimbursements from NTI of less than $1,000 in connection with settlement fees pursuant to the European Union's Central Securities Depositories Regulation. These amounts, if any, are included in Interest income on the Fund's Statements of Operations.

During the fiscal year ended March 31, 2025, the Emerging Markets Equity Index and World Selection Index Funds received reimbursements from NTI of approximately $4,000 and $2,000, respectively, in connection with the correction of errors.

Certain uninvested foreign currency balances of the Funds may pay/receive a return to/from Northern Trust based on a market return it pays/receives less an administrative fee. For the fiscal year ended March 31, 2026, the Active M International Equity, Global Real Estate Index, International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure and World Selection Index Funds paid Northern Trust approximately $1,000, $1,000, $1,000, $25,000, $2,000 and $5,000, respectively. The Emerging Markets Equity Index and Multi-Manager Global Real Estate Funds each paid amounts to Northern Trust of less than $1,000. The Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure and World Selection Index Funds received amounts from Northern Trust of approximately $1,000, $3,000, $2,000, $1,000, $40,000, $5,000 and $7,000, respectively. The Active M Emerging Markets Equity and Multi-Manager Global Real Estate

Funds each received amounts from Northern Trust of less than $1,000. These amounts are included in Dividend income or Interest income on the Funds' Statements of Operations.

**7. INVESTMENT TRANSACTIONS** 

For the fiscal year ended March 31, 2026, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases | Purchases | Sales | Sales |
| *Amounts in thousands*  | U.S. GOVERNMENT | OTHER | U.S. GOVERNMENT | OTHER |
| &nbsp;&nbsp; Active M Emerging <br> Markets Equity<br>| $— | $118077 | $— | $131125 |
| &nbsp;&nbsp; Active M <br> International <br> Equity<br>|  | 293201 |  | 269467 |
| &nbsp;&nbsp; Emerging Markets <br> Equity Index<br>|  | 582254 |  | 390287 |
| &nbsp;&nbsp; Global Real Estate <br> Index<br>|  | 29342 |  | 501156 |
| &nbsp;&nbsp; Global Tactical <br> Asset Allocation<br>|  | 19000 |  | 23906 |
| Income Equity |  | 117849 |  | 99019 |
| International Equity |  | 116412 |  | 104625 |
| &nbsp;&nbsp; International Equity <br> Index<br>|  | 1013741 |  | 1056886 |
| Large Cap Core |  | 138017 |  | 153310 |
| Large Cap Value |  | 40163 |  | 45040 |
| Mid Cap Index |  | 317161 |  | 490910 |
| &nbsp;&nbsp; Multi-Manager <br> Global Listed <br> Infrastructure<br>|  | 514330 |  | 539039 |
| &nbsp;&nbsp; Multi-Manager <br> Global Real <br> Estate<br>|  | 67912 |  | 89656 |
| Small Cap Core |  | 65180 |  | 135890 |
| Small Cap Index |  | 281205 |  | 282790 |
| Small Cap Value |  | 297969 |  | 586177 |
| Stock Index |  | 578098 |  | 925209 |
| U.S. Quality ESG |  | 85807 |  | 327531 |
| &nbsp;&nbsp; World Selection <br> Index<br>|  | 153882 |  | 405433 |

---

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on certain foreign currency contracts, the deferral of post-October currency and capital losses for tax purposes and the timing of income recognition on investments in REITs and PFICs.

EQUITY FUNDS **222** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2026** <br>

At March 31, 2026, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including the effects of foreign currency translation and derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in*<br> *thousands*<br>| UNREALIZED<br> APPRECIATION<br>| UNREALIZED<br> DEPRECIATION<br>| NET<br> APPRECIATION<br> (DEPRECIATION)<br>| COST<br> BASIS OF<br> INVESTMENTS<br>|
| &nbsp;&nbsp; Active M <br> Emerging <br> Markets <br> Equity<br>| $54890 | $(6079) | $48811 | $147294 |
| &nbsp;&nbsp; Active M <br> International <br> Equity<br>| 147034 | (25205) | 121829 | 475766 |
| &nbsp;&nbsp; Emerging <br> Markets <br> Equity Index<br>| 1110938 | (86313) | 1024625 | 1517249 |
| &nbsp;&nbsp; Global Real <br> Estate Index<br>| 224482 | (36697) | 187785 | 498218 |
| &nbsp;&nbsp; Global Tactical <br> Asset <br> Allocation<br>| 13551 | (195) | 13356 | 68927 |
| Income Equity | 92501 | (6996) | 85505 | 199229 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in*<br> *thousands*<br>| UNREALIZED<br> APPRECIATION<br>| UNREALIZED<br> DEPRECIATION<br>| NET<br> APPRECIATION<br> (DEPRECIATION)<br>| COST<br> BASIS OF<br> INVESTMENTS<br>|
| &nbsp;&nbsp; International <br> Equity<br>| $40720 | $(5397) | $35323 | $152719 |
| &nbsp;&nbsp; International <br> Equity Index<br>| 2849352 | (70501) | 2778851 | 3250914 |
| Large Cap Core | 149368 | (4397) | 144971 | 178939 |
| Large Cap Value | 18168 | (2135) | 16033 | 52365 |
| Mid Cap Index | 789739 | (129673) | 660066 | 1427910 |
| &nbsp;&nbsp; Multi-Manager <br> Global Listed <br> Infrastructure<br>| 176900 | (24019) | 152881 | 859047 |
| &nbsp;&nbsp; Multi-Manager <br> Global Real <br> Estate<br>| 6142 | (3296) | 2846 | 73123 |
| Small Cap Core | 163052 | (30984) | 132068 | 225684 |
| Small Cap Index | 620553 | (70978) | 549575 | 937550 |
| Small Cap Value | 251221 | (25841) | 225380 | 402213 |
| Stock Index | 12583867 | (159097) | 12424770 | 4201086 |
| &nbsp;&nbsp; U.S. Quality <br> ESG<br>| 120365 | (169) | 120196 | 203101 |
| &nbsp;&nbsp; World Selection <br> Index<br>| 897725 | (946) | 896779 | 1025407 |

---

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

**8. CAPITAL SHARE TRANSACTIONS**

Transactions in Shares class for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Active M Emerging Markets Equity  | 2220 | $41176 | 58 | $1101 | (2934) | $(54646) | (656) | $(12369) |
| Active M International Equity  | 9852 | 126372 | 2974 | 37944 | (6485) | (84847) | 6341 | 79469 |
| Emerging Markets Equity Index  | 37730 | 537480 | 629 | 8848 | (26951) | (356140) | 11408 | 190188 |
| Global Real Estate Index  | 7873 | 79919 | 616 | 6214 | (57449) | (565488) | (48960) | (479355) |
| Global Tactical Asset Allocation  | 344 | 4876 | 166 | 2345 | (865) | (11963) | (355) | (4742) |
| Income Equity  | 3989 | 73199 | 1107 | 20081 | (3310) | (58942) | 1786 | 34338 |
| International Equity  | 2398 | 31372 | 56 | 743 | (1711) | (21716) | 743 | 10399 |
| International Equity Index  | 54356 | 870270 | 2482 | 43092 | (48351) | (822437) | 8487 | 90925 |
| Large Cap Core  | 766 | 24430 | 812 | 25495 | (1333) | (42407) | 245 | 7518 |
| Large Cap Value  | 91 | 2066 | 127 | 2923 | (367) | (8171) | (149) | (3182) |
| Mid Cap Index  | 10480 | 220326 | 4920 | 102776 | (17883) | (370933) | (2483) | (47831) |
| Multi-Manager Global Listed Infrastructure  | 9377 | 128490 | 3023 | 40846 | (11769) | (160097) | 631 | 9239 |
| Multi-Manager Global Real Estate  | 88 | 924 | 99 | 1044 | (2374) | (24917) | (2187) | (22949) |
| Small Cap Index  | 14138 | 206790 | 636 | 9931 | (15490) | (219186) | (716) | (2465) |
| Small Cap Value  | 4358 | 53430 | 19065 | 195793 | (28873) | (351374) | (5450) | (102151) |
| Stock Index  | 19906 | 1312250 | 4604 | 308942 | (24273) | (1535528) | 237 | 85664 |

---

NORTHERN FUNDS ANNUAL REPORT **223** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

Transactions in Shares class for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Active M Emerging Markets Equity  | 2413 | $36044 | 17 | $258 | (3182) | $(48441) | (752) | $(12139) |
| Active M International Equity  | 4724 | 56341 | 3674 | 38906 | (6733) | (80961) | 1665 | 14286 |
| Emerging Markets Equity Index  | 32091 | 369782 | 678 | 7587 | (20390) | (235169) | 12379 | 142200 |
| Global Real Estate Index  | 32285 | 323455 | 563 | 5415 | (20933) | (202940) | 11915 | 125930 |
| Global Tactical Asset Allocation  | 378 | 4955 | 184 | 2382 | (1846) | (23740) | (1284) | (16403) |
| Income Equity  | 4438 | 74604 | 693 | 11503 | (2017) | (34084) | 3114 | 52023 |
| International Equity  | 875 | 9188 | 359 | 3512 | (1894) | (19608) | (660) | (6908) |
| International Equity Index  | 47096 | 695357 | 2628 | 36192 | (48043) | (707662) | 1681 | 23887 |
| Large Cap Core  | 421 | 12186 | 828 | 23416 | (1330) | (38071) | (81) | (2469) |
| Large Cap Value  | 52 | 1115 | 221 | 4451 | (305) | (6460) | (32) | (894) |
| Mid Cap Index  | 12488 | 269053 | 7238 | 149036 | (18543) | (398733) | 1183 | 19356 |
| Multi-Manager Global Listed Infrastructure  | 12387 | 154343 | 1789 | 21218 | (27591) | (335749) | (13415) | (160188) |
| Multi-Manager Global Real Estate  | 1060 | 11554 | 114 | 1223 | (3838) | (41011) | (2664) | (28234) |
| Small Cap Index  | 13488 | 191822 | 4391 | 60856 | (12879) | (180049) | 5000 | 72629 |
| Small Cap Value  | 7356 | 122277 | 26227 | 340170 | (24579) | (410480) | 9004 | 51967 |
| Stock Index  | 28621 | 1632118 | 3603 | 213128 | (22845) | (1318593) | 9379 | 526653 |

---

Transactions in Class K shares for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Small Cap Core  | 1080 | $27504 | 903 | $22079 | (1336) | $(33779) | 647 | $15804 |
| U.S. Quality ESG  | 1616 | 35378 | 1639 | 35149 | (12417) | (272577) | (9162) | (202050) |
| World Selection Index  | 6690 | 172721 | 1598 | 40986 | (14898) | (375910) | (6610) | (162203) |

---

Transactions in Class K shares for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Small Cap Core  | 474 | $12653 | 907 | $22879 | (3759) | $(104127) | (2378) | $(68595) |
| U.S. Quality ESG  | 2991 | 55275 | 161 | 3385 | (3178) | (65244) | (26) | (6584) |
| World Selection Index  | 10530 | 242595 | 1792 | 40674 | (6003) | (140521) | 6319 | 142748 |

---

Transactions in Class I shares for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Small Cap Core  | 598 | $14961 | 919 | $22445 | (3496) | $(88170) | (1979) | $(50764) |
| U.S. Quality ESG  | 604 | 13149 | 312 | 6680 | (625) | (13593) | 291 | 6236 |
| World Selection Index  | 7055 | 179668 | 2110 | 54096 | (9858) | (245579) | (693) | (11815) |

---

EQUITY FUNDS **224** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2026** <br>

Transactions in Class I shares for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Small Cap Core  | 1163 | $32649 | 1358 | $34255 | (1877) | $(50242) | 644 | $16662 |
| U.S. Quality ESG  | 1399 | 34140 | 32 | 670 | (354) | (7378) | 1077 | 27432 |
| World Selection Index  | 11369 | 261108 | 2252 | 51081 | (30269) | (701281) | (16648) | (389092) |

---

**9. DERIVATIVE INSTRUMENTS**

Information concerning the types of derivatives in which the Funds invest, the objectives for using them and their related risks can be found in Note 2.

Below are the types of derivatives by primary risk exposure as presented in the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Assets |  | Liabilities |  |
| *Amounts in thousands* | Contract Type | Statements of<br> Assets Location<br>| Value | Statements of<br> Liabilities Location<br>| Value |
| Active M Emerging Markets Equity | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| $— | Net Assets - Net unrealized<br> depreciation<br>| $(49)\*<br>|
| Active M International Equity | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 266<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| Emerging Markets Equity Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (1,164)\*<br>|
|  | Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency exchange<br> contracts<br>| 52 | Unrealized depreciation on<br> forward foreign currency exchange<br> contracts<br>| (1) |
| Global Real Estate Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 40<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (6)\*<br>|
|  | Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency exchange<br> contracts<br>| 32 | Unrealized depreciation on<br> forward foreign currency exchange<br> contracts<br>| (13) |
| Global Tactical Asset Allocation | Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (45)\*<br>|
| Income Equity | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (35)\*<br>|
|  | Equity contracts |  |  | Outstanding options written, at<br> value<br>| (9) |
| International Equity | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 64<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| International Equity Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 2,573<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (604)\*<br>|
|  | Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency exchange<br> contracts<br>| 294 | Unrealized depreciation on<br> forward foreign currency exchange<br> contracts<br>| (84) |
| Large Cap Core | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (56)\*<br>|
| Large Cap Value | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (1)\*<br>|
| Mid Cap Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 438<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| &nbsp;&nbsp; Multi-Manager Global Listed <br> Infrastructure<br>| Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (160)\*<br>|

---

NORTHERN FUNDS ANNUAL REPORT **225** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Assets |  | Liabilities |  |
| *Amounts in thousands* | Contract Type | Statements of<br> Assets Location<br>| Value | Statements of<br> Liabilities Location<br>| Value |
| Small Cap Core | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| $8<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| $— |
| Small Cap Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 49<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| Small Cap Value | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (76)\*<br>|
| Stock Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (6,446)\*<br>|
| U.S. Quality ESG | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (168)\*<br>|
| World Selection Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 3<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (891)\*<br>|
|  | Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency exchange<br> contracts<br>| 17 | Unrealized depreciation on<br> forward foreign currency exchange<br> contracts<br>| (66) |

---

\* *Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Investments' footnotes. Only the current* *day's variation margin, if any, is reported within the Statements of Assets and Liabilities.* 

The Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements ("netting agreements"). Generally, netting agreements allow the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. In the event of default where the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the defaulting party, realization of collateral by the Funds may be delayed or limited. In addition, the netting agreements provide the right for the non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.

As of March 31, 2026, gross amounts of assets and liabilities for forward foreign exchange contracts not offset in the Statements of Assets and Liabilities, related collateral and net amounts after taking into account netting agreements, by counterparty, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF ASSETS<br> PRESENTED IN STATEMENTS<br> OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; CASH <br> COLLATERAL<br> RECEIVED<br>| &nbsp;&nbsp; NET<br> AMOUNT<br>|
| Emerging Markets Equity Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1 |
|  | Citibank | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31 |
|  | JPMorgan Chase | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17 |
|  | Total | &nbsp;&nbsp;&nbsp; $52 | &nbsp;&nbsp;&nbsp; $(1) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $51 |
| Global Real Estate Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 |
|  | Citibank | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
|  | JPMorgan Chase | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; —\* | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9 |
|  | UBS | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 |
|  | Total | &nbsp;&nbsp;&nbsp; $32 | &nbsp;&nbsp;&nbsp; $(3) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $29 |
| International Equity Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8 |
|  | Barclays | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 |

---

EQUITY FUNDS **226** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2026** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF ASSETS<br> PRESENTED IN STATEMENTS<br> OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; CASH <br> COLLATERAL<br> RECEIVED<br>| &nbsp;&nbsp; NET<br> AMOUNT<br>|
|  | JPMorgan Chase | &nbsp;&nbsp;&nbsp; $42 | &nbsp;&nbsp;&nbsp; $(34) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; (24) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12 |
|  | Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18 |
|  | UBS | &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 186 |
|  | Total | &nbsp;&nbsp;&nbsp; $294 | &nbsp;&nbsp;&nbsp; $(58) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $236 |
| World Selection Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Barclays | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
|  | BNP Paribas | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
|  | JPMorgan Chase | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —\* |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8 |
|  | Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp; —\* | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Total | &nbsp;&nbsp;&nbsp; $17 | &nbsp;&nbsp;&nbsp; $(6) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF<br> LIABILITIES<br> PRESENTED IN STATEMENTS<br> OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; CASH <br> COLLATERAL<br> PLEDGED<br>| &nbsp;&nbsp; NET<br> AMOUNT<br>|
| Emerging Markets Equity Index Fund | Citibank | &nbsp;&nbsp;&nbsp; $(1) | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
|  | Total | &nbsp;&nbsp;&nbsp; $(1) | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Global Real Estate Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | BNP Paribas | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1) |
|  | Citibank | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (—) |
|  | JPMorgan Chase | &nbsp;&nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3) |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; (6) | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6) |
|  | Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (—) |
|  | Total | &nbsp;&nbsp;&nbsp; $(13) | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(10) |
| International Equity Index Fund | Citibank | &nbsp;&nbsp;&nbsp; (26) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (26) |
|  | JPMorgan Chase | &nbsp;&nbsp;&nbsp; (34) | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; (24) | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (—) |
|  | Total | &nbsp;&nbsp;&nbsp; $(84) | &nbsp;&nbsp;&nbsp; $58 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(26) |
| World Selection Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; (34) | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31) |
|  | Citibank | &nbsp;&nbsp;&nbsp; (11) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11) |
|  | JPMorgan Chase | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp; (15) | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15) |
|  | UBS | &nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3) |
|  | Total | &nbsp;&nbsp;&nbsp; $(66) | &nbsp;&nbsp;&nbsp; $6 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(60) |

---

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

NORTHERN FUNDS ANNUAL REPORT **227** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

The following tables set forth, by primary risk exposure, the Funds' realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the fiscal year ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS | AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS |
| *Amounts in thousands* | CONTRACT TYPE | STATEMENTS OF OPERATIONS LOCATION | VALUE |
| Active M Emerging Markets Equity | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; $889 |
| Active M International Equity | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 2683 |
| Emerging Markets Equity Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 14828 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; (92) |
| Global Real Estate Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 1386 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; (170) |
| Global Tactical Asset Allocation | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 21 |
| Income Equity | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 430 |
|  | Equity contracts | Net realized gains (losses) on options written | &nbsp;&nbsp;&nbsp; 117 |
| International Equity | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 369 |
| International Equity Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 11914 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; 45 |
| Large Cap Core | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 360 |
| Large Cap Value | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 92 |
| Mid Cap Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; (1403) |
| Multi-Manager Global Listed Infrastructure | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 2456 |
| Small Cap Core | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 1468 |
| Small Cap Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 2489 |
| Small Cap Value | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 5176 |
| Stock Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 20517 |
| U.S. Quality ESG | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 271 |
| World Selection Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 1153 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; (85) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp; CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON<br> DERIVATIVE CONTRACTS | &nbsp;&nbsp;&nbsp; CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON<br> DERIVATIVE CONTRACTS |
| *Amounts in thousands* | CONTRACT TYPE | STATEMENTS OF OPERATIONS LOCATION | VALUE |
| Active M Emerging Markets Equity | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; $1 |
| Active M International Equity | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 475 |
| Emerging Markets Equity Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 543 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward <br> foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp; 55 |
| Global Real Estate Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 218 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward <br> foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp; 3 |
| Global Tactical Asset Allocation | Interest rate contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (71) |
| Income Equity | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (24) |

---

EQUITY FUNDS **228** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2026** <br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp; CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON<br> DERIVATIVE CONTRACTS | &nbsp;&nbsp;&nbsp; CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON<br> DERIVATIVE CONTRACTS |
| *Amounts in thousands* | CONTRACT TYPE | STATEMENTS OF OPERATIONS LOCATION | VALUE |
|  | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on options <br> written<br>| &nbsp;&nbsp;&nbsp; $(11) |
| International Equity | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 111 |
| International Equity Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 3040 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward <br> foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp; 331 |
| Large Cap Core | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (38) |
| Large Cap Value | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (3) |
| Mid Cap Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 564 |
| Multi-Manager Global Listed Infrastructure | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (52) |
| Small Cap Core | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 88 |
| Small Cap Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 397 |
| Small Cap Value | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 29 |
| Stock Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (7588) |
| U.S. Quality ESG | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (134) |
| World Selection Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (539) |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward <br> foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp; (33) |

---

Volume of derivative activity for the fiscal year ended March 31, 2026\*:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOREIGN EXCHANGE<br> CONTRACTS  | FOREIGN EXCHANGE<br> CONTRACTS  | EQUITY<br> CONTRACTS | EQUITY<br> CONTRACTS | INTEREST RATE<br> CONTRACTS  | INTEREST RATE<br> CONTRACTS  |
|  | NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>|
| Active M Emerging Markets Equity |  | $— | 87 | $594 |  | $— |
| Active M International Equity |  |  | 97 | 1706 |  |  |
| Emerging Markets Equity Index | 73 | 790 | 186 | 3541 |  |  |
| Global Real Estate Index | 142 | 387 | 230 | 1471 |  |  |
| Global Tactical Asset Allocation |  |  |  |  | 4 | 1379 |
| Income Equity |  |  | 161 | 580 |  |  |
| International Equity |  |  | 161 | 288 |  |  |
| International Equity Index | 84 | 2861 | 237 | 3904 |  |  |
| Large Cap Core |  |  | 35 | 1170 |  |  |
| Large Cap Value |  |  | 17 | 425 |  |  |
| Mid Cap Index |  |  | 97 | 3371 |  |  |
| Multi-Manager Global Listed Infrastructure |  |  | 164 | 1254 |  |  |

---

NORTHERN FUNDS ANNUAL REPORT **229** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

---

| | |
|:---|:---|
| **Notes to the financial statements continued**  | **March 31, 2026**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOREIGN EXCHANGE<br> CONTRACTS  | FOREIGN EXCHANGE<br> CONTRACTS  | EQUITY<br> CONTRACTS | EQUITY<br> CONTRACTS | INTEREST RATE<br> CONTRACTS  | INTEREST RATE<br> CONTRACTS  |
|  | NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>|
| Small Cap Core |  | $— | 33 | $3348 |  | $— |
| Small Cap Index |  |  | 92 | 2351 |  |  |
| Small Cap Value |  |  | 97 | 3165 |  |  |
| Stock Index |  |  | 33 | 53460 |  |  |
| U.S. Quality ESG |  |  | 50 | 1404 |  |  |
| World Selection Index | 181 | 516 | 285 | 1266 |  |  |

---

*\**

*Activity for the fiscal year is measured by number of trades during the fiscal year and average notional amount for foreign currency exchange contracts, equity and interest rate futures contracts and written options equity contracts.*

*\*\**

*Amounts in thousands.* 

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

**10. INDEMNIFICATIONS AND WARRANTIES** 

In the ordinary course of their business, the Funds may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Funds. The maximum exposure to the Funds under these provisions is unknown, as this would involve future claims that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believe the risk of loss to be remote.

**11. OPERATING SEGMENTS**

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. NTI acts as the CODM. Each Fund within the Trust represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the respective Fund's portfolio managers as a team. The financial information in the form of a Fund's total returns, expense ratios, changes in net assets resulting from operations and subscriptions and redemptions which are used by the CODM to assess the segment's performance and to make resource allocation decisions for each Fund (as a single segment), is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

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

**12. GLOBAL INSTABILITY**

Unexpected political, regulatory and diplomatic events and military conflicts around the world may affect investor and consumer confidence and may adversely impact global and domestic financial markets and the broader economy. Such conflicts have caused, and could continue to cause, significant market disruptions and volatility within specific markets and globally. The hostilities and sanctions resulting from those conflicts have, and could continue to have, a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the U.S. and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters.

**13. SUBSEQUENT EVENTS** 

Management has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure.

EQUITY FUNDS **230** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

**To the Shareholders and Board of Trustees of Northern Funds:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of nineteen separate portfolios of Northern Funds, comprising the Active M Emerging Markets Equity Fund, Active M International Equity Fund, Emerging Markets Equity Index Fund, Global Real Estate Index Fund, Global Tactical Asset Allocation Fund, Income Equity Fund, International Equity Fund, International Equity Index Fund, Large Cap Core Fund, Large Cap Value Fund, Mid Cap Index Fund, Multi-Manager Global Listed Infrastructure Fund, Multi-Manager Global Real Estate Fund, Small Cap Core Fund, Small Cap Index Fund, Small Cap Value Fund, Stock Index Fund, U.S. Quality ESG Fund, and World Selection Index Fund (collectively, the "Funds"), including the schedules of investments, as of March 31, 2026, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights").

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Northern Funds as of March 31, 2026, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

May 27, 2026

We have served as the auditor of one or more Northern Trust investment companies since 2002.

NORTHERN FUNDS ANNUAL REPORT **231** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**TAX AND DISTRIBUTION INFORMATION** <br>

**CAPITAL GAIN DISTRIBUTION** — The following Funds made capital gain distributions in December 2025, and hereby designated these long-term capital gain distributions as follows *(per share)*:

---

| | |
|:---|:---|
|  | LONG-TERM<br> CAPITAL GAIN<br>|
| Active M International Equity | $1.021740 |
| Income Equity | 0.932052 |
| Large Cap Core | 2.304295 |
| Large Cap Value | 0.653146 |
| Mid Cap Index | 1.011149 |
| Multi-Manager Global Listed Infrastructure | 0.452991 |
| Small Cap Core | 3.454742 |
| Small Cap Index | 0.077755 |
| Small Cap Value | 4.060669 |
| Stock Index | 1.182287 |
| U.S. Quality ESG | 2.530291 |
| World Selection Index | 0.911987 |

---

**CORPORATE DIVIDENDS-RECEIVED DEDUCTION (DRD)** — A percentage of the dividends distributed during the fiscal year ended March 31, 2026 for the following Funds qualifies for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
|  | CORPORATE DRD<br> PERCENTAGE<br>|
| Active M Emerging Markets Equity | 1.08<br> %<br>|
| Active M International Equity | 1.70<br> %<br>|
| Emerging Markets Equity Index | 0.25<br> %<br>|
| Global Real Estate Index | 0.06<br> %<br>|
| Global Tactical Asset Allocation | 14.64<br> %<br>|
| Income Equity | 59.10<br> %<br>|
| International Equity Index | 0.06<br> %<br>|
| Large Cap Core | 100.00<br> %<br>|
| Large Cap Value | 100.00<br> %<br>|
| Mid Cap Index | 52.46<br> %<br>|
| Multi-Manager Global Listed Infrastructure | 35.81<br> %<br>|
| Multi-Manager Global Real Estate | 0.26<br> %<br>|
| Small Cap Core | 65.18<br> %<br>|
| Small Cap Index | 70.57<br> %<br>|
| Small Cap Value | 48.37<br> %<br>|
| Stock Index | 87.82<br> %<br>|
| U.S. Quality ESG | 100.00<br> %<br>|
| World Selection Index | 36.47<br> %<br>|

---

**FOREIGN TAX CREDIT** — The Fund below intends to make an election that will allow shareholders to treat their proportionate share of foreign taxes paid by the Fund as having been paid by them. The amounts per share which represent income from sources within, and taxes paid to, foreign countries are as follows:

---

| | | |
|:---|:---|:---|
|  | TAXES | INCOME |
| Active M Emerging Markets Equity | $0.0487 | $0.5480 |
| Active M International Equity | 0.0176 | 0.3254 |
| Emerging Markets Equity Index | 0.0360 | 0.3315 |
| Global Tactical Asset Allocation | 0.0015 | 0.0968 |
| International Equity | 0.0340 | 0.3897 |
| International Equity Index | 0.0161 | 0.5167 |
| Multi-Manager Global Listed Infrastructure | 0.0271 | 0.3257 |

---

**LONG-TERM CAPITAL GAIN** — The following Funds designated the below amount as long-term capital gains, pursuant to Section 852 of the Internal Revenue Code, for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *Amounts in thousands*  | LONG-TERM<br> CAPITAL GAIN<br>|
| Active M International Equity | $44533 |
| Income Equity | 13446 |
| Large Cap Core | 23128 |
| Large Cap Value | 1856 |
| Mid Cap Index | 92740 |
| Multi-Manager Global Listed Infrastructure | 30903 |
| Small Cap Core | 43950 |
| Small Cap Index | 6878 |
| Small Cap Value | 182893 |
| Stock Index | 296948 |
| U.S. Quality ESG | 44315 |
| World Selection Index | 65787 |

---

**QUALIFIED DIVIDEND INCOME (QDI)** — Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the following percentages of ordinary dividends paid during the fiscal year ended March 31, 2026, are designated as "qualified dividend income," as defined in the Act, subject to reduced tax rates in 2025:

---

| | |
|:---|:---|
|  | QDI<br> PERCENTAGE<br>|
| Active M Emerging Markets Equity | 100.00<br> %<br>|
| Active M International Equity | 100.00<br> %<br>|
| Emerging Markets Equity Index | 46.24<br> %<br>|
| Global Real Estate Index | 26.74<br> %<br>|
| Global Tactical Asset Allocation | 31.51<br> %<br>|
| Income Equity | 61.75<br> %<br>|

---

EQUITY FUNDS **232** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2026 (Unaudited)** <br>

---

| | |
|:---|:---|
|  | QDI<br> PERCENTAGE<br>|
| International Equity | 100.00<br> %<br>|
| International Equity Index | 75.86<br> %<br>|
| Large Cap Core | 100.00<br> %<br>|
| Large Cap Value | 100.00<br> %<br>|
| Mid Cap Index | 55.06<br> %<br>|
| Multi-Manager Global Listed Infrastructure | 100.00<br> %<br>|
| Multi-Manager Global Real Estate | 28.28<br> %<br>|
| Small Cap Core | 73.35<br> %<br>|
| Small Cap Index | 78.35<br> %<br>|
| Small Cap Value | 56.69<br> %<br>|
| Stock Index | 91.82<br> %<br>|
| U.S. Quality ESG | 100.00<br> %<br>|
| World Selection Index | 75.58<br> %<br>|

---

**DISTRIBUTION INFORMATION** — For purposes of Section 19 of the 1940 Act, the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. The Global Tactical Asset Allocation Fund did not issue a Section 19(a) notice because at the time the Fund did not believe that such a notice was necessary. Pursuant to Rule 19a-1(e) under the 1940 Act, the information in the table below includes the sources of the Global Tactical Asset Allocation Fund's distributions paid on record date February 25, 2026. Please note that the information in the table below is for financial accounting purposes only. Form 1099-DIV received by shareholders for the calendar year specifies how shareholders should characterize and report distributions paid by the Fund during the year for U.S. federal income tax purposes.

The Fund's distributions were paid from:

Record Date Ordinary Income Return of Capital <br> Global Tactical Asset Allocation February 25, 2026 0.000000 0.027168

NORTHERN FUNDS ANNUAL REPORT **233** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

---

| | |
|:---|:---|
| **Form N-CSR - Items 8 - 11**  | **March 31, 2026 (Unaudited)**  |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in and disagreements with accountants on accounting and financial disclosure for the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There were no matters submitted during the period covered by the report to a vote of shareholders, through the solicitation of proxies or otherwise.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

See next page for Statement Regarding Basis for Approval of Investment Advisory Contract.

EQUITY FUNDS **234** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL** <br> **OF INVESTMENT ADVISORY CONTRACT**<br>| **March 31, 2026 (Unaudited)** |

---

**Board Considerations relating to the Approval of Cohen & Steers Capital Management, Inc. as a New Sub-Adviser to Multi-Manager Global Real Estate Fund**

At an in-person meeting held on February 18-19, 2026 (the "Meeting"), the Board of Trustees (the "Board" or the "Trustees") of Northern Funds (the "Trust"), including all of the Trustees who are not "interested persons" ("Independent Trustees") as defined in the Investment Company Act of 1940 (the "1940 Act"), reviewed and approved an investment sub-advisory agreement (the "Sub-Advisory Agreement") with respect to Multi-Manager Global Real Estate Fund (the "Fund") between Northern Trust Investments, Inc. ("Northern") and Cohen & Steers Capital Management, Inc. ("Cohen" or the "Sub-Adviser").

At the Meeting, the Trustees, including all of the Independent Trustees, reviewed and discussed information and written materials from Northern about Cohen, including: (i) the nature, extent and quality of the investment advisory services to be provided by Cohen, and the experience and qualifications of the personnel proposed to provide such services; (ii) Cohen's financial condition, history of operations and ownership structure; (iii) Cohen's brokerage and soft dollar practices; (iv) Cohen's investment strategy and style of investing; (v) Cohen's performance history with respect to other accounts or funds using an investment strategy similar to the Fund; (vi) information with respect to Cohen's risk management and cybersecurity programs; (vii) Cohen's compliance policies and procedures (including its code of ethics), and the Trust's Chief Compliance Officer's (the "CCO") evaluation of such policies and procedures; (viii) material litigation, investigations, proceedings or actions (if any); (ix) any potential conflicts of interest in managing the Fund, including Cohen's financial or business relationships with Northern and its affiliates; and (x) the proposed terms of the Sub-Advisory Agreement. In connection with their deliberations, the Independent Trustees met separately with and were advised by their independent legal counsel and received a memorandum from their independent legal counsel regarding their responsibilities under applicable law.

The Trustees considered Northern's reasons for proposing that Cohen be added as a sub-adviser to the Fund, including why Northern believed that adding Cohen as a sub-adviser may contribute to improved performance. The Trustees discussed the proposed allocation of assets among Cohen and the other sub-adviser to the Fund.

In evaluating the Sub-Advisory Agreement, the Trustees gave weight to various factors, including those discussed below, but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors. The Trustees also considered the recommendations and evaluations provided by Northern.

*Nature, Extent and Quality of Services*

The Trustees considered the information and evaluations provided by Northern with respect to Cohen's operations, qualifications, performance and experience in managing the type of strategy for which Cohen was proposed to be engaged. The Trustees considered Northern's evaluation of Cohen's potential to contribute to improving the Fund's relative performance. The Trustees reviewed the CCO's evaluation of Cohen's compliance program and code of ethics, noting that the CCO believed the program to be reasonably designed to prevent the violation of federal securities laws. Following consideration of this and other information, the Board was satisfied with the nature, extent and quality of services proposed to be provided by Cohen.

*Fees, Expenses and Performance*

The Trustees considered the proposed sub-advisory fee and that Cohen would be paid by Northern out of Northern's management fees. The Trustees also considered Cohen's proposed fees at various asset levels of the Fund in relation to the other sub-adviser to the Fund, and in relation to Cohen's fee schedule for other accounts or funds using an investment strategy similar to the Fund. The Trustees noted Northern's ability to utilize Cohen's existing sub-advisory fee schedule for the Multi-Manager Global Listed Infrastructure Fund, for which Cohen also serves as sub-adviser, and to aggregate assets across both Funds.

The Trustees considered the expected profitability of the Fund to Northern before and after the addition of the sub-adviser proposed at the Meeting, together with the proposed portfolio reallocations with the Fund's other sub-adviser, which showed that Northern's profitability would slightly increase at asset levels as of December 31, 2025. The Trustees did not consider Cohen's projected profitability because Northern would be paying Cohen out of the management fees that Northern receives from the Fund. The Trustees therefore believed that Northern had an incentive to negotiate competitive sub-advisory fees.

The Trustees considered and evaluated Cohen's performance in other accounts or funds that Cohen manages using an investment strategy similar to the strategy it will use with the Fund, and Northern's evaluation of that performance. The Trustees reviewed reports prepared by Northern showing the hypothetical performance of the Fund over various time periods based on the proposed sub-adviser changes. The Trustees also considered Cohen's investment strategy performance against the Fund's style benchmark.

Based upon the information provided, the Trustees concluded that the proposed fee to be paid under the sub-advisory agreement was fair and reasonable in light of the services to be provided by Cohen and consistent with those that would be obtained through arms-length negotiations, and that Cohen's performance record in its strategy was generally satisfactory.

NORTHERN FUNDS ANNUAL REPORT **235** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

&nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL** <br> **OF INVESTMENT ADVISORY CONTRACT (continued)** <br>

*Economies of Scale*

The Trustees considered information prepared by Northern that showed the impact on Northern's net management fee (after payment of sub-advisory fees) at various asset levels. The Trustees noted that Cohen had a breakpoint in its sub-advisory fee structure, and took into account the levels of aggregate sub-advisory fees at various asset levels, including applicable breakpoints in the sub-advisory fee structures. However, the Trustees generally considered economies of scale with respect to the Fund primarily at the management fee level given that Northern would be paying Cohen out of its management fee. Accordingly, the Trustees concluded that the proposed fee arrangement with Cohen is reasonable.

*Fall Out and Other Benefits*

The Trustees considered other potential benefits to be derived by Cohen as a result of its relationship with the Fund or Northern. For example, the Trustees noted that Cohen may obtain reputational benefits from the success of the Fund. The Trustees noted that Cohen serves as a sub-adviser for the Multi-Manager Global Listed Infrastructure Fund and to certain institutional clients of Northern's affiliates, as well as an investment adviser for clients that utilize an affiliate of Northern as a service provider. The Trustees considered that Northern was not aware of any conflicts of interest relevant to the Fund or Northern. The Trustees concluded that, based on the information provided, any such potential benefits were immaterial to its consideration and approval of the Sub-Advisory Agreement.

*Conclusion*

After deliberation and based on the Trustees' review, including consideration of each of the factors referenced above, the Board, including the Independent Trustees, determined that the proposed fee to be paid to Cohen was fair and reasonable in light of the services to be provided by Cohen and such other matters as the Board considered relevant in the exercise of reasonable business judgment. After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the Sub-Advisory Agreement.

EQUITY FUNDS **236** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

This Page Intentionally Left Blank

NORTHERN FUNDS ANNUAL REPORT **237** EQUITY FUNDS

------

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---

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|:---|:---|
| ![](imgf67cf4815.gif)<br>| &nbsp;&nbsp;&nbsp;&nbsp; ![](imgad2ff9186.gif)<br>|

---

©2026 Northern Funds

NF ANR NCSR EQTY (5/26)

------

**NORTHERN FUNDS FIXED INCOME AND MONEY** 

**MARKET FUNDS**

**ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION**

March 31, 2026

![](img1512c9091.gif)

---

| | |
|:---|:---|
| ![](img6059c8f12.gif)<br>| &nbsp;&nbsp;&nbsp;&nbsp; ![](imgae517b173.gif)<br>|

---

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**TABLE OF CONTENTS**<br>

---

| | |
|:---|:---|
| **2** | **[STATEMENTS OF ASSETS AND LIABILITIES](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_FS-FundBookHeader_1)** |
| **6** | **[STATEMENTS OF OPERATIONS](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_FS-FundBookHeader_5)** |
| **10** | **[STATEMENTS OF CHANGES IN NET ASSETS](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_FS-FundBookHeader_9)** |
| **16** | **[FINANCIAL HIGHLIGHTS](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_FS-FundBookHeader_15)** |
| **35** | **[SCHEDULES OF INVESTMENTS](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_1)** |
| **35** | **[ARIZONA TAX-EXEMPT FUND (Ticker Symbol: NOAZX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_1)** |
| **40** | **[BOND INDEX FUND (Ticker Symbol: NOBOX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_6)** |
| **132** | **[CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND (Ticker Symbol: NCITX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_98)** |
| **140** | **[CALIFORNIA TAX-EXEMPT FUND (Ticker Symbol: NCATX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_106)** |
| **147** | **[CORE BOND FUND (Ticker Symbol: NOCBX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_113)** |
| **158** | **[FIXED INCOME FUND (Ticker Symbol: NOFIX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_124)** |
| **170** | **[HIGH YIELD FIXED INCOME FUND (Ticker Symbol: NHFIX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_136)** |
| **186** | **[INTERMEDIATE TAX-EXEMPT FUND (Ticker Symbol: NOITX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_152)** |
| **206** | **[LIMITED TERM TAX-EXEMPT FUND (Ticker Symbol: NSITX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_172)** |
| **216** | **[LIMITED TERM U.S. GOVERNMENT FUND (Ticker Symbol: NSIUX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_182)** |
| **218** | **[MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND (Ticker Symbol: NMHYX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_184)** |
| **258** | **[SHORT BOND FUND (Ticker Symbol: BSBAX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_224)** |
| **268** | **[TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND (Ticker Symbol: NTAUX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_234)** |
| **295** | **[TAX-EXEMPT FUND (Ticker Symbol: NOTEX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_261)** |
| **313** | **[ULTRA-SHORT FIXED INCOME FUND](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_279)[(Ticker Symbol](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_279)**[s](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_279)**[: Shares:](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_279)[NUSFX](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_279)[, Siebert Williams Shank Shares:](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_279)[SWSFX](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_279)[)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_279)** |
| **323** | **[U.S. GOVERNMENT FUND (Ticker Symbol: NOUGX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_289)** |
| **327** | **[U.S. GOVERNMENT MONEY MARKET FUND (Ticker Symbol: NOGXX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_293)** |
| **331** | **[U.S. GOVERNMENT SELECT MONEY MARKET FUND (Ticker Symbol: NOSXX)](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_SOI-TOC-SOI-38_297)** |
| **335** | **[NOTES TO THE FINANCIAL STATEMENTS](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_NTF-NotestoFinancialStatements_1)** |
| **355** | **[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_RPA2-TOC-RPA_1)** |
| **356** | **[TAX AND DISTRIBUTION INFORMATION](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_TI-TOC-TaxInfo_1)** |
| **357** | **[FORM N-CSR - ITEMS 8-11](#xx_8450e8b0-09c5-43f8-b23f-4894c79ae360_NCSR811-FormNCSRTOC_1)** |

---

NORTHERN FUNDS ANNUAL REPORT **1** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**STATEMENTS OF ASSETS AND LIABILITIES** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands, except per share data* | Arizona<br> Tax-Exempt<br> Fund<br>| Bond<br> Index<br> Fund<br>| California<br> Intermediate<br> Tax-Exempt<br> Fund<br>| California<br> Tax-Exempt<br> Fund<br>| <br> Core<br> Bond<br> Fund<br>|
| ASSETS: |  |  |  |  |  |
| Investments, at value  | &nbsp;&nbsp; $53292 | &nbsp;&nbsp; $3002993 | &nbsp;&nbsp; $253632 | &nbsp;&nbsp; $132119 | &nbsp;&nbsp; $90341 |
| Investments in affiliates, at value | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 145623 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 3880 | &nbsp;&nbsp; 2433 | &nbsp;&nbsp; 1037 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 6155 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currencies, at value  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due from broker (Note 2) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest income receivable | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 23466 | &nbsp;&nbsp; 2791 | &nbsp;&nbsp; 1386 | &nbsp;&nbsp; 671 |
| Dividend income receivable | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 5 |
| Securities lending income receivable | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 68320 | &nbsp;&nbsp; — | &nbsp;&nbsp; 480 | &nbsp;&nbsp; — |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 |
| Receivable for fund shares sold | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 55538 | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 8 |
| Receivable from investment adviser | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 |
| Receivable for variation margin on credit default swap | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on total return swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid and other assets | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 |
| Total Assets | &nbsp;&nbsp; 54346 | &nbsp;&nbsp; 3302565 | &nbsp;&nbsp; 260722 | &nbsp;&nbsp; 136862 | &nbsp;&nbsp; 92088 |
| LIABILITIES: |  |  |  |  |  |
| Cash overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable upon return of securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; 25054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 70249 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 353 |
| Payable for when-issued securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 160380 | &nbsp;&nbsp; 8472 | &nbsp;&nbsp; 5420 | &nbsp;&nbsp; 300 |
| Payable for variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 638 | &nbsp;&nbsp; 1558 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15 |
| Distributions payable to shareholders | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 2338 | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 74 |
| Unfunded loan commitments (Note 2) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due to broker (Note 2) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Upfront premiums received on bilateral total return swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable to affiliates: |  |  |  |  |  |
| Management fees | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 7 |
| Custody fees | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 |
| Shareholder servicing fees | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — |
| Transfer agent fees | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3 |
| Accrued Trustee fees and expenses | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Accrued other liabilities | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 17 |
| Total Liabilities | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 259775 | &nbsp;&nbsp; 8664 | &nbsp;&nbsp; 5545 | &nbsp;&nbsp; 793 |
| Net Assets | &nbsp;&nbsp; $53641 | &nbsp;&nbsp; $3042790 | &nbsp;&nbsp; $252058 | &nbsp;&nbsp; $131317 | &nbsp;&nbsp; $91295 |
| ANALYSIS OF NET ASSETS: |  |  |  |  |  |
| Capital stock | &nbsp;&nbsp; $67866 | &nbsp;&nbsp; $3370334 | &nbsp;&nbsp; $286543 | &nbsp;&nbsp; $145971 | &nbsp;&nbsp; $122394 |
| Distributable loss | &nbsp;&nbsp; (14225)<br>| &nbsp;&nbsp; (327544)<br>| &nbsp;&nbsp; (34485)<br>| &nbsp;&nbsp; (14654)<br>| &nbsp;&nbsp; (31099)<br>|
| Net Assets | &nbsp;&nbsp; $53641 | &nbsp;&nbsp; $3042790 | &nbsp;&nbsp; $252058 | &nbsp;&nbsp; $131317 | &nbsp;&nbsp; $91295 |
| **Net Assets:** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; $53641 | &nbsp;&nbsp; $3042790 | &nbsp;&nbsp; $252058 | &nbsp;&nbsp; $131317 | &nbsp;&nbsp; $91295 |
| **Total Shares Outstanding ($.001 par value, unlimited authorization):** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; 5649 | &nbsp;&nbsp; 329246 | &nbsp;&nbsp; 25415 | &nbsp;&nbsp; 12567 | &nbsp;&nbsp; 10232 |
| **Net Asset Value, Redemption and Offering Price Per Share:** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.24 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $8.92 |
| Investments, at cost | &nbsp;&nbsp; $56288 | &nbsp;&nbsp; $3140942 | &nbsp;&nbsp; $260732 | &nbsp;&nbsp; $138039 | &nbsp;&nbsp; $94003 |
| Investments in affiliates, at cost | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 145628 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 3880 | &nbsp;&nbsp; 2433 | &nbsp;&nbsp; 1037 |
| Foreign currencies, at cost | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities on loan, at value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28188 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

<br> <sup>(1)</sup> *Investments in affiliates, at value and Investments in affiliates, at cost include securities purchased using cash collateral received from securities lending activities.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **2** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fixed<br> Income<br> Fund<br>| High Yield<br> Fixed<br> Income<br> Fund<br>| Intermediate<br> Tax-Exempt<br> Fund<br>| Limited<br> Term<br> Tax-Exempt<br> Fund<br>| Limited<br> Term<br> U.S. Government<br> Fund<br>| Multi-Manager<br> High Yield<br> Opportunity Fund<br>|
| $278998 | &nbsp;&nbsp; $1983343 | &nbsp;&nbsp; $1180140 | &nbsp;&nbsp; $317601 | &nbsp;&nbsp; $26192 | &nbsp;&nbsp; $135452 |
| 7599 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 186303 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 6373 | &nbsp;&nbsp; 2844 | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 14170 <br> <sup>(1)</sup><br>|
|  — | &nbsp;&nbsp; 172 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 89 |
| 1974 | &nbsp;&nbsp; 36790 | &nbsp;&nbsp; 14340 | &nbsp;&nbsp; 4057 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 2433 |
| 14 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21 |
|  — | &nbsp;&nbsp; 130 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1 | &nbsp;&nbsp; 8079 | &nbsp;&nbsp; 2473 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1103 | &nbsp;&nbsp; 583 |
| 78 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 523 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 4 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42 |
| 5 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 |
| 288674 | &nbsp;&nbsp; 2215417 | &nbsp;&nbsp; 1203993 | &nbsp;&nbsp; 324596 | &nbsp;&nbsp; 27801 | &nbsp;&nbsp; 152804 |
|  — | &nbsp;&nbsp; 149 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 174 |
| 751 | &nbsp;&nbsp; 115081 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 8511 |
| 3581 | &nbsp;&nbsp; 1053 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1097 | &nbsp;&nbsp; 798 |
| 700 | &nbsp;&nbsp; 10845 | &nbsp;&nbsp; 13726 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 763 |
| 45 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 373 | &nbsp;&nbsp; 5672 | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| 233 | &nbsp;&nbsp; 2816 | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19 |
| 23 | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 18 |
| 3 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 2 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| 9 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 4 |
| 15 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 2 |
| 16 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
| 5751 | &nbsp;&nbsp; 136013 | &nbsp;&nbsp; 15118 | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 1373 | &nbsp;&nbsp; 10407 |
| $282923 | &nbsp;&nbsp; $2079404 | &nbsp;&nbsp; $1188875 | &nbsp;&nbsp; $324364 | &nbsp;&nbsp; $26428 | &nbsp;&nbsp; $142397 |
| $388142 | &nbsp;&nbsp; $3058528 | &nbsp;&nbsp; $1373322 | &nbsp;&nbsp; $348539 | &nbsp;&nbsp; $34243 | &nbsp;&nbsp; $215246 |
| (105219)<br>| &nbsp;&nbsp; (979124)<br>| &nbsp;&nbsp; (184447)<br>| &nbsp;&nbsp; (24175)<br>| &nbsp;&nbsp; (7815)<br>| &nbsp;&nbsp; (72849)<br>|
| $282923 | &nbsp;&nbsp; $2079404 | &nbsp;&nbsp; $1188875 | &nbsp;&nbsp; $324364 | &nbsp;&nbsp; $26428 | &nbsp;&nbsp; $142397 |
| $282923 | &nbsp;&nbsp; $2079404 | &nbsp;&nbsp; $1188875 | &nbsp;&nbsp; $324364 | &nbsp;&nbsp; $26428 | &nbsp;&nbsp; $142397 |
| 31623 | &nbsp;&nbsp; 345966 | &nbsp;&nbsp; 121022 | &nbsp;&nbsp; 32404 | &nbsp;&nbsp; 2805 | &nbsp;&nbsp; 17252 |
| $8.95 | &nbsp;&nbsp; $6.01 | &nbsp;&nbsp; $9.82 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $8.25 |
| $291746 | &nbsp;&nbsp; $2053879 | &nbsp;&nbsp; $1210569 | &nbsp;&nbsp; $318872 | &nbsp;&nbsp; $26238 | &nbsp;&nbsp; $142906 |
| 7599 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 186303 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 6373 | &nbsp;&nbsp; 2844 | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 14170 <br> <sup>(1)</sup><br>|
|  — | &nbsp;&nbsp; 181 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| $2481 | &nbsp;&nbsp; $143327 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11070 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **3** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**STATEMENTS OF ASSETS AND LIABILITIES continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands, except per share data* | Short<br> Bond<br> Fund<br>| Tax-Advantaged<br> Ultra-Short<br> Fixed<br> Income Fund<br>| Tax-Exempt<br> Fund<br>| Ultra-Short<br> Fixed<br> Income<br> Fund<br>| U.S.<br> Government<br> Fund<br>|
| ASSETS: |  |  |  |  |  |
| Investments, at value  | &nbsp;&nbsp; $186911 | &nbsp;&nbsp; $2916739 | &nbsp;&nbsp; $745633 | &nbsp;&nbsp; $1562282 | &nbsp;&nbsp; $25798 |
| Investments in affiliates, at value | &nbsp;&nbsp; 3232 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 9773 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 3033 | &nbsp;&nbsp; 83274 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 25 |
| Repurchase agreements, at cost, which approximates value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest income receivable | &nbsp;&nbsp; 1599 | &nbsp;&nbsp; 33301 | &nbsp;&nbsp; 9357 | &nbsp;&nbsp; 9973 | &nbsp;&nbsp; 234 |
| Dividend income receivable | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 216 | &nbsp;&nbsp; — |
| Securities lending income receivable | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| Receivable for securities sold | &nbsp;&nbsp; 3033 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13406 | &nbsp;&nbsp; — | &nbsp;&nbsp; 372 |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for fund shares sold | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2243 | &nbsp;&nbsp; 849 | &nbsp;&nbsp; 483 | &nbsp;&nbsp; 1 |
| Receivable from investment adviser | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 2 |
| Prepaid and other assets | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 4 |
| Total Assets | &nbsp;&nbsp; 194821 | &nbsp;&nbsp; 2962284 | &nbsp;&nbsp; 772321 | &nbsp;&nbsp; 1656294 | &nbsp;&nbsp; 26436 |
| LIABILITIES: |  |  |  |  |  |
| Payable upon return of securities loaned | &nbsp;&nbsp; 707 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3235 | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; 5228 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 403 |
| Payable for when-issued securities | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 28070 | &nbsp;&nbsp; 25743 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for variation margin on futures contracts | &nbsp;&nbsp; 54 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for fund shares redeemed | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4498 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; — |
| Distributions payable to shareholders | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 1654 | &nbsp;&nbsp; 507 | &nbsp;&nbsp; 1334 | &nbsp;&nbsp; 18 |
| Payable to affiliates: |  |  |  |  |  |
| Management fees | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 2 |
| Custody fees | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1 |
| Shareholder servicing fees | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — |
| Transfer agent fees | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 1 |
| Accrued Trustee fees and expenses | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3 |
| Accrued other liabilities | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 15 |
| Total Liabilities | &nbsp;&nbsp; 6389 | &nbsp;&nbsp; 34607 | &nbsp;&nbsp; 26578 | &nbsp;&nbsp; 5310 | &nbsp;&nbsp; 443 |
| Net Assets | &nbsp;&nbsp; $188432 | &nbsp;&nbsp; $2927677 | &nbsp;&nbsp; $745743 | &nbsp;&nbsp; $1650984 | &nbsp;&nbsp; $25993 |
| ANALYSIS OF NET ASSETS: |  |  |  |  |  |
| Capital stock | &nbsp;&nbsp; $216288 | &nbsp;&nbsp; $2961069 | &nbsp;&nbsp; $930400 | &nbsp;&nbsp; $1675148 | &nbsp;&nbsp; $31978 |
| Distributable loss | &nbsp;&nbsp; (27856)<br>| &nbsp;&nbsp; (33392)<br>| &nbsp;&nbsp; (184657)<br>| &nbsp;&nbsp; (24164)<br>| &nbsp;&nbsp; (5985)<br>|
| Net Assets | &nbsp;&nbsp; $188432 | &nbsp;&nbsp; $2927677 | &nbsp;&nbsp; $745743 | &nbsp;&nbsp; $1650984 | &nbsp;&nbsp; $25993 |
| **Net Assets:** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; $188432 | &nbsp;&nbsp; $2927677 | &nbsp;&nbsp; $745743 | &nbsp;&nbsp; $1630025 | &nbsp;&nbsp; $25993 |
| Siebert Williams Shank Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20959 | &nbsp;&nbsp; — |
| **Total Shares Outstanding ($.001 par value, unlimited authorization):** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; 10316 | &nbsp;&nbsp; 287579 | &nbsp;&nbsp; 78637 | &nbsp;&nbsp; 158175 | &nbsp;&nbsp; 2960 |
| Siebert Williams Shank Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2034 | &nbsp;&nbsp; — |
| **Net Asset Value, Redemption and Offering Price Per Share:** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; $18.27 | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp; $10.31 | &nbsp;&nbsp; $8.78 |
| Siebert Williams Shank Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.30 | &nbsp;&nbsp; — |
| Investments, at cost | &nbsp;&nbsp; $187287 | &nbsp;&nbsp; $2922382 | &nbsp;&nbsp; $774438 | &nbsp;&nbsp; $1561447 | &nbsp;&nbsp; $26112 |
| Investments in affiliates, at cost | &nbsp;&nbsp; 3232 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 9773 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 3033 | &nbsp;&nbsp; 83274 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; 25 |
| Securities on loan, at value | &nbsp;&nbsp; $1754 | &nbsp;&nbsp; $99 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3176 | &nbsp;&nbsp; $— |

---

<br> <sup>(1)</sup> *Investments in affiliates, at value and Investments in affiliates, at cost include securities purchased using cash collateral received from securities lending activities.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **4** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | |
|:---|:---|
| U.S. Government<br> Money<br> Market Fund<br>| U.S. Government<br> Select<br> Money<br> Market Fund<br>|
| $10806305 | &nbsp;&nbsp; $2321983 |
| 10779000 | &nbsp;&nbsp; 2134000 |
| 27852 | &nbsp;&nbsp; 38403 |
| 54912 | &nbsp;&nbsp; 11009 |
| 45261 | &nbsp;&nbsp; 5029 |
| 51200 | &nbsp;&nbsp; 11621 |
| 23 | &nbsp;&nbsp; 9 |
| 43 | &nbsp;&nbsp; 8 |
| 21764596 | &nbsp;&nbsp; 4522062 |
| 70000 | &nbsp;&nbsp; 15000 |
| 40849 | &nbsp;&nbsp; 10276 |
| 61408 | &nbsp;&nbsp; 12657 |
| 1363 | &nbsp;&nbsp; 285 |
| 121 | &nbsp;&nbsp; 27 |
| 330 | &nbsp;&nbsp; 68 |
| 32 | &nbsp;&nbsp; 21 |
| 153 | &nbsp;&nbsp; 38 |
| 174256 | &nbsp;&nbsp; 38372 |
| $21590340 | &nbsp;&nbsp; $4483690 |
| $21590495 | &nbsp;&nbsp; $4483710 |
| (155)<br>| &nbsp;&nbsp; (20)<br>|
| $21590340 | &nbsp;&nbsp; $4483690 |
| $21590340 | &nbsp;&nbsp; $4483690 |
| 21590482 | &nbsp;&nbsp; 4483749 |
| $1.00 | &nbsp;&nbsp; $1.00 |
| $10806305 | &nbsp;&nbsp; $2321983 |
|  $— | &nbsp;&nbsp; $— |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **5** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**STATEMENTS OF OPERATIONS** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands* | &nbsp;&nbsp;&nbsp; Arizona<br> Tax-Exempt<br> Fund<br>| &nbsp;&nbsp;&nbsp; Bond<br> Index<br> Fund<br>| &nbsp;&nbsp;&nbsp; California<br> Intermediate<br> Tax-Exempt<br> Fund<br>| &nbsp;&nbsp;&nbsp; California<br> Tax-Exempt<br> Fund<br>|
| INVESTMENT INCOME: |  |  |  |  |
| Interest income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $2048 | &nbsp;&nbsp;&nbsp;&nbsp; $94744 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $7592 | &nbsp;&nbsp;&nbsp;&nbsp; $4634 |
| Interest income from investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividend income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Income from securities loaned (net of fees) (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividend income from investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 2824 | &nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
| Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 2089 | &nbsp;&nbsp;&nbsp;&nbsp; 97598 | &nbsp;&nbsp;&nbsp;&nbsp; 7775 | &nbsp;&nbsp;&nbsp;&nbsp; 4719 |
| EXPENSES: |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 1457 | &nbsp;&nbsp;&nbsp;&nbsp; 1029 | &nbsp;&nbsp;&nbsp;&nbsp; 547 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| Blue sky fees | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Audit fees | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Shareholder servicing fees | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| Trustee fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| Tax expense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 377 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp; 1241 | &nbsp;&nbsp;&nbsp;&nbsp; 722 |
| Less expenses reimbursed by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (155)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (140)<br>|
| Less custodian credits | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp;&nbsp; 1644 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 | &nbsp;&nbsp;&nbsp;&nbsp; 582 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **1838** | &nbsp;&nbsp;&nbsp;&nbsp; **95954** | &nbsp;&nbsp;&nbsp;&nbsp; **6689** | &nbsp;&nbsp;&nbsp;&nbsp; **4137** |
| NET REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; (1858)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5121)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1884)<br>|
| Credit default swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total return swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net changes in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 2103 | &nbsp;&nbsp;&nbsp;&nbsp; 4062 | &nbsp;&nbsp;&nbsp;&nbsp; 7082 | &nbsp;&nbsp;&nbsp;&nbsp; 2618 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Credit default swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total return swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; (1064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3062 | &nbsp;&nbsp;&nbsp;&nbsp; 734 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$2083** | &nbsp;&nbsp;&nbsp;&nbsp; **$94890** | &nbsp;&nbsp;&nbsp;&nbsp; **$9751** | &nbsp;&nbsp;&nbsp;&nbsp; **$4871** |

---

<sup>(1)</sup> *Net of $10, $1, $3, $13, respectively, in foreign withholding taxes.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **6** NORTHERN FUNDS ANNUAL REPORT

------

**For the Fiscal Year Ended March 31, 2026** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> Core<br> Bond<br> Fund<br>| Fixed<br> Income<br> Fund<br>| High Yield<br> Fixed<br> Income<br> Fund<br>| Intermediate<br> Tax-Exempt<br> Fund<br>| Limited<br> Term<br> Tax-Exempt<br> Fund<br>| Limited<br> Term<br> U.S. Government<br> Fund<br>| Multi-Manager<br> High Yield<br> Opportunity Fund<br>|
| &nbsp;&nbsp;&nbsp; $4246 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; $14379 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; $170469 <br> <sup>(1)</sup><br>| &nbsp;&nbsp; $39379 | &nbsp;&nbsp; $9916 | &nbsp;&nbsp; $957 | &nbsp;&nbsp; $11144 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 592 |
| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 3815 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp; 4390 | &nbsp;&nbsp; 14557 | &nbsp;&nbsp; 174323 | &nbsp;&nbsp; 39969 | &nbsp;&nbsp; 10124 | &nbsp;&nbsp; 962 | &nbsp;&nbsp; 12042 |
| &nbsp;&nbsp;&nbsp; 353 | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; 13495 | &nbsp;&nbsp; 4749 | &nbsp;&nbsp; 1428 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 15074 | &nbsp;&nbsp; 5488 | &nbsp;&nbsp; 1692 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 1195 |
| &nbsp;&nbsp;&nbsp; (108)<br>| &nbsp;&nbsp; (184)<br>| &nbsp;&nbsp; (1071)<br>| &nbsp;&nbsp; (498)<br>| &nbsp;&nbsp; (189)<br>| &nbsp;&nbsp; (81)<br>| &nbsp;&nbsp; (157)<br>|
| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
| &nbsp;&nbsp;&nbsp; 381 | &nbsp;&nbsp; 1343 | &nbsp;&nbsp; 13998 | &nbsp;&nbsp; 4989 | &nbsp;&nbsp; 1503 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp; **4009** | &nbsp;&nbsp; **13214** | &nbsp;&nbsp; **160325** | &nbsp;&nbsp; **34980** | &nbsp;&nbsp; **8621** | &nbsp;&nbsp; **852** | &nbsp;&nbsp; **11007** |
| &nbsp;&nbsp;&nbsp; (255)<br>| &nbsp;&nbsp; 257 | &nbsp;&nbsp; (39553)<br>| &nbsp;&nbsp; (14478)<br>| &nbsp;&nbsp; (1681)<br>| &nbsp;&nbsp; (8)<br>| &nbsp;&nbsp; (388)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 2369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 49077 | &nbsp;&nbsp; 27780 | &nbsp;&nbsp; 4319 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; (1458)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp; (462)<br>| &nbsp;&nbsp; (2594)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
| &nbsp;&nbsp;&nbsp; (166)<br>| &nbsp;&nbsp; 463 | &nbsp;&nbsp; 9336 | &nbsp;&nbsp; 13302 | &nbsp;&nbsp; 2639 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; (1663)<br>|
| &nbsp;&nbsp;&nbsp; **$3843** | &nbsp;&nbsp; **$13677** | &nbsp;&nbsp; **$169661** | &nbsp;&nbsp; **$48282** | &nbsp;&nbsp; **$11260** | &nbsp;&nbsp; **$862** | &nbsp;&nbsp; **$9344** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **7** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**STATEMENTS OF OPERATIONS continued**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands* | &nbsp;&nbsp;&nbsp; Short<br> Bond<br> Fund<br>| &nbsp;&nbsp;&nbsp; Tax-Advantaged<br> Ultra-Short<br> Fixed<br> Income Fund<br>| &nbsp;&nbsp;&nbsp; Tax-Exempt<br> Fund<br>| &nbsp;&nbsp;&nbsp; Ultra-Short<br> Fixed<br> Income<br> Fund<br>|
| INVESTMENT INCOME: |  |  |  |  |
| Interest income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $10763 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $94056 <br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $30481 | &nbsp;&nbsp;&nbsp;&nbsp; $82309 <br> <sup>(1)</sup><br>|
| Interest income from investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 107 |
| Income from securities loaned (net of fees) (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Dividend income from investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 1464 | &nbsp;&nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; 1457 |
| Income from affiliates (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 10887 | &nbsp;&nbsp;&nbsp;&nbsp; 95520 | &nbsp;&nbsp;&nbsp;&nbsp; 30817 | &nbsp;&nbsp;&nbsp;&nbsp; 83874 |
| EXPENSES: |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 879 | &nbsp;&nbsp;&nbsp;&nbsp; 6591 | &nbsp;&nbsp;&nbsp;&nbsp; 3217 | &nbsp;&nbsp;&nbsp;&nbsp; 4012 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp; 674 |
| Blue sky fees | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| Audit fees | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| Shareholder servicing fees | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| Trustee fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp;&nbsp; 8118 | &nbsp;&nbsp;&nbsp;&nbsp; 3734 | &nbsp;&nbsp;&nbsp;&nbsp; 5059 |
| Less expenses reimbursed by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (770)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (356)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (647)<br>|
| Less custodian credits | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp;&nbsp; 7342 | &nbsp;&nbsp;&nbsp;&nbsp; 3376 | &nbsp;&nbsp;&nbsp;&nbsp; 4408 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **9953** | &nbsp;&nbsp;&nbsp;&nbsp; **88178** | &nbsp;&nbsp;&nbsp;&nbsp; **27441** | &nbsp;&nbsp;&nbsp;&nbsp; **79466** |
| NET REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 1307 | &nbsp;&nbsp;&nbsp;&nbsp; 6282 | &nbsp;&nbsp;&nbsp;&nbsp; (15731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (807)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net changes in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; (550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7386)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20839 | &nbsp;&nbsp;&nbsp;&nbsp; (4424)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; (1104)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5108 | &nbsp;&nbsp;&nbsp;&nbsp; (2440)<br>|
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$9999** | &nbsp;&nbsp;&nbsp;&nbsp; **$87074** | &nbsp;&nbsp;&nbsp;&nbsp; **$32549** | &nbsp;&nbsp;&nbsp;&nbsp; **$77026** |

---

<sup>(1)</sup> *Net of $1, $6 and $26, respectively, in foreign withholding taxes.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **8** NORTHERN FUNDS ANNUAL REPORT

------

**For the Fiscal Year Ended March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S.<br> Government<br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government<br> Money<br> Market Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government<br> Select<br> Money<br> Market Fund<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $890998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $181199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1815)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (431)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1029** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **816739** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **167333** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$939** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$816961** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$167364** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **9** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Arizona<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; Arizona<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; Bond<br> Index<br> Fund | &nbsp;&nbsp;&nbsp; Bond<br> Index<br> Fund | &nbsp;&nbsp;&nbsp; California<br> Intermediate<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; California<br> Intermediate<br> Tax-Exempt<br> Fund |
| Amounts in thousands | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $1838 | &nbsp;&nbsp;&nbsp;&nbsp; $1956 | &nbsp;&nbsp;&nbsp;&nbsp; $95954 | &nbsp;&nbsp;&nbsp;&nbsp; $86078 | &nbsp;&nbsp;&nbsp;&nbsp; $6689 | &nbsp;&nbsp;&nbsp;&nbsp; $6418 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; (1858)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1577)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5121)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52362)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3906)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 2103 | &nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp; 4057 | &nbsp;&nbsp;&nbsp;&nbsp; 68658 | &nbsp;&nbsp;&nbsp;&nbsp; 7082 | &nbsp;&nbsp;&nbsp;&nbsp; 2149 |
| Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp; 2083 | &nbsp;&nbsp;&nbsp;&nbsp; 713 | &nbsp;&nbsp;&nbsp;&nbsp; 94890 | &nbsp;&nbsp;&nbsp;&nbsp; 102374 | &nbsp;&nbsp;&nbsp;&nbsp; 9751 | &nbsp;&nbsp;&nbsp;&nbsp; 4661 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Shares <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1357 | &nbsp;&nbsp;&nbsp;&nbsp; (10008)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 900175 | &nbsp;&nbsp;&nbsp;&nbsp; (228908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27531 | &nbsp;&nbsp;&nbsp;&nbsp; (26140)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital <br> Share Transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1357 | &nbsp;&nbsp;&nbsp;&nbsp; (10008)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 900175 | &nbsp;&nbsp;&nbsp;&nbsp; (228908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27531 | &nbsp;&nbsp;&nbsp;&nbsp; (26140)<br>|
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; (1839)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (96291)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6693)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6425)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (1839)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (96291)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6693)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6425)<br>|
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **1601** | &nbsp;&nbsp;&nbsp;&nbsp; **(11251)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **898774** | &nbsp;&nbsp;&nbsp;&nbsp; **(213150)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **30589** | &nbsp;&nbsp;&nbsp;&nbsp; **(27904)**<br>|
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 52040 | &nbsp;&nbsp;&nbsp;&nbsp; 63291 | &nbsp;&nbsp;&nbsp;&nbsp; 2144016 | &nbsp;&nbsp;&nbsp;&nbsp; 2357166 | &nbsp;&nbsp;&nbsp;&nbsp; 221469 | &nbsp;&nbsp;&nbsp;&nbsp; 249373 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp; $53641 | &nbsp;&nbsp;&nbsp;&nbsp; $52040 | &nbsp;&nbsp;&nbsp;&nbsp; $3042790 | &nbsp;&nbsp;&nbsp;&nbsp; $2144016 | &nbsp;&nbsp;&nbsp;&nbsp; $252058 | &nbsp;&nbsp;&nbsp;&nbsp; $221469 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **10** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; California<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; California<br> Tax-Exempt<br> Fund | &nbsp;&nbsp; <br> Core<br> Bond<br> Fund | &nbsp;&nbsp; <br> Core<br> Bond<br> Fund | &nbsp;&nbsp; Fixed<br> Income<br> Fund | &nbsp;&nbsp; Fixed<br> Income<br> Fund | &nbsp;&nbsp; High Yield<br> Fixed<br> Income<br> Fund | &nbsp;&nbsp; High Yield<br> Fixed<br> Income<br> Fund |
| **2026** | **2025** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp; $4137 | &nbsp;&nbsp;&nbsp; $4650 | &nbsp;&nbsp;&nbsp; $4009 | &nbsp;&nbsp;&nbsp; $3926 | &nbsp;&nbsp;&nbsp; $13214 | &nbsp;&nbsp;&nbsp; $14773 | &nbsp;&nbsp;&nbsp; $160325 | &nbsp;&nbsp;&nbsp; $186775 |
| &nbsp;&nbsp;&nbsp; (1884)<br>| &nbsp;&nbsp;&nbsp; (713)<br>| &nbsp;&nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp; (1186)<br>| &nbsp;&nbsp;&nbsp; 548 | &nbsp;&nbsp;&nbsp; (5034)<br>| &nbsp;&nbsp;&nbsp; (37153)<br>| &nbsp;&nbsp;&nbsp; (40600)<br>|
| &nbsp;&nbsp;&nbsp; 2618 | &nbsp;&nbsp;&nbsp; (1708)<br>| &nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp; 1699 | &nbsp;&nbsp;&nbsp; (85)<br>| &nbsp;&nbsp;&nbsp; 7058 | &nbsp;&nbsp;&nbsp; 46489 | &nbsp;&nbsp;&nbsp; 46437 |
| &nbsp;&nbsp;&nbsp; 4871 | &nbsp;&nbsp;&nbsp; 2229 | &nbsp;&nbsp;&nbsp; 3843 | &nbsp;&nbsp;&nbsp; 4439 | &nbsp;&nbsp;&nbsp; 13677 | &nbsp;&nbsp;&nbsp; 16797 | &nbsp;&nbsp;&nbsp; 169661 | &nbsp;&nbsp;&nbsp; 192612 |
| &nbsp;&nbsp;&nbsp; (12802)<br>| &nbsp;&nbsp;&nbsp; (4742)<br>| &nbsp;&nbsp;&nbsp; (4943)<br>| &nbsp;&nbsp;&nbsp; 4170 | &nbsp;&nbsp;&nbsp; (45946)<br>| &nbsp;&nbsp;&nbsp; (21221)<br>| &nbsp;&nbsp;&nbsp; (562753)<br>| &nbsp;&nbsp;&nbsp; (42365)<br>|
| &nbsp;&nbsp;&nbsp; (12802)<br>| &nbsp;&nbsp;&nbsp; (4742)<br>| &nbsp;&nbsp;&nbsp; (4943)<br>| &nbsp;&nbsp;&nbsp; 4170 | &nbsp;&nbsp;&nbsp; (45946)<br>| &nbsp;&nbsp;&nbsp; (21221)<br>| &nbsp;&nbsp;&nbsp; (562753)<br>| &nbsp;&nbsp;&nbsp; (42365)<br>|
| &nbsp;&nbsp;&nbsp; (4139)<br>| &nbsp;&nbsp;&nbsp; (4653)<br>| &nbsp;&nbsp;&nbsp; (3990)<br>| &nbsp;&nbsp;&nbsp; (3930)<br>| &nbsp;&nbsp;&nbsp; (13165)<br>| &nbsp;&nbsp;&nbsp; (14748)<br>| &nbsp;&nbsp;&nbsp; (160559)<br>| &nbsp;&nbsp;&nbsp; (187361)<br>|
| &nbsp;&nbsp;&nbsp; (4139)<br>| &nbsp;&nbsp;&nbsp; (4653)<br>| &nbsp;&nbsp;&nbsp; (3990)<br>| &nbsp;&nbsp;&nbsp; (3930)<br>| &nbsp;&nbsp;&nbsp; (13165)<br>| &nbsp;&nbsp;&nbsp; (14748)<br>| &nbsp;&nbsp;&nbsp; (160559)<br>| &nbsp;&nbsp;&nbsp; (187361)<br>|
| &nbsp;&nbsp;&nbsp; **(12070)**<br>| &nbsp;&nbsp;&nbsp; **(7166)**<br>| &nbsp;&nbsp;&nbsp; **(5090)**<br>| &nbsp;&nbsp;&nbsp; **4679** | &nbsp;&nbsp;&nbsp; **(45434)**<br>| &nbsp;&nbsp;&nbsp; **(19172)**<br>| &nbsp;&nbsp;&nbsp; **(553651)**<br>| &nbsp;&nbsp;&nbsp; **(37114)**<br>|
| &nbsp;&nbsp;&nbsp; 143387 | &nbsp;&nbsp;&nbsp; 150553 | &nbsp;&nbsp;&nbsp; 96385 | &nbsp;&nbsp;&nbsp; 91706 | &nbsp;&nbsp;&nbsp; 328357 | &nbsp;&nbsp;&nbsp; 347529 | &nbsp;&nbsp;&nbsp; 2633055 | &nbsp;&nbsp;&nbsp; 2670169 |
| &nbsp;&nbsp;&nbsp; $131317 | &nbsp;&nbsp;&nbsp; $143387 | &nbsp;&nbsp;&nbsp; $91295 | &nbsp;&nbsp;&nbsp; $96385 | &nbsp;&nbsp;&nbsp; $282923 | &nbsp;&nbsp;&nbsp; $328357 | &nbsp;&nbsp;&nbsp; $2079404 | &nbsp;&nbsp;&nbsp; $2633055 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **11** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**STATEMENTS OF CHANGES IN NET ASSETS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Intermediate<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; Intermediate<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; Limited<br> Term<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; Limited<br> Term<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; Limited<br> Term<br> U.S. Government<br> Fund | &nbsp;&nbsp;&nbsp; Limited<br> Term<br> U.S. Government<br> Fund |
| Amounts in thousands | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $34980 | &nbsp;&nbsp;&nbsp;&nbsp; $35275 | &nbsp;&nbsp;&nbsp;&nbsp; $8621 | &nbsp;&nbsp;&nbsp;&nbsp; $9265 | &nbsp;&nbsp;&nbsp;&nbsp; $852 | &nbsp;&nbsp;&nbsp;&nbsp; $738 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; (14478)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15084)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1680)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; (332)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 27780 | &nbsp;&nbsp;&nbsp;&nbsp; 4977 | &nbsp;&nbsp;&nbsp;&nbsp; 4319 | &nbsp;&nbsp;&nbsp;&nbsp; 4304 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 788 |
| Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp; 48282 | &nbsp;&nbsp;&nbsp;&nbsp; 25168 | &nbsp;&nbsp;&nbsp;&nbsp; 11260 | &nbsp;&nbsp;&nbsp;&nbsp; 11249 | &nbsp;&nbsp;&nbsp;&nbsp; 862 | &nbsp;&nbsp;&nbsp;&nbsp; 1194 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Shares <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 119066 | &nbsp;&nbsp;&nbsp;&nbsp; (194477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (80244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2928 | &nbsp;&nbsp;&nbsp;&nbsp; (6418)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital <br> Share Transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 119066 | &nbsp;&nbsp;&nbsp;&nbsp; (194477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (80244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2928 | &nbsp;&nbsp;&nbsp;&nbsp; (6418)<br>|
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; (35152)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35292)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8621)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (853)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (740)<br>|
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; (311)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (35463)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35292)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8621)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (853)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (740)<br>|
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **131885** | &nbsp;&nbsp;&nbsp;&nbsp; **(204601)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(26737)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(78261)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2937** | &nbsp;&nbsp;&nbsp;&nbsp; **(5964)**<br>|
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 1056990 | &nbsp;&nbsp;&nbsp;&nbsp; 1261591 | &nbsp;&nbsp;&nbsp;&nbsp; 351101 | &nbsp;&nbsp;&nbsp;&nbsp; 429362 | &nbsp;&nbsp;&nbsp;&nbsp; 23491 | &nbsp;&nbsp;&nbsp;&nbsp; 29455 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp; $1188875 | &nbsp;&nbsp;&nbsp;&nbsp; $1056990 | &nbsp;&nbsp;&nbsp;&nbsp; $324364 | &nbsp;&nbsp;&nbsp;&nbsp; $351101 | &nbsp;&nbsp;&nbsp;&nbsp; $26428 | &nbsp;&nbsp;&nbsp;&nbsp; $23491 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **12** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Multi-Manager<br> High Yield<br> Opportunity Fund | &nbsp;&nbsp;&nbsp; Multi-Manager<br> High Yield<br> Opportunity Fund | &nbsp;&nbsp; Short<br> Bond<br> Fund | &nbsp;&nbsp; Short<br> Bond<br> Fund | &nbsp;&nbsp; Tax-Advantaged<br> Ultra-Short<br> Fixed<br> Income Fund | &nbsp;&nbsp; Tax-Advantaged<br> Ultra-Short<br> Fixed<br> Income Fund | &nbsp;&nbsp; Tax-Exempt<br> Fund | &nbsp;&nbsp; Tax-Exempt<br> Fund |
| **2026** | **2025** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp; $11007 | &nbsp;&nbsp;&nbsp; $12778 | &nbsp;&nbsp;&nbsp; $9953 | &nbsp;&nbsp;&nbsp; $11295 | &nbsp;&nbsp;&nbsp; $88178 | &nbsp;&nbsp;&nbsp; $87425 | &nbsp;&nbsp;&nbsp; $27441 | &nbsp;&nbsp;&nbsp; $26750 |
| &nbsp;&nbsp;&nbsp; (249)<br>| &nbsp;&nbsp;&nbsp; 743 | &nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 6282 | &nbsp;&nbsp;&nbsp; (1181)<br>| &nbsp;&nbsp;&nbsp; (15731)<br>| &nbsp;&nbsp;&nbsp; (12677)<br>|
| &nbsp;&nbsp;&nbsp; (1414)<br>| &nbsp;&nbsp;&nbsp; (2389)<br>| &nbsp;&nbsp;&nbsp; (454)<br>| &nbsp;&nbsp;&nbsp; 3433 | &nbsp;&nbsp;&nbsp; (7386)<br>| &nbsp;&nbsp;&nbsp; 11798 | &nbsp;&nbsp;&nbsp; 20839 | &nbsp;&nbsp;&nbsp; (2067)<br>|
| &nbsp;&nbsp;&nbsp; 9344 | &nbsp;&nbsp;&nbsp; 11132 | &nbsp;&nbsp;&nbsp; 9999 | &nbsp;&nbsp;&nbsp; 14832 | &nbsp;&nbsp;&nbsp; 87074 | &nbsp;&nbsp;&nbsp; 98042 | &nbsp;&nbsp;&nbsp; 32549 | &nbsp;&nbsp;&nbsp; 12006 |
| &nbsp;&nbsp;&nbsp; (34927)<br>| &nbsp;&nbsp;&nbsp; (8819)<br>| &nbsp;&nbsp;&nbsp; (104455)<br>| &nbsp;&nbsp;&nbsp; 17779 | &nbsp;&nbsp;&nbsp; 175555 | &nbsp;&nbsp;&nbsp; 236891 | &nbsp;&nbsp;&nbsp; (30050)<br>| &nbsp;&nbsp;&nbsp; 29347 |
| &nbsp;&nbsp;&nbsp; (34927)<br>| &nbsp;&nbsp;&nbsp; (8819)<br>| &nbsp;&nbsp;&nbsp; (104455)<br>| &nbsp;&nbsp;&nbsp; 17779 | &nbsp;&nbsp;&nbsp; 175555 | &nbsp;&nbsp;&nbsp; 236891 | &nbsp;&nbsp;&nbsp; (30050)<br>| &nbsp;&nbsp;&nbsp; 29347 |
| &nbsp;&nbsp;&nbsp; (11227)<br>| &nbsp;&nbsp;&nbsp; (12717)<br>| &nbsp;&nbsp;&nbsp; (10065)<br>| &nbsp;&nbsp;&nbsp; (11409)<br>| &nbsp;&nbsp;&nbsp; (88237)<br>| &nbsp;&nbsp;&nbsp; (87427)<br>| &nbsp;&nbsp;&nbsp; (27447)<br>| &nbsp;&nbsp;&nbsp; (26756)<br>|
| &nbsp;&nbsp;&nbsp; (11227)<br>| &nbsp;&nbsp;&nbsp; (12717)<br>| &nbsp;&nbsp;&nbsp; (10065)<br>| &nbsp;&nbsp;&nbsp; (11409)<br>| &nbsp;&nbsp;&nbsp; (88237)<br>| &nbsp;&nbsp;&nbsp; (87427)<br>| &nbsp;&nbsp;&nbsp; (27447)<br>| &nbsp;&nbsp;&nbsp; (26756)<br>|
| &nbsp;&nbsp;&nbsp; **(36810)**<br>| &nbsp;&nbsp;&nbsp; **(10404)**<br>| &nbsp;&nbsp;&nbsp; **(104521)**<br>| &nbsp;&nbsp;&nbsp; **21202** | &nbsp;&nbsp;&nbsp; **174392** | &nbsp;&nbsp;&nbsp; **247506** | &nbsp;&nbsp;&nbsp; **(24948)**<br>| &nbsp;&nbsp;&nbsp; **14597** |
| &nbsp;&nbsp;&nbsp; 179207 | &nbsp;&nbsp;&nbsp; 189611 | &nbsp;&nbsp;&nbsp; 292953 | &nbsp;&nbsp;&nbsp; 271751 | &nbsp;&nbsp;&nbsp; 2753285 | &nbsp;&nbsp;&nbsp; 2505779 | &nbsp;&nbsp;&nbsp; 770691 | &nbsp;&nbsp;&nbsp; 756094 |
| &nbsp;&nbsp;&nbsp; $142397 | &nbsp;&nbsp;&nbsp; $179207 | &nbsp;&nbsp;&nbsp; $188432 | &nbsp;&nbsp;&nbsp; $292953 | &nbsp;&nbsp;&nbsp; $2927677 | &nbsp;&nbsp;&nbsp; $2753285 | &nbsp;&nbsp;&nbsp; $745743 | &nbsp;&nbsp;&nbsp; $770691 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **13** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**STATEMENTS OF CHANGES IN NET ASSETS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Ultra-Short<br> Fixed<br> Income<br> Fund | &nbsp;&nbsp; Ultra-Short<br> Fixed<br> Income<br> Fund | &nbsp;&nbsp; U.S.<br> Government<br> Fund | &nbsp;&nbsp; U.S.<br> Government<br> Fund | &nbsp;&nbsp; U.S. Government<br> Money<br> Market Fund | &nbsp;&nbsp; U.S. Government<br> Money<br> Market Fund |
| Amounts in thousands | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp; $79466 | &nbsp;&nbsp;&nbsp; $79131 | &nbsp;&nbsp;&nbsp; $1029 | &nbsp;&nbsp;&nbsp; $762 | &nbsp;&nbsp;&nbsp; $816739 | &nbsp;&nbsp;&nbsp; $951243 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1294 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; (241)<br>| &nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp; 808 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (4440)<br>| &nbsp;&nbsp;&nbsp; 11012 | &nbsp;&nbsp;&nbsp; (113)<br>| &nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp; 77026 | &nbsp;&nbsp;&nbsp; 91437 | &nbsp;&nbsp;&nbsp; 939 | &nbsp;&nbsp;&nbsp; 987 | &nbsp;&nbsp;&nbsp; 816961 | &nbsp;&nbsp;&nbsp; 952051 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| Net increase (decrease) in net assets resulting from Shares transactions | &nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp; 26938 | &nbsp;&nbsp;&nbsp; (1267)<br>| &nbsp;&nbsp;&nbsp; 2445 | &nbsp;&nbsp;&nbsp; (618836)<br>| &nbsp;&nbsp;&nbsp; 1774718 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Siebert Williams Shank <br> Shares transactions<br>| &nbsp;&nbsp;&nbsp; (17129)<br>| &nbsp;&nbsp;&nbsp; 5235 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital Share <br> Transactions<br>| &nbsp;&nbsp;&nbsp; (16746)<br>| &nbsp;&nbsp;&nbsp; 32173 | &nbsp;&nbsp;&nbsp; (1267)<br>| &nbsp;&nbsp;&nbsp; 2445 | &nbsp;&nbsp;&nbsp; (618836)<br>| &nbsp;&nbsp;&nbsp; 1774718 |
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp; (78262)<br>| &nbsp;&nbsp;&nbsp; (78013)<br>| &nbsp;&nbsp;&nbsp; (1029)<br>| &nbsp;&nbsp;&nbsp; (762)<br>| &nbsp;&nbsp;&nbsp; (817772)<br>| &nbsp;&nbsp;&nbsp; (951306)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp; (78262)<br>| &nbsp;&nbsp;&nbsp; (78013)<br>| &nbsp;&nbsp;&nbsp; (1029)<br>| &nbsp;&nbsp;&nbsp; (762)<br>| &nbsp;&nbsp;&nbsp; (817772)<br>| &nbsp;&nbsp;&nbsp; (951306)<br>|
| &nbsp;&nbsp; DISTRIBUTIONS TO SIEBERT WILLIAMS SHANK SHARES <br> SHAREHOLDERS:<br>|  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp; (1354)<br>| &nbsp;&nbsp;&nbsp; (1745)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Distributions to Siebert Williams Shank Shares Shareholders | &nbsp;&nbsp;&nbsp; (1354)<br>| &nbsp;&nbsp;&nbsp; (1745)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp; **(19336)**<br>| &nbsp;&nbsp;&nbsp; **43852** | &nbsp;&nbsp;&nbsp; **(1357)**<br>| &nbsp;&nbsp;&nbsp; **2670** | &nbsp;&nbsp;&nbsp; **(619647)**<br>| &nbsp;&nbsp;&nbsp; **1775463** |
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp; 1670320 | &nbsp;&nbsp;&nbsp; 1626468 | &nbsp;&nbsp;&nbsp; 27350 | &nbsp;&nbsp;&nbsp; 24680 | &nbsp;&nbsp;&nbsp; 22209987 | &nbsp;&nbsp;&nbsp; 20434524 |
| End of year | &nbsp;&nbsp;&nbsp; $1650984 | &nbsp;&nbsp;&nbsp; $1670320 | &nbsp;&nbsp;&nbsp; $25993 | &nbsp;&nbsp;&nbsp; $27350 | &nbsp;&nbsp;&nbsp; $21590340 | &nbsp;&nbsp;&nbsp; $22209987 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **14** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | |
|:---|:---|
| U.S. Government<br> Select<br> Money<br> Market Fund | U.S. Government<br> Select<br> Money<br> Market Fund |
| **2026** | **2025** |
| $167333 | &nbsp;&nbsp;&nbsp;&nbsp; $207524 |
| 31 | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
| 167364 | &nbsp;&nbsp;&nbsp;&nbsp; 207682 |
| 125845 | &nbsp;&nbsp;&nbsp;&nbsp; (105182)<br>|
| 125845 | &nbsp;&nbsp;&nbsp;&nbsp; (105182)<br>|
| (167513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (207524)<br>|
| (167513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (207524)<br>|
| **125696** | &nbsp;&nbsp;&nbsp;&nbsp; **(105024)**<br>|
| 4357994 | &nbsp;&nbsp;&nbsp;&nbsp; 4463018 |
| $4483690 | &nbsp;&nbsp;&nbsp;&nbsp; $4357994 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **15** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Arizona Tax-Exempt** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.46** | &nbsp;&nbsp; **$9.67** | &nbsp;&nbsp; **$9.74** | &nbsp;&nbsp; **$10.13** | &nbsp;&nbsp; **$10.86** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.33 | 0.32 | 0.32 | 0.30 | 0.23 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.04 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.73)<br>|
| Total from Investment Operations | 0.37 | 0.11 | 0.25 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.50)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.46 | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $10.13 |
| **Total Return**<sup>(1)</sup>  | **3.93%**<br>| **1.19%**<br>| **2.62%**<br>| &nbsp;&nbsp; **(0.82)%**<br>| &nbsp;&nbsp; **(4.74)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $53641 | &nbsp;&nbsp; $52040 | &nbsp;&nbsp; $63291 | &nbsp;&nbsp; $77678 | &nbsp;&nbsp; $142101 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.47 <br> %<sup>(3)</sup><br>| 0.47 <br> %<sup>(3)</sup><br>| 0.47 <br> %<sup>(3)</sup><br>| 0.46<br> %<br>| 0.46<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.66<br> %<br>| 0.62<br> %<br>| 0.60<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 3.43 <br> %<sup>(3)</sup><br>| 3.38 <br> %<sup>(3)</sup><br>| 3.29 <br> %<sup>(3)</sup><br>| 3.03<br> %<br>| 2.09<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.20<br> %<br>| 3.15<br> %<br>| 3.10<br> %<br>| 2.87<br> %<br>| 1.95<br> %<br>|
| Portfolio Turnover Rate | 34.78<br> %<br>| 38.27<br> %<br>| 5.51<br> %<br>| 16.84<br> %<br>| 32.67<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $2,000, $5,000, $3,000, $5,000 and less than $1,000, representing less than 0.01 percent of average* *net assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **16** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Index Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.22** | &nbsp;&nbsp; **$9.14** | &nbsp;&nbsp; **$9.31** | &nbsp;&nbsp; **$10.04** | &nbsp;&nbsp; **$10.75** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.36 | 0.34 | 0.31 | 0.24 | 0.19 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.03 | 0.09 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.63)<br>|
| Total from Investment Operations | 0.39 | 0.43 | 0.14 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.44)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.27)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $9.24 | &nbsp;&nbsp; $9.22 | &nbsp;&nbsp; $9.14 | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $10.04 |
| **Total Return**<sup>(1)</sup>  | **4.26%**<br>| **4.78%**<br>| **1.60%**<br>| &nbsp;&nbsp; **(4.77)%**<br>| &nbsp;&nbsp; **(4.22)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $3042790 | &nbsp;&nbsp; $2144016 | &nbsp;&nbsp; $2357166 | &nbsp;&nbsp; $2181197 | &nbsp;&nbsp; $2677710 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.07 <br> %<sup>(2)(3)</sup><br>| 0.07 <br> %<sup>(2)</sup><br>| 0.07 <br> %<sup>(2)</sup><br>| 0.11 <br> %<sup>(3)</sup><br>| 0.15 <br> %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.12<br> %<br>| 0.12<br> %<br>| 0.12<br> %<br>| 0.15<br> %<br>| 0.19<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.95 <br> %<sup>(2)(3)</sup><br>| 3.79 <br> %<sup>(2)</sup><br>| 3.37 <br> %<sup>(2)</sup><br>| 2.53 <br> %<sup>(3)</sup><br>| 1.77 <br> %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.90<br> %<br>| 3.74<br> %<br>| 3.32<br> %<br>| 2.49<br> %<br>| 1.73<br> %<br>|
| Portfolio Turnover Rate | 56.65<br> %<br>| 43.36<br> %<br>| 47.00<br> %<br>| 45.33<br> %<br>| 48.74<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $1,000, $27,000 and $1,000, representing less than 0.01 percent of average net assets for the fiscal years* *ended March 31, 2026, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment* *income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **17** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **California** <br> **Intermediate Tax-Exempt** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.78** | &nbsp;&nbsp; **$9.85** | &nbsp;&nbsp; **$9.89** | &nbsp;&nbsp; **$10.17** | &nbsp;&nbsp; **$10.94** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.28 | 0.26 | 0.26 | 0.23 | 0.21 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.14 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.77)<br>|
| Total from Investment Operations | 0.42 | 0.19 | 0.22 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.56)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.21)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $10.17 |
| **Total Return**<sup>(1)</sup>  | **4.31%**<br>| **1.98%**<br>| **2.29%**<br>| &nbsp;&nbsp; **(0.39)%**<br>| &nbsp;&nbsp; **(5.20)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $252058 | &nbsp;&nbsp; $221469 | &nbsp;&nbsp; $249373 | &nbsp;&nbsp; $273437 | &nbsp;&nbsp; $483410 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.45<br> %<br>| 0.45 <br> %<sup>(3)</sup><br>| 0.45 <br> %<sup>(3)</sup><br>| 0.45<br> %<br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 2.80<br> %<br>| 2.67 <br> %<sup>(3)</sup><br>| 2.66 <br> %<sup>(3)</sup><br>| 2.37<br> %<br>| 1.95<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.73<br> %<br>| 2.60<br> %<br>| 2.59<br> %<br>| 2.31<br> %<br>| 1.89<br> %<br>|
| Portfolio Turnover Rate | 33.04<br> %<br>| 37.65<br> %<br>| 14.35<br> %<br>| 4.49<br> %<br>| 19.44<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $11,000, $11,000, $19,000, $17,000 and less than $1,000, representing less than 0.01 percent of* *average net assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and* *absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **18** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **California Tax-Exempt** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$10.36** | &nbsp;&nbsp; **$10.53** | &nbsp;&nbsp; **$10.52** | &nbsp;&nbsp; **$10.91** | &nbsp;&nbsp; **$11.80** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.34 | 0.33 | 0.32 | 0.27 | 0.24 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.09 | &nbsp;&nbsp; (0.17)<br>| 0.01 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.85)<br>|
| Total from Investment Operations | 0.43 | 0.16 | 0.33 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.61)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.28)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $10.91 |
| **Total Return**<sup>(1)</sup>  | **4.20%**<br>| **1.53%**<br>| **3.25%**<br>| &nbsp;&nbsp; **(1.02)%**<br>| &nbsp;&nbsp; **(5.35)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $131317 | &nbsp;&nbsp; $143387 | &nbsp;&nbsp; $150553 | &nbsp;&nbsp; $162392 | &nbsp;&nbsp; $199909 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.46 <br> %<sup>(3)</sup><br>| 0.46 <br> %<sup>(3)</sup><br>| 0.46 <br> %<sup>(3)</sup><br>| 0.45<br> %<br>| 0.46<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.57<br> %<br>| 0.56<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 3.25 <br> %<sup>(3)</sup><br>| 3.14 <br> %<sup>(3)</sup><br>| 3.09 <br> %<sup>(3)</sup><br>| 2.60<br> %<br>| 2.00<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.14<br> %<br>| 3.04<br> %<br>| 3.00<br> %<br>| 2.50<br> %<br>| 1.91<br> %<br>|
| Portfolio Turnover Rate | 35.90<br> %<br>| 38.88<br> %<br>| 20.78<br> %<br>| 23.45<br> %<br>| 30.33<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $5,000, $6,000, $14,000, $13,000 and less than $1,000, representing less than 0.01 percent of* *average net assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and* *absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **19** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Core Bond Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$8.93** | &nbsp;&nbsp; **$8.87** | &nbsp;&nbsp; **$9.06** | &nbsp;&nbsp; **$9.82** | &nbsp;&nbsp; **$10.43** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.39 | 0.37 | 0.33 | 0.25 | 0.13 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; (0.01)<br>| 0.06 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.56)<br>|
| Total from Investment Operations | 0.38 | 0.43 | 0.15 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.43)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $9.82 |
| **Total Return**<sup>(1)</sup>  | **4.27%**<br>| **4.95%**<br>| **1.77%**<br>| &nbsp;&nbsp; **(4.92)%**<br>| &nbsp;&nbsp; **(4.18)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $91295 | &nbsp;&nbsp; $96385 | &nbsp;&nbsp; $91706 | &nbsp;&nbsp; $112206 | &nbsp;&nbsp; $189112 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.41 <br> %<sup>(3)</sup><br>| 0.41 <br> %<sup>(3)</sup><br>| 0.41 <br> %<sup>(3)</sup><br>| 0.41<br> %<br>| 0.41<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.53<br> %<br>| 0.53<br> %<br>| 0.51<br> %<br>| 0.49<br> %<br>| 0.47<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 4.32 <br> %<sup>(3)</sup><br>| 4.17 <br> %<sup>(3)</sup><br>| 3.78 <br> %<sup>(3)</sup><br>| 2.84<br> %<br>| 1.32<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 4.20<br> %<br>| 4.05<br> %<br>| 3.68<br> %<br>| 2.76<br> %<br>| 1.26<br> %<br>|
| Portfolio Turnover Rate | 139.58<br> %<br>| 134.11<br> %<br>| 78.68<br> %<br>| 247.32<br> %<br>| 319.16<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $8,000, $8,000, $6,000, $6,000 and $1,000, representing less than 0.01 percent of average net assets* *for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **20** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fixed Income Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$8.92** | &nbsp;&nbsp; **$8.86** | &nbsp;&nbsp; **$9.02** | &nbsp;&nbsp; **$9.84** | &nbsp;&nbsp; **$10.45** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.40 | 0.38 | 0.34 | 0.28 | 0.20 <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.03 | 0.06 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.56)<br>|
| Total from Investment Operations | 0.43 | 0.44 | 0.19 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.36)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup>  | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.25)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.25)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $8.95 | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $9.84 |
| **Total Return**<sup>(3)</sup>  | **4.88%**<br>| **5.14%**<br>| **2.20%**<br>| &nbsp;&nbsp; **(5.23)%**<br>| &nbsp;&nbsp; **(3.58)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $282923 | &nbsp;&nbsp; $328357 | &nbsp;&nbsp; $347529 | &nbsp;&nbsp; $481875 | &nbsp;&nbsp; $696741 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(4)</sup> <br>| 0.45 <br> %<sup>(5)</sup><br>| 0.45 <br> %<sup>(5)</sup><br>| 0.45 <br> %<sup>(5)</sup><br>| 0.45<br> %<br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>| 0.49<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(4)</sup> <br>| 4.46 <br> %<sup>(5)</sup><br>| 4.36 <br> %<sup>(5)</sup><br>| 3.82 <br> %<sup>(5)</sup><br>| 3.17<br> %<br>| 1.95<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 4.39<br> %<br>| 4.29<br> %<br>| 3.76<br> %<br>| 3.12<br> %<br>| 1.91<br> %<br>|
| Portfolio Turnover Rate | 127.85<br> %<br>| 119.29<br> %<br>| 81.39<br> %<br>| 188.84<br> %<br>| 248.30<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the* *total return would have been -3.59%.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $10,000, $10,000, $13,000, $18,000 and less than $1,000, representing less than 0.01 percent of* *average net assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and* *absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **21** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **High Yield Fixed Income** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$5.99** | &nbsp;&nbsp; **$5.98** | &nbsp;&nbsp; **$5.75** | &nbsp;&nbsp; **$6.39** | &nbsp;&nbsp; **$6.78** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.42 | 0.41 | 0.39 | 0.35 | 0.35 <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.02 | 0.01 | 0.24 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.38)<br>|
| Total from Investment Operations | 0.44 | 0.42 | 0.63 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.03)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup>  | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.36)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.36)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $6.01 | &nbsp;&nbsp; $5.99 | &nbsp;&nbsp; $5.98 | &nbsp;&nbsp; $5.75 | &nbsp;&nbsp; $6.39 |
| **Total Return**<sup>(3)</sup>  | **7.47%**<br>| **7.21%**<br>| **11.28%**<br>| &nbsp;&nbsp; **(4.08)%**<br>| &nbsp;&nbsp; **(0.61)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $2079404 | &nbsp;&nbsp; $2633055 | &nbsp;&nbsp; $2670169 | &nbsp;&nbsp; $2846355 | &nbsp;&nbsp; $3879135 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(4)</sup> <br>| 0.60 <br> %<sup>(5)</sup><br>| 0.60 <br> %<sup>(5)</sup><br>| 0.60 <br> %<sup>(5)</sup><br>| 0.68<br> %<br>| 0.78<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.64<br> %<br>| 0.72<br> %<br>| 0.83<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(4)</sup> <br>| 6.89 <br> %<sup>(5)</sup><br>| 6.82 <br> %<sup>(5)</sup><br>| 6.70 <br> %<sup>(5)</sup><br>| 6.15<br> %<br>| 5.17<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 6.84<br> %<br>| 6.77<br> %<br>| 6.66<br> %<br>| 6.11<br> %<br>| 5.12<br> %<br>|
| Portfolio Turnover Rate | 40.19<br> %<br>| 45.13<br> %<br>| 33.79<br> %<br>| 20.68<br> %<br>| 30.32<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $8,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $155,000, $148,000, $126,000, $186,000 and $9,000, representing less than 0.01 percent of average* *net assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **22** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Intermediate Tax-Exempt** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$9.79** | &nbsp;&nbsp; **$9.85** | &nbsp;&nbsp; **$10.14** | &nbsp;&nbsp; **$10.83** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.31 | 0.30 | 0.28 | 0.25 | 0.19 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.12 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.65)<br>|
| Total from Investment Operations | 0.43 | 0.21 | 0.22 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.46)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Return of capital | &nbsp;&nbsp; (— )<sup>(1)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Distributions Paid | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $9.82 | &nbsp;&nbsp; $9.70 | &nbsp;&nbsp; $9.79 | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $10.14 |
| **Total Return**<sup>(2)</sup>  | **4.54%**<br>| **2.14%**<br>| **2.29%**<br>| &nbsp;&nbsp; **(0.29)%**<br>| &nbsp;&nbsp; **(4.35)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $1188875 | &nbsp;&nbsp; $1056990 | &nbsp;&nbsp; $1261591 | &nbsp;&nbsp; $1535752 | &nbsp;&nbsp; $2685118 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.45 <br> %<sup>(3)(4)</sup><br>| 0.45 <br> %<sup>(3)(4)</sup><br>| 0.45 <br> %<sup>(3)(4)</sup><br>| 0.45 <br> %<sup>(4)</sup><br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.49<br> %<br>| 0.48<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.17 <br> %<sup>(3)(4)</sup><br>| 3.04 <br> %<sup>(3)(4)</sup><br>| 2.88 <br> %<sup>(3)(4)</sup><br>| 2.55 <br> %<sup>(4)</sup><br>| 1.73<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.12<br> %<br>| 2.99<br> %<br>| 2.83<br> %<br>| 2.51<br> %<br>| 1.70<br> %<br>|
| Portfolio Turnover Rate | 30.91<br> %<br>| 37.09<br> %<br>| 18.08<br> %<br>| 16.89<br> %<br>| 79.63<br> %<br>|

---

<sup>(1)</sup> *Per share amounts from distributions paid from return of capital were less than $0.01 per share.*

<sup>(2)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $34,000, $33,000, $64,000 and $46,000, representing less than 0.01 percent of average net assets* *for the fiscal years ended March 31, 2026, 2025, 2024 and 2023, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **23** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Limited Term Tax-Exempt** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.93** | &nbsp;&nbsp; **$9.88** | &nbsp;&nbsp; **$9.92** | &nbsp;&nbsp; **$9.93** | &nbsp;&nbsp; **$10.43** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.26 | 0.24 | 0.21 | 0.16 | 0.09 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.08 | 0.05 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.41)<br>|
| Total from Investment Operations | 0.34 | 0.29 | 0.17 | 0.15 | &nbsp;&nbsp; (0.32)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.09)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $9.93 |
| **Total Return**<sup>(1)</sup>  | **3.46%**<br>| **2.98%**<br>| **1.74%**<br>| **1.59%**<br>| &nbsp;&nbsp; **(3.08)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $324364 | &nbsp;&nbsp; $351101 | &nbsp;&nbsp; $429362 | &nbsp;&nbsp; $556226 | &nbsp;&nbsp; $726540 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.45 <br> %<sup>(2)(3)</sup><br>| 0.45 <br> %<sup>(2)(3)</sup><br>| 0.45 <br> %<sup>(2)(3)</sup><br>| 0.45 <br> %<sup>(3)</sup><br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 2.60 <br> %<sup>(2)(3)</sup><br>| 2.43 <br> %<sup>(2)(3)</sup><br>| 2.11 <br> %<sup>(2)(3)</sup><br>| 1.66 <br> %<sup>(3)</sup><br>| 0.87<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.54<br> %<br>| 2.37<br> %<br>| 2.06<br> %<br>| 1.61<br> %<br>| 0.82<br> %<br>|
| Portfolio Turnover Rate | 28.23<br> %<br>| 32.24<br> %<br>| 16.10<br> %<br>| 49.86<br> %<br>| 94.18<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $12,000, $15,000, $21,000 and $30,000, representing less than 0.01 percent of average net assets for* *the fiscal years ended March 31, 2026, 2025, 2024 and 2023, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **24** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Limited Term** <br> **U.S. Government Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.41** | &nbsp;&nbsp; **$9.22** | &nbsp;&nbsp; **$9.29** | &nbsp;&nbsp; **$9.55** | &nbsp;&nbsp; **$10.02** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.32 | 0.28 | 0.26 | 0.20 | 0.01 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.01 | 0.19 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.46)<br>|
| Total from Investment Operations | 0.33 | 0.47 | 0.19 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.45)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.02)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $9.22 | &nbsp;&nbsp; $9.29 | &nbsp;&nbsp; $9.55 |
| **Total Return**<sup>(1)</sup>  | **3.54%**<br>| **5.21%**<br>| **2.11%**<br>| &nbsp;&nbsp; **(0.58)%**<br>| &nbsp;&nbsp; **(4.43)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $26428 | &nbsp;&nbsp; $23491 | &nbsp;&nbsp; $29455 | &nbsp;&nbsp; $54473 | &nbsp;&nbsp; $47975 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.44 <br> %<sup>(2)(3)</sup><br>| 0.44 <br> %<sup>(2)(3)</sup><br>| 0.42 <br> %<sup>(2)(3)</sup><br>| 0.42 <br> %<sup>(3)</sup><br>| 0.42<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.76<br> %<br>| 0.73<br> %<br>| 0.64<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.37 <br> %<sup>(2)(3)</sup><br>| 3.03 <br> %<sup>(2)(3)</sup><br>| 2.83 <br> %<sup>(2)(3)</sup><br>| 2.20 <br> %<sup>(3)</sup><br>| 0.17<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.05<br> %<br>| 2.74<br> %<br>| 2.61<br> %<br>| 2.04<br> %<br>| 0.01<br> %<br>|
| Portfolio Turnover Rate | 74.89<br> %<br>| 55.53<br> %<br>| 46.49<br> %<br>| 335.99<br> %<br>| 411.02<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled less than $1,000, $1,000, $1,000 and approximately $4,000, representing less than 0.01 percent of average net assets* *for the fiscal years ended March 31, 2026, 2025, 2024 and 2023, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **25** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Multi-Manager High** <br> **Yield Opportunity Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$8.36** | &nbsp;&nbsp; **$8.43** | &nbsp;&nbsp; **$8.21** | &nbsp;&nbsp; **$9.05** | &nbsp;&nbsp; **$9.41** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.62 <br> <sup>(1)</sup><br>| 0.60 | 0.64 | 0.48 | 0.44 <br> <sup>(2)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.08)<br>| 0.23 | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total from Investment Operations | 0.51 | 0.52 | 0.87 | &nbsp;&nbsp; (0.36)<br>| 0.11 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(3)</sup>  | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.47)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $8.25 | &nbsp;&nbsp; $8.36 | &nbsp;&nbsp; $8.43 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $9.05 |
| **Total Return**<sup>(4)</sup>  | **6.27%**<br>| **6.36%**<br>| **11.11%**<br>| &nbsp;&nbsp; **(3.80)%**<br>| **1.06%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $142397 | &nbsp;&nbsp; $179207 | &nbsp;&nbsp; $189611 | &nbsp;&nbsp; $214736 | &nbsp;&nbsp; $180833 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(5)</sup> <br>| 0.68 <br> %<sup>(6)</sup><br>| 0.68 <br> %<sup>(6)</sup><br>| 0.74 <br> %<sup>(6)</sup><br>| 0.85<br> %<br>| 0.86<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.78<br> %<br>| 0.77<br> %<br>| 0.83<br> %<br>| 0.94<br> %<br>| 0.95<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(5)</sup> <br>| 7.19 <br> %<sup>(6)</sup><br>| 7.01 <br> %<sup>(6)</sup><br>| 7.76 <br> %<sup>(6)</sup><br>| 5.80<br> %<br>| 4.68<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 7.09<br> %<br>| 6.92<br> %<br>| 7.67<br> %<br>| 5.71<br> %<br>| 4.59<br> %<br>|
| Portfolio Turnover Rate | 53.81<br> %<br>| 51.68<br> %<br>| 44.77<br> %<br>| 67.37<br> %<br>| 64.94<br> %<br>|

---

<sup>(1)</sup> *The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $1,000. The reimbursements represent less than $0.01 per share and* *had no effect on the Fund's total return. See Note 6.* 

<sup>(2)</sup> *The Northern Trust Company reimbursed the Fund approximately $1,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(3)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(4)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $13,000, $14,000, $14,000, $16,000 and less than $1,000, representing less than 0.01 percent of* *average net assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and* *absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(6)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **26** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Short Bond Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$18.29** | &nbsp;&nbsp; **$18.06** | &nbsp;&nbsp; **$17.98** | &nbsp;&nbsp; **$18.30** | &nbsp;&nbsp; **$19.06** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.78 | 0.72 | 0.57 | 0.33 | 0.20 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; — <br> <sup>(1)</sup><br>| 0.24 | 0.10 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.74)<br>|
| Total from Investment Operations | 0.78 | 0.96 | 0.67 | 0.02 | &nbsp;&nbsp; (0.54)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.22)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $18.27 | &nbsp;&nbsp; $18.29 | &nbsp;&nbsp; $18.06 | &nbsp;&nbsp; $17.98 | &nbsp;&nbsp; $18.30 |
| **Total Return**<sup>(2)</sup>  | **4.33%**<br>| **5.43%**<br>| **3.78%**<br>| **0.20%**<br>| &nbsp;&nbsp; **(2.88)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $188432 | &nbsp;&nbsp; $292953 | &nbsp;&nbsp; $271751 | &nbsp;&nbsp; $339725 | &nbsp;&nbsp; $425415 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(3)</sup> <br>| 0.40 <br> %<sup>(4)</sup><br>| 0.40 <br> %<sup>(4)</sup><br>| 0.40 <br> %<sup>(4)</sup><br>| 0.40<br> %<br>| 0.40<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.46<br> %<br>| 0.46<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(3)</sup> <br>| 4.30 <br> %<sup>(4)</sup><br>| 4.00 <br> %<sup>(4)</sup><br>| 3.18 <br> %<sup>(4)</sup><br>| 1.86<br> %<br>| 1.05<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 4.24<br> %<br>| 3.94<br> %<br>| 3.13<br> %<br>| 1.81<br> %<br>| 1.00<br> %<br>|
| Portfolio Turnover Rate | 104.90<br> %<br>| 134.80<br> %<br>| 78.89<br> %<br>| 76.98<br> %<br>| 45.52<br> %<br>|

---

<sup>(1)</sup> *Per share amounts from net realized and unrealized gains (losses) were less than $0.01 per share.*

<sup>(2)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $7,000, $15,000, $8,000, $16,000 and $10,000, representing less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(4)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **27** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Tax-Advantaged** <br> **Ultra-Short Fixed** <br> **Income Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$10.18** | &nbsp;&nbsp; **$10.13** | &nbsp;&nbsp; **$10.01** | &nbsp;&nbsp; **$10.01** | &nbsp;&nbsp; **$10.21** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.31 | 0.35 | 0.30 | 0.15 | 0.05 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; — | 0.05 | 0.12 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| Total from Investment Operations | 0.31 | 0.40 | 0.42 | 0.15 | &nbsp;&nbsp; (0.14)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.05)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $10.13 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $10.01 |
| **Total Return**<sup>(1)</sup>  | **3.07%**<br>| **4.02%**<br>| **4.23%**<br>| **1.58%**<br>| &nbsp;&nbsp; **(1.41)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $2927677 | &nbsp;&nbsp; $2753285 | &nbsp;&nbsp; $2505779 | &nbsp;&nbsp; $2379867 | &nbsp;&nbsp; $3993867 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.25 <br> %<sup>(2)(3)</sup><br>| 0.25 <br> %<sup>(2)(3)</sup><br>| 0.25 <br> %<sup>(2)(3)</sup><br>| 0.25 <br> %<sup>(3)</sup><br>| 0.25<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.28<br> %<br>| 0.28<br> %<br>| 0.28<br> %<br>| 0.28<br> %<br>| 0.27<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.02 <br> %<sup>(2)(3)</sup><br>| 3.46 <br> %<sup>(2)(3)</sup><br>| 2.96 <br> %<sup>(2)(3)</sup><br>| 1.48 <br> %<sup>(3)</sup><br>| 0.48<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.99<br> %<br>| 3.43<br> %<br>| 2.93<br> %<br>| 1.45<br> %<br>| 0.46<br> %<br>|
| Portfolio Turnover Rate | 93.56<br> %<br>| 52.69<br> %<br>| 43.74<br> %<br>| 43.43<br> %<br>| 84.82<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $84,000, $225,000, $215,000 and $66,000, representing less than 0.01 percent of average net assets* *for the fiscal year ended March 31, 2026, 0.01 percent of average net assets for the fiscal years ended March 31, 2025 and 2024, and less than 0.01 percent* *of average net assets for the fiscal year ended March 31, 2023, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **28** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Tax-Exempt Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.41** | &nbsp;&nbsp; **$9.58** | &nbsp;&nbsp; **$9.66** | &nbsp;&nbsp; **$10.19** | &nbsp;&nbsp; **$10.96** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.35 | 0.33 | 0.34 | 0.31 | 0.21 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.07 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.72)<br>|
| Total from Investment Operations | 0.42 | 0.16 | 0.26 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.51)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.21)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $9.58 | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $10.19 |
| **Total Return**<sup>(1)</sup>  | **4.51%**<br>| **1.71%**<br>| **2.73%**<br>| &nbsp;&nbsp; **(2.10)%**<br>| &nbsp;&nbsp; **(4.76)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $745743 | &nbsp;&nbsp; $770691 | &nbsp;&nbsp; $756094 | &nbsp;&nbsp; $788997 | &nbsp;&nbsp; $1661137 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.45 <br> %<sup>(2)(3)</sup><br>| 0.45 <br> %<sup>(2)(3)</sup><br>| 0.45 <br> %<sup>(2)(3)</sup><br>| 0.45 <br> %<sup>(3)</sup><br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.49<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.67 <br> %<sup>(2)(3)</sup><br>| 3.49 <br> %<sup>(2)(3)</sup><br>| 3.52 <br> %<sup>(2)(3)</sup><br>| 3.15 <br> %<sup>(3)</sup><br>| 1.93<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.62<br> %<br>| 3.44<br> %<br>| 3.47<br> %<br>| 3.10<br> %<br>| 1.89<br> %<br>|
| Portfolio Turnover Rate | 46.31<br> %<br>| 39.45<br> %<br>| 31.74<br> %<br>| 19.52<br> %<br>| 86.00<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $20,000, $40,000, $40,000 and $26,000, representing less than 0.01 percent of average net assets* *for the fiscal years ended March 31, 2026, 2025, 2024 and 2023, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **29** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Ultra-Short Fixed Income** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$10.32** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.03** | &nbsp;&nbsp; **$10.08** | &nbsp;&nbsp; **$10.31** |
| &nbsp;&nbsp; INCOME (LOSS) FROM INVESTMENT <br> OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.47 | 0.49 | 0.42 | 0.21 | 0.06 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.01)<br>| 0.08 | 0.23 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.21)<br>|
| Total from Investment Operations | 0.46 | 0.57 | 0.65 | 0.17 | &nbsp;&nbsp; (0.15)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.06)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.08)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $10.31 | &nbsp;&nbsp; $10.32 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp; $10.08 |
| **Total Return**<sup>(1)</sup>  | **4.53%**<br>| **5.67%**<br>| **6.59%**<br>| **1.77%**<br>| &nbsp;&nbsp; **(1.44)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $1630025 | &nbsp;&nbsp; $1632225 | &nbsp;&nbsp; $1593840 | &nbsp;&nbsp; $2372561 | &nbsp;&nbsp; $3179581 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements and <br> credits<sup>(2)</sup> <br>| 0.25 <br> %<sup>(3)</sup><br>| 0.25 <br> %<sup>(3)</sup><br>| 0.25 <br> %<sup>(3)</sup><br>| 0.25<br> %<br>| 0.25<br> %<br>|
| Expenses, before reimbursements and credits | 0.29<br> %<br>| 0.29<br> %<br>| 0.29<br> %<br>| 0.28<br> %<br>| 0.28<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 4.54 <br> %<sup>(3)</sup><br>| 4.82 <br> %<sup>(3)</sup><br>| 4.14 <br> %<sup>(3)</sup><br>| 2.14<br> %<br>| 0.55<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 4.50<br> %<br>| 4.78<br> %<br>| 4.10<br> %<br>| 2.11<br> %<br>| 0.52<br> %<br>|
| Portfolio Turnover Rate | 59.00<br> %<br>| 64.34<br> %<br>| 21.16<br> %<br>| 25.09<br> %<br>| 76.61<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $82,000, $88,000, $133,000, $118,000 and $7,000, representing less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2026, 2025, 2024, 2023 and 2022, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **30** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ultra-Short Fixed Income Fund** | **Siebert Williams Shank** | **Siebert Williams Shank** | **Siebert Williams Shank** | **Siebert Williams Shank** |
| **Selected per share data** | **YEAR**<br> **ENDED**<br> **March 31,**<br> **2026**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2025**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2024**<br>| **PERIOD**<br> **ENDED**<br> **March 31,**<br> **2023**<sup>(1)</sup> <br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$10.32** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.03** | &nbsp;&nbsp; **$9.98** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |  |
| Net investment income | 0.47 | 0.49 | 0.43 | 0.15 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.02)<br>| 0.08 | 0.22 | 0.06 |
| Total from Investment Operations | 0.45 | 0.57 | 0.65 | 0.21 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $10.30 | &nbsp;&nbsp; $10.32 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $10.03 |
| **Total Return**<sup>(2)</sup>  | **4.43%**<br>| **5.67%**<br>| **6.59%**<br>| **2.15%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |
| Net assets, in thousands, end of period | &nbsp;&nbsp; $20959 | &nbsp;&nbsp; $38095 | &nbsp;&nbsp; $32628 | &nbsp;&nbsp; $30610 |
| Ratio to average net assets of:<sup>(3)</sup>  |  |  |  |  |
| Expenses, net of reimbursements and credits<sup>(4)</sup>  | 0.25 <br> %<sup>(5)</sup><br>| 0.25 <br> %<sup>(5)</sup><br>| 0.25 <br> %<sup>(5)</sup><br>| 0.25<br> %<br>|
| Expenses, before reimbursements and credits | 0.28<br> %<br>| 0.29<br> %<br>| 0.28<br> %<br>| 0.28<br> %<br>|
| Net investment income, net of reimbursements and credits<sup>(4)</sup>  | 4.57 <br> %<sup>(5)</sup><br>| 4.82 <br> %<sup>(5)</sup><br>| 4.19 <br> %<sup>(5)</sup><br>| 2.94 <br> %<sup>(6)</sup><br>|
| Net investment income, before reimbursements and credits | 4.54<br> %<br>| 4.78<br> %<br>| 4.16<br> %<br>| 2.91 <br> %<sup>(6)</sup><br>|
| Portfolio Turnover Rate | 59.00<br> %<br>| 64.34<br> %<br>| 21.16<br> %<br>| 25.09<br> %<br>|

---

<sup>(1)</sup> *For the period from September 13, 2022 (commencement of class operations) through March 31, 2023.*

<sup>(2)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment* *at net asset value at the end of the period.* 

<sup>(3)</sup> *Annualized for periods less than one year.*

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled approximately $1,000, $2,000, $2,000 and less than $1,000, representing less than 0.01 percent of average net assets* *for the fiscal years ended March 31, 2026, 2025, 2024 and the period from September 13, 2022 (commencement of operations) through March 31, 2023,* *respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been* *decreased and net expenses would have been increased by a corresponding amount.* 

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(6)</sup> *As the Fund commenced operations of Siebert Williams Shank shares on September 13, 2022, annualized net investment income may not be reflective of actual* *amounts the Fund might obtain in a full year of operation.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **31** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$8.83** | &nbsp;&nbsp; **$8.75** | &nbsp;&nbsp; **$8.87** | &nbsp;&nbsp; **$9.23** | &nbsp;&nbsp; **$9.71** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.31 | 0.28 | 0.25 | 0.19 | 0.04 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; (0.05)<br>| 0.08 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.47)<br>|
| Total from Investment Operations | 0.26 | 0.36 | 0.14 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.43)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.04)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.05)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $8.78 | &nbsp;&nbsp; $8.83 | &nbsp;&nbsp; $8.75 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $9.23 |
| **Total Return**<sup>(1)</sup>  | **2.99%**<br>| **4.26%**<br>| **1.60%**<br>| &nbsp;&nbsp; **(1.72)%**<br>| &nbsp;&nbsp; **(4.48)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $25993 | &nbsp;&nbsp; $27350 | &nbsp;&nbsp; $24680 | &nbsp;&nbsp; $48751 | &nbsp;&nbsp; $44292 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.43 <br> %<sup>(2)(3)</sup><br>| 0.45 <br> %<sup>(2)(3)</sup><br>| 0.43 <br> %<sup>(2)(3)</sup><br>| 0.42 <br> %<sup>(3)</sup><br>| 0.43<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.71<br> %<br>| 0.79<br> %<br>| 0.63<br> %<br>| 0.60<br> %<br>| 0.61<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.51 <br> %<sup>(2)(3)</sup><br>| 3.27 <br> %<sup>(2)(3)</sup><br>| 2.75 <br> %<sup>(2)(3)</sup><br>| 2.25 <br> %<sup>(3)</sup><br>| 0.36<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.23<br> %<br>| 2.93<br> %<br>| 2.55<br> %<br>| 2.07<br> %<br>| 0.18<br> %<br>|
| Portfolio Turnover Rate | 54.27<br> %<br>| 60.41<br> %<br>| 59.75<br> %<br>| 344.21<br> %<br>| 492.24<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investments in* *affiliated money market funds, which generally represent the investment of uninvested cash and, in certain cases, cash collateral received from securities lending* *activities. The reimbursements totaled less than $1,000, $1,000, approximately $1,000 and $5,000, representing less than 0.01 percent of average net assets* *for the fiscal years ended March 31, 2026, 2025, 2024 and 2023, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **32** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Money** <br> **Market Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.04 | 0.05 | 0.05 | 0.02 | &nbsp;&nbsp; — <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<sup>(2)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.04 | 0.05 | 0.05 | 0.02 | &nbsp;&nbsp; — |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (— )<sup>(3)</sup><br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — |
| Net Asset Value, End of Year | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(4)</sup>  | **3.84%**<br>| **4.72%** <br> <sup>(5)</sup><br>| **5.07%** <br> <sup>(6)</sup><br>| **2.26%** <br> <sup>(7)</sup><br>| **0.01%** <br> <sup>(8)(9)</sup><br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $21590340 | &nbsp;&nbsp; $22209987 | &nbsp;&nbsp; $20434524 | &nbsp;&nbsp; $18584575 | &nbsp;&nbsp; $20213443 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.34 <br> %<sup>(10)</sup><br>| 0.09 <br> %<sup>(10)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.78<br> %<br>| 4.61<br> %<br>| 4.95<br> %<br>| 2.21 <br> %<sup>(10)</sup><br>| 0.01 <br> %<sup>(10)</sup><br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before reimbursements and <br> credits<br>| 3.77<br> %<br>| 4.60<br> %<br>| 4.94<br> %<br>| 2.19<br> %<br>| &nbsp;&nbsp; (0.26)%<br>|

---

<sup>(1)</sup> *Per share amounts from net investment income were less than $0.01 per share.*

<sup>(2)</sup> *Per share amounts from net realized and unrealized gains (losses) were less than $0.01 per share.*

<sup>(3)</sup> *Per share amounts from distributions paid from net investment income were less than $0.01 per share.*

<sup>(4)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(5)</sup> *During the fiscal year ended March 31, 2025, the Fund received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation proceeds* *had no effect on the Fund's total return, net investment income ratio and gross investment income ratio.* 

<sup>(6)</sup> *During the fiscal year ended March 31, 2024, the Fund received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation proceeds* *had no effect on the Fund's total return, net investment income ratio and gross investment income ratio.*

<sup>(7)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $1,833,000. Total return excluding the voluntary* *reimbursement would have been 2.25%.* 

<sup>(8)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $47,814,000. Total return excluding the voluntary* *reimbursement would have been -0.25%.* 

<sup>(9)</sup> *During the fiscal year ended March 31, 2022, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received,* *the total return would have been 0.00% and the net investment income ratio and gross investment income ratio would have been 0.00% and -0.27%,* *respectively.* 

<sup>(10)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **33** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS continued** | **FOR THE FISCAL YEARS ENDED March 31,** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Select** <br> **Money Market Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.04 | 0.05 | 0.05 | 0.02 | &nbsp;&nbsp; — <br> <sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<sup>(2)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.04 | 0.05 | 0.05 | 0.02 | &nbsp;&nbsp; — |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (— )<sup>(3)</sup><br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — |
| Net Asset Value, End of Year | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(4)</sup>  | **3.84%**<br>| **4.72%** <br> <sup>(5)</sup><br>| **5.10%** <br> <sup>(6)</sup><br>| **2.29%** <br> <sup>(7)</sup><br>| **0.25%** <br> <sup>(8)(9)</sup><br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $4483690 | &nbsp;&nbsp; $4357994 | &nbsp;&nbsp; $4463018 | &nbsp;&nbsp; $3509978 | &nbsp;&nbsp; $3727339 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.34 <br> %<sup>(10)</sup><br>| 0.09 <br> %<sup>(10)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.77<br> %<br>| 4.63<br> %<br>| 4.98<br> %<br>| 2.24 <br> %<sup>(10)</sup><br>| 0.23 <br> %<sup>(10)</sup><br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before reimbursements and <br> credits<br>| 3.76<br> %<br>| 4.62<br> %<br>| 4.97<br> %<br>| 2.22<br> %<br>| &nbsp;&nbsp; (0.04)%<br>|

---

<sup>(1)</sup> *Per share amounts from net investment income were less than $0.01 per share.*

<sup>(2)</sup> *Per share amounts from net realized and unrealized gains (losses) were less than $0.01 per share.*

<sup>(3)</sup> *Per share amounts from distributions paid from net investment income were less than $0.01 per share.*

<sup>(4)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(5)</sup> *During the fiscal year ended March 31, 2025, the Fund received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation proceeds* *had no effect on the Fund's total return, net investment income ratio and gross investment income ratio.* 

<sup>(6)</sup> *During the fiscal year ended March 31, 2024, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received,* *the total return would have been 5.07% and the net investment income ratio and gross investment income ratio would have been 4.95% and 4.94%, respectively.* 

<sup>(7)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $338,000. Total return excluding the voluntary* *reimbursement would have been 2.28%.* 

<sup>(8)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $9,653,000. Total return excluding the voluntary* *reimbursement would have been -0.01%.* 

<sup>(9)</sup> *During the fiscal year ended March 31, 2022, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received,* *the total return would have been 0.00% and the net investment income ratio and gross investment income ratio would have been 0.00% and -0.27%,* *respectively.* 

<sup>(10)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **34** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ARIZONA TAX-EXEMPT FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 97.6%**  | **MUNICIPAL BONDS – 97.6%**  | **MUNICIPAL BONDS – 97.6%**  |
| **Arizona – 95.5%** | **Arizona – 95.5%** | **Arizona – 95.5%** |
| &nbsp;&nbsp; Arizona Board of Regents Revenue <br> Bonds, Series A, Green Bonds,<br>|  |  |
| 5.00%, 7/1/43 | $850 | $898 |
| &nbsp;&nbsp; Arizona Board of Regents State <br> University System Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/36 | 495 | 504 |
| &nbsp;&nbsp; Arizona Board of Regents State <br> University System SPEED Revenue <br> Bonds,<br>|  |  |
| 5.00%, 8/1/46 | 500 | 531 |
| &nbsp;&nbsp; Arizona Board of Regents University of <br> Arizona System Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 6/1/28 | 400 | 421 |
| &nbsp;&nbsp; Arizona Board of Regents University of <br> Arizona System Revenue Refunding <br> Bonds, Stimulus Plan For Economic <br> (BAM Insured),<br>|  |  |
| 5.00%, 8/1/41 | 750 | 816 |
| 5.00%, 8/1/43 | 705 | 757 |
| &nbsp;&nbsp; Arizona Board of Regents University of <br> Arizona System SPEED Revenue <br> Bonds,<br>|  |  |
| 5.00%, 8/1/27 | 400 | 413 |
| 5.00%, 8/1/28 | 400 | 421 |
| &nbsp;&nbsp; Arizona Board of Regents University <br> System Revenue Refunding Bonds, <br> Stimulus Plan For Economic,<br>|  |  |
| 3.13%, 8/1/39 | 430 | 382 |
| &nbsp;&nbsp; Arizona IDA Hospital Revenue <br> Refunding Bonds, Phoenix Children's <br> Hospital,<br>|  |  |
| 5.00%, 2/1/32 | 500 | 552 |
| &nbsp;&nbsp; Arizona State IDA Education Revenue <br> Bonds, Series A-Social, Macombs <br> Facility Project,<br>|  |  |
| 4.00%, 7/1/41 | 500 | 449 |
| &nbsp;&nbsp; Arizona State IDA National Charter <br> Equitable School Revolving Loan <br> Fund Revenue Bonds,<br>|  |  |
| 5.00%, 11/1/31 | 625 | 678 |
| 5.00%, 11/1/41 | 545 | 575 |
| 5.00%, 11/1/43 | 500 | 526 |
| &nbsp;&nbsp; Arizona State University Sustainable <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/36 | 795 | 836 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.6%continued**  | **MUNICIPAL BONDS - 97.6%continued**  | **MUNICIPAL BONDS - 97.6%continued**  |
| **Arizona – 95.5%continued** | **Arizona – 95.5%continued** | **Arizona – 95.5%continued** |
| Buckeye Arizona Excise TRB, |  |  |
| 5.00%, 7/1/38 | $650 | $725 |
| Bullhead City Excise TRB, |  |  |
| 4.00%, 7/1/52 | 1000 | 876 |
| &nbsp;&nbsp; Chandler IDA IDR Bonds, Series 1 <br> (AMT), Intel Corp. Project,<br>|  |  |
| 5.00%, 9/1/27<sup>(1) (2)</sup>  | 425 | 432 |
| &nbsp;&nbsp; Chandler IDA IDR Variable Revenue <br> Bonds (AMT), Intel Corp. Project,<br>|  |  |
| 4.00%, 6/1/29<sup>(1) (2)</sup>  | 550 | 557 |
| &nbsp;&nbsp; Gilbert Water Resource Municipal <br> Property Corp. Utility System <br> Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/28 | 500 | 503 |
| 5.00%, 7/1/30 | 500 | 503 |
| 5.00%, 7/1/31 | 600 | 604 |
| &nbsp;&nbsp; Glendal IDA Revenue Bonds, <br> Midwestern University,<br>|  |  |
| 5.00%, 5/15/33 | 500 | 555 |
| &nbsp;&nbsp; Glendale IDA Revenue Refunding <br> Bonds, Midwestern University,<br>|  |  |
| 5.00%, 5/15/32 | 500 | 536 |
| &nbsp;&nbsp; Glendale Senior Excise Tax Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/32 | 500 | 561 |
| 5.00%, 7/1/37 | 1000 | 1115 |
| &nbsp;&nbsp; Goodyear McDowell Road <br> Commercial Corridor Improvement <br> District Special Assessment Refunding <br> Bonds (BAM Insured),<br>|  |  |
| 3.35%, 1/1/28 | 785 | 792 |
| &nbsp;&nbsp; Lake Havasu City Wastewater System <br> Senior Lien Revenue G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/42 | 500 | 546 |
| &nbsp;&nbsp; Maricopa County Agua Fria Union <br> High School District No. 216 G.O. <br> Unlimited Bonds, Series B, Project of <br> 2024,<br>|  |  |
| 5.00%, 7/1/27 | 350 | 361 |
| &nbsp;&nbsp; Maricopa County Arizona Unified <br> School District No. 69 Paradise <br> Valley G.O. Unlimited Bonds, School <br> Improvement Project,<br>|  |  |
| 4.00%, 7/1/39 | 275 | 276 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **35** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.6%continued**  | **MUNICIPAL BONDS - 97.6%continued**  | **MUNICIPAL BONDS - 97.6%continued**  |
| **Arizona – 95.5%continued** | **Arizona – 95.5%continued** | **Arizona – 95.5%continued** |
| &nbsp;&nbsp; Maricopa County Buckeye Elementary <br> School District No. 33 G.O. <br> Unlimited Bonds, Series 2020, <br> School Improvement Bonds Projects <br> of 2015 & 2019 (AG Insured),<br>|  |  |
| 4.00%, 7/1/36 | $305 | $310 |
| &nbsp;&nbsp; Maricopa County Elementary School <br> District No. 1 G.O. Unlimited Bonds, <br> Series B, Project of 2022 (BAM <br> Insured),<br>|  |  |
| 5.00%, 7/1/42 | 540 | 581 |
| &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>|  |  |
| 5.00%, 7/1/32 | 250 | 262 |
| &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>|  |  |
| 5.00%, 7/1/38 | 1000 | 1019 |
| &nbsp;&nbsp; Maricopa County Elementary School <br> District No. 66 Roosevelt Elementary <br> G.O. Unlimited Bonds, Series C, <br> Project of 2020 (AG Insured),<br>|  |  |
| 5.00%, 7/1/30 | 275 | 298 |
| &nbsp;&nbsp; Maricopa County Elementary School <br> District No. 8 G.O. Unlimited Bonds, <br> Series B, Osborn School <br> Improvement Project of 2017 (AG <br> Insured),<br>|  |  |
| 5.00%, 7/1/35 | 625 | 649 |
| &nbsp;&nbsp; Maricopa County IDA Education <br> Revenue Bonds, Legacy Traditional <br> Schools Project,<br>|  |  |
| 5.00%, 7/1/35 | 965 | 1007 |
| &nbsp;&nbsp; Maricopa County IDA Educational <br> Facilities Revenue Bonds, Creighton <br> University Project,<br>|  |  |
| 5.00%, 7/1/39 | 1285 | 1325 |
| 5.00%, 7/1/47 | 1000 | 1005 |
| &nbsp;&nbsp; Maricopa County IDA Educational <br> Revenue Refunding Bonds, Legacy <br> Traditional School,<br>|  |  |
| 4.25%, 7/1/44 | 300 | 265 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.6%continued**  | **MUNICIPAL BONDS - 97.6%continued**  | **MUNICIPAL BONDS - 97.6%continued**  |
| **Arizona – 95.5%continued** | **Arizona – 95.5%continued** | **Arizona – 95.5%continued** |
| &nbsp;&nbsp; Maricopa County IDA Hospital <br> Revenue Refunding Bonds, Series A, <br> HonorHealth,<br>|  |  |
| 5.00%, 9/1/42 | $1000 | $1020 |
| &nbsp;&nbsp; Maricopa County IDA Hospital <br> Revenue Refunding Bonds, Series D, <br> Honor Health,<br>|  |  |
| 5.00%, 12/1/41 | 500 | 533 |
| &nbsp;&nbsp; Maricopa County IDA Revenue <br> Refunding Bonds, Banner Health <br> Obligation Group,<br>|  |  |
| 5.00%, 1/1/38 | 1250 | 1260 |
| &nbsp;&nbsp; Maricopa County Special Health Care <br> District G.O. Unlimited Bonds,<br>|  |  |
| 4.00%, 7/1/38 | 1000 | 1001 |
| &nbsp;&nbsp; Maricopa County Tempe Elementary <br> School District No. 3 G.O. Unlimited <br> Bonds, Series A, Project of 2022,<br>|  |  |
| 5.00%, 7/1/36 | 725 | 809 |
| &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>|  |  |
| 5.00%, 7/1/28 | 525 | 541 |
| &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>|  |  |
| 5.00%, 7/1/27 | 500 | 515 |
| Mesa Utility Systems Revenue Bonds, |  |  |
| 3.00%, 7/1/44 | 500 | 406 |
| 5.00%, 7/1/44 | 500 | 528 |
| &nbsp;&nbsp; Northern Arizona University Revenue <br> Refunding Bonds (BAM Insured),<br>|  |  |
| 5.00%, 6/1/37 | 400 | 453 |
| &nbsp;&nbsp; Phoenix Civic Airport Improvement <br> Corp. Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 7/1/34 | 1000 | 1025 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Excise Tax Subordinate Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 4.00%, 7/1/45 | 750 | 730 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/44 | 1000 | 1031 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **36** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.6%continued**  | **MUNICIPAL BONDS - 97.6%continued**  | **MUNICIPAL BONDS - 97.6%continued**  |
| **Arizona – 95.5%continued** | **Arizona – 95.5%continued** | **Arizona – 95.5%continued** |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Bonds, Series B <br> (AMT),<br>|  |  |
| 3.25%, 7/1/49 | $1330 | $976 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 7/1/33 | 840 | 862 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Wastewater System Junior Lien <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/34 | 700 | 732 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Water System Junior Lien Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/44 | 750 | 787 |
| &nbsp;&nbsp; Phoenix G.O. Unlimited Bonds, Series <br> A,<br>|  |  |
| 5.00%, 7/1/41 | 750 | 816 |
| 5.00%, 7/1/47 | 750 | 786 |
| &nbsp;&nbsp; Phoenix IDA Healthcare Facilities <br> Revenue Bonds, Mayo Clinic,<br>|  |  |
| 4.00%, 11/15/57 | 1000 | 850 |
| Pima County COPS, |  |  |
| 5.00%, 12/1/35 | 555 | 630 |
| &nbsp;&nbsp; Pima County IDA Revenue Refunding <br> Bonds, Tucson Medical Center,<br>|  |  |
| 3.00%, 4/1/51 | 1000 | 689 |
| &nbsp;&nbsp; Pinal County Revenue Obligations <br> Bonds (BAM Insured),<br>|  |  |
| 5.25%, 8/1/50 | 1000 | 1051 |
| &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>|  |  |
| 5.00%, 7/1/32 | 150 | 166 |
| 5.00%, 7/1/43 | 200 | 211 |
| &nbsp;&nbsp; Queen Creek Excise Tax & State <br> Shared Revenue Bonds,<br>|  |  |
| 4.00%, 8/1/45 | 1000 | 966 |
| 5.00%, 8/1/54 | 1000 | 1022 |
| &nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/50 | 725 | 748 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.6%continued**  | **MUNICIPAL BONDS - 97.6%continued**  | **MUNICIPAL BONDS - 97.6%continued**  |
| **Arizona – 95.5%continued** | **Arizona – 95.5%continued** | **Arizona – 95.5%continued** |
| &nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Bonds, Series B,<br>|  |  |
| 5.25%, 1/1/53 | $600 | $628 |
| &nbsp;&nbsp; Salt Verde Financial Corp. Senior Gas <br> Revenue Bonds,<br>|  |  |
| 5.00%, 12/1/32 | 500 | 532 |
| 5.00%, 12/1/37 | 1000 | 1055 |
| &nbsp;&nbsp; Scottsdale Municipal Property Corp. <br> Excise Tax Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/30 | 500 | 530 |
| Sedona Excise TRB (AG Insured), |  |  |
| 5.00%, 7/1/41 | 100 | 106 |
| Tempe Excise TRB, |  |  |
| 5.00%, 7/1/38 | 500 | 557 |
| &nbsp;&nbsp; Vistancia Community Facilities District <br> G.O. Unlimited Refunding Bonds <br> (BAM Insured),<br>|  |  |
| 4.00%, 7/15/26 | 450 | 452 |
| &nbsp;&nbsp; Yuma IDA Hospital Revenue Refunding <br> Bonds, Yuma Regional Medical <br> Center,<br>|  |  |
| 5.00%, 8/1/29 | 700 | 747 |
| 5.00%, 8/1/40 | 700 | 748 |
| &nbsp;&nbsp; Yuma Utility System Revenue Bonds, <br> Series A (AG Insured),<br>|  |  |
| 5.00%, 7/1/43 | 300 | 324 |
|  |  | **51245** |
| **California – 0.3%** | **California – 0.3%** | **California – 0.3%** |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 5.00%, 3/1/36 | 155 | **161** |
| **Iowa – 0.4%** | **Iowa – 0.4%** | **Iowa – 0.4%** |
| &nbsp;&nbsp; Guthrie County Hospital Revenue <br> BANS, Guthrie County Hospital <br> Project,<br>|  |  |
| 4.50%, 2/1/29 | 200 | **200** |
| **Ohio – 0.3%** | **Ohio – 0.3%** | **Ohio – 0.3%** |
| &nbsp;&nbsp; Ohio State Housing Finance Agency <br> Residential Mortgage Backed <br> Sustainable Revenue Bonds (GNMA, <br> FNMA, FHLMC Insured),<br>|  |  |
| 5.50%, 9/1/29 | 160 | **173** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **37** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 97.6%continued**  | **MUNICIPAL BONDS - 97.6%continued**  | **MUNICIPAL BONDS - 97.6%continued**  |
| **Virginia – 1.1%** | **Virginia – 1.1%** | **Virginia – 1.1%** |
| &nbsp;&nbsp; Richmond G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| 4.00%, 7/15/29 | $600 | **$610** |
| **Total Municipal Bonds** |  |  |
| **(Cost $55,385)** |  | **52389** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(3) (4)</sup> <br>| 468596 | $469 |
| **Total Investment Companies** |  |  |
| **(Cost $469)** |  | **469** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 1.7%**  | **SHORT-TERM INVESTMENTS – 1.7%**  | **SHORT-TERM INVESTMENTS – 1.7%**  |
| &nbsp;&nbsp; Mesa Utility Systems Revenue Bonds <br> (AG Insured),<br>|  |  |
| 5.00%, 7/1/26 | $500 | $503 |
| &nbsp;&nbsp; New York Variable G.O. Unlimited <br> Bonds, Subseries B, Fiscal 2018,<br>|  |  |
| 1.75%, 4/1/26<sup>(5)</sup>  | 400 | 400 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $903)** | **(Cost $903)** | **903** |
| **Total Investments – 100.2%** | **Total Investments – 100.2%** |  |
| **(Cost $56,757)** | **(Cost $56,757)** | **53761** |
| Liabilities less Other Assets – (0.2%) | Liabilities less Other Assets – (0.2%) | (120)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$53641** |

---

<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 March 31,* *2026 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 March 31, 2026 is disclosed.*

<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.* 

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| BANS - Bond Anticipation Notes |
| COPS - Certificates of Participation |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| GNMA - Government National Mortgage Association |
| IDA - Industrial Development Authority |
| IDR - Industrial Development Revenue |
| TRB - Tax Revenue Bonds |

---

*Percentages shown are based on Net Assets.* 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52389 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52389 |
| Investment Companies | &nbsp;&nbsp; 469 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 469 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 903 |
| Total Investments | &nbsp;&nbsp; $469 | &nbsp;&nbsp; $53292 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53761 |

---

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

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **38** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $534 | $29776 | $29841 | $469 | 468596 | $41 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **39** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND** <br>

---

| | | |
|:---|:---|:---|
|  | 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; Ally Auto Receivables Trust, Series <br> 2026-1, Class A3<br>|  |  |
| 3.92%, 10/15/30 | $100 | $99 |
| &nbsp;&nbsp; AmeriCredit Automobile Receivables <br> Trust, Series 2023-2, Class C<br>|  |  |
| 6.00%, 7/18/29 | 50 | 51 |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2025-1, Class A3<br>|  |  |
| 4.43%, 6/26/28 | 100 | 100 |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2025-2, Class A3<br>|  |  |
| 3.97%, 9/25/28 | 50 | 50 |
| &nbsp;&nbsp; BMW Vehicle Owner Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.56%, 9/25/29 | 100 | 101 |
| &nbsp;&nbsp; Bridgecrest Lending Auto Securitization <br> Trust, Series 2025-4, Class B<br>|  |  |
| 4.30%, 8/15/31 | 50 | 50 |
| &nbsp;&nbsp; Bridgecrest Lending Auto Securitization <br> Trust, Series 2025-4, Class C<br>|  |  |
| 4.80%, 8/15/31 | 25 | 25 |
| &nbsp;&nbsp; Bridgecrest Lending Auto Securitization <br> Trust, Series 2025-4, Class D<br>|  |  |
| 5.41%, 8/15/31 | 50 | 50 |
| &nbsp;&nbsp; Capital One Prime Auto Receivables <br> Trust, Series 2025-1, Class A3<br>|  |  |
| 3.85%, 7/15/30 | 100 | 100 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-2, Class B<br>|  |  |
| 5.69%, 11/15/29 | 100 | 102 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-4, Class A3<br>|  |  |
| 4.60%, 10/15/29 | 50 | 50 |
| &nbsp;&nbsp; Carmax Auto Owner Trust, Series <br> 2025-2, Class A3<br>|  |  |
| 4.48%, 3/15/30 | 100 | 100 |
| &nbsp;&nbsp; Carmax Auto Owner Trust, Series <br> 2025-4, Class A3<br>|  |  |
| 3.97%, 12/16/30 | 100 | 99 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2024-P3, Class A4<br>|  |  |
| 4.31%, 9/10/30 | 25 | 25 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P3, Class A3<br>|  |  |
| 4.04%, 11/11/30 | 100 | 100 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P4, Class A3<br>|  |  |
| 4.14%, 12/10/30 | $50 | $50 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P4, Class A4<br>|  |  |
| 4.25%, 11/10/31 | 50 | 50 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2026-P1, Class A4<br>|  |  |
| 4.35%, 7/12/32 | 25 | 25 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class C<br>|  |  |
| 4.67%, 5/17/32 | 25 | 25 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-1, Class B<br>|  |  |
| 4.79%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-1, Class C<br>|  |  |
| 4.99%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-1, Class D<br>|  |  |
| 5.41%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-2, Class B<br>|  |  |
| 4.14%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-2, Class C<br>|  |  |
| 4.39%, 9/15/32 | 25 | 25 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2025-2, Class D<br>|  |  |
| 4.90%, 12/15/32 | 25 | 25 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-2A, Class D<br>|  |  |
| 5.92%, 2/15/30 | 50 | 51 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-4A, Class D<br>|  |  |
| 5.81%, 12/16/30 | 50 | 51 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-3A, Class B<br>|  |  |
| 4.86%, 2/15/30 | 50 | 50 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-3A, Class C<br>|  |  |
| 5.09%, 10/15/31 | 25 | 25 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-3A, Class D<br>|  |  |
| 5.57%, 10/15/31 | 25 | 25 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **40** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <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; Exeter Automobile Receivables Trust, <br> Series 2025-5A, Class C<br>|  |  |
| 4.68%, 3/15/32 | $50 | $50 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2026-1A, Class A3<br>|  |  |
| 4.03%, 3/15/30 | 100 | 100 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2026-1A, Class D<br>|  |  |
| 5.00%, 5/17/32 | 50 | 50 |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2026-A, Class A3<br>|  |  |
| 4.00%, 7/15/29 | 100 | 100 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2022-C, Class C<br>|  |  |
| 5.22%, 3/15/30 | 25 | 25 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-A, Class A4<br>|  |  |
| 5.01%, 9/15/29 | 100 | 101 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-C, Class B<br>|  |  |
| 4.40%, 8/15/30 | 25 | 25 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.45%, 10/15/29 | 50 | 50 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2025-B, Class A3<br>|  |  |
| 3.91%, 4/15/30 | 100 | 100 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2025-B, Class A4<br>|  |  |
| 3.95%, 7/15/31 | 100 | 99 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2026-A, Class A3<br>|  |  |
| 4.05%, 10/15/30 | 100 | 100 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2026-A, Class B<br>|  |  |
| 4.34%, 4/15/32 | 25 | 25 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-3, Class A4<br>|  |  |
| 4.20%, 8/20/29 | 50 | 50 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2026-1, Class A3<br>|  |  |
| 3.88%, 1/22/29 | 50 | 50 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-2, <br> Class A3<br>|  |  |
| 4.28%, 4/16/30 | 100 | 100 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-4, <br> Class A4<br>|  |  |
| 3.93%, 4/16/32 | $100 | $99 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-1, Class A4<br>|  |  |
| 5.17%, 5/15/30 | 50 | 51 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2025-1, Class A3<br>|  |  |
| 4.57%, 9/21/29 | 100 | 101 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2025-2, Class A3<br>|  |  |
| 4.15%, 10/15/29 | 100 | 100 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2025-3, Class A3<br>|  |  |
| 4.04%, 2/21/30 | 75 | 75 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2025-4, Class A3<br>|  |  |
| 3.98%, 6/17/30 | 50 | 50 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2025-4, Class A4<br>|  |  |
| 4.05%, 2/17/32 | 25 | 25 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2026-1, Class A3<br>|  |  |
| 3.78%, 9/23/30 | 100 | 99 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.32%, 10/15/29 | 100 | 100 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-B, Class A3<br>|  |  |
| 4.36%, 12/17/29 | 100 | 100 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-C, Class A3<br>|  |  |
| 3.88%, 4/15/30 | 100 | 99 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-C, Class A4<br>|  |  |
| 3.89%, 1/15/32 | 50 | 50 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-D, Class A3<br>|  |  |
| 3.99%, 9/16/30 | 100 | 100 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2026-A, Class B<br>|  |  |
| 4.10%, 12/15/32 | 50 | 49 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2026-A, Class C<br>|  |  |
| 4.31%, 6/15/33 | 50 | 49 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **41** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**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; Mercedes-Benz Auto Lease Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.61%, 4/16/29 | $50 | $50 |
| &nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series <br> 2025-B, Class A3<br>|  |  |
| 3.88%, 4/16/29 | 50 | 50 |
| &nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series <br> 2025-B, Class A4<br>|  |  |
| 3.93%, 7/15/31 | 25 | 25 |
| &nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series <br> 2026-A, Class A3<br>|  |  |
| 3.93%, 1/15/30 | 50 | 50 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2025-1, Class A3<br>|  |  |
| 4.78%, 12/17/29 | 50 | 50 |
| &nbsp;&nbsp; Nissan Auto Receivables Owner Trust, <br> Series 2025-A, Class A3<br>|  |  |
| 4.49%, 12/17/29 | 150 | 151 |
| &nbsp;&nbsp; Nissan Auto Receivables Owner Trust, <br> Series 2025-B, Class A3<br>|  |  |
| 3.99%, 4/15/30 | 50 | 50 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-4, Class C<br>|  |  |
| 6.04%, 12/15/31 | 50 | 51 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class C<br>|  |  |
| 5.84%, 6/17/30 | 50 | 51 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class D<br>|  |  |
| 6.28%, 8/15/31 | 25 | 26 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-5, Class C<br>|  |  |
| 4.78%, 1/15/31 | 25 | 25 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-5, Class D<br>|  |  |
| 5.14%, 2/17/32 | 25 | 25 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-4, Class A3<br>|  |  |
| 4.17%, 4/15/30 | 100 | 100 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-4, Class B<br>|  |  |
| 4.27%, 1/15/32 | 50 | 50 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-4, Class C<br>|  |  |
| 4.52%, 1/15/32 | 50 | 50 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-4, Class D<br>|  |  |
| 4.95%, 1/15/32 | $50 | $50 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2026-1, Class A3<br>|  |  |
| 3.93%, 7/15/30 | 50 | 50 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2026-1, Class B<br>|  |  |
| 4.07%, 4/15/32 | 50 | 49 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2026-1, Class C<br>|  |  |
| 4.26%, 4/15/32 | 50 | 49 |
| &nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2024-C, Class A4<br>|  |  |
| 4.83%, 11/15/29 | 100 | 101 |
| &nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2025-D, Class A3<br>|  |  |
| 3.84%, 6/17/30 | 150 | 149 |
| &nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2025-D, Class A4<br>|  |  |
| 3.94%, 2/17/31 | 100 | 99 |
| &nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2026-A, Class A3<br>|  |  |
| 3.86%, 9/16/30 | 100 | 99 |
| &nbsp;&nbsp; Volkswagen Auto Lease Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.50%, 6/20/28 | 50 | 50 |
| &nbsp;&nbsp; Volkswagen Auto Lease Trust, Series <br> 2025-B, Class A3<br>|  |  |
| 4.01%, 1/22/29 | 50 | 50 |
| &nbsp;&nbsp; Volkswagen Auto Lease Trust, Series <br> 2026-A, Class A3<br>|  |  |
| 4.17%, 3/20/29 | 75 | 75 |
| &nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, <br> Series 2025-1, Class A3<br>|  |  |
| 4.50%, 8/20/29 | 50 | 50 |
| &nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, <br> Series 2025-2, Class A3<br>|  |  |
| 3.92%, 3/20/30 | 100 | 99 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2025-A, Class A4<br>|  |  |
| 4.86%, 11/15/30 | 150 | 152 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2025-D, Class A4<br>|  |  |
| 4.07%, 2/17/32 | 100 | 99 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **42** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <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; World Omni Automobile Lease <br> Securitization Trust, Series 2025-A, <br> Class A3<br>|  |  |
| 4.42%, 4/17/28 | $50 | $50 |
| &nbsp;&nbsp; World Omni Automobile Lease <br> Securitization Trust, Series 2026-A, <br> Class A3<br>|  |  |
| 4.14%, 5/15/29 | 50 | 50 |
|  |  | **5901** |
| **Credit Card – 0.1%** | **Credit Card – 0.1%** | **Credit Card – 0.1%** |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2023-2, Class A<br>|  |  |
| 4.80%, 5/15/30 | 100 | 102 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2023-4, Class A<br>|  |  |
| 5.15%, 9/15/30 | 100 | 102 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2024-2, Class A<br>|  |  |
| 5.24%, 4/15/31 | 100 | 103 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2024-3, Class A<br>|  |  |
| 4.65%, 7/15/29 | 100 | 101 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-1, Class A<br>|  |  |
| 4.56%, 12/17/29 | 100 | 101 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-2, Class A<br>|  |  |
| 4.28%, 4/15/30 | 200 | 201 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-3, Class A<br>|  |  |
| 4.51%, 4/15/32 | 100 | 101 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-4, Class A<br>|  |  |
| 4.30%, 7/15/30 | 200 | 201 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-5, Class A<br>|  |  |
| 4.51%, 7/15/32 | 100 | 101 |
| &nbsp;&nbsp; BA Credit Card Trust, Series 2024-A1, <br> Class A<br>|  |  |
| 4.93%, 5/15/29 | 125 | 126 |
| &nbsp;&nbsp; BA Credit Card Trust, Series 2025-A1, <br> Class A<br>|  |  |
| 4.31%, 5/15/30 | 100 | 100 |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2021-A2, Class A2<br>|  |  |
| 1.39%, 7/15/30 | 150 | 141 |

---

---

| | | |
|:---|:---|:---|
|  | 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; Capital One Multi-Asset Execution Trust, <br> Series 2024-A1, Class A<br>|  |  |
| 3.92%, 9/15/29 | $75 | $75 |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2025-A1, Class A<br>|  |  |
| 3.82%, 9/15/30 | 75 | 75 |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2025-A2, Class A<br>|  |  |
| 4.02%, 9/15/32 | 75 | 74 |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2025-A3, Class A<br>|  |  |
| 4.65%, 10/15/37 | 100 | 99 |
| &nbsp;&nbsp; Chase Issuance Trust, Series 2023-A2, <br> Class A<br>|  |  |
| 5.08%, 9/15/30 | 100 | 102 |
| &nbsp;&nbsp; Chase Issuance Trust, Series 2024-A2, <br> Class A<br>|  |  |
| 4.63%, 1/15/31 | 100 | 101 |
| &nbsp;&nbsp; Chase Issuance Trust, Series 2025-A1, <br> Class A<br>|  |  |
| 4.16%, 7/15/30 | 100 | 100 |
| &nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2007-A3, Class A3<br>|  |  |
| 6.15%, 6/15/39 | 50 | 55 |
| &nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2018-A7, Class A7<br>|  |  |
| 3.96%, 10/13/30 | 100 | 99 |
| &nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2025-A1, Class A<br>|  |  |
| 4.30%, 6/21/30 | 150 | 150 |
| &nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2025-A2, Class A<br>|  |  |
| 4.49%, 6/21/32 | 100 | 101 |
| &nbsp;&nbsp; First National Master Note Trust, Series <br> 2024-1, Class A<br>|  |  |
| 5.34%, 5/15/30 | 100 | 101 |
| &nbsp;&nbsp; First National Master Note Trust, Series <br> 2025-1, Class A<br>|  |  |
| 4.85%, 2/15/30 | 100 | 101 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A2, Class A<br>|  |  |
| 4.93%, 7/15/30 | 100 | 101 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2025-A2, Class A<br>|  |  |
| 4.49%, 5/15/31 | 100 | 101 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **43** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**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; Synchrony Card Funding LLC, Series <br> 2026-A1, Class A<br>|  |  |
| 4.18%, 3/15/32 | $100 | $100 |
| &nbsp;&nbsp; Synchrony Card Issuance Trust, Series <br> 2025-A1, Class A<br>|  |  |
| 4.78%, 2/15/31 | 75 | 76 |
| &nbsp;&nbsp; Synchrony Card Issuance Trust, Series <br> 2025-A3, Class A<br>|  |  |
| 4.06%, 11/15/31 | 75 | 75 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A2, Class A<br>|  |  |
| 4.29%, 10/15/29 | 100 | 100 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2025-A1, Class A<br>|  |  |
| 4.34%, 5/15/30 | 100 | 101 |
| &nbsp;&nbsp; World Financial Network Credit Card <br> Master Note Trust, Series 2024-B, <br> Class A<br>|  |  |
| 4.62%, 5/15/31 | 100 | 101 |
|  |  | **3468** |
| **Other – 0.1%** | **Other – 0.1%** | **Other – 0.1%** |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| 4.03%, 1/15/30 | 50 | 50 |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2026-A, <br> Class A3<br>|  |  |
| 4.00%, 5/15/31 | 75 | 75 |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2026-A, <br> Class A4<br>|  |  |
| 4.14%, 7/15/33 | 100 | 99 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner <br> Trust A, Series 2025-1, Class A1<br>|  |  |
| 4.63%, 4/15/30 | 100 | 101 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner <br> Trust, Series 2018-4, Class A<br>|  |  |
| 4.06%, 11/15/30 | 100 | 99 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| 4.06%, 6/15/29 | 50 | 50 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.23%, 9/17/29 | 100 | 100 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2025-B, Class A3<br>|  |  |
| 4.17%, 12/17/29 | 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**  |
| **Other – 0.1%continued** | **Other – 0.1%continued** | **Other – 0.1%continued** |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2026-A, Class A3<br>|  |  |
| 3.87%, 8/15/30 | $50 | $50 |
| &nbsp;&nbsp; PSNH Funding LLC 3, Series 2018-1, <br> Class A3<br>|  |  |
| 3.81%, 2/1/35 | 100 | 98 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2023-7, <br> Class A1A<br>|  |  |
| 5.67%, 11/20/29 | 100 | 101 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2024-3, <br> Class A1A<br>|  |  |
| 5.34%, 4/22/30 | 100 | 101 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2024-6, <br> Class A1A<br>|  |  |
| 4.17%, 8/20/30 | 100 | 100 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2024-8, <br> Class A1A<br>|  |  |
| 4.62%, 11/20/30 | 100 | 101 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2025-1, <br> Class A<br>|  |  |
| 4.71%, 1/21/31 | 100 | 101 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2025-3, <br> Class A1A<br>|  |  |
| 4.51%, 3/20/30 | 50 | 50 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2025-5, <br> Class A1A<br>|  |  |
| 4.40%, 6/20/31 | 100 | 100 |
|  |  | **1426** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $10,790)** |  | **10795** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.6%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.6%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.6%**  |
| **Non Agency – 0.6%** | **Non Agency – 0.6%** | **Non Agency – 0.6%** |
| BANK, Series 2018-BN10, Class A5 |  |  |
| 3.69%, 2/15/61 | 200 | 197 |
| BANK, Series 2018-BN11, Class A3 |  |  |
| 4.05%, 3/15/61 | 400 | 396 |
| BANK, Series 2018-BN12, Class A4 |  |  |
| 4.26%, 5/15/61 | 300 | 298 |
| BANK, Series 2018-BN13, Class A5 |  |  |
| 4.22%, 8/15/61 | 100 | 99 |
| BANK, Series 2018-BN14, Class A4 |  |  |
| 4.23%, 9/15/60 | 200 | 199 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **44** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  |
| **Non Agency – 0.6%continued** | **Non Agency – 0.6%continued** | **Non Agency – 0.6%continued** |
| BANK, Series 2018-BN15, Class A4 |  |  |
| 4.41%, 11/15/61 | $300 | $299 |
| BANK, Series 2019-BN18, Class A3 |  |  |
| 3.33%, 5/15/62 | 200 | 193 |
| BANK, Series 2019-BN19, Class A3 |  |  |
| 3.18%, 8/15/61 | 300 | 284 |
| BANK, Series 2020-BN28, Class A4 |  |  |
| 1.84%, 3/15/63 | 500 | 444 |
| BANK, Series 2021-BN31, Class A4 |  |  |
| 2.04%, 2/15/54 | 200 | 177 |
| BANK, Series 2021-BN37, Class A5 |  |  |
| 2.62%, 11/15/64 | 200 | 178 |
| BANK, Series 2021-BN38, Class A5 |  |  |
| 2.52%, 12/15/64 | 300 | 265 |
| BANK, Series 2022-BNK42, Class A5 |  |  |
| 4.49%, 6/15/55 | 200 | 195 |
| BANK, Series 2022-BNK44, Class A5 |  |  |
| 5.74%, 11/15/55<sup>(1)</sup>  | 500 | 520 |
| BANK, Series 2024-BNK47, Class A5 |  |  |
| 5.72%, 6/15/57 | 200 | 209 |
| BANK, Series 2024-BNK48, Class A5 |  |  |
| 5.05%, 10/15/57 | 200 | 200 |
| BANK, Series 2025-BNK49, Class A5 |  |  |
| 5.62%, 3/15/58 | 200 | 208 |
| BANK5, Series 2025-5YR19, Class A3 |  |  |
| 5.27%, 12/15/30 | 500 | 511 |
| BANK5, Series 2026-5YR20, Class A3 |  |  |
| 5.10%, 2/15/57 | 500 | 507 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Trust, <br> Series 2019-C3, Class A4<br>|  |  |
| 3.58%, 5/15/52 | 200 | 194 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Trust, <br> Series 2019-C4, Class A5<br>|  |  |
| 2.92%, 8/15/52 | 500 | 473 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Trust, <br> Series 2019-C5, Class C<br>|  |  |
| 3.71%, 11/15/52 | 150 | 136 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2018-C2, Class A5<br>|  |  |
| 4.31%, 12/15/51 | 350 | 346 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2024-5C27, Class A3<br>|  |  |
| 6.01%, 7/15/57 | 500 | 519 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  |
| **Non Agency – 0.6%continued** | **Non Agency – 0.6%continued** | **Non Agency – 0.6%continued** |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2024-C30, Class A5<br>|  |  |
| 5.53%, 11/15/57 | $200 | $207 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2025-C35, Class A5<br>|  |  |
| 5.59%, 7/15/58 | 250 | 259 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2025-C39, Class A5<br>|  |  |
| 5.30%, 12/15/58 | 250 | 254 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B2, Class A5<br>|  |  |
| 3.88%, 2/15/51 | 150 | 148 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B3, Class A5<br>|  |  |
| 4.03%, 4/10/51 | 100 | 99 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B5, Class A4<br>|  |  |
| 4.21%, 7/15/51 | 200 | 198 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B6, Class B<br>|  |  |
| 4.59%, 10/10/51<sup>(1)</sup>  | 125 | 119 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B8, Class A5<br>|  |  |
| 4.23%, 1/15/52 | 100 | 98 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-B16, Class A5<br>|  |  |
| 2.73%, 2/15/53 | 200 | 186 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-B18, Class A5<br>|  |  |
| 1.93%, 7/15/53 | 500 | 443 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-IG1, Class A3<br>|  |  |
| 2.69%, 9/15/43 | 100 | 87 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2021-B23, Class A5<br>|  |  |
| 2.07%, 2/15/54 | 200 | 175 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2026-B42, Class A5<br>|  |  |
| 5.10%, 3/15/59 | 250 | 250 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2026-V21, Class A3<br>|  |  |
| 5.13%, 3/15/31 | 500 | 507 |
| &nbsp;&nbsp; BenchmarkMortgage Trust, Series <br> 2021-B26, Class A5<br>|  |  |
| 2.61%, 6/15/54 | 200 | 179 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **45** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  |
| **Non Agency – 0.6%continued** | **Non Agency – 0.6%continued** | **Non Agency – 0.6%continued** |
| &nbsp;&nbsp; BMO Mortgage Trust, Series <br> 2024-C10, Class A5<br>|  |  |
| 5.48%, 11/15/57 | $200 | $205 |
| &nbsp;&nbsp; BMO Mortgage Trust, Series <br> 2026-5C14, Class A3<br>|  |  |
| 5.21%, 3/15/59 | 500 | 508 |
| &nbsp;&nbsp; CD Mortgage Trust, Series 2018-CD7, <br> Class A4<br>|  |  |
| 4.28%, 8/15/51 | 200 | 199 |
| &nbsp;&nbsp; CD Mortgage Trust, Series 2019-CD8, <br> Class A4<br>|  |  |
| 2.91%, 8/15/57 | 150 | 141 |
| &nbsp;&nbsp; CGMS Commercial Mortgage Trust, <br> Series 2017-B1, Class A4<br>|  |  |
| 3.46%, 8/15/50 | 250 | 247 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2017-P8, Class A4<br>|  |  |
| 3.47%, 9/15/50 | 250 | 245 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-B2, Class A4<br>|  |  |
| 4.01%, 3/10/51 | 100 | 99 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-C5, Class A4<br>|  |  |
| 4.23%, 6/10/51 | 200 | 199 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-C6, Class A4<br>|  |  |
| 4.41%, 11/10/51 | 200 | 199 |
| &nbsp;&nbsp; Commercial Mortgage Trust, Series <br> 2018-COR3, Class A3<br>|  |  |
| 4.23%, 5/10/51 | 200 | 196 |
| &nbsp;&nbsp; Commercial Mortgage Trust, Series <br> 2019-GC44, Class C<br>|  |  |
| 3.51%, 8/15/57<sup>(1)</sup>  | 150 | 123 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2018-C14, Class A4<br>|  |  |
| 4.42%, 11/15/51 | 300 | 299 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2018-CX11, Class A5<br>|  |  |
| 4.03%, 4/15/51 | 175 | 174 |
| &nbsp;&nbsp; DBJPM Mortgage Trust, Series <br> 2020-C9, Class A5<br>|  |  |
| 1.93%, 8/15/53 | 100 | 89 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2017-GS7, Class A4<br>|  |  |
| 3.43%, 8/10/50 | 250 | 246 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  |
| **Non Agency – 0.6%continued** | **Non Agency – 0.6%continued** | **Non Agency – 0.6%continued** |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2018-GS9, Class A4<br>|  |  |
| 3.99%, 3/10/51 | $150 | $148 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2019-GC40, Class A4<br>|  |  |
| 3.16%, 7/10/52 | 150 | 143 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2020-GC45, Class A5<br>|  |  |
| 2.91%, 2/13/53 | 300 | 283 |
| &nbsp;&nbsp; JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2019-COR5, Class A4<br>|  |  |
| 3.39%, 6/13/52 | 200 | 189 |
| &nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2025-C35, <br> Class A5<br>|  |  |
| 5.63%, 8/15/58 | 500 | 520 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2018-H4, Class A4<br>|  |  |
| 4.31%, 12/15/51 | 100 | 98 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2018-L1, Class A4<br>|  |  |
| 4.41%, 10/15/51 | 200 | 199 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2019-H7, Class A4<br>|  |  |
| 3.26%, 7/15/52 | 250 | 240 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2020-HR8, Class A4<br>|  |  |
| 2.04%, 7/15/53 | 500 | 451 |
| &nbsp;&nbsp; Morgan Stanley Capital I, Series <br> 2017-HR2, Class A4<br>|  |  |
| 3.59%, 12/15/50 | 200 | 197 |
| &nbsp;&nbsp; MSWF Commercial Mortgage Trust, <br> Series 2023-1, Class A5<br>|  |  |
| 5.75%, 5/15/56 | 250 | 261 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C2, Class B<br>|  |  |
| 3.99%, 8/15/50 | 100 | 97 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C7, Class A4<br>|  |  |
| 3.68%, 12/15/50 | 150 | 148 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C10, Class A4<br>|  |  |
| 4.31%, 5/15/51 | 200 | 198 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **46** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  |
| **Non Agency – 0.6%continued** | **Non Agency – 0.6%continued** | **Non Agency – 0.6%continued** |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C11, Class A5<br>|  |  |
| 4.24%, 6/15/51 | $150 | $149 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C13, Class A4<br>|  |  |
| 4.33%, 10/15/51 | 200 | 198 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C14, Class A4<br>|  |  |
| 4.45%, 12/15/51 | 100 | 99 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C8, Class A4<br>|  |  |
| 3.98%, 2/15/51 | 150 | 148 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C9, Class A4<br>|  |  |
| 4.12%, 3/15/51 | 100 | 98 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, Class A4<br>|  |  |
| 3.59%, 12/15/50 | 100 | 98 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2018-C43, Class A4<br>|  |  |
| 4.01%, 3/15/51 | 150 | 149 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2018-C48, Class A5<br>|  |  |
| 4.30%, 1/15/52 | 100 | 99 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2019-C50, Class A5<br>|  |  |
| 3.73%, 5/15/52 | 200 | 194 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2020-C55, Class A5<br>|  |  |
| 2.73%, 2/15/53 | 100 | 93 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2020-C56, Class A5<br>|  |  |
| 2.45%, 6/15/53 | 500 | 460 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2025-5C3, Class A3<br>|  |  |
| 6.10%, 1/15/58 | 250 | 262 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2025-5C5, Class A3<br>|  |  |
| 5.59%, 7/15/58 | 200 | 206 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued**  |
| **Non Agency – 0.6%continued** | **Non Agency – 0.6%continued** | **Non Agency – 0.6%continued** |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2025-5C7, Class A3<br>|  |  |
| 5.20%, 12/15/58 | $500 | $508 |
|  |  | **19358** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $19,917)** |  | **19358** |
| **CORPORATE BONDS – 20.6%**  | **CORPORATE BONDS – 20.6%**  | **CORPORATE BONDS – 20.6%**  |
| **Advertising & Marketing – 0.0%** | **Advertising & Marketing – 0.0%** | **Advertising & Marketing – 0.0%** |
| AppLovin Corp., |  |  |
| 5.13%, 12/1/29 | 500 | 503 |
| Omnicom Group, Inc., |  |  |
| 4.75%, 3/30/30 | 500 | 501 |
|  |  | **1004** |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| Boeing (The) Co., |  |  |
| 6.26%, 5/1/27 | 500 | 509 |
| 3.25%, 2/1/28 | 366 | 359 |
| 3.25%, 3/1/28 | 55 | 54 |
| 3.20%, 3/1/29 | 159 | 153 |
| 6.30%, 5/1/29 | 600 | 630 |
| 2.95%, 2/1/30 | 250 | 235 |
| 5.15%, 5/1/30 | 43 | 44 |
| 6.39%, 5/1/31 | 500 | 533 |
| 6.13%, 2/15/33 | 135 | 143 |
| 6.53%, 5/1/34 | 400 | 436 |
| 6.63%, 2/15/38 | 100 | 109 |
| 5.71%, 5/1/40 | 200 | 200 |
| 5.81%, 5/1/50 | 1060 | 1025 |
| 5.93%, 5/1/60 | 500 | 480 |
| GE Capital Funding LLC, |  |  |
| 4.55%, 5/15/32 | 700 | 698 |
| General Dynamics Corp., |  |  |
| 2.63%, 11/15/27 | 104 | 102 |
| 3.75%, 5/15/28 | 246 | 244 |
| 4.25%, 4/1/40 | 100 | 90 |
| 2.85%, 6/1/41 | 160 | 119 |
| General Electric Co., |  |  |
| 4.90%, 1/29/36 | 250 | 250 |
| HEICO Corp., |  |  |
| 5.35%, 8/1/33 | 150 | 153 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **47** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Aerospace & Defense – 0.6%continued** | **Aerospace & Defense – 0.6%continued** | **Aerospace & Defense – 0.6%continued** |
| Honeywell Aerospace, Inc., |  |  |
| 4.95%, 3/16/36<sup>(2)</sup>  | $1410 | $1399 |
| 5.73%, 3/16/56<sup>(2)</sup>  | 720 | 712 |
| Howmet Aerospace, Inc., |  |  |
| 3.00%, 1/15/29 | 200 | 193 |
| Huntington Ingalls Industries, Inc., |  |  |
| 2.04%, 8/16/28 | 200 | 189 |
| L3Harris Technologies, Inc., |  |  |
| 4.40%, 6/15/28 | 449 | 449 |
| 5.25%, 6/1/31 | 500 | 512 |
| 5.50%, 8/15/54 | 100 | 96 |
| Lockheed Martin Corp., |  |  |
| 5.25%, 1/15/33 | 1200 | 1249 |
| 3.60%, 3/1/35 | 135 | 123 |
| 5.00%, 8/15/35 | 500 | 504 |
| 4.07%, 12/15/42 | 168 | 142 |
| 3.80%, 3/1/45 | 230 | 182 |
| 4.09%, 9/15/52 | 20 | 16 |
| 5.20%, 2/15/64 | 200 | 182 |
| Northrop Grumman Corp., |  |  |
| 3.25%, 1/15/28 | 500 | 491 |
| 5.25%, 7/15/35 | 400 | 408 |
| 5.05%, 11/15/40 | 250 | 241 |
| 4.75%, 6/1/43 | 250 | 226 |
| 3.85%, 4/15/45 | 8 | 6 |
| 4.03%, 10/15/47 | 252 | 198 |
| Precision Castparts Corp., |  |  |
| 4.38%, 6/15/45 | 100 | 85 |
| RTX Corp., |  |  |
| 6.00%, 3/15/31 | 120 | 127 |
| 1.90%, 9/1/31 | 71 | 62 |
| 2.38%, 3/15/32 | 68 | 60 |
| 4.50%, 6/1/42 | 250 | 222 |
| 4.80%, 12/15/43 | 400 | 360 |
| 3.75%, 11/1/46 | 750 | 570 |
| 4.35%, 4/15/47 | 200 | 166 |
| 6.40%, 3/15/54 | 880 | 949 |
| Textron, Inc., |  |  |
| 2.45%, 3/15/31 | 250 | 225 |
|  |  | **16910** |
| **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** |
| NIKE, Inc., |  |  |
| 2.85%, 3/27/30 | 750 | 709 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Apparel & Textile Products – 0.0%continued** | **Apparel & Textile Products – 0.0%continued** | **Apparel & Textile Products – 0.0%continued** |
| 3.25%, 3/27/40 | $75 | $59 |
| Ralph Lauren Corp., |  |  |
| 2.95%, 6/15/30 | 100 | 94 |
|  |  | **862** |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| Apollo Global Management, Inc., |  |  |
| 6.38%, 11/15/33 | 200 | 212 |
| Ares Capital Corp., |  |  |
| 5.95%, 7/15/29 | 300 | 301 |
| Ares Management Corp., |  |  |
| 6.38%, 11/10/28 | 100 | 104 |
| Ares Strategic Income Fund, |  |  |
| 5.55%, 4/15/31<sup>(2)</sup>  | 150 | 144 |
| 6.20%, 3/21/32 | 150 | 147 |
| BlackRock Funding, Inc., |  |  |
| 4.60%, 7/26/27 | 160 | 161 |
| 4.70%, 3/14/29 | 500 | 508 |
| 4.90%, 1/8/35 | 200 | 201 |
| Blackrock, Inc., |  |  |
| 1.90%, 1/28/31 | 720 | 641 |
| Blackstone Private Credit Fund, |  |  |
| 6.00%, 1/29/32 | 200 | 194 |
| 6.00%, 11/22/34<sup>†</sup>  | 200 | 187 |
| Blackstone Reg Finance Co. LLC, |  |  |
| 4.95%, 2/15/36 | 100 | 97 |
| Blackstone Secured Lending Fund, |  |  |
| 5.30%, 6/30/30 | 200 | 194 |
| Blue Owl Capital Corp., |  |  |
| 5.95%, 3/15/29 | 400 | 395 |
| Blue Owl Credit Income Corp., |  |  |
| 7.75%, 9/16/27 | 200 | 203 |
| 5.80%, 3/15/30 | 400 | 386 |
| Blue Owl Finance LLC, |  |  |
| 4.13%, 10/7/51 | 200 | 132 |
| Blue Owl Technology Finance Corp., |  |  |
| 6.10%, 3/15/28 | 200 | 198 |
| 6.75%, 4/4/29<sup>†</sup>  | 100 | 98 |
| Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.21%), <br> 5.64%, 5/19/29<sup>(3)</sup> <br>| 400 | 411 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.94%), <br> 4.34%, 11/14/31<sup>(3)</sup> <br>| 500 | 494 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.50%), <br> 5.85%, 5/19/34<sup>(3)</sup> <br>| 200 | 210 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **48** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Asset Management – 0.3%continued** | **Asset Management – 0.3%continued** | **Asset Management – 0.3%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.01%), <br> 6.14%, 8/24/34<sup>(3)</sup> <br>| $300 | $319 |
| Franklin Resources, Inc., |  |  |
| 2.95%, 8/12/51 | 150 | 92 |
| Goldman Sachs Private Credit Corp., |  |  |
| 5.05%, 2/23/28<sup>(2)</sup>  | 570 | 561 |
| Golub Capital Private Credit Fund, |  |  |
| 5.60%, 4/15/31<sup>(2)</sup>  | 1180 | 1126 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.,<br>|  |  |
| 6.38%, 7/1/34 | 100 | 101 |
| 6.00%, 3/15/36 | 170 | 165 |
| HPS Corporate Lending Fund, |  |  |
| 5.45%, 1/14/28<sup>†</sup>  | 200 | 198 |
| 5.45%, 11/15/30<sup>(2)</sup>  | 1040 | 995 |
| Janus Henderson U.S. Holdings, Inc., |  |  |
| 5.45%, 9/10/34 | 30 | 30 |
| Main Street Capital Corp., |  |  |
| 6.95%, 3/1/29<sup>†</sup>  | 100 | 103 |
| Morgan Stanley Direct Lending Fund, |  |  |
| 6.15%, 5/17/29<sup>†</sup>  | 200 | 201 |
| New Mountain Finance Corp., |  |  |
| 6.20%, 10/15/27 | 200 | 199 |
| Oaktree Specialty Lending Corp., |  |  |
| 6.34%, 2/27/30<sup>†</sup>  | 100 | 97 |
| Raymond James Financial, Inc., |  |  |
| 4.90%, 9/11/35 | 150 | 146 |
| 3.75%, 4/1/51 | 100 | 71 |
| 5.65%, 9/11/55 | 300 | 284 |
| Sixth Street Specialty Lending, Inc., |  |  |
| 6.13%, 3/1/29<sup>†</sup>  | 100 | 101 |
| TPG Operating Group II L.P., |  |  |
| 5.88%, 3/5/34 | 50 | 51 |
| Voya Financial, Inc., |  |  |
| 4.80%, 6/15/46 | 100 | 85 |
|  |  | **10543** |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| American Honda Finance Corp., |  |  |
| 4.80%, 3/5/30 | 500 | 500 |
| 5.15%, 7/9/32 | 500 | 501 |
| Aptiv Swiss Holdings Ltd., |  |  |
| 4.65%, 9/13/29 | 400 | 408 |
| 4.15%, 5/1/52 | 200 | 149 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Automotive – 0.5%continued** | **Automotive – 0.5%continued** | **Automotive – 0.5%continued** |
| BorgWarner, Inc., |  |  |
| 4.38%, 3/15/45 | $170 | $139 |
| Ford Motor Credit Co. LLC, |  |  |
| 5.85%, 5/17/27 | 1000 | 1007 |
| 5.88%, 11/7/29 | 400 | 405 |
| 5.73%, 9/5/30 | 200 | 200 |
| 5.75%, 4/6/33 | 800 | 785 |
| 7.12%, 11/7/33 | 1800 | 1891 |
| General Motors Co., |  |  |
| 6.80%, 10/1/27 | 118 | 121 |
| 5.00%, 10/1/28<sup>†</sup>  | 227 | 229 |
| 5.60%, 10/15/32 | 183 | 187 |
| 6.25%, 10/2/43<sup>†</sup>  | 350 | 344 |
| 6.75%, 4/1/46 | 145 | 150 |
| 5.40%, 4/1/48<sup>†</sup>  | 267 | 234 |
| General Motors Financial Co., Inc., |  |  |
| 2.70%, 8/20/27 | 658 | 641 |
| 6.00%, 1/9/28 | 500 | 511 |
| 2.40%, 4/10/28 | 119 | 114 |
| 5.80%, 6/23/28 | 500 | 512 |
| 5.65%, 1/17/29 | 84 | 86 |
| 4.30%, 4/6/29 | 82 | 81 |
| 4.90%, 10/6/29 | 870 | 874 |
| 5.35%, 1/7/30 | 300 | 306 |
| 3.60%, 6/21/30 | 99 | 94 |
| 2.35%, 1/8/31 | 33 | 29 |
| 3.10%, 1/12/32 | 33 | 30 |
| 5.63%, 4/4/32 | 600 | 614 |
| 5.90%, 1/7/35 | 500 | 509 |
| Lear Corp., |  |  |
| 3.55%, 1/15/52 | 200 | 133 |
| Toyota Motor Credit Corp., |  |  |
| 4.50%, 5/14/27 | 1630 | 1636 |
| 4.35%, 10/8/27 | 500 | 502 |
| 4.05%, 3/13/29 | 410 | 408 |
| 4.80%, 5/15/30 | 300 | 303 |
| 4.70%, 1/12/33 | 500 | 498 |
| 4.80%, 1/5/34 | 500 | 497 |
|  |  | **15628** |
| **Banking – 2.4%** | **Banking – 2.4%** | **Banking – 2.4%** |
| Associated Banc-Corp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 3.03%), <br> 6.46%, 8/29/30<sup>(3)</sup> <br>| 100 | 102 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **49** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Banking – 2.4%continued** | **Banking – 2.4%continued** | **Banking – 2.4%continued** |
| Bank of America Corp., |  |  |
| 4.18%, 11/25/27 | $146 | $146 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.77%), 3.71%, 4/24/28<sup>(3)</sup> <br>| 106 | 105 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.04%), <br> 4.95%, 7/22/28<sup>(3)</sup> <br>| 1500 | 1510 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.83%), <br> 4.98%, 1/24/29<sup>(3)</sup> <br>| 500 | 504 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.33%), 3.97%, 3/5/29<sup>(3)</sup> <br>| 837 | 829 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.11%), <br> 4.62%, 5/9/29<sup>(3)</sup> <br>| 1540 | 1547 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.82%, 9/15/29<sup>(3)</sup> <br>| 500 | 516 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.00%), <br> 5.16%, 1/24/31<sup>(3)</sup> <br>| 1500 | 1529 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.25%), 2.50%, 2/13/31<sup>(3)</sup> <br>| 2 | 2 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.15%), <br> 2.59%, 4/29/31<sup>(3)</sup> <br>| 3 | 3 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.87%), <br> 4.46%, 2/6/32<sup>(3)</sup> <br>| 350 | 346 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.32%), <br> 2.69%, 4/22/32<sup>(3)</sup> <br>| 380 | 344 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.16%), <br> 5.02%, 7/22/33<sup>(3) †</sup> <br>| 1403 | 1411 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.91%), <br> 5.29%, 4/25/34<sup>(3)</sup> <br>| 1000 | 1012 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.84%), <br> 5.87%, 9/15/34<sup>(3)</sup> <br>| 400 | 419 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.65%), <br> 5.47%, 1/23/35<sup>(3)</sup> <br>| 600 | 612 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.31%), <br> 5.51%, 1/24/36<sup>(3) †</sup> <br>| 200 | 204 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.70%), <br> 5.74%, 2/12/36<sup>(3)</sup> <br>| 700 | 712 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.64%), <br> 5.46%, 5/9/36<sup>(3)</sup> <br>| 250 | 255 |
| 6.11%, 1/29/37<sup>†</sup>  | 150 | 157 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.13%), <br> 5.05%, 2/6/37<sup>(3)</sup> <br>| 1000 | 987 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.58%), <br> 3.31%, 4/22/42<sup>(3)</sup> <br>| 600 | 458 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.45%), 3.95%, 1/23/49<sup>(3)</sup> <br>| 600 | 463 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.78%), 4.33%, 3/15/50<sup>(3)</sup> <br>| 755 | 612 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Banking – 2.4%continued** | **Banking – 2.4%continued** | **Banking – 2.4%continued** |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 3.41%), 4.08%, 3/20/51<sup>(3)</sup> <br>| $810 | $627 |
| Bank of America N.A., |  |  |
| 6.00%, 10/15/36 | 250 | 264 |
| BankUnited, Inc., |  |  |
| 5.13%, 6/11/30 | 100 | 100 |
| Capital One N.A., |  |  |
| 2.70%, 2/6/30 | 250 | 233 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.14%), <br> 4.64%, 5/7/28<sup>(3)</sup> <br>| 1440 | 1442 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.65%), 3.67%, 7/24/28<sup>(3)</sup> <br>| 28 | 28 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.87%), <br> 4.79%, 3/4/29<sup>(3)</sup> <br>| 980 | 985 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.36%), <br> 5.17%, 2/13/30<sup>(3)</sup> <br>| 500 | 508 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 3.91%), <br> 4.41%, 3/31/31<sup>(3)</sup> <br>| 500 | 494 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.17%), <br> 4.50%, 9/11/31<sup>(3)</sup> <br>| 500 | 494 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.17%), <br> 2.56%, 5/1/32<sup>(3)</sup> <br>| 800 | 716 |
| 6.63%, 6/15/32 | 100 | 109 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.66%), <br> 6.17%, 5/25/34<sup>(3)</sup> <br>| 1400 | 1449 |
| &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 | 2030 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 6.02%, 1/24/36<sup>(3)</sup> <br>| 500 | 510 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.47%), <br> 5.33%, 3/27/36<sup>(3)</sup> <br>| 600 | 602 |
| 6.13%, 8/25/36 | 125 | 130 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.49%), <br> 5.17%, 9/11/36<sup>(3) †</sup> <br>| 400 | 397 |
| 8.13%, 7/15/39 | 332 | 414 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 4.55%), <br> 5.32%, 3/26/41<sup>(3)</sup> <br>| 180 | 174 |
| 5.88%, 1/30/42 | 30 | 30 |
| 4.65%, 7/23/48 | 300 | 254 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.75%), <br> 5.61%, 3/4/56<sup>(3)</sup> <br>| 500 | 480 |
| Citizens Bank N.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.00%), <br> 4.58%, 8/9/28<sup>(3)</sup> <br>| 500 | 500 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **50** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Banking – 2.4%continued** | **Banking – 2.4%continued** | **Banking – 2.4%continued** |
| Citizens Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.33%), <br> 6.65%, 4/25/35<sup>(3)</sup> <br>| $200 | $214 |
| Fifth Third Bancorp, |  |  |
| 8.25%, 3/1/38 | 275 | 331 |
| Fifth Third Bank N.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.61%), <br> 5.33%, 8/25/33<sup>(3)</sup> <br>| 250 | 250 |
| First Citizens BancShares, Inc., |  |  |
| &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 | 98 |
| First Horizon Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.77%), <br> 5.51%, 3/7/31<sup>(3)</sup> <br>| 100 | 101 |
| First-Citizens Bank & Trust Co., |  |  |
| 6.13%, 3/9/28 | 50 | 51 |
| FNB Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.93%), 5.72%, <br> 12/11/30<sup>(3)</sup> <br>| 50 | 50 |
| HSBC Bank U.S.A. N.A., |  |  |
| 7.00%, 1/15/39 | 350 | 390 |
| Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.97%), <br> 4.44%, 8/4/28<sup>(3)</sup> <br>| 500 | 500 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.02%), <br> 6.21%, 8/21/29<sup>(3)</sup> <br>| 500 | 519 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.99%), <br> 4.62%, 1/28/32<sup>(3)</sup> <br>| 400 | 394 |
| Independent Bank Corp., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 3.53%), 7.25%, 4/1/35<sup>(3)</sup> <br>| 50 | 52 |
| JPMorgan Chase & Co., |  |  |
| 8.00%, 4/29/27 | 658 | 683 |
| 4.25%, 10/1/27 | 299 | 299 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.56%), <br> 4.32%, 4/26/28<sup>(3)</sup> <br>| 176 | 176 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.93%), <br> 4.98%, 7/22/28<sup>(3)</sup> <br>| 250 | 252 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.99%), <br> 4.85%, 7/25/28<sup>(3)</sup> <br>| 33 | 33 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.21%), 3.51%, 1/23/29<sup>(3)</sup> <br>| 1090 | 1072 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.80%), <br> 4.92%, 1/24/29<sup>(3)</sup> <br>| 990 | 998 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Banking – 2.4%continued** | **Banking – 2.4%continued** | **Banking – 2.4%continued** |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.38%), 4.01%, 4/23/29<sup>(3)</sup> <br>| $34 | $34 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.45%), <br> 5.30%, 7/24/29<sup>(3)</sup> <br>| 800 | 815 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.59%), 4.45%, 12/5/29<sup>(3)</sup> <br>| 59 | 59 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.31%), <br> 5.01%, 1/23/30<sup>(3)</sup> <br>| 500 | 507 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 4/22/30<sup>(3)</sup> <br>| 500 | 515 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.01%), <br> 5.14%, 1/24/31<sup>(3)</sup> <br>| 1500 | 1527 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.44%), <br> 5.10%, 4/22/31<sup>(3)</sup> <br>| 500 | 509 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 2.52%), 2.96%, 5/13/31<sup>(3)</sup> <br>| 545 | 508 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.93%), <br> 4.26%, 10/22/31<sup>(3)</sup> <br>| 500 | 492 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.80%), <br> 4.59%, 4/26/33<sup>(3)</sup> <br>| 300 | 296 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.58%), <br> 5.72%, 9/14/33<sup>(3)</sup> <br>| 500 | 518 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.81%), <br> 6.25%, 10/23/34<sup>(3)</sup> <br>| 1000 | 1075 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.49%), <br> 5.77%, 4/22/35<sup>(3)</sup> <br>| 1000 | 1042 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.68%), <br> 5.57%, 4/22/36<sup>(3)</sup> <br>| 600 | 618 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.64%), <br> 5.58%, 7/23/36<sup>(3)</sup> <br>| 400 | 405 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.19%), <br> 4.81%, 10/22/36<sup>(3)</sup> <br>| 500 | 485 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.07%), <br> 4.90%, 1/22/37<sup>(3)</sup> <br>| 880 | 861 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 2.46%), 3.11%, 4/22/41<sup>(3)</sup> <br>| 100 | 76 |
| 5.60%, 7/15/41 | 405 | 406 |
| 5.63%, 8/16/43 | 150 | 149 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.55%), <br> 5.53%, 11/29/45<sup>(3)</sup> <br>| 500 | 491 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.84%), 4.26%, 2/22/48<sup>(3)</sup> <br>| 114 | 93 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.72%), 4.03%, 7/24/48<sup>(3)</sup> <br>| 85 | 67 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.64%), 3.96%, 11/15/48<sup>(3)</sup> <br>| 400 | 310 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **51** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Banking – 2.4%continued** | **Banking – 2.4%continued** | **Banking – 2.4%continued** |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.48%), 3.90%, 1/23/49<sup>(3)</sup> <br>| $700 | $538 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.44%), <br> 3.11%, 4/22/51<sup>(3)</sup> <br>| 1300 | 849 |
| Keybank National Association, |  |  |
| 5.00%, 1/26/33 | 500 | 493 |
| M&T Bank Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.26%), <br> 6.08%, 3/13/32<sup>(3)</sup> <br>| 100 | 105 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.61%), <br> 5.39%, 1/16/36<sup>(3)</sup> <br>| 300 | 298 |
| Manufacturers & Traders Trust Co., |  |  |
| 4.70%, 1/27/28 | 500 | 503 |
| Morgan Stanley Bank N.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.91%), <br> 5.02%, 1/12/29<sup>(3)</sup> <br>| 700 | 707 |
| Morgan Stanley Private Bank N.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.77%), <br> 4.47%, 7/6/28<sup>(3)</sup> <br>| 500 | 500 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.08%), <br> 4.73%, 7/18/31<sup>(3)</sup> <br>| 500 | 498 |
| Pinnacle Bank, |  |  |
| 5.63%, 2/15/28 | 250 | 253 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| 3.15%, 5/19/27 | 455 | 450 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.84%), <br> 5.58%, 6/12/29<sup>(3)</sup> <br>| 420 | 430 |
| 2.55%, 1/22/30 | 545 | 508 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.20%), <br> 5.49%, 5/14/30<sup>(3) †</sup> <br>| 700 | 720 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.26%), <br> 4.81%, 10/21/32<sup>(3)</sup> <br>| 700 | 698 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.93%), <br> 5.07%, 1/24/34<sup>(3)</sup> <br>| 300 | 300 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.28%), <br> 6.88%, 10/20/34<sup>(3)</sup> <br>| 400 | 442 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.17%), 5.42%, <br> 1/25/41<sup>(3)</sup> <br>| 600 | 588 |
| Regions Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.06%), <br> 5.50%, 9/6/35<sup>(3)</sup> <br>| 300 | 300 |
| Santander Holdings U.S.A., Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.36%), <br> 6.50%, 3/9/29<sup>(3)</sup> <br>| 300 | 309 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Banking – 2.4%continued** | **Banking – 2.4%continued** | **Banking – 2.4%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.50%), <br> 6.17%, 1/9/30<sup>(3) †</sup> <br>| $500 | $517 |
| Truist Financial Corp., |  |  |
| 1.13%, 8/3/27 | 221 | 212 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.44%), <br> 4.87%, 1/26/29<sup>(3)</sup> <br>| 1000 | 1007 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.86%), <br> 1.89%, 6/7/29<sup>(3)</sup> <br>| 57 | 54 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.62%), <br> 5.44%, 1/24/30<sup>(3)</sup> <br>| 800 | 819 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.92%), <br> 5.71%, 1/24/35<sup>(3)</sup> <br>| 500 | 516 |
| U.S. Bancorp, |  |  |
| 3.90%, 4/26/28 | 402 | 399 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.02%), <br> 5.78%, 6/12/29<sup>(3)</sup> <br>| 500 | 514 |
| 1.38%, 7/22/30 | 143 | 126 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.87%), <br> 4.48%, 1/26/32<sup>(3) †</sup> <br>| 500 | 495 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.60%), <br> 4.84%, 2/1/34<sup>(3)</sup> <br>| 500 | 494 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.41%), <br> 5.42%, 2/12/36<sup>(3) †</sup> <br>| 300 | 307 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.10%), <br> 5.03%, 1/26/37<sup>(3)</sup> <br>| 300 | 296 |
| Webster Financial Corp., |  |  |
| 4.10%, 3/25/29 | 30 | 29 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.98%), <br> 4.81%, 7/25/28<sup>(3)</sup> <br>| 500 | 502 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.37%), <br> 4.97%, 4/23/29<sup>(3)</sup> <br>| 500 | 504 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.74%), <br> 5.57%, 7/25/29<sup>(3)</sup> <br>| 390 | 399 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.74%), <br> 4.18%, 1/23/30<sup>(3)</sup> <br>| 400 | 396 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30<sup>(3) †</sup> <br>| 500 | 508 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.11%), <br> 5.24%, 1/24/31<sup>(3)</sup> <br>| 1000 | 1019 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.50%), <br> 5.15%, 4/23/31<sup>(3)</sup> <br>| 1000 | 1017 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.10%), <br> 4.90%, 7/25/33<sup>(3)</sup> <br>| 800 | 796 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.99%), <br> 5.56%, 7/25/34<sup>(3)</sup> <br>| 700 | 717 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **52** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Banking – 2.4%continued** | **Banking – 2.4%continued** | **Banking – 2.4%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.06%), <br> 6.49%, 10/23/34<sup>(3)</sup> <br>| $300 | $325 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.78%), <br> 5.50%, 1/23/35<sup>(3)</sup> <br>| 600 | 611 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.74%), <br> 5.61%, 4/23/36<sup>(3)</sup> <br>| 300 | 307 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.10%), <br> 4.96%, 1/23/37<sup>(3)</sup> <br>| 1620 | 1578 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.53%), <br> 3.07%, 4/30/41<sup>(3)</sup> <br>| 100 | 75 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.50%), 5.01%, 4/4/51<sup>(3)</sup> <br>| 800 | 705 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.13%), <br> 4.61%, 4/25/53<sup>(3)</sup> <br>| 1000 | 829 |
| Wells Fargo Bank N.A., |  |  |
| 5.85%, 2/1/37 | 500 | 515 |
| 6.60%, 1/15/38 | 50 | 55 |
| Wintrust Financial Corp., |  |  |
| 4.85%, 6/6/29 | 100 | 97 |
| Zions Bancorp N.A., |  |  |
| 3.25%, 10/29/29 | 250 | 232 |
|  |  | **72537** |
| **Beverages – 0.3%** | **Beverages – 0.3%** | **Beverages – 0.3%** |
| Brown-Forman Corp., |  |  |
| 4.50%, 7/15/45 | 200 | 168 |
| Coca-Cola (The) Co., |  |  |
| 1.50%, 3/5/28 | 81 | 77 |
| 2.13%, 9/6/29 | 243 | 228 |
| 1.65%, 6/1/30 | 179 | 162 |
| 2.00%, 3/5/31 | 1204 | 1082 |
| 5.00%, 5/13/34 | 500 | 515 |
| 4.65%, 8/14/34<sup>†</sup>  | 500 | 503 |
| 4.20%, 3/25/50 | 300 | 246 |
| Coca-Cola Consolidated, Inc., |  |  |
| 5.45%, 6/1/34 | 200 | 205 |
| Constellation Brands, Inc., |  |  |
| 4.65%, 11/15/28 | 44 | 44 |
| 2.25%, 8/1/31 | 284 | 251 |
| 5.25%, 11/15/48 | 167 | 150 |
| Keurig Dr. Pepper, Inc., |  |  |
| 5.05%, 3/15/29 | 500 | 506 |
| 4.05%, 4/15/32 | 200 | 189 |
| 4.42%, 12/15/46 | 300 | 235 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Beverages – 0.3%continued** | **Beverages – 0.3%continued** | **Beverages – 0.3%continued** |
| Molson Coors Beverage Co., |  |  |
| 4.20%, 7/15/46 | $300 | $234 |
| Pepsico Singapore Financing I Pte. Ltd., |  |  |
| 4.55%, 2/16/29 | 1800 | 1818 |
| PepsiCo, Inc., |  |  |
| 2.75%, 3/19/30 | 483 | 457 |
| 1.63%, 5/1/30 | 77 | 69 |
| 1.95%, 10/21/31 | 500 | 441 |
| 5.00%, 2/7/35 | 300 | 304 |
| 2.63%, 10/21/41 | 200 | 143 |
| 5.25%, 7/17/54 | 400 | 385 |
|  |  | **8412** |
| **Biotechnology & Pharmaceuticals – 1.2%** | **Biotechnology & Pharmaceuticals – 1.2%** | **Biotechnology & Pharmaceuticals – 1.2%** |
| AbbVie, Inc., |  |  |
| 4.80%, 3/15/29 | 500 | 508 |
| 4.95%, 3/15/31<sup>†</sup>  | 500 | 511 |
| 5.05%, 3/15/34 | 900 | 913 |
| 4.05%, 11/21/39 | 1110 | 974 |
| 5.35%, 3/15/44 | 200 | 195 |
| 4.85%, 6/15/44 | 750 | 682 |
| 4.25%, 11/21/49 | 500 | 406 |
| 5.40%, 3/15/54 | 700 | 668 |
| Amgen, Inc., |  |  |
| 5.15%, 3/2/28 | 500 | 507 |
| 2.00%, 1/15/32 | 1000 | 865 |
| 5.15%, 11/15/41 | 126 | 119 |
| 5.60%, 3/2/43 | 1000 | 986 |
| 3.38%, 2/21/50 | 400 | 281 |
| 5.65%, 3/2/53 | 1000 | 969 |
| 5.65%, 2/19/56 | 500 | 485 |
| 5.75%, 3/2/63 | 200 | 192 |
| Biogen, Inc., |  |  |
| 2.25%, 5/1/30 | 40 | 37 |
| 3.15%, 5/1/50 | 400 | 252 |
| 3.25%, 2/15/51 | 200 | 127 |
| Bristol-Myers Squibb Co., |  |  |
| 5.20%, 2/22/34 | 500 | 513 |
| 4.35%, 11/15/47 | 1083 | 893 |
| 5.55%, 2/22/54<sup>†</sup>  | 700 | 674 |
| 5.65%, 2/22/64 | 200 | 194 |
| Eli Lilly & Co., |  |  |
| 4.90%, 2/12/32 | 1000 | 1022 |
| 4.55%, 10/15/32 | 800 | 800 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **53** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Biotechnology & Pharmaceuticals – 1.2%continued** | **Biotechnology & Pharmaceuticals – 1.2%continued** | **Biotechnology & Pharmaceuticals – 1.2%continued** |
| 4.60%, 8/14/34 | $500 | $495 |
| 5.55%, 10/15/55 | 250 | 247 |
| 4.95%, 2/27/63 | 100 | 88 |
| 5.60%, 2/12/65 | 500 | 489 |
| 5.65%, 10/15/65 | 250 | 246 |
| Gilead Sciences, Inc., |  |  |
| 1.20%, 10/1/27 | 720 | 690 |
| 5.25%, 10/15/33 | 1000 | 1034 |
| 2.60%, 10/1/40 | 100 | 72 |
| 4.80%, 4/1/44 | 185 | 167 |
| 4.50%, 2/1/45 | 150 | 130 |
| 4.75%, 3/1/46 | 168 | 149 |
| 4.15%, 3/1/47 | 60 | 49 |
| 2.80%, 10/1/50 | 500 | 310 |
| GlaxoSmithKline Capital, Inc., |  |  |
| 3.88%, 5/15/28 | 300 | 298 |
| 5.38%, 4/15/34 | 150 | 156 |
| 6.38%, 5/15/38 | 274 | 303 |
| Johnson & Johnson, |  |  |
| 4.80%, 6/1/29<sup>†</sup>  | 690 | 707 |
| 4.70%, 3/1/30 | 510 | 521 |
| 1.30%, 9/1/30<sup>†</sup>  | 200 | 178 |
| 4.90%, 6/1/31 | 500 | 517 |
| 4.38%, 12/5/33 | 332 | 333 |
| 5.95%, 8/15/37 | 32 | 35 |
| 2.10%, 9/1/40 | 460 | 321 |
| 3.70%, 3/1/46 | 600 | 477 |
| 5.25%, 6/1/54<sup>†</sup>  | 400 | 396 |
| 2.45%, 9/1/60 | 120 | 64 |
| Merck & Co., Inc., |  |  |
| 1.70%, 6/10/27 | 263 | 256 |
| 1.90%, 12/10/28 | 279 | 264 |
| 3.40%, 3/7/29 | 389 | 381 |
| 2.15%, 12/10/31 | 688 | 609 |
| 4.50%, 5/17/33 | 1000 | 997 |
| 3.60%, 9/15/42 | 25 | 20 |
| 3.70%, 2/10/45 | 60 | 47 |
| 5.50%, 3/15/46 | 400 | 392 |
| 4.00%, 3/7/49 | 500 | 391 |
| 5.70%, 9/15/55 | 400 | 397 |
| 5.15%, 5/17/63 | 200 | 179 |
| Mylan, Inc., |  |  |
| 4.55%, 4/15/28 | 171 | 170 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Biotechnology & Pharmaceuticals – 1.2%continued** | **Biotechnology & Pharmaceuticals – 1.2%continued** | **Biotechnology & Pharmaceuticals – 1.2%continued** |
| 5.40%, 11/29/43 | $400 | $338 |
| Novartis Capital Corp., |  |  |
| 2.20%, 8/14/30 | 524 | 480 |
| 4.10%, 11/5/30 | 1010 | 999 |
| 5.20%, 11/5/45 | 400 | 383 |
| 5.60%, 3/18/46 | 1050 | 1052 |
| 4.70%, 9/18/54 | 300 | 262 |
| Pfizer Investment Enterprises Pte. Ltd., |  |  |
| 4.45%, 5/19/28 | 520 | 523 |
| 4.75%, 5/19/33 | 700 | 697 |
| 5.11%, 5/19/43 | 560 | 528 |
| 5.30%, 5/19/53 | 1010 | 939 |
| Pfizer, Inc., |  |  |
| 3.45%, 3/15/29 | 204 | 201 |
| 2.63%, 4/1/30 | 500 | 468 |
| 7.20%, 3/15/39 | 311 | 364 |
| 2.55%, 5/28/40 | 130 | 94 |
| 5.60%, 9/15/40 | 194 | 199 |
| 4.30%, 6/15/43 | 100 | 85 |
| 4.13%, 12/15/46 | 262 | 211 |
| 5.70%, 11/15/65 | 400 | 386 |
| Pharmacia LLC, |  |  |
| 6.60%, 12/1/28 | 125 | 132 |
| Regeneron Pharmaceuticals, Inc., |  |  |
| 1.75%, 9/15/30 | 300 | 266 |
| Royalty Pharma PLC, |  |  |
| 3.55%, 9/2/50 | 300 | 202 |
| 5.90%, 9/2/54 | 100 | 96 |
| 5.95%, 9/25/55 | 250 | 243 |
| Sanofi S.A., |  |  |
| 3.63%, 6/19/28 | 250 | 247 |
| Takeda U.S. Financing, Inc., |  |  |
| 5.90%, 7/7/55<sup>†</sup>  | 250 | 249 |
| Wyeth LLC, |  |  |
| 5.95%, 4/1/37 | 625 | 662 |
| Zoetis, Inc., |  |  |
| 3.95%, 9/12/47 | 250 | 196 |
| 4.45%, 8/20/48 | 40 | 34 |
|  |  | **36884** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **54** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital,<br>|  |  |
| 3.75%, 2/15/28 | $251 | $247 |
| 6.10%, 6/1/29 | 500 | 518 |
| 2.80%, 4/1/31 | 650 | 583 |
| 6.55%, 6/1/34 | 500 | 519 |
| 5.85%, 12/1/35 | 900 | 885 |
| 5.75%, 4/1/48 | 520 | 434 |
| 4.80%, 3/1/50 | 300 | 222 |
| 3.90%, 6/1/52 | 800 | 509 |
| 3.95%, 6/30/62 | 240 | 141 |
| 5.50%, 4/1/63 | 200 | 154 |
| Comcast Corp., |  |  |
| 3.40%, 4/1/30 | 1370 | 1315 |
| 4.95%, 5/15/32 | 200 | 202 |
| 4.25%, 1/15/33 | 400 | 386 |
| 7.05%, 3/15/33 | 140 | 157 |
| 4.80%, 5/15/33 | 500 | 497 |
| 3.75%, 4/1/40 | 1000 | 811 |
| 3.45%, 2/1/50 | 300 | 197 |
| 2.89%, 11/1/51 | 100 | 58 |
| 5.35%, 5/15/53 | 700 | 619 |
| 6.05%, 5/15/55<sup>†</sup>  | 600 | 594 |
| 2.99%, 11/1/63 | 500 | 265 |
| 5.50%, 5/15/64 | 550 | 487 |
| Time Warner Cable LLC, |  |  |
| 7.30%, 7/1/38 | 600 | 628 |
|  |  | **10428** |
| **Capital Goods – 0.0%** | **Capital Goods – 0.0%** | **Capital Goods – 0.0%** |
| Ferguson Enterprises, Inc., |  |  |
| 5.00%, 10/3/34 | 100 | **99** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| Air Products and Chemicals, Inc., |  |  |
| 4.30%, 6/11/28 | 250 | 251 |
| 2.80%, 5/15/50 | 300 | 186 |
| Avery Dennison Corp., |  |  |
| 2.65%, 4/30/30 | 200 | 185 |
| Cabot Corp., |  |  |
| 5.00%, 6/30/32 | 70 | 70 |
| Dow Chemical (The) Co., |  |  |
| 4.80%, 1/15/31 | 250 | 247 |
| 4.25%, 10/1/34<sup>†</sup>  | 470 | 427 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Chemicals – 0.2%continued** | **Chemicals – 0.2%continued** | **Chemicals – 0.2%continued** |
| 9.40%, 5/15/39 | $174 | $220 |
| 5.25%, 11/15/41 | 200 | 176 |
| 5.55%, 11/30/48 | 200 | 173 |
| 5.95%, 3/15/55<sup>†</sup>  | 250 | 226 |
| DuPont de Nemours, Inc., |  |  |
| 4.73%, 11/15/28<sup>(2)</sup>  | 208 | 209 |
| 5.42%, 11/15/48<sup>†</sup>  | 64 | 59 |
| Eastman Chemical Co., |  |  |
| 4.80%, 9/1/42 | 200 | 175 |
| Ecolab, Inc., |  |  |
| 4.30%, 6/15/28 | 250 | 251 |
| 2.75%, 8/18/55 | 300 | 176 |
| International Flavors & Fragrances, Inc., |  |  |
| 5.00%, 9/26/48 | 41 | 35 |
| Linde, Inc., |  |  |
| 2.00%, 8/10/50 | 200 | 105 |
| Lubrizol (The) Corp., |  |  |
| 6.50%, 10/1/34 | 50 | 56 |
| LYB International Finance B.V., |  |  |
| 5.25%, 7/15/43 | 565 | 486 |
| LYB International Finance III LLC, |  |  |
| 3.38%, 10/1/40 | 500 | 362 |
| 4.20%, 5/1/50 | 35 | 25 |
| Mosaic (The) Co., |  |  |
| 5.45%, 11/15/33<sup>†</sup>  | 250 | 253 |
| NewMarket Corp., |  |  |
| 2.70%, 3/18/31 | 100 | 90 |
| PPG Industries, Inc., |  |  |
| 2.55%, 6/15/30 | 100 | 92 |
| Sherwin-Williams (The) Co., |  |  |
| 3.45%, 6/1/27 | 205 | 203 |
| 4.30%, 8/15/28 | 250 | 249 |
| 2.95%, 8/15/29 | 167 | 159 |
| 2.30%, 5/15/30 | 153 | 140 |
| 4.50%, 8/15/30 | 250 | 249 |
| 2.20%, 3/15/32 | 475 | 413 |
| 4.55%, 8/1/45 | 30 | 25 |
| Westlake Corp., |  |  |
| 3.38%, 6/15/30 | 249 | 237 |
| 6.38%, 11/15/55 | 300 | 295 |
|  |  | **6505** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **55** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| Automatic Data Processing, Inc., |  |  |
| 1.70%, 5/15/28<sup>†</sup>  | $300 | $286 |
| Block Financial LLC, |  |  |
| 3.88%, 8/15/30<sup>†</sup>  | 200 | 189 |
| Cintas Corp. No. 2, |  |  |
| 4.00%, 5/1/32 | 150 | 146 |
| Paychex, Inc., |  |  |
| 5.35%, 4/15/32 | 400 | 402 |
| Republic Services, Inc., |  |  |
| 3.38%, 11/15/27 | 296 | 292 |
| 3.95%, 5/15/28 | 432 | 429 |
| 2.30%, 3/1/30 | 118 | 109 |
| 5.00%, 12/15/33 | 300 | 305 |
| Waste Connections, Inc., |  |  |
| 2.95%, 1/15/52 | 300 | 190 |
| Waste Management, Inc., |  |  |
| 4.95%, 7/3/27 | 400 | 404 |
| 4.15%, 7/15/49 | 200 | 162 |
| 2.50%, 11/15/50 | 500 | 297 |
|  |  | **3211** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| Amrize Finance U.S. LLC, |  |  |
| 5.40%, 4/7/35 | 200 | 203 |
| Carlisle Cos., Inc., |  |  |
| 2.75%, 3/1/30<sup>†</sup>  | 300 | 280 |
| CRH America Finance, Inc., |  |  |
| 5.50%, 1/9/35 | 200 | 204 |
| 5.00%, 2/9/36 | 250 | 246 |
| 5.60%, 2/9/56 | 250 | 240 |
| CRH SMW Finance DAC, |  |  |
| 5.20%, 5/21/29 | 200 | 204 |
| Eagle Materials, Inc., |  |  |
| 2.50%, 7/1/31<sup>†</sup>  | 100 | 89 |
| Martin Marietta Materials, Inc., |  |  |
| 3.45%, 6/1/27 | 500 | 495 |
| 5.50%, 12/1/54 | 200 | 188 |
| Owens Corning, |  |  |
| 3.88%, 6/1/30 | 500 | 484 |
| Vulcan Materials Co., |  |  |
| 3.50%, 6/1/30 | 200 | 192 |
| 5.35%, 12/1/34<sup>†</sup>  | 300 | 305 |
|  |  | **3130** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** | **Consumer Non-Cyclical – 0.0%** |
| Solventum Corp., |  |  |
| 5.90%, 4/30/54 | $293 | **$286** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| California Endowment (The), |  |  |
| 2.50%, 4/1/51 | 100 | 59 |
| California Institute of Technology, |  |  |
| 4.70%, 11/1/11<sup>(4)</sup>  | 110 | 88 |
| Duke University, |  |  |
| 2.68%, 10/1/44 | 200 | 147 |
| Emory University, |  |  |
| 2.97%, 9/1/50 | 500 | 327 |
| Johns Hopkins University (The), |  |  |
| 4.08%, 7/1/53 | 100 | 79 |
| Massachusetts Institute of Technology, |  |  |
| 5.60%, 7/1/11<sup>(4)</sup>  | 190 | 186 |
| 4.68%, 7/1/14<sup>(5)</sup>  | 15 | 12 |
| 3.89%, 7/1/16<sup>(6)</sup>  | 300 | 204 |
| Nature Conservancy (The), |  |  |
| 3.96%, 3/1/52 | 50 | 39 |
| Northwestern University, |  |  |
| 4.64%, 12/1/44 | 50 | 47 |
| &nbsp;&nbsp; President and Fellows of Harvard <br> College,<br>|  |  |
| 2.52%, 10/15/50 | 300 | 181 |
| Rockefeller Foundation (The), |  |  |
| 2.49%, 10/1/50 | 710 | 424 |
| &nbsp;&nbsp; Trustees of the University of <br> Pennsylvania (The),<br>|  |  |
| 4.67%, 9/1/12<sup>(7)</sup>  | 100 | 80 |
| University of Southern California, |  |  |
| 2.81%, 10/1/50 | 500 | 314 |
|  |  | **2187** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| Amcor Flexibles North America, Inc., |  |  |
| 5.10%, 3/17/30 | 200 | 202 |
| AptarGroup, Inc., |  |  |
| 3.60%, 3/15/32 | 150 | 139 |
| Berry Global, Inc., |  |  |
| 5.80%, 6/15/31 | 300 | 311 |
| International Paper Co., |  |  |
| 6.00%, 11/15/41 | 350 | 350 |
| Packaging Corp. of America, |  |  |
| 3.05%, 10/1/51 | 200 | 125 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **56** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Containers & Packaging – 0.1%continued** | **Containers & Packaging – 0.1%continued** | **Containers & Packaging – 0.1%continued** |
| Sonoco Products Co., |  |  |
| 2.85%, 2/1/32<sup>†</sup>  | $300 | $269 |
| WestRock MWV LLC, |  |  |
| 7.95%, 2/15/31 | 100 | 113 |
|  |  | **1509** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| 3M Co., |  |  |
| 3.05%, 4/15/30 | 1000 | 948 |
| 3.70%, 4/15/50 | 200 | 144 |
| Dover Corp., |  |  |
| 2.95%, 11/4/29 | 10 | 9 |
| Emerson Electric Co., |  |  |
| 2.80%, 12/21/51 | 300 | 184 |
| Honeywell International, Inc., |  |  |
| 2.70%, 8/15/29 | 137 | 130 |
| 4.75%, 2/1/32 | 1 | 1 |
| 3.81%, 11/21/47 | 425 | 322 |
| Illinois Tool Works, Inc., |  |  |
| 3.90%, 9/1/42 | 100 | 83 |
| Parker-Hannifin Corp., |  |  |
| 4.45%, 11/21/44 | 300 | 260 |
|  |  | **2081** |
| **E-Commerce Discretionary – 0.3%** | **E-Commerce Discretionary – 0.3%** | **E-Commerce Discretionary – 0.3%** |
| Amazon.com, Inc., |  |  |
| 3.30%, 4/13/27 | 1090 | 1082 |
| 1.20%, 6/3/27 | 544 | 527 |
| 1.65%, 5/12/28 | 533 | 507 |
| 4.00%, 3/13/29 | 790 | 786 |
| 4.65%, 12/1/29 | 500 | 508 |
| 4.88%, 3/13/36 | 650 | 644 |
| 3.88%, 8/22/37 | 250 | 225 |
| 2.88%, 5/12/41 | 600 | 442 |
| 4.95%, 12/5/44 | 156 | 146 |
| 5.65%, 3/13/46 | 1030 | 1026 |
| 2.50%, 6/3/50 | 200 | 117 |
| 3.10%, 5/12/51<sup>†</sup>  | 800 | 523 |
| 5.45%, 11/20/55 | 1000 | 955 |
| 5.80%, 3/13/56 | 980 | 979 |
| 4.25%, 8/22/57 | 400 | 312 |
| eBay, Inc., |  |  |
| 2.60%, 5/10/31 | 167 | 151 |
| 4.00%, 7/15/42 | 235 | 188 |
|  |  | **9118** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Electric & Gas Marketing & Trading – 0.0%** | **Electric & Gas Marketing & Trading – 0.0%** | **Electric & Gas Marketing & Trading – 0.0%** |
| Evergy Metro, Inc., |  |  |
| 5.30%, 10/1/41 | $50 | $48 |
| 4.20%, 3/15/48 | 300 | 239 |
| Jersey Central Power & Light Co., |  |  |
| 5.15%, 1/15/36<sup>(2)</sup>  | 1200 | 1194 |
|  |  | **1481** |
| **Electric Utilities – 2.1%** | **Electric Utilities – 2.1%** | **Electric Utilities – 2.1%** |
| AEP Texas, Inc., |  |  |
| 4.15%, 5/1/49 | 200 | 151 |
| AEP Transmission Co. LLC, |  |  |
| 4.00%, 12/1/46 | 200 | 157 |
| 3.65%, 4/1/50 | 100 | 73 |
| AES (The) Corp., |  |  |
| 5.45%, 6/1/28 | 350 | 353 |
| Alabama Power Co., |  |  |
| 4.30%, 7/15/48 | 300 | 242 |
| Alliant Energy Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.08%), 5.75%, <br> 4/1/56<sup>(3)</sup> <br>| 500 | 486 |
| Ameren Illinois Co., |  |  |
| 3.85%, 9/1/32 | 500 | 476 |
| 3.25%, 3/15/50 | 300 | 201 |
| American Electric Power Co., Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.75%), 7.05%, <br> 12/15/54<sup>(3)</sup> <br>| 1000 | 1032 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.13%), 5.80%, <br> 3/15/56<sup>(3)</sup> <br>| 500 | 494 |
| Appalachian Power Co., |  |  |
| 7.00%, 4/1/38 | 75 | 83 |
| Arizona Public Service Co., |  |  |
| 4.50%, 4/1/42 | 230 | 198 |
| 4.20%, 8/15/48 | 100 | 78 |
| 4.25%, 3/1/49 | 200 | 156 |
| Avangrid, Inc., |  |  |
| 3.80%, 6/1/29 | 200 | 195 |
| Avista Corp., |  |  |
| 4.00%, 4/1/52 | 100 | 75 |
| Baltimore Gas and Electric Co., |  |  |
| 3.75%, 8/15/47 | 475 | 355 |
| 5.40%, 6/1/53 | 200 | 188 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **57** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| Berkshire Hathaway Energy Co., |  |  |
| 5.15%, 11/15/43 | $300 | $280 |
| 4.45%, 1/15/49 | 200 | 162 |
| 4.25%, 10/15/50 | 200 | 156 |
| Black Hills Corp., |  |  |
| 2.50%, 6/15/30 | 500 | 456 |
| &nbsp;&nbsp; CenterPoint Energy Houston <br> Electric LLC,<br>|  |  |
| 3.55%, 8/1/42 | 40 | 31 |
| 2.90%, 7/1/50 | 400 | 253 |
| CenterPoint Energy, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.22%), 5.95%, <br> 4/1/56<sup>(3)</sup> <br>| 500 | 496 |
| Cleco Corporate Holdings LLC, |  |  |
| 4.97%, 5/1/46 | 100 | 85 |
| CMS Energy Corp., |  |  |
| 3.45%, 8/15/27 | 500 | 494 |
| 4.88%, 3/1/44 | 500 | 439 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.96%), 6.50%, <br> 6/1/55<sup>(3)</sup> <br>| 250 | 255 |
| Commonwealth Edison Co., |  |  |
| 5.30%, 6/1/34 | 300 | 309 |
| 6.45%, 1/15/38 | 200 | 220 |
| 4.60%, 8/15/43 | 100 | 87 |
| 5.95%, 6/1/55 | 380 | 385 |
| Connecticut Light and Power (The) Co., |  |  |
| 4.00%, 4/1/48 | 250 | 194 |
| 5.25%, 1/15/53 | 500 | 463 |
| &nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| 3.35%, 4/1/30 | 1000 | 959 |
| 5.38%, 5/15/34 | 300 | 307 |
| 5.85%, 3/15/36 | 100 | 106 |
| 6.75%, 4/1/38 | 100 | 112 |
| 5.50%, 12/1/39 | 85 | 85 |
| 3.95%, 3/1/43 | 120 | 97 |
| 4.45%, 3/15/44 | 100 | 85 |
| 3.85%, 6/15/46 | 100 | 77 |
| 4.65%, 12/1/48 | 100 | 85 |
| 3.95%, 4/1/50 | 200 | 153 |
| 6.15%, 11/15/52 | 500 | 520 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| Constellation Energy Generation LLC, |  |  |
| 4.40%, 1/15/31 | $750 | $740 |
| 5.75%, 10/1/41 | 430 | 430 |
| 5.88%, 1/15/66 | 200 | 192 |
| &nbsp;&nbsp; Consumers 2023 Securitization <br> Funding LLC,<br>|  |  |
| 5.21%, 9/1/30 | 50 | 51 |
| Consumers Energy Co., |  |  |
| 4.50%, 1/15/31<sup>†</sup>  | 250 | 250 |
| Dominion Energy South Carolina, Inc., |  |  |
| 6.05%, 1/15/38 | 265 | 280 |
| 5.10%, 6/1/65 | 50 | 44 |
| Dominion Energy, Inc., |  |  |
| 4.25%, 6/1/28 | 500 | 498 |
| 5.25%, 8/1/33 | 250 | 253 |
| 5.95%, 6/15/35 | 500 | 520 |
| 7.00%, 6/15/38 | 20 | 22 |
| 4.90%, 8/1/41 | 35 | 31 |
| 4.05%, 9/15/42 | 100 | 79 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.51%), 7.00%, <br> 6/1/54<sup>(3)</sup> <br>| 500 | 529 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.21%), 6.63%, <br> 5/15/55<sup>(3)</sup> <br>| 250 | 254 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.26%), 6.00%, <br> 2/15/56<sup>(3)</sup> <br>| 500 | 497 |
| DTE Electric Co., |  |  |
| 5.25%, 5/15/35 | 200 | 203 |
| 4.05%, 5/15/48 | 300 | 236 |
| 5.85%, 5/15/55 | 200 | 201 |
| &nbsp;&nbsp; DTE Electric Securitization Funding <br> II LLC,<br>|  |  |
| 6.09%, 9/1/37 | 30 | 32 |
| DTE Energy Co., |  |  |
| 4.95%, 7/1/27 | 1890 | 1902 |
| 5.20%, 4/1/30<sup>†</sup>  | 250 | 255 |
| Duke Energy Carolinas LLC, |  |  |
| 4.85%, 3/15/30 | 500 | 509 |
| 6.45%, 10/15/32 | 106 | 115 |
| 6.10%, 6/1/37 | 150 | 158 |
| 3.75%, 6/1/45 | 350 | 268 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **58** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| &nbsp;&nbsp; Duke Energy Carolinas Nc Storm <br> Funding II LLC,<br>|  |  |
| 5.07%, 1/1/46 | $50 | $49 |
| &nbsp;&nbsp; Duke Energy Carolinas SC Storm <br> Funding LLC,<br>|  |  |
| 4.90%, 3/1/46 | 100 | 99 |
| Duke Energy Corp., |  |  |
| 4.50%, 8/15/32 | 551 | 542 |
| 4.95%, 9/15/35 | 250 | 244 |
| 3.75%, 9/1/46 | 120 | 89 |
| 5.80%, 6/15/54 | 200 | 192 |
| Duke Energy Florida LLC, |  |  |
| 6.35%, 9/15/37 | 340 | 368 |
| 3.40%, 10/1/46 | 290 | 206 |
| Duke Energy Indiana LLC, |  |  |
| 6.12%, 10/15/35 | 500 | 530 |
| 6.35%, 8/15/38 | 25 | 27 |
| 4.90%, 7/15/43 | 500 | 457 |
| 2.75%, 4/1/50 | 400 | 243 |
| Duke Energy Ohio, Inc., |  |  |
| 5.55%, 3/15/54 | 400 | 383 |
| Duke Energy Progress LLC, |  |  |
| 2.50%, 8/15/50 | 600 | 344 |
| 5.55%, 3/15/55 | 300 | 290 |
| &nbsp;&nbsp; Duke Energy Progress NC Storm <br> Funding LLC,<br>|  |  |
| 2.39%, 7/1/37 | 50 | 43 |
| Edison International, |  |  |
| 6.25%, 3/15/30 | 250 | 259 |
| Entergy Arkansas LLC, |  |  |
| 5.75%, 6/1/54 | 300 | 293 |
| Entergy Corp., |  |  |
| 3.75%, 6/15/50 | 300 | 211 |
| Entergy Louisiana LLC, |  |  |
| 3.05%, 6/1/31 | 950 | 884 |
| 3.10%, 6/15/41 | 300 | 224 |
| 4.75%, 9/15/52 | 300 | 254 |
| Evergy Kansas Central, Inc., |  |  |
| 5.25%, 3/15/35 | 200 | 202 |
| Eversource Energy, |  |  |
| 5.45%, 3/1/28 | 390 | 396 |
| 1.65%, 8/15/30 | 165 | 145 |
| Exelon Corp., |  |  |
| 5.13%, 3/15/31 | 500 | 509 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| 5.63%, 6/15/35 | $75 | $77 |
| 4.70%, 4/15/50 | 100 | 83 |
| 4.10%, 3/15/52 | 550 | 415 |
| 5.88%, 3/15/55 | 200 | 195 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.98%), 6.50%, <br> 3/15/55<sup>(3)</sup> <br>| 500 | 510 |
| FirstEnergy Corp., |  |  |
| 3.40%, 3/1/50 | 300 | 200 |
| Florida Power & Light Co., |  |  |
| 4.70%, 2/15/36 | 730 | 712 |
| 5.65%, 2/1/37 | 335 | 352 |
| 5.95%, 2/1/38 | 150 | 160 |
| 5.96%, 4/1/39 | 250 | 267 |
| 3.99%, 3/1/49 | 200 | 155 |
| 5.60%, 6/15/54 | 300 | 294 |
| 5.80%, 3/15/65 | 300 | 299 |
| Georgia Power Co., |  |  |
| 4.65%, 5/16/28 | 100 | 101 |
| 4.00%, 10/1/28 | 100 | 99 |
| 4.85%, 3/15/31 | 300 | 304 |
| 5.20%, 3/15/35<sup>†</sup>  | 300 | 305 |
| Idaho Power Co., |  |  |
| 5.50%, 3/15/53 | 100 | 95 |
| Indiana Michigan Power Co., |  |  |
| 6.05%, 3/15/37 | 200 | 212 |
| 5.63%, 4/1/53 | 500 | 481 |
| Interstate Power and Light Co., |  |  |
| 3.10%, 11/30/51 | 300 | 190 |
| ITC Holdings Corp., |  |  |
| 3.35%, 11/15/27 | 200 | 197 |
| &nbsp;&nbsp; Johnsonville Aeroderivative Combustion <br> Turbine Generation LLC,<br>|  |  |
| 5.08%, 10/1/54 | 790 | 746 |
| MidAmerican Energy Co., |  |  |
| 3.65%, 8/1/48 | 300 | 220 |
| National Grid U.S.A., |  |  |
| 5.80%, 4/1/35 | 50 | 52 |
| &nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.,<br>|  |  |
| 5.10%, 5/6/27 | 820 | 827 |
| 8.00%, 3/1/32 | 50 | 58 |
| 4.30%, 3/15/49<sup>†</sup>  | 125 | 102 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **59** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| &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 | $414 |
| Nevada Power Co., |  |  |
| 6.65%, 4/1/36 | 100 | 111 |
| 3.13%, 8/1/50 | 1000 | 641 |
| 5.90%, 5/1/53 | 400 | 396 |
| 6.00%, 3/15/54 | 200 | 200 |
| NextEra Energy Capital Holdings, Inc., |  |  |
| 4.63%, 7/15/27 | 820 | 823 |
| 4.69%, 9/1/27 | 250 | 251 |
| 4.85%, 2/4/28 | 250 | 252 |
| 5.05%, 3/15/30 | 250 | 255 |
| 2.25%, 6/1/30 | 400 | 365 |
| 2.44%, 1/15/32 | 439 | 387 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.46%), 6.75%, <br> 6/15/54<sup>(3)</sup> <br>| 500 | 517 |
| 5.90%, 3/15/55 | 200 | 196 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.05%), 6.38%, <br> 8/15/55<sup>(3)</sup> <br>| 500 | 509 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.98%), 6.50%, <br> 8/15/55<sup>(3)</sup> <br>| 250 | 258 |
| Northern States Power Co., |  |  |
| 5.65%, 6/15/54 | 400 | 393 |
| Oglethorpe Power Corp., |  |  |
| 4.50%, 4/1/47 | 300 | 245 |
| Ohio Power Co., |  |  |
| 5.65%, 6/1/34 | 300 | 308 |
| Oklahoma Gas and Electric Co., |  |  |
| 4.15%, 4/1/47 | 200 | 158 |
| Oncor Electric Delivery Co. LLC, |  |  |
| 4.15%, 6/1/32 | 200 | 194 |
| 7.50%, 9/1/38 | 145 | 171 |
| 4.10%, 11/15/48 | 300 | 235 |
| 4.60%, 6/1/52 | 300 | 245 |
| Pacific Gas and Electric Co., |  |  |
| 5.55%, 5/15/29 | 500 | 512 |
| 4.55%, 7/1/30 | 1909 | 1883 |
| 5.90%, 6/15/32 | 800 | 828 |
| 5.05%, 10/15/32 | 250 | 248 |
| 4.50%, 7/1/40 | 500 | 427 |
| 4.20%, 6/1/41 | 400 | 322 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| 4.95%, 7/1/50 | $300 | $249 |
| PacifiCorp, |  |  |
| 4.25%, 3/15/29 | 770 | 761 |
| 5.30%, 2/15/31 | 400 | 405 |
| 6.10%, 8/1/36 | 200 | 204 |
| 6.25%, 10/15/37 | 275 | 285 |
| 4.13%, 1/15/49 | 50 | 37 |
| 5.80%, 1/15/55 | 100 | 91 |
| PECO Energy Co., |  |  |
| 3.90%, 3/1/48 | 610 | 466 |
| PG&E Energy Recovery Funding LLC, |  |  |
| 2.82%, 7/15/46 | 50 | 37 |
| PG&E Recovery Funding LLC, |  |  |
| 5.05%, 7/15/32 | 18 | 18 |
| 4.84%, 6/1/33 | 87 | 88 |
| 5.26%, 1/15/38 | 25 | 26 |
| 5.54%, 7/15/47 | 50 | 49 |
| PG&E Wildfire Recovery Funding LLC, |  |  |
| 3.59%, 6/1/30 | 11 | 11 |
| 4.02%, 6/1/31 | 54 | 53 |
| 4.72%, 6/1/37 | 100 | 97 |
| 4.45%, 12/1/47 | 135 | 118 |
| 5.21%, 12/1/47 | 100 | 94 |
| 4.67%, 12/1/51 | 100 | 86 |
| 5.10%, 6/1/52 | 75 | 69 |
| PPL Capital Funding, Inc., |  |  |
| 5.25%, 9/1/34 | 350 | 352 |
| PPL Electric Utilities Corp., |  |  |
| 6.25%, 5/15/39 | 275 | 298 |
| 4.15%, 6/15/48 | 300 | 239 |
| Public Service Co. of Colorado, |  |  |
| 4.10%, 6/15/48 | 300 | 234 |
| Public Service Electric and Gas Co., |  |  |
| 3.95%, 5/1/42 | 50 | 41 |
| 3.65%, 9/1/42 | 30 | 24 |
| 4.05%, 5/1/48 | 300 | 236 |
| 2.05%, 8/1/50 | 300 | 158 |
| 5.50%, 3/1/55 | 150 | 145 |
| 5.63%, 1/1/56 | 100 | 98 |
| Public Service Enterprise Group, Inc., |  |  |
| 5.20%, 4/1/29 | 600 | 611 |
| 4.90%, 3/15/30 | 700 | 707 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **60** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| Puget Sound Energy, Inc., |  |  |
| 6.27%, 3/15/37 | $75 | $80 |
| 5.64%, 4/15/41 | 340 | 336 |
| San Diego Gas & Electric Co., |  |  |
| 4.50%, 8/15/40 | 150 | 135 |
| 5.35%, 4/1/53 | 300 | 276 |
| SCE Recovery Funding LLC, |  |  |
| 5.34%, 3/15/45 | 200 | 199 |
| 5.11%, 12/15/47 | 100 | 93 |
| 5.54%, 9/15/50 | 50 | 49 |
| Sempra, |  |  |
| 3.25%, 6/15/27 | 150 | 148 |
| 6.00%, 10/15/39 | 250 | 255 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.63%), 6.40%, <br> 10/1/54<sup>(3)</sup> <br>| 500 | 498 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.63%), 6.38%, <br> 4/1/56<sup>(3)</sup> <br>| 500 | 502 |
| Southern (The) Co., |  |  |
| 4.85%, 3/15/35 | 400 | 389 |
| 4.40%, 7/1/46 | 1000 | 823 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.07%), 6.38%, <br> 3/15/55<sup>(3)</sup> <br>| 250 | 257 |
| Southern California Edison Co., |  |  |
| 6.00%, 1/15/34 | 100 | 104 |
| 5.35%, 7/15/35 | 400 | 395 |
| 5.55%, 1/15/37 | 275 | 275 |
| 5.95%, 2/1/38 | 710 | 720 |
| 6.05%, 3/15/39 | 50 | 51 |
| 5.50%, 3/15/40 | 150 | 144 |
| 3.90%, 3/15/43 | 150 | 113 |
| 4.13%, 3/1/48 | 90 | 67 |
| 2.95%, 2/1/51 | 300 | 180 |
| Southwestern Electric Power Co., |  |  |
| 4.10%, 9/15/28 | 250 | 248 |
| 3.90%, 4/1/45 | 170 | 127 |
| Southwestern Public Service Co., |  |  |
| 3.15%, 5/1/50 | 400 | 258 |
| 6.00%, 6/1/54 | 300 | 302 |
| Tampa Electric Co., |  |  |
| 4.10%, 6/15/42 | 50 | 41 |
| 4.30%, 6/15/48 | 100 | 81 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** | **Electric Utilities – 2.1%continued** |
| Tucson Electric Power Co., |  |  |
| 5.50%, 4/15/53 | $200 | $187 |
| Union Electric Co., |  |  |
| 3.90%, 9/15/42 | 50 | 40 |
| 4.00%, 4/1/48 | 250 | 193 |
| 5.25%, 1/15/54 | 250 | 230 |
| Virginia Electric and Power Co., |  |  |
| 4.90%, 9/15/35 | 250 | 245 |
| 6.00%, 5/15/37 | 15 | 16 |
| 6.35%, 11/30/37 | 40 | 43 |
| 8.88%, 11/15/38 | 100 | 130 |
| 4.65%, 8/15/43 | 150 | 130 |
| 4.45%, 2/15/44 | 75 | 63 |
| 3.80%, 9/15/47 | 125 | 93 |
| 5.35%, 1/15/54 | 300 | 276 |
| 5.65%, 3/15/55 | 200 | 191 |
| 5.70%, 3/15/56 | 230 | 222 |
| Virginia Power Fuel Securitization LLC, |  |  |
| 4.88%, 5/1/31 | 100 | 101 |
| Wisconsin Electric Power Co., |  |  |
| 4.30%, 10/15/48 | 100 | 81 |
| Wisconsin Public Service Corp., |  |  |
| 4.75%, 11/1/44 | 100 | 88 |
| 3.30%, 9/1/49 | 150 | 103 |
| Xcel Energy, Inc., |  |  |
| 4.60%, 6/1/32 | 1000 | 982 |
| 5.60%, 4/15/35 | 200 | 203 |
| 6.50%, 7/1/36 | 100 | 108 |
|  |  | **65086** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| ABB Finance U.S.A., Inc., |  |  |
| 3.80%, 4/3/28<sup>†</sup>  | 200 | 198 |
| Allegion U.S. Holding Co., Inc., |  |  |
| 5.60%, 5/29/34 | 200 | 204 |
| Amphenol Corp., |  |  |
| 2.20%, 9/15/31 | 200 | 177 |
| 5.00%, 1/15/35 | 300 | 300 |
| 4.63%, 2/15/36 | 800 | 774 |
| Carrier Global Corp., |  |  |
| 2.72%, 2/15/30 | 1000 | 934 |
| 6.20%, 3/15/54 | 75 | 78 |
| Fortive Corp., |  |  |
| 4.30%, 6/15/46 | 105 | 84 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **61** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Electrical Equipment – 0.2%continued** | **Electrical Equipment – 0.2%continued** | **Electrical Equipment – 0.2%continued** |
| GE Vernova, Inc., |  |  |
| 5.50%, 2/4/56 | $220 | $212 |
| Hubbell, Inc., |  |  |
| 2.30%, 3/15/31 | 150 | 136 |
| Johnson Controls International PLC, |  |  |
| 4.95%, 7/2/64 | 110 | 92 |
| Keysight Technologies, Inc., |  |  |
| 3.00%, 10/30/29 | 200 | 190 |
| Lennox International, Inc., |  |  |
| 5.50%, 9/15/28 | 200 | 204 |
| Otis Worldwide Corp., |  |  |
| 5.13%, 9/4/35 | 250 | 249 |
| 3.36%, 2/15/50 | 200 | 137 |
| Rockwell Automation, Inc., |  |  |
| 4.20%, 3/1/49 | 100 | 81 |
| Trane Technologies Financing Ltd., |  |  |
| 4.65%, 11/1/44 | 35 | 31 |
| Trane Technologies Holdco, Inc., |  |  |
| 5.75%, 6/15/43 | 150 | 152 |
| Trimble, Inc., |  |  |
| 6.10%, 3/15/33 | 200 | 209 |
| Vertiv Holdings Co., |  |  |
| 4.85%, 3/15/36 | 300 | 292 |
| Vontier Corp., |  |  |
| 2.95%, 4/1/31 | 200 | 182 |
|  |  | **4916** |
| **Engineering & Construction – 0.0%** | **Engineering & Construction – 0.0%** | **Engineering & Construction – 0.0%** |
| MasTec, Inc., |  |  |
| 5.90%, 6/15/29 | 100 | 104 |
| Quanta Services, Inc., |  |  |
| 5.25%, 8/9/34 | 200 | 201 |
|  |  | **305** |
| **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** |
| Electronic Arts, Inc., |  |  |
| 1.85%, 2/15/31 | 300 | 276 |
| Fox Corp., |  |  |
| 5.58%, 1/25/49 | 490 | 452 |
| Netflix, Inc., |  |  |
| 6.38%, 5/15/29 | 600 | 636 |
| 5.40%, 8/15/54 | 630 | 610 |
| Take-Two Interactive Software, Inc., |  |  |
| 4.95%, 3/28/28 | 400 | 404 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Entertainment Content – 0.2%continued** | **Entertainment Content – 0.2%continued** | **Entertainment Content – 0.2%continued** |
| TWDC Enterprises 18 Corp., |  |  |
| 4.13%, 12/1/41 | $105 | $90 |
| Walt Disney (The) Co., |  |  |
| 4.00%, 3/14/31 | 1610 | 1585 |
| 6.40%, 12/15/35 | 31 | 34 |
| 4.95%, 10/15/45 | 1200 | 1103 |
| 4.70%, 3/23/50 | 300 | 261 |
| 3.60%, 1/13/51 | 300 | 217 |
|  |  | **5668** |
| **Food – 0.3%** | **Food – 0.3%** | **Food – 0.3%** |
| Campbell's (The) Co., |  |  |
| 4.80%, 3/15/48 | 240 | 190 |
| 3.13%, 4/24/50 | 350 | 209 |
| Conagra Brands, Inc., |  |  |
| 1.38%, 11/1/27 | 85 | 81 |
| 7.00%, 10/1/28 | 200 | 210 |
| 4.85%, 11/1/28 | 100 | 100 |
| 5.30%, 11/1/38 | 200 | 186 |
| Flowers Foods, Inc., |  |  |
| 6.20%, 3/15/55 | 200 | 162 |
| General Mills, Inc., |  |  |
| 2.88%, 4/15/30 | 218 | 203 |
| 2.25%, 10/14/31 | 432 | 379 |
| Hershey (The) Co., |  |  |
| 4.25%, 5/4/28 | 200 | 200 |
| 4.95%, 2/24/32 | 200 | 205 |
| Hormel Foods Corp., |  |  |
| 1.70%, 6/3/28 | 500 | 474 |
| 3.05%, 6/3/51 | 100 | 64 |
| J.M. Smucker (The) Co., |  |  |
| 4.38%, 3/15/45 | 250 | 204 |
| 6.50%, 11/15/53<sup>†</sup>  | 100 | 104 |
| &nbsp;&nbsp; JBS N.V./JBS U.S.A. Foods Group <br> Holdings Inc./JBS U.S.A. Food Co. <br> Holdings,<br>|  |  |
| 3.63%, 1/15/32 | 400 | 371 |
| 5.50%, 1/15/36 | 800 | 800 |
| 7.25%, 11/15/53 | 400 | 440 |
| Kellanova, |  |  |
| 5.75%, 5/16/54 | 200 | 196 |
| Kraft Heinz Foods Co., |  |  |
| 3.88%, 5/15/27 | 400 | 397 |
| 5.20%, 3/15/32 | 300 | 303 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **62** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Food – 0.3%continued** | **Food – 0.3%continued** | **Food – 0.3%continued** |
| 4.88%, 10/1/49 | $800 | $654 |
| McCormick & Co., Inc., |  |  |
| 4.15%, 2/15/29 | 900 | 891 |
| 4.95%, 4/15/33 | 200 | 198 |
| Mondelez International, Inc., |  |  |
| 4.25%, 5/6/28 | 990 | 988 |
| 3.00%, 3/17/32 | 500 | 452 |
| Pilgrim's Pride Corp., |  |  |
| 6.88%, 5/15/34 | 350 | 378 |
| Tyson Foods, Inc., |  |  |
| 5.10%, 9/28/48 | 300 | 270 |
|  |  | **9309** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| Georgia-Pacific LLC, |  |  |
| 7.75%, 11/15/29 | 500 | **556** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| American Water Capital Corp., |  |  |
| 2.95%, 9/1/27 | 1000 | 982 |
| 6.59%, 10/15/37 | 105 | 118 |
| 4.30%, 12/1/42 | 75 | 65 |
| 3.45%, 5/1/50 | 12 | 8 |
| 3.25%, 6/1/51 | 58 | 39 |
| 5.45%, 3/1/54 | 300 | 284 |
| Atmos Energy Corp., |  |  |
| 4.13%, 10/15/44 | 75 | 62 |
| 4.13%, 3/15/49 | 300 | 235 |
| 6.20%, 11/15/53 | 200 | 211 |
| CenterPoint Energy Resources Corp., |  |  |
| 5.25%, 3/1/28 | 500 | 509 |
| 5.85%, 1/15/41 | 50 | 51 |
| Essential Utilities, Inc., |  |  |
| 4.80%, 8/15/27 | 600 | 602 |
| National Fuel Gas Co., |  |  |
| 5.95%, 3/15/35 | 200 | 207 |
| NiSource, Inc., |  |  |
| 1.70%, 2/15/31 | 500 | 435 |
| 5.35%, 7/15/35 | 300 | 302 |
| 4.80%, 2/15/44 | 580 | 508 |
| 5.85%, 4/1/55 | 100 | 97 |
| Northwest Natural Holding Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.70%), 7.00%, <br> 9/15/55<sup>(3)</sup> <br>| 250 | 253 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Gas & Water Utilities – 0.2%continued** | **Gas & Water Utilities – 0.2%continued** | **Gas & Water Utilities – 0.2%continued** |
| ONE Gas, Inc., |  |  |
| 4.25%, 9/1/32 | $150 | $146 |
| Piedmont Natural Gas Co., Inc., |  |  |
| 5.05%, 5/15/52 | 200 | 176 |
| Southern California Gas Co., |  |  |
| 5.45%, 6/15/35<sup>†</sup>  | 300 | 307 |
| 3.75%, 9/15/42 | 250 | 194 |
| 4.30%, 1/15/49 | 125 | 99 |
| 5.60%, 4/1/54 | 150 | 143 |
| Southern Co. Gas Capital Corp., |  |  |
| 5.88%, 3/15/41 | 300 | 305 |
| Southwest Gas Corp., |  |  |
| 3.80%, 9/29/46 | 50 | 38 |
| Spire Missouri, Inc., |  |  |
| 3.30%, 6/1/51 | 100 | 67 |
| Washington Gas Light Co., |  |  |
| 3.65%, 9/15/49 | 100 | 70 |
|  |  | **6513** |
| **Health Care Facilities & Services – 1.0%** | **Health Care Facilities & Services – 1.0%** | **Health Care Facilities & Services – 1.0%** |
| Advocate Health & Hospitals Corp., |  |  |
| 3.01%, 6/15/50 | 265 | 172 |
| Aetna, Inc., |  |  |
| 6.63%, 6/15/36 | 40 | 43 |
| 6.75%, 12/15/37 | 150 | 162 |
| AHS Hospital Corp., |  |  |
| 5.02%, 7/1/45 | 100 | 92 |
| Ascension Health, |  |  |
| 2.53%, 11/15/29 | 750 | 705 |
| Cardinal Health, Inc., |  |  |
| 4.50%, 9/15/30 | 250 | 249 |
| 5.35%, 11/15/34 | 200 | 202 |
| 4.50%, 11/15/44 | 200 | 168 |
| Cencora, Inc., |  |  |
| 4.85%, 12/15/29 | 150 | 152 |
| 5.13%, 2/15/34 | 150 | 151 |
| 4.90%, 2/13/36 | 100 | 98 |
| 4.25%, 3/1/45 | 60 | 50 |
| 4.30%, 12/15/47 | 100 | 83 |
| Centene Corp., |  |  |
| 2.63%, 8/1/31 | 1000 | 836 |
| Cigna Group (The), |  |  |
| 4.38%, 10/15/28 | 1150 | 1149 |
| 4.50%, 9/15/30<sup>†</sup>  | 450 | 448 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **63** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Health Care Facilities & Services – 1.0%continued** | **Health Care Facilities & Services – 1.0%continued** | **Health Care Facilities & Services – 1.0%continued** |
| 4.88%, 9/15/32 | $300 | $300 |
| 5.25%, 1/15/36 | 250 | 250 |
| 4.80%, 7/15/46 | 880 | 759 |
| 5.60%, 2/15/54 | 200 | 189 |
| 6.00%, 1/15/56 | 300 | 300 |
| CommonSpirit Health, |  |  |
| 4.35%, 9/1/30 | 250 | 246 |
| 4.98%, 9/1/35 | 250 | 244 |
| 3.82%, 10/1/49 | 200 | 147 |
| CVS Health Corp., |  |  |
| 1.30%, 8/21/27 | 39 | 37 |
| 4.30%, 3/25/28 | 234 | 233 |
| 3.25%, 8/15/29 | 191 | 183 |
| 3.75%, 4/1/30 | 386 | 373 |
| 5.00%, 9/15/32 | 300 | 300 |
| 5.70%, 6/1/34 | 250 | 257 |
| 5.45%, 9/15/35 | 600 | 602 |
| 5.30%, 12/5/43 | 150 | 136 |
| 5.13%, 7/20/45 | 1286 | 1129 |
| 5.05%, 3/25/48 | 319 | 274 |
| 6.05%, 6/1/54 | 200 | 194 |
| 6.00%, 6/1/63 | 400 | 379 |
| Dignity Health, |  |  |
| 5.27%, 11/1/64 | 200 | 177 |
| Elevance Health, Inc., |  |  |
| 4.10%, 3/1/28 | 245 | 243 |
| 4.00%, 9/15/28 | 1190 | 1180 |
| 4.60%, 9/15/32 | 250 | 246 |
| 6.38%, 6/15/37 | 500 | 535 |
| 4.63%, 5/15/42 | 325 | 285 |
| 3.60%, 3/15/51 | 100 | 69 |
| 5.65%, 6/15/54 | 300 | 283 |
| 5.70%, 2/15/55 | 300 | 284 |
| 5.70%, 9/15/55 | 250 | 238 |
| HCA, Inc., |  |  |
| 5.00%, 3/1/28 | 450 | 454 |
| 5.25%, 3/1/30 | 300 | 306 |
| 5.50%, 6/1/33 | 500 | 510 |
| 5.75%, 3/1/35 | 300 | 308 |
| 4.90%, 11/15/35 | 500 | 483 |
| 5.13%, 6/15/39 | 200 | 188 |
| 5.50%, 6/15/47 | 330 | 302 |
| 5.25%, 6/15/49 | 50 | 44 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Health Care Facilities & Services – 1.0%continued** | **Health Care Facilities & Services – 1.0%continued** | **Health Care Facilities & Services – 1.0%continued** |
| 6.00%, 4/1/54 | $300 | $290 |
| 5.95%, 9/15/54 | 100 | 96 |
| 6.20%, 3/1/55 | 200 | 198 |
| 6.10%, 4/1/64 | 200 | 193 |
| Humana, Inc., |  |  |
| 5.75%, 12/1/28 | 500 | 513 |
| 3.13%, 8/15/29 | 85 | 81 |
| 5.38%, 4/15/31 | 300 | 303 |
| 5.50%, 3/15/53 | 300 | 260 |
| 6.00%, 5/1/55<sup>†</sup>  | 250 | 232 |
| Icon Investments Six DAC, |  |  |
| 5.85%, 5/8/29<sup>†</sup>  | 250 | 255 |
| IQVIA, Inc., |  |  |
| 6.25%, 2/1/29 | 250 | 260 |
| Kaiser Foundation Hospitals, |  |  |
| 3.27%, 11/1/49 | 500 | 342 |
| Laboratory Corp. of America Holdings, |  |  |
| 4.70%, 2/1/45 | 300 | 262 |
| McKesson Corp., |  |  |
| 4.65%, 5/30/30 | 500 | 503 |
| &nbsp;&nbsp; Memorial Sloan-Kettering Cancer <br> Center,<br>|  |  |
| 4.13%, 7/1/52 | 100 | 80 |
| Novant Health, Inc., |  |  |
| 3.32%, 11/1/61<sup>†</sup>  | 120 | 75 |
| NYU Langone Hospitals, |  |  |
| 4.37%, 7/1/47 | 200 | 169 |
| &nbsp;&nbsp; Providence St. Joseph Health Obligated <br> Group,<br>|  |  |
| 5.37%, 10/1/32 | 250 | 254 |
| Quest Diagnostics, Inc., |  |  |
| 4.20%, 6/30/29 | 59 | 59 |
| 6.40%, 11/30/33 | 200 | 218 |
| Sutter Health, |  |  |
| 4.09%, 8/15/48 | 500 | 398 |
| UnitedHealth Group, Inc., |  |  |
| 3.70%, 5/15/27 | 55 | 55 |
| 3.88%, 12/15/28 | 218 | 216 |
| 4.25%, 1/15/29 | 500 | 499 |
| 4.00%, 5/15/29 | 600 | 594 |
| 4.80%, 1/15/30 | 1000 | 1012 |
| 2.00%, 5/15/30 | 216 | 196 |
| 4.65%, 1/15/31<sup>†</sup>  | 300 | 301 |
| 2.30%, 5/15/31 | 200 | 179 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **64** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Health Care Facilities & Services – 1.0%continued** | **Health Care Facilities & Services – 1.0%continued** | **Health Care Facilities & Services – 1.0%continued** |
| 5.15%, 7/15/34 | $300 | $303 |
| 6.63%, 11/15/37 | 640 | 706 |
| 6.88%, 2/15/38 | 170 | 191 |
| 3.05%, 5/15/41 | 330 | 245 |
| 4.38%, 3/15/42 | 219 | 189 |
| 4.75%, 7/15/45 | 281 | 245 |
| 2.90%, 5/15/50 | 400 | 249 |
| 5.05%, 4/15/53 | 750 | 660 |
| 5.95%, 6/15/55 | 250 | 252 |
| 5.50%, 4/15/64 | 100 | 92 |
| 5.75%, 7/15/64 | 900 | 857 |
| Universal Health Services, Inc., |  |  |
| 4.63%, 10/15/29 | 250 | 247 |
| 5.05%, 10/15/34 | 250 | 239 |
|  |  | **29995** |
| **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** |
| Leggett & Platt, Inc., |  |  |
| 3.50%, 11/15/27 | 500 | **489** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| D.R. Horton, Inc., |  |  |
| 5.50%, 10/15/35 | 200 | 203 |
| Fortune Brands Innovations, Inc., |  |  |
| 4.50%, 3/25/52 | 50 | 39 |
| Lennar Corp., |  |  |
| 4.75%, 11/29/27 | 200 | 200 |
| Masco Corp., |  |  |
| 1.50%, 2/15/28 | 500 | 473 |
| Meritage Homes Corp., |  |  |
| 5.65%, 3/15/35 | 100 | 100 |
| Mohawk Industries, Inc., |  |  |
| 5.85%, 9/18/28 | 100 | 103 |
| NVR, Inc., |  |  |
| 3.00%, 5/15/30 | 100 | 94 |
| Sekisui House U.S., Inc., |  |  |
| 2.50%, 1/15/31<sup>†</sup>  | 200 | 177 |
| Toll Brothers Finance Corp., |  |  |
| 3.80%, 11/1/29 | 150 | 146 |
|  |  | **1535** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Church & Dwight Co., Inc., |  |  |
| 3.95%, 8/1/47 | 100 | 78 |
| Colgate-Palmolive Co., |  |  |
| 4.60%, 3/1/33 | 200 | 202 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Household Products – 0.1%continued** | **Household Products – 0.1%continued** | **Household Products – 0.1%continued** |
| Estee Lauder (The) Cos., Inc., |  |  |
| 6.00%, 5/15/37 | $100 | $106 |
| 4.38%, 6/15/45 | 150 | 122 |
| 4.15%, 3/15/47 | 70 | 54 |
| 5.15%, 5/15/53 | 100 | 87 |
| Haleon U.S. Capital LLC, |  |  |
| 3.63%, 3/24/32 | 600 | 564 |
| Kenvue, Inc., |  |  |
| 4.90%, 3/22/33 | 200 | 202 |
| 5.10%, 3/22/43 | 200 | 189 |
| 5.05%, 3/22/53<sup>†</sup>  | 200 | 181 |
| Kimberly-Clark Corp., |  |  |
| 2.00%, 11/2/31<sup>†</sup>  | 200 | 177 |
| 6.63%, 8/1/37 | 350 | 396 |
| 3.20%, 7/30/46 | 25 | 17 |
| 2.88%, 2/7/50 | 200 | 129 |
| Procter & Gamble (The) Co., |  |  |
| 3.00%, 3/25/30 | 794 | 760 |
| 1.20%, 10/29/30 | 300 | 263 |
| 2.30%, 2/1/32<sup>†</sup>  | 200 | 181 |
| 3.55%, 3/25/40 | 200 | 170 |
|  |  | **3878** |
| **Industrial Intermediate Products – 0.0%** | **Industrial Intermediate Products – 0.0%** | **Industrial Intermediate Products – 0.0%** |
| Timken (The) Co., |  |  |
| 4.13%, 4/1/32 | 100 | **94** |
| **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** |
| &nbsp;&nbsp; Triton Container International Ltd./TAL <br> International Container Corp.,<br>|  |  |
| 3.25%, 3/15/32 | 200 | 180 |
| WW Grainger, Inc., |  |  |
| 4.60%, 6/15/45 | 100 | 89 |
|  |  | **269** |
| **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** | **Institutional Financial Services – 1.1%** |
| Bank of New York Mellon (The) Corp., |  |  |
| 3.25%, 5/16/27 | 500 | 496 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.63%), <br> 4.03%, 1/22/30<sup>(3)</sup> <br>| 730 | 723 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.09%), <br> 4.98%, 3/14/30<sup>(3)</sup> <br>| 500 | 508 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.23%), <br> 5.06%, 7/22/32<sup>(3)</sup> <br>| 250 | 255 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.51%), <br> 4.71%, 2/1/34<sup>(3)</sup> <br>| 500 | 494 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **65** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.25%), <br> 5.23%, 11/20/35<sup>(3) †</sup> <br>| $500 | $507 |
| BGC Group, Inc., |  |  |
| 6.60%, 6/10/29 | 100 | 103 |
| Cboe Global Markets, Inc., |  |  |
| 3.00%, 3/16/32 | 100 | 91 |
| CME Group, Inc., |  |  |
| 3.75%, 6/15/28 | 300 | 298 |
| 4.40%, 3/15/30 | 710 | 712 |
| 5.30%, 9/15/43 | 45 | 44 |
| Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.32%), <br> 4.94%, 4/23/28<sup>(3)</sup> <br>| 1000 | 1005 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.77%), 3.69%, 6/5/28<sup>(3)</sup> <br>| 579 | 574 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.42%), 3.81%, 4/23/29<sup>(3)</sup> <br>| 70 | 69 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.90%), <br> 4.15%, 10/21/29<sup>(3)</sup> <br>| 500 | 495 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.08%), <br> 5.21%, 1/28/31<sup>(3)</sup> <br>| 1000 | 1016 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.06%), <br> 4.37%, 10/21/31<sup>(3)</sup> <br>| 500 | 490 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.96%), <br> 4.52%, 1/21/32<sup>(3)</sup> <br>| 640 | 630 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.09%), <br> 1.99%, 1/27/32<sup>(3)</sup> <br>| 1500 | 1317 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.95%), <br> 6.56%, 10/24/34<sup>(3)</sup> <br>| 400 | 435 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.55%), <br> 5.85%, 4/25/35<sup>(3)</sup> <br>| 700 | 726 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.38%), <br> 5.54%, 1/28/36<sup>(3)</sup> <br>| 400 | 407 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.33%), <br> 4.94%, 10/21/36<sup>(3)</sup> <br>| 500 | 484 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.19%), <br> 5.07%, 1/21/37<sup>(3)</sup> <br>| 610 | 596 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.69%), 4.41%, 4/23/39<sup>(3)</sup> <br>| 500 | 448 |
| 6.25%, 2/1/41 | 192 | 202 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.51%), <br> 3.21%, 4/22/42<sup>(3)</sup> <br>| 808 | 599 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 3.44%, 2/24/43<sup>(3)</sup> <br>| 400 | 301 |
| 4.80%, 7/8/44 | 350 | 309 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.58%), <br> 5.56%, 11/19/45<sup>(3)</sup> <br>| $500 | $481 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.32%), <br> 5.54%, 1/21/47<sup>(3)</sup> <br>| 300 | 286 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.70%), <br> 5.73%, 1/28/56<sup>(3)</sup> <br>| 500 | 488 |
| Intercontinental Exchange, Inc., |  |  |
| 5.25%, 6/15/31 | 400 | 413 |
| 4.25%, 9/21/48 | 500 | 403 |
| 5.20%, 6/15/62 | 600 | 534 |
| Jefferies Financial Group, Inc., |  |  |
| 2.63%, 10/15/31 | 400 | 348 |
| 6.20%, 4/14/34 | 200 | 204 |
| Lazard Group LLC, |  |  |
| 6.00%, 3/15/31 | 125 | 130 |
| LPL Holdings, Inc., |  |  |
| 5.20%, 3/15/30 | 250 | 252 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.91%), <br> 4.13%, 10/18/29<sup>(3)</sup> <br>| 500 | 494 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.26%), <br> 5.66%, 4/18/30<sup>(3)</sup> <br>| 1000 | 1029 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.11%), <br> 5.23%, 1/15/31<sup>(3)</sup> <br>| 2400 | 2437 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 3.12%), <br> 3.62%, 4/1/31<sup>(3)</sup> <br>| 3050 | 2925 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.07%), <br> 4.36%, 10/22/31<sup>(3)</sup> <br>| 500 | 490 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.03%), <br> 1.79%, 2/13/32<sup>(3)</sup> <br>| 36 | 31 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.20%), <br> 4.71%, 3/12/32<sup>(3)</sup> <br>| 1580 | 1569 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.02%), <br> 1.93%, 4/28/32<sup>(3)</sup> <br>| 66 | 57 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.88%), <br> 5.42%, 7/21/34<sup>(3)</sup> <br>| 500 | 507 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.73%), <br> 5.47%, 1/18/35<sup>(3)</sup> <br>| 700 | 712 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.42%), <br> 5.59%, 1/18/36<sup>(3)</sup> <br>| 300 | 306 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.76%), <br> 5.66%, 4/17/36<sup>(3)</sup> <br>| 300 | 307 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.36%), <br> 2.48%, 9/16/36<sup>(3)</sup> <br>| 600 | 516 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.31%), <br> 4.89%, 10/22/36<sup>(3)</sup> <br>| 500 | 483 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **66** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** | **Institutional Financial Services – 1.1%continued** |
| &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 | $820 |
| &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; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.17%), 5.31%, <br> 1/18/41<sup>(3)</sup> <br>| 290 | 280 |
| 6.38%, 7/24/42 | 300 | 321 |
| 4.30%, 1/27/45 | 784 | 648 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 4.84%), <br> 5.60%, 3/24/51<sup>(3)</sup> <br>| 300 | 291 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.71%), <br> 5.52%, 11/19/55<sup>(3)</sup> <br>| 300 | 285 |
| Nasdaq, Inc., |  |  |
| 5.95%, 8/15/53<sup>(8)</sup>  | 300 | 301 |
| State Street Corp., |  |  |
| 4.73%, 2/28/30 | 500 | 506 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 4.82%, 1/26/34<sup>(3)</sup> <br>| 300 | 298 |
| (Variable, U.S. SOFR + 1.89%), <br> 5.16%, 5/18/34<sup>(3)</sup> <br>| 400 | 405 |
|  |  | **34096** |
| **Insurance – 0.6%** | **Insurance – 0.6%** | **Insurance – 0.6%** |
| Aflac, Inc., |  |  |
| 3.60%, 4/1/30 | 500 | 485 |
| Allstate (The) Corp., |  |  |
| 4.50%, 6/15/43 | 45 | 38 |
| 4.20%, 12/15/46 | 100 | 79 |
| &nbsp;&nbsp; (Variable, ICE LIBOR USD 3M + <br> 2.12%), 6.50%, 5/15/57<sup>(3)</sup> <br>| 225 | 229 |
| American Financial Group, Inc., |  |  |
| 5.25%, 4/2/30 | 150 | 154 |
| American International Group, Inc., |  |  |
| 4.50%, 7/16/44 | 9 | 8 |
| 4.38%, 6/30/50 | 300 | 243 |
| American National Group, Inc., |  |  |
| 5.75%, 10/1/29 | 150 | 152 |
| Aon Corp./Aon Global Holdings PLC, |  |  |
| 5.35%, 2/28/33 | 200 | 205 |
| 3.90%, 2/28/52 | 300 | 219 |
| Aon North America, Inc., |  |  |
| 5.30%, 3/1/31 | 300 | 306 |
| 5.75%, 3/1/54 | 500 | 482 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Insurance – 0.6%continued** | **Insurance – 0.6%continued** | **Insurance – 0.6%continued** |
| Arch Capital Group Ltd., |  |  |
| 3.64%, 6/30/50 | $200 | $143 |
| Arthur J Gallagher & Co., |  |  |
| 5.15%, 2/15/35 | 300 | 298 |
| 5.75%, 3/2/53 | 250 | 239 |
| 5.55%, 2/15/55 | 200 | 187 |
| Assurant, Inc., |  |  |
| 4.90%, 3/27/28 | 215 | 216 |
| Assured Guaranty U.S. Holdings, Inc., |  |  |
| 6.13%, 9/15/28 | 120 | 124 |
| Athene Holding Ltd., |  |  |
| 6.65%, 2/1/33 | 300 | 312 |
| 6.25%, 4/1/54 | 100 | 92 |
| 6.63%, 5/19/55 | 100 | 96 |
| AXIS Specialty Finance LLC, |  |  |
| &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 | 192 |
| Berkshire Hathaway Finance Corp., |  |  |
| 2.88%, 3/15/32 | 178 | 165 |
| 4.40%, 5/15/42 | 100 | 89 |
| 4.30%, 5/15/43<sup>†</sup>  | 300 | 263 |
| 4.25%, 1/15/49 | 300 | 246 |
| 2.50%, 1/15/51 | 300 | 175 |
| Berkshire Hathaway, Inc., |  |  |
| 4.50%, 2/11/43 | 255 | 232 |
| Brighthouse Financial, Inc., |  |  |
| 3.85%, 12/22/51 | 250 | 139 |
| Brown & Brown, Inc., |  |  |
| 4.95%, 3/17/52 | 200 | 167 |
| 6.25%, 6/23/55 | 200 | 199 |
| Chubb INA Holdings LLC, |  |  |
| 4.90%, 8/15/35 | 300 | 295 |
| 6.70%, 5/15/36 | 50 | 56 |
| 6.00%, 5/11/37 | 50 | 53 |
| 6.50%, 5/15/38 | 85 | 94 |
| 4.15%, 3/13/43 | 100 | 84 |
| 2.85%, 12/15/51 | 100 | 62 |
| 3.05%, 12/15/61 | 200 | 120 |
| CNA Financial Corp., |  |  |
| 5.50%, 6/15/33 | 200 | 203 |
| Corebridge Financial, Inc., |  |  |
| 3.85%, 4/5/29 | 1420 | 1386 |
| 4.40%, 4/5/52 | 300 | 234 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **67** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Insurance – 0.6%continued** | **Insurance – 0.6%continued** | **Insurance – 0.6%continued** |
| Enstar Group Ltd., |  |  |
| 3.10%, 9/1/31 | $150 | $132 |
| Equitable Holdings, Inc., |  |  |
| 5.00%, 4/20/48 | 136 | 118 |
| Everest Reinsurance Holdings, Inc., |  |  |
| 3.13%, 10/15/52 | 200 | 121 |
| F&G Annuities & Life, Inc., |  |  |
| 7.40%, 1/13/28 | 100 | 102 |
| Globe Life, Inc., |  |  |
| 5.85%, 9/15/34 | 150 | 155 |
| Hartford Insurance Group (The), Inc., |  |  |
| 5.95%, 10/15/36 | 285 | 301 |
| Horace Mann Educators Corp., |  |  |
| 7.25%, 9/15/28 | 150 | 158 |
| Lincoln National Corp., |  |  |
| 3.80%, 3/1/28 | 117 | 116 |
| 6.30%, 10/9/37 | 100 | 103 |
| Loews Corp., |  |  |
| 4.13%, 5/15/43 | 75 | 62 |
| Markel Group, Inc., |  |  |
| 5.00%, 5/20/49 | 200 | 171 |
| 3.45%, 5/7/52 | 100 | 66 |
| Marsh & McLennan Cos., Inc., |  |  |
| 5.88%, 8/1/33 | 100 | 106 |
| 5.15%, 3/15/34 | 500 | 506 |
| 5.45%, 3/15/53 | 200 | 189 |
| 5.45%, 3/15/54 | 400 | 376 |
| 5.40%, 3/15/55 | 300 | 281 |
| MetLife, Inc., |  |  |
| 6.38%, 6/15/34 | 485 | 529 |
| 4.72%, 12/15/44 | 370 | 322 |
| 5.25%, 1/15/54 | 400 | 368 |
| Old Republic International Corp., |  |  |
| 5.75%, 3/28/34 | 150 | 153 |
| Principal Financial Group, Inc., |  |  |
| 5.50%, 3/15/53 | 200 | 186 |
| Progressive (The) Corp., |  |  |
| 4.20%, 3/15/48 | 300 | 241 |
| 3.95%, 3/26/50 | 400 | 304 |
| Prudential Financial, Inc., |  |  |
| 5.20%, 3/14/35<sup>†</sup>  | 400 | 403 |
| 3.00%, 3/10/40 | 300 | 226 |
| 3.94%, 12/7/49 | 335 | 250 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Insurance – 0.6%continued** | **Insurance – 0.6%continued** | **Insurance – 0.6%continued** |
| 3.70%, 3/13/51 | $200 | $143 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.40%), 6.50%, <br> 3/15/54<sup>(3)</sup> <br>| 400 | 410 |
| Reinsurance Group of America, Inc., |  |  |
| 6.00%, 9/15/33 | 200 | 208 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.39%), 6.65%, <br> 9/15/55<sup>(3)</sup> <br>| 250 | 249 |
| RenaissanceRe Holdings Ltd., |  |  |
| 5.75%, 6/5/33 | 500 | 513 |
| Selective Insurance Group, Inc., |  |  |
| 5.90%, 4/15/35 | 100 | 103 |
| Transatlantic Holdings, Inc., |  |  |
| 8.00%, 11/30/39 | 70 | 84 |
| Travelers (The) Cos., Inc., |  |  |
| 6.25%, 6/15/37 | 375 | 410 |
| 5.45%, 5/25/53 | 200 | 191 |
| 5.70%, 7/24/55 | 250 | 248 |
| Unum Group, |  |  |
| 4.13%, 6/15/51 | 200 | 147 |
| W R Berkley Corp., |  |  |
| 3.55%, 3/30/52 | 200 | 137 |
| Willis North America, Inc., |  |  |
| 2.95%, 9/15/29 | 500 | 473 |
| 3.88%, 9/15/49 | 200 | 145 |
| XL Group Ltd., |  |  |
| 5.25%, 12/15/43 | 50 | 46 |
|  |  | **18313** |
| **Internet Media & Services – 0.5%** | **Internet Media & Services – 0.5%** | **Internet Media & Services – 0.5%** |
| Airbnb, Inc., |  |  |
| 4.40%, 3/16/29 | 1130 | 1129 |
| Alphabet, Inc., |  |  |
| 4.00%, 5/15/30 | 1300 | 1290 |
| 4.80%, 2/15/36 | 820 | 817 |
| 5.35%, 11/15/45 | 1940 | 1897 |
| 2.05%, 8/15/50 | 75 | 40 |
| 5.65%, 2/15/56 | 400 | 399 |
| 2.25%, 8/15/60<sup>†</sup>  | 400 | 201 |
| 5.30%, 5/15/65 | 370 | 343 |
| 5.70%, 11/15/75 | 120 | 116 |
| Expedia Group, Inc., |  |  |
| 4.63%, 8/1/27 | 300 | 300 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **68** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Internet Media & Services – 0.5%continued** | **Internet Media & Services – 0.5%continued** | **Internet Media & Services – 0.5%continued** |
| Meta Platforms, Inc., |  |  |
| 4.60%, 5/15/28 | $300 | $303 |
| 4.30%, 8/15/29 | 750 | 753 |
| 4.55%, 8/15/31 | 1000 | 1004 |
| 4.60%, 11/15/32 | 2000 | 1980 |
| 4.95%, 5/15/33 | 1800 | 1815 |
| 4.88%, 11/15/35<sup>†</sup>  | 500 | 491 |
| 5.63%, 11/15/55<sup>†</sup>  | 1200 | 1125 |
| 5.75%, 11/15/65 | 200 | 186 |
| Uber Technologies, Inc., |  |  |
| 4.15%, 1/15/31 | 250 | 244 |
| 4.80%, 9/15/35 | 250 | 243 |
| 5.35%, 9/15/54 | 250 | 230 |
|  |  | **14906** |
| **IT Services – 0.1%** | **IT Services – 0.1%** | **IT Services – 0.1%** |
| Accenture Capital, Inc., |  |  |
| 4.25%, 10/4/31 | 200 | 198 |
| IBM International Capital Pte. Ltd., |  |  |
| 4.90%, 2/5/34 | 300 | 296 |
| 5.30%, 2/5/54 | 300 | 266 |
| International Business Machines Corp., |  |  |
| 6.50%, 1/15/28 | 226 | 235 |
| 1.95%, 5/15/30 | 797 | 720 |
| 5.00%, 2/10/32 | 500 | 505 |
| 5.20%, 2/10/35 | 700 | 704 |
| 4.25%, 5/15/49 | 300 | 231 |
| 5.80%, 2/3/56 | 240 | 229 |
| Kyndryl Holdings, Inc., |  |  |
| 2.70%, 10/15/28 | 500 | 462 |
| Leidos, Inc., |  |  |
| 5.75%, 3/15/33<sup>†</sup>  | 300 | 311 |
|  |  | **4157** |
| **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** |
| Hyatt Hotels Corp., |  |  |
| 5.25%, 6/30/29 | 300 | 305 |
| 5.75%, 3/30/32 | 300 | 308 |
| Las Vegas Sands Corp., |  |  |
| 6.20%, 8/15/34 | 200 | 205 |
| Marriott International, Inc., |  |  |
| 4.80%, 3/15/30 | 400 | 403 |
| 2.85%, 4/15/31 | 500 | 458 |
| 5.10%, 4/15/32 | 300 | 305 |
| 5.50%, 4/15/37 | 400 | 398 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Leisure Facilities & Services – 0.2%continued** | **Leisure Facilities & Services – 0.2%continued** | **Leisure Facilities & Services – 0.2%continued** |
| McDonald's Corp., |  |  |
| 4.80%, 8/14/28 | $700 | $709 |
| 5.00%, 5/17/29 | 400 | 409 |
| 5.00%, 2/13/36 | 250 | 249 |
| 4.88%, 12/9/45 | 200 | 178 |
| 4.45%, 3/1/47 | 200 | 167 |
| 4.45%, 9/1/48 | 112 | 92 |
| 5.45%, 8/14/53 | 300 | 284 |
| Starbucks Corp., |  |  |
| 5.00%, 2/15/34 | 250 | 251 |
| 5.40%, 5/15/35 | 250 | 256 |
| 3.50%, 11/15/50 | 600 | 414 |
|  |  | **5391** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| Hasbro, Inc., |  |  |
| 6.35%, 3/15/40 | 50 | **52** |
| **Machinery – 0.3%** | **Machinery – 0.3%** | **Machinery – 0.3%** |
| AGCO Corp., |  |  |
| 5.80%, 3/21/34 | 100 | 102 |
| Caterpillar Financial Services Corp., |  |  |
| 3.60%, 8/12/27 | 500 | 497 |
| 4.15%, 1/8/31 | 500 | 495 |
| Caterpillar, Inc., |  |  |
| 5.20%, 5/15/35 | 300 | 307 |
| 3.80%, 8/15/42 | 185 | 153 |
| 4.30%, 5/15/44 | 235 | 203 |
| 3.25%, 9/19/49 | 220 | 152 |
| CNH Industrial Capital LLC, |  |  |
| 5.10%, 4/20/29 | 300 | 304 |
| Deere & Co., |  |  |
| 3.75%, 4/15/50 | 633 | 483 |
| Eaton Corp., |  |  |
| 3.10%, 9/15/27 | 250 | 246 |
| 4.35%, 5/18/28 | 500 | 501 |
| 4.80%, 3/6/36 | 1000 | 987 |
| 4.70%, 8/23/52 | 100 | 88 |
| Flowserve Corp., |  |  |
| 2.80%, 1/15/32 | 100 | 88 |
| IDEX Corp., |  |  |
| 2.63%, 6/15/31 | 100 | 90 |
| Ingersoll Rand, Inc., |  |  |
| 5.31%, 6/15/31 | 500 | 513 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **69** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Machinery – 0.3%continued** | **Machinery – 0.3%continued** | **Machinery – 0.3%continued** |
| John Deere Capital Corp., |  |  |
| 4.15%, 9/15/27 | $118 | $118 |
| 4.65%, 1/7/28 | 400 | 404 |
| 4.95%, 7/14/28 | 1000 | 1019 |
| 4.40%, 9/8/31 | 300 | 300 |
| Kennametal, Inc., |  |  |
| 4.63%, 6/15/28 | 100 | 101 |
| Oshkosh Corp., |  |  |
| 3.10%, 3/1/30 | 100 | 94 |
| Regal Rexnord Corp., |  |  |
| 6.05%, 4/15/28 | 500 | 513 |
| Snap-on, Inc., |  |  |
| 3.10%, 5/1/50 | 100 | 66 |
| Stanley Black & Decker, Inc., |  |  |
| 2.75%, 11/15/50 | 300 | 170 |
| Xylem, Inc., |  |  |
| 2.25%, 1/30/31<sup>†</sup>  | 200 | 180 |
|  |  | **8174** |
| **Medical Equipment & Devices – 0.4%** | **Medical Equipment & Devices – 0.4%** | **Medical Equipment & Devices – 0.4%** |
| Abbott Laboratories, |  |  |
| 1.15%, 1/30/28 | 110 | 104 |
| 1.40%, 6/30/30 | 2500 | 2219 |
| 4.75%, 11/30/36 | 353 | 347 |
| 6.15%, 11/30/37 | 202 | 221 |
| 4.75%, 4/15/43 | 100 | 92 |
| 5.60%, 3/15/66 | 500 | 487 |
| Agilent Technologies, Inc., |  |  |
| 2.30%, 3/12/31 | 300 | 269 |
| Baxter International, Inc., |  |  |
| 3.50%, 8/15/46 | 350 | 230 |
| 3.13%, 12/1/51 | 150 | 86 |
| Becton Dickinson & Co., |  |  |
| 4.69%, 2/13/28 | 800 | 804 |
| Boston Scientific Corp., |  |  |
| 7.38%, 1/15/40 | 240 | 284 |
| DH Europe Finance II S.a.r.l., |  |  |
| 2.60%, 11/15/29 | 1100 | 1036 |
| GE HealthCare Technologies, Inc., |  |  |
| 5.91%, 11/22/32 | 600 | 633 |
| Medtronic, Inc., |  |  |
| 4.63%, 3/15/45 | 406 | 362 |
| Revvity, Inc., |  |  |
| 2.25%, 9/15/31 | 300 | 262 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Medical Equipment & Devices – 0.4%continued** | **Medical Equipment & Devices – 0.4%continued** | **Medical Equipment & Devices – 0.4%continued** |
| Stryker Corp., |  |  |
| 3.65%, 3/7/28 | $152 | $150 |
| 4.85%, 2/10/30 | 250 | 253 |
| 4.10%, 4/1/43 | 50 | 42 |
| 4.38%, 5/15/44 | 200 | 169 |
| 2.90%, 6/15/50 | 200 | 127 |
| Thermo Fisher Scientific, Inc., |  |  |
| 1.75%, 10/15/28 | 38 | 36 |
| 5.00%, 1/31/29 | 250 | 255 |
| 4.20%, 3/1/31 | 250 | 247 |
| 4.47%, 10/7/32 | 250 | 247 |
| 4.89%, 10/7/37 | 860 | 848 |
| 2.80%, 10/15/41 | 500 | 365 |
| 5.55%, 2/12/46 | 190 | 188 |
| Zimmer Biomet Holdings, Inc., |  |  |
| 2.60%, 11/24/31 | 400 | 357 |
|  |  | **10720** |
| **Metals & Mining – 0.0%** | **Metals & Mining – 0.0%** | **Metals & Mining – 0.0%** |
| Freeport-McMoRan, Inc., |  |  |
| 4.25%, 3/1/30 | 500 | 490 |
| 4.63%, 8/1/30 | 500 | 496 |
| Newmont Corp., |  |  |
| 5.88%, 4/1/35 | 100 | 106 |
| &nbsp;&nbsp; Newmont Corp./Newcrest Finance Pty. <br> Ltd.,<br>|  |  |
| 4.20%, 5/13/50 | 300 | 238 |
|  |  | **1330** |
| **Oil & Gas Services & Equipment – 0.1%** | **Oil & Gas Services & Equipment – 0.1%** | **Oil & Gas Services & Equipment – 0.1%** |
| Baker Hughes Holdings LLC, |  |  |
| 5.13%, 9/15/40 | 100 | 96 |
| &nbsp;&nbsp; Baker Hughes Holdings LLC/Baker <br> Hughes Co-Obligor, Inc.,<br>|  |  |
| 4.35%, 6/15/31 | 2020 | 1994 |
| 4.08%, 12/15/47 | 110 | 86 |
| Halliburton Co., |  |  |
| 2.92%, 3/1/30<sup>†</sup>  | 300 | 283 |
| 4.85%, 11/15/35 | 275 | 267 |
| 7.45%, 9/15/39 | 160 | 187 |
| 4.75%, 8/1/43 | 15 | 13 |
| Helmerich & Payne, Inc., |  |  |
| 5.50%, 12/1/34 | 200 | 197 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **70** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Oil & Gas Services & Equipment – 0.1%continued** | **Oil & Gas Services & Equipment – 0.1%continued** | **Oil & Gas Services & Equipment – 0.1%continued** |
| NOV, Inc., |  |  |
| 3.60%, 12/1/29<sup>†</sup>  | $150 | $145 |
|  |  | **3268** |
| **Oil & Gas Supply Chain – 1.3%** | **Oil & Gas Supply Chain – 1.3%** | **Oil & Gas Supply Chain – 1.3%** |
| APA Corp., |  |  |
| 6.10%, 2/15/35 | 200 | 205 |
| Boardwalk Pipelines L.P., |  |  |
| 4.45%, 7/15/27 | 150 | 150 |
| BP Capital Markets America, Inc., |  |  |
| 4.23%, 11/6/28 | 428 | 428 |
| 2.72%, 1/12/32 | 110 | 99 |
| 4.99%, 4/10/34 | 500 | 503 |
| 5.23%, 11/17/34 | 800 | 816 |
| 3.38%, 2/8/61 | 800 | 513 |
| BP Capital Markets PLC, |  |  |
| 3.28%, 9/19/27 | 138 | 136 |
| Cheniere Corpus Christi Holdings LLC, |  |  |
| 2.74%, 12/31/39 | 300 | 254 |
| Cheniere Energy Partners L.P., |  |  |
| 5.95%, 6/30/33 | 500 | 524 |
| 5.55%, 10/30/35 | 250 | 255 |
| Cheniere Energy, Inc., |  |  |
| 5.65%, 4/15/34 | 250 | 257 |
| Chevron Corp., |  |  |
| 2.00%, 5/11/27 | 720 | 705 |
| Chevron U.S.A., Inc., |  |  |
| 1.02%, 8/12/27 | 31 | 30 |
| 4.69%, 4/15/30 | 500 | 508 |
| 4.50%, 10/15/32 | 400 | 401 |
| 4.85%, 10/15/35<sup>†</sup>  | 250 | 251 |
| 2.34%, 8/12/50 | 200 | 115 |
| ConocoPhillips, |  |  |
| 4.88%, 10/1/47 | 500 | 439 |
| ConocoPhillips Co., |  |  |
| 5.05%, 9/15/33 | 200 | 203 |
| 3.76%, 3/15/42 | 100 | 80 |
| 5.30%, 5/15/53 | 300 | 278 |
| 5.50%, 1/15/55 | 200 | 191 |
| 4.03%, 3/15/62 | 405 | 292 |
| Continental Resources, Inc., |  |  |
| 4.38%, 1/15/28 | 200 | 199 |
| Coterra Energy, Inc., |  |  |
| 4.38%, 3/15/29 | 200 | 199 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Oil & Gas Supply Chain – 1.3%continued** | **Oil & Gas Supply Chain – 1.3%continued** | **Oil & Gas Supply Chain – 1.3%continued** |
| DCP Midstream Operating L.P., |  |  |
| 5.63%, 7/15/27 | $300 | $304 |
| Devon Energy Corp., |  |  |
| 5.25%, 10/15/27 | 250 | 250 |
| 5.75%, 9/15/54<sup>†</sup>  | 500 | 470 |
| Diamondback Energy, Inc., |  |  |
| 5.40%, 4/18/34<sup>†</sup>  | 400 | 406 |
| 6.25%, 3/15/53 | 200 | 202 |
| 5.75%, 4/18/54 | 300 | 284 |
| 5.90%, 4/18/64 | 100 | 95 |
| &nbsp;&nbsp; Eastern Gas Transmission & Storage, <br> Inc.,<br>|  |  |
| 4.60%, 12/15/44 | 200 | 171 |
| Enbridge Energy Partners L.P., |  |  |
| 7.50%, 4/15/38 | 50 | 58 |
| Energy Transfer L.P., |  |  |
| 4.20%, 4/15/27 | 160 | 160 |
| 5.50%, 6/1/27 | 266 | 268 |
| 4.95%, 6/15/28 | 27 | 27 |
| 5.25%, 4/15/29 | 212 | 216 |
| 4.15%, 9/15/29 | 183 | 181 |
| 6.40%, 12/1/30 | 400 | 427 |
| 5.35%, 1/15/36 | 500 | 497 |
| 7.50%, 7/1/38 | 310 | 355 |
| 4.95%, 1/15/43 | 500 | 434 |
| 5.15%, 2/1/43 | 309 | 273 |
| 5.30%, 4/1/44 | 15 | 13 |
| 5.35%, 5/15/45 | 80 | 72 |
| 6.25%, 4/15/49 | 400 | 392 |
| 6.05%, 9/1/54<sup>†</sup>  | 200 | 190 |
| Enterprise Products Operating LLC, |  |  |
| 3.13%, 7/31/29 | 138 | 133 |
| 6.88%, 3/1/33 | 50 | 56 |
| 5.20%, 1/15/36 | 1380 | 1387 |
| 7.55%, 4/15/38 | 515 | 610 |
| 5.95%, 2/1/41 | 40 | 42 |
| 4.80%, 2/1/49 | 200 | 174 |
| 4.20%, 1/31/50 | 700 | 556 |
| 5.55%, 2/16/55 | 300 | 289 |
| EOG Resources, Inc., |  |  |
| 5.35%, 1/15/36 | 250 | 254 |
| 4.95%, 4/15/50 | 100 | 88 |
| 5.95%, 7/15/55 | 150 | 152 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **71** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Oil & Gas Supply Chain – 1.3%continued** | **Oil & Gas Supply Chain – 1.3%continued** | **Oil & Gas Supply Chain – 1.3%continued** |
| EQT Corp., |  |  |
| 5.75%, 2/1/34 | $200 | $206 |
| Exxon Mobil Corp., |  |  |
| 3.48%, 3/19/30<sup>†</sup>  | 125 | 122 |
| 2.61%, 10/15/30 | 1010 | 944 |
| 3.00%, 8/16/39 | 200 | 159 |
| 4.23%, 3/19/40 | 400 | 362 |
| 4.33%, 3/19/50 | 500 | 416 |
| Hess Corp., |  |  |
| 7.13%, 3/15/33 | 390 | 444 |
| HF Sinclair Corp., |  |  |
| 4.50%, 10/1/30 | 250 | 245 |
| Kinder Morgan Energy Partners L.P., |  |  |
| 7.30%, 8/15/33 | 175 | 198 |
| 6.55%, 9/15/40 | 205 | 219 |
| 7.50%, 11/15/40 | 305 | 354 |
| 6.38%, 3/1/41 | 35 | 37 |
| 5.63%, 9/1/41 | 310 | 300 |
| 5.40%, 9/1/44 | 50 | 46 |
| Kinder Morgan, Inc., |  |  |
| 5.85%, 6/1/35 | 1200 | 1258 |
| 5.45%, 8/1/52 | 300 | 277 |
| 5.95%, 8/1/54 | 200 | 198 |
| Marathon Petroleum Corp., |  |  |
| 3.80%, 4/1/28 | 38 | 38 |
| 6.50%, 3/1/41 | 300 | 319 |
| MPLX L.P., |  |  |
| 4.80%, 2/15/29 | 300 | 302 |
| 2.65%, 8/15/30<sup>†</sup>  | 300 | 277 |
| 4.80%, 2/15/31 | 980 | 982 |
| 5.40%, 9/15/35 | 500 | 498 |
| 5.20%, 12/1/47 | 407 | 357 |
| 4.70%, 4/15/48 | 400 | 325 |
| 5.65%, 3/1/53 | 100 | 91 |
| Occidental Petroleum Corp., |  |  |
| 6.60%, 3/15/46 | 100 | 104 |
| 6.05%, 10/1/54 | 500 | 486 |
| ONEOK Partners L.P., |  |  |
| 6.65%, 10/1/36 | 80 | 86 |
| ONEOK, Inc., |  |  |
| 4.55%, 7/15/28 | 23 | 23 |
| 4.35%, 3/15/29 | 12 | 12 |
| 4.75%, 10/15/31 | 700 | 693 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Oil & Gas Supply Chain – 1.3%continued** | **Oil & Gas Supply Chain – 1.3%continued** | **Oil & Gas Supply Chain – 1.3%continued** |
| 4.95%, 10/15/32 | $300 | $298 |
| 6.05%, 9/1/33 | 300 | 315 |
| 5.40%, 10/15/35 | 250 | 248 |
| 5.15%, 10/15/43 | 20 | 18 |
| 5.45%, 6/1/47 | 100 | 90 |
| 7.15%, 1/15/51 | 400 | 431 |
| 5.70%, 11/1/54 | 300 | 274 |
| 5.85%, 11/1/64 | 100 | 91 |
| Ovintiv, Inc., |  |  |
| 7.10%, 7/15/53 | 50 | 54 |
| Phillips 66, |  |  |
| 5.88%, 5/1/42 | 140 | 140 |
| Phillips 66 Co., |  |  |
| 4.95%, 3/15/35<sup>†</sup>  | 400 | 394 |
| 4.90%, 10/1/46 | 200 | 173 |
| 5.65%, 6/15/54 | 350 | 326 |
| &nbsp;&nbsp; Plains All American Pipeline L.P./PAA <br> Finance Corp.,<br>|  |  |
| 3.55%, 12/15/29 | 554 | 536 |
| 3.80%, 9/15/30 | 137 | 132 |
| 5.60%, 1/15/36 | 250 | 251 |
| Sabine Pass Liquefaction LLC, |  |  |
| 4.50%, 5/15/30 | 300 | 298 |
| Shell Finance U.S., Inc., |  |  |
| 3.88%, 11/13/28<sup>(2)</sup>  | 9 | 9 |
| 2.38%, 11/7/29 | 287 | 269 |
| 4.13%, 5/11/35 | 300 | 284 |
| 6.38%, 12/15/38<sup>(2)</sup>  | 200 | 220 |
| 4.55%, 8/12/43 | 60 | 53 |
| 4.38%, 5/11/45 | 390 | 332 |
| 4.00%, 5/10/46 | 300 | 238 |
| 3.75%, 9/12/46 | 230 | 176 |
| 3.13%, 11/7/49<sup>(2)</sup>  | 100 | 66 |
| 3.00%, 11/26/51<sup>(2)</sup>  | 150 | 95 |
| Shell International Finance B.V., |  |  |
| 3.63%, 8/21/42 | 230 | 181 |
| Spectra Energy Partners L.P., |  |  |
| 5.95%, 9/25/43 | 89 | 88 |
| 4.50%, 3/15/45 | 110 | 92 |
| Targa Resources Corp., |  |  |
| 6.13%, 3/15/33 | 500 | 529 |
| 5.65%, 2/15/36 | 250 | 254 |
| 6.50%, 2/15/53 | 200 | 205 |
| 6.13%, 5/15/55 | 200 | 196 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **72** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Oil & Gas Supply Chain – 1.3%continued** | **Oil & Gas Supply Chain – 1.3%continued** | **Oil & Gas Supply Chain – 1.3%continued** |
| Tennessee Gas Pipeline Co. LLC, |  |  |
| 7.00%, 10/15/28 | $295 | $313 |
| 7.63%, 4/1/37 | 5 | 6 |
| Valero Energy Corp., |  |  |
| 7.50%, 4/15/32 | 765 | 866 |
| Western Midstream Operating L.P., |  |  |
| 6.15%, 4/1/33 | 700 | 731 |
| Williams (The) Cos., Inc., |  |  |
| 3.75%, 6/15/27 | 548 | 544 |
| 4.90%, 3/15/29 | 500 | 506 |
| 4.65%, 8/15/32 | 600 | 593 |
| 5.15%, 3/15/34 | 500 | 501 |
| 5.30%, 9/30/35 | 250 | 250 |
| 5.15%, 3/15/36 | 400 | 394 |
| 5.80%, 11/15/43 | 200 | 196 |
| 4.85%, 3/1/48 | 100 | 85 |
| 5.95%, 3/15/56 | 400 | 394 |
|  |  | **40630** |
| **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** |
| Alexandria Real Estate Equities, Inc., |  |  |
| 2.75%, 12/15/29 | 1000 | 933 |
| 5.25%, 5/15/36 | 400 | 390 |
| 4.85%, 4/15/49 | 200 | 167 |
| American Homes 4 Rent L.P., |  |  |
| 4.30%, 4/15/52 | 200 | 152 |
| American Tower Corp., |  |  |
| 3.60%, 1/15/28 | 79 | 78 |
| 1.50%, 1/31/28 | 39 | 37 |
| 3.95%, 3/15/29 | 134 | 132 |
| 4.70%, 12/15/32 | 1000 | 983 |
| 5.90%, 11/15/33 | 300 | 314 |
| 5.45%, 2/15/34 | 300 | 305 |
| 2.95%, 1/15/51 | 100 | 62 |
| &nbsp;&nbsp; Americold Realty Operating Partnership <br> L.P.,<br>|  |  |
| 5.60%, 5/15/32 | 100 | 99 |
| AvalonBay Communities, Inc., |  |  |
| 3.90%, 10/15/46 | 300 | 232 |
| Boston Properties L.P., |  |  |
| 4.50%, 12/1/28 | 100 | 99 |
| 6.50%, 1/15/34 | 500 | 523 |
| Brixmor Operating Partnership L.P., |  |  |
| 2.50%, 8/16/31 | 300 | 267 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Real Estate Investment Trusts – 0.8%continued** | **Real Estate Investment Trusts – 0.8%continued** | **Real Estate Investment Trusts – 0.8%continued** |
| Camden Property Trust, |  |  |
| 4.10%, 10/15/28 | $300 | $298 |
| COPT Defense Properties L.P., |  |  |
| 2.90%, 12/1/33 | 200 | 169 |
| Crown Castle, Inc., |  |  |
| 3.30%, 7/1/30 | 200 | 187 |
| 5.80%, 3/1/34 | 300 | 307 |
| 5.20%, 2/15/49 | 350 | 305 |
| CubeSmart L.P., |  |  |
| 3.00%, 2/15/30 | 400 | 377 |
| Digital Realty Trust L.P., |  |  |
| 3.60%, 7/1/29 | 300 | 291 |
| EPR Properties, |  |  |
| 3.60%, 11/15/31 | 250 | 227 |
| Equinix, Inc., |  |  |
| 2.15%, 7/15/30 | 1000 | 899 |
| ERP Operating L.P., |  |  |
| 3.50%, 3/1/28 | 500 | 493 |
| 4.50%, 6/1/45 | 55 | 47 |
| Essential Properties L.P., |  |  |
| 2.95%, 7/15/31 | 100 | 90 |
| Essex Portfolio L.P., |  |  |
| 4.00%, 3/1/29 | 146 | 144 |
| 3.00%, 1/15/30 | 154 | 145 |
| Extra Space Storage L.P., |  |  |
| 5.70%, 4/1/28 | 700 | 715 |
| 5.90%, 1/15/31 | 300 | 313 |
| Federal Realty OP L.P., |  |  |
| 5.38%, 5/1/28 | 250 | 254 |
| First Industrial L.P., |  |  |
| 5.25%, 1/15/31 | 100 | 101 |
| GLP Capital L.P./GLP Financing II, Inc., |  |  |
| 3.25%, 1/15/32 | 300 | 267 |
| 5.75%, 11/1/37 | 200 | 194 |
| Healthcare Realty Holdings L.P., |  |  |
| 2.00%, 3/15/31 | 100 | 87 |
| Healthpeak OP LLC, |  |  |
| 3.50%, 7/15/29 | 277 | 268 |
| 4.75%, 1/15/33 | 300 | 293 |
| 5.38%, 2/15/35 | 300 | 301 |
| Host Hotels & Resorts L.P., |  |  |
| 3.50%, 9/15/30 | 118 | 111 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **73** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Real Estate Investment Trusts – 0.8%continued** | **Real Estate Investment Trusts – 0.8%continued** | **Real Estate Investment Trusts – 0.8%continued** |
| &nbsp;&nbsp; Invitation Homes Operating Partnership <br> L.P.,<br>|  |  |
| 2.30%, 11/15/28 | $200 | $188 |
| Kilroy Realty L.P., |  |  |
| 4.75%, 12/15/28 | 112 | 111 |
| Kimco Realty OP LLC, |  |  |
| 6.40%, 3/1/34 | 200 | 216 |
| 4.25%, 4/1/45 | 200 | 165 |
| Kite Realty Group L.P., |  |  |
| 4.95%, 12/15/31 | 100 | 100 |
| Kite Realty Group Trust, |  |  |
| 4.75%, 9/15/30 | 100 | 100 |
| LXP Industrial Trust, |  |  |
| 2.38%, 10/1/31 | 100 | 87 |
| Mid-America Apartments L.P., |  |  |
| 2.88%, 9/15/51 | 200 | 123 |
| NNN REIT, Inc., |  |  |
| 3.10%, 4/15/50 | 300 | 191 |
| Omega Healthcare Investors, Inc., |  |  |
| 3.25%, 4/15/33<sup>†</sup>  | 300 | 264 |
| &nbsp;&nbsp; Phillips Edison Grocery Center <br> Operating Partnership I L.P.,<br>|  |  |
| 5.75%, 7/15/34 | 100 | 103 |
| Piedmont Operating Partnership L.P., |  |  |
| 5.63%, 1/15/33 | 300 | 292 |
| Prologis L.P., |  |  |
| 4.88%, 6/15/28 | 150 | 152 |
| 1.75%, 7/1/30 | 200 | 179 |
| 4.75%, 1/15/31 | 400 | 404 |
| 4.75%, 6/15/33 | 300 | 297 |
| 5.00%, 1/31/35 | 300 | 299 |
| 5.25%, 5/15/35 | 200 | 203 |
| 5.25%, 6/15/53 | 100 | 93 |
| Public Storage Operating Co., |  |  |
| 5.13%, 1/15/29<sup>†</sup>  | 300 | 307 |
| 2.30%, 5/1/31 | 300 | 269 |
| 2.25%, 11/9/31 | 200 | 177 |
| Realty Income Corp., |  |  |
| 3.40%, 1/15/28 | 61 | 60 |
| 2.10%, 3/15/28 | 600 | 575 |
| 3.95%, 2/1/29 | 1000 | 988 |
| 3.10%, 12/15/29 | 123 | 117 |
| 4.90%, 7/15/33 | 300 | 299 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Real Estate Investment Trusts – 0.8%continued** | **Real Estate Investment Trusts – 0.8%continued** | **Real Estate Investment Trusts – 0.8%continued** |
| Regency Centers L.P., |  |  |
| 3.70%, 6/15/30 | $400 | $388 |
| Rexford Industrial Realty L.P., |  |  |
| 5.00%, 6/15/28 | 200 | 202 |
| Sabra Health Care L.P., |  |  |
| 3.90%, 10/15/29 | 150 | 145 |
| Safehold GL Holdings LLC, |  |  |
| 6.10%, 4/1/34<sup>†</sup>  | 100 | 105 |
| Simon Property Group L.P., |  |  |
| 2.45%, 9/13/29 | 1001 | 938 |
| 4.30%, 1/15/31 | 600 | 591 |
| 5.50%, 3/8/33 | 300 | 311 |
| 4.75%, 9/26/34 | 300 | 294 |
| 6.75%, 2/1/40 | 242 | 271 |
| 4.25%, 10/1/44 | 148 | 122 |
| Store Capital LLC, |  |  |
| 2.70%, 12/1/31 | 200 | 174 |
| Sun Communities Operating L.P., |  |  |
| 2.30%, 11/1/28 | 300 | 284 |
| Tanger Properties L.P., |  |  |
| 2.75%, 9/1/31 | 100 | 89 |
| UDR, Inc., |  |  |
| 2.10%, 6/15/33 | 300 | 247 |
| Ventas Realty L.P., |  |  |
| 4.75%, 11/15/30 | 300 | 301 |
| 5.00%, 1/15/35 | 300 | 294 |
| 5.70%, 9/30/43 | 100 | 99 |
| VICI Properties L.P., |  |  |
| 5.63%, 4/1/35 | 200 | 199 |
| 5.63%, 5/15/52<sup>†</sup>  | 200 | 179 |
| Welltower OP LLC, |  |  |
| 2.05%, 1/15/29 | 67 | 63 |
| 4.13%, 3/15/29 | 260 | 259 |
| 3.10%, 1/15/30 | 218 | 207 |
| 4.95%, 9/1/48 | 100 | 90 |
| Weyerhaeuser Co., |  |  |
| 4.00%, 3/9/52 | 200 | 147 |
|  |  | **24014** |
| **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** |
| CBRE Services, Inc., |  |  |
| 5.95%, 8/15/34 | 200 | **208** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **74** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** |
| Costco Wholesale Corp., |  |  |
| 1.75%, 4/20/32 | $300 | $259 |
| Dollar General Corp., |  |  |
| 5.50%, 11/1/52<sup>†</sup>  | 200 | 185 |
| Dollar Tree, Inc., |  |  |
| 2.65%, 12/1/31 | 200 | 178 |
| Kroger (The) Co., |  |  |
| 5.00%, 9/15/34 | 800 | 790 |
| 6.90%, 4/15/38 | 100 | 113 |
| 5.40%, 7/15/40 | 100 | 98 |
| 3.95%, 1/15/50 | 200 | 149 |
| 5.50%, 9/15/54 | 200 | 186 |
| 5.65%, 9/15/64 | 100 | 93 |
| Target Corp., |  |  |
| 4.35%, 6/15/28 | 250 | 251 |
| 5.00%, 4/15/35<sup>†</sup>  | 300 | 301 |
| 5.25%, 2/15/36<sup>†</sup>  | 250 | 253 |
| 4.80%, 1/15/53<sup>†</sup>  | 400 | 351 |
| Walmart, Inc., |  |  |
| 4.10%, 4/28/27 | 250 | 250 |
| 3.70%, 6/26/28 | 251 | 250 |
| 1.80%, 9/22/31 | 2000 | 1772 |
| 3.95%, 6/28/38 | 200 | 185 |
| 2.95%, 9/24/49 | 200 | 133 |
| 4.50%, 4/15/53 | 300 | 259 |
|  |  | **6056** |
| **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** |
| AutoNation, Inc., |  |  |
| 3.85%, 3/1/32 | 300 | 279 |
| AutoZone, Inc., |  |  |
| 3.75%, 4/18/29 | 121 | 118 |
| 4.00%, 4/15/30 | 129 | 126 |
| 6.55%, 11/1/33 | 300 | 327 |
| Dick's Sporting Goods, Inc., |  |  |
| 4.10%, 1/15/52 | 100 | 71 |
| Home Depot (The), Inc., |  |  |
| 4.88%, 6/25/27 | 1410 | 1424 |
| 3.75%, 9/15/28 | 250 | 248 |
| 4.75%, 6/25/29 | 600 | 609 |
| 3.95%, 9/15/30<sup>†</sup>  | 250 | 247 |
| 4.65%, 9/15/35 | 250 | 244 |
| 5.40%, 9/15/40 | 680 | 682 |
| 5.95%, 4/1/41 | 405 | 426 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Retail - Discretionary – 0.3%continued** | **Retail - Discretionary – 0.3%continued** | **Retail - Discretionary – 0.3%continued** |
| 4.50%, 12/6/48 | $400 | $336 |
| 3.63%, 4/15/52 | 643 | 459 |
| Lowe's Cos., Inc., |  |  |
| 3.35%, 4/1/27 | 115 | 114 |
| 3.95%, 10/15/27 | 250 | 249 |
| 4.00%, 10/15/28 | 250 | 248 |
| 3.65%, 4/5/29 | 76 | 74 |
| 4.25%, 3/15/31 | 250 | 245 |
| 3.75%, 4/1/32 | 500 | 473 |
| 4.50%, 10/15/32 | 300 | 295 |
| 4.85%, 10/15/35 | 250 | 243 |
| 2.80%, 9/15/41 | 200 | 141 |
| 4.05%, 5/3/47 | 94 | 72 |
| 3.00%, 10/15/50 | 700 | 433 |
| 5.85%, 4/1/63 | 300 | 287 |
| O'Reilly Automotive, Inc., |  |  |
| 3.90%, 6/1/29 | 500 | 492 |
| Ross Stores, Inc., |  |  |
| 1.88%, 4/15/31 | 200 | 175 |
| TJX (The) Cos., Inc., |  |  |
| 1.15%, 5/15/28 | 74 | 70 |
|  |  | **9207** |
| **Semiconductors – 0.5%** | **Semiconductors – 0.5%** | **Semiconductors – 0.5%** |
| Advanced Micro Devices, Inc., |  |  |
| 4.39%, 6/1/52<sup>†</sup>  | 150 | 124 |
| Analog Devices, Inc., |  |  |
| 3.45%, 6/15/27 | 500 | 496 |
| 2.80%, 10/1/41 | 300 | 215 |
| Applied Materials, Inc., |  |  |
| 1.75%, 6/1/30 | 500 | 450 |
| 5.85%, 6/15/41 | 100 | 104 |
| Broadcom, Inc., |  |  |
| 4.30%, 1/15/31 | 1200 | 1190 |
| 2.45%, 2/15/31 | 1024 | 930 |
| 4.15%, 4/15/32<sup>(2)</sup>  | 500 | 484 |
| 5.20%, 7/15/35 | 700 | 705 |
| 4.80%, 2/15/36 | 250 | 244 |
| 4.93%, 5/15/37<sup>(2) (9)</sup>  | 200 | 194 |
| 4.90%, 2/15/38 | 250 | 241 |
| 3.50%, 2/15/41 | 200 | 160 |
| 3.75%, 2/15/51 | 700 | 521 |
| 5.70%, 1/15/56 | 300 | 298 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **75** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Semiconductors – 0.5%continued** | **Semiconductors – 0.5%continued** | **Semiconductors – 0.5%continued** |
| Intel Corp., |  |  |
| 5.13%, 2/10/30 | $250 | $253 |
| 5.00%, 2/21/31 | 400 | 404 |
| 2.00%, 8/12/31 | 50 | 43 |
| 5.20%, 2/10/33<sup>†</sup>  | 300 | 302 |
| 4.80%, 10/1/41 | 80 | 70 |
| 3.73%, 12/8/47 | 741 | 518 |
| 3.25%, 11/15/49 | 200 | 126 |
| 4.75%, 3/25/50 | 200 | 162 |
| 3.05%, 8/12/51 | 350 | 212 |
| 5.70%, 2/10/53 | 700 | 645 |
| 5.90%, 2/10/63 | 200 | 186 |
| KLA Corp., |  |  |
| 5.25%, 7/15/62 | 250 | 228 |
| Lam Research Corp., |  |  |
| 1.90%, 6/15/30 | 700 | 633 |
| Marvell Technology, Inc., |  |  |
| 5.75%, 2/15/29 | 300 | 310 |
| Micron Technology, Inc., |  |  |
| 5.30%, 1/15/31 | 200 | 209 |
| 5.65%, 11/1/32 | 500 | 528 |
| 5.80%, 1/15/35 | 100 | 107 |
| 6.05%, 11/1/35 | 1610 | 1737 |
| NVIDIA Corp., |  |  |
| 3.50%, 4/1/50 | 400 | 295 |
| QUALCOMM, Inc., |  |  |
| 5.40%, 5/20/33<sup>†</sup>  | 300 | 312 |
| 4.80%, 5/20/45 | 300 | 265 |
| 3.25%, 5/20/50 | 200 | 134 |
| 6.00%, 5/20/53 | 200 | 203 |
| Texas Instruments, Inc., |  |  |
| 2.25%, 9/4/29 | 200 | 188 |
| 4.90%, 3/14/33<sup>†</sup>  | 800 | 814 |
| 5.15%, 2/8/54 | 200 | 185 |
| 5.05%, 5/18/63 | 300 | 264 |
|  |  | **15689** |
| **Software – 0.7%** | **Software – 0.7%** | **Software – 0.7%** |
| Adobe, Inc., |  |  |
| 5.30%, 1/17/35<sup>†</sup>  | 200 | 205 |
| Autodesk, Inc., |  |  |
| 3.50%, 6/15/27 | 135 | 133 |
| Cadence Design Systems, Inc., |  |  |
| 4.30%, 9/10/29 | 400 | 399 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Software – 0.7%continued** | **Software – 0.7%continued** | **Software – 0.7%continued** |
| Concentrix Corp., |  |  |
| 6.85%, 8/2/33<sup>†</sup>  | $200 | $185 |
| Fortinet, Inc., |  |  |
| 2.20%, 3/15/31 | 100 | 89 |
| Intuit, Inc., |  |  |
| 5.20%, 9/15/33 | 300 | 305 |
| Microsoft Corp., |  |  |
| 3.40%, 6/15/27 | 790 | 786 |
| 1.35%, 9/15/30 | 300 | 267 |
| 4.50%, 6/15/47 | 900 | 792 |
| 2.53%, 6/1/50 | 540 | 324 |
| 2.50%, 9/15/50 | 200 | 119 |
| 2.92%, 3/17/52 | 500 | 322 |
| 2.68%, 6/1/60<sup>†</sup>  | 100 | 56 |
| 3.04%, 3/17/62 | 1000 | 608 |
| Oracle Corp., |  |  |
| 2.80%, 4/1/27 | 7 | 7 |
| 4.50%, 5/6/28 | 600 | 597 |
| 2.88%, 3/25/31 | 509 | 452 |
| 5.25%, 2/3/32 | 900 | 884 |
| 4.80%, 9/26/32 | 2200 | 2095 |
| 4.90%, 2/6/33 | 300 | 284 |
| 4.70%, 9/27/34 | 1000 | 913 |
| 3.90%, 5/15/35 | 336 | 284 |
| 5.70%, 2/4/36 | 800 | 769 |
| 3.80%, 11/15/37 | 5 | 4 |
| 3.60%, 4/1/40 | 150 | 109 |
| 5.38%, 7/15/40 | 590 | 517 |
| 5.88%, 9/26/45 | 500 | 431 |
| 6.55%, 2/4/46 | 210 | 196 |
| 3.60%, 4/1/50 | 1000 | 604 |
| 5.55%, 2/6/53 | 500 | 399 |
| 4.38%, 5/15/55 | 25 | 17 |
| 5.95%, 9/26/55 | 300 | 252 |
| 6.70%, 2/4/56 | 700 | 650 |
| 6.10%, 9/26/65 | 500 | 415 |
| 6.85%, 2/4/66 | 210 | 193 |
| Roper Technologies, Inc., |  |  |
| 4.90%, 10/15/34 | 400 | 386 |
| Salesforce, Inc., |  |  |
| 1.50%, 7/15/28<sup>†</sup>  | 1300 | 1220 |
| 4.65%, 3/15/29 | 430 | 431 |
| 1.95%, 7/15/31 | 300 | 262 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **76** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Software – 0.7%continued** | **Software – 0.7%continued** | **Software – 0.7%continued** |
| 5.55%, 3/15/36 | $1070 | $1067 |
| 6.55%, 3/15/56 | 920 | 923 |
| Synopsys, Inc., |  |  |
| 4.65%, 4/1/28 | 400 | 401 |
| 4.85%, 4/1/30 | 1000 | 1007 |
| VMware LLC, |  |  |
| 2.20%, 8/15/31 | 300 | 263 |
| Workday, Inc., |  |  |
| 3.80%, 4/1/32 | 300 | 278 |
|  |  | **20900** |
| **Sovereign Government – 0.1%** | **Sovereign Government – 0.1%** | **Sovereign Government – 0.1%** |
| &nbsp;&nbsp; Panama Government International <br> Bond,<br>|  |  |
| 3.88%, 3/17/28 | 565 | 554 |
| 2.25%, 9/29/32 | 102 | 84 |
| 6.88%, 1/31/36<sup>†</sup>  | 500 | 531 |
| 5.66%, 2/23/38 | 1070 | 1027 |
|  |  | **2196** |
| **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** |
| Air Lease Corp., |  |  |
| 3.63%, 12/1/27 | 163 | 161 |
| 2.10%, 9/1/28 | 131 | 123 |
| 4.63%, 10/1/28 | 651 | 648 |
| 3.25%, 10/1/29 | 500 | 474 |
| Ally Financial, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.96%), 5.74%, <br> 5/15/29<sup>(3)</sup> <br>| 400 | 406 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.82%), <br> 6.85%, 1/3/30<sup>(3)</sup> <br>| 500 | 521 |
| American Express Co., |  |  |
| 5.85%, 11/5/27 | 500 | 512 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.26%), <br> 4.73%, 4/25/29<sup>(3)</sup> <br>| 870 | 875 |
| 4.05%, 5/3/29 | 72 | 72 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.81%), <br> 4.35%, 7/20/29<sup>(3)</sup> <br>| 770 | 769 |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.28%), 5.28%, <br> 7/27/29<sup>(3)</sup> <br>| 200 | 203 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.94%), <br> 6.49%, 10/30/31<sup>(3)</sup> <br>| 700 | 752 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.93%), <br> 5.63%, 7/28/34<sup>(3)</sup> <br>| 300 | 307 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Specialty Finance – 0.7%continued** | **Specialty Finance – 0.7%continued** | **Specialty Finance – 0.7%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.79%), <br> 5.67%, 4/25/36<sup>(3)</sup> <br>| $300 | $310 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.24%), <br> 4.80%, 10/24/36<sup>(3)</sup> <br>| 200 | 193 |
| Capital One Financial Corp., |  |  |
| 3.65%, 5/11/27 | 144 | 143 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.06%), <br> 4.93%, 5/10/28<sup>(3)</sup> <br>| 400 | 401 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.08%), <br> 5.47%, 2/1/29<sup>(3)</sup> <br>| 700 | 711 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.64%), <br> 6.31%, 6/8/29<sup>(3)</sup> <br>| 500 | 517 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.86%), <br> 6.38%, 6/8/34<sup>(3)</sup> <br>| 400 | 422 |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 3.37%), 7.96%, <br> 11/2/34<sup>(3)</sup> <br>| 300 | 344 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.04%), <br> 6.18%, 1/30/36<sup>(3)</sup> <br>| 930 | 946 |
| Equifax, Inc., |  |  |
| 2.35%, 9/15/31 | 380 | 333 |
| FactSet Research Systems, Inc., |  |  |
| 3.45%, 3/1/32 | 100 | 90 |
| Fidelity National Financial, Inc., |  |  |
| 3.20%, 9/17/51 | 200 | 121 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.,<br>|  |  |
| 5.10%, 7/15/32 | 400 | 399 |
| Fiserv, Inc., |  |  |
| 5.38%, 8/21/28 | 500 | 508 |
| 3.50%, 7/1/29 | 200 | 192 |
| 4.55%, 2/15/31 | 600 | 587 |
| 5.15%, 8/12/34 | 500 | 486 |
| GATX Corp., |  |  |
| 3.50%, 3/15/28 | 500 | 491 |
| 5.20%, 3/15/44 | 35 | 32 |
| 6.05%, 6/5/54 | 150 | 149 |
| Global Payments, Inc., |  |  |
| 4.95%, 8/15/27 | 1000 | 1002 |
| 5.20%, 11/15/32 | 600 | 582 |
| 4.15%, 8/15/49 | 400 | 285 |
| Mastercard, Inc., |  |  |
| 4.35%, 1/15/32 | 500 | 496 |
| 3.80%, 11/21/46 | 500 | 387 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **77** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Specialty Finance – 0.7%continued** | **Specialty Finance – 0.7%continued** | **Specialty Finance – 0.7%continued** |
| Moody's Corp., |  |  |
| 4.25%, 8/8/32 | $500 | $485 |
| PayPal Holdings, Inc., |  |  |
| 2.85%, 10/1/29 | 300 | 285 |
| 5.15%, 6/1/34<sup>†</sup>  | 500 | 499 |
| S&P Global, Inc., |  |  |
| 2.90%, 3/1/32 | 300 | 274 |
| 5.25%, 9/15/33<sup>†</sup>  | 300 | 309 |
| 3.70%, 3/1/52 | 100 | 73 |
| Synchrony Financial, |  |  |
| 3.95%, 12/1/27 | 400 | 395 |
| Verisk Analytics, Inc., |  |  |
| 5.75%, 4/1/33 | 300 | 310 |
| Visa, Inc., |  |  |
| 2.05%, 4/15/30 | 400 | 368 |
| 4.15%, 12/14/35 | 100 | 95 |
| 2.70%, 4/15/40 | 760 | 574 |
| 2.00%, 8/15/50<sup>†</sup>  | 500 | 264 |
|  |  | **19881** |
| **Steel – 0.0%** | **Steel – 0.0%** | **Steel – 0.0%** |
| ArcelorMittal S.A., |  |  |
| 6.80%, 11/29/32<sup>†</sup>  | 500 | 552 |
| Nucor Corp., |  |  |
| 2.98%, 12/15/55 | 275 | 167 |
| Steel Dynamics, Inc., |  |  |
| 3.45%, 4/15/30<sup>†</sup>  | 300 | 287 |
| 5.75%, 5/15/55 | 250 | 241 |
|  |  | **1247** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| Apple, Inc., |  |  |
| 3.20%, 5/11/27 | 201 | 200 |
| 2.90%, 9/12/27 | 400 | 394 |
| 4.00%, 5/10/28 | 500 | 501 |
| 3.25%, 8/8/29 | 37 | 36 |
| 2.20%, 9/11/29 | 188 | 177 |
| 4.15%, 5/10/30 | 400 | 401 |
| 1.65%, 2/8/31 | 670 | 598 |
| 4.50%, 5/12/32<sup>†</sup>  | 300 | 304 |
| 3.35%, 8/8/32 | 450 | 429 |
| 4.30%, 5/10/33<sup>†</sup>  | 300 | 301 |
| 2.38%, 2/8/41 | 215 | 153 |
| 3.85%, 5/4/43 | 305 | 252 |
| 3.45%, 2/9/45 | 25 | 19 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Technology Hardware – 0.5%continued** | **Technology Hardware – 0.5%continued** | **Technology Hardware – 0.5%continued** |
| 4.38%, 5/13/45 | $160 | $140 |
| 4.65%, 2/23/46 | 206 | 185 |
| 3.85%, 8/4/46 | 20 | 16 |
| 4.25%, 2/9/47 | 11 | 9 |
| 3.75%, 9/12/47 | 8 | 6 |
| 3.75%, 11/13/47 | 25 | 19 |
| 2.95%, 9/11/49<sup>†</sup>  | 1400 | 917 |
| 4.85%, 5/10/53 | 900 | 828 |
| Arrow Electronics, Inc., |  |  |
| 3.88%, 1/12/28 | 250 | 246 |
| CDW LLC/CDW Finance Corp., |  |  |
| 3.28%, 12/1/28 | 500 | 480 |
| Cisco Systems, Inc., |  |  |
| 4.95%, 2/24/32 | 400 | 408 |
| 5.90%, 2/15/39 | 200 | 211 |
| 5.50%, 1/15/40 | 90 | 92 |
| 5.35%, 2/26/64 | 500 | 463 |
| Corning, Inc., |  |  |
| 5.35%, 11/15/48 | 300 | 282 |
| Dell International LLC/EMC Corp., |  |  |
| 8.35%, 7/15/46 | 223 | 276 |
| 3.45%, 12/15/51<sup>†</sup>  | 1440 | 975 |
| Dell, Inc., |  |  |
| 7.10%, 4/15/28 | 1000 | 1050 |
| Flex Ltd., |  |  |
| 6.00%, 1/15/28 | 300 | 306 |
| Hewlett Packard Enterprise Co., |  |  |
| 4.85%, 10/15/31 | 800 | 795 |
| 6.35%, 10/15/45 | 200 | 200 |
| 5.60%, 10/15/54 | 810 | 723 |
| HP, Inc., |  |  |
| 6.00%, 9/15/41 | 275 | 272 |
| Jabil, Inc., |  |  |
| 3.00%, 1/15/31 | 300 | 277 |
| Juniper Networks, Inc., |  |  |
| 5.95%, 3/15/41 | 100 | 97 |
| Motorola Solutions, Inc., |  |  |
| 5.60%, 6/1/32 | 400 | 414 |
| TD SYNNEX Corp., |  |  |
| 2.65%, 8/9/31 | 150 | 133 |
| Teledyne Technologies, Inc., |  |  |
| 2.75%, 4/1/31 | 200 | 183 |
|  |  | **13768** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **78** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Telecommunications – 0.7%** | **Telecommunications – 0.7%** | **Telecommunications – 0.7%** |
| AT&T, Inc., |  |  |
| 4.70%, 8/15/30 | $400 | $403 |
| 2.75%, 6/1/31<sup>†</sup>  | 359 | 328 |
| 5.40%, 2/15/34 | 1700 | 1738 |
| 4.90%, 11/1/35 | 250 | 244 |
| 3.50%, 6/1/41 | 670 | 520 |
| 3.10%, 2/1/43<sup>†</sup>  | 900 | 649 |
| 5.55%, 11/1/45 | 250 | 237 |
| 4.50%, 3/9/48 | 574 | 463 |
| 5.15%, 2/15/50 | 300 | 265 |
| 3.30%, 2/1/52 | 550 | 348 |
| 5.70%, 11/1/54 | 400 | 374 |
| 6.05%, 8/15/56 | 250 | 246 |
| 3.80%, 12/1/57 | 700 | 473 |
| 3.65%, 9/15/59 | 500 | 324 |
| 3.85%, 6/1/60 | 800 | 538 |
| T-Mobile U.S.A., Inc., |  |  |
| 4.20%, 10/1/29<sup>†</sup>  | 600 | 596 |
| 3.88%, 4/15/30<sup>†</sup>  | 1530 | 1490 |
| 4.63%, 1/15/33<sup>†</sup>  | 1000 | 982 |
| 5.15%, 4/15/34<sup>†</sup>  | 500 | 504 |
| 5.30%, 5/15/35 | 250 | 252 |
| 3.00%, 2/15/41 | 300 | 219 |
| 4.50%, 4/15/50 | 400 | 323 |
| 6.00%, 6/15/54 | 200 | 198 |
| 5.50%, 1/15/55 | 500 | 459 |
| 5.88%, 11/15/55 | 300 | 292 |
| 5.70%, 1/15/56 | 250 | 238 |
| 5.80%, 9/15/62 | 100 | 96 |
| Verizon Communications, Inc., |  |  |
| 3.15%, 3/22/30 | 1352 | 1288 |
| 1.68%, 10/30/30 | 818 | 722 |
| 4.78%, 2/15/35 | 1465 | 1418 |
| 5.00%, 1/15/36 | 2000 | 1959 |
| 3.40%, 3/22/41 | 300 | 230 |
| 5.75%, 11/30/45 | 990 | 964 |
| 3.88%, 3/1/52 | 300 | 219 |
| 5.50%, 2/23/54<sup>†</sup>  | 200 | 189 |
| 2.99%, 10/30/56 | 700 | 411 |
| 3.70%, 3/22/61 | 1000 | 666 |
|  |  | **20865** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| Altria Group, Inc., |  |  |
| 6.20%, 11/1/28 | $500 | $521 |
| 2.45%, 2/4/32 | 200 | 176 |
| 5.25%, 8/6/35 | 400 | 399 |
| 5.80%, 2/14/39 | 570 | 572 |
| 4.50%, 5/2/43 | 410 | 341 |
| 5.95%, 2/14/49 | 517 | 501 |
| Philip Morris International, Inc., |  |  |
| 5.25%, 9/7/28 | 800 | 820 |
| 4.88%, 2/13/29 | 600 | 609 |
| 1.75%, 11/1/30 | 181 | 160 |
| 4.75%, 11/1/31 | 400 | 402 |
| 4.63%, 10/29/35 | 400 | 385 |
| 4.13%, 3/4/43 | 591 | 488 |
| 4.88%, 11/15/43 | 100 | 90 |
|  |  | **5464** |
| **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** |
| &nbsp;&nbsp; American Airlines Pass Through Trust, <br> Series 2021-1, Class A,<br>|  |  |
| 2.88%, 7/11/34 | 244 | 218 |
| Burlington Northern Santa Fe LLC, |  |  |
| 3.25%, 6/15/27 | 325 | 322 |
| 6.20%, 8/15/36 | 455 | 496 |
| 5.15%, 9/1/43 | 280 | 265 |
| 3.55%, 2/15/50 | 400 | 288 |
| 5.50%, 3/15/55 | 150 | 145 |
| 5.55%, 3/15/56 | 400 | 388 |
| 5.80%, 3/15/56 | 200 | 202 |
| CH Robinson Worldwide, Inc., |  |  |
| 4.20%, 4/15/28 | 100 | 99 |
| CSX Corp., |  |  |
| 5.20%, 11/15/33 | 200 | 205 |
| 5.05%, 6/15/35 | 500 | 502 |
| 6.00%, 10/1/36 | 100 | 107 |
| 6.15%, 5/1/37 | 190 | 206 |
| 6.22%, 4/30/40 | 365 | 394 |
| 4.75%, 11/15/48 | 200 | 174 |
| 4.50%, 3/15/49 | 100 | 83 |
| &nbsp;&nbsp; Delta Air Lines Pass Through Trust, <br> Series 2020-1, Class AA,<br>|  |  |
| 2.00%, 6/10/28 | 101 | 97 |
| Delta Air Lines, Inc., |  |  |
| 4.95%, 7/10/28 | 520 | 522 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **79** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Transportation & Logistics – 0.4%continued** | **Transportation & Logistics – 0.4%continued** | **Transportation & Logistics – 0.4%continued** |
| 5.25%, 7/10/30 | $250 | $252 |
| FedEx Corp., |  |  |
| 3.10%, 8/5/29 | 250 | 240 |
| 4.25%, 5/15/30 | 95 | 94 |
| 2.40%, 5/15/31 | 400 | 360 |
| 4.10%, 4/15/43 | 300 | 242 |
| 4.75%, 11/15/45 | 200 | 171 |
| Fedex Freight Holding Co., Inc., |  |  |
| 4.65%, 3/15/31<sup>(2)</sup>  | 500 | 491 |
| GXO Logistics, Inc., |  |  |
| 6.50%, 5/6/34 | 200 | 210 |
| &nbsp;&nbsp; JetBlue Pass Through Trust, Series <br> 2020-1, Class A,<br>|  |  |
| 4.00%, 5/15/34<sup>†</sup>  | 134 | 127 |
| Kirby Corp., |  |  |
| 4.20%, 3/1/28 | 100 | 99 |
| Norfolk Southern Corp., |  |  |
| 5.05%, 8/1/30 | 400 | 409 |
| 4.45%, 6/15/45 | 275 | 232 |
| 3.94%, 11/1/47 | 300 | 229 |
| 5.35%, 8/1/54<sup>†</sup>  | 100 | 93 |
| 5.95%, 3/15/64 | 600 | 594 |
| Ryder System, Inc., |  |  |
| 6.60%, 12/1/33 | 100 | 110 |
| Southwest Airlines Co., |  |  |
| 5.13%, 6/15/27 | 400 | 401 |
| Union Pacific Corp., |  |  |
| 4.50%, 1/20/33 | 500 | 498 |
| 2.89%, 4/6/36 | 300 | 252 |
| 3.38%, 2/14/42 | 100 | 77 |
| 3.25%, 2/5/50 | 800 | 542 |
| 5.60%, 12/1/54 | 100 | 98 |
| 5.15%, 1/20/63 | 900 | 805 |
| &nbsp;&nbsp; United Airlines Pass Through Trust, <br> Series 2019-1, Class AA,<br>|  |  |
| 4.15%, 8/25/31 | 306 | 299 |
| &nbsp;&nbsp; United Airlines Pass Through Trust, <br> Series 2024-1, Class A,<br>|  |  |
| 5.88%, 2/15/37 | 188 | 193 |
| United Parcel Service, Inc., |  |  |
| 5.20%, 4/1/40 | 500 | 492 |
| 3.75%, 11/15/47 | 180 | 135 |
| 5.30%, 4/1/50 | 377 | 353 |
| 5.95%, 5/14/55 | 250 | 252 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  | **CORPORATE BONDS - 20.6% continued**  |
| **Transportation & Logistics – 0.4%continued** | **Transportation & Logistics – 0.4%continued** | **Transportation & Logistics – 0.4%continued** |
| 5.60%, 5/22/64 | $200 | $189 |
| 6.05%, 5/14/65 | 250 | 252 |
|  |  | **13504** |
| **Transportation Equipment – 0.0%** | **Transportation Equipment – 0.0%** | **Transportation Equipment – 0.0%** |
| Cummins, Inc., |  |  |
| 1.50%, 9/1/30 | 500 | 443 |
| 4.88%, 10/1/43 | 90 | 84 |
| PACCAR Financial Corp., |  |  |
| 4.00%, 9/26/29<sup>†</sup>  | 200 | 198 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp.,<br>|  |  |
| 4.70%, 9/15/28 | 250 | 251 |
|  |  | **976** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| Archer-Daniels-Midland Co., |  |  |
| 3.75%, 9/15/47 | 295 | 224 |
| Bunge Ltd. Finance Corp., |  |  |
| 3.20%, 4/21/31 | 200 | 187 |
| Sysco Corp., |  |  |
| 3.25%, 7/15/27 | 523 | 515 |
| 5.38%, 9/21/35 | 250 | 250 |
| 4.95%, 3/25/36<sup>†</sup>  | 100 | 95 |
| 4.45%, 3/15/48 | 300 | 237 |
|  |  | **1508** |
| **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** |
| LKQ Corp., |  |  |
| 5.75%, 6/15/28 | 200 | **204** |
| **Total Corporate Bonds** |  |  |
| **(Cost $655,559)** |  | **628152** |
| **FOREIGN ISSUER BONDS – 5.7%**  | **FOREIGN ISSUER BONDS – 5.7%**  | **FOREIGN ISSUER BONDS – 5.7%**  |
| **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** |
| Embraer Netherlands Finance B.V., |  |  |
| 5.98%, 2/11/35 | 100 | **103** |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| Brookfield Asset Management Ltd., |  |  |
| 5.80%, 4/24/35 | 200 | 204 |
| &nbsp;&nbsp; Brookfield Finance LLC/Brookfield <br> Finance, Inc.,<br>|  |  |
| 3.45%, 4/15/50 | 500 | 329 |
| Brookfield Finance, Inc., |  |  |
| 4.85%, 3/29/29 | 300 | 301 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **80** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Asset Management – 0.1%continued** | **Asset Management – 0.1%continued** | **Asset Management – 0.1%continued** |
| 4.35%, 4/15/30 | $500 | $492 |
| 5.68%, 1/15/35 | 300 | 303 |
| CI Financial Corp., |  |  |
| 4.10%, 6/15/51 | 100 | 66 |
| UBS A.G., |  |  |
| 5.65%, 9/11/28 | 1300 | 1342 |
| 4.50%, 6/26/48 | 300 | 250 |
|  |  | **3287** |
| **Automotive – 0.0%** | **Automotive – 0.0%** | **Automotive – 0.0%** |
| Honda Motor Co. Ltd., |  |  |
| 5.34%, 7/8/35<sup>†</sup>  | 200 | 198 |
| Magna International, Inc., |  |  |
| 5.50%, 3/21/33 | 200 | 205 |
| &nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC,<br>|  |  |
| 8.50%, 1/18/31 | 175 | 203 |
|  |  | **606** |
| **Banking – 1.4%** | **Banking – 1.4%** | **Banking – 1.4%** |
| &nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| 4.62%, 12/16/29<sup>†</sup>  | 350 | 354 |
| Banco Bilbao Vizcaya Argentaria S.A., |  |  |
| &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 | 409 |
| Banco Santander S.A., |  |  |
| 3.31%, 6/27/29 | 1400 | 1349 |
| 5.44%, 7/15/31 | 400 | 411 |
| 6.94%, 11/7/33 | 400 | 449 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.25%), <br> 4.64%, 9/10/30<sup>(3)</sup> <br>| 300 | 301 |
| Bank of Nova Scotia (The), |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.73%), <br> 4.25%, 2/2/30<sup>(3)</sup> <br>| 600 | 595 |
| 5.65%, 2/1/34 | 500 | 520 |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.08%), <br> 4.48%, 11/11/29<sup>(3)</sup> <br>| 1240 | 1233 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.74%), <br> 5.69%, 3/12/30<sup>(3)</sup> <br>| 500 | 514 |
| &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 | 559 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Banking – 1.4%continued** | **Banking – 1.4%continued** | **Banking – 1.4%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.98%), <br> 6.22%, 5/9/34<sup>(3)</sup> <br>| $1000 | $1049 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.59%), <br> 5.79%, 2/25/36<sup>(3)</sup> <br>| 300 | 303 |
| &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 |
| 5.25%, 8/17/45 | 144 | 133 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 5.86%, 8/11/46<sup>(3)</sup> <br>| 400 | 393 |
| Canadian Imperial Bank of Commerce, |  |  |
| 3.45%, 4/7/27<sup>†</sup>  | 500 | 496 |
| 6.09%, 10/3/33 | 300 | 321 |
| Cooperatieve Rabobank U.A., |  |  |
| 3.96%, 10/17/28 | 600 | 598 |
| 5.75%, 12/1/43 | 250 | 243 |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 3.65%), <br> 7.08%, 2/10/34<sup>(3)</sup> <br>| 900 | 964 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.05%), <br> 5.40%, 9/11/35<sup>(3) †</sup> <br>| 300 | 298 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.73%), <br> 2.01%, 9/22/28<sup>(3)</sup> <br>| 400 | 386 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.04%), <br> 5.13%, 11/19/28<sup>(3)</sup> <br>| 1500 | 1511 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.03%), <br> 4.90%, 3/3/29<sup>(3)</sup> <br>| 320 | 322 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.97%), <br> 6.16%, 3/9/29<sup>(3)</sup> <br>| 750 | 772 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.80%), 4.58%, 6/19/29<sup>(3)</sup> <br>| 340 | 340 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.29%), <br> 2.21%, 8/17/29<sup>(3)</sup> <br>| 150 | 142 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.46%), <br> 5.55%, 3/4/30<sup>(3)</sup> <br>| 1000 | 1025 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.29%), <br> 5.13%, 3/3/31<sup>(3)</sup> <br>| 500 | 506 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.95%), <br> 2.36%, 8/18/31<sup>(3)</sup> <br>| 1300 | 1173 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.52%), <br> 5.73%, 5/17/32<sup>(3)</sup> <br>| 800 | 827 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.87%), <br> 5.40%, 8/11/33<sup>(3)</sup> <br>| 500 | 508 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.96%), <br> 5.74%, 9/10/36<sup>(3)</sup> <br>| 460 | 461 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **81** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Banking – 1.4%continued** | **Banking – 1.4%continued** | **Banking – 1.4%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.55%), <br> 5.28%, 3/10/37<sup>(3)</sup> <br>| $400 | $393 |
| 6.80%, 6/1/38 | 150 | 161 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.65%), <br> 6.33%, 3/9/44<sup>(3)</sup> <br>| 500 | 527 |
| 5.25%, 3/14/44<sup>†</sup>  | 200 | 187 |
| ING Groep N.V., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.01%), <br> 4.86%, 3/25/29<sup>(3)</sup> <br>| 700 | 704 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.09%), <br> 6.11%, 9/11/34<sup>(3)</sup> <br>| 200 | 211 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.61%), <br> 5.53%, 3/25/36<sup>(3)</sup> <br>| 200 | 202 |
| Lloyds Banking Group PLC, |  |  |
| &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 | 505 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.60%), 6.07%, <br> 6/13/36<sup>(3)</sup> <br>| 780 | 793 |
| 4.34%, 1/9/48 | 500 | 401 |
| Mitsubishi UFJ Financial Group, Inc., |  |  |
| 3.29%, 7/25/27 | 378 | 373 |
| 3.74%, 3/7/29 | 1500 | 1476 |
| &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 | 1026 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 0.80%), 4.51%, <br> 1/14/32<sup>(3)</sup> <br>| 400 | 394 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.13%), 5.13%, <br> 7/20/33<sup>(3)</sup> <br>| 200 | 202 |
| &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 | 205 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 0.93%), 5.19%, <br> 9/12/36<sup>(3) †</sup> <br>| 200 | 199 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 0.90%), 5.06%, <br> 1/14/37<sup>(3)</sup> <br>| 200 | 196 |
| Mizuho Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.33%), 2.59%, 5/25/31<sup>(3)</sup> <br>| 1000 | 919 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Banking – 1.4%continued** | **Banking – 1.4%continued** | **Banking – 1.4%continued** |
| &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 | $519 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.07%), 5.32%, <br> 7/8/36<sup>(3) †</sup> <br>| 300 | 301 |
| National Australia Bank Ltd., |  |  |
| 4.90%, 1/14/30 | 500 | 510 |
| NatWest Group PLC, |  |  |
| &nbsp;&nbsp; (Variable, ICE LIBOR USD 3M + <br> 1.75%), 4.89%, 5/18/29<sup>(3)</sup> <br>| 1000 | 1007 |
| &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 | 310 |
| Royal Bank of Canada, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 0.86%), 4.52%, <br> 10/18/28<sup>(3)</sup> <br>| 1000 | 1001 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.98%), <br> 4.31%, 11/3/31<sup>(3)</sup> <br>| 500 | 492 |
| 3.88%, 5/4/32 | 600 | 576 |
| 5.15%, 2/1/34<sup>†</sup>  | 200 | 204 |
| Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.60%), <br> 6.53%, 1/10/29<sup>(3)</sup> <br>| 700 | 722 |
| Standard Chartered Bank, |  |  |
| 4.85%, 12/3/27 | 250 | 253 |
| Sumitomo Mitsui Financial Group, Inc., |  |  |
| 3.54%, 1/17/28 | 1250 | 1232 |
| 2.13%, 7/8/30 | 400 | 360 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.38%), <br> 4.95%, 7/8/33<sup>(3)</sup> <br>| 200 | 199 |
| 5.78%, 7/13/33 | 800 | 835 |
| 5.81%, 9/14/33 | 500 | 522 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.78%), <br> 5.80%, 7/8/46<sup>(3)</sup> <br>| 1450 | 1407 |
| Toronto-Dominion Bank (The), |  |  |
| 4.41%, 1/13/31 | 1200 | 1188 |
| 4.46%, 6/8/32 | 400 | 393 |
| Westpac Banking Corp., |  |  |
| 5.46%, 11/18/27 | 500 | 510 |
| 1.95%, 11/20/28 | 308 | 291 |
| 5.05%, 4/16/29 | 500 | 511 |
| 6.82%, 11/17/33 | 300 | 327 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **82** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Banking – 1.4%continued** | **Banking – 1.4%continued** | **Banking – 1.4%continued** |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.75%), 2.67%, <br> 11/15/35<sup>(3)</sup> <br>| $170 | $153 |
| 4.42%, 7/24/39 | 300 | 269 |
|  |  | **42705** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| &nbsp;&nbsp; Anheuser-Busch Cos. <br> LLC/Anheuser-Busch InBev <br> Worldwide, Inc.,<br>|  |  |
| 4.90%, 2/1/46 | 2350 | 2118 |
| Anheuser-Busch InBev Worldwide, Inc., |  |  |
| 3.50%, 6/1/30 | 300 | 290 |
| 8.00%, 11/15/39 | 310 | 388 |
| 4.95%, 1/15/42 | 190 | 177 |
| 5.55%, 1/23/49 | 700 | 680 |
| 4.50%, 6/1/50 | 200 | 176 |
| Coca-Cola Femsa S.A.B. de C.V., |  |  |
| 1.85%, 9/1/32 | 200 | 167 |
| Diageo Capital PLC, |  |  |
| 5.63%, 10/5/33 | 500 | 520 |
| Diageo Investment Corp., |  |  |
| 5.13%, 8/15/30 | 200 | 204 |
| 5.63%, 4/15/35 | 300 | 311 |
|  |  | **5031** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| AstraZeneca PLC, |  |  |
| 3.13%, 6/12/27 | 31 | 31 |
| 1.38%, 8/6/30 | 731 | 645 |
| 6.45%, 9/15/37 | 450 | 503 |
| 4.00%, 9/18/42 | 250 | 210 |
| Takeda Pharmaceutical Co. Ltd., |  |  |
| 3.03%, 7/9/40 | 500 | 376 |
| 3.18%, 7/9/50 | 204 | 134 |
|  |  | **1899** |
| **Chemicals – 0.0%** | **Chemicals – 0.0%** | **Chemicals – 0.0%** |
| Nutrien Ltd., |  |  |
| 4.13%, 3/15/35 | 23 | 21 |
| 5.88%, 12/1/36 | 27 | 28 |
| 5.63%, 12/1/40 | 150 | 147 |
| 6.13%, 1/15/41 | 200 | 209 |
| 5.80%, 3/27/53 | 200 | 196 |
|  |  | **601** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Commercial Support Services – 0.0%** | **Commercial Support Services – 0.0%** | **Commercial Support Services – 0.0%** |
| RELX Capital, Inc., |  |  |
| 4.75%, 3/27/30 | $300 | **$302** |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| Smurfit Kappa Treasury ULC, |  |  |
| 5.78%, 4/3/54<sup>†</sup>  | 200 | **193** |
| **E-Commerce Discretionary – 0.0%** | **E-Commerce Discretionary – 0.0%** | **E-Commerce Discretionary – 0.0%** |
| Alibaba Group Holding Ltd., |  |  |
| 5.25%, 5/26/35<sup>†</sup>  | 200 | 205 |
| 3.15%, 2/9/51 | 250 | 168 |
| 4.40%, 12/6/57 | 600 | 491 |
| 3.25%, 2/9/61 | 200 | 128 |
| JD.com, Inc., |  |  |
| 3.38%, 1/14/30 | 300 | 290 |
|  |  | **1282** |
| **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** |
| Emera U.S. Finance L.P., |  |  |
| 2.64%, 6/15/31 | 300 | 268 |
| National Grid PLC, |  |  |
| 5.60%, 6/12/28 | 150 | 153 |
|  |  | **421** |
| **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** |
| Tyco Electronics Group S.A., |  |  |
| 7.13%, 10/1/37 | 50 | **58** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| Suzano Austria GmbH, |  |  |
| 3.13%, 1/15/32 | 400 | 352 |
| Suzano Netherlands B.V., |  |  |
| 5.50%, 1/15/36 | 530 | 513 |
|  |  | **865** |
| **Governmental Banks – 0.4%** | **Governmental Banks – 0.4%** | **Governmental Banks – 0.4%** |
| Export Development Canada, |  |  |
| 3.88%, 2/14/28 | 500 | 500 |
| 4.13%, 2/13/29 | 1000 | 1007 |
| Export-Import Bank of Korea, |  |  |
| 5.25%, 1/14/35 | 300 | 314 |
| 2.50%, 6/29/41 | 500 | 366 |
| &nbsp;&nbsp; Japan Bank for International <br> Cooperation,<br>|  |  |
| 2.75%, 11/16/27 | 1373 | 1347 |
| 4.63%, 7/19/28 | 200 | 203 |
| 3.50%, 10/31/28 | 301 | 297 |
| 1.88%, 4/15/31 | 500 | 447 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **83** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Governmental Banks – 0.4%continued** | **Governmental Banks – 0.4%continued** | **Governmental Banks – 0.4%continued** |
| Korea Development Bank (The), |  |  |
| 4.88%, 2/3/30 | $200 | $205 |
| 4.38%, 2/15/33 | 800 | 795 |
| Kreditanstalt fuer Wiederaufbau, |  |  |
| 2.88%, 4/3/28 | 1215 | 1193 |
| 3.88%, 5/15/28 | 1000 | 1001 |
| 4.63%, 3/18/30 | 1000 | 1027 |
| 3.75%, 7/15/30 | 1000 | 993 |
| 4.38%, 2/28/34 | 1500 | 1515 |
| 0.00%, 4/18/36<sup>(10)</sup>  | 500 | 322 |
| Landwirtschaftliche Rentenbank, |  |  |
| 3.88%, 6/14/28 | 500 | 500 |
| Oesterreichische Kontrollbank A.G., |  |  |
| 4.25%, 3/1/28 | 500 | 504 |
|  |  | **12536** |
| **Household Products – 0.0%** | **Household Products – 0.0%** | **Household Products – 0.0%** |
| Unilever Capital Corp., |  |  |
| 2.90%, 5/5/27 | 326 | 322 |
| 4.88%, 9/8/28 | 400 | 407 |
| 5.90%, 11/15/32 | 125 | 135 |
| 4.63%, 8/12/34 | 100 | 99 |
|  |  | **963** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| Marex Group PLC, |  |  |
| 5.83%, 5/8/28 | 1020 | 1031 |
| 6.40%, 11/4/29 | 50 | 52 |
| Nomura Holdings, Inc., |  |  |
| 5.39%, 7/6/27<sup>†</sup>  | 1200 | 1212 |
| 6.07%, 7/12/28 | 500 | 516 |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.30%), 5.04%, <br> 6/10/36<sup>(3)</sup> <br>| 500 | 485 |
|  |  | **3296** |
| **Insurance – 0.0%** | **Insurance – 0.0%** | **Insurance – 0.0%** |
| Fairfax Financial Holdings Ltd., |  |  |
| 6.35%, 3/22/54 | 200 | 202 |
| 6.50%, 5/20/55 | 250 | 256 |
| Manulife Financial Corp., |  |  |
| 3.70%, 3/16/32 | 300 | 284 |
|  |  | **742** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| Baidu, Inc., |  |  |
| 4.38%, 3/29/28 | $870 | $873 |
| 2.38%, 8/23/31 | 300 | 271 |
| Weibo Corp., |  |  |
| 3.38%, 7/8/30<sup>†</sup>  | 200 | 188 |
|  |  | **1332** |
| **Machinery – 0.0%** | **Machinery – 0.0%** | **Machinery – 0.0%** |
| nVent Finance S.a.r.l., |  |  |
| 5.65%, 5/15/33 | 200 | **205** |
| **Medical Equipment & Devices – 0.0%** | **Medical Equipment & Devices – 0.0%** | **Medical Equipment & Devices – 0.0%** |
| Koninklijke Philips N.V., |  |  |
| 6.88%, 3/11/38 | 225 | 248 |
| 5.00%, 3/15/42 | 100 | 91 |
| Smith & Nephew PLC, |  |  |
| 5.40%, 3/20/34 | 250 | 254 |
|  |  | **593** |
| **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** |
| AngloGold Ashanti Holdings PLC, |  |  |
| 3.75%, 10/1/30 | 200 | 193 |
| Barrick North America Finance LLC, |  |  |
| 5.70%, 5/30/41 | 300 | 300 |
| BHP Billiton Finance U.S.A. Ltd., |  |  |
| 5.00%, 2/21/30 | 400 | 407 |
| 5.00%, 2/15/36 | 500 | 500 |
| 4.13%, 2/24/42 | 200 | 170 |
| 5.50%, 9/8/53<sup>†</sup>  | 300 | 290 |
| Kinross Gold Corp., |  |  |
| 6.25%, 7/15/33 | 100 | 107 |
| Rio Tinto Alcan, Inc., |  |  |
| 6.13%, 12/15/33 | 100 | 107 |
| 5.75%, 6/1/35 | 100 | 104 |
| Rio Tinto Finance U.S.A. PLC, |  |  |
| 4.50%, 3/14/28 | 250 | 251 |
| 4.75%, 3/22/42 | 150 | 138 |
| 4.13%, 8/21/42 | 300 | 253 |
| 5.75%, 3/14/55 | 250 | 249 |
| 5.88%, 3/14/65 | 300 | 299 |
| Southern Copper Corp., |  |  |
| 7.50%, 7/27/35 | 300 | 343 |
| 6.75%, 4/16/40 | 90 | 98 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **84** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Metals & Mining – 0.2%continued** | **Metals & Mining – 0.2%continued** | **Metals & Mining – 0.2%continued** |
| Vale Overseas Ltd., |  |  |
| 6.13%, 6/12/33 | $600 | $626 |
| 6.40%, 6/28/54 | 400 | 405 |
|  |  | **4840** |
| **Oil & Gas Supply Chain – 0.2%** | **Oil & Gas Supply Chain – 0.2%** | **Oil & Gas Supply Chain – 0.2%** |
| Canadian Natural Resources Ltd., |  |  |
| 3.85%, 6/1/27 | 395 | 393 |
| 7.20%, 1/15/32 | 15 | 17 |
| 6.45%, 6/30/33 | 135 | 145 |
| 6.75%, 2/1/39 | 200 | 218 |
| Cenovus Energy, Inc., |  |  |
| 3.75%, 2/15/52 | 200 | 140 |
| Enbridge, Inc., |  |  |
| 6.00%, 11/15/28 | 400 | 415 |
| 6.20%, 11/15/30 | 500 | 530 |
| 5.70%, 3/8/33<sup>†</sup>  | 300 | 311 |
| 5.63%, 4/5/34 | 300 | 309 |
| 3.40%, 8/1/51 | 300 | 201 |
| 5.95%, 4/5/54 | 100 | 99 |
| Equinor ASA, |  |  |
| 3.00%, 4/6/27 | 52 | 52 |
| 2.38%, 5/22/30 | 870 | 804 |
| 4.25%, 11/23/41 | 350 | 303 |
| &nbsp;&nbsp; South Bow U.S.A. Infrastructure <br> Holdings LLC,<br>|  |  |
| 5.03%, 10/1/29 | 400 | 403 |
| Suncor Energy, Inc., |  |  |
| 7.15%, 2/1/32 | 200 | 221 |
| 5.95%, 12/1/34 | 50 | 52 |
| 6.80%, 5/15/38 | 130 | 142 |
| 3.75%, 3/4/51 | 100 | 70 |
| TotalEnergies Capital International S.A., |  |  |
| 2.83%, 1/10/30 | 500 | 474 |
| TotalEnergies Capital S.A., |  |  |
| 5.15%, 4/5/34 | 400 | 409 |
| 5.28%, 9/10/54 | 500 | 466 |
| 5.64%, 4/5/64 | 250 | 240 |
| 5.43%, 9/10/64 | 250 | 232 |
| TransCanada PipeLines Ltd., |  |  |
| 6.10%, 6/1/40 | 200 | 207 |
| 5.10%, 3/15/49 | 400 | 369 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Oil & Gas Supply Chain – 0.2%continued** | **Oil & Gas Supply Chain – 0.2%continued** | **Oil & Gas Supply Chain – 0.2%continued** |
| Woodside Finance Ltd., |  |  |
| 5.70%, 9/12/54 | $100 | $94 |
|  |  | **7316** |
| **Regional – 0.3%** | **Regional – 0.3%** | **Regional – 0.3%** |
| Province of Alberta Canada, |  |  |
| 4.50%, 1/24/34 | 500 | 502 |
| Province of British Columbia Canada, |  |  |
| 4.80%, 11/15/28 | 750 | 766 |
| 4.90%, 4/24/29 | 500 | 513 |
| 4.75%, 6/12/34 | 250 | 254 |
| 4.80%, 6/11/35 | 1000 | 1016 |
| 7.25%, 9/1/36 | 175 | 211 |
| Province of Manitoba Canada, |  |  |
| 4.90%, 5/31/34 | 500 | 512 |
| Province of Ontario Canada, |  |  |
| 4.20%, 1/18/29<sup>†</sup>  | 1000 | 1007 |
| 3.90%, 9/4/30 | 2000 | 1988 |
| 1.13%, 10/7/30 | 426 | 375 |
| 2.13%, 1/21/32 | 60 | 53 |
| 5.05%, 4/24/34 | 500 | 520 |
| Province of Quebec Canada, |  |  |
| 3.63%, 4/13/28 | 250 | 249 |
| 7.50%, 9/15/29 | 375 | 417 |
| 4.50%, 9/8/33 | 500 | 502 |
| 4.63%, 8/28/35 | 800 | 802 |
|  |  | **9687** |
| **Retail - Consumer Staples – 0.0%** | **Retail - Consumer Staples – 0.0%** | **Retail - Consumer Staples – 0.0%** |
| Koninklijke Ahold Delhaize N.V., |  |  |
| 5.70%, 10/1/40 | 116 | **116** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| &nbsp;&nbsp; NXP B.V./NXP Funding LLC/NXP <br> U.S.A., Inc.,<br>|  |  |
| 3.40%, 5/1/30 | 1280 | 1220 |
| TSMC Arizona Corp., |  |  |
| 3.13%, 10/25/41 | 500 | 408 |
|  |  | **1628** |
| **Sovereign Agencies – 0.0%** | **Sovereign Agencies – 0.0%** | **Sovereign Agencies – 0.0%** |
| &nbsp;&nbsp; Japan International Cooperation <br> Agency,<br>|  |  |
| 4.00%, 5/23/28 | 400 | **399** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **85** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Sovereign Government – 0.9%** | **Sovereign Government – 0.9%** | **Sovereign Government – 0.9%** |
| &nbsp;&nbsp; Canada Government International <br> Bond,<br>|  |  |
| 4.63%, 4/30/29 | $1200 | $1227 |
| 4.00%, 3/18/30 | 470 | 472 |
| Chile Government International Bond, |  |  |
| 5.65%, 1/13/37 | 300 | 311 |
| 3.50%, 1/25/50 | 210 | 150 |
| 5.33%, 1/5/54<sup>†</sup>  | 500 | 471 |
| 3.10%, 1/22/61 | 500 | 308 |
| &nbsp;&nbsp; Indonesia Government International <br> Bond,<br>|  |  |
| 3.50%, 1/11/28 | 500 | 492 |
| 5.60%, 1/15/35<sup>†</sup>  | 1000 | 1017 |
| 5.35%, 2/11/49 | 1000 | 945 |
| 5.65%, 1/11/53 | 300 | 288 |
| Israel Government International Bond, |  |  |
| 5.38%, 3/12/29 | 1000 | 1014 |
| 5.63%, 2/19/35 | 500 | 508 |
| 4.50%, 1/30/43 | 200 | 169 |
| 3.88%, 7/3/50 | 600 | 422 |
| Korea International Bond, |  |  |
| 3.50%, 9/20/28 | 500 | 494 |
| &nbsp;&nbsp; Mexico Government International <br> Bond,<br>|  |  |
| 5.40%, 2/9/28 | 1000 | 1012 |
| 3.25%, 4/16/30 | 742 | 692 |
| 4.88%, 5/19/33 | 258 | 244 |
| 3.50%, 2/12/34<sup>(11)</sup>  |  |  |
| 6.35%, 2/9/35 | 500 | 511 |
| 5.63%, 9/22/35 | 1000 | 967 |
| 6.88%, 5/13/37<sup>†</sup>  | 2000 | 2095 |
| 6.13%, 2/9/38 | 200 | 195 |
| 4.75%, 3/8/44 | 1000 | 801 |
| 5.55%, 1/21/45 | 500 | 447 |
| 4.60%, 1/23/46 | 500 | 383 |
| 4.35%, 1/15/47 | 500 | 365 |
| 4.40%, 2/12/52 | 700 | 496 |
| 6.34%, 5/4/53 | 500 | 465 |
| 6.75%, 2/9/56 | 200 | 194 |
| &nbsp;&nbsp; Panama Government International <br> Bond,<br>|  |  |
| 3.16%, 1/23/30<sup>†</sup>  | 33 | 31 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Sovereign Government – 0.9%continued** | **Sovereign Government – 0.9%continued** | **Sovereign Government – 0.9%continued** |
| &nbsp;&nbsp; Peruvian Government International <br> Bond,<br>|  |  |
| 6.55%, 3/14/37 | $500 | $540 |
| 3.30%, 3/11/41 | 500 | 377 |
| 5.63%, 11/18/50<sup>†</sup>  | 600 | 570 |
| &nbsp;&nbsp; Philippine Government International <br> Bond,<br>|  |  |
| 4.38%, 3/5/30<sup>†</sup>  | 700 | 696 |
| 7.75%, 1/14/31 | 500 | 561 |
| 6.38%, 10/23/34 | 500 | 538 |
| 5.00%, 1/13/37 | 500 | 483 |
| 3.70%, 2/2/42 | 500 | 397 |
| 5.75%, 1/27/51<sup>†</sup>  | 220 | 217 |
| &nbsp;&nbsp; Republic of Italy Government <br> International Bond,<br>|  |  |
| 2.88%, 10/17/29 | 1200 | 1147 |
| 5.38%, 6/15/33 | 175 | 183 |
| &nbsp;&nbsp; Republic of Poland Government <br> International Bond,<br>|  |  |
| 5.13%, 9/18/34 | 1000 | 1005 |
| 5.38%, 2/12/35 | 400 | 407 |
| 5.50%, 4/4/53 | 500 | 463 |
| 5.50%, 3/18/54 | 200 | 185 |
| &nbsp;&nbsp; Uruguay Government International <br> Bond,<br>|  |  |
| 7.63%, 3/21/36 | 250 | 294 |
| 5.10%, 6/18/50 | 750 | 687 |
|  |  | **25936** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 6.45%, 4/15/27 | 1100 | 1121 |
| 3.88%, 1/23/28 | 124 | 122 |
| 5.75%, 6/6/28 | 300 | 307 |
| 6.15%, 9/30/30 | 300 | 315 |
| 3.30%, 1/30/32 | 1000 | 908 |
| 5.30%, 1/19/34 | 200 | 199 |
| ORIX Corp., |  |  |
| 5.00%, 9/13/27 | 300 | 303 |
| 4.45%, 9/9/30 | 920 | 913 |
|  |  | **4188** |
| **Supranationals – 1.1%** | **Supranationals – 1.1%** | **Supranationals – 1.1%** |
| African Development Bank, |  |  |
| 4.38%, 3/14/28 | 1000 | 1010 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **86** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Supranationals – 1.1%continued** | **Supranationals – 1.1%continued** | **Supranationals – 1.1%continued** |
| Asian Development Bank, |  |  |
| 2.50%, 11/2/27 | $500 | $490 |
| 4.50%, 8/25/28 | 700 | 711 |
| 4.13%, 5/30/30 | 1750 | 1764 |
| 4.00%, 1/12/33 | 2000 | 1981 |
| &nbsp;&nbsp; Asian Infrastructure Investment Bank <br> (The),<br>|  |  |
| 4.13%, 1/18/29 | 1000 | 1007 |
| Council of Europe Development Bank, |  |  |
| 4.13%, 1/24/29 | 500 | 503 |
| &nbsp;&nbsp; European Bank for Reconstruction & <br> Development,<br>|  |  |
| 4.38%, 3/9/28 | 1000 | 1010 |
| European Investment Bank, |  |  |
| 3.88%, 3/15/28 | 1000 | 1002 |
| 3.88%, 6/15/28 | 500 | 501 |
| 4.00%, 2/15/29 | 1000 | 1005 |
| 3.75%, 11/15/29 | 500 | 498 |
| 3.88%, 10/15/30 | 2000 | 1995 |
| 4.38%, 10/10/31 | 900 | 915 |
| 3.75%, 2/14/33 | 1900 | 1854 |
| 4.88%, 2/15/36 | 200 | 208 |
| Inter-American Development Bank, |  |  |
| 1.13%, 7/20/28 | 197 | 185 |
| 3.13%, 9/18/28 | 1000 | 984 |
| 3.75%, 6/14/30 | 1000 | 994 |
| 1.13%, 1/13/31 | 1000 | 878 |
| 3.50%, 4/12/33 | 300 | 287 |
| 3.88%, 10/28/41 | 200 | 177 |
| &nbsp;&nbsp; International Bank for Reconstruction & <br> Development,<br>|  |  |
| 3.63%, 5/5/28 | 2000 | 1993 |
| 3.50%, 7/12/28 | 2000 | 1986 |
| 4.00%, 7/25/30 | 500 | 501 |
| 3.50%, 10/28/30 | 2000 | 1964 |
| 2.50%, 3/29/32 | 1000 | 917 |
| 4.00%, 5/6/32 | 1400 | 1395 |
| 3.88%, 8/28/34 | 500 | 486 |
| 4.70%, 11/8/34 | 500 | 497 |
| 4.75%, 2/15/35 | 25 | 26 |
| 5.06%, 2/28/39 | 1000 | 985 |
| International Finance Corp., |  |  |
| 4.25%, 7/2/29 | 1000 | 1011 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Supranationals – 1.1%continued** | **Supranationals – 1.1%continued** | **Supranationals – 1.1%continued** |
| Nordic Investment Bank, |  |  |
| 4.38%, 3/14/28 | $700 | $707 |
|  |  | **32427** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| America Movil S.A.B. de C.V., |  |  |
| 6.13%, 11/15/37 | 505 | 531 |
| 4.38%, 4/22/49<sup>†</sup>  | 500 | 410 |
| &nbsp;&nbsp; Bell Telephone Co. of Canada or Bell <br> Canada,<br>|  |  |
| 4.46%, 4/1/48 | 400 | 324 |
| British Telecommunications PLC, |  |  |
| 5.13%, 12/4/28 | 200 | 203 |
| 9.63%, 12/15/30 | 100 | 119 |
| &nbsp;&nbsp; Deutsche Telekom International Finance <br> B.V.,<br>|  |  |
| 8.75%, 6/15/30 | 400 | 459 |
| Orange S.A., |  |  |
| 9.00%, 3/1/31 | 610 | 721 |
| Rogers Communications, Inc., |  |  |
| 4.50%, 3/15/42 | 400 | 337 |
| 5.45%, 10/1/43 | 49 | 45 |
| 4.55%, 3/15/52 | 500 | 395 |
| Telefonica Emisiones S.A., |  |  |
| 5.21%, 3/8/47 | 570 | 495 |
| TELUS Corp., |  |  |
| 3.40%, 5/13/32<sup>†</sup>  | 400 | 365 |
| Vodafone Group PLC, |  |  |
| 7.88%, 2/15/30 | 2 | 2 |
| 6.15%, 2/27/37 | 59 | 63 |
| 5.63%, 2/10/53 | 400 | 374 |
| 5.88%, 6/28/64 | 300 | 285 |
|  |  | **5128** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| BAT Capital Corp., |  |  |
| 4.91%, 4/2/30 | 400 | 404 |
| 5.83%, 2/20/31 | 400 | 419 |
| 4.63%, 3/22/33 | 300 | 294 |
| 5.63%, 8/15/35 | 250 | 257 |
| 4.39%, 8/15/37 | 330 | 300 |
| 7.08%, 8/2/53 | 100 | 110 |
| Reynolds American, Inc., |  |  |
| 7.25%, 6/15/37 | 250 | 285 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **87** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  | **FOREIGN ISSUER BONDS - 5.7% continued**  |
| **Tobacco & Cannabis – 0.1%continued** | **Tobacco & Cannabis – 0.1%continued** | **Tobacco & Cannabis – 0.1%continued** |
| 6.15%, 9/15/43 | $65 | $65 |
| 5.85%, 8/15/45 | 795 | 770 |
|  |  | **2904** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| Canadian National Railway Co., |  |  |
| 6.90%, 7/15/28 | 25 | 27 |
| 4.20%, 3/12/31 | 500 | 493 |
| 6.25%, 8/1/34 | 15 | 16 |
| 6.20%, 6/1/36 | 40 | 44 |
| 6.38%, 11/15/37 | 20 | 22 |
| 4.40%, 8/5/52 | 300 | 249 |
| Canadian Pacific Railway Co., |  |  |
| 4.80%, 3/30/30 | 600 | 607 |
| 5.95%, 5/15/37 | 710 | 754 |
| 4.95%, 8/15/45 | 100 | 91 |
|  |  | **2303** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $177,834)** |  | **173892** |
| **U.S. GOVERNMENT AGENCIES – 24.6%** <sup>(12)</sup> | **U.S. GOVERNMENT AGENCIES – 24.6%** <sup>(12)</sup> | **U.S. GOVERNMENT AGENCIES – 24.6%** <sup>(12)</sup> |
| **Fannie Mae – 12.7%** | **Fannie Mae – 12.7%** | **Fannie Mae – 12.7%** |
| 0.75%, 10/8/27 | 350 | 334 |
| 7.13%, 1/15/30 | 1175 | 1307 |
| 0.88%, 8/5/30<sup>†</sup>  | 600 | 527 |
| 6.63%, 11/15/30 | 200 | 222 |
| 5.63%, 7/15/37 | 250 | 272 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M11, <br> Class A2,<br>|  |  |
| 2.98%, 8/25/29 | 267 | 258 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M1, <br> Class A2,<br>|  |  |
| 2.99%, 12/25/27<sup>(1)</sup>  | 147 | 145 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M10, <br> Class A2,<br>|  |  |
| 3.35%, 7/25/28<sup>(1)</sup>  | 184 | 181 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M12, <br> Class A2,<br>|  |  |
| 3.63%, 8/25/30<sup>(1)</sup>  | 99 | 97 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M13, <br> Class A2,<br>|  |  |
| 3.74%, 9/25/30<sup>(1)</sup>  | 138 | 136 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M2, <br> Class A2,<br>|  |  |
| 2.90%, 1/25/28<sup>(1)</sup>  | 96 | 94 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M4, <br> Class A2,<br>|  |  |
| 3.06%, 3/25/28<sup>(1)</sup>  | $60 | $59 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M8, <br> Class A2,<br>|  |  |
| 3.30%, 6/25/28<sup>(1)</sup>  | 79 | 77 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M1, <br> Class A2,<br>|  |  |
| 3.54%, 9/25/28<sup>(1)</sup>  | 211 | 209 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M18, <br> Class A2,<br>|  |  |
| 2.47%, 8/25/29 | 90 | 85 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M4, <br> Class A2,<br>|  |  |
| 3.61%, 2/25/31 | 125 | 121 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M7, <br> Class A2,<br>|  |  |
| 3.14%, 4/25/29 | 151 | 147 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M9, <br> Class A2,<br>|  |  |
| 2.94%, 6/25/29 | 98 | 95 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M42, <br> Class A2,<br>|  |  |
| 1.27%, 7/25/30 | 200 | 178 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M46, <br> Class A2,<br>|  |  |
| 1.32%, 5/25/30 | 485 | 439 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M52, <br> Class A2,<br>|  |  |
| 1.32%, 10/25/30<sup>(1)</sup>  | 323 | 287 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M53, <br> Class A2,<br>|  |  |
| 1.69%, 11/25/32<sup>(1)</sup>  | 200 | 171 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2021-M1, <br> Class A2,<br>|  |  |
| 1.39%, 11/25/30<sup>(1)</sup>  | 1000 | 886 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2021-M11, <br> Class A2,<br>|  |  |
| 1.46%, 3/25/31<sup>(1)</sup>  | 200 | 175 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2022-M1, <br> Class A2,<br>|  |  |
| 1.67%, 10/25/31<sup>(1)</sup>  | 200 | 174 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2022-M10, <br> Class A2,<br>|  |  |
| 1.93%, 1/25/32<sup>(1)</sup>  | 239 | 211 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **88** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2023-M1S, <br> Class A2,<br>|  |  |
| 4.50%, 4/25/33<sup>(1)</sup>  | $350 | $351 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2025-M1, <br> Class A2,<br>|  |  |
| 4.70%, 1/25/35 | 150 | 151 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2025-M4, <br> Class A2,<br>|  |  |
| 4.39%, 4/25/35 | 200 | 197 |
| Pool #256925, |  |  |
| 6.00%, 10/1/37 | 3 | 4 |
| Pool #256959, |  |  |
| 6.00%, 11/1/37 | 25 | 26 |
| Pool #257042, |  |  |
| 6.50%, 1/1/38 | 57 | 60 |
| Pool #257237, |  |  |
| 4.50%, 6/1/28 | 2 | 2 |
| Pool #707791, |  |  |
| 5.00%, 6/1/33 | 21 | 21 |
| Pool #725425, |  |  |
| 5.50%, 4/1/34 | 10 | 10 |
| Pool #730811, |  |  |
| 4.50%, 8/1/33 | 9 | 9 |
| Pool #735222, |  |  |
| 5.00%, 2/1/35 | 6 | 6 |
| Pool #735358, |  |  |
| 5.50%, 2/1/35 | 24 | 24 |
| Pool #735502, |  |  |
| 6.00%, 4/1/35 | 4 | 4 |
| Pool #737853, |  |  |
| 5.00%, 9/1/33 | 57 | 57 |
| Pool #745336, |  |  |
| 5.00%, 3/1/36 | 121 | 122 |
| Pool #745418, |  |  |
| 5.50%, 4/1/36 | 9 | 9 |
| Pool #745754, |  |  |
| 5.00%, 9/1/34 | 85 | 86 |
| Pool #745826, |  |  |
| 6.00%, 7/1/36 | 38 | 39 |
| Pool #747383, |  |  |
| 5.50%, 10/1/33 | 16 | 16 |
| Pool #755632, |  |  |
| 5.00%, 4/1/34 | 18 | 18 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #772730, |  |  |
| 5.00%, 4/1/34 | $19 | $19 |
| Pool #790406, |  |  |
| 6.00%, 9/1/34 | 9 | 9 |
| Pool #793666, |  |  |
| 5.50%, 9/1/34 | 6 | 6 |
| Pool #796250, |  |  |
| 5.50%, 11/1/34 | 13 | 13 |
| Pool #800471, |  |  |
| 5.50%, 10/1/34 | 25 | 25 |
| Pool #817795, |  |  |
| 6.00%, 8/1/36 | 6 | 7 |
| Pool #826057, |  |  |
| 5.00%, 7/1/35 | 21 | 21 |
| Pool #826585, |  |  |
| 5.00%, 8/1/35 | 26 | 26 |
| Pool #828523, |  |  |
| 5.00%, 7/1/35 | 11 | 12 |
| Pool #831676, |  |  |
| 6.50%, 8/1/36 | 3 | 3 |
| Pool #833067, |  |  |
| 5.50%, 9/1/35 | 51 | 53 |
| Pool #833163, |  |  |
| 5.00%, 9/1/35 | 19 | 19 |
| Pool #845425, |  |  |
| 6.00%, 2/1/36 | 4 | 5 |
| Pool #868435, |  |  |
| 6.00%, 4/1/36 | 49 | 51 |
| Pool #869710, |  |  |
| 6.00%, 4/1/36 | 11 | 11 |
| Pool #871135, |  |  |
| 6.00%, 1/1/37 | 15 | 15 |
| Pool #885866, |  |  |
| 6.00%, 6/1/36 | 52 | 55 |
| Pool #888100, |  |  |
| 5.50%, 9/1/36 | 43 | 43 |
| Pool #888205, |  |  |
| 6.50%, 2/1/37 | 10 | 11 |
| Pool #889224, |  |  |
| 5.50%, 1/1/37 | 46 | 48 |
| Pool #889401, |  |  |
| 6.00%, 3/1/38 | 23 | 24 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **89** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #889579, |  |  |
| 6.00%, 5/1/38 | $49 | $51 |
| Pool #889630, |  |  |
| 6.50%, 3/1/38 | 5 | 6 |
| Pool #889970, |  |  |
| 5.00%, 12/1/36 | 33 | 33 |
| Pool #890234, |  |  |
| 6.00%, 10/1/38 | 23 | 25 |
| Pool #890796, |  |  |
| 3.50%, 12/1/45 | 418 | 393 |
| Pool #893363, |  |  |
| 5.00%, 6/1/36 | 7 | 7 |
| Pool #893366, |  |  |
| 5.00%, 4/1/35 | 16 | 16 |
| Pool #898417, |  |  |
| 6.00%, 10/1/36 | 7 | 7 |
| Pool #899079, |  |  |
| 5.00%, 3/1/37 | 13 | 13 |
| Pool #902414, |  |  |
| 5.50%, 11/1/36 | 29 | 30 |
| Pool #906090, |  |  |
| 5.50%, 1/1/37 | 24 | 25 |
| Pool #918515, |  |  |
| 5.00%, 6/1/37 | 24 | 24 |
| Pool #923123, |  |  |
| 5.00%, 4/1/36 | 7 | 7 |
| Pool #923166, |  |  |
| 7.50%, 1/1/37 | 3 | 3 |
| Pool #928261, |  |  |
| 4.50%, 3/1/36 | 23 | 23 |
| Pool #928584, |  |  |
| 6.50%, 8/1/37 | 75 | 80 |
| Pool #928909, |  |  |
| 6.00%, 12/1/37<sup>(11)</sup>  |  |  |
| Pool #928915, |  |  |
| 6.00%, 11/1/37 | 2 | 2 |
| Pool #930606, |  |  |
| 4.00%, 2/1/39 | 103 | 100 |
| Pool #932023, |  |  |
| 5.00%, 1/1/38 | 18 | 18 |
| Pool #940623, |  |  |
| 5.50%, 8/1/37 | 7 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #943388, |  |  |
| 6.00%, 6/1/37 | $22 | $23 |
| Pool #943617, |  |  |
| 6.00%, 8/1/37 | 9 | 9 |
| Pool #945876, |  |  |
| 5.50%, 8/1/37 | 4 | 4 |
| Pool #947216, |  |  |
| 6.00%, 10/1/37 | 16 | 17 |
| Pool #953018, |  |  |
| 6.50%, 10/1/37 | 24 | 26 |
| Pool #953910, |  |  |
| 6.00%, 11/1/37 | 15 | 16 |
| Pool #955771, |  |  |
| 6.50%, 10/1/37 | 10 | 10 |
| Pool #959604, |  |  |
| 6.50%, 11/1/37 | 2 | 2 |
| Pool #959880, |  |  |
| 5.50%, 11/1/37 | 4 | 4 |
| Pool #962687, |  |  |
| 5.00%, 4/1/38 | 27 | 27 |
| Pool #968037, |  |  |
| 6.00%, 1/1/38 | 20 | 21 |
| Pool #969632, |  |  |
| 6.50%, 1/1/38 | 14 | 15 |
| Pool #970013, |  |  |
| 4.50%, 6/1/38 | 58 | 58 |
| Pool #972452, |  |  |
| 5.50%, 3/1/38 | 34 | 35 |
| Pool #981854, |  |  |
| 5.50%, 7/1/38 | 6 | 7 |
| Pool #986760, |  |  |
| 5.50%, 7/1/38 | 78 | 81 |
| Pool #992472, |  |  |
| 6.00%, 10/1/38 | 7 | 7 |
| Pool #995018, |  |  |
| 5.50%, 6/1/38 | 16 | 16 |
| Pool #995203, |  |  |
| 5.00%, 7/1/35 | 95 | 96 |
| Pool #995879, |  |  |
| 6.00%, 4/1/39 | 20 | 21 |
| Pool #AA0649, |  |  |
| 5.00%, 12/1/38 | 76 | 77 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **90** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #AA4482, |  |  |
| 4.00%, 4/1/39 | $94 | $91 |
| Pool #AA8978, |  |  |
| 4.50%, 7/1/39 | 12 | 12 |
| Pool #AA9357, |  |  |
| 4.50%, 8/1/39 | 85 | 84 |
| Pool #AB2067, |  |  |
| 3.50%, 1/1/41 | 203 | 193 |
| Pool #AB2092, |  |  |
| 4.00%, 1/1/41 | 132 | 127 |
| Pool #AB2693, |  |  |
| 4.50%, 4/1/41 | 134 | 133 |
| Pool #AB2768, |  |  |
| 4.50%, 4/1/41 | 121 | 119 |
| Pool #AB3035, |  |  |
| 5.00%, 5/1/41 | 225 | 228 |
| Pool #AB3246, |  |  |
| 5.00%, 7/1/41 | 45 | 46 |
| Pool #AB4293, |  |  |
| 3.50%, 1/1/42 | 253 | 240 |
| Pool #AB6016, |  |  |
| 3.50%, 8/1/42 | 152 | 143 |
| Pool #AB7076, |  |  |
| 3.00%, 11/1/42 | 755 | 692 |
| Pool #AB7503, |  |  |
| 3.00%, 1/1/43 | 276 | 253 |
| Pool #AB7733, |  |  |
| 3.00%, 1/1/43 | 598 | 548 |
| Pool #AB9019, |  |  |
| 3.00%, 4/1/43 | 316 | 287 |
| Pool #AB9136, |  |  |
| 2.50%, 4/1/43 | 33 | 29 |
| Pool #AB9990, |  |  |
| 3.00%, 7/1/33 | 59 | 57 |
| Pool #AC3263, |  |  |
| 4.50%, 9/1/29 | 18 | 18 |
| Pool #AC6118, |  |  |
| 4.50%, 11/1/39 | 51 | 51 |
| Pool #AC8518, |  |  |
| 5.00%, 12/1/39 | 82 | 83 |
| Pool #AD0119, |  |  |
| 6.00%, 7/1/38 | 62 | 65 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #AD0639, |  |  |
| 6.00%, 12/1/38 | $16 | $17 |
| Pool #AD0969, |  |  |
| 5.50%, 8/1/37 | 75 | 78 |
| Pool #AD5241, |  |  |
| 4.50%, 7/1/40 | 65 | 64 |
| Pool #AD5525, |  |  |
| 5.00%, 6/1/40 | 96 | 97 |
| Pool #AD7859, |  |  |
| 5.00%, 6/1/40 | 38 | 38 |
| Pool #AE0981, |  |  |
| 3.50%, 3/1/41 | 159 | 150 |
| Pool #AE1807, |  |  |
| 4.00%, 10/1/40 | 250 | 242 |
| Pool #AE3873, |  |  |
| 4.50%, 10/1/40 | 37 | 36 |
| Pool #AE5436, |  |  |
| 4.50%, 10/1/40 | 64 | 63 |
| Pool #AH3226, |  |  |
| 5.00%, 2/1/41 | 33 | 34 |
| Pool #AH4158, |  |  |
| 4.00%, 1/1/41 | 45 | 43 |
| Pool #AH8854, |  |  |
| 4.50%, 4/1/41 | 54 | 54 |
| Pool #AI1247, |  |  |
| 4.00%, 4/1/26<sup>(11)</sup>  |  |  |
| Pool #AI3470, |  |  |
| 4.50%, 6/1/41 | 91 | 90 |
| Pool #AI4361, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 8.09% Cap), 6.55%, 9/1/41<sup>(13)</sup> <br>| 2 | 2 |
| Pool #AI4380, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 7.93% Cap), 6.18%, 11/1/41<sup>(13)</sup> <br>| 5 | 5 |
| Pool #AI5603, |  |  |
| 4.50%, 7/1/41 | 51 | 50 |
| Pool #AI7743, |  |  |
| 4.00%, 8/1/41 | 53 | 51 |
| Pool #AI9555, |  |  |
| 4.00%, 9/1/41 | 118 | 114 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **91** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #AI9828, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.82%, 1.82% Floor, <br> 7.93% Cap), 6.34%, 11/1/41<sup>(13)</sup> <br>| $2 | $3 |
| Pool #AJ4093, |  |  |
| 3.50%, 10/1/26 | 1 | 1 |
| Pool #AJ4408, |  |  |
| 4.50%, 10/1/41 | 52 | 51 |
| Pool #AJ6086, |  |  |
| 3.00%, 12/1/26 | 4 | 4 |
| Pool #AJ9218, |  |  |
| 4.00%, 2/1/42 | 197 | 190 |
| Pool #AJ9326, |  |  |
| 3.50%, 1/1/42 | 411 | 389 |
| Pool #AJ9355, |  |  |
| 3.00%, 1/1/27 | 12 | 12 |
| Pool #AK4813, |  |  |
| 3.50%, 3/1/42 | 136 | 128 |
| Pool #AK4945, |  |  |
| 3.50%, 2/1/42 | 106 | 101 |
| Pool #AK7766, |  |  |
| 2.50%, 3/1/27 | 19 | 19 |
| Pool #AK9444, |  |  |
| 4.00%, 3/1/42 | 23 | 22 |
| Pool #AL0442, |  |  |
| 5.50%, 6/1/40 | 24 | 25 |
| Pool #AL1849, |  |  |
| 6.00%, 2/1/39 | 86 | 92 |
| Pool #AL1939, |  |  |
| 3.50%, 6/1/42 | 391 | 370 |
| Pool #AL2243, |  |  |
| 4.00%, 3/1/42 | 262 | 253 |
| Pool #AL2303, |  |  |
| 4.50%, 6/1/26<sup>(11)</sup>  |  |  |
| Pool #AL2397, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.72%, 1.71% Floor, <br> 7.77% Cap), 6.32%, 8/1/42<sup>(13)</sup> <br>| 4 | 4 |
| Pool #AL3803, |  |  |
| 3.00%, 6/1/28 | 35 | 35 |
| Pool #AL4462, |  |  |
| 2.50%, 6/1/28 | 53 | 53 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #AL5167, |  |  |
| 3.50%, 1/1/34 | $57 | $56 |
| Pool #AL5254, |  |  |
| 3.00%, 11/1/27 | 19 | 19 |
| Pool #AL5377, |  |  |
| 4.00%, 6/1/44 | 873 | 842 |
| Pool #AL5734, |  |  |
| 3.50%, 9/1/29 | 96 | 95 |
| Pool #AL5785, |  |  |
| 4.00%, 9/1/44 | 518 | 500 |
| Pool #AL6488, |  |  |
| 3.50%, 8/1/43 | 195 | 184 |
| Pool #AL7807, |  |  |
| 3.00%, 11/1/30 | 102 | 100 |
| Pool #AL8951, |  |  |
| 3.00%, 8/1/46 | 253 | 229 |
| Pool #AO0752, |  |  |
| 3.00%, 4/1/42 | 163 | 149 |
| Pool #AO0800, |  |  |
| 3.00%, 4/1/27 | 16 | 16 |
| Pool #AO4136, |  |  |
| 3.50%, 6/1/42 | 215 | 203 |
| Pool #AO8629, |  |  |
| 3.50%, 7/1/42 | 82 | 77 |
| Pool #AP6273, |  |  |
| 3.00%, 10/1/42 | 233 | 214 |
| Pool #AQ6784, |  |  |
| 3.50%, 12/1/42 | 206 | 195 |
| Pool #AQ8185, |  |  |
| 2.50%, 1/1/28 | 15 | 14 |
| Pool #AQ8647, |  |  |
| 3.50%, 12/1/42 | 322 | 304 |
| Pool #AR1706, |  |  |
| 2.50%, 1/1/28 | 129 | 127 |
| Pool #AR3054, |  |  |
| 3.00%, 1/1/28 | 42 | 42 |
| Pool #AR3792, |  |  |
| 3.00%, 2/1/43 | 167 | 153 |
| Pool #AR9188, |  |  |
| 2.50%, 3/1/43 | 54 | 48 |
| Pool #AR9582, |  |  |
| 3.00%, 3/1/43 | 136 | 125 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **92** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #AS0018, |  |  |
| 3.00%, 7/1/43 | $163 | $149 |
| Pool #AS0275, |  |  |
| 3.00%, 8/1/33 | 68 | 66 |
| Pool #AS3294, |  |  |
| 4.00%, 9/1/44 | 322 | 310 |
| Pool #AS3600, |  |  |
| 3.00%, 10/1/29 | 216 | 212 |
| Pool #AS4085, |  |  |
| 4.00%, 12/1/44 | 147 | 141 |
| Pool #AS4306, |  |  |
| 3.00%, 1/1/45 | 232 | 211 |
| Pool #AS5500, |  |  |
| 3.00%, 7/1/35 | 86 | 82 |
| Pool #AS5666, |  |  |
| 4.00%, 8/1/45 | 214 | 206 |
| Pool #AS5892, |  |  |
| 3.50%, 10/1/45 | 239 | 224 |
| Pool #AS6262, |  |  |
| 3.50%, 11/1/45 | 305 | 286 |
| Pool #AS6398, |  |  |
| 3.50%, 12/1/45 | 266 | 250 |
| Pool #AS6730, |  |  |
| 3.50%, 2/1/46 | 401 | 377 |
| Pool #AS7149, |  |  |
| 3.00%, 5/1/46 | 460 | 418 |
| Pool #AS7157, |  |  |
| 3.00%, 5/1/46 | 177 | 160 |
| Pool #AS7247, |  |  |
| 4.00%, 5/1/46 | 88 | 84 |
| Pool #AS7343, |  |  |
| 3.00%, 6/1/46 | 171 | 154 |
| Pool #AS7480, |  |  |
| 2.00%, 7/1/31 | 35 | 34 |
| Pool #AS7580, |  |  |
| 3.00%, 7/1/46 | 204 | 183 |
| Pool #AS8067, |  |  |
| 3.00%, 10/1/46 | 463 | 419 |
| Pool #AS8074, |  |  |
| 3.00%, 10/1/46 | 146 | 131 |
| Pool #AS8178, |  |  |
| 3.00%, 10/1/36 | 46 | 44 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #AS8194, |  |  |
| 2.50%, 10/1/31 | $487 | $469 |
| Pool #AS8424, |  |  |
| 3.00%, 12/1/36 | 85 | 80 |
| Pool #AS8699, |  |  |
| 4.00%, 1/1/47 | 510 | 489 |
| Pool #AS8960, |  |  |
| 4.00%, 3/1/47 | 175 | 167 |
| Pool #AS9505, |  |  |
| 3.00%, 4/1/32 | 136 | 133 |
| Pool #AS9615, |  |  |
| 4.50%, 5/1/47 | 111 | 109 |
| Pool #AT2720, |  |  |
| 3.00%, 5/1/43 | 378 | 346 |
| Pool #AT3180, |  |  |
| 3.00%, 5/1/43 | 194 | 178 |
| Pool #AU1657, |  |  |
| 2.50%, 7/1/28 | 38 | 37 |
| Pool #AU1689, |  |  |
| 3.50%, 8/1/43 | 933 | 877 |
| Pool #AU3164, |  |  |
| 3.00%, 8/1/33 | 71 | 69 |
| Pool #AU5919, |  |  |
| 3.50%, 9/1/43 | 292 | 275 |
| Pool #AV2339, |  |  |
| 4.00%, 12/1/43 | 144 | 139 |
| Pool #AW8167, |  |  |
| 3.50%, 2/1/42 | 137 | 130 |
| Pool #AW8595, |  |  |
| 3.00%, 8/1/29 | 43 | 42 |
| Pool #AX2163, |  |  |
| 3.50%, 11/1/44 | 168 | 158 |
| Pool #AX4413, |  |  |
| 4.00%, 11/1/44 | 184 | 177 |
| Pool #AX4839, |  |  |
| 3.50%, 11/1/44 | 247 | 232 |
| Pool #AY3062, |  |  |
| 3.00%, 11/1/26 | 1 | 1 |
| Pool #AY9555, |  |  |
| 3.00%, 5/1/45 | 222 | 201 |
| Pool #AZ1449, |  |  |
| 3.00%, 7/1/45 | 183 | 166 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **93** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #AZ2936, |  |  |
| 3.00%, 9/1/45 | $123 | $112 |
| Pool #AZ2947, |  |  |
| 4.00%, 9/1/45 | 249 | 240 |
| Pool #AZ4775, |  |  |
| 3.50%, 10/1/45 | 163 | 152 |
| Pool #AZ6684, |  |  |
| 3.00%, 2/1/31 | 189 | 183 |
| Pool #BA2911, |  |  |
| 3.00%, 11/1/30 | 56 | 55 |
| Pool #BC0326, |  |  |
| 3.50%, 12/1/45 | 125 | 117 |
| Pool #BC0822, |  |  |
| 3.50%, 4/1/46 | 1075 | 1008 |
| Pool #BC1510, |  |  |
| 3.00%, 8/1/46 | 154 | 139 |
| Pool #BC9096, |  |  |
| 3.50%, 12/1/46 | 219 | 203 |
| Pool #BE3171, |  |  |
| 2.50%, 2/1/32 | 159 | 153 |
| Pool #BH1130, |  |  |
| 3.50%, 4/1/32 | 85 | 84 |
| Pool #BH7032, |  |  |
| 3.50%, 12/1/47 | 101 | 94 |
| Pool #BH7106, |  |  |
| 3.50%, 1/1/48 | 209 | 195 |
| Pool #BJ0648, |  |  |
| 3.50%, 3/1/48 | 229 | 213 |
| Pool #BJ9181, |  |  |
| 5.00%, 5/1/48 | 186 | 187 |
| Pool #BJ9260, |  |  |
| 4.00%, 4/1/48 | 174 | 167 |
| Pool #BJ9977, |  |  |
| 4.00%, 5/1/48 | 144 | 138 |
| Pool #BK0276, |  |  |
| 4.00%, 9/1/48 | 66 | 63 |
| Pool #BK0920, |  |  |
| 4.00%, 7/1/48 | 291 | 279 |
| Pool #BK0922, |  |  |
| 4.50%, 7/1/48 | 49 | 48 |
| Pool #BK3044, |  |  |
| 2.50%, 9/1/50 | 389 | 331 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #BK4740, |  |  |
| 4.00%, 8/1/48 | $90 | $86 |
| Pool #BK4764, |  |  |
| 4.00%, 8/1/48 | 90 | 87 |
| Pool #BK4816, |  |  |
| 4.00%, 9/1/48 | 126 | 121 |
| Pool #BM1787, |  |  |
| 4.00%, 9/1/47 | 99 | 95 |
| Pool #BM2001, |  |  |
| 3.50%, 12/1/46 | 64 | 60 |
| Pool #BM3286, |  |  |
| 4.50%, 11/1/47 | 36 | 36 |
| Pool #BM5288, |  |  |
| 3.50%, 1/1/34 | 85 | 83 |
| Pool #BM5804, |  |  |
| 5.00%, 1/1/49 | 205 | 206 |
| Pool #BN1176, |  |  |
| 4.50%, 11/1/48 | 86 | 84 |
| Pool #BN1628, |  |  |
| 4.50%, 11/1/48 | 55 | 54 |
| Pool #BN5947, |  |  |
| 3.50%, 6/1/49 | 146 | 135 |
| Pool #BN6097, |  |  |
| 4.00%, 6/1/49 | 412 | 393 |
| Pool #BN6683, |  |  |
| 3.50%, 6/1/49 | 199 | 184 |
| Pool #BN8985, |  |  |
| 2.00%, 3/1/51 | 284 | 230 |
| Pool #BN9007, |  |  |
| 2.00%, 3/1/51 | 680 | 556 |
| Pool #BO1012, |  |  |
| 3.50%, 8/1/49 | 73 | 67 |
| Pool #BO1021, |  |  |
| 3.50%, 8/1/49 | 94 | 87 |
| Pool #BO1169, |  |  |
| 3.50%, 7/1/49 | 68 | 63 |
| Pool #BO1444, |  |  |
| 3.00%, 10/1/49 | 160 | 143 |
| Pool #BO1461, |  |  |
| 3.00%, 10/1/49 | 97 | 87 |
| Pool #BO3181, |  |  |
| 2.50%, 10/1/49 | 360 | 307 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **94** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #BO4708, |  |  |
| 3.00%, 11/1/49 | $307 | $274 |
| Pool #BO8620, |  |  |
| 3.00%, 12/1/49 | 350 | 312 |
| Pool #BP3454, |  |  |
| 2.00%, 5/1/36 | 345 | 318 |
| Pool #BP4660, |  |  |
| 2.50%, 5/1/50 | 105 | 89 |
| Pool #BP6496, |  |  |
| 2.00%, 7/1/35 | 480 | 443 |
| Pool #BP6626, |  |  |
| 2.00%, 8/1/50 | 729 | 593 |
| Pool #BP6683, |  |  |
| 2.50%, 9/1/50 | 482 | 410 |
| Pool #BP7273, |  |  |
| 2.50%, 8/1/50 | 271 | 231 |
| Pool #BP7585, |  |  |
| 2.00%, 9/1/50 | 2403 | 1957 |
| Pool #BQ0202, |  |  |
| 2.50%, 8/1/50 | 363 | 311 |
| Pool #BQ1147, |  |  |
| 2.50%, 10/1/50 | 533 | 458 |
| Pool #BQ1351, |  |  |
| 2.50%, 8/1/50 | 452 | 387 |
| Pool #BQ4077, |  |  |
| 2.00%, 12/1/50 | 791 | 638 |
| Pool #BQ5056, |  |  |
| 2.00%, 10/1/50 | 281 | 231 |
| Pool #BQ5979, |  |  |
| 2.00%, 11/1/50 | 1194 | 976 |
| Pool #BR1035, |  |  |
| 2.00%, 5/1/51 | 4860 | 3946 |
| Pool #BR4450, |  |  |
| 1.50%, 2/1/36 | 469 | 423 |
| Pool #BR6042, |  |  |
| 2.00%, 2/1/51 | 1749 | 1420 |
| Pool #BR9755, |  |  |
| 2.00%, 4/1/51 | 1174 | 968 |
| Pool #BR9761, |  |  |
| 2.00%, 4/1/51 | 880 | 712 |
| Pool #BT1034, |  |  |
| 2.00%, 7/1/51 | 1677 | 1364 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #BT2034, |  |  |
| 2.50%, 3/1/42 | $699 | $628 |
| Pool #BT4528, |  |  |
| 2.50%, 9/1/51 | 7674 | 6641 |
| Pool #BT8308, |  |  |
| 4.50%, 8/1/52 | 687 | 666 |
| Pool #BT9031, |  |  |
| 2.00%, 8/1/41 | 687 | 598 |
| Pool #BU0066, |  |  |
| 2.50%, 10/1/51 | 786 | 674 |
| Pool #BU4046, |  |  |
| 5.00%, 7/1/53 | 815 | 808 |
| Pool #BX1915, |  |  |
| 6.00%, 1/1/53 | 651 | 674 |
| Pool #BX6021, |  |  |
| 5.00%, 2/1/53 | 311 | 308 |
| Pool #BY0545, |  |  |
| 5.00%, 5/1/53 | 1883 | 1863 |
| Pool #BY4424, |  |  |
| 5.50%, 7/1/53 | 724 | 730 |
| Pool #CA0110, |  |  |
| 3.50%, 8/1/47 | 193 | 180 |
| Pool #CA0619, |  |  |
| 4.00%, 10/1/47 | 54 | 52 |
| Pool #CA0620, |  |  |
| 4.00%, 10/1/47 | 705 | 675 |
| Pool #CA0656, |  |  |
| 3.50%, 11/1/47 | 527 | 491 |
| Pool #CA0859, |  |  |
| 3.50%, 12/1/47 | 375 | 348 |
| Pool #CA0917, |  |  |
| 3.50%, 12/1/47 | 335 | 312 |
| Pool #CA1370, |  |  |
| 4.00%, 3/1/48 | 181 | 173 |
| Pool #CA1378, |  |  |
| 4.00%, 3/1/48 | 145 | 138 |
| Pool #CA1564, |  |  |
| 4.50%, 4/1/48 | 62 | 61 |
| Pool #CA1711, |  |  |
| 4.50%, 5/1/48 | 183 | 180 |
| Pool #CA1902, |  |  |
| 4.50%, 6/1/48 | 179 | 176 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **95** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #CA1909, |  |  |
| 4.50%, 6/1/48 | $93 | $91 |
| Pool #CA1951, |  |  |
| 4.00%, 7/1/48 | 98 | 94 |
| Pool #CA1952, |  |  |
| 4.50%, 6/1/48 | 41 | 41 |
| Pool #CA2056, |  |  |
| 4.50%, 7/1/48 | 56 | 55 |
| Pool #CA2208, |  |  |
| 4.50%, 8/1/48 | 56 | 55 |
| Pool #CA2256, |  |  |
| 3.50%, 8/1/33 | 70 | 69 |
| Pool #CA2366, |  |  |
| 3.50%, 9/1/48 | 64 | 60 |
| Pool #CA2375, |  |  |
| 4.00%, 9/1/48 | 268 | 257 |
| Pool #CA2559, |  |  |
| 4.00%, 11/1/33 | 82 | 82 |
| Pool #CA2729, |  |  |
| 4.50%, 11/1/48 | 214 | 210 |
| Pool #CA3640, |  |  |
| 4.00%, 6/1/49 | 241 | 230 |
| Pool #CA4029, |  |  |
| 4.00%, 8/1/49 | 647 | 619 |
| Pool #CA4143, |  |  |
| 3.00%, 9/1/49 | 2051 | 1834 |
| Pool #CA4420, |  |  |
| 3.00%, 10/1/49 | 308 | 276 |
| Pool #CA4792, |  |  |
| 3.00%, 12/1/49 | 180 | 160 |
| Pool #CA5020, |  |  |
| 3.50%, 1/1/50 | 337 | 312 |
| Pool #CA5452, |  |  |
| 3.00%, 3/1/50 | 580 | 515 |
| Pool #CA5508, |  |  |
| 3.00%, 4/1/50 | 721 | 636 |
| Pool #CA5700, |  |  |
| 2.50%, 5/1/50 | 3137 | 2692 |
| Pool #CA6072, |  |  |
| 2.50%, 6/1/50 | 304 | 259 |
| Pool #CA6074, |  |  |
| 2.50%, 6/1/50 | 421 | 359 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #CA6144, |  |  |
| 2.50%, 6/1/50 | $478 | $406 |
| Pool #CA6290, |  |  |
| 3.00%, 7/1/50 | 362 | 322 |
| Pool #CA6305, |  |  |
| 2.50%, 7/1/50 | 834 | 708 |
| Pool #CA6339, |  |  |
| 2.50%, 7/1/50 | 844 | 717 |
| Pool #CA6346, |  |  |
| 2.50%, 7/1/50 | 480 | 408 |
| Pool #CA6563, |  |  |
| 2.50%, 8/1/35 | 359 | 341 |
| Pool #CA6601, |  |  |
| 2.50%, 8/1/50 | 355 | 303 |
| Pool #CA6951, |  |  |
| 2.50%, 9/1/50 | 334 | 286 |
| Pool #CA6962, |  |  |
| 2.50%, 9/1/50 | 490 | 420 |
| Pool #CA7216, |  |  |
| 2.00%, 10/1/50 | 2142 | 1753 |
| Pool #CA7232, |  |  |
| 2.50%, 10/1/50 | 949 | 806 |
| Pool #CA7596, |  |  |
| 2.00%, 11/1/50 | 372 | 300 |
| Pool #CA7600, |  |  |
| 2.50%, 11/1/50 | 976 | 829 |
| Pool #CA7697, |  |  |
| 1.50%, 11/1/50 | 1200 | 930 |
| Pool #CA7736, |  |  |
| 2.50%, 11/1/50 | 980 | 836 |
| Pool #CA8043, |  |  |
| 2.50%, 12/1/50 | 590 | 506 |
| Pool #CA9143, |  |  |
| 2.00%, 2/1/36 | 622 | 574 |
| Pool #CA9355, |  |  |
| 2.00%, 3/1/41 | 382 | 334 |
| Pool #CA9418, |  |  |
| 1.50%, 3/1/36 | 103 | 93 |
| Pool #CB0113, |  |  |
| 2.00%, 4/1/41 | 587 | 516 |
| Pool #CB0325, |  |  |
| 2.00%, 4/1/51 | 1380 | 1121 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **96** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #CB1903, |  |  |
| 2.50%, 10/1/51 | $1325 | $1142 |
| Pool #CB2049, |  |  |
| 2.50%, 11/1/51 | 1520 | 1279 |
| Pool #CB2079, |  |  |
| 2.00%, 11/1/51 | 3496 | 2849 |
| Pool #CB3597, |  |  |
| 3.50%, 5/1/52 | 1349 | 1238 |
| Pool #CB3705, |  |  |
| 3.00%, 5/1/37 | 186 | 178 |
| Pool #CB4377, |  |  |
| 4.00%, 8/1/52 | 455 | 432 |
| Pool #CB5094, |  |  |
| 6.50%, 11/1/52 | 1062 | 1123 |
| Pool #CB6031, |  |  |
| 5.00%, 4/1/53 | 77 | 77 |
| Pool #CB6034, |  |  |
| 6.50%, 4/1/53 | 197 | 205 |
| Pool #CB6750, |  |  |
| 5.50%, 7/1/53 | 840 | 848 |
| Pool #CB6755, |  |  |
| 6.00%, 7/1/53 | 679 | 696 |
| Pool #CB6933, |  |  |
| 6.50%, 8/1/53 | 200 | 211 |
| Pool #CB7120, |  |  |
| 6.00%, 9/1/53 | 279 | 285 |
| Pool #CB7123, |  |  |
| 6.00%, 9/1/53 | 284 | 293 |
| Pool #CB7444, |  |  |
| 6.50%, 11/1/53 | 708 | 747 |
| Pool #CB8484, |  |  |
| 5.50%, 5/1/54 | 603 | 609 |
| Pool #CB8821, |  |  |
| 6.00%, 7/1/54 | 778 | 803 |
| Pool #CB9323, |  |  |
| 5.50%, 10/1/54 | 888 | 904 |
| Pool #CB9485, |  |  |
| 5.50%, 11/1/54 | 3953 | 4028 |
| Pool #CB9506, |  |  |
| 6.00%, 11/1/54 | 913 | 945 |
| Pool #CC0102, |  |  |
| 5.50%, 3/1/55 | 2213 | 2249 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #CC0260, |  |  |
| 6.00%, 4/1/55 | $545 | $564 |
| Pool #CC1056, |  |  |
| 6.50%, 9/1/55 | 1967 | 2067 |
| Pool #DA0508, |  |  |
| 6.00%, 10/1/53 | 217 | 222 |
| Pool #FA0386, |  |  |
| 5.00%, 12/1/54 | 933 | 928 |
| Pool #FA0460, |  |  |
| 9/1/42<sup>(14)</sup>  | 892 | 805 |
| Pool #FA0684, |  |  |
| 6.00%, 2/1/55 | 1565 | 1595 |
| Pool #FA0689, |  |  |
| 3/1/55<sup>(14)</sup>  | 2136 | 2193 |
| Pool #FA1595, |  |  |
| 5.50%, 5/1/55 | 915 | 933 |
| Pool #FA1856, |  |  |
| 5.50%, 6/1/55 | 1350 | 1360 |
| Pool #FA2470, |  |  |
| 3.50%, 5/1/53 | 1389 | 1276 |
| Pool #FM1496, |  |  |
| 3.50%, 9/1/49 | 1003 | 929 |
| Pool #FM1708, |  |  |
| 3.00%, 12/1/45 | 189 | 173 |
| Pool #FM1742, |  |  |
| 3.00%, 10/1/49 | 195 | 174 |
| Pool #FM1938, |  |  |
| 4.50%, 9/1/49 | 292 | 287 |
| Pool #FM2305, |  |  |
| 3.50%, 2/1/50 | 510 | 472 |
| Pool #FM2715, |  |  |
| 3.00%, 3/1/50 | 129 | 115 |
| Pool #FM2778, |  |  |
| 3.00%, 3/1/50 | 815 | 729 |
| Pool #FM2963, |  |  |
| 3.00%, 2/1/50 | 690 | 620 |
| Pool #FM3125, |  |  |
| 3.50%, 3/1/50 | 674 | 622 |
| Pool #FM3225, |  |  |
| 3.00%, 5/1/50 | 478 | 427 |
| Pool #FM3610, |  |  |
| 4.00%, 6/1/50 | 188 | 179 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **97** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #FM3747, |  |  |
| 2.50%, 8/1/50 | $770 | $658 |
| Pool #FM4055, |  |  |
| 2.50%, 8/1/50 | 5398 | 4621 |
| Pool #FM4149, |  |  |
| 3.00%, 9/1/50 | 2291 | 2047 |
| Pool #FM4193, |  |  |
| 2.50%, 9/1/50 | 528 | 453 |
| Pool #FM4476, |  |  |
| 2.00%, 10/1/50 | 1391 | 1138 |
| Pool #FM4544, |  |  |
| 2.00%, 10/1/50 | 741 | 603 |
| Pool #FM4598, |  |  |
| 2.00%, 11/1/40 | 165 | 145 |
| Pool #FM4734, |  |  |
| 2.00%, 11/1/35 | 850 | 784 |
| Pool #FM4799, |  |  |
| 2.00%, 11/1/50 | 628 | 514 |
| Pool #FM4868, |  |  |
| 2.00%, 11/1/50 | 1067 | 878 |
| Pool #FM4951, |  |  |
| 1.50%, 11/1/35 | 375 | 340 |
| Pool #FM5087, |  |  |
| 2.00%, 12/1/50 | 442 | 362 |
| Pool #FM5210, |  |  |
| 2.00%, 12/1/50 | 625 | 519 |
| Pool #FM5534, |  |  |
| 2.00%, 1/1/41 | 246 | 216 |
| Pool #FM5570, |  |  |
| 2.00%, 1/1/36 | 458 | 424 |
| Pool #FM5849, |  |  |
| 2.00%, 12/1/50 | 840 | 679 |
| Pool #FM6055, |  |  |
| 2.00%, 2/1/51 | 1622 | 1327 |
| Pool #FM6099, |  |  |
| 2.00%, 2/1/51 | 1660 | 1343 |
| Pool #FM6338, |  |  |
| 2.00%, 2/1/51 | 987 | 808 |
| Pool #FM6496, |  |  |
| 2.00%, 2/1/51 | 454 | 375 |
| Pool #FM6550, |  |  |
| 2.00%, 3/1/51 | 322 | 265 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #FM6943, |  |  |
| 2.00%, 4/1/51 | $1093 | $900 |
| Pool #FM6964, |  |  |
| 2.00%, 5/1/51 | 852 | 703 |
| Pool #FM6991, |  |  |
| 2.00%, 4/1/51 | 1355 | 1108 |
| Pool #FM7078, |  |  |
| 2.00%, 4/1/51 | 1004 | 829 |
| Pool #FM7080, |  |  |
| 2.00%, 4/1/51 | 524 | 433 |
| Pool #FM7411, |  |  |
| 2.00%, 5/1/51 | 2758 | 2223 |
| Pool #FM7429, |  |  |
| 1.50%, 5/1/36 | 162 | 146 |
| Pool #FM7622, |  |  |
| 2.00%, 5/1/51 | 685 | 565 |
| Pool #FM8146, |  |  |
| 2.00%, 7/1/36 | 1084 | 998 |
| Pool #FM8848, |  |  |
| 2.50%, 9/1/41 | 661 | 596 |
| Pool #FS0153, |  |  |
| 2.00%, 12/1/36 | 294 | 270 |
| Pool #FS1096, |  |  |
| 2.00%, 1/1/51 | 1176 | 958 |
| Pool #FS2039, |  |  |
| 2.00%, 2/1/51 | 772 | 628 |
| Pool #FS2442, |  |  |
| 4.00%, 7/1/52 | 686 | 650 |
| Pool #FS2815, |  |  |
| 4.00%, 9/1/52 | 376 | 360 |
| Pool #FS3086, |  |  |
| 5.50%, 10/1/52 | 1394 | 1409 |
| Pool #FS3402, |  |  |
| 5.00%, 11/1/52 | 294 | 291 |
| Pool #FS3421, |  |  |
| 5.00%, 12/1/52 | 304 | 301 |
| Pool #FS3452, |  |  |
| 5.00%, 12/1/52 | 518 | 521 |
| Pool #FS3747, |  |  |
| 5.50%, 12/1/52 | 538 | 543 |
| Pool #FS3762, |  |  |
| 5.00%, 12/1/52 | 435 | 433 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **98** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #FS3921, |  |  |
| 5.50%, 2/1/53 | $346 | $354 |
| Pool #FS4041, |  |  |
| 5.50%, 3/1/53 | 519 | 524 |
| Pool #FS4047, |  |  |
| 3.50%, 12/1/42 | 152 | 144 |
| Pool #FS4463, |  |  |
| 1.50%, 8/1/37 | 438 | 394 |
| Pool #FS4485, |  |  |
| 6.00%, 5/1/53 | 487 | 504 |
| Pool #FS4522, |  |  |
| 5.00%, 5/1/53 | 158 | 156 |
| Pool #FS4842, |  |  |
| 5.50%, 6/1/53 | 228 | 232 |
| Pool #FS4931, |  |  |
| 6.00%, 6/1/53 | 667 | 684 |
| Pool #FS5050, |  |  |
| 3.00%, 6/1/52 | 5386 | 4741 |
| Pool #FS5115, |  |  |
| 5.50%, 6/1/53 | 396 | 399 |
| Pool #FS5116, |  |  |
| 5.50%, 6/1/53 | 362 | 367 |
| Pool #FS5119, |  |  |
| 6.00%, 7/1/53 | 2201 | 2281 |
| Pool #FS5304, |  |  |
| 5.50%, 7/1/53 | 152 | 155 |
| Pool #FS5396, |  |  |
| 5.00%, 7/1/53 | 1655 | 1653 |
| Pool #FS5436, |  |  |
| 5.50%, 8/1/53 | 267 | 274 |
| Pool #FS5562, |  |  |
| 2.00%, 3/1/52 | 2853 | 2332 |
| Pool #FS5584, |  |  |
| 6.50%, 8/1/53 | 331 | 348 |
| Pool #FS5696, |  |  |
| 2.00%, 4/1/51 | 253 | 206 |
| Pool #FS5709, |  |  |
| 5.00%, 8/1/53 | 719 | 717 |
| Pool #FS5838, |  |  |
| 6.00%, 9/1/53 | 991 | 1016 |
| Pool #FS5946, |  |  |
| 2.00%, 3/1/37 | 2175 | 2001 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #FS5965, |  |  |
| 6.00%, 10/1/53 | $296 | $306 |
| Pool #FS6092, |  |  |
| 6.00%, 10/1/53 | 254 | 260 |
| Pool #FS6315, |  |  |
| 6.50%, 11/1/53 | 312 | 326 |
| Pool #FS6461, |  |  |
| 6.00%, 10/1/53 | 369 | 381 |
| Pool #FS6533, |  |  |
| 6.00%, 6/1/53 | 1579 | 1638 |
| Pool #FS6598, |  |  |
| 3.50%, 8/1/52 | 2439 | 2243 |
| Pool #FS6611, |  |  |
| 7.00%, 12/1/53 | 984 | 1034 |
| Pool #FS6635, |  |  |
| 3.00%, 11/1/53 | 1291 | 1135 |
| Pool #FS6855, |  |  |
| 6.50%, 2/1/54 | 362 | 376 |
| Pool #FS7033, |  |  |
| 6.00%, 8/1/53 | 519 | 533 |
| Pool #FS8129, |  |  |
| 5.50%, 5/1/54 | 512 | 522 |
| Pool #FS8144, |  |  |
| 5.50%, 5/1/54 | 692 | 706 |
| Pool #MA0361, |  |  |
| 4.00%, 3/1/30 | 16 | 16 |
| Pool #MA0711, |  |  |
| 3.50%, 4/1/31 | 36 | 36 |
| Pool #MA1138, |  |  |
| 3.50%, 8/1/32 | 72 | 71 |
| Pool #MA1141, |  |  |
| 3.00%, 8/1/32 | 34 | 33 |
| Pool #MA1200, |  |  |
| 3.00%, 10/1/32 | 202 | 195 |
| Pool #MA2320, |  |  |
| 3.00%, 7/1/35 | 180 | 171 |
| Pool #MA2473, |  |  |
| 3.50%, 12/1/35 | 73 | 70 |
| Pool #MA2512, |  |  |
| 4.00%, 1/1/46 | 100 | 96 |
| Pool #MA2670, |  |  |
| 3.00%, 7/1/46 | 480 | 434 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **99** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #MA2672, |  |  |
| 3.00%, 7/1/36 | $95 | $90 |
| Pool #MA2705, |  |  |
| 3.00%, 8/1/46 | 347 | 314 |
| Pool #MA2737, |  |  |
| 3.00%, 9/1/46 | 162 | 146 |
| Pool #MA2771, |  |  |
| 3.00%, 10/1/46 | 176 | 158 |
| Pool #MA2775, |  |  |
| 2.50%, 10/1/31 | 72 | 69 |
| Pool #MA2781, |  |  |
| 2.50%, 10/1/46 | 133 | 115 |
| Pool #MA2804, |  |  |
| 3.00%, 11/1/36 | 186 | 176 |
| Pool #MA2863, |  |  |
| 3.00%, 1/1/47 | 2902 | 2615 |
| Pool #MA2895, |  |  |
| 3.00%, 2/1/47 | 181 | 162 |
| Pool #MA3028, |  |  |
| 3.50%, 6/1/37 | 145 | 140 |
| Pool #MA3057, |  |  |
| 3.50%, 7/1/47 | 270 | 251 |
| Pool #MA3058, |  |  |
| 4.00%, 7/1/47 | 100 | 95 |
| Pool #MA3059, |  |  |
| 3.50%, 7/1/37 | 25 | 24 |
| Pool #MA3073, |  |  |
| 4.50%, 7/1/47 | 203 | 200 |
| Pool #MA3127, |  |  |
| 3.00%, 9/1/37 | 59 | 56 |
| Pool #MA3150, |  |  |
| 4.50%, 10/1/47 | 109 | 108 |
| Pool #MA3181, |  |  |
| 3.50%, 11/1/37 | 39 | 38 |
| Pool #MA3182, |  |  |
| 3.50%, 11/1/47 | 332 | 308 |
| Pool #MA3184, |  |  |
| 4.50%, 11/1/47 | 39 | 38 |
| Pool #MA3185, |  |  |
| 3.00%, 11/1/37 | 65 | 61 |
| Pool #MA3188, |  |  |
| 3.00%, 11/1/32 | 167 | 162 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #MA3211, |  |  |
| 4.00%, 12/1/47 | $63 | $60 |
| Pool #MA3239, |  |  |
| 4.00%, 1/1/48 | 267 | 254 |
| Pool #MA3276, |  |  |
| 3.50%, 2/1/48 | 275 | 256 |
| Pool #MA3281, |  |  |
| 4.00%, 2/1/38 | 137 | 134 |
| Pool #MA3334, |  |  |
| 4.50%, 4/1/48 | 207 | 201 |
| Pool #MA3385, |  |  |
| 4.50%, 6/1/48 | 68 | 67 |
| Pool #MA3413, |  |  |
| 4.00%, 7/1/38 | 24 | 23 |
| Pool #MA3443, |  |  |
| 4.00%, 8/1/48 | 63 | 61 |
| Pool #MA3444, |  |  |
| 4.50%, 8/1/48 | 59 | 58 |
| Pool #MA3467, |  |  |
| 4.00%, 9/1/48 | 61 | 58 |
| Pool #MA3492, |  |  |
| 4.00%, 10/1/38 | 20 | 20 |
| Pool #MA3547, |  |  |
| 3.00%, 12/1/33 | 100 | 97 |
| Pool #MA3590, |  |  |
| 4.00%, 2/1/39 | 21 | 20 |
| Pool #MA3685, |  |  |
| 3.00%, 6/1/49 | 106 | 94 |
| Pool #MA3692, |  |  |
| 3.50%, 7/1/49 | 81 | 75 |
| Pool #MA3695, |  |  |
| 3.00%, 7/1/34 | 38 | 37 |
| Pool #MA3744, |  |  |
| 3.00%, 8/1/49 | 118 | 105 |
| Pool #MA3765, |  |  |
| 2.50%, 9/1/49 | 255 | 216 |
| Pool #MA3870, |  |  |
| 2.50%, 12/1/49 | 133 | 113 |
| Pool #MA3871, |  |  |
| 3.00%, 12/1/49 | 123 | 109 |
| Pool #MA3896, |  |  |
| 2.50%, 1/1/35 | 625 | 591 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **100** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #MA3898, |  |  |
| 3.50%, 1/1/35 | $198 | $193 |
| Pool #MA3902, |  |  |
| 2.50%, 1/1/50 | 129 | 110 |
| Pool #MA3934, |  |  |
| 3.00%, 2/1/40 | 76 | 71 |
| Pool #MA3958, |  |  |
| 3.00%, 3/1/40 | 78 | 72 |
| Pool #MA4013, |  |  |
| 2.50%, 5/1/35 | 134 | 126 |
| Pool #MA4014, |  |  |
| 3.00%, 5/1/35 | 210 | 202 |
| Pool #MA4047, |  |  |
| 6/1/50<sup>(14)</sup>  | 510 | 416 |
| Pool #MA4053, |  |  |
| 2.50%, 6/1/35 | 560 | 531 |
| Pool #MA4072, |  |  |
| 2.50%, 7/1/40 | 177 | 160 |
| Pool #MA4078, |  |  |
| 2.50%, 7/1/50 | 1096 | 932 |
| Pool #MA4094, |  |  |
| 2.50%, 8/1/40 | 197 | 179 |
| Pool #MA4096, |  |  |
| 2.50%, 8/1/50 | 687 | 584 |
| Pool #MA4099, |  |  |
| 2.50%, 8/1/35 | 583 | 552 |
| Pool #MA4100, |  |  |
| 2.00%, 8/1/50 | 1375 | 1118 |
| Pool #MA4119, |  |  |
| 2.00%, 9/1/50 | 1616 | 1315 |
| Pool #MA4122, |  |  |
| 1.50%, 9/1/35 | 207 | 188 |
| Pool #MA4123, |  |  |
| 2.00%, 9/1/35 | 723 | 667 |
| Pool #MA4128, |  |  |
| 2.00%, 9/1/40 | 339 | 300 |
| Pool #MA4153, |  |  |
| 2.50%, 10/1/40 | 98 | 89 |
| Pool #MA4154, |  |  |
| 1.50%, 10/1/35 | 318 | 288 |
| Pool #MA4155, |  |  |
| 2.00%, 10/1/35 | 795 | 734 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #MA4181, |  |  |
| 1.50%, 11/1/50 | $2083 | $1613 |
| Pool #MA4232, |  |  |
| 2.00%, 1/1/41 | 293 | 258 |
| Pool #MA4237, |  |  |
| 1/1/51<sup>(14)</sup>  | 3572 | 2908 |
| Pool #MA4254, |  |  |
| 1.50%, 2/1/51 | 461 | 357 |
| Pool #MA4266, |  |  |
| 1.50%, 2/1/41 | 441 | 375 |
| Pool #MA4278, |  |  |
| 1.50%, 3/1/36 | 1453 | 1312 |
| Pool #MA4280, |  |  |
| 1.50%, 3/1/51 | 801 | 621 |
| Pool #MA4305, |  |  |
| 2.00%, 4/1/51 | 2513 | 2042 |
| Pool #MA4310, |  |  |
| 1.50%, 4/1/41 | 265 | 225 |
| Pool #MA4326, |  |  |
| 2.50%, 5/1/51 | 950 | 806 |
| Pool #MA4333, |  |  |
| 2.00%, 5/1/41 | 698 | 611 |
| Pool #MA4334, |  |  |
| 2.50%, 5/1/41 | 255 | 230 |
| Pool #MA4355, |  |  |
| 2.00%, 6/1/51 | 10888 | 8838 |
| Pool #MA4418, |  |  |
| 2.00%, 9/1/36 | 392 | 361 |
| Pool #MA4437, |  |  |
| 2.00%, 10/1/51 | 3776 | 3060 |
| Pool #MA4473, |  |  |
| 11/1/41<sup>(14)</sup>  | 1049 | 884 |
| Pool #MA4492, |  |  |
| 12/1/51<sup>(14)</sup>  | 3085 | 2499 |
| Pool #MA4493, |  |  |
| 12/1/51<sup>(14)</sup>  | 8055 | 6824 |
| Pool #MA4496, |  |  |
| 1.50%, 12/1/36 | 1578 | 1419 |
| Pool #MA4500, |  |  |
| 1.50%, 12/1/41 | 360 | 303 |
| Pool #MA4501, |  |  |
| 12/1/41<sup>(14)</sup>  | 1038 | 902 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **101** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #MA4548, |  |  |
| 2.50%, 2/1/52 | $7153 | $6055 |
| Pool #MA4626, |  |  |
| 6/1/52<sup>(14)</sup>  | 3756 | 3559 |
| Pool #MA4652, |  |  |
| 2.50%, 7/1/52 | 5234 | 4426 |
| Pool #MA4664, |  |  |
| 2.00%, 7/1/37 | 654 | 602 |
| Pool #MA4692, |  |  |
| 2.50%, 8/1/37 | 130 | 123 |
| Pool #MA4731, |  |  |
| 3.50%, 9/1/52 | 891 | 818 |
| Pool #MA4732, |  |  |
| 4.00%, 9/1/52 | 4247 | 4025 |
| Pool #MA4733, |  |  |
| 4.50%, 9/1/52 | 4576 | 4436 |
| Pool #MA4779, |  |  |
| 4.00%, 10/1/42 | 140 | 136 |
| Pool #MA4805, |  |  |
| 4.50%, 11/1/52 | 2124 | 2058 |
| Pool #MA4823, |  |  |
| 4.50%, 10/1/37 | 155 | 154 |
| Pool #MA4915, |  |  |
| 5.00%, 2/1/38 | 131 | 132 |
| Pool #MA4991, |  |  |
| 5.50%, 4/1/38 | 75 | 77 |
| Pool #MA5039, |  |  |
| 5.50%, 6/1/53 | 578 | 583 |
| Pool #MA5042, |  |  |
| 4.50%, 6/1/38 | 62 | 61 |
| Pool #MA5060, |  |  |
| 5.00%, 6/1/43 | 62 | 62 |
| Pool #MA5072, |  |  |
| 7/1/53<sup>(14)</sup>  | 1584 | 1596 |
| Pool #MA5088, |  |  |
| 6.00%, 7/1/38 | 95 | 98 |
| Pool #MA5136, |  |  |
| 9/1/53<sup>(14)</sup>  | 1901 | 1839 |
| Pool #MA5330, |  |  |
| 5.50%, 4/1/39 | 54 | 55 |
| Pool #MA5353, |  |  |
| 5.50%, 5/1/54 | 6109 | 6143 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool #MA5389, |  |  |
| 6.00%, 6/1/54 | $823 | $840 |
| Pool #MA5445, |  |  |
| 6.00%, 8/1/54 | 3188 | 3252 |
| Pool #MA5470, |  |  |
| 9/1/54<sup>(14)</sup>  | 1875 | 1885 |
| Pool #MA5496, |  |  |
| 10/1/54<sup>(14)</sup>  | 3501 | 3456 |
| Pool #MA5557, |  |  |
| 4.50%, 12/1/39 | 158 | 157 |
| Pool #MA5559, |  |  |
| 5.50%, 12/1/39 | 200 | 204 |
| Pool #MA5590, |  |  |
| 5.00%, 1/1/40 | 359 | 362 |
| Pool #MA5596, |  |  |
| 4.50%, 1/1/45 | 88 | 86 |
| Pool #MA5597, |  |  |
| 5.00%, 1/1/45 | 165 | 164 |
| Pool #MA5711, |  |  |
| 5.00%, 5/1/40 | 485 | 489 |
| Pool #MA5744, |  |  |
| 4.50%, 6/1/40 | 159 | 158 |
| Pool #MA5773, |  |  |
| 6.00%, 7/1/40 | 213 | 220 |
| Pool #MA5830, |  |  |
| 5.50%, 8/1/40 | 335 | 342 |
| Pool #MA5861, |  |  |
| 5.50%, 10/1/40 | 266 | 271 |
| Pool #MA5864, |  |  |
| 5.00%, 10/1/45 | 459 | 459 |
| Pool #MA5891, |  |  |
| 5.50%, 11/1/45 | 633 | 640 |
| Pool #MA5914, |  |  |
| 4.00%, 12/1/40 | 290 | 283 |
| Pool #MA5950, |  |  |
| 4.50%, 1/1/41 | 677 | 673 |
| Pool #MB0301, |  |  |
| 5.00%, 2/1/55 | 1832 | 1808 |
| Pool CC0990, |  |  |
| 9/1/55<sup>(14)</sup>  | 1051 | 1049 |
| Pool CC1442, |  |  |
| 5.50%, 11/1/55 | 2365 | 2397 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **102** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** | **Fannie Mae – 12.7%continued** |
| Pool FA3751, |  |  |
| 5.00%, 12/1/55 | $1083 | $1073 |
| Pool MA4577, |  |  |
| 4/1/52<sup>(14)</sup>  | 3219 | 2604 |
| Pool MA4868, |  |  |
| 1/1/53<sup>(14)</sup>  | 4547 | 4509 |
| Pool MA5584, |  |  |
| 1/1/55<sup>(14)</sup>  | 2422 | 2338 |
| Pool MA5699, |  |  |
| 5.00%, 5/1/55 | 3749 | 3699 |
| Pool TBA, |  |  |
| 4/1/41<sup>(14)</sup>  | 1500 | 1348 |
| 4/1/41<sup>(14)</sup>  | 4000 | 3679 |
| 4/1/41<sup>(14)</sup>  | 2000 | 1889 |
| 4/1/41<sup>(14)</sup>  | 1500 | 1432 |
| 4/1/51<sup>(14)</sup>  | 1000 | 841 |
| 4/1/52<sup>(14)</sup>  | 3500 | 2818 |
| 4/1/53<sup>(14)</sup>  | 6700 | 5884 |
| 4/1/53<sup>(14)</sup>  | 4200 | 3850 |
| 4/1/53<sup>(14)</sup>  | 3700 | 3491 |
| 4/1/53<sup>(14)</sup>  | 3000 | 2895 |
| 4/1/53<sup>(14)</sup>  | 3000 | 2958 |
| 5/1/53<sup>(14)</sup>  | 1500 | 1316 |
| 5/1/53<sup>(14)</sup>  | 1000 | 916 |
| 5/1/53<sup>(14)</sup>  | 800 | 754 |
| 5/1/53<sup>(14)</sup>  | 1200 | 1157 |
| 5/1/53<sup>(14)</sup>  | 2000 | 1970 |
| 5/1/53<sup>(14)</sup>  | 2000 | 2006 |
| 4/1/54<sup>(14)</sup>  | 10000 | 10046 |
| 4/1/54<sup>(14)</sup>  | 10000 | 10193 |
| 5/1/54<sup>(14)</sup>  | 1800 | 1833 |
| 4/1/55<sup>(14)</sup>  | 7600 | 7862 |
| 4/1/56<sup>(14)</sup>  | 2500 | 2630 |
|  |  | **387094** |
| **Federal Farm Credit Bank – 0.2%** | **Federal Farm Credit Bank – 0.2%** | **Federal Farm Credit Bank – 0.2%** |
| &nbsp;&nbsp; Federal Farm Credit Banks Funding <br> Corp.,<br>|  |  |
| 3.97%, 8/26/27 | 3918 | 3915 |
| 3.38%, 9/15/27 | 1475 | 1467 |
| 3.50%, 1/21/28 | 1000 | 994 |
|  |  | **6376** |
| **Federal Home Loan Bank – 0.1%** | **Federal Home Loan Bank – 0.1%** | **Federal Home Loan Bank – 0.1%** |
| 4.13%, 9/10/27 | 875 | 880 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Federal Home Loan Bank – 0.1%continued** | **Federal Home Loan Bank – 0.1%continued** | **Federal Home Loan Bank – 0.1%continued** |
| 3.25%, 11/16/28 | $1000 | $986 |
| 5.50%, 7/15/36<sup>†</sup>  | 500 | 544 |
| Federal Home Loan Banks, |  |  |
| 4.38%, 9/8/28 | 1500 | 1519 |
|  |  | **3929** |
| **Freddie Mac – 6.1%** | **Freddie Mac – 6.1%** | **Freddie Mac – 6.1%** |
| Federal Home Loan Mortgage Corp., |  |  |
| 4.10%, 1/9/31 | 500 | 496 |
| 6.75%, 3/15/31 | 700 | 786 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K067, Class A2,<br>|  |  |
| 3.19%, 7/25/27 | 250 | 247 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K068, Class A2,<br>|  |  |
| 3.24%, 8/25/27 | 150 | 148 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K069, Class A2,<br>|  |  |
| 3.19%, 9/25/27 | 145 | 143 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K072, Class A2,<br>|  |  |
| 3.44%, 12/25/27 | 150 | 148 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K074, Class A2,<br>|  |  |
| 3.60%, 1/25/28 | 149 | 148 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K075, Class A2,<br>|  |  |
| 3.65%, 2/25/28 | 150 | 149 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K076, Class A2,<br>|  |  |
| 3.90%, 4/25/28 | 150 | 149 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K077, Class A2,<br>|  |  |
| 3.85%, 5/25/28 | 200 | 199 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K078, Class A2,<br>|  |  |
| 3.85%, 6/25/28 | 150 | 149 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **103** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K079, Class A2,<br>|  |  |
| 3.93%, 6/25/28 | $200 | $199 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K080, Class A2,<br>|  |  |
| 3.93%, 7/25/28 | 200 | 199 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K081, Class A2,<br>|  |  |
| 3.90%, 8/25/28 | 200 | 199 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K083, Class A2,<br>|  |  |
| 4.05%, 9/25/28 | 200 | 199 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K086, Class A2,<br>|  |  |
| 3.86%, 11/25/28 | 200 | 199 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K091, Class A2,<br>|  |  |
| 3.51%, 3/25/29 | 150 | 147 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K092, Class A2,<br>|  |  |
| 3.30%, 4/25/29 | 300 | 293 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K093, Class A2,<br>|  |  |
| 2.98%, 5/25/29 | 196 | 190 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K094, Class A2,<br>|  |  |
| 2.90%, 6/25/29 | 300 | 289 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K096, Class A2,<br>|  |  |
| 2.52%, 7/25/29 | 300 | 286 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K102, Class A2,<br>|  |  |
| 2.54%, 10/25/29 | 250 | 237 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K104, Class A2,<br>|  |  |
| 2.25%, 1/25/30 | $250 | $234 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K105, Class A2,<br>|  |  |
| 1.87%, 1/25/30 | 200 | 184 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K111, Class A2,<br>|  |  |
| 1.35%, 5/25/30 | 500 | 448 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K112, Class A2,<br>|  |  |
| 1.31%, 5/25/30 | 500 | 447 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K113, Class A2,<br>|  |  |
| 1.34%, 6/25/30 | 500 | 447 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K117, Class A2,<br>|  |  |
| 1.41%, 8/25/30 | 100 | 89 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K119, Class A2,<br>|  |  |
| 1.57%, 9/25/30 | 250 | 223 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K122, Class A2,<br>|  |  |
| 1.52%, 11/25/30 | 200 | 178 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K129, Class A2,<br>|  |  |
| 1.91%, 5/25/31 | 300 | 269 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K141, Class A2,<br>|  |  |
| 2.25%, 2/25/32 | 300 | 268 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K144, Class A2,<br>|  |  |
| 2.45%, 4/25/32 | 500 | 450 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **104** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K147, Class A2,<br>|  |  |
| 3.00%, 6/25/32 | $250 | $231 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K148, Class A2,<br>|  |  |
| 3.50%, 7/25/32 | 450 | 428 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-151, Class A2,<br>|  |  |
| 3.80%, 10/25/32 | 300 | 289 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1510, Class A2,<br>|  |  |
| 3.72%, 1/25/31 | 100 | 98 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1510, Class A3,<br>|  |  |
| 3.79%, 1/25/34 | 100 | 95 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1511, Class A2,<br>|  |  |
| 3.47%, 3/25/31 | 100 | 96 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1511, Class A3,<br>|  |  |
| 3.54%, 3/25/34 | 100 | 93 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1512, Class A2,<br>|  |  |
| 2.99%, 5/25/31 | 100 | 94 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1512, Class A3,<br>|  |  |
| 3.06%, 4/25/34 | 100 | 90 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1515, Class A2,<br>|  |  |
| 1.94%, 2/25/35 | 100 | 81 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1517, Class A2,<br>|  |  |
| 1.72%, 7/25/35 | 200 | 159 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1518, Class A2,<br>|  |  |
| 1.86%, 10/25/35 | $100 | $79 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1519, Class A2,<br>|  |  |
| 2.01%, 12/25/35 | 150 | 119 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1520, Class A2,<br>|  |  |
| 2.44%, 2/25/36 | 225 | 186 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K1522, Class A2,<br>|  |  |
| 2.36%, 10/25/36 | 100 | 81 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-153, Class A2,<br>|  |  |
| 3.82%, 12/25/32 | 500 | 482 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K154, Class A2,<br>|  |  |
| 3.42%, 4/25/32 | 100 | 98 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-154, Class A2,<br>|  |  |
| 4.35%, 1/25/33 | 200 | 199 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K155, Class A3,<br>|  |  |
| 3.75%, 4/25/33 | 100 | 96 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K157, Class A2,<br>|  |  |
| 3.99%, 5/25/33 | 100 | 99 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K157, Class A3,<br>|  |  |
| 3.99%, 8/25/33 | 100 | 97 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-158, Class A2,<br>|  |  |
| 4.05%, 7/25/33 | 200 | 195 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **105** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K159, Class A2,<br>|  |  |
| 3.95%, 11/25/30 | $500 | $494 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-159, Class A2,<br>|  |  |
| 4.50%, 7/25/33 | 200 | 200 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-161, Class A2,<br>|  |  |
| 4.90%, 10/25/33 | 100 | 102 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-164, Class A2,<br>|  |  |
| 5.00%, 5/25/34 | 150 | 154 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-169, Class A2,<br>|  |  |
| 4.66%, 12/25/34 | 200 | 201 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-174, Class A2,<br>|  |  |
| 4.53%, 10/25/35 | 100 | 99 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-175, Class A2,<br>|  |  |
| 4.42%, 10/25/35 | 200 | 197 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-176, Class A2,<br>|  |  |
| 4.39%, 12/25/35 | 200 | 196 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K508, Class A2,<br>|  |  |
| 4.74%, 8/25/28 | 100 | 101 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K510, Class A2,<br>|  |  |
| 5.07%, 10/25/28 | 500 | 510 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K522, Class A2,<br>|  |  |
| 4.80%, 5/25/29 | 389 | 396 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K533, Class A2,<br>|  |  |
| 4.23%, 12/25/29 | $500 | $500 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K545, Class A2,<br>|  |  |
| 4.29%, 7/25/30 | 500 | 501 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K554, Class A2,<br>|  |  |
| 4.22%, 12/25/30 | 200 | 200 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K754, Class A2,<br>|  |  |
| 4.94%, 11/25/30 | 250 | 257 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K755, Class A2,<br>|  |  |
| 5.20%, 2/25/31 | 150 | 156 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K757, Class A2,<br>|  |  |
| 4.46%, 8/25/31 | 100 | 101 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K760, Class A2,<br>|  |  |
| 4.55%, 1/25/32 | 100 | 101 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K761, Class A2,<br>|  |  |
| 4.40%, 6/25/32 | 200 | 200 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, <br> Series-K516, Class A2,<br>|  |  |
| 5.48%, 1/25/29 | 500 | 515 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, <br> Series-K518, Class A2,<br>|  |  |
| 5.40%, 1/25/29 | 500 | 516 |
| Pool #QA0127, |  |  |
| 3.50%, 6/1/49 | 459 | 426 |
| Pool #QA1132, |  |  |
| 3.50%, 7/1/49 | 169 | 156 |
| Pool #QA1263, |  |  |
| 3.50%, 7/1/49 | 166 | 155 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **106** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #QA1752, |  |  |
| 3.50%, 8/1/49 | $861 | $799 |
| Pool #QA1883, |  |  |
| 4.00%, 8/1/49 | 246 | 235 |
| Pool #QA3149, |  |  |
| 3.00%, 10/1/49 | 292 | 262 |
| Pool #QA4699, |  |  |
| 3.00%, 11/1/49 | 167 | 149 |
| Pool #QA8043, |  |  |
| 3.00%, 3/1/50 | 1284 | 1149 |
| Pool #QB0211, |  |  |
| 2.50%, 6/1/50 | 416 | 352 |
| Pool #QB2516, |  |  |
| 2.50%, 8/1/50 | 301 | 256 |
| Pool #QB2545, |  |  |
| 2.00%, 8/1/50 | 1699 | 1383 |
| Pool #QB2682, |  |  |
| 2.50%, 8/1/50 | 346 | 294 |
| Pool #QB2966, |  |  |
| 2.50%, 9/1/50 | 105 | 89 |
| Pool #QB3199, |  |  |
| 2.00%, 9/1/50 | 604 | 492 |
| Pool #QB4275, |  |  |
| 2.00%, 10/1/50 | 250 | 204 |
| Pool #QB5128, |  |  |
| 2.00%, 10/1/50 | 885 | 720 |
| Pool #QB5507, |  |  |
| 2.00%, 11/1/50 | 642 | 528 |
| Pool #QB6246, |  |  |
| 2.00%, 12/1/50 | 294 | 243 |
| Pool #QB6448, |  |  |
| 2.00%, 12/1/50 | 985 | 802 |
| Pool #QB8131, |  |  |
| 2.00%, 2/1/51 | 3105 | 2524 |
| Pool #QB8132, |  |  |
| 2.00%, 1/1/51 | 805 | 651 |
| Pool #QB9266, |  |  |
| 2.00%, 3/1/51 | 407 | 335 |
| Pool #QB9410, |  |  |
| 2.00%, 1/1/51 | 1228 | 998 |
| Pool #QC1443, |  |  |
| 2.00%, 5/1/51 | 1648 | 1358 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #QC1809, |  |  |
| 2.00%, 5/1/51 | $392 | $319 |
| Pool #QC2062, |  |  |
| 2.00%, 5/1/51 | 695 | 560 |
| Pool #QC3259, |  |  |
| 2.00%, 6/1/51 | 2675 | 2156 |
| Pool #QC9442, |  |  |
| 2.50%, 10/1/51 | 3553 | 3025 |
| Pool #QD0822, |  |  |
| 3.00%, 11/1/51 | 898 | 802 |
| Pool #QD2146, |  |  |
| 2.00%, 12/1/51 | 755 | 616 |
| Pool #QE9161, |  |  |
| 4.50%, 9/1/52 | 706 | 684 |
| Pool #QF7121, |  |  |
| 5.50%, 2/1/53 | 739 | 745 |
| Pool #QG5959, |  |  |
| 5.00%, 7/1/53 | 816 | 808 |
| Pool #QG7215, |  |  |
| 5.50%, 7/1/53 | 791 | 798 |
| Pool #QG8401, |  |  |
| 5.50%, 8/1/53 | 552 | 556 |
| Pool #QG8408, |  |  |
| 5.00%, 8/1/53 | 1043 | 1033 |
| Pool #QH1135, |  |  |
| 7.00%, 9/1/53 | 328 | 350 |
| Pool #QI2828, |  |  |
| 5.50%, 4/1/54 | 863 | 869 |
| Pool #QJ5279, |  |  |
| 6.00%, 10/1/54 | 845 | 863 |
| Pool #QK0622, |  |  |
| 1.50%, 2/1/41 | 435 | 371 |
| Pool #QN0818, |  |  |
| 2.50%, 10/1/34 | 167 | 158 |
| Pool #QN5018, |  |  |
| 2.00%, 1/1/36 | 413 | 381 |
| Pool #QN5866, |  |  |
| 2.00%, 4/1/36 | 231 | 213 |
| Pool #QN6394, |  |  |
| 1.50%, 5/1/36 | 1253 | 1131 |
| Pool #QN7743, |  |  |
| 2.00%, 9/1/36 | 656 | 604 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **107** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #QN8899, |  |  |
| 2.00%, 12/1/36 | $615 | $566 |
| Pool #RA1196, |  |  |
| 4.00%, 8/1/49 | 606 | 580 |
| Pool #RA1343, |  |  |
| 3.00%, 9/1/49 | 1824 | 1632 |
| Pool #RA1493, |  |  |
| 3.00%, 10/1/49 | 333 | 298 |
| Pool #RA1501, |  |  |
| 3.00%, 10/1/49 | 107 | 95 |
| Pool #RA2010, |  |  |
| 3.50%, 1/1/50 | 197 | 182 |
| Pool #RA2117, |  |  |
| 3.00%, 2/1/50 | 262 | 234 |
| Pool #RA2386, |  |  |
| 3.00%, 4/1/50 | 685 | 613 |
| Pool #RA2457, |  |  |
| 3.00%, 4/1/50 | 406 | 363 |
| Pool #RA2730, |  |  |
| 2.50%, 6/1/50 | 242 | 208 |
| Pool #RA2790, |  |  |
| 2.50%, 6/1/50 | 377 | 321 |
| Pool #RA2853, |  |  |
| 2.50%, 6/1/50 | 460 | 391 |
| Pool #RA2959, |  |  |
| 2.50%, 7/1/50 | 440 | 375 |
| Pool #RA3086, |  |  |
| 2.50%, 7/1/50 | 334 | 285 |
| Pool #RA3306, |  |  |
| 2.50%, 8/1/50 | 316 | 268 |
| Pool #RA3524, |  |  |
| 2.00%, 9/1/50 | 1694 | 1392 |
| Pool #RA3563, |  |  |
| 2.00%, 9/1/50 | 834 | 683 |
| Pool #RA3578, |  |  |
| 2.00%, 9/1/50 | 1129 | 924 |
| Pool #RA3580, |  |  |
| 2.00%, 9/1/50 | 1038 | 853 |
| Pool #RA3662, |  |  |
| 2.50%, 10/1/50 | 501 | 426 |
| Pool #RA3663, |  |  |
| 2.50%, 10/1/50 | 527 | 452 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #RA3723, |  |  |
| 2.00%, 10/1/50 | $1070 | $876 |
| Pool #RA3765, |  |  |
| 2.50%, 10/1/50 | 509 | 434 |
| Pool #RA3913, |  |  |
| 2.50%, 11/1/50 | 2577 | 2214 |
| Pool #RA4209, |  |  |
| 1.50%, 12/1/50 | 1593 | 1235 |
| Pool #RA4218, |  |  |
| 2.50%, 12/1/50 | 6554 | 5615 |
| Pool #RA5204, |  |  |
| 2.00%, 5/1/51 | 1409 | 1136 |
| Pool #RA5373, |  |  |
| 2.00%, 6/1/51 | 643 | 527 |
| Pool #RA6333, |  |  |
| 2.00%, 11/1/51 | 3293 | 2659 |
| Pool #RA6340, |  |  |
| 2.50%, 11/1/51 | 2151 | 1826 |
| Pool #RA7097, |  |  |
| 3.50%, 4/1/52 | 724 | 668 |
| Pool #RA7099, |  |  |
| 2.00%, 1/1/51 | 2371 | 1929 |
| Pool #RA8761, |  |  |
| 5.50%, 3/1/53 | 441 | 450 |
| Pool #RA8791, |  |  |
| 5.00%, 4/1/53 | 1115 | 1106 |
| Pool #RB0452, |  |  |
| 2.00%, 2/1/41 | 725 | 636 |
| Pool #RB5032, |  |  |
| 2.50%, 2/1/40 | 57 | 52 |
| Pool #RB5033, |  |  |
| 3.00%, 2/1/40 | 211 | 197 |
| Pool #RB5043, |  |  |
| 2.50%, 4/1/40 | 106 | 96 |
| Pool #RB5048, |  |  |
| 2.50%, 5/1/40 | 58 | 52 |
| Pool #RB5059, |  |  |
| 2.50%, 7/1/40 | 73 | 66 |
| Pool #RB5066, |  |  |
| 2.50%, 8/1/40 | 198 | 180 |
| Pool #RB5076, |  |  |
| 2.00%, 8/1/40 | 429 | 379 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **108** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #RB5085, |  |  |
| 2.00%, 11/1/40 | $387 | $341 |
| Pool #RB5095, |  |  |
| 2.00%, 1/1/41 | 292 | 257 |
| Pool #RB5110, |  |  |
| 1.50%, 5/1/41 | 944 | 800 |
| Pool #RB5111, |  |  |
| 2.00%, 5/1/41 | 390 | 341 |
| Pool #RB5118, |  |  |
| 2.00%, 7/1/41 | 1308 | 1142 |
| Pool #RB5131, |  |  |
| 2.00%, 10/1/41 | 681 | 593 |
| Pool #RC1857, |  |  |
| 1.50%, 2/1/36 | 405 | 366 |
| Pool #RC2045, |  |  |
| 2.00%, 6/1/36 | 208 | 191 |
| Pool #RJ1229, |  |  |
| 6.00%, 4/1/54 | 693 | 709 |
| Pool #RJ2693, |  |  |
| 5.00%, 10/1/54 | 460 | 456 |
| Pool #RJ4695, |  |  |
| 6.00%, 8/1/55 | 2552 | 2607 |
| Pool #RJ6158, |  |  |
| 2/1/56<sup>(14)</sup>  | 1070 | 1055 |
| Pool #RR0034, |  |  |
| 6.00%, 10/1/40 | 168 | 173 |
| Pool #RR0054, |  |  |
| 5.00%, 1/1/41 | 575 | 580 |
| Pool #SB0048, |  |  |
| 3.00%, 8/1/34 | 311 | 299 |
| Pool #SB0330, |  |  |
| 2.00%, 5/1/35 | 261 | 241 |
| Pool #SB0434, |  |  |
| 2.00%, 10/1/35 | 457 | 421 |
| Pool #SB0571, |  |  |
| 2.00%, 10/1/36 | 905 | 833 |
| Pool #SB0726, |  |  |
| 4.00%, 8/1/37 | 234 | 229 |
| Pool #SB0834, |  |  |
| 2.50%, 2/1/36 | 707 | 670 |
| Pool #SB0955, |  |  |
| 5.50%, 8/1/38 | 54 | 55 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #SB8045, |  |  |
| 2.50%, 5/1/35 | $115 | $109 |
| Pool #SB8046, |  |  |
| 3.00%, 5/1/35 | 192 | 184 |
| Pool #SB8057, |  |  |
| 2.00%, 8/1/35 | 412 | 380 |
| Pool #SB8058, |  |  |
| 2.50%, 8/1/35 | 468 | 444 |
| Pool #SB8061, |  |  |
| 2.00%, 9/1/35 | 729 | 672 |
| Pool #SB8067, |  |  |
| 1.50%, 9/1/35 | 192 | 174 |
| Pool #SB8068, |  |  |
| 1.50%, 10/1/35 | 208 | 188 |
| Pool #SB8069, |  |  |
| 2.00%, 10/1/35 | 585 | 539 |
| Pool #SB8073, |  |  |
| 1.50%, 11/1/35 | 270 | 244 |
| Pool #SB8078, |  |  |
| 1.50%, 12/1/35 | 570 | 516 |
| Pool #SB8083, |  |  |
| 1.50%, 1/1/36 | 331 | 300 |
| Pool #SB8092, |  |  |
| 1.50%, 3/1/36 | 598 | 540 |
| Pool #SB8102, |  |  |
| 1.50%, 5/1/36 | 1374 | 1238 |
| Pool #SB8122, |  |  |
| 1.50%, 10/1/36 | 1267 | 1141 |
| Pool #SB8177, |  |  |
| 3.50%, 9/1/37 | 177 | 170 |
| Pool #SB8178, |  |  |
| 4.00%, 9/1/37 | 163 | 160 |
| Pool #SB8182, |  |  |
| 3.00%, 10/1/37 | 253 | 241 |
| Pool #SB8206, |  |  |
| 5.00%, 1/1/38 | 102 | 103 |
| Pool #SB8208, |  |  |
| 5.50%, 1/1/38 | 49 | 50 |
| Pool #SB8233, |  |  |
| 4.50%, 6/1/38 | 162 | 161 |
| Pool #SB8247, |  |  |
| 5.00%, 8/1/38 | 57 | 58 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **109** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #SB8332, |  |  |
| 4.00%, 10/1/39 | $139 | $136 |
| Pool #SB8501, |  |  |
| 2.00%, 8/1/35 | 452 | 417 |
| Pool #SD0163, |  |  |
| 3.00%, 12/1/49 | 497 | 445 |
| Pool #SD0261, |  |  |
| 3.00%, 2/1/50 | 201 | 179 |
| Pool #SD0262, |  |  |
| 3.50%, 2/1/50 | 329 | 308 |
| Pool #SD0410, |  |  |
| 2.50%, 8/1/50 | 1029 | 882 |
| Pool #SD0414, |  |  |
| 2.50%, 8/1/50 | 181 | 155 |
| Pool #SD0467, |  |  |
| 2.00%, 12/1/50 | 491 | 398 |
| Pool #SD0537, |  |  |
| 2.00%, 3/1/51 | 2751 | 2221 |
| Pool #SD0608, |  |  |
| 2.50%, 5/1/51 | 2404 | 2080 |
| Pool #SD0764, |  |  |
| 2.50%, 10/1/51 | 2113 | 1808 |
| Pool #SD1592, |  |  |
| 4.00%, 8/1/52 | 618 | 587 |
| Pool #SD1596, |  |  |
| 4.00%, 9/1/52 | 522 | 498 |
| Pool #SD1855, |  |  |
| 5.00%, 9/1/52 | 458 | 456 |
| Pool #SD1958, |  |  |
| 5.00%, 11/1/52 | 292 | 293 |
| Pool #SD2236, |  |  |
| 5.50%, 11/1/52 | 949 | 957 |
| Pool #SD2258, |  |  |
| 5.00%, 1/1/53 | 556 | 552 |
| Pool #SD2266, |  |  |
| 5.00%, 1/1/53 | 492 | 490 |
| Pool #SD2666, |  |  |
| 5.00%, 3/1/53 | 558 | 556 |
| Pool #SD2693, |  |  |
| 6.50%, 4/1/53 | 459 | 485 |
| Pool #SD2922, |  |  |
| 5.00%, 5/1/53 | 408 | 405 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #SD2936, |  |  |
| 5.00%, 4/1/53 | $313 | $313 |
| Pool #SD3074, |  |  |
| 5.50%, 5/1/53 | 732 | 739 |
| Pool #SD3683, |  |  |
| 5.50%, 9/1/53 | 819 | 833 |
| Pool #SD3713, |  |  |
| 6.50%, 8/1/53 | 700 | 736 |
| Pool #SD3714, |  |  |
| 6.50%, 8/1/53 | 419 | 436 |
| Pool #SD3904, |  |  |
| 6.50%, 9/1/53 | 306 | 319 |
| Pool #SD3913, |  |  |
| 5.50%, 9/1/53 | 225 | 228 |
| Pool #SD3990, |  |  |
| 5.50%, 9/1/53 | 786 | 805 |
| Pool #SD3992, |  |  |
| 5.50%, 9/1/53 | 470 | 478 |
| Pool #SD4204, |  |  |
| 6.50%, 10/1/53 | 483 | 507 |
| Pool #SD4262, |  |  |
| 6.00%, 11/1/53 | 516 | 536 |
| Pool #SD4668, |  |  |
| 6.00%, 10/1/53 | 333 | 343 |
| Pool #SD4702, |  |  |
| 6.50%, 1/1/54 | 432 | 453 |
| Pool #SD4869, |  |  |
| 6.50%, 2/1/54 | 531 | 552 |
| Pool #SD4882, |  |  |
| 6.00%, 2/1/54 | 1119 | 1158 |
| Pool #SD4919, |  |  |
| 6.50%, 2/1/54 | 391 | 416 |
| Pool #SD5058, |  |  |
| 5.50%, 3/1/54 | 258 | 263 |
| Pool #SD5316, |  |  |
| 6.00%, 4/1/54 | 667 | 683 |
| Pool #SD5958, |  |  |
| 6.50%, 8/1/54 | 781 | 810 |
| Pool #SD6004, |  |  |
| 6.00%, 8/1/54 | 1645 | 1702 |
| Pool #SD7440, |  |  |
| 5.00%, 1/1/55 | 912 | 909 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **110** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #SD7512, |  |  |
| 3.00%, 2/1/50 | $415 | $373 |
| Pool #SD7536, |  |  |
| 2.50%, 2/1/51 | 4762 | 4086 |
| Pool #SD7539, |  |  |
| 2.00%, 4/1/51 | 325 | 268 |
| Pool #SD7541, |  |  |
| 2.00%, 5/1/51 | 1762 | 1452 |
| Pool #SD8019, |  |  |
| 4.50%, 10/1/49 | 262 | 255 |
| Pool #SD8023, |  |  |
| 2.50%, 11/1/49 | 243 | 207 |
| Pool #SD8029, |  |  |
| 2.50%, 12/1/49 | 272 | 232 |
| Pool #SD8037, |  |  |
| 2.50%, 1/1/50 | 276 | 236 |
| Pool #SD8083, |  |  |
| 2.50%, 8/1/50 | 627 | 532 |
| Pool #SD8090, |  |  |
| 2.00%, 9/1/50 | 1998 | 1628 |
| Pool #SD8097, |  |  |
| 2.00%, 8/1/50 | 1743 | 1421 |
| Pool #SD8104, |  |  |
| 1.50%, 11/1/50 | 3456 | 2680 |
| Pool #SD8112, |  |  |
| 1.50%, 12/1/50 | 1025 | 794 |
| Pool #SD8139, |  |  |
| 1.50%, 4/1/51 | 1966 | 1523 |
| Pool #SD8145, |  |  |
| 5/1/51<sup>(14)</sup>  | 3154 | 2443 |
| Pool #SD8213, |  |  |
| 3.00%, 5/1/52 | 1336 | 1176 |
| Pool #SD8225, |  |  |
| 3.00%, 7/1/52 | 1624 | 1429 |
| Pool #SD8266, |  |  |
| 4.50%, 11/1/52 | 2143 | 2077 |
| Pool #SD8325, |  |  |
| 6.00%, 5/1/53 | 675 | 693 |
| Pool #SD8331, |  |  |
| 5.50%, 6/1/53 | 510 | 514 |
| Pool #SD8332, |  |  |
| 6.00%, 6/1/53 | 510 | 523 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #SD8374, |  |  |
| 6.50%, 11/1/53 | $231 | $239 |
| Pool #SD8386, |  |  |
| 7.00%, 12/1/53 | 168 | 176 |
| Pool #SD8399, |  |  |
| 7.50%, 1/1/54 | 88 | 93 |
| Pool #SL0231, |  |  |
| 5.00%, 1/1/55 | 928 | 922 |
| Pool #SL1560, |  |  |
| 5.50%, 6/1/55 | 910 | 923 |
| Pool #SL3125, |  |  |
| 6.00%, 11/1/55 | 2249 | 2318 |
| Pool #ZA1036, |  |  |
| 4.50%, 2/1/40 | 54 | 53 |
| Pool #ZA1159, |  |  |
| 3.50%, 4/1/42 | 158 | 150 |
| Pool #ZA1165, |  |  |
| 3.50%, 4/1/42 | 249 | 235 |
| Pool #ZA1254, |  |  |
| 3.00%, 10/1/42 | 749 | 686 |
| Pool #ZA1334, |  |  |
| 3.50%, 7/1/42 | 85 | 80 |
| Pool #ZA1361, |  |  |
| 3.50%, 5/1/43 | 123 | 116 |
| Pool #ZA1375, |  |  |
| 4.00%, 9/1/44 | 70 | 67 |
| Pool #ZA1378, |  |  |
| 3.50%, 10/1/44 | 113 | 106 |
| Pool #ZA2773, |  |  |
| 2.50%, 8/1/27 | 13 | 13 |
| Pool #ZA3862, |  |  |
| 2.50%, 5/1/31 | 139 | 135 |
| Pool #ZA4194, |  |  |
| 3.00%, 4/1/43 | 173 | 159 |
| Pool #ZA4214, |  |  |
| 3.00%, 5/1/43 | 273 | 250 |
| Pool #ZA4715, |  |  |
| 4.00%, 9/1/46 | 449 | 431 |
| Pool #ZA5107, |  |  |
| 4.00%, 11/1/47 | 125 | 120 |
| Pool #ZA5642, |  |  |
| 4.00%, 9/1/48 | 114 | 109 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **111** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #ZA5950, |  |  |
| 4.50%, 11/1/48 | $329 | $321 |
| Pool #ZI6135, |  |  |
| 5.00%, 9/1/34 | 225 | 228 |
| Pool #ZI6854, |  |  |
| 4.50%, 12/1/37 | 37 | 37 |
| Pool #ZI7645, |  |  |
| 5.00%, 6/1/38 | 51 | 52 |
| Pool #ZI8519, |  |  |
| 4.50%, 2/1/39 | 11 | 11 |
| Pool #ZI9349, |  |  |
| 4.50%, 10/1/39 | 188 | 185 |
| Pool #ZI9657, |  |  |
| 4.50%, 1/1/40 | 251 | 248 |
| Pool #ZI9939, |  |  |
| 4.50%, 4/1/40 | 68 | 67 |
| Pool #ZJ0631, |  |  |
| 4.50%, 10/1/40 | 83 | 82 |
| Pool #ZJ1046, |  |  |
| 4.00%, 1/1/41 | 126 | 122 |
| Pool #ZJ1052, |  |  |
| 4.00%, 1/1/41 | 110 | 106 |
| Pool #ZJ1228, |  |  |
| 4.00%, 2/1/41 | 161 | 156 |
| Pool #ZJ1359, |  |  |
| 4.50%, 3/1/41 | 83 | 82 |
| Pool #ZK5468, |  |  |
| 2.00%, 5/1/28 | 92 | 90 |
| Pool #ZL1714, |  |  |
| 4.50%, 7/1/41 | 115 | 113 |
| Pool #ZL1806, |  |  |
| 4.50%, 8/1/41 | 320 | 317 |
| Pool #ZL1922, |  |  |
| 4.00%, 9/1/41 | 35 | 34 |
| Pool #ZL2350, |  |  |
| 3.50%, 11/1/41 | 56 | 53 |
| Pool #ZL3211, |  |  |
| 3.50%, 6/1/42 | 234 | 221 |
| Pool #ZL3551, |  |  |
| 3.50%, 8/1/42 | 341 | 321 |
| Pool #ZL4709, |  |  |
| 3.00%, 1/1/43 | 251 | 230 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #ZL5074, |  |  |
| 3.00%, 2/1/43 | $110 | $101 |
| Pool #ZL5915, |  |  |
| 3.50%, 5/1/43 | 505 | 475 |
| Pool #ZL5927, |  |  |
| 3.00%, 5/1/43 | 135 | 124 |
| Pool #ZL6381, |  |  |
| 3.00%, 6/1/43 | 241 | 221 |
| Pool #ZL6467, |  |  |
| 3.00%, 7/1/43 | 186 | 171 |
| Pool #ZL6920, |  |  |
| 3.50%, 8/1/43 | 69 | 65 |
| Pool #ZL7780, |  |  |
| 4.00%, 2/1/44 | 182 | 175 |
| Pool #ZL8709, |  |  |
| 4.00%, 11/1/44 | 54 | 52 |
| Pool #ZM0489, |  |  |
| 4.00%, 11/1/45 | 138 | 133 |
| Pool #ZM0617, |  |  |
| 3.50%, 12/1/45 | 173 | 163 |
| Pool #ZM1194, |  |  |
| 3.00%, 6/1/46 | 215 | 194 |
| Pool #ZM1933, |  |  |
| 3.00%, 10/1/46 | 243 | 219 |
| Pool #ZM2167, |  |  |
| 3.00%, 11/1/46 | 394 | 355 |
| Pool #ZM2286, |  |  |
| 3.50%, 12/1/46 | 638 | 596 |
| Pool #ZM3525, |  |  |
| 3.50%, 6/1/47 | 93 | 87 |
| Pool #ZM4305, |  |  |
| 3.50%, 9/1/47 | 338 | 316 |
| Pool #ZM4711, |  |  |
| 4.00%, 11/1/47 | 538 | 517 |
| Pool #ZM4736, |  |  |
| 3.50%, 11/1/47 | 132 | 122 |
| Pool #ZM4908, |  |  |
| 3.50%, 11/1/47 | 250 | 233 |
| Pool #ZM5133, |  |  |
| 3.50%, 12/1/47 | 110 | 103 |
| Pool #ZM5397, |  |  |
| 3.50%, 1/1/48 | 182 | 169 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **112** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #ZM5659, |  |  |
| 3.50%, 2/1/48 | $207 | $193 |
| Pool #ZM5917, |  |  |
| 4.00%, 3/1/48 | 148 | 142 |
| Pool #ZM6682, |  |  |
| 4.50%, 5/1/48 | 99 | 98 |
| Pool #ZM7370, |  |  |
| 4.00%, 7/1/48 | 97 | 92 |
| Pool #ZM7378, |  |  |
| 5.00%, 7/1/48 | 116 | 116 |
| Pool #ZM7849, |  |  |
| 4.00%, 8/1/48 | 46 | 44 |
| Pool #ZM8045, |  |  |
| 4.00%, 9/1/48 | 137 | 132 |
| Pool #ZM8575, |  |  |
| 4.50%, 10/1/48 | 66 | 65 |
| Pool #ZN1506, |  |  |
| 3.50%, 11/1/48 | 509 | 475 |
| Pool #ZN3447, |  |  |
| 3.50%, 2/1/49 | 110 | 102 |
| Pool #ZS0932, |  |  |
| 4.50%, 8/1/34 | 6 | 6 |
| Pool #ZS1567, |  |  |
| 5.00%, 8/1/37 | 8 | 8 |
| Pool #ZS2391, |  |  |
| 5.00%, 9/1/38 | 16 | 16 |
| Pool #ZS2499, |  |  |
| 5.00%, 3/1/38 | 35 | 35 |
| Pool #ZS2533, |  |  |
| 4.50%, 2/1/39 | 38 | 38 |
| Pool #ZS2827, |  |  |
| 4.50%, 11/1/39 | 91 | 90 |
| Pool #ZS3554, |  |  |
| 3.50%, 7/1/42 | 152 | 143 |
| Pool #ZS3596, |  |  |
| 4.00%, 6/1/42 | 379 | 366 |
| Pool #ZS4078, |  |  |
| 3.50%, 1/1/45 | 216 | 203 |
| Pool #ZS4127, |  |  |
| 4.50%, 7/1/44 | 90 | 88 |
| Pool #ZS4472, |  |  |
| 3.50%, 2/1/42 | 149 | 141 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #ZS4536, |  |  |
| 3.50%, 10/1/43 | $223 | $209 |
| Pool #ZS4584, |  |  |
| 3.00%, 9/1/44 | 86 | 79 |
| Pool #ZS4600, |  |  |
| 4.00%, 1/1/45 | 228 | 220 |
| Pool #ZS4607, |  |  |
| 3.50%, 3/1/45 | 295 | 277 |
| Pool #ZS4617, |  |  |
| 3.00%, 6/1/45 | 153 | 138 |
| Pool #ZS4618, |  |  |
| 3.50%, 6/1/45 | 238 | 223 |
| Pool #ZS4621, |  |  |
| 3.00%, 7/1/45 | 368 | 334 |
| Pool #ZS4627, |  |  |
| 4.00%, 8/1/45 | 77 | 74 |
| Pool #ZS4629, |  |  |
| 3.00%, 9/1/45 | 468 | 425 |
| Pool #ZS4630, |  |  |
| 3.50%, 9/1/45 | 160 | 151 |
| Pool #ZS4634, |  |  |
| 4.00%, 10/1/45 | 95 | 91 |
| Pool #ZS4639, |  |  |
| 4.00%, 11/1/45 | 96 | 93 |
| Pool #ZS4642, |  |  |
| 3.50%, 12/1/45 | 330 | 310 |
| Pool #ZS4655, |  |  |
| 3.50%, 3/1/46 | 162 | 152 |
| Pool #ZS4667, |  |  |
| 3.00%, 6/1/46 | 234 | 211 |
| Pool #ZS4671, |  |  |
| 3.00%, 8/1/46 | 530 | 479 |
| Pool #ZS4677, |  |  |
| 3.00%, 9/1/46 | 147 | 133 |
| Pool #ZS4703, |  |  |
| 3.00%, 2/1/47 | 155 | 140 |
| Pool #ZS4722, |  |  |
| 3.50%, 6/1/47 | 145 | 135 |
| Pool #ZS4730, |  |  |
| 3.50%, 8/1/47 | 55 | 52 |
| Pool #ZS4740, |  |  |
| 4.00%, 10/1/47 | 260 | 248 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **113** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #ZS4743, |  |  |
| 3.50%, 11/1/47 | $362 | $336 |
| Pool #ZS4745, |  |  |
| 4.50%, 11/1/47 | 242 | 238 |
| Pool #ZS4747, |  |  |
| 3.50%, 12/1/47 | 100 | 93 |
| Pool #ZS4748, |  |  |
| 4.00%, 12/1/47 | 273 | 261 |
| Pool #ZS4749, |  |  |
| 4.50%, 12/1/47 | 81 | 80 |
| Pool #ZS4752, |  |  |
| 4.00%, 1/1/48 | 216 | 207 |
| Pool #ZS4759, |  |  |
| 3.50%, 3/1/48 | 214 | 200 |
| Pool #ZS4769, |  |  |
| 4.00%, 5/1/48 | 112 | 107 |
| Pool #ZS4773, |  |  |
| 4.50%, 6/1/48 | 35 | 35 |
| Pool #ZS4781, |  |  |
| 4.50%, 7/1/48 | 87 | 85 |
| Pool #ZS4785, |  |  |
| 4.00%, 8/1/48 | 88 | 84 |
| Pool #ZS8023, |  |  |
| 2.00%, 8/1/32 | 27 | 26 |
| Pool #ZS8628, |  |  |
| 2.00%, 11/1/31 | 45 | 43 |
| Pool #ZS8639, |  |  |
| 2.00%, 1/1/32 | 16 | 15 |
| Pool #ZS9449, |  |  |
| 3.50%, 8/1/45 | 237 | 223 |
| Pool #ZS9495, |  |  |
| 3.50%, 10/1/45 | 374 | 352 |
| Pool #ZS9580, |  |  |
| 3.50%, 12/1/45 | 342 | 321 |
| Pool #ZS9805, |  |  |
| 3.00%, 9/1/46 | 362 | 327 |
| Pool #ZS9827, |  |  |
| 3.00%, 10/1/46 | 322 | 291 |
| Pool #ZT0495, |  |  |
| 4.50%, 8/1/48 | 36 | 35 |
| Pool #ZT0524, |  |  |
| 4.50%, 9/1/48 | 196 | 193 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** | **Freddie Mac – 6.1%continued** |
| Pool #ZT0712, |  |  |
| 4.00%, 10/1/48 | $125 | $119 |
| Pool #ZT0787, |  |  |
| 4.00%, 10/1/48 | 115 | 110 |
| Pool #ZT1702, |  |  |
| 4.00%, 1/1/49 | 218 | 209 |
| Pool #ZT2091, |  |  |
| 3.00%, 6/1/34 | 43 | 42 |
| Pool RJ4376, |  |  |
| 5.50%, 6/1/55 | 1398 | 1407 |
| Pool SL2010, |  |  |
| 6.00%, 8/1/55 | 1843 | 1897 |
|  |  | **183885** |
| **Freddie Mac Gold – 0.1%** | **Freddie Mac Gold – 0.1%** | **Freddie Mac Gold – 0.1%** |
| Pool #A16753, |  |  |
| 5.00%, 11/1/33 | 20 | 20 |
| Pool #A17665, |  |  |
| 5.00%, 1/1/34 | 17 | 17 |
| Pool #A27950, |  |  |
| 5.50%, 11/1/34 | 44 | 44 |
| Pool #A31136, |  |  |
| 5.50%, 1/1/35 | 69 | 69 |
| Pool #A39306, |  |  |
| 5.50%, 11/1/35 | 18 | 18 |
| Pool #A46224, |  |  |
| 5.00%, 7/1/35 | 4 | 4 |
| Pool #A48104, |  |  |
| 5.00%, 1/1/36 | 19 | 19 |
| Pool #A57604, |  |  |
| 5.00%, 3/1/37 | 14 | 14 |
| Pool #A58718, |  |  |
| 5.50%, 3/1/37 | 4 | 4 |
| Pool #A59081, |  |  |
| 5.50%, 4/1/37 | 21 | 22 |
| Pool #A61560, |  |  |
| 5.50%, 10/1/36 | 51 | 53 |
| Pool #A64474, |  |  |
| 5.50%, 9/1/37 | 5 | 6 |
| Pool #A67116, |  |  |
| 7.00%, 10/1/37 | 12 | 12 |
| Pool #A68761, |  |  |
| 5.50%, 9/1/37 | 90 | 93 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **114** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** |
| Pool #A69303, |  |  |
| 6.00%, 11/1/37 | $3 | $3 |
| Pool #A73778, |  |  |
| 5.00%, 2/1/38 | 28 | 28 |
| Pool #A74134, |  |  |
| 7.00%, 2/1/38 | 15 | 16 |
| Pool #A83008, |  |  |
| 5.50%, 11/1/38 | 76 | 78 |
| Pool #A91541, |  |  |
| 5.00%, 3/1/40 | 54 | 55 |
| Pool #C91009, |  |  |
| 5.00%, 11/1/26<sup>(11)</sup>  |  |  |
| Pool #C91247, |  |  |
| 5.00%, 4/1/29 | 12 | 12 |
| Pool #C91370, |  |  |
| 4.50%, 5/1/31 | 33 | 33 |
| Pool #C91826, |  |  |
| 3.00%, 5/1/35 | 57 | 55 |
| Pool #C91858, |  |  |
| 3.00%, 12/1/35 | 59 | 56 |
| Pool #C91879, |  |  |
| 3.00%, 6/1/36 | 72 | 69 |
| Pool #C91908, |  |  |
| 3.00%, 1/1/37 | 35 | 34 |
| Pool #D97564, |  |  |
| 5.00%, 1/1/28 | 24 | 24 |
| Pool #D99094, |  |  |
| 3.00%, 3/1/32 | 44 | 43 |
| Pool #E04044, |  |  |
| 3.50%, 8/1/27 | 21 | 21 |
| Pool #G02064, |  |  |
| 5.00%, 2/1/36 | 28 | 28 |
| Pool #G02069, |  |  |
| 5.50%, 3/1/36 | 4 | 4 |
| Pool #G02386, |  |  |
| 6.00%, 11/1/36 | 41 | 43 |
| Pool #G02391, |  |  |
| 6.00%, 11/1/36 | 1 | 2 |
| Pool #G02540, |  |  |
| 5.00%, 11/1/34 | 14 | 14 |
| Pool #G02649, |  |  |
| 6.00%, 1/1/37 | 2 | 2 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** |
| Pool #G02789, |  |  |
| 6.00%, 4/1/37 | $220 | $231 |
| Pool #G02911, |  |  |
| 6.00%, 4/1/37 | 4 | 4 |
| Pool #G02973, |  |  |
| 6.00%, 6/1/37 | 6 | 7 |
| Pool #G03121, |  |  |
| 5.00%, 6/1/36 | 27 | 27 |
| Pool #G03134, |  |  |
| 5.50%, 8/1/36 | 12 | 12 |
| Pool #G03218, |  |  |
| 6.00%, 9/1/37 | 4 | 4 |
| Pool #G03351, |  |  |
| 6.00%, 9/1/37 | 11 | 12 |
| Pool #G03513, |  |  |
| 6.00%, 11/1/37 | 15 | 16 |
| Pool #G03600, |  |  |
| 7.00%, 11/1/37 | 6 | 7 |
| Pool #G03737, |  |  |
| 6.50%, 11/1/37 | 80 | 85 |
| Pool #G03992, |  |  |
| 6.00%, 3/1/38 | 10 | 11 |
| Pool #G04287, |  |  |
| 5.00%, 5/1/38 | 17 | 17 |
| Pool #G04459, |  |  |
| 5.50%, 6/1/38 | 23 | 23 |
| Pool #G04611, |  |  |
| 6.00%, 7/1/38 | 38 | 40 |
| Pool #G04650, |  |  |
| 6.50%, 9/1/38 | 19 | 20 |
| Pool #G05733, |  |  |
| 5.00%, 11/1/39 | 74 | 75 |
| Pool #G05969, |  |  |
| 5.00%, 8/1/40 | 34 | 34 |
| Pool #G06767, |  |  |
| 5.00%, 10/1/41 | 156 | 158 |
| Pool #G06947, |  |  |
| 6.00%, 5/1/40 | 53 | 55 |
| Pool #G08189, |  |  |
| 7.00%, 3/1/37 | 11 | 11 |
| Pool #G08192, |  |  |
| 5.50%, 4/1/37 | 11 | 11 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **115** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** | **Freddie Mac Gold – 0.1%continued** |
| Pool #G08341, |  |  |
| 5.00%, 4/1/39 | $186 | $188 |
| Pool #G14554, |  |  |
| 4.50%, 7/1/26<sup>(11)</sup>  |  |  |
| Pool #G14891, |  |  |
| 3.00%, 10/1/28 | 25 | 24 |
| Pool #G15134, |  |  |
| 3.00%, 5/1/29 | 23 | 22 |
| Pool #G16774, |  |  |
| 3.50%, 2/1/34 | 59 | 58 |
| Pool #G18438, |  |  |
| 2.50%, 6/1/27 | 15 | 15 |
| Pool #G18571, |  |  |
| 2.50%, 10/1/30 | 65 | 63 |
| Pool #G18664, |  |  |
| 3.50%, 10/1/32 | 56 | 55 |
| Pool #G30327, |  |  |
| 4.50%, 1/1/27 | 1 | 1 |
| Pool #G67713, |  |  |
| 4.00%, 6/1/48 | 421 | 403 |
| Pool #J16932, |  |  |
| 3.00%, 10/1/26 | 4 | 4 |
| Pool #J17055, |  |  |
| 3.00%, 11/1/26 | 5 | 5 |
| Pool #J17232, |  |  |
| 3.00%, 11/1/26 | 4 | 4 |
| Pool #J20834, |  |  |
| 2.50%, 10/1/27 | 28 | 28 |
| Pool #J22069, |  |  |
| 2.50%, 1/1/28 | 9 | 9 |
| Pool #K90641, |  |  |
| 3.50%, 6/1/33 | 17 | 17 |
| Pool #V60886, |  |  |
| 2.50%, 8/1/30 | 40 | 39 |
| Pool #V60902, |  |  |
| 2.50%, 8/1/30 | 33 | 32 |
| Pool #V61347, |  |  |
| 2.50%, 10/1/31 | 154 | 148 |
|  |  | **2990** |
| **Government National Mortgage Association I – 0.1%** | **Government National Mortgage Association I – 0.1%** | **Government National Mortgage Association I – 0.1%** |
| Pool #510835, |  |  |
| 5.50%, 2/15/35 | 6 | 6 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association I – 0.1%continued** | **Government National Mortgage Association I – 0.1%continued** | **Government National Mortgage Association I – 0.1%continued** |
| Pool #553463, |  |  |
| 3.50%, 1/15/42 | $204 | $193 |
| Pool #597889, |  |  |
| 5.50%, 6/15/33 | 47 | 47 |
| Pool #614169, |  |  |
| 5.00%, 7/15/33 | 9 | 9 |
| Pool #616879, |  |  |
| 3.50%, 2/15/42 | 144 | 135 |
| Pool #617739, |  |  |
| 6.00%, 10/15/37 | 2 | 2 |
| Pool #634431, |  |  |
| 6.00%, 9/15/34 | 8 | 8 |
| Pool #641416, |  |  |
| 5.50%, 4/15/35 | 36 | 36 |
| Pool #646341, |  |  |
| 6.00%, 11/15/36 | 5 | 5 |
| Pool #648538, |  |  |
| 5.00%, 12/15/35 | 41 | 41 |
| Pool #651753, |  |  |
| 5.50%, 3/15/36 | 3 | 3 |
| Pool #670030, |  |  |
| 3.00%, 7/15/45 | 137 | 123 |
| Pool #675211, |  |  |
| 6.50%, 3/15/38 | 3 | 4 |
| Pool #675484, |  |  |
| 5.50%, 6/15/38 | 9 | 10 |
| Pool #676360, |  |  |
| 6.50%, 10/15/37 | 1 | 1 |
| Pool #682899, |  |  |
| 6.00%, 9/15/40 | 45 | 47 |
| Pool #687824, |  |  |
| 5.50%, 8/15/38 | 32 | 33 |
| Pool #687900, |  |  |
| 5.00%, 9/15/38 | 46 | 47 |
| Pool #687901, |  |  |
| 5.00%, 9/15/38 | 14 | 14 |
| Pool #692309, |  |  |
| 6.00%, 1/15/39 | 13 | 13 |
| Pool #697645, |  |  |
| 5.50%, 10/15/38 | 14 | 14 |
| Pool #698236, |  |  |
| 5.00%, 6/15/39 | 80 | 81 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **116** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association I – 0.1%continued** | **Government National Mortgage Association I – 0.1%continued** | **Government National Mortgage Association I – 0.1%continued** |
| Pool #698336, |  |  |
| 4.50%, 5/15/39 | $79 | $79 |
| Pool #699277, |  |  |
| 6.00%, 9/15/38 | 2 | 2 |
| Pool #700918, |  |  |
| 5.50%, 11/15/38 | 14 | 14 |
| Pool #700972, |  |  |
| 5.50%, 11/15/38 | 8 | 8 |
| Pool #703677, |  |  |
| 5.50%, 6/15/39 | 55 | 57 |
| Pool #704185, |  |  |
| 5.50%, 1/15/39 | 8 | 8 |
| Pool #704514, |  |  |
| 4.50%, 5/15/39 | 157 | 156 |
| Pool #717175, |  |  |
| 4.50%, 6/15/39 | 85 | 84 |
| Pool #719262, |  |  |
| 5.00%, 8/15/40 | 50 | 51 |
| Pool #720202, |  |  |
| 4.50%, 7/15/39 | 65 | 64 |
| Pool #723231, |  |  |
| 4.00%, 10/15/39 | 64 | 62 |
| Pool #723339, |  |  |
| 5.00%, 9/15/39 | 36 | 37 |
| Pool #728629, |  |  |
| 4.50%, 1/15/40 | 114 | 114 |
| Pool #736768, |  |  |
| 3.00%, 11/15/42 | 368 | 336 |
| Pool #737286, |  |  |
| 4.50%, 5/15/40 | 87 | 86 |
| Pool #738247, |  |  |
| 4.50%, 4/15/41 | 45 | 44 |
| Pool #747643, |  |  |
| 4.50%, 8/15/40 | 120 | 119 |
| Pool #768800, |  |  |
| 4.50%, 6/15/41 | 22 | 22 |
| Pool #773939, |  |  |
| 4.00%, 11/15/41 | 156 | 150 |
| Pool #778957, |  |  |
| 3.50%, 3/15/42 | 187 | 177 |
| Pool #782131, |  |  |
| 5.50%, 12/15/36 | 11 | 11 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association I – 0.1%continued** | **Government National Mortgage Association I – 0.1%continued** | **Government National Mortgage Association I – 0.1%continued** |
| Pool #782150, |  |  |
| 5.50%, 4/15/37 | $15 | $16 |
| Pool #782259, |  |  |
| 5.00%, 2/15/36 | 28 | 29 |
| Pool #782272, |  |  |
| 5.50%, 2/15/38 | 28 | 29 |
| Pool #782498, |  |  |
| 6.00%, 12/15/38 | 13 | 13 |
| Pool #782584, |  |  |
| 5.00%, 3/15/39 | 19 | 19 |
| Pool #782696, |  |  |
| 5.00%, 6/15/39 | 75 | 76 |
| Pool #782831, |  |  |
| 6.00%, 12/15/39 | 10 | 10 |
| Pool #783176, |  |  |
| 4.00%, 11/15/40 | 216 | 207 |
| Pool #783740, |  |  |
| 2.50%, 12/15/27 | 7 | 7 |
| Pool #AA5391, |  |  |
| 3.50%, 6/15/42 | 12 | 12 |
| Pool #AA6089, |  |  |
| 3.00%, 2/15/43 | 146 | 133 |
| Pool #AB2761, |  |  |
| 3.50%, 8/15/42 | 38 | 36 |
| Pool #AB2891, |  |  |
| 3.00%, 9/15/42 | 52 | 48 |
| Pool #AD8781, |  |  |
| 3.00%, 3/15/43 | 128 | 117 |
| Pool #AD9016, |  |  |
| 3.00%, 4/15/43 | 104 | 95 |
| Pool #AL1763, |  |  |
| 3.50%, 1/15/45 | 53 | 49 |
|  |  | **3449** |
| **Government National Mortgage Association II – 5.3%** | **Government National Mortgage Association II – 5.3%** | **Government National Mortgage Association II – 5.3%** |
| Pool #3570, |  |  |
| 6.00%, 6/20/34 | 13 | 14 |
| Pool #3665, |  |  |
| 5.50%, 1/20/35 | 33 | 34 |
| Pool #3852, |  |  |
| 6.00%, 5/20/36 | 6 | 7 |
| Pool #3879, |  |  |
| 6.00%, 7/20/36 | 17 | 17 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **117** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** |
| Pool #3910, |  |  |
| 6.00%, 10/20/36 | $9 | $10 |
| Pool #3994, |  |  |
| 5.00%, 6/20/37 | 6 | 6 |
| Pool #4018, |  |  |
| 6.50%, 8/20/37 | 23 | 25 |
| Pool #4026, |  |  |
| 5.00%, 9/20/37 | 7 | 8 |
| Pool #4027, |  |  |
| 5.50%, 9/20/37 | 4 | 4 |
| Pool #4040, |  |  |
| 6.50%, 10/20/37 | 5 | 6 |
| Pool #4098, |  |  |
| 5.50%, 3/20/38 | 28 | 29 |
| Pool #4116, |  |  |
| 6.50%, 4/20/38 | 11 | 12 |
| Pool #4170, |  |  |
| 6.00%, 6/20/38 | 22 | 23 |
| Pool #4194, |  |  |
| 5.50%, 7/20/38 | 50 | 51 |
| Pool #4243, |  |  |
| 5.00%, 9/20/38 | 12 | 12 |
| Pool #4244, |  |  |
| 5.50%, 9/20/38 | 15 | 15 |
| Pool #4245, |  |  |
| 6.00%, 9/20/38 | 8 | 8 |
| Pool #4269, |  |  |
| 6.50%, 10/20/38 | 11 | 12 |
| Pool #4290, |  |  |
| 5.50%, 11/20/38 | 10 | 10 |
| Pool #4344, |  |  |
| 6.00%, 1/20/39 | 17 | 18 |
| Pool #4345, |  |  |
| 6.50%, 1/20/39 | 12 | 13 |
| Pool #4425, |  |  |
| 5.50%, 4/20/39 | 28 | 29 |
| Pool #4559, |  |  |
| 5.00%, 10/20/39 | 61 | 62 |
| Pool #4561, |  |  |
| 6.00%, 10/20/39 | 34 | 36 |
| Pool #4617, |  |  |
| 4.50%, 1/20/40 | 18 | 18 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** |
| Pool #4619, |  |  |
| 5.50%, 1/20/40 | $66 | $68 |
| Pool #4713, |  |  |
| 4.50%, 6/20/40 | 52 | 51 |
| Pool #4747, |  |  |
| 5.00%, 7/20/40 | 46 | 47 |
| Pool #4923, |  |  |
| 4.50%, 1/20/41 | 47 | 47 |
| Pool #5050, |  |  |
| 4.00%, 5/20/26<sup>(11)</sup>  |  |  |
| Pool #5081, |  |  |
| 4.00%, 6/20/41 | 79 | 76 |
| Pool #5082, |  |  |
| 4.50%, 6/20/41 | 78 | 77 |
| Pool #5114, |  |  |
| 4.00%, 7/20/41 | 290 | 279 |
| Pool #5141, |  |  |
| 5.00%, 8/20/41 | 44 | 45 |
| Pool #5175, |  |  |
| 4.50%, 9/20/41 | 46 | 46 |
| Pool #5202, |  |  |
| 3.50%, 10/20/41 | 122 | 116 |
| Pool #5203, |  |  |
| 4.00%, 10/20/41 | 72 | 69 |
| Pool #5232, |  |  |
| 3.50%, 11/20/41 | 228 | 216 |
| Pool #5264, |  |  |
| 5.50%, 12/20/41 | 5 | 5 |
| Pool #5280, |  |  |
| 4.00%, 1/20/42 | 84 | 81 |
| Pool #5304, |  |  |
| 3.50%, 2/20/42 | 86 | 81 |
| Pool #5317, |  |  |
| 5.50%, 2/20/42 | 38 | 39 |
| Pool #5331, |  |  |
| 3.50%, 3/20/42 | 135 | 128 |
| Pool #737602, |  |  |
| 4.00%, 11/20/40 | 106 | 102 |
| Pool #752757, |  |  |
| 4.50%, 11/20/40 | 150 | 147 |
| Pool #755677, |  |  |
| 4.00%, 12/20/40 | 61 | 59 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **118** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** |
| Pool #782433, |  |  |
| 6.00%, 10/20/38 | $31 | $32 |
| Pool #784345, |  |  |
| 3.50%, 7/20/47 | 291 | 277 |
| Pool #AA5970, |  |  |
| 3.00%, 1/20/43 | 400 | 367 |
| Pool #AA6160, |  |  |
| 3.50%, 3/20/43 | 114 | 107 |
| Pool #AA6243, |  |  |
| 3.50%, 4/20/43 | 40 | 37 |
| Pool #AF5097, |  |  |
| 4.00%, 8/20/43 | 348 | 331 |
| Pool #AJ0645, |  |  |
| 3.50%, 7/20/44 | 88 | 81 |
| Pool #AJ3643, |  |  |
| 4.00%, 10/20/44 | 238 | 227 |
| Pool #AO7682, |  |  |
| 4.00%, 8/20/45 | 232 | 221 |
| Pool #BE9902, |  |  |
| 4.50%, 6/20/48 | 34 | 34 |
| Pool #MA0022, |  |  |
| 3.50%, 4/20/42 | 133 | 126 |
| Pool #MA0088, |  |  |
| 3.50%, 5/20/42 | 305 | 289 |
| Pool #MA0220, |  |  |
| 3.50%, 7/20/42 | 158 | 149 |
| Pool #MA0318, |  |  |
| 3.50%, 8/20/42 | 296 | 280 |
| Pool #MA0321, |  |  |
| 5.00%, 8/20/42 | 61 | 62 |
| Pool #MA0391, |  |  |
| 3.00%, 9/20/42 | 685 | 628 |
| Pool #MA0392, |  |  |
| 3.50%, 9/20/42 | 131 | 124 |
| Pool #MA0698, |  |  |
| 3.00%, 1/20/43 | 160 | 147 |
| Pool #MA0826, |  |  |
| 3.00%, 3/20/28 | 10 | 10 |
| Pool #MA0850, |  |  |
| 2.50%, 3/20/43 | 66 | 59 |
| Pool #MA0851, |  |  |
| 3.00%, 3/20/43 | 232 | 212 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** |
| Pool #MA0934, |  |  |
| 3.50%, 4/20/43 | $92 | $87 |
| Pool #MA1011, |  |  |
| 3.00%, 5/20/43 | 271 | 248 |
| Pool #MA1012, |  |  |
| 3.50%, 5/20/43 | 248 | 235 |
| Pool #MA1089, |  |  |
| 3.00%, 6/20/43 | 287 | 262 |
| Pool #MA1224, |  |  |
| 3.50%, 8/20/43 | 201 | 191 |
| Pool #MA1285, |  |  |
| 3.50%, 9/20/43 | 119 | 112 |
| Pool #MA1839, |  |  |
| 4.00%, 4/20/44 | 60 | 57 |
| Pool #MA1920, |  |  |
| 4.00%, 5/20/44 | 64 | 61 |
| Pool #MA2224, |  |  |
| 4.00%, 9/20/44 | 361 | 346 |
| Pool #MA2444, |  |  |
| 3.00%, 12/20/44 | 43 | 38 |
| Pool #MA2521, |  |  |
| 3.50%, 1/20/45 | 177 | 167 |
| Pool #MA2522, |  |  |
| 4.00%, 1/20/45 | 77 | 74 |
| Pool #MA2677, |  |  |
| 3.00%, 3/20/45 | 86 | 78 |
| Pool #MA2753, |  |  |
| 3.00%, 4/20/45 | 235 | 214 |
| Pool #MA2754, |  |  |
| 3.50%, 4/20/45 | 95 | 90 |
| Pool #MA2891, |  |  |
| 3.00%, 6/20/45 | 263 | 238 |
| Pool #MA2892, |  |  |
| 3.50%, 6/20/45 | 90 | 85 |
| Pool #MA2960, |  |  |
| 3.00%, 7/20/45 | 216 | 196 |
| Pool #MA3034, |  |  |
| 3.50%, 8/20/45 | 264 | 249 |
| Pool #MA3104, |  |  |
| 3.00%, 9/20/45 | 312 | 283 |
| Pool #MA3106, |  |  |
| 4.00%, 9/20/45 | 227 | 218 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **119** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** |
| Pool #MA3172, |  |  |
| 3.00%, 10/20/45 | $57 | $52 |
| Pool #MA3174, |  |  |
| 4.00%, 10/20/45 | 127 | 122 |
| Pool #MA3244, |  |  |
| 3.50%, 11/20/45 | 202 | 189 |
| Pool #MA3245, |  |  |
| 4.00%, 11/20/45 | 461 | 442 |
| Pool #MA3310, |  |  |
| 3.50%, 12/20/45 | 751 | 706 |
| Pool #MA3378, |  |  |
| 4.50%, 1/20/46 | 294 | 290 |
| Pool #MA3521, |  |  |
| 3.50%, 3/20/46 | 372 | 349 |
| Pool #MA3522, |  |  |
| 4.00%, 3/20/46 | 107 | 102 |
| Pool #MA3596, |  |  |
| 3.00%, 4/20/46 | 212 | 192 |
| Pool #MA3597, |  |  |
| 3.50%, 4/20/46 | 378 | 355 |
| Pool #MA3662, |  |  |
| 3.00%, 5/20/46 | 355 | 321 |
| Pool #MA3663, |  |  |
| 3.50%, 5/20/46 | 223 | 209 |
| Pool #MA3664, |  |  |
| 4.00%, 5/20/46 | 103 | 99 |
| Pool #MA3735, |  |  |
| 3.00%, 6/20/46 | 426 | 386 |
| Pool #MA3736, |  |  |
| 3.50%, 6/20/46 | 290 | 272 |
| Pool #MA3778, |  |  |
| 3.00%, 7/20/31 | 32 | 31 |
| Pool #MA3802, |  |  |
| 3.00%, 7/20/46 | 504 | 457 |
| Pool #MA3873, |  |  |
| 3.00%, 8/20/46 | 194 | 176 |
| Pool #MA3874, |  |  |
| 3.50%, 8/20/46 | 202 | 191 |
| Pool #MA3936, |  |  |
| 3.00%, 9/20/46 | 442 | 401 |
| Pool #MA4002, |  |  |
| 2.50%, 10/20/46 | 34 | 30 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** |
| Pool #MA4003, |  |  |
| 3.00%, 10/20/46 | $296 | $268 |
| Pool #MA4067, |  |  |
| 2.50%, 11/20/46 | 272 | 239 |
| Pool #MA4125, |  |  |
| 2.50%, 12/20/46 | 19 | 16 |
| Pool #MA4196, |  |  |
| 3.50%, 1/20/47 | 306 | 288 |
| Pool #MA4322, |  |  |
| 4.00%, 3/20/47 | 117 | 112 |
| Pool #MA4382, |  |  |
| 3.50%, 4/20/47 | 96 | 90 |
| Pool #MA4509, |  |  |
| 3.00%, 6/20/47 | 466 | 423 |
| Pool #MA4512, |  |  |
| 4.50%, 6/20/47 | 170 | 168 |
| Pool #MA4624, |  |  |
| 3.00%, 8/20/32 | 29 | 28 |
| Pool #MA4652, |  |  |
| 3.50%, 8/20/47 | 399 | 376 |
| Pool #MA4718, |  |  |
| 3.00%, 9/20/47 | 232 | 210 |
| Pool #MA4778, |  |  |
| 3.50%, 10/20/47 | 388 | 362 |
| Pool #MA4838, |  |  |
| 4.00%, 11/20/47 | 54 | 52 |
| Pool #MA4900, |  |  |
| 3.50%, 12/20/47 | 391 | 366 |
| Pool #MA4962, |  |  |
| 3.50%, 1/20/48 | 361 | 338 |
| Pool #MA4963, |  |  |
| 4.00%, 1/20/48 | 133 | 127 |
| Pool #MA5021, |  |  |
| 4.50%, 2/20/48 | 172 | 170 |
| Pool #MA5077, |  |  |
| 3.50%, 3/20/48 | 416 | 390 |
| Pool #MA5137, |  |  |
| 4.00%, 4/20/48 | 56 | 53 |
| Pool #MA5191, |  |  |
| 3.50%, 5/20/48 | 247 | 232 |
| Pool #MA5264, |  |  |
| 4.00%, 6/20/48 | 140 | 133 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **120** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** |
| Pool #MA5265, |  |  |
| 4.50%, 6/20/48 | $141 | $139 |
| Pool #MA5266, |  |  |
| 5.00%, 6/20/48 | 179 | 180 |
| Pool #MA5330, |  |  |
| 4.00%, 7/20/48 | 186 | 178 |
| Pool #MA5331, |  |  |
| 4.50%, 7/20/48 | 281 | 277 |
| Pool #MA5398, |  |  |
| 4.00%, 8/20/48 | 132 | 126 |
| Pool #MA5399, |  |  |
| 4.50%, 8/20/48 | 140 | 137 |
| Pool #MA5466, |  |  |
| 4.00%, 9/20/48 | 320 | 305 |
| Pool #MA5467, |  |  |
| 4.50%, 9/20/48 | 164 | 162 |
| Pool #MA5528, |  |  |
| 4.00%, 10/20/48 | 184 | 175 |
| Pool #MA5529, |  |  |
| 4.50%, 10/20/48 | 160 | 157 |
| Pool #MA5595, |  |  |
| 4.00%, 11/20/48 | 65 | 62 |
| Pool #MA5653, |  |  |
| 5.00%, 12/20/48 | 206 | 207 |
| Pool #MA5818, |  |  |
| 4.50%, 3/20/49 | 162 | 160 |
| Pool #MA5931, |  |  |
| 4.00%, 5/20/49 | 331 | 314 |
| Pool #MA5985, |  |  |
| 3.50%, 6/20/49 | 347 | 325 |
| Pool #MA6040, |  |  |
| 4.00%, 7/20/49 | 394 | 374 |
| Pool #MA6218, |  |  |
| 3.00%, 10/20/49 | 583 | 524 |
| Pool #MA6310, |  |  |
| 3.00%, 12/20/34 | 27 | 26 |
| Pool #MA6337, |  |  |
| 2.50%, 12/20/49 | 125 | 108 |
| Pool #MA6338, |  |  |
| 3.00%, 12/20/49 | 1326 | 1187 |
| Pool #MA6339, |  |  |
| 3.50%, 12/20/49 | 667 | 621 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** |
| Pool #MA6408, |  |  |
| 2.50%, 1/20/50 | $331 | $287 |
| Pool #MA6409, |  |  |
| 3.00%, 1/20/50 | 381 | 342 |
| Pool #MA6410, |  |  |
| 3.50%, 1/20/50 | 673 | 628 |
| Pool #MA6654, |  |  |
| 2.00%, 5/20/50 | 971 | 806 |
| Pool #MA6655, |  |  |
| 2.50%, 5/20/50 | 273 | 236 |
| Pool #MA6709, |  |  |
| 2.50%, 6/20/50 | 1274 | 1098 |
| Pool #MA6765, |  |  |
| 2.50%, 7/20/50 | 1466 | 1263 |
| Pool #MA6819, |  |  |
| 2.50%, 8/20/50 | 813 | 700 |
| Pool #MA6820, |  |  |
| 3.00%, 8/20/50 | 627 | 562 |
| Pool #MA6865, |  |  |
| 2.50%, 9/20/50 | 636 | 548 |
| Pool #MA6866, |  |  |
| 3.00%, 9/20/50 | 3003 | 2690 |
| Pool #MA6930, |  |  |
| 2.00%, 10/20/50 | 978 | 809 |
| Pool #MA6994, |  |  |
| 2.00%, 11/20/50 | 2173 | 1796 |
| Pool #MA6995, |  |  |
| 2.50%, 11/20/50 | 1014 | 874 |
| Pool #MA7051, |  |  |
| 2.00%, 12/20/50 | 2275 | 1881 |
| Pool #MA7052, |  |  |
| 2.50%, 12/20/50 | 2599 | 2237 |
| Pool #MA7135, |  |  |
| 2.00%, 1/20/51 | 2310 | 1909 |
| Pool #MA7136, |  |  |
| 2.50%, 1/20/51 | 1336 | 1151 |
| Pool #MA7164, |  |  |
| 2.00%, 2/20/36 | 239 | 224 |
| Pool #MA7192, |  |  |
| 2.00%, 2/20/51 | 2701 | 2233 |
| Pool #MA7254, |  |  |
| 2.00%, 3/20/51 | 2987 | 2469 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **121** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** |
| Pool #MA7311, |  |  |
| 2.00%, 4/20/51 | $1532 | $1266 |
| Pool #MA7312, |  |  |
| 2.50%, 4/20/51 | 1137 | 979 |
| Pool #MA7366, |  |  |
| 2.00%, 5/20/51 | 2319 | 1917 |
| Pool #MA7367, |  |  |
| 2.50%, 5/20/51 | 1765 | 1519 |
| Pool #MA7417, |  |  |
| 2.00%, 6/20/51 | 2731 | 2257 |
| Pool #MA7418, |  |  |
| 2.50%, 6/20/51 | 2768 | 2383 |
| Pool #MA7471, |  |  |
| 2.00%, 7/20/51 | 2488 | 2056 |
| Pool #MA7472, |  |  |
| 2.50%, 7/20/51 | 1910 | 1644 |
| Pool #MA7534, |  |  |
| 2.50%, 8/20/51 | 2922 | 2515 |
| Pool #MA7535, |  |  |
| 3.00%, 8/20/51 | 1585 | 1416 |
| Pool #MA7588, |  |  |
| 2.00%, 9/20/51 | 1356 | 1121 |
| Pool #MA7589, |  |  |
| 2.50%, 9/20/51 | 1984 | 1709 |
| Pool #MA7590, |  |  |
| 3.00%, 9/20/51 | 853 | 762 |
| Pool #MA7647, |  |  |
| 1.50%, 10/20/51 | 358 | 284 |
| Pool #MA7649, |  |  |
| 2.50%, 10/20/51 | 1288 | 1109 |
| Pool #MA7704, |  |  |
| 2.00%, 11/20/51 | 1402 | 1159 |
| Pool #MA7705, |  |  |
| 2.50%, 11/20/51 | 1371 | 1180 |
| Pool #MA7768, |  |  |
| 3.00%, 12/20/51 | 1668 | 1491 |
| Pool #MA7880, |  |  |
| 2.00%, 2/20/52 | 1465 | 1211 |
| Pool #MA7881, |  |  |
| 2.50%, 2/20/52 | 1071 | 922 |
| Pool #MA7883, |  |  |
| 3.50%, 2/20/52 | 1402 | 1298 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** |
| Pool #MA7936, |  |  |
| 2.50%, 3/20/52 | $2133 | $1836 |
| Pool #MA7988, |  |  |
| 3.00%, 4/20/52 | 1438 | 1285 |
| Pool #MA7989, |  |  |
| 3.50%, 4/20/52 | 438 | 405 |
| Pool #MA8148, |  |  |
| 3.00%, 7/20/52 | 1213 | 1085 |
| Pool #MA8151, |  |  |
| 4.50%, 7/20/52 | 1464 | 1426 |
| Pool #MA8199, |  |  |
| 3.50%, 8/20/52 | 810 | 748 |
| Pool #MA8201, |  |  |
| 4.50%, 8/20/52 | 585 | 570 |
| Pool #MA8266, |  |  |
| 3.50%, 9/20/52 | 758 | 700 |
| Pool #MA8267, |  |  |
| 4.00%, 9/20/52 | 1526 | 1444 |
| Pool #MA8268, |  |  |
| 4.50%, 9/20/52 | 742 | 723 |
| Pool #MA8346, |  |  |
| 4.00%, 10/20/52 | 1225 | 1161 |
| Pool #MA8429, |  |  |
| 5.50%, 11/20/52 | 196 | 199 |
| Pool #MA8430, |  |  |
| 6.00%, 11/20/52 | 48 | 49 |
| Pool #MA8487, |  |  |
| 3.50%, 12/20/52 | 863 | 796 |
| Pool #MA8489, |  |  |
| 4.50%, 12/20/52 | 1550 | 1509 |
| Pool #MA8490, |  |  |
| 5.00%, 12/20/52 | 1466 | 1458 |
| Pool #MA8491, |  |  |
| 5.50%, 12/20/52 | 1247 | 1265 |
| Pool #MA8492, |  |  |
| 6.00%, 12/20/52 | 911 | 933 |
| Pool #MA8569, |  |  |
| 5.00%, 1/20/53 | 1443 | 1439 |
| Pool #MA8647, |  |  |
| 5.00%, 2/20/53 | 437 | 436 |
| Pool #MA8723, |  |  |
| 4.00%, 3/20/53 | 1482 | 1401 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **122** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** |
| Pool #MA8945, |  |  |
| 4.00%, 6/20/53 | $250 | $236 |
| Pool #MA8947, |  |  |
| 5.00%, 6/20/53 | 798 | 795 |
| Pool #MA8948, |  |  |
| 5.50%, 6/20/53 | 698 | 708 |
| Pool #MA8949, |  |  |
| 6.00%, 6/20/53 | 1309 | 1339 |
| Pool #MA8950, |  |  |
| 6.50%, 6/20/53 | 541 | 564 |
| Pool #MA9015, |  |  |
| 4.50%, 7/20/53 | 844 | 819 |
| Pool #MA9016, |  |  |
| 5.00%, 7/20/53 | 1940 | 1929 |
| Pool #MA9017, |  |  |
| 5.50%, 7/20/53 | 1123 | 1137 |
| Pool #MA9104, |  |  |
| 4.50%, 8/20/53 | 854 | 830 |
| Pool #MA9106, |  |  |
| 5.50%, 8/20/53 | 701 | 710 |
| Pool #MA9107, |  |  |
| 6.00%, 8/20/53 | 263 | 269 |
| Pool #MA9240, |  |  |
| 5.00%, 10/20/53 | 689 | 685 |
| Pool #MA9241, |  |  |
| 5.50%, 10/20/53 | 567 | 576 |
| Pool #MA9242, |  |  |
| 6.00%, 10/20/53 | 548 | 558 |
| Pool #MA9243, |  |  |
| 6.50%, 10/20/53 | 196 | 204 |
| Pool #MA9244, |  |  |
| 7.00%, 10/20/53 | 144 | 150 |
| Pool #MA9305, |  |  |
| 5.50%, 11/20/53 | 954 | 967 |
| Pool #MA9306, |  |  |
| 6.00%, 11/20/53 | 383 | 393 |
| Pool #MA9307, |  |  |
| 6.50%, 11/20/53 | 202 | 210 |
| Pool #MA9366, |  |  |
| 7.50%, 12/20/53 | 36 | 37 |
| Pool #MA9424, |  |  |
| 6.00%, 1/20/54 | 244 | 248 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** |
| Pool #MA9425, |  |  |
| 6.50%, 1/20/54 | $436 | $453 |
| Pool #MA9426, |  |  |
| 7.00%, 1/20/54 | 202 | 210 |
| Pool #MA9541, |  |  |
| 5.50%, 3/20/54 | 1788 | 1813 |
| Pool #MA9604, |  |  |
| 5.00%, 4/20/54 | 1033 | 1026 |
| Pool #MA9605, |  |  |
| 5.50%, 4/20/54 | 1998 | 2024 |
| Pool #MA9606, |  |  |
| 6.00%, 4/20/54 | 432 | 441 |
| Pool #MA9669, |  |  |
| 6.00%, 5/20/54 | 1076 | 1095 |
| Pool #MA9670, |  |  |
| 6.50%, 5/20/54 | 605 | 629 |
| Pool #MA9906, |  |  |
| 5.50%, 9/20/54 | 1717 | 1735 |
| Pool #MA9907, |  |  |
| 6.00%, 9/20/54 | 1158 | 1179 |
| Pool #MA9908, |  |  |
| 6.50%, 9/20/54 | 484 | 503 |
| Pool #MA9963, |  |  |
| 4.50%, 10/20/54 | 1567 | 1516 |
| Pool #MB0022, |  |  |
| 3.50%, 11/20/54 | 577 | 530 |
| Pool #MB0025, |  |  |
| 5.00%, 11/20/54 | 1917 | 1901 |
| Pool #MB0090, |  |  |
| 4.50%, 12/20/54 | 1316 | 1274 |
| Pool #MB0091, |  |  |
| 5.00%, 12/20/54 | 2290 | 2271 |
| Pool #MB0092, |  |  |
| 5.50%, 12/20/54 | 800 | 807 |
| Pool #MB0204, |  |  |
| 5.00%, 2/20/55 | 300 | 298 |
| Pool #MB0310, |  |  |
| 6.50%, 4/20/55 | 603 | 627 |
| Pool #MB0555, |  |  |
| 5.00%, 8/20/55 | 2558 | 2536 |
| Pool #MB0556, |  |  |
| 5.50%, 8/20/55 | 2936 | 2957 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **123** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 24.6%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** | **Government National Mortgage Association II – 5.3%continued** |
| Pool #MB0557, |  |  |
| 6.00%, 8/20/55 | $1934 | $1968 |
| Pool #MB0619, |  |  |
| 3.50%, 9/20/55 | 791 | 726 |
| Pool #MB0685, |  |  |
| 5.00%, 10/20/55 | 495 | 491 |
| Pool #MB0686, |  |  |
| 5.50%, 10/20/55 | 3945 | 3973 |
| Pool #MB0687, |  |  |
| 6.00%, 10/20/55 | 1965 | 2001 |
| Pool #MB0745, |  |  |
| 5.00%, 11/20/55 | 3766 | 3734 |
| Pool MA8878, |  |  |
| 5.00%, 5/20/53 | 628 | 625 |
| Pool MA9542, |  |  |
| 6.00%, 3/20/54 | 771 | 786 |
| Pool MB0366, |  |  |
| 5.50%, 5/20/55 | 2141 | 2157 |
| Pool MB0422, |  |  |
| 4.50%, 6/20/55 | 1962 | 1898 |
| Pool MB0869, |  |  |
| 4.00%, 1/20/56 | 997 | 935 |
|  |  | **159436** |
| **Tennessee Valley Authority – 0.0%** | **Tennessee Valley Authority – 0.0%** | **Tennessee Valley Authority – 0.0%** |
| 5.25%, 9/15/39 | 1050 | **1101** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $802,420)** |  | **748260** |
| **U.S. GOVERNMENT OBLIGATIONS – 46.4%**  | **U.S. GOVERNMENT OBLIGATIONS – 46.4%**  | **U.S. GOVERNMENT OBLIGATIONS – 46.4%**  |
| **U.S. Treasury Bonds – 9.5%** | **U.S. Treasury Bonds – 9.5%** | **U.S. Treasury Bonds – 9.5%** |
| 4.50%, 2/15/36 | 1000 | 1020 |
| 4.75%, 2/15/37 | 500 | 518 |
| 5.00%, 5/15/37 | 500 | 529 |
| 4.38%, 2/15/38 | 600 | 599 |
| 4.50%, 5/15/38 | 600 | 604 |
| 3.50%, 2/15/39 | 1000 | 902 |
| 4.25%, 5/15/39 | 1000 | 971 |
| 4.50%, 8/15/39 | 1000 | 990 |
| 4.38%, 11/15/39 | 2000 | 1951 |
| 4.63%, 2/15/40 | 1500 | 1499 |
| 4.38%, 5/15/40 | 1500 | 1457 |
| 3.88%, 8/15/40 | 1500 | 1375 |
| 1.38%, 11/15/40 | 2000 | 1288 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  |
| **U.S. Treasury Bonds – 9.5%continued** | **U.S. Treasury Bonds – 9.5%continued** | **U.S. Treasury Bonds – 9.5%continued** |
| 4.25%, 11/15/40 | $1500 | $1430 |
| 1.88%, 2/15/41 | 5000 | 3464 |
| 4.75%, 2/15/41 | 1500 | 1508 |
| 2.25%, 5/15/41 | 3750 | 2732 |
| 4.38%, 5/15/41 | 2000 | 1926 |
| 1.75%, 8/15/41 | 6000 | 4011 |
| 3.75%, 8/15/41 | 1500 | 1338 |
| 2.00%, 11/15/41 | 5000 | 3458 |
| 3.13%, 11/15/41 | 1000 | 818 |
| 2.38%, 2/15/42 | 4000 | 2915 |
| 3.13%, 2/15/42 | 1000 | 814 |
| 3.00%, 5/15/42 | 1000 | 797 |
| 3.25%, 5/15/42 | 3500 | 2884 |
| 2.75%, 8/15/42 | 1500 | 1147 |
| 3.38%, 8/15/42 | 4530 | 3784 |
| 2.75%, 11/15/42 | 2000 | 1521 |
| 4.00%, 11/15/42 | 3500 | 3167 |
| 3.13%, 2/15/43 | 1500 | 1201 |
| 3.88%, 2/15/43 | 3800 | 3377 |
| 2.88%, 5/15/43 | 2500 | 1920 |
| 3.88%, 5/15/43 | 3000 | 2659 |
| 3.63%, 8/15/43 | 2000 | 1708 |
| 4.38%, 8/15/43 | 3500 | 3304 |
| 3.75%, 11/15/43 | 2000 | 1733 |
| 4.75%, 11/15/43 | 3500 | 3458 |
| 3.63%, 2/15/44 | 2000 | 1699 |
| 4.50%, 2/15/44 | 3500 | 3347 |
| 3.38%, 5/15/44 | 1600 | 1308 |
| 4.63%, 5/15/44 | 3500 | 3394 |
| 3.13%, 8/15/44 | 12500 | 9799 |
| 4.13%, 8/15/44 | 4100 | 3720 |
| 3.00%, 11/15/44 | 2000 | 1531 |
| 4.63%, 11/15/44 | 4260 | 4122 |
| 2.50%, 2/15/45 | 3000 | 2104 |
| 4.75%, 2/15/45 | 3820 | 3753 |
| 3.00%, 5/15/45 | 3300 | 2511 |
| 5.00%, 5/15/45 | 4000 | 4052 |
| 2.88%, 8/15/45 | 1500 | 1114 |
| 4.88%, 8/15/45 | 4170 | 4156 |
| 3.00%, 11/15/45 | 1000 | 756 |
| 4.63%, 11/15/45 | 4120 | 3974 |
| 2.50%, 2/15/46 | 2000 | 1380 |
| 4.63%, 2/15/46<sup>†</sup>  | 3000 | 2892 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **124** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  |
| **U.S. Treasury Bonds – 9.5%continued** | **U.S. Treasury Bonds – 9.5%continued** | **U.S. Treasury Bonds – 9.5%continued** |
| 2.50%, 5/15/46 | $2000 | $1374 |
| 2.25%, 8/15/46 | 3000 | 1956 |
| 2.88%, 11/15/46 | 1500 | 1096 |
| 3.00%, 2/15/47 | 2000 | 1490 |
| 3.00%, 5/15/47 | 2000 | 1486 |
| 2.75%, 8/15/47 | 2750 | 1946 |
| 2.75%, 11/15/47 | 3000 | 2116 |
| 3.00%, 2/15/48 | 3000 | 2212 |
| 3.13%, 5/15/48 | 4500 | 3386 |
| 3.00%, 8/15/48 | 3500 | 2569 |
| 3.38%, 11/15/48 | 4000 | 3135 |
| 3.00%, 2/15/49 | 4000 | 2921 |
| 2.88%, 5/15/49 | 4500 | 3199 |
| 2.25%, 8/15/49 | 4500 | 2799 |
| 2.38%, 11/15/49 | 3500 | 2230 |
| 2.00%, 2/15/50 | 10000 | 5822 |
| 1.25%, 5/15/50 | 5000 | 2373 |
| 1.38%, 8/15/50 | 6000 | 2934 |
| 1.63%, 11/15/50 | 6000 | 3131 |
| 1.88%, 2/15/51 | 7300 | 4053 |
| 2.38%, 5/15/51 | 8650 | 5411 |
| 2.00%, 8/15/51 | 6500 | 3701 |
| 1.88%, 11/15/51 | 6700 | 3681 |
| 2.25%, 2/15/52 | 5500 | 3315 |
| 2.88%, 5/15/52 | 5500 | 3814 |
| 3.00%, 8/15/52 | 5000 | 3554 |
| 4.00%, 11/15/52 | 5000 | 4296 |
| 3.63%, 2/15/53 | 5000 | 4013 |
| 3.63%, 5/15/53 | 5000 | 4009 |
| 4.13%, 8/15/53 | 6000 | 5262 |
| 4.75%, 11/15/53 | 6750 | 6563 |
| 4.25%, 2/15/54 | 6000 | 5375 |
| 4.63%, 5/15/54 | 6540 | 6236 |
| 4.25%, 8/15/54 | 6000 | 5374 |
| 4.50%, 11/15/54 | 6000 | 5605 |
| 4.63%, 2/15/55 | 6000 | 5723 |
| 4.75%, 5/15/55 | 6750 | 6573 |
| 4.75%, 8/15/55 | 12000 | 11694 |
| 4.63%, 11/15/55 | 6590 | 6297 |
| 4.75%, 2/15/56 | 9300 | 9070 |
|  |  | **288183** |
| **U.S. Treasury Notes – 36.9%** | **U.S. Treasury Notes – 36.9%** | **U.S. Treasury Notes – 36.9%** |
| 4.50%, 4/15/27 | 5000 | 5038 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  |
| **U.S. Treasury Notes – 36.9%continued** | **U.S. Treasury Notes – 36.9%continued** | **U.S. Treasury Notes – 36.9%continued** |
| 2.75%, 4/30/27 | $5000 | $4946 |
| 3.75%, 4/30/27 | 5000 | 4998 |
| 2.38%, 5/15/27 | 5000 | 4922 |
| 4.50%, 5/15/27 | 5000 | 5037 |
| 0.50%, 5/31/27 | 5000 | 4812 |
| 2.63%, 5/31/27 | 5000 | 4932 |
| 3.88%, 5/31/27 | 10000 | 10007 |
| 4.63%, 6/15/27 | 5000 | 5047 |
| 0.50%, 6/30/27 | 5060 | 4857 |
| 3.25%, 6/30/27 | 5000 | 4965 |
| 3.75%, 6/30/27 | 6000 | 5995 |
| 4.38%, 7/15/27 | 5000 | 5034 |
| 0.38%, 7/31/27 | 6400 | 6115 |
| 2.75%, 7/31/27 | 5000 | 4930 |
| 3.88%, 7/31/27 | 5100 | 5102 |
| 2.25%, 8/15/27 | 5000 | 4895 |
| 3.75%, 8/15/27 | 5000 | 4994 |
| 0.50%, 8/31/27 | 6370 | 6079 |
| 3.13%, 8/31/27 | 5000 | 4951 |
| 3.63%, 8/31/27 | 7640 | 7617 |
| 3.38%, 9/15/27 | 5000 | 4967 |
| 0.38%, 9/30/27 | 5110 | 4854 |
| 3.50%, 9/30/27 | 7000 | 6966 |
| 4.13%, 9/30/27 | 5000 | 5021 |
| 3.88%, 10/15/27 | 6400 | 6404 |
| 0.50%, 10/31/27 | 5070 | 4812 |
| 3.50%, 10/31/27 | 5230 | 5202 |
| 4.13%, 10/31/27 | 5000 | 5021 |
| 2.25%, 11/15/27 | 5000 | 4876 |
| 4.13%, 11/15/27 | 5020 | 5042 |
| 0.63%, 11/30/27 | 5000 | 4743 |
| 3.38%, 11/30/27 | 7000 | 6948 |
| 3.88%, 11/30/27 | 5000 | 5003 |
| 4.00%, 12/15/27 | 5000 | 5014 |
| 0.63%, 12/31/27 | 5000 | 4731 |
| 3.38%, 12/31/27 | 7000 | 6946 |
| 3.88%, 12/31/27 | 5000 | 5004 |
| 4.25%, 1/15/28 | 5000 | 5035 |
| 0.75%, 1/31/28 | 5000 | 4730 |
| 3.50%, 1/31/28 | 10000 | 9943 |
| 2.75%, 2/15/28 | 5000 | 4904 |
| 4.25%, 2/15/28 | 5000 | 5038 |
| 1.13%, 2/29/28 | 5000 | 4753 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **125** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  |
| **U.S. Treasury Notes – 36.9%continued** | **U.S. Treasury Notes – 36.9%continued** | **U.S. Treasury Notes – 36.9%continued** |
| 3.38%, 2/29/28 | $7000 | $6945 |
| 4.00%, 2/29/28 | 5000 | 5016 |
| 3.88%, 3/15/28 | 5000 | 5006 |
| 1.25%, 3/31/28 | 5000 | 4755 |
| 3.63%, 3/31/28 | 5000 | 4982 |
| 3.88%, 3/31/28 | 5000 | 5007 |
| 3.75%, 4/15/28 | 5000 | 4993 |
| 1.25%, 4/30/28 | 5000 | 4745 |
| 3.50%, 4/30/28 | 5000 | 4968 |
| 2.88%, 5/15/28 | 7000 | 6867 |
| 3.75%, 5/15/28 | 5000 | 4993 |
| 1.25%, 5/31/28 | 5500 | 5209 |
| 3.63%, 5/31/28 | 5000 | 4980 |
| 3.88%, 6/15/28 | 5000 | 5007 |
| 1.25%, 6/30/28 | 5120 | 4839 |
| 4.00%, 6/30/28 | 5000 | 5021 |
| 3.88%, 7/15/28 | 5500 | 5506 |
| 1.00%, 7/31/28 | 5110 | 4792 |
| 4.13%, 7/31/28 | 5000 | 5034 |
| 2.88%, 8/15/28 | 6000 | 5873 |
| 3.63%, 8/15/28 | 6000 | 5974 |
| 1.13%, 8/31/28 | 5000 | 4691 |
| 4.38%, 8/31/28 | 5000 | 5063 |
| 3.38%, 9/15/28 | 5000 | 4948 |
| 1.25%, 9/30/28 | 5000 | 4696 |
| 4.63%, 9/30/28 | 5000 | 5096 |
| 3.50%, 10/15/28 | 5000 | 4961 |
| 1.38%, 10/31/28 | 5000 | 4702 |
| 4.88%, 10/31/28 | 5000 | 5128 |
| 3.13%, 11/15/28 | 5000 | 4913 |
| 3.50%, 11/15/28 | 5000 | 4960 |
| 1.50%, 11/30/28 | 5000 | 4708 |
| 4.38%, 11/30/28 | 5000 | 5069 |
| 3.50%, 12/15/28 | 5000 | 4959 |
| 1.38%, 12/31/28 | 5000 | 4683 |
| 3.75%, 12/31/28 | 5000 | 4990 |
| 3.50%, 1/15/29 | 5000 | 4957 |
| 1.75%, 1/31/29 | 5000 | 4723 |
| 4.00%, 1/31/29 | 5000 | 5023 |
| 2.63%, 2/15/29 | 5000 | 4838 |
| 3.50%, 2/15/29 | 12000 | 11896 |
| 1.88%, 2/28/29 | 5000 | 4733 |
| 4.25%, 2/28/29 | 5000 | 5057 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  |
| **U.S. Treasury Notes – 36.9%continued** | **U.S. Treasury Notes – 36.9%continued** | **U.S. Treasury Notes – 36.9%continued** |
| 3.50%, 3/15/29 | $14000 | $13876 |
| 2.38%, 3/31/29 | 5000 | 4796 |
| 4.13%, 3/31/29 | 6000 | 6050 |
| 2.88%, 4/30/29 | 4000 | 3889 |
| 4.63%, 4/30/29 | 8000 | 8181 |
| 2.38%, 5/15/29 | 5000 | 4787 |
| 2.75%, 5/31/29 | 3500 | 3387 |
| 4.50%, 5/31/29 | 7500 | 7645 |
| 3.25%, 6/30/29 | 4000 | 3927 |
| 4.25%, 6/30/29 | 10000 | 10121 |
| 2.63%, 7/31/29 | 3500 | 3366 |
| 4.00%, 7/31/29 | 5000 | 5022 |
| 1.63%, 8/15/29 | 5000 | 4653 |
| 3.13%, 8/31/29 | 5000 | 4882 |
| 3.63%, 8/31/29 | 5000 | 4962 |
| 3.50%, 9/30/29 | 5000 | 4940 |
| 3.88%, 9/30/29 | 5000 | 5000 |
| 4.00%, 10/31/29 | 3000 | 3012 |
| 4.13%, 10/31/29 | 5000 | 5041 |
| 1.75%, 11/15/29 | 3500 | 3253 |
| 3.88%, 11/30/29 | 5000 | 4999 |
| 4.13%, 11/30/29 | 5000 | 5041 |
| 3.88%, 12/31/29 | 1900 | 1899 |
| 4.38%, 12/31/29 | 5000 | 5085 |
| 3.50%, 1/31/30 | 5000 | 4930 |
| 4.25%, 1/31/30 | 5000 | 5063 |
| 1.50%, 2/15/30 | 5000 | 4575 |
| 4.00%, 2/28/30 | 10000 | 10038 |
| 3.63%, 3/31/30 | 1730 | 1712 |
| 4.00%, 3/31/30 | 5000 | 5018 |
| 3.50%, 4/30/30 | 5000 | 4924 |
| 3.88%, 4/30/30 | 12000 | 11987 |
| 0.63%, 5/15/30 | 6540 | 5729 |
| 3.75%, 5/31/30 | 5000 | 4970 |
| 4.00%, 5/31/30 | 5000 | 5017 |
| 3.75%, 6/30/30 | 2190 | 2176 |
| 3.88%, 6/30/30 | 5800 | 5791 |
| 3.88%, 7/31/30 | 5000 | 4992 |
| 4.00%, 7/31/30 | 2000 | 2006 |
| 0.63%, 8/15/30 | 10000 | 8684 |
| 3.63%, 8/31/30 | 5000 | 4939 |
| 4.13%, 8/31/30 | 5000 | 5039 |
| 3.63%, 9/30/30 | 5000 | 4938 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **126** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  |
| **U.S. Treasury Notes – 36.9%continued** | **U.S. Treasury Notes – 36.9%continued** | **U.S. Treasury Notes – 36.9%continued** |
| 4.63%, 9/30/30 | $5000 | $5142 |
| 3.63%, 10/31/30 | 6000 | 5922 |
| 4.88%, 10/31/30 | 1340 | 1392 |
| 0.88%, 11/15/30 | 12000 | 10459 |
| 3.50%, 11/30/30 | 8000 | 7853 |
| 4.38%, 11/30/30 | 5000 | 5090 |
| 3.63%, 12/31/30 | 8000 | 7891 |
| 3.75%, 12/31/30 | 5000 | 4957 |
| 3.75%, 1/31/31 | 3500 | 3470 |
| 4.00%, 1/31/31 | 5000 | 5010 |
| 1.13%, 2/15/31 | 10000 | 8766 |
| 3.50%, 2/28/31 | 6000 | 5884 |
| 4.25%, 2/28/31 | 5000 | 5065 |
| 3.88%, 3/31/31 | 30000 | 29904 |
| 4.13%, 3/31/31 | 5000 | 5035 |
| 4.63%, 4/30/31 | 5000 | 5148 |
| 1.63%, 5/15/31 | 10000 | 8918 |
| 4.63%, 5/31/31 | 5000 | 5148 |
| 4.25%, 6/30/31 | 5000 | 5063 |
| 4.13%, 7/31/31 | 5000 | 5032 |
| 1.25%, 8/15/31 | 10000 | 8679 |
| 3.75%, 8/31/31 | 5000 | 4938 |
| 3.63%, 9/30/31 | 5000 | 4905 |
| 4.13%, 10/31/31 | 5000 | 5026 |
| 1.38%, 11/15/31 | 10000 | 8672 |
| 4.13%, 11/30/31 | 5000 | 5024 |
| 4.50%, 12/31/31 | 5000 | 5119 |
| 4.38%, 1/31/32 | 5000 | 5085 |
| 1.88%, 2/15/32 | 5000 | 4434 |
| 4.13%, 2/29/32 | 2500 | 2509 |
| 4.13%, 3/31/32 | 5000 | 5018 |
| 4.00%, 4/30/32 | 6500 | 6476 |
| 2.88%, 5/15/32 | 5000 | 4676 |
| 4.13%, 5/31/32 | 5000 | 5013 |
| 4.00%, 6/30/32 | 5000 | 4977 |
| 4.00%, 7/31/32 | 5000 | 4975 |
| 2.75%, 8/15/32 | 5000 | 4624 |
| 3.88%, 8/31/32 | 3500 | 3456 |
| 3.88%, 9/30/32 | 5000 | 4935 |
| 3.75%, 10/31/32 | 5000 | 4896 |
| 4.13%, 11/15/32 | 8000 | 8003 |
| 3.75%, 11/30/32 | 5000 | 4894 |
| 3.88%, 12/31/32 | 5000 | 4928 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 46.4%continued**  |
| **U.S. Treasury Notes – 36.9%continued** | **U.S. Treasury Notes – 36.9%continued** | **U.S. Treasury Notes – 36.9%continued** |
| 4.00%, 1/31/33 | $2500 | $2481 |
| 3.50%, 2/15/33 | 5000 | 4811 |
| 3.75%, 2/28/33 | 7000 | 6840 |
| 4.25%, 3/31/33 | 13500 | 13593 |
| 3.38%, 5/15/33 | 10000 | 9526 |
| 3.88%, 8/15/33 | 10000 | 9817 |
| 4.50%, 11/15/33 | 10000 | 10207 |
| 4.00%, 2/15/34 | 10000 | 9864 |
| 4.38%, 5/15/34 | 10000 | 10105 |
| 3.88%, 8/15/34 | 15000 | 14619 |
| 4.25%, 11/15/34 | 18000 | 17995 |
| 4.63%, 2/15/35 | 14000 | 14364 |
| 4.25%, 5/15/35 | 11000 | 10971 |
| 4.25%, 8/15/35 | 15000 | 14944 |
| 4.00%, 11/15/35 | 11000 | 10730 |
| 4.13%, 2/15/36 | 4000 | 3938 |
|  |  | **1124094** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $1,464,109)** |  | **1412277** |
| **MUNICIPAL BONDS – 0.4%**  | **MUNICIPAL BONDS – 0.4%**  | **MUNICIPAL BONDS – 0.4%**  |
| **Arizona – 0.0%** | **Arizona – 0.0%** | **Arizona – 0.0%** |
| &nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> Revenue Bonds, Build America <br> Bonds,<br>|  |  |
| 4.84%, 1/1/41 | 110 | **106** |
| **California – 0.1%** | **California – 0.1%** | **California – 0.1%** |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Subordinate Revenue Bonds, Series <br> S1, Build America Bonds,<br>|  |  |
| 7.04%, 4/1/50 | 112 | 126 |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Taxable Revenue Bonds, Series S3, <br> Build America Bonds,<br>|  |  |
| 6.91%, 10/1/50 | 150 | 168 |
| &nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Build America Bonds,<br>|  |  |
| 7.30%, 10/1/39 | 920 | 1057 |
| 7.63%, 3/1/40 | 405 | 482 |
| 7.60%, 11/1/40 | 100 | 120 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **127** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  |
| **California – 0.1%continued** | **California – 0.1%continued** | **California – 0.1%continued** |
| &nbsp;&nbsp; East Bay Municipal Utility District Water <br> System Subordinated Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| 5.87%, 6/1/40 | $300 | $314 |
| &nbsp;&nbsp; Los Angeles Community College District <br> G.O. Unlimited Bonds, Build America <br> Bonds,<br>|  |  |
| 6.75%, 8/1/49 | 150 | 167 |
| &nbsp;&nbsp; San Diego County Water Authority <br> Financing Agency Water Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| 6.14%, 5/1/49 | 100 | 102 |
| &nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| 6.95%, 11/1/50 | 75 | 83 |
| &nbsp;&nbsp; University of California Taxable <br> General Revenue Bonds, Series AD,<br>|  |  |
| 4.86%, 5/15/12<sup>(7)</sup>  | 500 | 408 |
|  |  | **3027** |
| **Connecticut – 0.0%** | **Connecticut – 0.0%** | **Connecticut – 0.0%** |
| &nbsp;&nbsp; Connecticut State Taxable G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| 5.85%, 3/15/32 | 300 | **320** |
| **Georgia – 0.0%** | **Georgia – 0.0%** | **Georgia – 0.0%** |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Build America <br> Bonds,<br>|  |  |
| 6.66%, 4/1/57 | 92 | 99 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| 6.64%, 4/1/57 | 63 | 68 |
| 7.06%, 4/1/57 | 279 | 308 |
|  |  | **475** |
| **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** |
| &nbsp;&nbsp; Chicago Transit Authority Sales & <br> Transfer Tax Receipts Pension <br> Funding Taxable Revenue Bonds, <br> Series A,<br>|  |  |
| 6.90%, 12/1/40 | 263 | 293 |
| &nbsp;&nbsp; Chicago Transit Authority Sales Tax <br> Receipts Revenue Bonds, Series B, <br> Build America Bonds,<br>|  |  |
| 6.20%, 12/1/40 | 135 | 143 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  |
| **Illinois – 0.1%continued** | **Illinois – 0.1%continued** | **Illinois – 0.1%continued** |
| &nbsp;&nbsp; Illinois State Taxable Pension G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.10%, 6/1/33 | $615 | $627 |
|  |  | **1063** |
| **Massachusetts – 0.0%** | **Massachusetts – 0.0%** | **Massachusetts – 0.0%** |
| &nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series D, Build America <br> Bonds,<br>|  |  |
| 4.50%, 8/1/31 | 250 | 250 |
| &nbsp;&nbsp; Massachusetts State School Building <br> Authority Sales TRB, Build America <br> Bonds,<br>|  |  |
| 5.72%, 8/15/39 | 100 | 103 |
|  |  | **353** |
| **Mississippi – 0.0%** | **Mississippi – 0.0%** | **Mississippi – 0.0%** |
| &nbsp;&nbsp; Mississippi State G.O. Unlimited Bonds, <br> Series F, Build America Bonds,<br>|  |  |
| 5.25%, 11/1/34 | 100 | **102** |
| **Nevada – 0.0%** | **Nevada – 0.0%** | **Nevada – 0.0%** |
| &nbsp;&nbsp; Clark County Airport System Taxable <br> Revenue Bonds, Series C, Build <br> America Bonds,<br>|  |  |
| 6.82%, 7/1/45 | 200 | **221** |
| **New Jersey – 0.0%** | **New Jersey – 0.0%** | **New Jersey – 0.0%** |
| &nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Revenue Bonds, <br> Series B, Build America Bonds,<br>|  |  |
| 6.56%, 12/15/40 | 200 | 221 |
| &nbsp;&nbsp; New Jersey State Turnpike Authority <br> Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| 7.41%, 1/1/40 | 125 | 148 |
| &nbsp;&nbsp; Rutgers State University Revenue Bonds, <br> Build America Bonds,<br>|  |  |
| 5.67%, 5/1/40 | 145 | 148 |
|  |  | **517** |
| **New York – 0.1%** | **New York – 0.1%** | **New York – 0.1%** |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Dedicated Tax Fund, Build America <br> Revenue Bonds,<br>|  |  |
| 7.34%, 11/15/39 | 70 | 81 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **128** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  |
| **New York – 0.1%continued** | **New York – 0.1%continued** | **New York – 0.1%continued** |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| 5.75%, 6/15/41 | $200 | $200 |
| 5.72%, 6/15/42 | 250 | 250 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Build <br> America Bonds,<br>|  |  |
| 5.52%, 10/1/37 | 100 | 101 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Personal Income TRB, Series D, Build <br> America Bonds,<br>|  |  |
| 5.60%, 3/15/40 | 11 | 12 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income TRB, Build <br> America Bonds, Unrefunded <br> Balance,<br>|  |  |
| 5.63%, 3/15/39 | 70 | 72 |
| &nbsp;&nbsp; New York State Urban Development <br> Corp. Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| 5.77%, 3/15/39 | 65 | 67 |
| &nbsp;&nbsp; New York Taxable Sustainable G.O. <br> Unlimited Bonds, Series E2,<br>|  |  |
| 5.39%, 10/1/55 | 400 | 385 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Consolidated 164th Taxable <br> Revenue Bonds,<br>|  |  |
| 5.65%, 11/1/40 | 350 | 366 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Consolidated 165th Taxable <br> Revenue Bonds,<br>|  |  |
| 5.65%, 11/1/40 | 200 | 209 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Consolidated 168th Revenue <br> Bonds,<br>|  |  |
| 4.93%, 10/1/51 | 250 | 232 |
|  |  | **1975** |
| **Ohio – 0.0%** | **Ohio – 0.0%** | **Ohio – 0.0%** |
| &nbsp;&nbsp; American Municipal Power-Ohio, Inc., <br> Revenue Bonds, Subseries B, Build <br> America Bonds,<br>|  |  |
| 6.45%, 2/15/44 | 200 | 210 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  |
| **Ohio – 0.0%continued** | **Ohio – 0.0%continued** | **Ohio – 0.0%continued** |
| &nbsp;&nbsp; American Municipal Power-Ohio, Inc., <br> Taxable Revenue Bonds, Series B, <br> Build America Bonds, Combined <br> Hydroelectric Projects,<br>|  |  |
| 8.08%, 2/15/50 | $300 | $374 |
| &nbsp;&nbsp; Ohio State University Taxable Revenue <br> Bonds, Series A,<br>|  |  |
| 4.80%, 6/1/11<sup>(4)</sup>  | 200 | 164 |
|  |  | **748** |
| **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** |
| &nbsp;&nbsp; State Public School Building Authority <br> Taxable Revenue Bonds, Series A, <br> Qualified School Construction <br> Bonds,<br>|  |  |
| 5.00%, 9/15/27 | 193 | **195** |
| **Tennessee – 0.0%** | **Tennessee – 0.0%** | **Tennessee – 0.0%** |
| &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>|  |  |
| 6.73%, 7/1/43 | 100 | **107** |
| **Texas – 0.1%** | **Texas – 0.1%** | **Texas – 0.1%** |
| &nbsp;&nbsp; Dallas Area Rapid Transit Sales TRB, <br> Build America Bonds,<br>|  |  |
| 5.02%, 12/1/48 | 180 | 166 |
| &nbsp;&nbsp; Dallas Independent School District <br> Taxable G.O. Unlimited Bonds, <br> Series C, Build America Bonds (PSF, <br> Gtd.),<br>|  |  |
| 6.45%, 2/15/35 | 200 | 204 |
| &nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| 6.72%, 1/1/49 | 125 | 137 |
| &nbsp;&nbsp; Texas State Taxable G.O. Unlimited <br> Bonds, Build America Bonds,<br>|  |  |
| 5.52%, 4/1/39 | 187 | 192 |
| &nbsp;&nbsp; Texas State Transportation Commission <br> State Highway Fund Taxable <br> Revenue Bonds, Series B, First Tier,<br>|  |  |
| 5.18%, 4/1/30 | 300 | 305 |
| &nbsp;&nbsp; University of Texas Revenue Bonds, <br> Series C, Build America Bonds,<br>|  |  |
| 4.79%, 8/15/46 | 100 | 94 |
|  |  | **1098** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **129** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  | **MUNICIPAL BONDS - 0.4%continued**  |
| **Virginia – 0.0%** | **Virginia – 0.0%** | **Virginia – 0.0%** |
| &nbsp;&nbsp; University of Virginia University Taxable <br> Revenue Refunding Bonds,<br>|  |  |
| 2.26%, 9/1/50 | $300 | **$172** |
| **Washington – 0.0%** | **Washington – 0.0%** | **Washington – 0.0%** |
| &nbsp;&nbsp; Central Puget Sound Regional <br> Transportation Authority Sales & Use <br> TRB, Build America Bonds,<br>|  |  |
| 5.49%, 11/1/39 | 80 | **81** |
| **Total Municipal Bonds** |  |  |
| **(Cost $10,619)** |  | **10560** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 4.8%**  | **INVESTMENT COMPANIES – 4.8%**  | **INVESTMENT COMPANIES – 4.8%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(15) (16) (17)</sup> <br>| 25054343 | $25054 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(15) (16)</sup> <br>| 120267574 | 120268 |
| **Total Investment Companies** |  |  |
| **(Cost $145,322)** |  | **145322** |
| **Total Investments – 103.5%** | **Total Investments – 103.5%** |  |
| **(Cost $3,286,570)** | **(Cost $3,286,570)** | **3148616** |
| Liabilities less Other Assets – (3.5%) | Liabilities less Other Assets – (3.5%) | (105826)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$3042790** |

---

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

<sup>(2)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2026, the value of these securities amounted to approximately $7,899,000* *or 0.3% of net assets.* 

<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 March 31, 2026.* 

<sup>(4)</sup> *Century bond maturing in 2111.*

<sup>(5)</sup> *Century bond maturing in 2114.*

<sup>(6)</sup> *Century bond maturing in 2116.*

<sup>(7)</sup> *Century bond maturing in 2112.*

<sup>(8)</sup> *Investment in affiliate.*

<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> *Zero coupon bond.*

<sup>(11)</sup> *Principal Amount and Value rounds to less than one thousand.*

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

---

| | |
|:---|:---|
| <sup>(12)</sup>  | *The obligations of certain U.S. government-sponsored entities are neither* <br> *issued nor guaranteed by the United States Treasury.*<br>|
| <sup>(13)</sup>  | *Variable or floating rate security. Rate as of March 31, 2026 is disclosed.* |
| <sup>(14)</sup>  | *When-Issued Security. Coupon rate is not in effect at March 31, 2026.* |
| <sup>(15)</sup>  | *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(16)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(17)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |

---

---

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

---

*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.

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).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **130** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10795 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10795 |
| &nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 19358 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19358 |
| Corporate Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 628152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 628152 |
| Foreign Issuer Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 173892 | &nbsp;&nbsp; — | &nbsp;&nbsp; 173892 |
| &nbsp;&nbsp; U.S. Government <br> Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 748260 | &nbsp;&nbsp; — | &nbsp;&nbsp; 748260 |
| &nbsp;&nbsp; U.S. Government <br> Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1412277 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1412277 |
| Municipal Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 10560 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10560 |
| Investment Companies | &nbsp;&nbsp; 145322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 145322 |
| Total Investments | &nbsp;&nbsp; $145322 | &nbsp;&nbsp; $3003294 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3148616 |

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<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>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Nasdaq, Inc. | $306 | $— | $— | $(5)<br>| $301 | 300000 | $18 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 238936 | 213882 |  | 25054 | 25054343 | 190 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 41789 | 602033 | 523554 |  | 120268 | 120267574 | 2634 |
| Total | $42095 | $840969 | $737436 | $(5)<br>| $145623 | 145621917 | $2842 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **131** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 96.2%**  | **MUNICIPAL BONDS – 96.2%**  | **MUNICIPAL BONDS – 96.2%**  |
| **California – 96.2%** | **California – 96.2%** | **California – 96.2%** |
| &nbsp;&nbsp; Alameda County Unified School District <br> G.O. Unlimited Bonds, Series B, <br> Election of 2014,<br>|  |  |
| 5.00%, 8/1/42 | $2000 | $2037 |
| &nbsp;&nbsp; Albany Unified School District G.O. <br> Unlimited Bonds, Series B, Measure <br> B, Election of 2016,<br>|  |  |
| 5.00%, 8/1/43 | 1000 | 1006 |
| &nbsp;&nbsp; Alum Rock Union Elementary School <br> District G.O. Unlimited Refunding <br> Bonds, Series B (BAM Insured),<br>|  |  |
| 5.00%, 8/1/33 | 1750 | 2027 |
| &nbsp;&nbsp; Azusa Unified School District G.O. <br> Unlimited Bonds, Series C, Election <br> of 2014,<br>|  |  |
| 5.00%, 8/1/44 | 1700 | 1752 |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Subordinate Revenue Refunding <br> Bonds, Series S-11,<br>|  |  |
| 5.00%, 4/1/32 | 795 | 910 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| 4.00%, 8/1/31<sup>(1) (2)</sup>  | 3500 | 3493 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Sustainable Variable Revenue Bonds, <br> Clean Energy Project,<br>|  |  |
| 5.00%, 9/1/32 | 725 | 773 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 4.00%, 12/1/27<sup>(1) (2)</sup>  | 1400 | 1416 |
| 5.25%, 4/1/30<sup>(1) (2)</sup>  | 1215 | 1282 |
| 5.00%, 12/1/32<sup>(1) (2)</sup>  | 3250 | 3318 |
| 5.00%, 8/1/33<sup>(1) (2)</sup>  | 2000 | 2164 |
| 5.00%, 10/1/33<sup>(1) (2)</sup>  | 2000 | 2085 |
| 5.00%, 7/1/34<sup>(1) (2)</sup>  | 2000 | 2019 |
| 5.00%, 5/1/35<sup>(1) (2)</sup>  | 1000 | 1071 |
| 5.00%, 3/1/36 | 1000 | 1038 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Series E, Clean Energy <br> Project,<br>|  |  |
| 5.00%, 9/1/32<sup>(1) (2)</sup>  | 2320 | 2455 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 96.2%continued** | **California – 96.2%continued** | **California – 96.2%continued** |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Revenue Bonds, <br> Clean Energy Project, Green Bonds,<br>|  |  |
| 5.00%, 8/1/29<sup>(1) (2)</sup>  | $750 | $785 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| 5.00%, 9/1/32<sup>(1) (2)</sup>  | 2720 | 2913 |
| &nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-2, Class A Social <br> Certificates (FHLMC Insured),<br>|  |  |
| 3.75%, 3/25/35 | 1872 | 1884 |
| &nbsp;&nbsp; California PFA Revenue Refunding <br> Bonds, Series A, PIH Health,<br>|  |  |
| 5.00%, 6/1/32 | 1500 | 1641 |
| &nbsp;&nbsp; California School Finance Authority <br> Educational Facilities Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 7/1/40 | 800 | 742 |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, The <br> Master's University,<br>|  |  |
| 5.25%, 8/1/40 | 1500 | 1542 |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, University <br> of the Pacific,<br>|  |  |
| 5.00%, 11/1/43 | 610 | 665 |
| 5.00%, 11/1/44 | 700 | 756 |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Refunding Bonds, <br> University of the Pacific,<br>|  |  |
| 5.00%, 11/1/35 | 750 | 862 |
| &nbsp;&nbsp; California State Enterprise Development <br> Authority Lease Revenue Bonds, <br> Riverside County - Mead Valley <br> Wellness Village Project ,<br>|  |  |
| 5.00%, 11/1/32 | 2875 | 3299 |
| &nbsp;&nbsp; California State Enterprise Development <br> Authority Lease Revenue Bonds, <br> Riverside County Library Facilities <br> Project,<br>|  |  |
| 3.00%, 11/1/44 | 3000 | 2344 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **132** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <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 – 96.2%continued** | **California – 96.2%continued** | **California – 96.2%continued** |
| &nbsp;&nbsp; California State Enterprise Development <br> Authority Revenue Refunding Bonds, <br> Series A, Milken Community School <br> Project,<br>|  |  |
| 5.00%, 7/1/33 | $550 | $605 |
| &nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Prerefunded,<br>|  |  |
| 5.00%, 11/1/30<sup>(3)</sup>  | 25 | 28 |
| &nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Unrefunded Balance,<br>|  |  |
| 5.00%, 11/1/32 | 1515 | 1657 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/33 | 2500 | 2844 |
| 5.00%, 8/1/34 | 2000 | 2296 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds, Bid Group C,<br>|  |  |
| 5.00%, 8/1/28 | 2000 | 2016 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue Bonds, <br> Adventist Health System/West,<br>|  |  |
| 5.00%, 12/1/35 | 2500 | 2762 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Cedars-Sinai <br> Medical Center,<br>|  |  |
| 5.00%, 11/15/27 | 250 | 251 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Series A, El <br> Camino Health,<br>|  |  |
| 5.00%, 2/1/33 | 700 | 804 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Series B, Stanford <br> Health Care,<br>|  |  |
| 5.00%, 8/15/33 | 690 | 808 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Children's Hospital <br> of Orange County,<br>|  |  |
| 5.00%, 5/1/31<sup>(1) (2)</sup>  | 1855 | 2069 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| 5.00%, 10/1/32<sup>(1) (2)</sup>  | 2000 | 2202 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 96.2%continued** | **California – 96.2%continued** | **California – 96.2%continued** |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Series B-2, Scripps <br> Health,<br>|  |  |
| 5.00%, 2/4/31<sup>(1) (2)</sup>  | $1350 | $1486 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Refunding Bonds, Rady <br> Children's Health,<br>|  |  |
| 5/1/34<sup>(1) (4)</sup>  | 2000 | 2258 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> National Charter Equitable School <br> Revolving Fund Revenue Bonds,<br>|  |  |
| 5.00%, 11/1/29 | 2045 | 2170 |
| 5.00%, 11/1/33 | 200 | 220 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Revenue Bonds, California Science <br> Center Phase III Project,<br>|  |  |
| 5.00%, 11/1/31 | 1500 | 1670 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Revenue Bonds, UCSF <br> 2130 Third Street,<br>|  |  |
| 5.00%, 5/15/36 | 1000 | 1042 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Refunding Bonds, <br> Los Angeles Museum of Art Project,<br>|  |  |
| 1.20%, 6/1/28<sup>(1) (2)</sup>  | 3000 | 2844 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority MFH Revenue Bonds, <br> Pass-Through Park Western <br> Apartments (FNMA Insured),<br>|  |  |
| 2.65%, 8/1/36 | 3222 | 2800 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Gateways <br> Hospital and Mental Health Centers,<br>|  |  |
| 5.00%, 9/1/41 | 635 | 648 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, <br> HumanGood, California Obligated <br> Group,<br>|  |  |
| 3.00%, 10/1/46 | 1000 | 768 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **133** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CALIFORNIA INTERMEDIATE 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**  |
| **California – 96.2%continued** | **California – 96.2%continued** | **California – 96.2%continued** |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Series A, <br> National University,<br>|  |  |
| 5.00%, 4/1/36 | $2245 | $2346 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Refunding Bonds, <br> Southwestern Law School,<br>|  |  |
| 4.00%, 11/1/41 | 400 | 358 |
| &nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Bonds, Series A, <br> Various Capital Project,<br>|  |  |
| 9/1/29<sup>(4)</sup>  | 1250 | 1348 |
| &nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Bonds, Series C, <br> Various Capital Projects,<br>|  |  |
| 5.00%, 11/1/35 | 405 | 466 |
| 5.00%, 11/1/39 | 500 | 557 |
| &nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Series C,<br>|  |  |
| 5.00%, 8/1/31 | 1500 | 1664 |
| &nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Various Capital Projects,<br>|  |  |
| 5.00%, 9/1/32 | 3500 | 3928 |
| &nbsp;&nbsp; California State Statewide Communities <br> Development Authority Special <br> Assessment Revenue Refunding <br> Bonds, Statewide Community <br> Infrastructure (AG Insured),<br>|  |  |
| 5.00%, 9/2/34 | 300 | 341 |
| 5.00%, 9/2/35 | 275 | 314 |
| &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>|  |  |
| 5.00%, 5/15/33 | 4630 | 4988 |
| &nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.00%, 11/1/31 | 4560 | 4718 |
| 5.25%, 10/1/39 | 1500 | 1502 |
| &nbsp;&nbsp; California Statewide Communities <br> Development Authority Revenue <br> Bonds, Kaiser Foundation Hospitals,<br>|  |  |
| 5.00%, 10/1/35 | 2000 | 2254 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 96.2%continued** | **California – 96.2%continued** | **California – 96.2%continued** |
| &nbsp;&nbsp; California Statewide Communities <br> Development Authority Revenue <br> Bonds, Odd Fellows Home of <br> California Project (California <br> Mortgage Insured),<br>|  |  |
| 4/1/45<sup>(4)</sup>  | $265 | $281 |
| &nbsp;&nbsp; Central Valley Energy Authority <br> Commodity Supply Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/34 | 500 | 526 |
| &nbsp;&nbsp; CSCDA Community Improvement <br> Authority Essential Housing Senior <br> Revenue Bonds, Crescent West <br> Hollywood,<br>|  |  |
| 3.25%, 7/1/43 | 1000 | 792 |
| &nbsp;&nbsp; Desert Sands Unified School District <br> G.O. Unlimited Bonds, Election of <br> 2014,<br>|  |  |
| 5.00%, 8/1/39 | 1330 | 1360 |
| &nbsp;&nbsp; Desert Sands Unified School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/32 | 1230 | 1414 |
| &nbsp;&nbsp; East Side Union High School District <br> Santa Clara County G.O. Unlimited <br> Bonds, Series D, Election of 2016,<br>|  |  |
| 5.00%, 8/1/32 | 750 | 861 |
| &nbsp;&nbsp; Evergreen School District G.O. <br> Unlimited Bonds, Election of 2014,<br>|  |  |
| 5.00%, 8/1/46 | 1000 | 1023 |
| &nbsp;&nbsp; Fontana PFA Lease Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/32 | 425 | 488 |
| 5.00%, 11/1/37 | 450 | 522 |
| &nbsp;&nbsp; Garden Grove PFA Lease Revenue <br> Bonds, Series A (BAM Insured),<br>|  |  |
| 5.00%, 4/1/32 | 580 | 663 |
| &nbsp;&nbsp; Garden Grove PFS Lease Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 4/1/29 | 300 | 324 |
| &nbsp;&nbsp; Golden State Tobacco Securitization <br> Corp. Tobacco Settlement Taxable <br> Revenue Refunding Bonds, Series <br> A-1,<br>|  |  |
| 2.16%, 6/1/26 | 1000 | 996 |
| 2.53%, 6/1/28 | 1500 | 1442 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **134** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <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 – 96.2%continued** | **California – 96.2%continued** | **California – 96.2%continued** |
| &nbsp;&nbsp; Hayward Unified School District G.O. <br> Unlimited Refunding Bonds, Series B <br> (AG Insured),<br>|  |  |
| 5.00%, 8/1/33 | $3750 | $4332 |
| &nbsp;&nbsp; Imperial Irrigation District Electric <br> Revenue Bonds, Series B-1,<br>|  |  |
| 5.00%, 11/1/46 | 2500 | 2514 |
| &nbsp;&nbsp; Inglewood Joint Powers Authority Lease <br> Revenue Bonds, Inglewood Main <br> Library Renovation (BAM Insured),<br>|  |  |
| 5.00%, 8/1/40 | 1070 | 1204 |
| &nbsp;&nbsp; Irvine Unified School District Special <br> Refunding Tax Refunding Bonds, <br> Community Facilities District No. 01-1 <br> (BAM Insured),<br>|  |  |
| 5.00%, 9/1/32 | 1400 | 1582 |
| &nbsp;&nbsp; Jefferson Union High School District <br> San Mateo County G.O. Unlimited <br> Bonds, Series C, Measure Z, Election <br> of 2020,<br>|  |  |
| 5.00%, 8/1/34 | 300 | 354 |
| &nbsp;&nbsp; Lake Elsinore Facilities Financing <br> Authority Local Agency Special TRB, <br> Series A (AG Insured),<br>|  |  |
| 5.00%, 9/1/33 | 1750 | 2003 |
| &nbsp;&nbsp; Long Beach Community College District <br> G.O. Unlimited Bonds, Series E,<br>|  |  |
| 5.00%, 8/1/52 | 2000 | 2094 |
| &nbsp;&nbsp; Long Beach Harbor Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 5/15/30 | 1300 | 1328 |
| &nbsp;&nbsp; Long Beach Harbor Revenue Refunding <br> Bonds, Series C,<br>|  |  |
| 5.00%, 5/15/47 | 3000 | 3032 |
| &nbsp;&nbsp; Long Beach Marina Revenue Refunding <br> Bonds, Alamitos Bay Marina Project,<br>|  |  |
| 5.00%, 5/15/33 | 700 | 786 |
| &nbsp;&nbsp; Los Alamitos Unified School District <br> COPS, Capital Projects,<br>|  |  |
| 5.95%, 8/1/34 | 1100 | 1208 |
| &nbsp;&nbsp; Los Angeles County Metropolitan <br> Transportation Authority Sales Senior <br> TRB, Series B,<br>|  |  |
| 5.00%, 7/1/36 | 2975 | 3113 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 96.2%continued** | **California – 96.2%continued** | **California – 96.2%continued** |
| &nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series D,<br>|  |  |
| 5.00%, 12/1/29 | $1665 | $1669 |
| &nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series J,<br>|  |  |
| 5.00%, 12/1/43 | 1750 | 1950 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International,<br>|  |  |
| 5.00%, 5/15/30 | 1465 | 1538 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International <br> Airport,<br>|  |  |
| 5.25%, 5/15/31 | 2000 | 2093 |
| 5.00%, 5/15/44 | 1500 | 1526 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds (AMT), Unrefunded <br> Balance,<br>|  |  |
| 5.00%, 5/15/32 | 2840 | 3102 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series C,<br>|  |  |
| 5.00%, 7/1/35 | 1850 | 2080 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series D,<br>|  |  |
| 5.00%, 7/1/29 | 500 | 531 |
| 5.00%, 7/1/34 | 1500 | 1682 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series E,<br>|  |  |
| 5.00%, 7/1/33 | 4210 | 4692 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/43 | 1850 | 1891 |
| &nbsp;&nbsp; Los Angeles Municipal Improvement <br> Corp. Lease Revenue Bonds, Capital <br> Equipment & Real Property,<br>|  |  |
| 5.00%, 5/1/30 | 600 | 656 |
| 5.00%, 5/1/34 | 750 | 862 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **135** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CALIFORNIA INTERMEDIATE 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**  |
| **California – 96.2%continued** | **California – 96.2%continued** | **California – 96.2%continued** |
| &nbsp;&nbsp; Los Angeles Municipal Improvement <br> Corp. Lease Revenue Bonds, Los <br> Angeles Convention Center,<br>|  |  |
| 5.00%, 5/1/40 | $1000 | $1114 |
| &nbsp;&nbsp; Los Angeles Special Tax Refunding <br> Bonds, Community Facilities District <br> No. 4 Playa Vista (AG Insured),<br>|  |  |
| 5.00%, 9/1/30 | 775 | 850 |
| &nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Bonds, Series B-1, <br> Election of 2008,<br>|  |  |
| 5.00%, 7/1/30 | 190 | 198 |
| &nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Bonds, Series B-1, <br> Election of 2008 (BAM-TCRS <br> Insured),<br>|  |  |
| 5.00%, 7/1/31 | 1500 | 1565 |
| &nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 7/1/33 | 3500 | 4045 |
| &nbsp;&nbsp; Menifee Community Facilities District <br> Special Tax Bonds, McCall,<br>|  |  |
| 3.00%, 9/1/42 | 385 | 302 |
| 4.00%, 9/1/51 | 1000 | 824 |
| &nbsp;&nbsp; Metropolitan Water District of Southern <br> California Waterworks Revenue <br> Bonds, Series B-3,<br>|  |  |
| 5.00%, 7/1/31<sup>(1) (2)</sup>  | 2920 | 3189 |
| &nbsp;&nbsp; Moreland School District G.O. <br> Unlimited Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 8/1/32 | 1300 | 1495 |
| &nbsp;&nbsp; Morongo Unified School District G.O. <br> Unlimited Bonds, Election of 2024,<br>|  |  |
| 5.00%, 8/1/41 | 375 | 417 |
| &nbsp;&nbsp; Mount Diablo Unified School District <br> COPS (AG Insured),<br>|  |  |
| 5.00%, 9/1/32 | 400 | 455 |
| &nbsp;&nbsp; Mount Diablo Unified School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/32 | 750 | 864 |
| &nbsp;&nbsp; Natomas Unified School District G.O. <br> Unlimited Bonds (AG Insured),<br>|  |  |
| 3.00%, 8/1/39 | 1655 | 1460 |
| 3.00%, 8/1/40 | 2000 | 1716 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 96.2%continued** | **California – 96.2%continued** | **California – 96.2%continued** |
| &nbsp;&nbsp; Northern California Energy Authority <br> Commodity Supply Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/30<sup>(1) (2)</sup>  | $2000 | $2130 |
| &nbsp;&nbsp; Oakland Unified School District <br> Alameda County, G.O. Unlimited <br> Bonds, Series A, Election of 2020,<br>|  |  |
| 8/1/28<sup>(4)</sup>  | 2000 | 2109 |
| &nbsp;&nbsp; Ontario PFA Lease Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 11/1/32 | 300 | 346 |
| 5.00%, 11/1/33 | 475 | 554 |
| &nbsp;&nbsp; Ontario Public Financing Authority <br> Taxable Lease Revenue Bonds, Series <br> A,<br>|  |  |
| 4.57%, 10/1/34 | 500 | 497 |
| &nbsp;&nbsp; Orange County Community Facilities <br> District No. 2021-1 Rienda Special <br> Tax Bonds, Series A,<br>|  |  |
| 5.00%, 8/15/37 | 1000 | 1049 |
| &nbsp;&nbsp; Palm Springs Unified School District <br> G.O. Unlimited Bonds, Series D, <br> Election of 2008,<br>|  |  |
| 2.00%, 8/1/27 | 1970 | 1950 |
| &nbsp;&nbsp; Peralta Community College District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/33 | 2150 | 2506 |
| &nbsp;&nbsp; Placentia-Yorba Linda Unified School <br> District Refunding COPS,<br>|  |  |
| 5.00%, 10/1/32 | 1000 | 1136 |
| &nbsp;&nbsp; Rancho Cucamonga Redevelopment <br> Agency Successor Agency Tax <br> Allocation Refunding Bonds, Rancho <br> Redevelopment Project,<br>|  |  |
| 5.00%, 9/1/32 | 1500 | 1715 |
| &nbsp;&nbsp; Redding Joint Powers Financing <br> Authority Electric System Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/55 | 2250 | 2305 |
| &nbsp;&nbsp; Redlands Unified School District G.O. <br> Unlimited Refunding Bonds, San <br> Bernardino County,<br>|  |  |
| 3.00%, 7/1/30 | 2295 | 2296 |
| &nbsp;&nbsp; Rialto Unified School District COPS, <br> Kitchen & Meeting (BAM Insured),<br>|  |  |
| 5.00%, 9/1/31 | 270 | 302 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **136** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <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 – 96.2%continued** | **California – 96.2%continued** | **California – 96.2%continued** |
| &nbsp;&nbsp; River Islands PFA Local Agency Special <br> TRB, Series A (AG Insured),<br>|  |  |
| 5.00%, 9/1/46 | $575 | $610 |
| &nbsp;&nbsp; Sacramento City Unified School District <br> G.O. Unlimited Refunding Bonds, <br> Series B (AG Insured),<br>|  |  |
| 5.00%, 8/1/34 | 1295 | 1504 |
| 5.00%, 8/1/35 | 845 | 988 |
| &nbsp;&nbsp; Sacramento County Airport System <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 7/1/32 | 325 | 355 |
| &nbsp;&nbsp; Sacramento County Special Tax <br> Refunding Bonds, Metro Air Park <br> Community Facilities,<br>|  |  |
| 5.00%, 9/1/27 | 1000 | 1025 |
| &nbsp;&nbsp; San Diego Association of Governments <br> South Bay Expressway Toll Senior <br> Lien Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/37 | 1000 | 1020 |
| &nbsp;&nbsp; San Diego County Regional Airport <br> Authority Senior Revenue Bonds, <br> (AMT), Private Activity,<br>|  |  |
| 5.00%, 7/1/36 | 1100 | 1216 |
| &nbsp;&nbsp; San Diego Public Facilities Financing <br> Authority Lease Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 10/15/38 | 1500 | 1751 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series (AMT),<br>|  |  |
| 5.25%, 5/1/41 | 1000 | 1084 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series A (AMT),<br>|  |  |
| 5.00%, 5/1/30 | 1000 | 1074 |
| &nbsp;&nbsp; San Francisco City & County <br> Infrastructure & Revitalization Tax <br> Allocation Bonds, Facilities <br> Increment, Treasure Island,<br>|  |  |
| 5.00%, 9/1/37 | 375 | 389 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 96.2%continued** | **California – 96.2%continued** | **California – 96.2%continued** |
| &nbsp;&nbsp; San Francisco City & County <br> Redevelopment Successor Agency <br> Tax Allocation Refunding Bonds, <br> Mission Bay South Redevelopment <br> (AG Insured),<br>|  |  |
| 5.00%, 8/1/31 | $1150 | $1286 |
| 5.00%, 8/1/32 | 1420 | 1610 |
| &nbsp;&nbsp; San Francisco City & County Refunding <br> COPS, Multiple Capital Projects,<br>|  |  |
| 2.00%, 10/1/33 | 2800 | 2450 |
| &nbsp;&nbsp; San Francisco City & County Unified <br> School District G.O. Unlimited <br> Bonds, Proposition A, Series F&C,<br>|  |  |
| 3.25%, 6/15/32 | 1500 | 1487 |
| &nbsp;&nbsp; San Francisco City & County Unified <br> School District G.O. Unlimited <br> Bonds, Series A, Election of 2016,<br>|  |  |
| 4.00%, 6/15/35 | 1000 | 1001 |
| &nbsp;&nbsp; San Joaquin Valley Clean Energy <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| 5.50%, 7/1/35<sup>(1) (2)</sup>  | 1500 | 1633 |
| &nbsp;&nbsp; San Leandro Unified School District <br> G.O. Unlimited Bonds, Series B, <br> Election of 2016 (BAM Insured),<br>|  |  |
| 5.00%, 8/1/32 | 560 | 592 |
| &nbsp;&nbsp; San Mateo Union High School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 9/1/35<sup>(4)</sup>  | 600 | 712 |
| &nbsp;&nbsp; Santa Cruz County Redevelopment <br> Successor Agency Tax Allocation <br> Refunding Bonds, Series B (BAM <br> Insured),<br>|  |  |
| 5.00%, 9/1/32 | 560 | 638 |
| &nbsp;&nbsp; Santa Rosa Elementary School District <br> G.O. Unlimited Bonds, Series D, <br> Election of 2014 (AG Insured), <br> Prerefunded,<br>|  |  |
| 5.00%, 8/1/26<sup>(3)</sup>  | 1145 | 1150 |
| &nbsp;&nbsp; Santa Rosa High School District G.O. <br> Unlimited Bonds, Series C, Election <br> of 2014 (AG Insured),<br>|  |  |
| 5.00%, 8/1/43 | 1000 | 1004 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **137** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CALIFORNIA INTERMEDIATE 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**  |
| **California – 96.2%continued** | **California – 96.2%continued** | **California – 96.2%continued** |
| &nbsp;&nbsp; Southern California Logistics Airport <br> Authority Junior Lien Tax Allocation <br> Refunding Bonds, Series A (AG <br> Insured),<br>|  |  |
| 5.00%, 12/1/35 | $360 | $421 |
| &nbsp;&nbsp; Southern California State Public Power <br> Authority Revenue Refunding Bonds, <br> Series A, Canyon Power Project,<br>|  |  |
| 5.00%, 7/1/35 | 1000 | 1088 |
| &nbsp;&nbsp; Sutter Butte Flood Control Agency <br> Special Assessment Revenue <br> Refunding Bonds (AG Insured),<br>|  |  |
| 5.00%, 10/1/35 | 500 | 577 |
| &nbsp;&nbsp; Temecula Valley Unified School District <br> Financing Authority Special Tax <br> Revenue Refunding Bonds (BAM <br> Insured),<br>|  |  |
| 5.00%, 9/1/32 | 670 | 760 |
| &nbsp;&nbsp; Transbay Joint Powers Authority Senior <br> Tax Allocation Bonds, Green Bonds,<br>|  |  |
| 5.00%, 10/1/29 | 465 | 487 |
| 5.00%, 10/1/34 | 600 | 620 |
| &nbsp;&nbsp; Twin Rivers Unified School District G.O. <br> Unlimited Refunding Bonds, Series A <br> (AG Insured),<br>|  |  |
| 8/1/34<sup>(4)</sup>  | 1500 | 1763 |
| &nbsp;&nbsp; University of California Revenue Bonds, <br> Series CD,<br>|  |  |
| 5.00%, 5/15/36 | 3000 | 3456 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 5/15/31 | 3000 | 3331 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series CE,<br>|  |  |
| 5.00%, 11/15/36 | 2250 | 2595 |
| &nbsp;&nbsp; Val Verde Unified School District <br> Special Tax Refunding Bonds,<br>|  |  |
| 5.00%, 9/1/32 | 245 | 281 |
| &nbsp;&nbsp; Vista Joint Powers Financing Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 5/1/33 | 900 | 1045 |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 96.2%continued** | **California – 96.2%continued** | **California – 96.2%continued** |
| &nbsp;&nbsp; West Contra Costa Unified School <br> District G.O. Unlimited Bonds, Series <br> B, Election of 2020 (BAM Insured),<br>|  |  |
| 5.00%, 8/1/31 | $235 | $265 |
|  |  | **242482** |
| **Total Municipal Bonds** |  |  |
| **(Cost $249,582)** |  | **242482** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.6%**  | **INVESTMENT COMPANIES – 1.6%**  | **INVESTMENT COMPANIES – 1.6%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(5) (6)</sup> <br>| 3880270 | $3880 |
| **Total Investment Companies** |  |  |
| **(Cost $3,880)** |  | **3880** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 4.4%**  | **SHORT-TERM INVESTMENTS – 4.4%**  | **SHORT-TERM INVESTMENTS – 4.4%**  |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Variable Revenue Refunding Bonds, <br> Series A (Barclays Bank PLC LOC),<br>|  |  |
| 1.25%, 4/1/26<sup>(7)</sup>  | $3000 | $3000 |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Variable Revenue Refunding Bonds, <br> Series B (Barclays Bank PLC LOC),<br>|  |  |
| 1.25%, 4/1/26<sup>(7)</sup>  | 3650 | 3650 |
| &nbsp;&nbsp; California State Floating Rate G.O. <br> Unlimited Bonds, Series A-1 <br> (Barclays Bank PLC LOC),<br>|  |  |
| 1.25%, 4/1/26<sup>(8)</sup>  | 3500 | 3500 |
| &nbsp;&nbsp; University of California Variable <br> Revenue Bonds, Series BY-1,<br>|  |  |
| 1.75%, 4/7/26<sup>(7)</sup>  | 1000 | 1000 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $11,150)** | **(Cost $11,150)** | **11150** |
| **Total Investments – 102.2%** | **Total Investments – 102.2%** |  |
| **(Cost $264,612)** | **(Cost $264,612)** | **257512** |
| Liabilities less Other Assets – (2.2%) | Liabilities less Other Assets – (2.2%) | (5454)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$252058** |

---

<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 March 31,* *2026 is disclosed.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **138** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

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

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

<sup>(4)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2026.*

<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 March 31, 2026 is disclosed.*

<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> *Variable or floating rate security. Rate as of March 31, 2026 is disclosed.*

---

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

---

---

| |
|:---|
| MFH - Multi-Family Housing |
| 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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $242482 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $242482 |
| Investment Companies | &nbsp;&nbsp; 3880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3880 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 11150 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11150 |
| Total Investments | &nbsp;&nbsp; $3880 | &nbsp;&nbsp; $253632 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $257512 |

---

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $5563 | $116200 | $117883 | $3880 | 3880270 | $183 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **139** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 96.8%**  | **MUNICIPAL BONDS – 96.8%**  | **MUNICIPAL BONDS – 96.8%**  |
| **California – 96.8%** | **California – 96.8%** | **California – 96.8%** |
| &nbsp;&nbsp; Alameda County Unified School District <br> G.O. Unlimited Bonds, Series B, <br> Election of 2014,<br>|  |  |
| 5.00%, 8/1/42 | $500 | $509 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 4.00%, 12/1/27<sup>(1) (2)</sup>  | 600 | 607 |
| 5.25%, 4/1/30<sup>(1) (2)</sup>  | 500 | 528 |
| 5.00%, 12/1/32<sup>(1) (2)</sup>  | 1750 | 1787 |
| 5.00%, 8/1/33<sup>(1) (2)</sup>  | 1500 | 1623 |
| 5.00%, 10/1/33<sup>(1) (2)</sup>  | 1000 | 1043 |
| 5.00%, 3/1/36 | 500 | 519 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Series E, Clean Energy <br> Project,<br>|  |  |
| 5.00%, 9/1/32<sup>(1) (2)</sup>  | 1385 | 1466 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| 5.00%, 9/1/32<sup>(1) (2)</sup>  | 500 | 536 |
| &nbsp;&nbsp; California County Tobacco <br> Securitization Agency Tobacco <br> Settlement Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 4.00%, 6/1/35 | 885 | 885 |
| &nbsp;&nbsp; California County Tobacco <br> Securitization Agency Tobacco <br> Settlement Revenue Refunding Bonds, <br> Sonoma County Securitization,<br>|  |  |
| 5.00%, 6/1/29 | 310 | 328 |
| &nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-1, Class A <br> Certificates,<br>|  |  |
| 3.50%, 11/20/35 | 1152 | 1134 |
| &nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-2, Class A Social <br> Certificates (FHLMC Insured),<br>|  |  |
| 3.75%, 3/25/35 | 468 | 471 |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, Art Center <br> College of Design,<br>|  |  |
| 3.00%, 12/1/51 | 600 | 408 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **California – 96.8%continued** | **California – 96.8%continued** | **California – 96.8%continued** |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, The <br> Master's University,<br>|  |  |
| 5.25%, 8/1/40 | $750 | $771 |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, University <br> of the Pacific,<br>|  |  |
| 5.00%, 11/1/55 | 1500 | 1545 |
| &nbsp;&nbsp; California State Enterprise Development <br> Authority Lease Revenue Bonds, <br> Riverside County - Mead Valley <br> Wellness Village Project ,<br>|  |  |
| 5.00%, 11/1/32 | 905 | 1038 |
| &nbsp;&nbsp; California State Enterprise Development <br> Authority Revenue Refunding Bonds, <br> Series A, Milken Community School <br> Project,<br>|  |  |
| 5.00%, 7/1/33 | 500 | 550 |
| California State G.O. Unlimited Bonds, |  |  |
| 5.00%, 3/1/55 | 1000 | 1042 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 11/1/31 | 730 | 801 |
| 5.00%, 9/1/42 | 1000 | 1077 |
| 5.00%, 8/1/45 | 2000 | 2158 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue Bonds, <br> Adventist Health System/West,<br>|  |  |
| 5.00%, 12/1/35 | 1300 | 1436 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue Bonds, <br> Subseries A-2, Kaiser Permanente,<br>|  |  |
| 4.00%, 11/1/44 | 2000 | 1844 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Series A, El <br> Camino Health,<br>|  |  |
| 5.00%, 2/1/34 | 800 | 925 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Children's Hospital <br> of Orange County,<br>|  |  |
| 5.00%, 5/1/31<sup>(1) (2)</sup>  | 225 | 251 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **140** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **California – 96.8%continued** | **California – 96.8%continued** | **California – 96.8%continued** |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| 5.00%, 10/1/32<sup>(1) (2)</sup>  | $1000 | $1101 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Refunding Bonds, Rady <br> Children's Health,<br>|  |  |
| 5/1/31<sup>(1) (3)</sup>  | 1500 | 1645 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> National Charter Equitable School <br> Revolving Fund Revenue Bonds,<br>|  |  |
| 5.00%, 11/1/44 | 625 | 635 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Refunding Bonds,<br>|  |  |
| 1.75%, 8/1/26<sup>(1) (2)</sup>  | 3500 | 3467 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Refunding Bonds, <br> Los Angeles Museum of Art Project,<br>|  |  |
| 1.20%, 6/1/28<sup>(1) (2)</sup>  | 2000 | 1896 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, California <br> Institute of the Arts,<br>|  |  |
| 4.00%, 10/1/51 | 250 | 208 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Gateways <br> Hospital and Mental Health Centers,<br>|  |  |
| 5.00%, 9/1/46 | 675 | 674 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, <br> HumanGood, California Obligated <br> Group,<br>|  |  |
| 3.00%, 10/1/49 | 1000 | 724 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Samuel <br> Merritt University,<br>|  |  |
| 5.25%, 6/1/53 | 500 | 515 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Series A, <br> National University,<br>|  |  |
| 5.00%, 4/1/40 | 1000 | 1035 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **California – 96.8%continued** | **California – 96.8%continued** | **California – 96.8%continued** |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Refunding Bonds, <br> Southwestern Law School,<br>|  |  |
| 4.00%, 11/1/41 | $175 | $157 |
| &nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Bonds, Series A, <br> Various Capital Project,<br>|  |  |
| 9/1/29<sup>(3)</sup>  | 750 | 809 |
| &nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Bonds, Series C, <br> Various Capital Projects,<br>|  |  |
| 5.00%, 11/1/50 | 1000 | 1048 |
| &nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Various Capital Projects,<br>|  |  |
| 5.00%, 9/1/27 | 1750 | 1811 |
| &nbsp;&nbsp; California State Statewide Communities <br> Development Authority Special <br> Assessment Refunding Bonds, <br> Statewide Community Infrastructure,<br>|  |  |
| 5.00%, 9/2/28 | 270 | 284 |
| 5.00%, 9/2/29 | 200 | 214 |
| &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>|  |  |
| 5.00%, 5/15/33 | 500 | 539 |
| 3.00%, 5/15/51 | 500 | 365 |
| &nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.00%, 11/1/31 | 1000 | 1035 |
| &nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Refunding Bonds <br> (BAM-TCRS Insured),<br>|  |  |
| 5.00%, 9/1/35 | 2000 | 2018 |
| &nbsp;&nbsp; California Statewide Communities <br> Development Authority Revenue <br> Bonds, Odd Fellows Home of <br> California Project (California <br> Mortgage Insured),<br>|  |  |
| 4/1/47<sup>(3)</sup>  | 300 | 312 |
| &nbsp;&nbsp; Carlsbad Unified School District G.O. <br> Unlimited Bonds, Series A, Election <br> of 2018,<br>|  |  |
| 3.00%, 8/1/42 | 550 | 460 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **141** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **California – 96.8%continued** | **California – 96.8%continued** | **California – 96.8%continued** |
| &nbsp;&nbsp; Central Valley Energy Authority <br> Commodity Supply Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/30 | $500 | $525 |
| &nbsp;&nbsp; CSCDA Community Improvement <br> Authority Essential Housing Senior <br> Revenue Bonds, Crescent West <br> Hollywood,<br>|  |  |
| 4.30%, 7/1/59 | 500 | 392 |
| &nbsp;&nbsp; Evergreen School District G.O. <br> Unlimited Bonds, Election of 2014,<br>|  |  |
| 5.00%, 8/1/46 | 1300 | 1330 |
| &nbsp;&nbsp; Foothill Eastern Transportation Corridor <br> Agency Toll Road Senior Lien <br> Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 1/15/46 | 250 | 237 |
| &nbsp;&nbsp; Imperial Irrigation District Electric <br> Revenue Bonds, Series B-1,<br>|  |  |
| 5.00%, 11/1/46 | 1500 | 1508 |
| &nbsp;&nbsp; Lake Elsinore Facilities Financing <br> Authority Local Agency Special TRB, <br> Series A (AG Insured),<br>|  |  |
| 5.00%, 9/1/34 | 1000 | 1155 |
| &nbsp;&nbsp; Long Beach Community College District <br> G.O. Unlimited Bonds, Series E,<br>|  |  |
| 5.00%, 8/1/52 | 1000 | 1047 |
| &nbsp;&nbsp; Long Beach Marina Revenue Refunding <br> Bonds, Alamitos Bay Marina Project,<br>|  |  |
| 5.00%, 5/15/34 | 700 | 792 |
| &nbsp;&nbsp; Los Angeles Community College District <br> G.O. Unlimited Bonds, Series K, <br> Election of 2008,<br>|  |  |
| 4.00%, 8/1/39 | 2915 | 2915 |
| &nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series F, Green Bonds,<br>|  |  |
| 2.63%, 12/1/51 | 1600 | 1063 |
| &nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series J,<br>|  |  |
| 5.25%, 12/1/50 | 1500 | 1603 |
| &nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Refunding Bonds, Series H,<br>|  |  |
| 5.25%, 12/1/41 | 1000 | 1138 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **California – 96.8%continued** | **California – 96.8%continued** | **California – 96.8%continued** |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Senior Revenue Bonds <br> (AMT), Private Activity,<br>|  |  |
| 5.50%, 5/15/47 | $1000 | $1048 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International,<br>|  |  |
| 5.00%, 5/15/31 | 1000 | 1048 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International <br> Airport,<br>|  |  |
| 5.00%, 5/15/44 | 500 | 509 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds, Series A (AMT), P3 <br> Project,<br>|  |  |
| 5.00%, 5/15/46 | 500 | 509 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 7/1/40 | 1000 | 1045 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series C,<br>|  |  |
| 5.00%, 7/1/52 | 500 | 508 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series D,<br>|  |  |
| 5.00%, 7/1/29 | 1250 | 1328 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/38 | 450 | 485 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks System Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/39 | 525 | 551 |
| &nbsp;&nbsp; Los Angeles Municipal Improvement <br> Corp. Lease Revenue Bonds, Capital <br> Equipment & Real Property,<br>|  |  |
| 5.00%, 5/1/28 | 750 | 789 |
| &nbsp;&nbsp; Los Angeles Municipal Improvement <br> Corp. Lease Revenue Bonds, Los <br> Angeles Convention Center,<br>|  |  |
| 5.00%, 5/1/55 | 1000 | 1026 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **142** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **California – 96.8%continued** | **California – 96.8%continued** | **California – 96.8%continued** |
| &nbsp;&nbsp; Los Rios Community College District <br> G.O. Unlimited Bonds, Series D,<br>|  |  |
| 3.00%, 8/1/44 | $1000 | $803 |
| &nbsp;&nbsp; Lucia Mar Unified School District G.O. <br> Unlimited Bonds, Series B, Election of <br> 2016,<br>|  |  |
| 5.00%, 8/1/42 | 1450 | 1497 |
| &nbsp;&nbsp; Menifee Community Facilities District <br> Special Tax Bonds, McCall,<br>|  |  |
| 3.00%, 9/1/42 | 165 | 130 |
| Mesa Water District COPS, |  |  |
| 4.00%, 3/15/45 | 1150 | 1151 |
| &nbsp;&nbsp; Metropolitan Water District of Southern <br> California Waterworks Revenue <br> Bonds, Series B-3,<br>|  |  |
| 5.00%, 7/1/31<sup>(1) (2)</sup>  | 1000 | 1092 |
| &nbsp;&nbsp; Modesto High School District Stanislaus <br> County G.O. Unlimited Bonds, Series <br> A,<br>|  |  |
| 5.00%, 8/1/48 | 1000 | 1046 |
| &nbsp;&nbsp; Monterey County Financing Authority <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 9/1/37 | 1170 | 1220 |
| &nbsp;&nbsp; Mount Diablo Unified School District <br> COPS (AG Insured),<br>|  |  |
| 5.00%, 9/1/29 | 600 | 650 |
| &nbsp;&nbsp; Mount Diablo Unified School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/34 | 750 | 885 |
| &nbsp;&nbsp; Mountain View Whisman School <br> District G.O. Unlimited Bonds, Series <br> B,<br>|  |  |
| 4.25%, 9/1/45 | 500 | 502 |
| &nbsp;&nbsp; Newport Mesa Unified School District <br> G.O. Unlimited CABS, Election of <br> 2005,<br>|  |  |
| 0.00%, 8/1/33<sup>(4)</sup>  | 7000 | 5587 |
| &nbsp;&nbsp; Northern California Energy Authority <br> Commodity Supply Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/30<sup>(1) (2)</sup>  | 775 | 825 |
| &nbsp;&nbsp; Oakland G.O. Unlimited Bonds, Series <br> B-1, Measure U,<br>|  |  |
| 5.00%, 7/15/55 | 750 | 772 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **California – 96.8%continued** | **California – 96.8%continued** | **California – 96.8%continued** |
| &nbsp;&nbsp; Oakland Unified School District <br> Alameda County, G.O. Unlimited <br> Bonds, Series A, Election of 2020,<br>|  |  |
| 8/1/28<sup>(3)</sup>  | $1065 | $1123 |
| &nbsp;&nbsp; Ontario PFA Lease Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 11/1/34 | 450 | 529 |
| &nbsp;&nbsp; Pasadena Unified School District G.O. <br> Unlimited Bonds, Series D, Election of <br> 2020,<br>|  |  |
| 5.25%, 8/1/47 | 1000 | 1088 |
| &nbsp;&nbsp; Redding Joint Powers Financing <br> Authority Electric System Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/55 | 1250 | 1280 |
| &nbsp;&nbsp; Redwood City Public Facilities & <br> Infrastructure Authority Lease <br> Revenue Bonds, Veterans Memorial <br> Building,<br>|  |  |
| 3.00%, 6/1/51 | 1750 | 1278 |
| &nbsp;&nbsp; River Islands PFA Local Agency Special <br> TRB, Series A (AG Insured),<br>|  |  |
| 5.00%, 9/1/52 | 515 | 534 |
| &nbsp;&nbsp; Riverside County Transportation <br> Commission Toll Senior Lien Revenue <br> Refunding Bonds, RCTC 91 Express <br> Lanes,<br>|  |  |
| 4.00%, 6/1/46 | 750 | 676 |
| &nbsp;&nbsp; Sacramento City Unified School District <br> G.O. Unlimited Bonds, Series C, <br> Measure H, Election of 2020 (AG <br> Insured),<br>|  |  |
| 5.00%, 8/1/43 | 1330 | 1469 |
| &nbsp;&nbsp; Sacramento County Airport System <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 7/1/32 | 300 | 328 |
| &nbsp;&nbsp; Sacramento County Special Tax <br> Refunding Bonds, Metro Air Park <br> Community Facilities,<br>|  |  |
| 5.00%, 9/1/34 | 1000 | 1055 |
| &nbsp;&nbsp; San Carlos School District G.O. <br> Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/41 | 400 | 444 |
| &nbsp;&nbsp; San Diego Community College District <br> G.O. Unlimited Bonds, Series A-1,<br>|  |  |
| 5.00%, 8/1/55 | 1500 | 1565 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **143** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **California – 96.8%continued** | **California – 96.8%continued** | **California – 96.8%continued** |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 5/1/42 | $1500 | $1510 |
| 5.00%, 5/1/49 | 1000 | 1002 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series E (AMT),<br>|  |  |
| 5.00%, 5/1/45 | 1000 | 1012 |
| 5.00%, 5/1/50 | 1500 | 1502 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series A (AMT),<br>|  |  |
| 5.00%, 5/1/30 | 1170 | 1257 |
| &nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Bonds, Series D, Hetch Hetchy <br> Water,<br>|  |  |
| 3.00%, 11/1/50 | 600 | 438 |
| &nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Refunding Bonds, Subseries C, <br> Green Bonds,<br>|  |  |
| 4.00%, 11/1/41 | 1000 | 1015 |
| &nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Refunding Bonds, Sustainable Bonds,<br>|  |  |
| 5.00%, 11/1/32 | 205 | 236 |
| &nbsp;&nbsp; San Francisco City & County Refunding <br> COPS, Multiple Capital Projects,<br>|  |  |
| 2.00%, 10/1/33 | 1200 | 1050 |
| &nbsp;&nbsp; San Francisco City & County Unified <br> School District G.O. Unlimited <br> Bonds, Series A, Election of 2016,<br>|  |  |
| 4.00%, 6/15/35 | 500 | 500 |
| &nbsp;&nbsp; San Francisco Community College <br> District G.O. Unlimited Bonds, Series <br> A, Election of 2020,<br>|  |  |
| 3.00%, 6/15/45 | 1000 | 806 |
| &nbsp;&nbsp; San Joaquin Hills Transportation <br> Corridor Agency Toll Road Senior <br> Lien Revenue Refunding Bonds,<br>|  |  |
| 4.00%, 1/15/34 | 500 | 513 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **California – 96.8%continued** | **California – 96.8%continued** | **California – 96.8%continued** |
| &nbsp;&nbsp; San Joaquin Valley Clean Energy <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| 5.50%, 7/1/35<sup>(1) (2)</sup>  | $1000 | $1089 |
| &nbsp;&nbsp; San Jose Financing Authority <br> Wastewater Revenue Bonds, Series <br> B, Green Bonds,<br>|  |  |
| 5.00%, 11/1/41 | 500 | 549 |
| &nbsp;&nbsp; San Jose G.O. Unlimited Bonds, Series <br> A-1,<br>|  |  |
| 5.00%, 9/1/42 | 1310 | 1364 |
| &nbsp;&nbsp; Santa Clarita Community College <br> District G.O. Unlimited Bonds, <br> Election of 2016,<br>|  |  |
| 5.25%, 8/1/48 | 1000 | 1072 |
| &nbsp;&nbsp; Santa Cruz County Capital Financing <br> Authority Lease Revenue Bonds, <br> Series A-1,<br>|  |  |
| 4.00%, 6/1/32 | 300 | 311 |
| 4.00%, 6/1/34 | 330 | 339 |
| &nbsp;&nbsp; Sonoma County Junior College District <br> G.O. Unlimited Bonds, Series B,<br>|  |  |
| 3.00%, 8/1/36 | 900 | 845 |
| &nbsp;&nbsp; Southern California Logistics Airport <br> Authority Junior Lien Tax Allocation <br> Refunding Bonds, Series A (AG <br> Insured),<br>|  |  |
| 5.00%, 12/1/43 | 500 | 548 |
| &nbsp;&nbsp; Sutter Butte Flood Control Agency <br> Special Assessment Revenue <br> Refunding Bonds (AG Insured),<br>|  |  |
| 5.00%, 10/1/38 | 750 | 846 |
| &nbsp;&nbsp; Tobacco Securitization Authority <br> Tobacco Settlement Senior Revenue <br> Refunding Bonds, Sacramento <br> County,<br>|  |  |
| 4.00%, 6/1/37 | 700 | 698 |
| &nbsp;&nbsp; Transbay Joint Powers Authority Senior <br> Tax Allocation Bonds, Green Bonds,<br>|  |  |
| 5.00%, 10/1/45 | 1000 | 1004 |
| &nbsp;&nbsp; Turlock Irrigation District Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 1/1/37 | 805 | 862 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **144** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  | **MUNICIPAL BONDS - 96.8%continued**  |
| **California – 96.8%continued** | **California – 96.8%continued** | **California – 96.8%continued** |
| &nbsp;&nbsp; Twin Rivers Unified School District G.O. <br> Unlimited Refunding Bonds, Series B <br> (AG Insured),<br>|  |  |
| 8/1/28<sup>(3)</sup>  | $1000 | $1059 |
| &nbsp;&nbsp; University of California General <br> Revenue Refunding Bonds, Series AZ,<br>|  |  |
| 5.00%, 5/15/34 | 85 | 89 |
| &nbsp;&nbsp; University of California Revenue Bonds, <br> Series CD,<br>|  |  |
| 5.25%, 5/15/40 | 600 | 709 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 5/15/35 | 1000 | 1120 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series BH,<br>|  |  |
| 4.00%, 5/15/46 | 2000 | 1936 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series CE,<br>|  |  |
| 5.00%, 11/15/36 | 1000 | 1153 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series O, Limited <br> Project,<br>|  |  |
| 5.00%, 5/15/58 | 2500 | 2531 |
| &nbsp;&nbsp; Upper Santa Clara Valley Joint Powers <br> Authority Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 4.00%, 8/1/45 | 1200 | 1155 |
| &nbsp;&nbsp; Western Placer Waste Management <br> Authority Solid Waste Revenue <br> Bonds, Material Recovery Facility <br> Project,<br>|  |  |
| 5.00%, 6/1/40 | 625 | 685 |
|  |  | **127119** |
| **Total Municipal Bonds** |  |  |
| **(Cost $133,039)** |  | **127119** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.9%**  | **INVESTMENT COMPANIES – 1.9%**  | **INVESTMENT COMPANIES – 1.9%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(5) (6)</sup> <br>| 2432909 | $2433 |
| **Total Investment Companies** |  |  |
| **(Cost $2,433)** |  | **2433** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 3.8%**  | **SHORT-TERM INVESTMENTS – 3.8%**  | **SHORT-TERM INVESTMENTS – 3.8%**  |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Variable Revenue Refunding Bonds, <br> Series A (Barclays Bank PLC LOC),<br>|  |  |
| 1.25%, 4/1/26<sup>(7)</sup>  | $2500 | $2500 |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Variable Revenue Refunding Bonds, <br> Series B (Barclays Bank PLC LOC),<br>|  |  |
| 1.25%, 4/1/26<sup>(7)</sup>  | 1000 | 1000 |
| &nbsp;&nbsp; California State Floating Rate G.O. <br> Unlimited Bonds, Series A-1 <br> (Barclays Bank PLC LOC),<br>|  |  |
| 1.25%, 4/1/26<sup>(8)</sup>  | 1500 | 1500 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $5,000)** | **(Cost $5,000)** | **5000** |
| **Total Investments – 102.5%** | **Total Investments – 102.5%** |  |
| **(Cost $140,472)** | **(Cost $140,472)** | **134552** |
| Liabilities less Other Assets – (2.5%) | Liabilities less Other Assets – (2.5%) | (3235)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$131317** |

---

<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 March 31,* *2026 is disclosed.* 

<sup>(3)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2026.*

<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 March 31, 2026 is disclosed.*

<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> *Variable or floating rate security. Rate as of March 31, 2026 is disclosed.*

---

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

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **145** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **CALIFORNIA TAX-EXEMPT FUND continued**  | **March 31, 2026**  |

---

---

| |
|:---|
| G.O. - General Obligation |
| LOC - Letter of Credit |
| 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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $127119 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $127119 |
| Investment Companies | &nbsp;&nbsp; 2433 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2433 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5000 |
| Total Investments | &nbsp;&nbsp; $2433 | &nbsp;&nbsp; $132119 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $134552 |

---

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $2723 | $60599 | $60889 | $2433 | 2432909 | $85 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **146** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **CORE BOND FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 22.2%**  | **ASSET-BACKED SECURITIES – 22.2%**  | **ASSET-BACKED SECURITIES – 22.2%**  |
| **Auto Loan – 8.4%** | **Auto Loan – 8.4%** | **Auto Loan – 8.4%** |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class C<br>|  |  |
| 5.48%, 11/10/31 | $400 | $407 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-1, Class B<br>|  |  |
| 5.31%, 1/16/29 | 192 | 193 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class A3<br>|  |  |
| 4.50%, 9/15/28 | 1426 | 1426 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D<br>|  |  |
| 5.49%, 5/15/31 | 185 | 187 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| 5.89%, 7/15/31 | 180 | 182 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2023-B, Class A3<br>|  |  |
| 5.23%, 5/15/28 | 55 | 55 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-B, Class A4<br>|  |  |
| 4.96%, 5/15/30 | 150 | 152 |
| &nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 5.37%, 3/15/29 | 77 | 78 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization <br> Trust, Series 2024-B, Class A3<br>|  |  |
| 5.41%, 5/17/27<sup>(1)</sup>  | 92 | 93 |
| &nbsp;&nbsp; Research-Driven Pagaya Motor Asset <br> Trust, Series 2026-1A, Class D<br>|  |  |
| 6.52%, 1/25/35<sup>(1)</sup>  | 653 | 646 |
| &nbsp;&nbsp; Research-Driven Pagaya Motor Trust, <br> Series 2025-5A, Class B<br>|  |  |
| 5.23%, 6/26/34<sup>(1)</sup>  | 300 | 300 |
| &nbsp;&nbsp; Research-Driven Pagaya Motor Trust, <br> Series 2025-6A, Class B<br>|  |  |
| 5.09%, 8/25/34<sup>(1)</sup>  | 700 | 698 |
| &nbsp;&nbsp; Santander Bank Auto Credit-Linked <br> Notes, Series 2025-A, Class D<br>|  |  |
| 5.15%, 1/16/34<sup>(1)</sup>  | 270 | 270 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class C<br>|  |  |
| 5.06%, 5/15/31 | 549 | 554 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class D<br>|  |  |
| 5.47%, 5/15/31 | 570 | 577 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 22.2%continued**  | **ASSET-BACKED SECURITIES - 22.2%continued**  | **ASSET-BACKED SECURITIES - 22.2%continued**  |
| **Auto Loan – 8.4%continued** | **Auto Loan – 8.4%continued** | **Auto Loan – 8.4%continued** |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2026-1, Class D<br>|  |  |
| 4.75%, 4/15/32 | $890 | $877 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization <br> Trust, Series 2025-2A, Class A3<br>|  |  |
| 4.44%, 12/20/30<sup>(1)</sup>  | 190 | 191 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, <br> Class B<br>|  |  |
| 5.11%, 8/21/28<sup>(1)</sup>  | 500 | 502 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class B<br>|  |  |
| 4.86%, 5/15/30<sup>(1)</sup>  | 100 | 101 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class C<br>|  |  |
| 5.15%, 11/15/30<sup>(1)</sup>  | 200 | 202 |
|  |  | **7691** |
| **Credit Card – 0.1%** | **Credit Card – 0.1%** | **Credit Card – 0.1%** |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | 77 | **78** |
| **Other – 7.4%** | **Other – 7.4%** | **Other – 7.4%** |
| &nbsp;&nbsp; 321 Henderson Receivables I LLC, <br> Series 2007-3A, Class A<br>|  |  |
| 6.15%, 10/15/48<sup>(1)</sup>  | 209 | 214 |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-A, <br> Class A3<br>|  |  |
| 4.77%, 6/15/29 | 66 | 67 |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| 4.03%, 1/15/30 | 200 | 200 |
| &nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-3, Class A3<br>|  |  |
| 5.93%, 4/23/29<sup>(1)</sup>  | 28 | 28 |
| &nbsp;&nbsp; Finance of America Structured <br> Securities Trust, Series 2023-S2, <br> Class A1<br>|  |  |
| 6.50%, 4/25/73<sup>(1)</sup>  | 247 | 248 |
| J.G. Wentworth XLI LLC |  |  |
| 3.74%, 10/17/72<sup>(1)</sup>  | 561 | 506 |
| &nbsp;&nbsp; JGWPT XXVII LLC, Series 2012-3A, <br> Class A<br>|  |  |
| 3.22%, 9/15/65<sup>(1)</sup>  | 202 | 184 |
| &nbsp;&nbsp; JGWPT XXX LLC, Series 2013-3A, <br> Class A<br>|  |  |
| 4.08%, 1/17/73<sup>(1)</sup>  | 297 | 283 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **147** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 22.2%continued**  | **ASSET-BACKED SECURITIES - 22.2%continued**  | **ASSET-BACKED SECURITIES - 22.2%continued**  |
| **Other – 7.4%continued** | **Other – 7.4%continued** | **Other – 7.4%continued** |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.96%, 11/15/28 | $135 | $135 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| 4.06%, 6/15/29 | 610 | 610 |
| &nbsp;&nbsp; Pagaya AI Debt Grantor Trust, Series <br> 2024-PT1, Class D<br>|  |  |
| 6.26%, 2/16/32<sup>(1)</sup>  | 249 | 250 |
| &nbsp;&nbsp; Pagaya AI Debt Trust, Series 2025-4, <br> Class B<br>|  |  |
| 5.69%, 1/17/33<sup>(1)</sup>  | 280 | 281 |
| &nbsp;&nbsp; PK Alift Loan Funding 8 LP, Series <br> 2026-1, Class C<br>|  |  |
| 5.00%, 9/15/43<sup>(1)</sup>  | 1380 | 1362 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-CES1, Class A2<br>|  |  |
| &nbsp;&nbsp; (Step to 6.22% on 11/25/29), <br> 5.22%, 9/25/55<sup>(1) (2)</sup> <br>| 730 | 724 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-CES1, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.37% on 11/25/29), <br> 5.37%, 9/25/55<sup>(1) (2)</sup> <br>| 500 | 495 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2026-CES1, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.35% on 2/25/30), <br> 5.35%, 1/1/56<sup>(1) (2)</sup> <br>| 630 | 623 |
| &nbsp;&nbsp; Sotheby's Artfi Master Trust, Series <br> 2026-1A, Class A1<br>|  |  |
| 4.80%, 6/20/33<sup>(1)</sup>  | 119 | 119 |
| &nbsp;&nbsp; Sotheby's Artfi Master Trust, Series <br> 2026-1A, Class B<br>|  |  |
| 4.90%, 6/20/33<sup>(1)</sup>  | 204 | 203 |
| &nbsp;&nbsp; Sotheby's Artfi Master Trust, Series <br> 2026-1A, Class C<br>|  |  |
| 5.00%, 6/20/33<sup>(1)</sup>  | 169 | 169 |
|  |  | **6701** |
| **Whole Loan – 6.3%** | **Whole Loan – 6.3%** | **Whole Loan – 6.3%** |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 4.70% on 12/25/26), <br> 4.75%, 9/26/67<sup>(1) (2)</sup> <br>| 202 | 201 |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2024-4, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.61% on 4/25/28), <br> 6.20%, 1/25/69<sup>(1) (2)</sup> <br>| 423 | 426 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 22.2%continued**  | **ASSET-BACKED SECURITIES - 22.2%continued**  | **ASSET-BACKED SECURITIES - 22.2%continued**  |
| **Whole Loan – 6.3%continued** | **Whole Loan – 6.3%continued** | **Whole Loan – 6.3%continued** |
| &nbsp;&nbsp; Chase Home Lending Mortgage Trust, <br> Series 2023-1, Class B3<br>|  |  |
| 6.31%, 6/25/54<sup>(1) (3)</sup>  | $336 | $331 |
| &nbsp;&nbsp; Colt Mortgage Loan Trust, Series <br> 2024-7, Class A2<br>|  |  |
| &nbsp;&nbsp; (Step to 6.79% on 12/25/28), <br> 5.79%, 12/26/69<sup>(1) (2)</sup> <br>| 223 | 223 |
| &nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2022-7, Class 1A2<br>|  |  |
| 3.00%, 12/25/52<sup>(1) (3)</sup>  | 252 | 219 |
| &nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2023-1, Class A3A<br>|  |  |
| 5.00%, 6/25/53<sup>(1) (3)</sup>  | 169 | 166 |
| &nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2025-NQM5, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.23% on 1/25/30), <br> 5.23%, 5/25/65<sup>(1) (2)</sup> <br>| 239 | 237 |
| &nbsp;&nbsp; Mello Mortgage Capital Acceptance, <br> Series 2021-MTG2, Class A1<br>|  |  |
| 2.50%, 6/25/51<sup>(1) (3)</sup>  | 247 | 205 |
| &nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 7.51% on 10/25/27), <br> 6.84%, 4/25/63<sup>(1) (2)</sup> <br>| 230 | 231 |
| &nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 7.51% on 10/25/27), <br> 7.30%, 4/25/63<sup>(1) (2)</sup> <br>| 49 | 49 |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM2, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.88% on 2/25/28), <br> 5.88%, 12/25/63<sup>(1) (2)</sup> <br>| 122 | 123 |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM9, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 7.20% on 7/25/28), <br> 6.03%, 1/25/64<sup>(1) (2)</sup> <br>| 178 | 180 |
| &nbsp;&nbsp; PMT Loan Trust, Series 2024-INV1, <br> Class A2<br>|  |  |
| 6.00%, 10/25/59<sup>(1) (3)</sup>  | 402 | 406 |
| &nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2024-1, Class A13<br>|  |  |
| 5.50%, 12/25/54<sup>(1) (3)</sup>  | 602 | 597 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, <br> Class M1A<br>|  |  |
| 6.42%, 1/25/65<sup>(1)</sup>  | 508 | 510 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **148** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 22.2%continued**  | **ASSET-BACKED SECURITIES - 22.2%continued**  | **ASSET-BACKED SECURITIES - 22.2%continued**  |
| **Whole Loan – 6.3%continued** | **Whole Loan – 6.3%continued** | **Whole Loan – 6.3%continued** |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM4, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.76% on 8/25/29), <br> 5.76%, 7/25/65<sup>(1) (2)</sup> <br>| $418 | $418 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM5, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.47% on 10/25/29), <br> 5.47%, 8/25/65<sup>(1) (2)</sup> <br>| 137 | 136 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM6, Class A1<br>|  |  |
| 5.14%, 11/25/65<sup>(1) (3)</sup>  | 213 | 213 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM6, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.44% on 11/25/29), <br> 5.44%, 11/25/65<sup>(1) (2)</sup> <br>| 102 | 102 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2026-NQM3, Class M1<br>|  |  |
| 5.86%, 2/25/66<sup>(1) (3)</sup>  | 139 | 138 |
| &nbsp;&nbsp; Sequoia Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| 5.00%, 1/25/53<sup>(1)</sup>  | 77 | 75 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-1, Class A1<br>|  |  |
| 3.75%, 7/25/62<sup>(1)</sup>  | 528 | 501 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-4, Class A1<br>|  |  |
| 3.75%, 9/25/62<sup>(1)</sup>  | 61 | 58 |
|  |  | **5745** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $20,265)** |  | **20215** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 6.1%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 6.1%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 6.1%**  |
| **Non Agency – 6.1%** | **Non Agency – 6.1%** | **Non Agency – 6.1%** |
| BANK, Series 2021-BN37, Class A5 |  |  |
| 2.62%, 11/15/64 | 250 | 222 |
| BANK5, Series 2023-5YR2, Class A3 |  |  |
| 6.66%, 7/15/56 | 210 | 218 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2023-V3, Class A3<br>|  |  |
| 6.36%, 7/15/56 | 260 | 269 |
| BMARK, Series 2023-V4, Class C |  |  |
| 7.46%, 11/15/56<sup>(3)</sup>  | 352 | 362 |
| BPR Trust, Series 2023-BRK2, Class A |  |  |
| 6.90%, 10/5/38<sup>(1) (3)</sup>  | 120 | 123 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.1%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.1%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.1%continued**  |
| **Non Agency – 6.1%continued** | **Non Agency – 6.1%continued** | **Non Agency – 6.1%continued** |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2016-P3, Class AS<br>|  |  |
| 3.59%, 4/15/49 | $163 | $161 |
| &nbsp;&nbsp; COMM Mortgage Trust, Series <br> 2024-277P, Class B<br>|  |  |
| 7.00%, 8/10/44<sup>(1) (3)</sup>  | 800 | 847 |
| &nbsp;&nbsp; FIVE Mortgage Trust, Series 2023-V1, <br> Class A3<br>|  |  |
| 5.67%, 2/10/56 | 260 | 264 |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust, Series <br> 2016-10HY, Class A<br>|  |  |
| 2.84%, 8/10/38<sup>(1)</sup>  | 280 | 278 |
| LV Trust, Series 2024-SHOW, Class B |  |  |
| 5.64%, 10/10/41<sup>(1) (3)</sup>  | 135 | 137 |
| &nbsp;&nbsp; MAD Commercial Mortgage Trust, <br> Series 2025-11MD, Class C<br>|  |  |
| 5.26%, 10/15/42<sup>(1) (3)</sup>  | 130 | 131 |
| &nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2016-C32, <br> Class A4<br>|  |  |
| 3.72%, 12/15/49 | 80 | 79 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2016-UBS9, Class AS<br>|  |  |
| 3.90%, 3/15/49 | 92 | 92 |
| &nbsp;&nbsp; MSRW Pass-Through Trust, Series <br> 2025-CC, Class A<br>|  |  |
| 5.89%, 8/15/30<sup>(1)</sup>  | 591 | 585 |
| &nbsp;&nbsp; MSRW Pass-Through Trust, Series <br> 2025-CC, Class B<br>|  |  |
| 6.65%, 8/15/30<sup>(1)</sup>  | 300 | 296 |
| &nbsp;&nbsp; SCMS Mortgage Trust, Series <br> 2025-BNC1, Class AS<br>|  |  |
| 5.31%, 4/15/28<sup>(1)</sup>  | 300 | 301 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2016-C35, Class A4<br>|  |  |
| 2.93%, 7/15/48 | 90 | 90 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2024-C63, Class A5<br>|  |  |
| 5.31%, 8/15/57 | 1100 | 1123 |
|  |  | **5578** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $5,551)** |  | **5578** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **149** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS – 15.6%**  | **CORPORATE BONDS – 15.6%**  | **CORPORATE BONDS – 15.6%**  |
| **Aerospace & Defense – 1.3%** | **Aerospace & Defense – 1.3%** | **Aerospace & Defense – 1.3%** |
| Boeing (The) Co., |  |  |
| 6.53%, 5/1/34 | $200 | $218 |
| General Dynamics Corp., |  |  |
| 2.25%, 6/1/31 | 105 | 95 |
| Honeywell Aerospace, Inc., |  |  |
| 5.73%, 3/16/56<sup>(1)</sup>  | 925 | 914 |
|  |  | **1227** |
| **Asset Management – 1.9%** | **Asset Management – 1.9%** | **Asset Management – 1.9%** |
| Affiliated Managers Group, Inc., |  |  |
| 5.50%, 2/15/36 | 235 | 231 |
| Apollo Debt Solutions BDC, |  |  |
| 5.70%, 1/23/31<sup>(1)</sup>  | 175 | 171 |
| Apollo Global Management, Inc., |  |  |
| 5.70%, 3/30/36 | 300 | 300 |
| Ares Capital Corp., |  |  |
| 5.95%, 7/15/29 | 135 | 136 |
| Blackstone Private Credit Fund, |  |  |
| 5.95%, 7/16/29 | 135 | 133 |
| 5.25%, 4/1/30 | 125 | 119 |
| Blue Owl Credit Income Corp., |  |  |
| 7.95%, 6/13/28 | 400 | 410 |
| Citadel L.P., |  |  |
| 6.38%, 1/23/32<sup>(1)</sup>  | 190 | 197 |
|  |  | **1697** |
| **Automotive – 0.9%** | **Automotive – 0.9%** | **Automotive – 0.9%** |
| Ford Motor Credit Co. LLC, |  |  |
| 5.87%, 10/31/35 | 890 | **855** |
| **Banking – 2.1%** | **Banking – 2.1%** | **Banking – 2.1%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.82%, 9/15/29<sup>(4)</sup> <br>| 165 | 170 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.41%), 3.52%, 10/27/28<sup>(4)</sup> <br>| 131 | 129 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 3.91%), <br> 4.41%, 3/31/31<sup>(4)</sup> <br>| 58 | 57 |
| Citizens Bank N.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.70%), <br> 4.19%, 1/29/29<sup>(4)</sup> <br>| 400 | 398 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 4/22/30<sup>(4)</sup> <br>| 700 | 721 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 15.6% continued**  | **CORPORATE BONDS - 15.6% continued**  | **CORPORATE BONDS - 15.6% continued**  |
| **Banking – 2.1%continued** | **Banking – 2.1%continued** | **Banking – 2.1%continued** |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.10%), <br> 2.39%, 6/2/28<sup>(4)</sup> <br>| $159 | $155 |
| (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30<sup>(4)</sup> <br>| 300 | 305 |
|  |  | **1935** |
| **Beverages – 0.0%** | **Beverages – 0.0%** | **Beverages – 0.0%** |
| Constellation Brands, Inc., |  |  |
| 2.88%, 5/1/30 | 19 | **18** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| Block Financial LLC, |  |  |
| 5.38%, 9/15/32 | 400 | **388** |
| **Construction Materials – 0.4%** | **Construction Materials – 0.4%** | **Construction Materials – 0.4%** |
| Carlisle Cos., Inc., |  |  |
| 5.55%, 9/15/40 | 80 | 79 |
| Vulcan Materials Co., |  |  |
| 5.35%, 12/1/34 | 250 | 254 |
|  |  | **333** |
| **E-Commerce Discretionary – 0.3%** | **E-Commerce Discretionary – 0.3%** | **E-Commerce Discretionary – 0.3%** |
| Amazon.com, Inc., |  |  |
| 5.80%, 3/13/56 | 290 | **290** |
| **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** |
| Ameren Corp., |  |  |
| 3.50%, 1/15/31 | 43 | 41 |
| Berkshire Hathaway Energy Co., |  |  |
| 1.65%, 5/15/31 | 55 | 48 |
| &nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| 3.35%, 4/1/30 | 2 | 2 |
| Constellation Energy Generation LLC, |  |  |
| 3.90%, 1/8/28 | 190 | 188 |
| Duke Energy Progress LLC, |  |  |
| 3.40%, 4/1/32 | 64 | 60 |
| 5.25%, 3/15/33 | 98 | 101 |
| PacifiCorp, |  |  |
| 5.45%, 2/15/34 | 105 | 105 |
| Public Service Co. of Colorado, |  |  |
| 5.15%, 9/15/35 | 135 | 134 |
| Virginia Electric and Power Co., |  |  |
| 2.40%, 3/30/32 | 42 | 37 |
|  |  | **716** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **150** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 15.6% continued**  | **CORPORATE BONDS - 15.6% continued**  | **CORPORATE BONDS - 15.6% continued**  |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
| Hubbell, Inc., |  |  |
| 2.30%, 3/15/31 | $80 | $73 |
| Vertiv Holdings Co., |  |  |
| 5.80%, 3/15/56 | 300 | 288 |
|  |  | **361** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| Tyson Foods, Inc., |  |  |
| 4.35%, 3/1/29 | 47 | **47** |
| **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** |
| Cencora, Inc., |  |  |
| 4.25%, 11/15/30 | 110 | 108 |
| 2.70%, 3/15/31 | 122 | 111 |
| CVS Health Corp., |  |  |
| 5.45%, 9/15/35 | 200 | 201 |
| HCA, Inc., |  |  |
| 4.90%, 11/15/35 | 95 | 92 |
|  |  | **512** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| Mohawk Industries, Inc., |  |  |
| 5.85%, 9/18/28 | 2 | **2** |
| **Institutional Financial Services – 0.8%** | **Institutional Financial Services – 0.8%** | **Institutional Financial Services – 0.8%** |
| LPL Holdings, Inc., |  |  |
| 5.75%, 6/15/35 | 140 | 140 |
| Morgan Stanley, |  |  |
| (Variable, U.S. SOFR + 1.78%), <br> 5.90%, 3/13/47<sup>(4)</sup> <br>| 600 | 597 |
|  |  | **737** |
| **Insurance – 0.5%** | **Insurance – 0.5%** | **Insurance – 0.5%** |
| New York Life Global Funding, |  |  |
| 4.40%, 4/25/28<sup>(1)</sup>  | 440 | **441** |
| **Internet Media & Services – 1.4%** | **Internet Media & Services – 1.4%** | **Internet Media & Services – 1.4%** |
| Alphabet, Inc., |  |  |
| 4.80%, 2/15/36 | 116 | 116 |
| Beignet Investor LLC, |  |  |
| 6.58%, 5/30/49<sup>(1)</sup>  | 175 | 180 |
| Expedia Group, Inc., |  |  |
| 5.40%, 2/15/35 | 955 | 947 |
|  |  | **1243** |
| **Oil & Gas Supply Chain – 0.2%** | **Oil & Gas Supply Chain – 0.2%** | **Oil & Gas Supply Chain – 0.2%** |
| Targa Resources Corp., |  |  |
| 4.95%, 4/15/52 | 250 | **209** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 15.6% continued**  | **CORPORATE BONDS - 15.6% continued**  | **CORPORATE BONDS - 15.6% continued**  |
| **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** |
| Boston Properties L.P., |  |  |
| 2.55%, 4/1/32 | $19 | $16 |
| Essex Portfolio L.P., |  |  |
| 2.65%, 3/15/32 | 41 | 36 |
| Omega Healthcare Investors, Inc., |  |  |
| 3.38%, 2/1/31 | 18 | 17 |
| Store Capital LLC, |  |  |
| 5.40%, 4/30/30 | 230 | 231 |
|  |  | **300** |
| **Real Estate Services – 0.1%** | **Real Estate Services – 0.1%** | **Real Estate Services – 0.1%** |
| CBRE Services, Inc., |  |  |
| 4.90%, 1/15/33 | 125 | **123** |
| **Retail - Discretionary – 0.0%** | **Retail - Discretionary – 0.0%** | **Retail - Discretionary – 0.0%** |
| Tractor Supply Co., |  |  |
| 1.75%, 11/1/30 | 23 | **20** |
| **Semiconductors – 0.7%** | **Semiconductors – 0.7%** | **Semiconductors – 0.7%** |
| Broadcom, Inc., |  |  |
| 4.60%, 1/15/33 | 345 | 340 |
| 4.80%, 10/15/34 | 60 | 59 |
| Foundry JV Holdco LLC, |  |  |
| 6.30%, 1/25/39<sup>(1)</sup>  | 225 | 234 |
| KLA Corp., |  |  |
| 5.65%, 11/1/34 | 46 | 48 |
|  |  | **681** |
| **Software – 1.8%** | **Software – 1.8%** | **Software – 1.8%** |
| Oracle Corp., |  |  |
| 4.45%, 9/26/30 | 430 | 414 |
| 6.00%, 8/3/55 | 450 | 377 |
| Salesforce, Inc., |  |  |
| 4.90%, 9/15/31 | 800 | 799 |
| VMware LLC, |  |  |
| 1.80%, 8/15/28 | 42 | 40 |
|  |  | **1630** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| Broadridge Financial Solutions, Inc., |  |  |
| 2.90%, 12/1/29 | 42 | 39 |
| Synchrony Financial, |  |  |
| (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30<sup>(4)</sup> <br>| 120 | 122 |
|  |  | **161** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **151** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 15.6% continued**  | **CORPORATE BONDS - 15.6% continued**  | **CORPORATE BONDS - 15.6% continued**  |
| **Technology Hardware – 0.3%** | **Technology Hardware – 0.3%** | **Technology Hardware – 0.3%** |
| Jabil, Inc., |  |  |
| 4.75%, 2/1/33 | $230 | $224 |
| Motorola Solutions, Inc., |  |  |
| 2.30%, 11/15/30 | 19 | 17 |
|  |  | **241** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Philip Morris International, Inc., |  |  |
| 1.75%, 11/1/30 | 52 | **46** |
| **Transportation & Logistics – 0.0%** | **Transportation & Logistics – 0.0%** | **Transportation & Logistics – 0.0%** |
| Union Pacific Corp., |  |  |
| 2.38%, 5/20/31<sup>(5)</sup>  | 1 | **—** |
| **Total Corporate Bonds** |  |  |
| **(Cost $14,419)** |  | **14213** |
| **FOREIGN ISSUER BONDS – 4.7%**  | **FOREIGN ISSUER BONDS – 4.7%**  | **FOREIGN ISSUER BONDS – 4.7%**  |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Rolls-Royce PLC, |  |  |
| 5.75%, 10/15/27<sup>(1)</sup>  | 70 | **71** |
| **Banking – 2.4%** | **Banking – 2.4%** | **Banking – 2.4%** |
| Banco Bilbao Vizcaya Argentaria S.A., |  |  |
| 4.15%, 3/3/29 | 400 | 395 |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.65%), 5.50%, <br> 8/9/28<sup>(4)</sup> <br>| 200 | 202 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 5.86%, 8/11/46<sup>(4)</sup> <br>| 30 | 30 |
| KBC Group N.V., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.10%), 5.80%, <br> 1/19/29<sup>(1) (4)</sup> <br>| 200 | 204 |
| NatWest Group PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.55%), 3.07%, <br> 5/22/28<sup>(4)</sup> <br>| 250 | 246 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.20%), 6.48%, <br> 6/1/34<sup>(4)</sup> <br>| 200 | 208 |
| Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29<sup>(4)</sup> <br>| 200 | 198 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 4.7% continued**  | **FOREIGN ISSUER BONDS - 4.7% continued**  | **FOREIGN ISSUER BONDS - 4.7% continued**  |
| **Banking – 2.4%continued** | **Banking – 2.4%continued** | **Banking – 2.4%continued** |
| Societe Generale S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.95%), 7.13%, <br> 1/19/55<sup>(1) (4)</sup> <br>| $69 | $70 |
| Toronto-Dominion Bank (The), |  |  |
| 3.91%, 1/13/28 | 675 | 670 |
|  |  | **2223** |
| **Beverages – 0.0%** | **Beverages – 0.0%** | **Beverages – 0.0%** |
| Coca-Cola Femsa S.A.B. de C.V., |  |  |
| 1.85%, 9/1/32 | 55 | **46** |
| **Institutional Financial Services – 0.5%** | **Institutional Financial Services – 0.5%** | **Institutional Financial Services – 0.5%** |
| Nomura Holdings, Inc., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.30%), 5.04%, <br> 6/10/36<sup>(4)</sup> <br>| 450 | **437** |
| **Insurance – 0.3%** | **Insurance – 0.3%** | **Insurance – 0.3%** |
| Nippon Life Insurance Co., |  |  |
| 4/2/33<sup>(1) (6)</sup>  | 300 | **300** |
| **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** |
| BHP Billiton Finance U.S.A. Ltd., |  |  |
| 5.30%, 2/21/35 | 325 | **331** |
| **Oil & Gas Supply Chain – 0.4%** | **Oil & Gas Supply Chain – 0.4%** | **Oil & Gas Supply Chain – 0.4%** |
| Saudi Arabian Oil Co., |  |  |
| 5.00%, 2/2/36<sup>(1)</sup>  | 340 | **327** |
| **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 4.13%, 2/28/29 | 200 | 197 |
| Avolon Holdings Funding Ltd., |  |  |
| 4.85%, 4/1/33<sup>(1)</sup>  | 250 | 240 |
| Macquarie Airfinance Holdings Ltd., |  |  |
| 6.50%, 3/26/31<sup>(1)</sup>  | 47 | 49 |
|  |  | **486** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Imperial Brands Finance PLC, |  |  |
| 5.88%, 7/1/34<sup>(1)</sup>  | 80 | **82** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $4,339)** |  | **4303** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **152** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 22.3%** <sup>(7)</sup> | **U.S. GOVERNMENT AGENCIES – 22.3%** <sup>(7)</sup> | **U.S. GOVERNMENT AGENCIES – 22.3%** <sup>(7)</sup> |
| **Fannie Mae – 11.3%** | **Fannie Mae – 11.3%** | **Fannie Mae – 11.3%** |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2013-M6, <br> Class 1AC,<br>|  |  |
| 3.38%, 2/25/43<sup>(3)</sup>  | $640 | $622 |
| Pool #889641, |  |  |
| 5.50%, 8/1/37 | 72 | 73 |
| Pool #995802, |  |  |
| 5.50%, 12/1/35 | 71 | 72 |
| Pool #AB5209, |  |  |
| 3.00%, 5/1/32 | 130 | 127 |
| Pool #AD0248, |  |  |
| 5.50%, 11/1/37 | 127 | 130 |
| Pool #AD0494, |  |  |
| 5.50%, 8/1/37 | 73 | 74 |
| Pool #AD0925, |  |  |
| 5.00%, 4/1/40 | 75 | 76 |
| Pool #AL5119, |  |  |
| 4.00%, 4/1/34 | 72 | 71 |
| Pool #AL6041, |  |  |
| 4.00%, 8/1/33 | 331 | 328 |
| Pool #AL7497, |  |  |
| 3.50%, 9/1/40 | 154 | 147 |
| Pool #AL8352, |  |  |
| 3.00%, 10/1/44 | 191 | 175 |
| Pool #AS3655, |  |  |
| 4.50%, 10/1/44 | 97 | 96 |
| Pool #AS6520, |  |  |
| 3.50%, 1/1/46 | 186 | 174 |
| Pool #AS6730, |  |  |
| 3.50%, 2/1/46 | 241 | 226 |
| Pool #AS7088, |  |  |
| 2.50%, 5/1/31 | 50 | 48 |
| Pool #AS8576, |  |  |
| 4.50%, 12/1/46 | 139 | 137 |
| Pool #BJ0686, |  |  |
| 4.00%, 4/1/48 | 101 | 97 |
| Pool #BM1761, |  |  |
| 4.00%, 8/1/44 | 93 | 90 |
| Pool #BM5984, |  |  |
| 5.00%, 5/1/49 | 51 | 51 |
| Pool #BM5996, |  |  |
| 5.00%, 12/1/48 | 34 | 34 |
| Pool #BX4910, |  |  |
| 5.00%, 1/1/53 | 205 | 204 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** |
| **Fannie Mae – 11.3%continued** | **Fannie Mae – 11.3%continued** | **Fannie Mae – 11.3%continued** |
| Pool #BY5368, |  |  |
| 6.00%, 7/1/53 | $61 | $62 |
| Pool #CA6359, |  |  |
| 2.50%, 7/1/50 | 236 | 203 |
| Pool #CB1666, |  |  |
| 2.50%, 9/1/51 | 142 | 122 |
| Pool #CB2286, |  |  |
| 2.50%, 12/1/51 | 216 | 185 |
| Pool #CB3515, |  |  |
| 3.50%, 5/1/52 | 190 | 175 |
| Pool #CB4842, |  |  |
| 5.50%, 10/1/52 | 215 | 218 |
| Pool #CB4844, |  |  |
| 5.50%, 10/1/52 | 111 | 112 |
| Pool #CB5113, |  |  |
| 5.50%, 11/1/52 | 64 | 65 |
| Pool #CB7114, |  |  |
| 5.50%, 9/1/53 | 116 | 116 |
| Pool #CB8223, |  |  |
| 6.00%, 3/1/54 | 155 | 160 |
| Pool #FM1303, |  |  |
| 3.00%, 1/1/48 | 358 | 324 |
| Pool #FM1472, |  |  |
| 3.50%, 3/1/34 | 16 | 15 |
| Pool #FM1534, |  |  |
| 4.50%, 9/1/49 | 174 | 171 |
| Pool #FM2671, |  |  |
| 4.00%, 1/1/48 | 84 | 81 |
| Pool #FM3173, |  |  |
| 3.50%, 7/1/47 | 286 | 270 |
| Pool #FM3201, |  |  |
| 3.50%, 4/1/34 | 51 | 50 |
| Pool #FM3727, |  |  |
| 3.00%, 7/1/50 | 224 | 199 |
| Pool #FM4491, |  |  |
| 3.50%, 12/1/36 | 179 | 174 |
| Pool #FM5237, |  |  |
| 5.00%, 7/1/47 | 112 | 113 |
| Pool #FM6125, |  |  |
| 2.50%, 1/1/51 | 260 | 224 |
| Pool #FM8215, |  |  |
| 2.50%, 3/1/51 | 234 | 201 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **153** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** |
| **Fannie Mae – 11.3%continued** | **Fannie Mae – 11.3%continued** | **Fannie Mae – 11.3%continued** |
| Pool #FP0012, |  |  |
| 3.00%, 8/1/51 | $212 | $190 |
| Pool #FS3063, |  |  |
| 4.50%, 10/1/52 | 323 | 314 |
| Pool #FS3384, |  |  |
| 4.50%, 10/1/50 | 272 | 266 |
| Pool #FS3391, |  |  |
| 2.50%, 8/1/51 | 276 | 237 |
| Pool #FS3662, |  |  |
| 5.00%, 1/1/53 | 238 | 237 |
| Pool #FS4040, |  |  |
| 5.00%, 2/1/53 | 214 | 213 |
| Pool #FS4045, |  |  |
| 5.50%, 2/1/53 | 207 | 209 |
| Pool #FS4267, |  |  |
| 4.50%, 3/1/38 | 235 | 235 |
| Pool #FS4300, |  |  |
| 5.50%, 4/1/53 | 145 | 148 |
| Pool #FS4610, |  |  |
| 6.50%, 6/1/40 | 95 | 100 |
| Pool #FS4653, |  |  |
| 5.50%, 5/1/53 | 148 | 149 |
| Pool #FS4663, |  |  |
| 5.00%, 5/1/53 | 238 | 237 |
| Pool #FS5441, |  |  |
| 6.00%, 8/1/53 | 218 | 226 |
| Pool #FS5952, |  |  |
| 6.50%, 10/1/53 | 144 | 152 |
| Pool #FS6869, |  |  |
| 7.00%, 1/1/40 | 52 | 54 |
| Pool #MA2232, |  |  |
| 3.50%, 4/1/35 | 127 | 123 |
| Pool #MA2864, |  |  |
| 3.50%, 1/1/47 | 232 | 216 |
| Pool #MA3088, |  |  |
| 4.00%, 8/1/47 | 161 | 154 |
| Pool #MA3183, |  |  |
| 4.00%, 11/1/47 | 317 | 303 |
| Pool #MA3184, |  |  |
| 4.50%, 11/1/47 | 59 | 58 |
| Pool #MA4186, |  |  |
| 3.00%, 10/1/35 | 76 | 73 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** |
| **Fannie Mae – 11.3%continued** | **Fannie Mae – 11.3%continued** | **Fannie Mae – 11.3%continued** |
| Pool #MA5098, |  |  |
| 5.50%, 7/1/43 | $136 | $139 |
|  |  | **10325** |
| **Freddie Mac – 8.2%** | **Freddie Mac – 8.2%** | **Freddie Mac – 8.2%** |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 3013, <br> Class HZ,<br>|  |  |
| 5.00%, 8/15/35 | 124 | 125 |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 4077, <br> Class TO,<br>|  |  |
| 0.00%, 5/15/41<sup>(8)</sup>  | 251 | 191 |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 5391, <br> Class A,<br>|  |  |
| 5.50%, 11/25/51 | 113 | 115 |
| &nbsp;&nbsp; Freddie Mac Seasoned Credit Risk <br> Transfer Trust, Series 2021-1, <br> Class TT,<br>|  |  |
| 2.00%, 9/25/60 | 329 | 299 |
| Pool #1B3575, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 11.42% Cap), 6.55%, 9/1/37<sup>(9)</sup> <br>| 3 | 3 |
| Pool #1G2296, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 2.09%, 2.09% Floor, <br> 11.34% Cap), 6.46%, 11/1/37<sup>(9)</sup> <br>| 8 | 8 |
| Pool #QF3725, |  |  |
| 5.00%, 11/1/52 | 236 | 234 |
| Pool #QF8053, |  |  |
| 5.50%, 2/1/53 | 287 | 289 |
| Pool #RA7677, |  |  |
| 5.00%, 7/1/52 | 217 | 216 |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | 217 | 220 |
| Pool #RA9840, |  |  |
| 5.50%, 9/1/53 | 227 | 231 |
| Pool #RD5026, |  |  |
| 3.00%, 4/1/30 | 26 | 25 |
| Pool #SB0084, |  |  |
| 3.00%, 2/1/32 | 126 | 124 |
| Pool #SB0216, |  |  |
| 3.00%, 12/1/32 | 47 | 46 |
| Pool #SB0328, |  |  |
| 3.00%, 6/1/34 | 151 | 147 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **154** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** |
| **Freddie Mac – 8.2%continued** | **Freddie Mac – 8.2%continued** | **Freddie Mac – 8.2%continued** |
| Pool #SB0826, |  |  |
| 2.50%, 1/1/35 | $152 | $146 |
| Pool #SB8502, |  |  |
| 2.00%, 8/1/35 | 378 | 349 |
| Pool #SD1518, |  |  |
| 4.50%, 8/1/52 | 236 | 230 |
| Pool #SD2347, |  |  |
| 5.50%, 2/1/53 | 219 | 224 |
| Pool #SD2477, |  |  |
| 5.50%, 3/1/53 | 253 | 257 |
| Pool #SD2642, |  |  |
| 5.50%, 4/1/53 | 243 | 247 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 65 | 67 |
| Pool #SD2757, |  |  |
| 5.00%, 5/1/53 | 234 | 233 |
| Pool #SD2920, |  |  |
| 5.50%, 5/1/53 | 222 | 225 |
| Pool #SD2922, |  |  |
| 5.00%, 5/1/53 | 245 | 243 |
| Pool #SD2999, |  |  |
| 5.50%, 6/1/53 | 236 | 240 |
| Pool #SD3133, |  |  |
| 5.00%, 6/1/53 | 179 | 178 |
| Pool #SD3136, |  |  |
| 5.50%, 6/1/53 | 240 | 244 |
| Pool #SD3174, |  |  |
| 5.50%, 6/1/53 | 232 | 235 |
| Pool #SD3189, |  |  |
| 6.00%, 6/1/53 | 156 | 161 |
| Pool #SD3251, |  |  |
| 6.00%, 7/1/53 | 205 | 212 |
| Pool #SD3515, |  |  |
| 6.00%, 7/1/53 | 139 | 144 |
| Pool #SD3760, |  |  |
| 6.00%, 8/1/53 | 163 | 166 |
| Pool #SD4013, |  |  |
| 4.00%, 5/1/53 | 162 | 154 |
| Pool #SD4027, |  |  |
| 6.50%, 10/1/53 | 184 | 193 |
| Pool #SD4285, |  |  |
| 5.50%, 11/1/53 | 195 | 198 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** |
| **Freddie Mac – 8.2%continued** | **Freddie Mac – 8.2%continued** | **Freddie Mac – 8.2%continued** |
| Pool #SD5136, |  |  |
| 6.00%, 4/1/54 | $161 | $166 |
| Pool #ZK7457, |  |  |
| 3.50%, 2/1/29 | 28 | 28 |
| Pool #ZM5332, |  |  |
| 3.00%, 1/1/48 | 176 | 158 |
| Pool #ZT1333, |  |  |
| 2.50%, 10/1/31 | 296 | 286 |
| &nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| 2.75%, 9/25/29 | 239 | 229 |
|  |  | **7486** |
| **Freddie Mac Gold – 0.5%** | **Freddie Mac Gold – 0.5%** | **Freddie Mac Gold – 0.5%** |
| Pool #G07505, |  |  |
| 7.00%, 2/1/39 | 101 | 110 |
| Pool #G16396, |  |  |
| 3.50%, 2/1/33 | 41 | 40 |
| Pool #G30926, |  |  |
| 3.50%, 4/1/36 | 42 | 40 |
| Pool #Q15842, |  |  |
| 3.00%, 2/1/43 | 254 | 233 |
| Pool #Q63667, |  |  |
| 4.50%, 5/1/49 | 54 | 54 |
|  |  | **477** |
| **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| 2.50%, 8/20/46 | 142 | **133** |
| **Government National Mortgage Association I – 0.4%** | **Government National Mortgage Association I – 0.4%** | **Government National Mortgage Association I – 0.4%** |
| Pool #604183, |  |  |
| 5.50%, 4/15/33 | 1 | 1 |
| Pool #633627, |  |  |
| 5.50%, 9/15/34 | 2 | 2 |
| Pool #757013, |  |  |
| 3.50%, 12/15/40 | 201 | 189 |
| Pool #786470, |  |  |
| 5.00%, 11/15/40 | 209 | 213 |
|  |  | **405** |
| **Government National Mortgage Association II – 1.7%** | **Government National Mortgage Association II – 1.7%** | **Government National Mortgage Association II – 1.7%** |
| Pool #784801, |  |  |
| 3.50%, 6/20/47 | 221 | 204 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **155** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 22.3%** <sup>(7)</sup>**continued** |
| **Government National Mortgage Association II – 1.7%continued** | **Government National Mortgage Association II – 1.7%continued** | **Government National Mortgage Association II – 1.7%continued** |
| Pool #786922, |  |  |
| 5.50%, 9/1/53 | $204 | $206 |
| Pool #MA0089, |  |  |
| 4.00%, 5/20/42 | 321 | 308 |
| Pool #MA0782, |  |  |
| 3.00%, 2/20/43 | 114 | 104 |
| Pool #MA1287, |  |  |
| 4.50%, 9/20/43 | 56 | 55 |
| Pool #MA1996, |  |  |
| 4.00%, 6/20/44 | 57 | 55 |
| Pool #MA2755, |  |  |
| 4.00%, 4/20/45 | 43 | 42 |
| Pool #MA3666, |  |  |
| 5.00%, 5/20/46 | 109 | 111 |
| Pool #MA8346, |  |  |
| 4.00%, 10/20/52 | 230 | 218 |
| Pool #MA8724, |  |  |
| 4.50%, 3/20/53 | 234 | 228 |
|  |  | **1531** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $20,948)** |  | **20357** |
| **U.S. GOVERNMENT OBLIGATIONS – 28.1%**  | **U.S. GOVERNMENT OBLIGATIONS – 28.1%**  | **U.S. GOVERNMENT OBLIGATIONS – 28.1%**  |
| **U.S. Treasury Bonds – 6.4%** | **U.S. Treasury Bonds – 6.4%** | **U.S. Treasury Bonds – 6.4%** |
| 4.63%, 11/15/45 | 3163 | 3051 |
| 4.63%, 11/15/55 | 2972 | 2839 |
|  |  | **5890** |
| **U.S. Treasury Notes – 19.3%** | **U.S. Treasury Notes – 19.3%** | **U.S. Treasury Notes – 19.3%** |
| 3.88%, 10/15/27<sup>(10)</sup>  | 118 | 118 |
| 3.88%, 7/15/28 | 4418 | 4423 |
| 3.88%, 6/30/30 | 5436 | 5428 |
| 4.00%, 11/15/35 | 7799 | 7608 |
|  |  | **17577** |
| **U.S. Treasury Strips – 2.4%** | **U.S. Treasury Strips – 2.4%** | **U.S. Treasury Strips – 2.4%** |
| 1.47%, 2/15/51<sup>(11)</sup>  | 7762 | **2208** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $28,481)** |  | **25675** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(12) (13)</sup> <br>| 1037414 | $1037 |
| **Total Investment Companies** |  |  |
| **(Cost $1,037)** |  | **1037** |
| **Total Investments – 100.1%** | **Total Investments – 100.1%** |  |
| **(Cost $95,040)** | **(Cost $95,040)** | **91378** |
| Liabilities less Other Assets – (0.1%) | Liabilities less Other Assets – (0.1%) | (83)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$91295** |

---

<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 March 31,* *2026, the value of these securities amounted to approximately* *$20,615,000 or 22.6% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of March 31, 2026 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. 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 March 31, 2026.* 

<sup>(5)</sup> *Value rounds to less than one thousand.*

<sup>(6)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2026.*

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

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

<sup>(9)</sup> *Variable or floating rate security. Rate as of March 31, 2026 is disclosed.*

<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 March 31, 2026 is disclosed.*

---

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

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **156** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

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

---

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| 18 | $3734 | Long | 6/26 | $(29)<br>|
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| 35 | 3786 | Long | 6/26 | (58)<br>|
| &nbsp;&nbsp; U.S. Treasury <br> Long Bond<br>| 42 | 4783 | Long | 6/26 | (157)<br>|
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (50)<br>| (5676)<br>| Short | 6/26 | 128 |
| &nbsp;&nbsp; Ultra Long <br> U.S. Treasury <br> Bond<br>| (13)<br>| (1515)<br>| Short | 6/26 | 51 |
| Total |  |  |  |  | $(65)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.* 

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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20215 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20215 |
| &nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 5578 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5578 |
| Corporate Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 14213 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14213 |
| Foreign Issuer Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 4303 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4303 |
| U.S. Government Agencies<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 20357 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20357 |
| U.S. Government Obligations<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 25675 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25675 |
| Investment Companies | &nbsp;&nbsp; 1037 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1037 |
| Total Investments | &nbsp;&nbsp; $1037 | &nbsp;&nbsp; $90341 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $91378 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $179 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $179 |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (244)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (244)<br>|
| Total Other Financial Instruments | &nbsp;&nbsp; $(65)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(65)<br>|

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $7000 | $7000 | $— |  | $1 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 769 | 54336 | 54068 | 1037 | 1037414 | 142 |
| Total | $769 | $61336 | $61068 | $1037 | 1037414 | $143 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **157** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**FIXED INCOME FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 21.8%**  | **ASSET-BACKED SECURITIES – 21.8%**  | **ASSET-BACKED SECURITIES – 21.8%**  |
| **Auto Loan – 7.4%** | **Auto Loan – 7.4%** | **Auto Loan – 7.4%** |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class C<br>|  |  |
| 5.48%, 11/10/31 | $1692 | $1724 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-1, Class B<br>|  |  |
| 5.31%, 1/16/29 | 641 | 642 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D<br>|  |  |
| 5.49%, 5/15/31 | 615 | 620 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| 5.89%, 7/15/31 | 590 | 598 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2023-B, Class A3<br>|  |  |
| 5.23%, 5/15/28 | 202 | 203 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-B, Class A4<br>|  |  |
| 4.96%, 5/15/30 | 510 | 517 |
| &nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 5.37%, 3/15/29 | 287 | 290 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization <br> Trust, Series 2024-B, Class A3<br>|  |  |
| 5.41%, 5/17/27<sup>(1)</sup>  | 339 | 340 |
| &nbsp;&nbsp; Research-Driven Pagaya Motor Asset <br> Trust, Series 2026-1A, Class D<br>|  |  |
| 6.52%, 1/25/35<sup>(1)</sup>  | 2026 | 2005 |
| &nbsp;&nbsp; Research-Driven Pagaya Motor Trust, <br> Series 2025-5A, Class B<br>|  |  |
| 5.23%, 6/26/34<sup>(1)</sup>  | 1000 | 1001 |
| &nbsp;&nbsp; Research-Driven Pagaya Motor Trust, <br> Series 2025-6A, Class B<br>|  |  |
| 5.09%, 8/25/34<sup>(1)</sup>  | 2500 | 2493 |
| &nbsp;&nbsp; Santander Bank Auto Credit-Linked <br> Notes, Series 2025-A, Class D<br>|  |  |
| 5.15%, 1/16/34<sup>(1)</sup>  | 730 | 729 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class C<br>|  |  |
| 5.06%, 5/15/31 | 1805 | 1821 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class D<br>|  |  |
| 5.47%, 5/15/31 | 1830 | 1851 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2026-1, Class D<br>|  |  |
| 4.75%, 4/15/32 | 2730 | 2689 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 21.8%continued**  | **ASSET-BACKED SECURITIES - 21.8%continued**  | **ASSET-BACKED SECURITIES - 21.8%continued**  |
| **Auto Loan – 7.4%continued** | **Auto Loan – 7.4%continued** | **Auto Loan – 7.4%continued** |
| &nbsp;&nbsp; SFS Auto Receivables Securitization <br> Trust, Series 2025-2A, Class A3<br>|  |  |
| 4.44%, 12/20/30<sup>(1)</sup>  | $630 | $632 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, <br> Class B<br>|  |  |
| 5.11%, 8/21/28<sup>(1)</sup>  | 1600 | 1608 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class B<br>|  |  |
| 4.86%, 5/15/30<sup>(1)</sup>  | 300 | 302 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class C<br>|  |  |
| 5.15%, 11/15/30<sup>(1)</sup>  | 800 | 809 |
|  |  | **20874** |
| **Credit Card – 0.1%** | **Credit Card – 0.1%** | **Credit Card – 0.1%** |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | 301 | **304** |
| **Other – 7.2%** | **Other – 7.2%** | **Other – 7.2%** |
| &nbsp;&nbsp; 321 Henderson Receivables I LLC, <br> Series 2007-3A, Class A<br>|  |  |
| 6.15%, 10/15/48<sup>(1)</sup>  | 895 | 920 |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-A, <br> Class A3<br>|  |  |
| 4.77%, 6/15/29 | 265 | 267 |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| 4.03%, 1/15/30 | 1000 | 998 |
| &nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-3, Class A3<br>|  |  |
| 5.93%, 4/23/29<sup>(1)</sup>  | 113 | 113 |
| &nbsp;&nbsp; Finance of America Structured <br> Securities Trust, Series 2023-S2, <br> Class A1<br>|  |  |
| 6.50%, 4/25/73<sup>(1)</sup>  | 987 | 992 |
| J.G. Wentworth XLI LLC |  |  |
| 3.74%, 10/17/72<sup>(1)</sup>  | 2497 | 2250 |
| &nbsp;&nbsp; JGWPT XXVII LLC, Series 2012-3A, <br> Class A<br>|  |  |
| 3.22%, 9/15/65<sup>(1)</sup>  | 779 | 708 |
| &nbsp;&nbsp; JGWPT XXX LLC, Series 2013-3A, <br> Class A<br>|  |  |
| 4.08%, 1/17/73<sup>(1)</sup>  | 1068 | 1017 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.96%, 11/15/28 | 449 | 451 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **158** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 21.8%continued**  | **ASSET-BACKED SECURITIES - 21.8%continued**  | **ASSET-BACKED SECURITIES - 21.8%continued**  |
| **Other – 7.2%continued** | **Other – 7.2%continued** | **Other – 7.2%continued** |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| 4.06%, 6/15/29 | $2240 | $2240 |
| &nbsp;&nbsp; MMAF Equipment Finance LLC, Series <br> 2024-A, Class A3<br>|  |  |
| 4.95%, 7/14/31<sup>(1)</sup>  | 500 | 505 |
| &nbsp;&nbsp; Pagaya AI Debt Grantor Trust, Series <br> 2024-PT1, Class D<br>|  |  |
| 6.26%, 2/16/32<sup>(1)</sup>  | 775 | 778 |
| &nbsp;&nbsp; Pagaya AI Debt Trust, Series 2025-4, <br> Class B<br>|  |  |
| 5.69%, 1/17/33<sup>(1)</sup>  | 900 | 904 |
| &nbsp;&nbsp; PK Alift Loan Funding 8 LP, Series <br> 2026-1, Class B<br>|  |  |
| 4.79%, 9/15/43<sup>(1)</sup>  | 1000 | 987 |
| &nbsp;&nbsp; PK Alift Loan Funding 8 LP, Series <br> 2026-1, Class C<br>|  |  |
| 5.00%, 9/15/43<sup>(1)</sup>  | 4040 | 3987 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-CES1, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.37% on 11/25/29), <br> 5.37%, 9/25/55<sup>(1) (2)</sup> <br>| 1650 | 1636 |
| &nbsp;&nbsp; Sotheby's Artfi Master Trust, Series <br> 2026-1A, Class A1<br>|  |  |
| 4.80%, 6/20/33<sup>(1)</sup>  | 380 | 379 |
| &nbsp;&nbsp; Sotheby's Artfi Master Trust, Series <br> 2026-1A, Class B<br>|  |  |
| 4.90%, 6/20/33<sup>(1)</sup>  | 639 | 637 |
| &nbsp;&nbsp; Sotheby's Artfi Master Trust, Series <br> 2026-1A, Class C<br>|  |  |
| 5.00%, 6/20/33<sup>(1)</sup>  | 536 | 535 |
|  |  | **20304** |
| **Whole Loan – 7.1%** | **Whole Loan – 7.1%** | **Whole Loan – 7.1%** |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 4.70% on 12/25/26), <br> 4.75%, 9/26/67<sup>(1) (2)</sup> <br>| 815 | 812 |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2024-4, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.61% on 4/25/28), <br> 6.20%, 1/25/69<sup>(1) (2)</sup> <br>| 1571 | 1582 |
| &nbsp;&nbsp; Colt Mortgage Loan Trust, Series <br> 2024-7, Class A2<br>|  |  |
| &nbsp;&nbsp; (Step to 6.79% on 12/25/28), <br> 5.79%, 12/26/69<sup>(1) (2)</sup> <br>| 1039 | 1043 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 21.8%continued**  | **ASSET-BACKED SECURITIES - 21.8%continued**  | **ASSET-BACKED SECURITIES - 21.8%continued**  |
| **Whole Loan – 7.1%continued** | **Whole Loan – 7.1%continued** | **Whole Loan – 7.1%continued** |
| &nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2022-7, Class 1A2<br>|  |  |
| 3.00%, 12/25/52<sup>(1) (3)</sup>  | $1091 | $949 |
| &nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2023-1, Class A3A<br>|  |  |
| 5.00%, 6/25/53<sup>(1) (3)</sup>  | 711 | 696 |
| &nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2025-NQM5, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.23% on 1/25/30), <br> 5.23%, 5/25/65<sup>(1) (2)</sup> <br>| 724 | 718 |
| &nbsp;&nbsp; Mello Mortgage Capital Acceptance, <br> Series 2021-MTG2, Class A1<br>|  |  |
| 2.50%, 6/25/51<sup>(1) (3)</sup>  | 1049 | 872 |
| &nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 7.51% on 10/25/27), <br> 6.84%, 4/25/63<sup>(1) (2)</sup> <br>| 826 | 830 |
| &nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 7.51% on 10/25/27), <br> 7.30%, 4/25/63<sup>(1) (2)</sup> <br>| 210 | 211 |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM2, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.88% on 2/25/28), <br> 5.88%, 12/25/63<sup>(1) (2)</sup> <br>| 483 | 485 |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM9, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 7.20% on 7/25/28), <br> 6.03%, 1/25/64<sup>(1) (2)</sup> <br>| 667 | 671 |
| &nbsp;&nbsp; PMT Loan Trust, Series 2024-INV1, <br> Class A2<br>|  |  |
| 6.00%, 10/25/59<sup>(1) (3)</sup>  | 1446 | 1464 |
| &nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2024-1, Class A13<br>|  |  |
| 5.50%, 12/25/54<sup>(1) (3)</sup>  | 2181 | 2164 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, <br> Class M1A<br>|  |  |
| 6.42%, 1/25/65<sup>(1)</sup>  | 1676 | 1683 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM4, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.76% on 8/25/29), <br> 5.76%, 7/25/65<sup>(1) (2)</sup> <br>| 1835 | 1836 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM6, Class A1<br>|  |  |
| 5.14%, 11/25/65<sup>(1) (3)</sup>  | 992 | 990 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **159** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 21.8%continued**  | **ASSET-BACKED SECURITIES - 21.8%continued**  | **ASSET-BACKED SECURITIES - 21.8%continued**  |
| **Whole Loan – 7.1%continued** | **Whole Loan – 7.1%continued** | **Whole Loan – 7.1%continued** |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM6, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.44% on 11/25/29), <br> 5.44%, 11/25/65<sup>(1) (2)</sup> <br>| $343 | $342 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2026-NQM3, Class M1<br>|  |  |
| 5.86%, 2/25/66<sup>(1) (3)</sup>  | 445 | 441 |
| &nbsp;&nbsp; Sequoia Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| 5.00%, 1/25/53<sup>(1)</sup>  | 540 | 528 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-1, Class A1<br>|  |  |
| 3.75%, 7/25/62<sup>(1)</sup>  | 1647 | 1560 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-4, Class A1<br>|  |  |
| 3.75%, 9/25/62<sup>(1)</sup>  | 305 | 290 |
|  |  | **20167** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $61,753)** |  | **61649** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 7.2%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 7.2%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 7.2%**  |
| **Non Agency – 7.2%** | **Non Agency – 7.2%** | **Non Agency – 7.2%** |
| BANK, Series 2021-BN37, Class A5 |  |  |
| 2.62%, 11/15/64 | 898 | 799 |
| BANK5, Series 2023-5YR2, Class A3 |  |  |
| 6.66%, 7/15/56 | 853 | 885 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2023-V3, Class A3<br>|  |  |
| 6.36%, 7/15/56 | 1090 | 1127 |
| BMARK, Series 2023-V4, Class C |  |  |
| 7.46%, 11/15/56<sup>(3)</sup>  | 1265 | 1301 |
| BPR Trust, Series 2023-BRK2, Class A |  |  |
| 6.90%, 10/5/38<sup>(1) (3)</sup>  | 380 | 389 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2016-P3, Class AS<br>|  |  |
| 3.59%, 4/15/49 | 601 | 594 |
| &nbsp;&nbsp; COMM Mortgage Trust, Series <br> 2024-277P, Class B<br>|  |  |
| 7.00%, 8/10/44<sup>(1) (3)</sup>  | 2900 | 3070 |
| &nbsp;&nbsp; FIVE Mortgage Trust, Series 2023-V1, <br> Class A3<br>|  |  |
| 5.67%, 2/10/56 | 1140 | 1159 |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust, Series <br> 2016-10HY, Class A<br>|  |  |
| 2.84%, 8/10/38<sup>(1)</sup>  | 910 | 903 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.2%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.2%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.2%continued**  |
| **Non Agency – 7.2%continued** | **Non Agency – 7.2%continued** | **Non Agency – 7.2%continued** |
| LV Trust, Series 2024-SHOW, Class B |  |  |
| 5.64%, 10/10/41<sup>(1) (3)</sup>  | $580 | $589 |
| &nbsp;&nbsp; MAD Commercial Mortgage Trust, <br> Series 2025-11MD, Class C<br>|  |  |
| 5.26%, 10/15/42<sup>(1) (3)</sup>  | 460 | 463 |
| &nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2016-C32, <br> Class A4<br>|  |  |
| 3.72%, 12/15/49 | 350 | 348 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2016-UBS9, Class AS<br>|  |  |
| 3.90%, 3/15/49 | 361 | 358 |
| &nbsp;&nbsp; MSRW Pass-Through Trust, Series <br> 2025-CC, Class A<br>|  |  |
| 5.89%, 8/15/30<sup>(1)</sup>  | 1970 | 1950 |
| &nbsp;&nbsp; MSRW Pass-Through Trust, Series <br> 2025-CC, Class B<br>|  |  |
| 6.65%, 8/15/30<sup>(1)</sup>  | 940 | 929 |
| &nbsp;&nbsp; SCMS Mortgage Trust, Series <br> 2025-BNC1, Class AS<br>|  |  |
| 5.31%, 4/15/28<sup>(1)</sup>  | 1200 | 1205 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2016-C35, Class A4<br>|  |  |
| 2.93%, 7/15/48 | 370 | 369 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2024-C63, Class A5<br>|  |  |
| 5.31%, 8/15/57 | 3960 | 4042 |
|  |  | **20480** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $20,368)** |  | **20480** |
| **CORPORATE BONDS – 21.1%**  | **CORPORATE BONDS – 21.1%**  | **CORPORATE BONDS – 21.1%**  |
| **Aerospace & Defense – 1.4%** | **Aerospace & Defense – 1.4%** | **Aerospace & Defense – 1.4%** |
| Boeing (The) Co., |  |  |
| 6.53%, 5/1/34 | 675 | 736 |
| General Dynamics Corp., |  |  |
| 2.25%, 6/1/31 | 390 | 351 |
| Honeywell Aerospace, Inc., |  |  |
| 5.73%, 3/16/56<sup>(1)</sup>  | 2925 | 2891 |
|  |  | **3978** |
| **Asset Management – 2.1%** | **Asset Management – 2.1%** | **Asset Management – 2.1%** |
| Affiliated Managers Group, Inc., |  |  |
| 5.50%, 2/15/36 | 705 | 695 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **160** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 21.1% continued**  | **CORPORATE BONDS - 21.1% continued**  | **CORPORATE BONDS - 21.1% continued**  |
| **Asset Management – 2.1%continued** | **Asset Management – 2.1%continued** | **Asset Management – 2.1%continued** |
| Apollo Debt Solutions BDC, |  |  |
| 5.70%, 1/23/31<sup>(1)</sup>  | $405 | $395 |
| Apollo Global Management, Inc., |  |  |
| 5.70%, 3/30/36 | 940 | 941 |
| Ares Capital Corp., |  |  |
| 5.95%, 7/15/29 | 410 | 412 |
| Blackstone Private Credit Fund, |  |  |
| 5.95%, 7/16/29 | 395 | 389 |
| 5.25%, 4/1/30 | 350 | 334 |
| Blue Owl Credit Income Corp., |  |  |
| 7.95%, 6/13/28 | 1300 | 1332 |
| Citadel L.P., |  |  |
| 6.38%, 1/23/32<sup>(1)</sup>  | 715 | 741 |
| &nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| 5.25%, 5/15/27<sup>†</sup>  | 835 | 818 |
|  |  | **6057** |
| **Automotive – 1.2%** | **Automotive – 1.2%** | **Automotive – 1.2%** |
| Ford Motor Credit Co. LLC, |  |  |
| 4.95%, 5/28/27 | 313 | 312 |
| 6.80%, 11/7/28 | 305 | 316 |
| 5.87%, 10/31/35 | 2780 | 2669 |
|  |  | **3297** |
| **Banking – 2.5%** | **Banking – 2.5%** | **Banking – 2.5%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.82%, 9/15/29<sup>(4)</sup> <br>| 1092 | 1126 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.41%), 3.52%, 10/27/28<sup>(4)</sup> <br>| 1010 | 995 |
| Citizens Bank N.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.70%), <br> 4.19%, 1/29/29<sup>(4) †</sup> <br>| 1093 | 1086 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 4/22/30<sup>(4)</sup> <br>| 2000 | 2061 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.10%), <br> 2.39%, 6/2/28<sup>(4)</sup> <br>| 810 | 791 |
| (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30<sup>(4)</sup> <br>| 1000 | 1016 |
|  |  | **7075** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 21.1% continued**  | **CORPORATE BONDS - 21.1% continued**  | **CORPORATE BONDS - 21.1% continued**  |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| Block Financial LLC, |  |  |
| 5.38%, 9/15/32 | $1275 | **$1237** |
| **Construction Materials – 0.5%** | **Construction Materials – 0.5%** | **Construction Materials – 0.5%** |
| Carlisle Cos., Inc., |  |  |
| 5.55%, 9/15/40<sup>†</sup>  | 284 | 281 |
| Vulcan Materials Co., |  |  |
| 5.35%, 12/1/34 | 975 | 991 |
|  |  | **1272** |
| **E-Commerce Discretionary – 0.3%** | **E-Commerce Discretionary – 0.3%** | **E-Commerce Discretionary – 0.3%** |
| Amazon.com, Inc., |  |  |
| 5.80%, 3/13/56 | 910 | **909** |
| **Electric Utilities – 0.7%** | **Electric Utilities – 0.7%** | **Electric Utilities – 0.7%** |
| Berkshire Hathaway Energy Co., |  |  |
| 1.65%, 5/15/31 | 195 | 169 |
| &nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| 3.35%, 4/1/30 | 7 | 7 |
| Constellation Energy Generation LLC, |  |  |
| 3.90%, 1/8/28 | 610 | 605 |
| PacifiCorp, |  |  |
| 5.45%, 2/15/34 | 450 | 448 |
| &nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| 4.50%, 8/15/28<sup>(1)</sup>  | 230 | 224 |
| Public Service Co. of Colorado, |  |  |
| 5.15%, 9/15/35 | 415 | 414 |
|  |  | **1867** |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
| Hubbell, Inc., |  |  |
| 2.30%, 3/15/31 | 335 | 304 |
| Vertiv Holdings Co., |  |  |
| 5.80%, 3/15/56 | 915 | 879 |
|  |  | **1183** |
| **Engineering & Construction – 0.0%** | **Engineering & Construction – 0.0%** | **Engineering & Construction – 0.0%** |
| Installed Building Products, Inc., |  |  |
| 5.63%, 2/1/34<sup>(1)</sup>  | 130 | **127** |
| **Finance Companies – 0.3%** | **Finance Companies – 0.3%** | **Finance Companies – 0.3%** |
| Air Lease Corp., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.44%), 6.00%, <br> 9/24/29<sup>(4) (5)</sup> <br>| 800 | **771** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **161** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 21.1% continued**  | **CORPORATE BONDS - 21.1% continued**  | **CORPORATE BONDS - 21.1% continued**  |
| **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** |
| Cencora, Inc., |  |  |
| 4.25%, 11/15/30 | $325 | $319 |
| 2.70%, 3/15/31 | 365 | 333 |
| CVS Health Corp., |  |  |
| 5.45%, 9/15/35 | 675 | 678 |
| HCA, Inc., |  |  |
| 4.90%, 11/15/35 | 255 | 246 |
|  |  | **1576** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| Mohawk Industries, Inc., |  |  |
| 5.85%, 9/18/28 | 7 | **7** |
| **Institutional Financial Services – 0.9%** | **Institutional Financial Services – 0.9%** | **Institutional Financial Services – 0.9%** |
| Depository Trust (The) Co., |  |  |
| 4.55%, 3/27/31<sup>(1)</sup>  | 250 | 250 |
| LPL Holdings, Inc., |  |  |
| 5.75%, 6/15/35 | 495 | 493 |
| Morgan Stanley, |  |  |
| (Variable, U.S. SOFR + 1.78%), <br> 5.90%, 3/13/47<sup>(4)</sup> <br>| 1800 | 1792 |
|  |  | **2535** |
| **Internet Media & Services – 1.4%** | **Internet Media & Services – 1.4%** | **Internet Media & Services – 1.4%** |
| Alphabet, Inc., |  |  |
| 4.80%, 2/15/36 | 349 | 347 |
| Beignet Investor LLC, |  |  |
| 6.58%, 5/30/49<sup>(1)</sup>  | 600 | 617 |
| Expedia Group, Inc., |  |  |
| 5.40%, 2/15/35 | 2950 | 2927 |
|  |  | **3891** |
| **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** |
| Novelis Corp., |  |  |
| 3.88%, 8/15/31<sup>(1)</sup>  | 1375 | **1225** |
| **Oil & Gas Supply Chain – 1.7%** | **Oil & Gas Supply Chain – 1.7%** | **Oil & Gas Supply Chain – 1.7%** |
| &nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp.,<br>|  |  |
| 5.75%, 7/1/34<sup>(1)</sup>  | 450 | 443 |
| Chord Energy Corp., |  |  |
| 6.75%, 3/15/33<sup>(1)</sup>  | 850 | 878 |
| Crescent Energy Finance LLC, |  |  |
| 7.63%, 4/1/32<sup>(1)</sup>  | 300 | 304 |
| Targa Resources Corp., |  |  |
| 4.95%, 4/15/52 | 800 | 669 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 21.1% continued**  | **CORPORATE BONDS - 21.1% continued**  | **CORPORATE BONDS - 21.1% continued**  |
| **Oil & Gas Supply Chain – 1.7%continued** | **Oil & Gas Supply Chain – 1.7%continued** | **Oil & Gas Supply Chain – 1.7%continued** |
| Venture Global LNG, Inc., |  |  |
| 7.00%, 1/15/30<sup>(1)</sup>  | $850 | $868 |
| WPX Energy, Inc., |  |  |
| 4.50%, 1/15/30 | 1593 | 1587 |
|  |  | **4749** |
| **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** |
| Store Capital LLC, |  |  |
| 5.40%, 4/30/30 | 780 | **784** |
| **Real Estate Services – 0.1%** | **Real Estate Services – 0.1%** | **Real Estate Services – 0.1%** |
| CBRE Services, Inc., |  |  |
| 4.90%, 1/15/33 | 400 | **394** |
| **Semiconductors – 0.7%** | **Semiconductors – 0.7%** | **Semiconductors – 0.7%** |
| Broadcom, Inc., |  |  |
| 4.60%, 1/15/33 | 1055 | 1039 |
| Foundry JV Holdco LLC, |  |  |
| 6.30%, 1/25/39<sup>(1)</sup>  | 825 | 859 |
|  |  | **1898** |
| **Software – 2.2%** | **Software – 2.2%** | **Software – 2.2%** |
| Cloud Software Group, Inc., |  |  |
| 8.25%, 6/30/32<sup>(1)</sup>  | 860 | 816 |
| Oracle Corp., |  |  |
| 4.45%, 9/26/30 | 1430 | 1378 |
| 6.00%, 8/3/55 | 1370 | 1149 |
| Salesforce, Inc., |  |  |
| 4.90%, 9/15/31 | 2450 | 2446 |
| VMware LLC, |  |  |
| 1.80%, 8/15/28 | 135 | 127 |
| 4.70%, 5/15/30 | 205 | 206 |
|  |  | **6122** |
| **Specialty Finance – 1.7%** | **Specialty Finance – 1.7%** | **Specialty Finance – 1.7%** |
| Block, Inc., |  |  |
| 5.63%, 8/15/30<sup>(1)</sup>  | 455 | 452 |
| 6.00%, 8/15/33<sup>(1)</sup>  | 900 | 885 |
| Fair Isaac Corp., |  |  |
| 6.25%, 9/15/34<sup>(1)</sup>  | 1615 | 1588 |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp.,<br>|  |  |
| 4.25%, 2/1/27<sup>(1)</sup>  | 690 | 682 |
| OneMain Finance Corp., |  |  |
| 5.38%, 11/15/29 | 825 | 796 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **162** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 21.1% continued**  | **CORPORATE BONDS - 21.1% continued**  | **CORPORATE BONDS - 21.1% continued**  |
| **Specialty Finance – 1.7%continued** | **Specialty Finance – 1.7%continued** | **Specialty Finance – 1.7%continued** |
| Synchrony Financial, |  |  |
| (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30<sup>(4)</sup> <br>| $450 | $457 |
|  |  | **4860** |
| **Technology Hardware – 0.7%** | **Technology Hardware – 0.7%** | **Technology Hardware – 0.7%** |
| Jabil, Inc., |  |  |
| 4.75%, 2/1/33 | 755 | 735 |
| Zebra Technologies Corp., |  |  |
| 6.50%, 6/1/32<sup>(1)</sup>  | 1375 | 1385 |
|  |  | **2120** |
| **Telecommunications – 0.5%** | **Telecommunications – 0.5%** | **Telecommunications – 0.5%** |
| Black Pearl Compute LLC, |  |  |
| 6.13%, 2/15/31<sup>(1)</sup>  | 65 | 66 |
| Cipher Compute LLC, |  |  |
| 7.13%, 11/15/30<sup>(1) †</sup>  | 1375 | 1425 |
|  |  | **1491** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Philip Morris International, Inc., |  |  |
| 1.75%, 11/1/30 | 175 | **155** |
| **Total Corporate Bonds** |  |  |
| **(Cost $60,325)** |  | **59580** |
| **FOREIGN ISSUER BONDS – 4.9%**  | **FOREIGN ISSUER BONDS – 4.9%**  | **FOREIGN ISSUER BONDS – 4.9%**  |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Rolls-Royce PLC, |  |  |
| 5.75%, 10/15/27<sup>(1)</sup>  | 375 | **381** |
| **Automotive – 0.2%** | **Automotive – 0.2%** | **Automotive – 0.2%** |
| &nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |  |
| 4.85%, 9/11/30<sup>(1)</sup>  | 430 | **426** |
| **Banking – 1.8%** | **Banking – 1.8%** | **Banking – 1.8%** |
| Banco Bilbao Vizcaya Argentaria S.A., |  |  |
| 4.15%, 3/3/29 | 600 | 593 |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.65%), 5.50%, <br> 8/9/28<sup>(4)</sup> <br>| 200 | 202 |
| BNP Paribas S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.22%), <br> 2.16%, 9/15/29<sup>(1) (4)</sup> <br>| 430 | 405 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 4.9% continued**  | **FOREIGN ISSUER BONDS - 4.9% continued**  | **FOREIGN ISSUER BONDS - 4.9% continued**  |
| **Banking – 1.8%continued** | **Banking – 1.8%continued** | **Banking – 1.8%continued** |
| KBC Group N.V., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.10%), 5.80%, <br> 1/19/29<sup>(1) (4)</sup> <br>| $620 | $634 |
| Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29<sup>(4)</sup> <br>| 800 | 792 |
| Societe Generale S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.95%), 7.13%, <br> 1/19/55<sup>(1) (4)</sup> <br>| 456 | 464 |
| Toronto-Dominion Bank (The), |  |  |
| 3.91%, 1/13/28 | 2050 | 2035 |
|  |  | **5125** |
| **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** | **Biotechnology & Pharmaceuticals – 0.3%** |
| &nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands III B.V.,<br>|  |  |
| 6.00%, 12/1/32 | 770 | **790** |
| **Institutional Financial Services – 0.5%** | **Institutional Financial Services – 0.5%** | **Institutional Financial Services – 0.5%** |
| Nomura Holdings, Inc., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.30%), 5.04%, <br> 6/10/36<sup>(4)</sup> <br>| 1550 | **1504** |
| **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** |
| Nippon Life Insurance Co., |  |  |
| 5.05%, 4/2/33<sup>(1) (6)</sup>  | 700 | **701** |
| **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** |
| Sands China Ltd., |  |  |
| 2.85%, 3/8/29<sup>(7)</sup>  |  | **—** |
| **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** |
| BHP Billiton Finance U.S.A. Ltd., |  |  |
| 5.30%, 2/21/35<sup>†</sup>  | 1125 | 1145 |
| Taseko Mines Ltd., |  |  |
| 8.25%, 5/1/30<sup>(1)</sup>  | 935 | 975 |
|  |  | **2120** |
| **Oil & Gas Supply Chain – 0.4%** | **Oil & Gas Supply Chain – 0.4%** | **Oil & Gas Supply Chain – 0.4%** |
| Saudi Arabian Oil Co., |  |  |
| 5.00%, 2/2/36<sup>(1)</sup>  | 1065 | **1023** |
| **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 4.13%, 2/28/29 | 600 | 592 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **163** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 4.9% continued**  | **FOREIGN ISSUER BONDS - 4.9% continued**  | **FOREIGN ISSUER BONDS - 4.9% continued**  |
| **Specialty Finance – 0.5%continued** | **Specialty Finance – 0.5%continued** | **Specialty Finance – 0.5%continued** |
| Avolon Holdings Funding Ltd., |  |  |
| 4.85%, 4/1/33<sup>(1)</sup>  | $790 | $757 |
| Macquarie Airfinance Holdings Ltd., |  |  |
| 6.50%, 3/26/31<sup>(1)</sup>  | 175 | 183 |
|  |  | **1532** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Imperial Brands Finance PLC, |  |  |
| 5.88%, 7/1/34<sup>(1)</sup>  | 145 | **149** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $13,876)** |  | **13751** |
| **U.S. GOVERNMENT AGENCIES – 25.9%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 25.9%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 25.9%** <sup>(8)</sup> |
| **Fannie Mae – 12.3%** | **Fannie Mae – 12.3%** | **Fannie Mae – 12.3%** |
| Fannie Mae Pool, |  |  |
| 8.00%, 5/1/31<sup>(7)</sup>  |  |  |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2013-M6, <br> Class 1AC,<br>|  |  |
| 3.38%, 2/25/43<sup>(3)</sup>  | 2359 | 2293 |
| Pool #545437, |  |  |
| 7.00%, 2/1/32 | 9 | 9 |
| Pool #545556, |  |  |
| 7.00%, 4/1/32 | 5 | 6 |
| Pool #555189, |  |  |
| 7.00%, 12/1/32 | 50 | 53 |
| Pool #581806, |  |  |
| 7.00%, 7/1/31 | 9 | 9 |
| Pool #585617, |  |  |
| 7.00%, 5/1/31<sup>(7)</sup>  |  |  |
| Pool #889641, |  |  |
| 5.50%, 8/1/37 | 307 | 313 |
| Pool #995802, |  |  |
| 5.50%, 12/1/35 | 305 | 311 |
| Pool #AB5209, |  |  |
| 3.00%, 5/1/32 | 1129 | 1096 |
| Pool #AB9546, |  |  |
| 3.50%, 6/1/28 | 15 | 15 |
| Pool #AD0248, |  |  |
| 5.50%, 11/1/37 | 546 | 556 |
| Pool #AD0494, |  |  |
| 5.50%, 8/1/37 | 311 | 317 |
| Pool #AD0925, |  |  |
| 5.00%, 4/1/40 | 38 | 38 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 12.3%continued** | **Fannie Mae – 12.3%continued** | **Fannie Mae – 12.3%continued** |
| Pool #AK9457, |  |  |
| 3.50%, 3/1/32 | $54 | $53 |
| Pool #AL3063, |  |  |
| 3.50%, 1/1/28 | 27 | 27 |
| Pool #AL5119, |  |  |
| 4.00%, 4/1/34 | 475 | 468 |
| Pool #AL7497, |  |  |
| 3.50%, 9/1/40 | 751 | 715 |
| Pool #AL8876, |  |  |
| 3.00%, 10/1/44 | 240 | 220 |
| Pool #AO2961, |  |  |
| 4.00%, 5/1/42 | 127 | 123 |
| Pool #AQ9360, |  |  |
| 2.50%, 1/1/28 | 13 | 13 |
| Pool #AS1991, |  |  |
| 3.50%, 3/1/29 | 91 | 90 |
| Pool #AS3655, |  |  |
| 4.50%, 10/1/44 | 364 | 359 |
| Pool #AS6520, |  |  |
| 3.50%, 1/1/46 | 810 | 759 |
| Pool #AS7088, |  |  |
| 2.50%, 5/1/31 | 585 | 564 |
| Pool #AS8576, |  |  |
| 4.50%, 12/1/46 | 668 | 659 |
| Pool #BJ0686, |  |  |
| 4.00%, 4/1/48 | 404 | 387 |
| Pool #BM1761, |  |  |
| 4.00%, 8/1/44 | 133 | 128 |
| Pool #BM5984, |  |  |
| 5.00%, 5/1/49 | 92 | 92 |
| Pool #BM5996, |  |  |
| 5.00%, 12/1/48 | 61 | 62 |
| Pool #BX4910, |  |  |
| 5.00%, 1/1/53 | 955 | 953 |
| Pool #BY5368, |  |  |
| 6.00%, 7/1/53 | 241 | 246 |
| Pool #CA6359, |  |  |
| 2.50%, 7/1/50 | 922 | 793 |
| Pool #CA6417, |  |  |
| 3.00%, 7/1/50 | 676 | 604 |
| Pool #CB1666, |  |  |
| 2.50%, 9/1/51 | 565 | 485 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **164** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 12.3%continued** | **Fannie Mae – 12.3%continued** | **Fannie Mae – 12.3%continued** |
| Pool #CB2286, |  |  |
| 2.50%, 12/1/51 | $1007 | $864 |
| Pool #CB3515, |  |  |
| 3.50%, 5/1/52 | 758 | 699 |
| Pool #CB4844, |  |  |
| 5.50%, 10/1/52 | 407 | 412 |
| Pool #CB5113, |  |  |
| 5.50%, 11/1/52 | 255 | 257 |
| Pool #CB7114, |  |  |
| 5.50%, 9/1/53 | 508 | 512 |
| Pool #FM1303, |  |  |
| 3.00%, 1/1/48 | 800 | 724 |
| Pool #FM1438, |  |  |
| 3.00%, 8/1/38 | 273 | 261 |
| Pool #FM1472, |  |  |
| 3.50%, 3/1/34 | 12 | 12 |
| Pool #FM1534, |  |  |
| 4.50%, 9/1/49 | 735 | 722 |
| Pool #FM1572, |  |  |
| 3.00%, 9/1/48 | 507 | 457 |
| Pool #FM2671, |  |  |
| 4.00%, 1/1/48 | 270 | 260 |
| Pool #FM3201, |  |  |
| 3.50%, 4/1/34 | 275 | 271 |
| Pool #FM4491, |  |  |
| 3.50%, 12/1/36 | 716 | 696 |
| Pool #FM6125, |  |  |
| 2.50%, 1/1/51 | 1036 | 892 |
| Pool #FM8215, |  |  |
| 2.50%, 3/1/51 | 895 | 768 |
| Pool #FP0012, |  |  |
| 3.00%, 8/1/51 | 778 | 697 |
| Pool #FS3063, |  |  |
| 4.50%, 10/1/52 | 933 | 909 |
| Pool #FS3391, |  |  |
| 2.50%, 8/1/51 | 1056 | 910 |
| Pool #FS3662, |  |  |
| 5.00%, 1/1/53 | 951 | 947 |
| Pool #FS4040, |  |  |
| 5.00%, 2/1/53 | 927 | 921 |
| Pool #FS4045, |  |  |
| 5.50%, 2/1/53 | 898 | 907 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 12.3%continued** | **Fannie Mae – 12.3%continued** | **Fannie Mae – 12.3%continued** |
| Pool #FS4267, |  |  |
| 4.50%, 3/1/38 | $763 | $764 |
| Pool #FS4610, |  |  |
| 6.50%, 6/1/40 | 369 | 389 |
| Pool #FS4653, |  |  |
| 5.50%, 5/1/53 | 666 | 672 |
| Pool #FS4663, |  |  |
| 5.00%, 5/1/53 | 1031 | 1025 |
| Pool #FS5441, |  |  |
| 6.00%, 8/1/53 | 799 | 828 |
| Pool #FS5952, |  |  |
| 6.50%, 10/1/53 | 570 | 598 |
| Pool #FS5965, |  |  |
| 6.00%, 10/1/53 | 118 | 122 |
| Pool #FS6176, |  |  |
| 5.00%, 12/1/47 | 666 | 673 |
| Pool #FS6869, |  |  |
| 7.00%, 1/1/40 | 192 | 202 |
| Pool #MA0878, |  |  |
| 4.00%, 10/1/31 | 197 | 195 |
| Pool #MA2522, |  |  |
| 3.50%, 2/1/46 | 1026 | 962 |
| Pool #MA2864, |  |  |
| 3.50%, 1/1/47 | 652 | 606 |
| Pool #MA3004, |  |  |
| 4.00%, 5/1/37 | 246 | 241 |
| Pool #MA3088, |  |  |
| 4.00%, 8/1/47 | 497 | 476 |
| Pool #MA3183, |  |  |
| 4.00%, 11/1/47 | 234 | 224 |
| Pool #MA3184, |  |  |
| 4.50%, 11/1/47 | 21 | 20 |
| Pool #MA4186, |  |  |
| 3.00%, 10/1/35 | 281 | 270 |
| Pool #MA5098, |  |  |
| 5.50%, 7/1/43 | 521 | 533 |
|  |  | **34714** |
| **Freddie Mac – 10.5%** | **Freddie Mac – 10.5%** | **Freddie Mac – 10.5%** |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 3013, <br> Class HZ,<br>|  |  |
| 5.00%, 8/15/35 | 422 | 427 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **165** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 10.5%continued** | **Freddie Mac – 10.5%continued** | **Freddie Mac – 10.5%continued** |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 4077, <br> Class TO,<br>|  |  |
| 0.00%, 5/15/41<sup>(9)</sup>  | $823 | $629 |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 4835, <br> Class CA,<br>|  |  |
| 3.50%, 1/15/47 | 8 | 8 |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 5391, <br> Class A,<br>|  |  |
| 5.50%, 11/25/51 | 440 | 445 |
| Pool #1B3575, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 11.42% Cap), 6.55%, 9/1/37<sup>(10)</sup> <br>| 40 | 41 |
| Pool #1G2296, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 2.09%, 2.09% Floor, <br> 11.34% Cap), 6.46%, <br> 11/1/37<sup>(10)</sup> <br>| 82 | 84 |
| Pool #QF3725, |  |  |
| 5.00%, 11/1/52 | 1024 | 1014 |
| Pool #QF8053, |  |  |
| 5.50%, 2/1/53 | 1181 | 1190 |
| Pool #RA7677, |  |  |
| 5.00%, 7/1/52 | 938 | 937 |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | 868 | 881 |
| Pool #RA9840, |  |  |
| 5.50%, 9/1/53 | 906 | 922 |
| Pool #RD5026, |  |  |
| 3.00%, 4/1/30 | 169 | 166 |
| Pool #SB0084, |  |  |
| 3.00%, 2/1/32 | 498 | 489 |
| Pool #SB0216, |  |  |
| 3.00%, 12/1/32 | 268 | 261 |
| Pool #SB0328, |  |  |
| 3.00%, 6/1/34 | 613 | 596 |
| Pool #SB0826, |  |  |
| 2.50%, 1/1/35 | 659 | 631 |
| Pool #SB8502, |  |  |
| 2.00%, 8/1/35 | 1514 | 1397 |
| Pool #SD0033, |  |  |
| 3.00%, 12/1/47 | 547 | 495 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 10.5%continued** | **Freddie Mac – 10.5%continued** | **Freddie Mac – 10.5%continued** |
| Pool #SD1518, |  |  |
| 4.50%, 8/1/52 | $1024 | $997 |
| Pool #SD2347, |  |  |
| 5.50%, 2/1/53 | 876 | 895 |
| Pool #SD2477, |  |  |
| 5.50%, 3/1/53 | 1094 | 1114 |
| Pool #SD2642, |  |  |
| 5.50%, 4/1/53 | 1055 | 1069 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 111 | 115 |
| Pool #SD2757, |  |  |
| 5.00%, 5/1/53 | 1016 | 1011 |
| Pool #SD2920, |  |  |
| 5.50%, 5/1/53 | 962 | 976 |
| Pool #SD2922, |  |  |
| 5.00%, 5/1/53 | 1060 | 1053 |
| Pool #SD2999, |  |  |
| 5.50%, 6/1/53 | 1025 | 1039 |
| Pool #SD3133, |  |  |
| 5.00%, 6/1/53 | 628 | 622 |
| Pool #SD3136, |  |  |
| 5.50%, 6/1/53 | 879 | 894 |
| Pool #SD3174, |  |  |
| 5.50%, 6/1/53 | 850 | 860 |
| Pool #SD3189, |  |  |
| 6.00%, 6/1/53 | 610 | 631 |
| Pool #SD3251, |  |  |
| 6.00%, 7/1/53 | 836 | 864 |
| Pool #SD3515, |  |  |
| 6.00%, 7/1/53 | 541 | 560 |
| Pool #SD3760, |  |  |
| 6.00%, 8/1/53 | 674 | 687 |
| Pool #SD4027, |  |  |
| 6.50%, 10/1/53 | 739 | 777 |
| Pool #SD4285, |  |  |
| 5.50%, 11/1/53 | 722 | 733 |
| Pool #SD5136, |  |  |
| 6.00%, 4/1/54 | 643 | 664 |
| Pool #ZK7457, |  |  |
| 3.50%, 2/1/29 | 328 | 326 |
| Pool #ZM4714, |  |  |
| 3.50%, 11/1/47 | 1180 | 1101 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **166** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 10.5%continued** | **Freddie Mac – 10.5%continued** | **Freddie Mac – 10.5%continued** |
| Pool #ZM5332, |  |  |
| 3.00%, 1/1/48 | $422 | $379 |
| Pool #ZT1333, |  |  |
| 2.50%, 10/1/31 | 1069 | 1032 |
| &nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| 2.75%, 9/25/29 | 810 | 776 |
|  |  | **29788** |
| **Freddie Mac Gold – 0.6%** | **Freddie Mac Gold – 0.6%** | **Freddie Mac Gold – 0.6%** |
| Pool #A87842, |  |  |
| 4.50%, 8/1/39 | 130 | 128 |
| Pool #C00910, |  |  |
| 7.50%, 1/1/30 | 26 | 26 |
| Pool #G07068, |  |  |
| 5.00%, 7/1/41 | 195 | 198 |
| Pool #G07505, |  |  |
| 7.00%, 2/1/39 | 410 | 445 |
| Pool #G15612, |  |  |
| 3.50%, 12/1/29 | 8 | 7 |
| Pool #G16396, |  |  |
| 3.50%, 2/1/33 | 474 | 467 |
| Pool #G18643, |  |  |
| 2.50%, 5/1/32 | 42 | 41 |
| Pool #G30926, |  |  |
| 3.50%, 4/1/36 | 177 | 172 |
| Pool #G61723, |  |  |
| 3.50%, 1/1/43 | 65 | 62 |
| Pool #Q63667, |  |  |
| 4.50%, 5/1/49 | 180 | 177 |
|  |  | **1723** |
| **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| 2.50%, 8/20/46 | 603 | 563 |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2025-33, <br> Class LH,<br>|  |  |
| 5.00%, 5/20/54 | 257 | 257 |
|  |  | **820** |
| **Government National Mortgage Association I – 0.6%** | **Government National Mortgage Association I – 0.6%** | **Government National Mortgage Association I – 0.6%** |
| Pool #757013, |  |  |
| 3.50%, 12/15/40 | 806 | 756 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 25.9%** <sup>(8)</sup>**continued** |
| **Government National Mortgage Association I – 0.6%continued** | **Government National Mortgage Association I – 0.6%continued** | **Government National Mortgage Association I – 0.6%continued** |
| Pool #786470, |  |  |
| 5.00%, 11/15/40 | $905 | $924 |
|  |  | **1680** |
| **Government National Mortgage Association II – 1.6%** | **Government National Mortgage Association II – 1.6%** | **Government National Mortgage Association II – 1.6%** |
| Pool #786922, |  |  |
| 5.50%, 9/1/53 | 825 | 836 |
| Pool #MA0089, |  |  |
| 4.00%, 5/20/42 | 958 | 922 |
| Pool #MA1996, |  |  |
| 4.00%, 6/20/44 | 179 | 172 |
| Pool #MA3666, |  |  |
| 5.00%, 5/20/46 | 414 | 421 |
| Pool #MA4008, |  |  |
| 5.50%, 10/20/46 | 60 | 61 |
| Pool #MA6870, |  |  |
| 5.00%, 9/20/50 | 308 | 312 |
| Pool #MA8346, |  |  |
| 4.00%, 10/20/52 | 995 | 943 |
| Pool #MA8724, |  |  |
| 4.50%, 3/20/53 | 1016 | 988 |
|  |  | **4655** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $75,107)** |  | **73380** |
| **U.S. GOVERNMENT OBLIGATIONS – 17.7%**  | **U.S. GOVERNMENT OBLIGATIONS – 17.7%**  | **U.S. GOVERNMENT OBLIGATIONS – 17.7%**  |
| **U.S. Treasury Bonds – 2.8%** | **U.S. Treasury Bonds – 2.8%** | **U.S. Treasury Bonds – 2.8%** |
| 4.63%, 11/15/45 | 3849 | 3713 |
| 4.63%, 11/15/55 | 4405 | 4209 |
|  |  | **7922** |
| **U.S. Treasury Notes – 12.0%** | **U.S. Treasury Notes – 12.0%** | **U.S. Treasury Notes – 12.0%** |
| 4.38%, 12/31/29<sup>(11)</sup>  | 1610 | 1637 |
| 4.25%, 1/31/30<sup>(11)</sup>  | 50 | 51 |
| 3.88%, 6/30/30<sup>(11)</sup>  | 9760 | 9745 |
| 4.25%, 5/15/35<sup>(11)</sup>  | 105 | 105 |
| 4.00%, 11/15/35 | 22892 | 22330 |
|  |  | **33868** |
| **U.S. Treasury Strips – 2.9%** | **U.S. Treasury Strips – 2.9%** | **U.S. Treasury Strips – 2.9%** |
| 1.48%, 2/15/51 | 29423 | **8368** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $60,317)** |  | **50158** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **167** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 2.7%**  | **INVESTMENT COMPANIES – 2.7%**  | **INVESTMENT COMPANIES – 2.7%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(12) (13) (14)</sup> <br>| 750930 | $751 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(12) (13)</sup> <br>| 6848500 | 6848 |
| **Total Investment Companies** |  |  |
| **(Cost $7,599)** |  | **7599** |
| **Total Investments – 101.3%** | **Total Investments – 101.3%** |  |
| **(Cost $299,345)** | **(Cost $299,345)** | **286597** |
| Liabilities less Other Assets – (1.3%) | Liabilities less Other Assets – (1.3%) | (3674)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$282923** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup>  | *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 March 31,* <br> *2026, the value of these securities amounted to approximately* <br> *$79,151,000 or 28.0% of net assets.*<br>|
| <sup>(2)</sup>  | *Step coupon bond. Rate as of March 31, 2026 is disclosed.* |
| <sup>(3)</sup>  | *Variable or floating rate security, the interest rate of which adjusts* <br> *periodically based on changes in current interest rates and prepayments on* <br> *the underlying pool of assets.*<br>|
| <sup>(4)</sup>  | *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 March 31, 2026.*<br>|
| <sup>(5)</sup>  | *Perpetual bond. Maturity date represents next call date.* |
| <sup>(6)</sup>  | *When-Issued Security. Coupon rate is not in effect at March 31, 2026.* |
| <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* <br> *issued nor guaranteed by the United States Treasury.*<br>|
| <sup>(9)</sup>  | *Zero coupon bond.* |
| <sup>(10)</sup>  | *Variable or floating rate security. Rate as of March 31, 2026 is disclosed.* |
| <sup>(11)</sup>  | *All or a portion of this security has been pledged as collateral to cover* <br> *margin requirements for open futures contracts.*<br>|
| <sup>(12)</sup>  | *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>(13)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(14)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |

---

---

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

---

---

| |
|:---|
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| 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 March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| 48 | $9957 | Long | 6/26 | $(77)<br>|
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| 23 | 2488 | Long | 6/26 | (38)<br>|
| &nbsp;&nbsp; U.S. Treasury <br> Long Bond<br>| 190 | 21636 | Long | 6/26 | (712)<br>|
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (126)<br>| (14303)<br>| Short | 6/26 | 321 |
| &nbsp;&nbsp; Ultra Long <br> U.S. Treasury <br> Bond<br>| (35)<br>| (4080)<br>| Short | 6/26 | 138 |
| Total |  |  |  |  | $(368)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **168** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61649 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61649 |
| &nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 20480 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20480 |
| Corporate Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 59580 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59580 |
| Foreign Issuer Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 13751 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13751 |
| U.S. Government Agencies<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 73380 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73380 |
| &nbsp;&nbsp; U.S. Government <br> Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 50158 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50158 |
| Investment Companies | &nbsp;&nbsp; 7599 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7599 |
| Total Investments | &nbsp;&nbsp; $7599 | &nbsp;&nbsp; $278998 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $286597 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $459 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $459 |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (827)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (827)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(368)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(368)<br>|

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $44942 | $44191 | $751 | 750930 | $9 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 2380 | 155320 | 150852 | 6848 | 6848500 | 167 |
| Total | $2380 | $200262 | $195043 | $7599 | 7599430 | $176 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **169** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS – 82.0%**  | **CORPORATE BONDS – 82.0%**  | **CORPORATE BONDS – 82.0%**  |
| **Advertising & Marketing – 0.9%** | **Advertising & Marketing – 0.9%** | **Advertising & Marketing – 0.9%** |
| Neptune Bidco U.S., Inc., |  |  |
| 9.29%, 4/15/29<sup>(1)</sup>  | $16422 | $16468 |
| 10.38%, 5/15/31<sup>(1)</sup>  | 2330 | 2351 |
|  |  | **18819** |
| **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** |
| AAR Escrow Issuer LLC, |  |  |
| 6.75%, 3/15/29<sup>(1)</sup>  | 5290 | 5384 |
| Axon Enterprise, Inc., |  |  |
| 6.13%, 3/15/30<sup>(1)</sup>  | 2330 | 2369 |
| 6.25%, 3/15/33<sup>(1)</sup>  | 1630 | 1664 |
| Moog, Inc., |  |  |
| 5.50%, 10/15/34<sup>(1)</sup>  | 1355 | 1359 |
| Spirit AeroSystems, Inc., |  |  |
| 4.60%, 6/15/28 | 3535 | 3536 |
| TransDigm, Inc., |  |  |
| 6.88%, 12/15/30<sup>(1)</sup>  | 3555 | 3643 |
| 7.13%, 12/1/31<sup>(1)</sup>  | 1090 | 1125 |
| 6.00%, 1/15/33<sup>(1)</sup>  | 1634 | 1633 |
| 6.38%, 5/31/33<sup>(1)</sup>  | 8655 | 8609 |
| 6.25%, 1/31/34<sup>(1)</sup>  | 2655 | 2684 |
| 6.75%, 1/31/34<sup>(1)</sup>  | 1345 | 1363 |
| 6.13%, 7/31/34<sup>(1) †</sup>  | 400 | 393 |
|  |  | **33762** |
| **Apparel & Textile Products – 0.2%** | **Apparel & Textile Products – 0.2%** | **Apparel & Textile Products – 0.2%** |
| William Carter (The) Co., |  |  |
| 7.38%, 2/15/31<sup>(1) †</sup>  | 3235 | **3300** |
| **Asset Management – 1.0%** | **Asset Management – 1.0%** | **Asset Management – 1.0%** |
| Hightower Holding LLC, |  |  |
| 9.13%, 1/31/30<sup>(1)</sup>  | 6565 | 6694 |
| &nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| 9.75%, 1/15/29 | 4750 | 4670 |
| 10.00%, 11/15/29<sup>(1)</sup>  | 3120 | 3074 |
| 9.00%, 6/15/30 | 3320 | 3114 |
| Osaic Holdings, Inc., |  |  |
| 6.75%, 8/1/32<sup>(1)</sup>  | 460 | 460 |
| 8.00%, 8/1/33<sup>(1)</sup>  | 1875 | 1851 |
|  |  | **19863** |
| **Automotive – 1.9%** | **Automotive – 1.9%** | **Automotive – 1.9%** |
| Adient Global Holdings Ltd., |  |  |
| 7.50%, 2/15/33<sup>(1) †</sup>  | 4050 | 4095 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Automotive – 1.9%continued** | **Automotive – 1.9%continued** | **Automotive – 1.9%continued** |
| American Axle & Manufacturing, Inc., |  |  |
| 6.88%, 7/1/28 | $4182 | $4177 |
| 6.38%, 10/15/32<sup>(1)</sup>  | 1425 | 1410 |
| 7.75%, 10/15/33<sup>(1)</sup>  | 2115 | 2059 |
| &nbsp;&nbsp; Clarios Global L.P./Clarios <br> U.S. Finance Co.,<br>|  |  |
| 6.75%, 5/15/28<sup>(1) †</sup>  | 3000 | 3029 |
| &nbsp;&nbsp; Cyprium Corp./Cyprium Holdings <br> Luxembourg S.a.r.l.,<br>|  |  |
| 6.13%, 4/15/31<sup>(1)</sup>  | 445 | 439 |
| 6.38%, 4/15/34<sup>(1)</sup>  | 445 | 432 |
| Dana, Inc., |  |  |
| 4.25%, 9/1/30 | 3389 | 3206 |
| Ford Motor Co., |  |  |
| 9.63%, 4/22/30<sup>†</sup>  | 1165 | 1325 |
| 4.75%, 1/15/43 | 2065 | 1560 |
| Goodyear Tire & Rubber (The) Co., |  |  |
| 5.25%, 4/30/31<sup>†</sup>  | 2645 | 2386 |
| Nissan Motor Acceptance Co. LLC, |  |  |
| 5.63%, 9/29/28<sup>(1)</sup>  | 1795 | 1761 |
| 6.13%, 9/30/30<sup>(1)</sup>  | 7540 | 7246 |
| Phinia, Inc., |  |  |
| 6.75%, 4/15/29<sup>(1)</sup>  | 6435 | 6551 |
|  |  | **39676** |
| **Banking – 0.1%** | **Banking – 0.1%** | **Banking – 0.1%** |
| Huntington Bancshares, Inc., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.65%), 6.25%, <br> 10/15/30<sup>(2) (3)</sup> <br>| 2455 | **2419** |
| **Basic Industry – 0.4%** | **Basic Industry – 0.4%** | **Basic Industry – 0.4%** |
| Avient Corp., |  |  |
| 6.25%, 11/1/31<sup>(1)</sup>  | 8480 | **8539** |
| **Biotechnology & Pharmaceuticals – 1.5%** | **Biotechnology & Pharmaceuticals – 1.5%** | **Biotechnology & Pharmaceuticals – 1.5%** |
| 1261229 B.C. Ltd., |  |  |
| 10.00%, 4/15/32<sup>(1)</sup>  | 8290 | 8488 |
| Bausch Health Americas, Inc., |  |  |
| 8.50%, 1/31/27<sup>(1) †</sup>  | 11270 | 11163 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V.,<br>|  |  |
| 4.13%, 4/30/28<sup>(1)</sup>  | 6060 | 5880 |
| 5.13%, 4/30/31<sup>(1)</sup>  | 6455 | 5261 |
|  |  | **30792** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **170** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Cable & Satellite – 4.8%** | **Cable & Satellite – 4.8%** | **Cable & Satellite – 4.8%** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.,<br>|  |  |
| 5.00%, 2/1/28<sup>(1)</sup>  | $20317 | $20150 |
| 4.25%, 2/1/31<sup>(1)</sup>  | 9775 | 8909 |
| 4.75%, 2/1/32<sup>(1)</sup>  | 12170 | 11004 |
| 7.00%, 2/1/33<sup>(1)</sup>  | 149 | 149 |
| 4.50%, 6/1/33<sup>(1)</sup>  | 9655 | 8406 |
| 4.25%, 1/15/34<sup>(1)</sup>  | 5811 | 4971 |
| CSC Holdings LLC, |  |  |
| 11.75%, 1/31/29<sup>(1) †</sup>  | 3025 | 2188 |
| 6.50%, 2/1/29<sup>(1)</sup>  | 10775 | 6868 |
| 5.75%, 1/15/30<sup>(1)</sup>  | 7235 | 2746 |
| 4.63%, 12/1/30<sup>(1)</sup>  | 3735 | 1318 |
| Directv Financing LLC, |  |  |
| 8.88%, 2/1/30<sup>(1)</sup>  | 2410 | 2405 |
| &nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.,<br>|  |  |
| 5.88%, 8/15/27<sup>(1)</sup>  | 3889 | 3885 |
| DISH DBS Corp., |  |  |
| 7.75%, 7/1/26 | 9005 | 8962 |
| 5.25%, 12/1/26<sup>(1) †</sup>  | 8122 | 8052 |
| DISH Network Corp., |  |  |
| 11.75%, 11/15/27<sup>(1)</sup>  | 2380 | 2452 |
| Midcontinent Communications, |  |  |
| 8.00%, 8/15/32<sup>(1) †</sup>  | 2345 | 2184 |
| Sirius XM Radio LLC, |  |  |
| 5.88%, 4/15/32<sup>(1)</sup>  | 4290 | 4262 |
|  |  | **98911** |
| **Chemicals – 1.9%** | **Chemicals – 1.9%** | **Chemicals – 1.9%** |
| Celanese U.S. Holdings LLC, |  |  |
| 6.50%, 4/15/30<sup>†</sup>  | 2610 | 2663 |
| 7.00%, 2/15/31<sup>†</sup>  | 970 | 996 |
| 6.75%, 4/15/33<sup>†</sup>  | 3545 | 3637 |
| 7.38%, 2/15/34<sup>†</sup>  | 1880 | 1926 |
| Chemours (The) Co., |  |  |
| 7.88%, 3/15/34<sup>(1)</sup>  | 1410 | 1410 |
| Huntsman International LLC, |  |  |
| 5.70%, 10/15/34<sup>†</sup>  | 2335 | 2148 |
| &nbsp;&nbsp; Illuminate Buyer LLC/Illuminate <br> Holdings IV, Inc.,<br>|  |  |
| 9.00%, 7/1/28<sup>(1)</sup>  | 851 | 852 |
| LSB Industries, Inc., |  |  |
| 6.25%, 10/15/28<sup>(1)</sup>  | 10335 | 10271 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Chemicals – 1.9%continued** | **Chemicals – 1.9%continued** | **Chemicals – 1.9%continued** |
| Olympus Water U.S. Holding Corp., |  |  |
| 6.75%, 8/1/32<sup>(1)</sup>  | $6345 | $6042 |
| 7.25%, 2/15/33<sup>(1)</sup>  | 3995 | 3812 |
| Qnity Electronics, Inc., |  |  |
| 5.75%, 8/15/32<sup>(1)</sup>  | 2930 | 2933 |
| 6.25%, 8/15/33<sup>(1)</sup>  | 2930 | 2963 |
|  |  | **39653** |
| **Commercial Support Services – 2.4%** | **Commercial Support Services – 2.4%** | **Commercial Support Services – 2.4%** |
| ADT Security (The) Corp., |  |  |
| 4.13%, 8/1/29<sup>(1)</sup>  | 3230 | 3086 |
| Allied Universal Holdco LLC, |  |  |
| 7.88%, 2/15/31<sup>(1)</sup>  | 5085 | 5244 |
| Brink's (The) Co., |  |  |
| 6.50%, 6/15/29<sup>(1)</sup>  | 4158 | 4222 |
| GFL Environmental Holdings U.S., Inc., |  |  |
| 5.50%, 2/1/34<sup>(1)</sup>  | 1480 | 1452 |
| GFL Environmental, Inc., |  |  |
| 6.75%, 1/15/31<sup>(1)</sup>  | 5605 | 5800 |
| Luna 1.5 S.a.r.l., |  |  |
| 12.00%, 7/1/32<sup>(1) (4)</sup>  | 6085 | 6375 |
| OT Midco, Inc., |  |  |
| 10.00%, 2/15/30<sup>(1) †</sup>  | 4000 | 1652 |
| Raven Acquisition Holdings LLC, |  |  |
| 6.88%, 11/15/31<sup>(1)</sup>  | 7311 | 7048 |
| RR Donnelley & Sons Co., |  |  |
| 9.50%, 8/1/29<sup>(1)</sup>  | 2300 | 2328 |
| VM Consolidated, Inc., |  |  |
| 5.50%, 4/15/29<sup>(1)</sup>  | 3470 | 3357 |
| VT Topco, Inc., |  |  |
| 8.50%, 8/15/30<sup>(1) †</sup>  | 7505 | 7630 |
| Williams Scotsman, Inc., |  |  |
| 6.63%, 6/15/29<sup>(1)</sup>  | 2515 | 2543 |
|  |  | **50737** |
| **Construction Materials – 0.8%** | **Construction Materials – 0.8%** | **Construction Materials – 0.8%** |
| Quikrete Holdings, Inc., |  |  |
| 6.38%, 3/1/32<sup>(1)</sup>  | 4896 | 4965 |
| 6.75%, 3/1/33<sup>(1)</sup>  | 4820 | 4895 |
| Smyrna Ready Mix Concrete LLC, |  |  |
| 8.88%, 11/15/31<sup>(1)</sup>  | 3470 | 3578 |
| Standard Industries, Inc., |  |  |
| 3.38%, 1/15/31<sup>(1)</sup>  | 2770 | 2483 |
|  |  | **15921** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **171** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Consumer Non-Cyclical – 0.4%** | **Consumer Non-Cyclical – 0.4%** | **Consumer Non-Cyclical – 0.4%** |
| Prime Healthcare Services, Inc., |  |  |
| 9.38%, 9/1/29<sup>(1)</sup>  | $7085 | **$7347** |
| **Consumer Services – 0.3%** | **Consumer Services – 0.3%** | **Consumer Services – 0.3%** |
| StoneMor, Inc., |  |  |
| 8.50%, 5/15/29<sup>(1) †</sup>  | 5970 | **5822** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| ARD Finance S.A., |  |  |
| 6.50%, 6/30/27<sup>(1) (5) (6)</sup>  |  |  |
| Clydesdale Acquisition Holdings, Inc., |  |  |
| 6.63%, 4/15/29<sup>(1)</sup>  | 1340 | 1316 |
| 8.75%, 4/15/30<sup>(1)</sup>  | 2940 | 2743 |
| &nbsp;&nbsp; Mauser Packaging Solutions Holding <br> Co.,<br>|  |  |
| 9.25%, 4/15/30<sup>(1)</sup>  | 1407 | 1307 |
| Owens-Brockway Glass Container, Inc., |  |  |
| 7.25%, 5/15/31<sup>(1) †</sup>  | 1400 | 1341 |
|  |  | **6707** |
| **Electric Utilities – 2.4%** | **Electric Utilities – 2.4%** | **Electric Utilities – 2.4%** |
| Alpha Generation LLC, |  |  |
| 6.25%, 1/15/34<sup>(1)</sup>  | 995 | 977 |
| Constellation Energy Generation LLC, |  |  |
| 5.00%, 2/1/31<sup>(1)</sup>  | 3140 | 3148 |
| Hawaiian Electric Co., Inc., |  |  |
| 6.00%, 10/1/33<sup>(1)</sup>  | 1540 | 1538 |
| Lightning Power LLC, |  |  |
| 7.25%, 8/15/32<sup>(1)</sup>  | 3670 | 3815 |
| NRG Energy, Inc., |  |  |
| 5.75%, 1/15/28 | 7440 | 7454 |
| 5.75%, 7/15/29<sup>(1)</sup>  | 4250 | 4244 |
| 5.75%, 1/15/34<sup>(1)</sup>  | 1175 | 1159 |
| 6.25%, 11/1/34<sup>(1)</sup>  | 6240 | 6290 |
| 6.00%, 1/15/36<sup>(1)</sup>  | 3370 | 3339 |
| &nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| 4.50%, 8/15/28<sup>(1)</sup>  | 2675 | 2612 |
| Talen Energy Supply LLC, |  |  |
| 8.63%, 6/1/30<sup>(1)</sup>  | 3375 | 3541 |
| 6.25%, 2/1/34<sup>(1)</sup>  | 3345 | 3308 |
| 6.50%, 2/1/36<sup>(1)</sup>  | 2390 | 2407 |
| Vistra Operations Co. LLC, |  |  |
| 5.63%, 2/15/27<sup>(1)</sup>  | 5420 | 5420 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Electric Utilities – 2.4%continued** | **Electric Utilities – 2.4%continued** | **Electric Utilities – 2.4%continued** |
| &nbsp;&nbsp; XPLR Infrastructure Operating Partners <br> L.P.,<br>|  |  |
| 8.38%, 1/15/31<sup>(1) †</sup>  | $610 | $642 |
|  |  | **49894** |
| **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** |
| &nbsp;&nbsp; EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc.,<br>|  |  |
| 6.63%, 12/15/30<sup>(1)</sup>  | 9640 | 9805 |
| WESCO Distribution, Inc., |  |  |
| 5.25%, 4/15/31<sup>(1)</sup>  | 480 | 477 |
| 5.50%, 4/15/34<sup>(1)</sup>  | 445 | 438 |
|  |  | **10720** |
| **Energy – 0.2%** | **Energy – 0.2%** | **Energy – 0.2%** |
| &nbsp;&nbsp; Aethon United BR L.P./Aethon United <br> Finance Corp.,<br>|  |  |
| 7.50%, 10/1/29<sup>(1)</sup>  | 4065 | **4240** |
| **Engineering & Construction – 0.6%** | **Engineering & Construction – 0.6%** | **Engineering & Construction – 0.6%** |
| AECOM, |  |  |
| 6.00%, 8/1/33<sup>(1)</sup>  | 3045 | 3042 |
| Arcosa, Inc., |  |  |
| 6.88%, 8/15/32<sup>(1)</sup>  | 2656 | 2721 |
| &nbsp;&nbsp; Brundage-Bone Concrete Pumping <br> Holdings, Inc.,<br>|  |  |
| 7.50%, 2/1/32<sup>(1)</sup>  | 7385 | 7462 |
|  |  | **13225** |
| **Entertainment Content – 2.1%** | **Entertainment Content – 2.1%** | **Entertainment Content – 2.1%** |
| &nbsp;&nbsp; Allen Media LLC/Allen Media <br> Co-Issuer, Inc.,<br>|  |  |
| 10.50%, 2/15/28<sup>(1)</sup>  | 11835 | 4793 |
| AMC Networks, Inc., |  |  |
| 10.50%, 7/15/32<sup>(1)</sup>  | 3410 | 3365 |
| OAK-Eagle Acquireco, Inc., |  |  |
| 7/1/33<sup>(1) (7)</sup>  | 4120 | 4269 |
| 7/1/34<sup>(1) (7)</sup>  | 4165 | 4360 |
| Paramount Global, |  |  |
| 4.95%, 1/15/31<sup>†</sup>  | 2280 | 2112 |
| 6.88%, 4/30/36 | 3150 | 2763 |
| 5.85%, 9/1/43 | 2280 | 1583 |
| Univision Communications, Inc., |  |  |
| 7.38%, 6/30/30<sup>(1)</sup>  | 2308 | 2262 |
| 8.50%, 7/31/31<sup>(1)</sup>  | 6780 | 6813 |
| Versant Media Group, Inc., |  |  |
| 7.25%, 1/30/31<sup>(1)</sup>  | 1355 | 1387 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **172** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Entertainment Content – 2.1%continued** | **Entertainment Content – 2.1%continued** | **Entertainment Content – 2.1%continued** |
| Warnermedia Holdings, Inc., |  |  |
| 4.28%, 3/15/32 | $4125 | $3651 |
| 5.05%, 3/15/42 | 6080 | 4005 |
| 5.14%, 3/15/52 | 4775 | 2901 |
|  |  | **44264** |
| **Food – 1.1%** | **Food – 1.1%** | **Food – 1.1%** |
| Fiesta Purchaser, Inc., |  |  |
| 7.88%, 3/1/31<sup>(1)</sup>  | 8465 | 8618 |
| 9.63%, 9/15/32<sup>(1) †</sup>  | 5290 | 5388 |
| Industrial F&B Investments III, Inc., |  |  |
| 7.75%, 2/11/33<sup>(1)</sup>  | 3175 | 3208 |
| Post Holdings, Inc., |  |  |
| 6.50%, 3/15/36<sup>(1)</sup>  | 4040 | 3956 |
| &nbsp;&nbsp; Simmons Foods, Inc./Simmons <br> Prepared Foods, Inc./Simmons Pet <br> Food, Inc./Simmons Feed,<br>|  |  |
| 4.63%, 3/1/29<sup>(1)</sup>  | 2627 | 2528 |
|  |  | **23698** |
| **Forestry, Paper & Wood Products – 0.3%** | **Forestry, Paper & Wood Products – 0.3%** | **Forestry, Paper & Wood Products – 0.3%** |
| Magnera Corp., |  |  |
| 4.75%, 11/15/29<sup>(1) †</sup>  | 6732 | **6077** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| Ferrellgas L.P./Ferrellgas Finance Corp., |  |  |
| 9.25%, 1/15/31<sup>(1)</sup>  | 4900 | **5105** |
| **Health Care Facilities & Services – 2.9%** | **Health Care Facilities & Services – 2.9%** | **Health Care Facilities & Services – 2.9%** |
| AdaptHealth LLC, |  |  |
| 5.13%, 3/1/30<sup>(1)</sup>  | 7035 | 6740 |
| CHS/Community Health Systems, Inc., |  |  |
| 6.88%, 4/15/29<sup>(1)</sup>  | 2090 | 2010 |
| 6.13%, 4/1/30<sup>(1)</sup>  | 2870 | 2495 |
| 10.88%, 1/15/32<sup>(1)</sup>  | 7906 | 8482 |
| 9.75%, 1/15/34<sup>(1)</sup>  | 5550 | 5760 |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.52%), 6.75%, <br> 12/10/54<sup>(2)</sup> <br>| 4997 | 5060 |
| DaVita, Inc., |  |  |
| 6.88%, 9/1/32<sup>(1)</sup>  | 3590 | 3678 |
| 6.75%, 7/15/33<sup>(1)</sup>  | 2415 | 2456 |
| HealthEquity, Inc., |  |  |
| 4.50%, 10/1/29<sup>(1)</sup>  | 3150 | 3048 |
| LifePoint Health, Inc., |  |  |
| 9.88%, 8/15/30<sup>(1)</sup>  | 3960 | 4188 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Health Care Facilities & Services – 2.9%continued** | **Health Care Facilities & Services – 2.9%continued** | **Health Care Facilities & Services – 2.9%continued** |
| 10.00%, 6/1/32<sup>(1) †</sup>  | $2680 | $2737 |
| Star Parent, Inc., |  |  |
| 9.00%, 10/1/30<sup>(1)</sup>  | 5206 | 5393 |
| Surgery Center Holdings, Inc., |  |  |
| 7.25%, 4/15/32<sup>(1) †</sup>  | 7941 | 7800 |
|  |  | **59847** |
| **Home & Office Products – 0.7%** | **Home & Office Products – 0.7%** | **Home & Office Products – 0.7%** |
| &nbsp;&nbsp; CD&R Smokey Buyer, Inc./Radio <br> Systems Corp.,<br>|  |  |
| 9.50%, 10/15/29<sup>(1)</sup>  | 1690 | 1438 |
| FXI Holdings, Inc., |  |  |
| 14.00%, 11/15/29<sup>(1) (4) †</sup>  | 2920 | 1518 |
| 11.00%, 11/15/30<sup>(1) †</sup>  | 4803 | 4251 |
| Newell Brands, Inc., |  |  |
| 6.63%, 5/15/32<sup>†</sup>  | 1840 | 1761 |
| 7.38%, 4/1/36<sup>†</sup>  | 4600 | 4234 |
| Whirlpool Corp., |  |  |
| 6.13%, 6/15/30<sup>†</sup>  | 1335 | 1303 |
|  |  | **14505** |
| **Home Construction – 1.6%** | **Home Construction – 1.6%** | **Home Construction – 1.6%** |
| &nbsp;&nbsp; Ashton Woods U.S.A. LLC/Ashton <br> Woods Finance Co.,<br>|  |  |
| 6.88%, 8/1/33<sup>(1) †</sup>  | 2140 | 2065 |
| Beazer Homes U.S.A., Inc., |  |  |
| 5.88%, 10/15/27 | 5715 | 5687 |
| Century Communities, Inc., |  |  |
| 6.63%, 9/15/33<sup>(1)</sup>  | 1370 | 1342 |
| Dream Finders Homes, Inc., |  |  |
| 6.88%, 9/15/30<sup>(1)</sup>  | 2465 | 2358 |
| K Hovnanian Enterprises, Inc., |  |  |
| 8.00%, 4/1/31<sup>(1)</sup>  | 1025 | 1013 |
| 8.38%, 10/1/33<sup>(1) †</sup>  | 1015 | 1004 |
| KB Home, |  |  |
| 7.25%, 7/15/30 | 3965 | 4039 |
| LGI Homes, Inc., |  |  |
| 8.75%, 12/15/28<sup>(1)</sup>  | 2345 | 2399 |
| 4.00%, 7/15/29<sup>(1)</sup>  | 5175 | 4609 |
| M/I Homes, Inc., |  |  |
| 3.95%, 2/15/30 | 2010 | 1885 |
| New Home (The) Co., Inc., |  |  |
| 8.50%, 11/1/30<sup>(1)</sup>  | 6200 | 6063 |
|  |  | **32464** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **173** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Perrigo Finance Unlimited Co., |  |  |
| 5.15%, 6/15/30 | $340 | $307 |
| 6.13%, 9/30/32<sup>†</sup>  | 2960 | 2701 |
|  |  | **3008** |
| **Industrial Intermediate Products – 0.4%** | **Industrial Intermediate Products – 0.4%** | **Industrial Intermediate Products – 0.4%** |
| &nbsp;&nbsp; Anagram Holdings LLC/Anagram <br> International, Inc.,<br>|  |  |
| 10.00%, 8/15/26<sup>(1) (5) (8)</sup>  | 2819 |  |
| Chart Industries, Inc., |  |  |
| 7.50%, 1/1/30<sup>(1)</sup>  | 6050 | 6285 |
| 9.50%, 1/1/31<sup>(1)</sup>  | 2865 | 3010 |
|  |  | **9295** |
| **Industrial Support Services – 1.1%** | **Industrial Support Services – 1.1%** | **Industrial Support Services – 1.1%** |
| &nbsp;&nbsp; Albion Financing 1 S.A.R.L./Aggreko <br> Holdings, Inc.,<br>|  |  |
| 7.00%, 5/21/30<sup>(1)</sup>  | 2940 | 3005 |
| EquipmentShare.com, Inc., |  |  |
| 8.63%, 5/15/32<sup>(1)</sup>  | 2457 | 2565 |
| 8.00%, 3/15/33<sup>(1) †</sup>  | 7136 | 7368 |
| Herc Holdings, Inc., |  |  |
| 7.00%, 6/15/30<sup>(1)</sup>  | 1910 | 1958 |
| NESCO Holdings II, Inc., |  |  |
| 5.50%, 4/15/29<sup>(1)</sup>  | 1940 | 1897 |
| Synergy Infrastructure Holdings LLC, |  |  |
| 7.88%, 12/1/30<sup>(1)</sup>  | 3755 | 3828 |
| United Rentals North America, Inc., |  |  |
| 3.75%, 1/15/32 | 1505 | 1379 |
|  |  | **22000** |
| **Institutional Financial Services – 0.7%** | **Institutional Financial Services – 0.7%** | **Institutional Financial Services – 0.7%** |
| Aretec Group, Inc., |  |  |
| 7.50%, 4/1/29<sup>(1) †</sup>  | 3682 | 3647 |
| 10.00%, 8/15/30<sup>(1)</sup>  | 2884 | 3063 |
| Armor Holdco, Inc., |  |  |
| 8.50%, 11/15/29<sup>(1)</sup>  | 4075 | 3722 |
| Coinbase Global, Inc., |  |  |
| 3.63%, 10/1/31<sup>(1) †</sup>  | 5930 | 5012 |
|  |  | **15444** |
| **Insurance – 0.5%** | **Insurance – 0.5%** | **Insurance – 0.5%** |
| Acrisure LLC/Acrisure Finance, Inc., |  |  |
| 4.25%, 2/15/29<sup>(1)</sup>  | 1825 | 1722 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Insurance – 0.5%continued** | **Insurance – 0.5%continued** | **Insurance – 0.5%continued** |
| &nbsp;&nbsp; Alliant Holdings <br> Intermediate LLC/Alliant Holdings <br> Co-Issuer,<br>|  |  |
| 6.50%, 10/1/31<sup>(1)</sup>  | $4820 | $4733 |
| Asurion LLC/Asurion Co-Issuer, Inc., |  |  |
| 8.00%, 12/31/32<sup>(1)</sup>  | 2297 | 2383 |
| 8.38%, 2/1/34<sup>(1)</sup>  | 895 | 869 |
|  |  | **9707** |
| **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** |
| GrubHub Holdings, Inc., |  |  |
| 13.00%, 7/31/30<sup>(1) (4) †</sup>  | 1530 | 1203 |
| Snap, Inc., |  |  |
| 6.88%, 3/15/34<sup>(1)</sup>  | 1950 | 1834 |
| ZipRecruiter, Inc., |  |  |
| 5.00%, 1/15/30<sup>(1)</sup>  | 1724 | 993 |
|  |  | **4030** |
| **IT Services – 0.5%** | **IT Services – 0.5%** | **IT Services – 0.5%** |
| Insight Enterprises, Inc., |  |  |
| 6.63%, 5/15/32<sup>(1)</sup>  | 9552 | 9219 |
| Virtusa Corp., |  |  |
| 7.13%, 12/15/28<sup>(1)</sup>  | 2605 | 2006 |
|  |  | **11225** |
| **Leisure Facilities & Services – 4.6%** | **Leisure Facilities & Services – 4.6%** | **Leisure Facilities & Services – 4.6%** |
| &nbsp;&nbsp; BCPE Flavor Debt Merger Sub LLC and <br> BCPE Flavor Issuer, Inc.,<br>|  |  |
| 9.50%, 7/1/32<sup>(1) †</sup>  | 580 | 526 |
| Boyne U.S.A., Inc., |  |  |
| 4.75%, 5/15/29<sup>(1)</sup>  | 5070 | 4918 |
| Caesars Entertainment, Inc., |  |  |
| 7.00%, 2/15/30<sup>(1)</sup>  | 3630 | 3675 |
| 6.50%, 2/15/32<sup>(1)</sup>  | 6537 | 6461 |
| Cruise Yacht Upper HoldCo Ltd., |  |  |
| 11.88%, 7/5/28 | 8050 | 7139 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc.,<br>|  |  |
| 6.75%, 1/15/30<sup>(1) †</sup>  | 3995 | 3732 |
| Full House Resorts, Inc., |  |  |
| 8.25%, 2/15/28<sup>(1) †</sup>  | 9381 | 8537 |
| &nbsp;&nbsp; GPS Hospitality Holding Co. LLC/GPS <br> Fin,<br>|  |  |
| 7.00%, 8/15/28<sup>(1)</sup>  | 6450 | 3128 |
| Jacobs Entertainment, Inc., |  |  |
| 6.75%, 2/15/29<sup>(1)</sup>  | 3915 | 3660 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **174** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Leisure Facilities & Services – 4.6%continued** | **Leisure Facilities & Services – 4.6%continued** | **Leisure Facilities & Services – 4.6%continued** |
| Light & Wonder International, Inc., |  |  |
| 6.25%, 10/1/33<sup>(1)</sup>  | $3130 | $3066 |
| Marriott Ownership Resorts, Inc., |  |  |
| 6.50%, 10/1/33<sup>(1)</sup>  | 4955 | 4711 |
| NCL Corp. Ltd., |  |  |
| 6.25%, 3/1/30<sup>(1)</sup>  | 4400 | 4367 |
| 5.88%, 1/15/31<sup>(1)</sup>  | 560 | 544 |
| 6.75%, 2/1/32<sup>(1)</sup>  | 9945 | 9870 |
| 6.25%, 9/15/33<sup>(1) †</sup>  | 410 | 398 |
| Penn Entertainment, Inc., |  |  |
| 4.13%, 7/1/29<sup>(1) †</sup>  | 4725 | 4419 |
| 6.75%, 4/1/31<sup>(1)</sup>  | 3060 | 2972 |
| &nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.,<br>|  |  |
| 5.88%, 9/1/31<sup>(1) †</sup>  | 2155 | 1185 |
| Sabre GLBL, Inc., |  |  |
| 11.13%, 7/15/30<sup>(1)</sup>  | 6165 | 5233 |
| &nbsp;&nbsp; Scientific Games Holdings L.P.,Scientific <br> Games U.S. FinCo, Inc.,<br>|  |  |
| 6.63%, 3/1/30<sup>(1) †</sup>  | 2520 | 2168 |
| &nbsp;&nbsp; Seagate Data Storage Technology Pte. <br> Ltd.,<br>|  |  |
| 8.63%, 1/15/32<sup>(1)</sup>  | 1055 | 1057 |
| Travel + Leisure Co., |  |  |
| 6.13%, 9/1/33<sup>(1)</sup>  | 4035 | 3983 |
| Viking Cruises Ltd., |  |  |
| 7.00%, 2/15/29<sup>(1)</sup>  | 5590 | 5600 |
| 5.88%, 10/15/33<sup>(1)</sup>  | 2575 | 2542 |
| Wyndham Hotels & Resorts, Inc., |  |  |
| 5.63%, 3/1/33<sup>(1)</sup>  | 1395 | 1373 |
|  |  | **95264** |
| **Leisure Products – 0.6%** | **Leisure Products – 0.6%** | **Leisure Products – 0.6%** |
| Patrick Industries, Inc., |  |  |
| 6.38%, 11/1/32<sup>(1)</sup>  | 6650 | 6649 |
| Thor Industries, Inc., |  |  |
| 4.00%, 10/15/29<sup>(1) †</sup>  | 5795 | 5471 |
|  |  | **12120** |
| **Machinery – 1.4%** | **Machinery – 1.4%** | **Machinery – 1.4%** |
| Amsted Industries, Inc., |  |  |
| 6.38%, 3/15/33<sup>(1)</sup>  | 3520 | 3537 |
| Columbus McKinnon Corp., |  |  |
| 7.13%, 2/1/33<sup>(1) †</sup>  | 1270 | 1269 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Machinery – 1.4%continued** | **Machinery – 1.4%continued** | **Machinery – 1.4%continued** |
| Esab Corp., |  |  |
| 5.63%, 4/1/31<sup>(1)</sup>  | $1210 | $1219 |
| Madison IAQ LLC, |  |  |
| 4.13%, 6/30/28<sup>(1)</sup>  | 4465 | 4361 |
| 5.88%, 6/30/29<sup>(1)</sup>  | 3020 | 2962 |
| Manitowoc (The) Co., Inc., |  |  |
| 9.25%, 10/1/31<sup>(1)</sup>  | 2845 | 2971 |
| &nbsp;&nbsp; Maxim Crane Works Holdings <br> Capital LLC,<br>|  |  |
| 11.50%, 9/1/28<sup>(1)</sup>  | 6550 | 6825 |
| Titan International, Inc., |  |  |
| 7.00%, 4/30/28<sup>†</sup>  | 5060 | 5050 |
|  |  | **28194** |
| **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** |
| Medline Borrower L.P., |  |  |
| 5.25%, 10/1/29<sup>(1)</sup>  | 5060 | **5015** |
| **Metals & Mining – 0.6%** | **Metals & Mining – 0.6%** | **Metals & Mining – 0.6%** |
| Alcoa Nederland Holding B.V., |  |  |
| 7.13%, 3/15/31<sup>(1)</sup>  | 2555 | 2672 |
| &nbsp;&nbsp; Alliance Resource Operating Partners <br> L.P./Alliance Resource Finance <br> Corp.,<br>|  |  |
| 8.63%, 6/15/29<sup>(1)</sup>  | 2850 | 2960 |
| Constellium S.E., |  |  |
| 6.38%, 8/15/32<sup>(1)</sup>  | 3943 | 3986 |
| Kaiser Aluminum Corp., |  |  |
| 5.88%, 3/1/34<sup>(1)</sup>  | 2355 | 2312 |
|  |  | **11930** |
| **Oil & Gas Services & Equipment – 1.5%** | **Oil & Gas Services & Equipment – 1.5%** | **Oil & Gas Services & Equipment – 1.5%** |
| CHC Group LLC, |  |  |
| 11.75%, 9/1/30<sup>(1)</sup>  | 1555 | 1507 |
| Kodiak Gas Services LLC, |  |  |
| 6.50%, 10/1/33<sup>(1)</sup>  | 1855 | 1875 |
| 6.75%, 10/1/35<sup>(1)</sup>  | 1695 | 1722 |
| Nabors Industries, Inc., |  |  |
| 9.13%, 1/31/30<sup>(1)</sup>  | 1355 | 1423 |
| Noble Finance II LLC, |  |  |
| 8.00%, 4/15/30<sup>(1)</sup>  | 1750 | 1802 |
| Oceaneering International, Inc., |  |  |
| 6.00%, 2/1/28 | 2615 | 2626 |
| SESI LLC, |  |  |
| 7.88%, 9/30/30<sup>(1)</sup>  | 2215 | 2259 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **175** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Oil & Gas Services & Equipment – 1.5%continued** | **Oil & Gas Services & Equipment – 1.5%continued** | **Oil & Gas Services & Equipment – 1.5%continued** |
| Tidewater, Inc., |  |  |
| 9.13%, 7/15/30<sup>(1)</sup>  | $2040 | $2173 |
| Transocean Aquila Ltd., |  |  |
| 8.00%, 9/30/28<sup>(1)</sup>  | 1292 | 1323 |
| Transocean International Ltd., |  |  |
| 8.75%, 2/15/30<sup>(1)</sup>  | 2853 | 2967 |
| 8.50%, 5/15/31<sup>(1)</sup>  | 1440 | 1510 |
| 7.88%, 10/15/32<sup>(1)</sup>  | 1065 | 1138 |
| &nbsp;&nbsp; U.S.A. Compression Partners <br> L.P./U.S.A. Compression Finance <br> Corp.,<br>|  |  |
| 7.13%, 3/15/29<sup>(1)</sup>  | 4485 | 4589 |
| 6.25%, 10/1/33<sup>(1)</sup>  | 515 | 513 |
| Weatherford International Ltd., |  |  |
| 6.75%, 10/15/33<sup>(1)</sup>  | 3830 | 3913 |
|  |  | **31340** |
| **Oil & Gas Supply Chain – 9.4%** | **Oil & Gas Supply Chain – 9.4%** | **Oil & Gas Supply Chain – 9.4%** |
| California Resources Corp., |  |  |
| 7.00%, 1/15/34<sup>(1)</sup>  | 4940 | 4980 |
| CITGO Petroleum Corp., |  |  |
| 8.38%, 1/15/29<sup>(1)</sup>  | 2750 | 2840 |
| CNX Resources Corp., |  |  |
| 7.38%, 1/15/31<sup>(1)</sup>  | 1631 | 1676 |
| 7.25%, 3/1/32<sup>(1)</sup>  | 3397 | 3500 |
| 5.88%, 3/1/34<sup>(1)</sup>  | 1335 | 1300 |
| Comstock Resources, Inc., |  |  |
| 6.75%, 3/1/29<sup>(1) †</sup>  | 3175 | 3134 |
| 6.75%, 3/1/29<sup>(1)</sup>  | 1960 | 1937 |
| Crescent Energy Finance LLC, |  |  |
| 7.75%, 7/31/29<sup>(1)</sup>  | 8232 | 8294 |
| 7.63%, 4/1/32<sup>(1)</sup>  | 2050 | 2080 |
| 7.88%, 4/15/32<sup>(1) †</sup>  | 780 | 797 |
| 8.38%, 1/15/34<sup>(1)</sup>  | 2940 | 3074 |
| CVR Energy, Inc., |  |  |
| 7.50%, 2/15/31<sup>(1)</sup>  | 2085 | 2101 |
| 7.88%, 2/15/34<sup>(1)</sup>  | 1565 | 1571 |
| &nbsp;&nbsp; Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp.,<br>|  |  |
| 7.13%, 6/1/28<sup>(1)</sup>  | 2275 | 2273 |
| 8.63%, 3/15/29<sup>(1)</sup>  | 5690 | 5888 |
| 7.38%, 6/30/33<sup>(1)</sup>  | 2910 | 2934 |
| &nbsp;&nbsp; Genesis Energy L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| 8.25%, 1/15/29 | 5410 | 5590 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Oil & Gas Supply Chain – 9.4%continued** | **Oil & Gas Supply Chain – 9.4%continued** | **Oil & Gas Supply Chain – 9.4%continued** |
| 6.75%, 3/15/34 | $1530 | $1523 |
| &nbsp;&nbsp; Global Partners L.P./GLP Finance <br> Corp.,<br>|  |  |
| 6.88%, 1/15/29 | 3565 | 3568 |
| 7.13%, 7/1/33<sup>(1)</sup>  | 1480 | 1492 |
| Harvest Midstream I L.P., |  |  |
| 7.50%, 9/1/28<sup>(1)</sup>  | 2750 | 2777 |
| &nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.,<br>|  |  |
| 6.25%, 11/1/28<sup>(1)</sup>  | 5857 | 5869 |
| 8.38%, 11/1/33<sup>(1)</sup>  | 1515 | 1581 |
| &nbsp;&nbsp; Howard Midstream Energy <br> Partners LLC,<br>|  |  |
| 6.63%, 1/15/34<sup>(1)</sup>  | 2010 | 2018 |
| Infinity Natural Resources LLC, |  |  |
| 7.63%, 4/1/31<sup>(1) †</sup>  | 2325 | 2337 |
| ITT Holdings LLC, |  |  |
| 6.50%, 8/1/29<sup>(1)</sup>  | 7600 | 7390 |
| &nbsp;&nbsp; Martin Midstream Partners L.P./Martin <br> Midstream Finance Corp.,<br>|  |  |
| 11.50%, 2/15/28<sup>(1)</sup>  | 5490 | 5621 |
| Matador Resources Co., |  |  |
| 6.00%, 4/15/34<sup>(1)</sup>  | 1535 | 1525 |
| Murphy Oil Corp., |  |  |
| 6.00%, 10/1/32<sup>†</sup>  | 3525 | 3501 |
| &nbsp;&nbsp; NGL Energy Operating LLC/NGL <br> Energy Finance Corp.,<br>|  |  |
| 8.38%, 2/15/32<sup>(1)</sup>  | 6263 | 6454 |
| &nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance <br> Corp.,<br>|  |  |
| 6.00%, 2/15/28<sup>†</sup>  | 6343 | 6314 |
| Permian Resources Operating LLC, |  |  |
| 8.00%, 4/15/27<sup>(1)</sup>  | 4500 | 4504 |
| SM Energy Co., |  |  |
| 6.75%, 8/1/29<sup>(1)</sup>  | 6564 | 6663 |
| 8.63%, 11/1/30<sup>(1)</sup>  | 2830 | 2986 |
| 8.75%, 7/1/31<sup>(1) †</sup>  | 3715 | 3883 |
| 7.00%, 8/1/32<sup>(1) †</sup>  | 1865 | 1904 |
| 9.63%, 6/15/33<sup>(1)</sup>  | 3430 | 3789 |
| 6.63%, 4/15/34<sup>(1)</sup>  | 2550 | 2543 |
| Sunoco L.P., |  |  |
| 7.00%, 5/1/29<sup>(1)</sup>  | 4075 | 4180 |
| 4.50%, 10/1/29<sup>(1)</sup>  | 1100 | 1063 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **176** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Oil & Gas Supply Chain – 9.4%continued** | **Oil & Gas Supply Chain – 9.4%continued** | **Oil & Gas Supply Chain – 9.4%continued** |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.23%), 7.88%, <br> 9/18/30<sup>(1) (2) (3)</sup> <br>| $3040 | $3104 |
| Sunoco L.P./Sunoco Finance Corp., |  |  |
| 4.50%, 4/30/30 | 1350 | 1301 |
| &nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| 7.38%, 2/15/29<sup>(1)</sup>  | 3815 | 3925 |
| Talos Production, Inc., |  |  |
| 9.00%, 2/1/29<sup>(1)</sup>  | 790 | 822 |
| 9.38%, 2/1/31<sup>(1)</sup>  | 4910 | 5203 |
| TransMontaigne Partners LLC, |  |  |
| 8.50%, 6/15/30<sup>(1)</sup>  | 5215 | 5272 |
| Venture Global Calcasieu Pass LLC, |  |  |
| 3.88%, 11/1/33<sup>(1)</sup>  | 5115 | 4532 |
| Venture Global LNG, Inc., |  |  |
| 9.50%, 2/1/29<sup>(1)</sup>  | 13525 | 14625 |
| 8.38%, 6/1/31<sup>(1)</sup>  | 9283 | 9654 |
| Venture Global Plaquemines LNG LLC, |  |  |
| 6.13%, 12/15/30<sup>(1)</sup>  | 330 | 339 |
| 6.50%, 1/15/34<sup>(1)</sup>  | 3515 | 3664 |
| 6.50%, 6/15/34<sup>(1)</sup>  | 1010 | 1051 |
| 6.75%, 1/15/36<sup>(1)</sup>  | 3800 | 4025 |
|  |  | **194971** |
| **Publishing & Broadcasting – 2.5%** | **Publishing & Broadcasting – 2.5%** | **Publishing & Broadcasting – 2.5%** |
| Beasley Mezzanine Holdings LLC, |  |  |
| 9.20%, 8/1/28<sup>(1) (5)</sup>  | 5830 | 2157 |
| Clear Channel Outdoor Holdings, Inc., |  |  |
| 7.50%, 6/1/29<sup>(1)</sup>  | 5381 | 5404 |
| 7.88%, 4/1/30<sup>(1)</sup>  | 2225 | 2328 |
| 7.13%, 2/15/31<sup>(1)</sup>  | 1780 | 1865 |
| Dotdash Meredith, Inc., |  |  |
| 7.63%, 6/15/32<sup>(1)</sup>  | 5040 | 4647 |
| EW Scripps (The) Co., |  |  |
| 9.88%, 8/15/30<sup>(1)</sup>  | 4870 | 4728 |
| Gray Media, Inc., |  |  |
| 10.50%, 7/15/29<sup>(1) †</sup>  | 4742 | 5039 |
| 5.38%, 11/15/31<sup>(1)</sup>  | 4371 | 3242 |
| 9.63%, 7/15/32<sup>(1)</sup>  | 2050 | 2050 |
| iHeartCommunications, Inc., |  |  |
| 10.88%, 5/1/30<sup>(1) †</sup>  | 2341 | 1500 |
| 7.75%, 8/15/30<sup>(1)</sup>  | 3051 | 2429 |
| Lamar Media Corp., |  |  |
| 5.38%, 11/1/33<sup>(1) †</sup>  | 3455 | 3382 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Publishing & Broadcasting – 2.5%continued** | **Publishing & Broadcasting – 2.5%continued** | **Publishing & Broadcasting – 2.5%continued** |
| McGraw-Hill Education, Inc., |  |  |
| 7.38%, 9/1/31<sup>(1) †</sup>  | $3795 | $3866 |
| Nexstar Media, Inc., |  |  |
| 5.63%, 7/15/27<sup>(1)</sup>  | 4005 | 4003 |
| 6.50%, 9/15/33<sup>(1)</sup>  | 3130 | 3154 |
| 4/15/34<sup>(1) (7)</sup>  | 2280 | 2287 |
|  |  | **52081** |
| **Real Estate Investment Trusts – 1.6%** | **Real Estate Investment Trusts – 1.6%** | **Real Estate Investment Trusts – 1.6%** |
| &nbsp;&nbsp; Brookfield Property REIT, Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LL,<br>|  |  |
| 4.50%, 4/1/27<sup>(1)</sup>  | 3503 | 3436 |
| Global Net Lease, Inc., |  |  |
| 4.50%, 9/30/28<sup>(1)</sup>  | 5390 | 5223 |
| IIP Operating Partnership L.P., |  |  |
| 5.50%, 5/25/26 | 5130 | 5068 |
| Millrose Properties, Inc., |  |  |
| 6.38%, 8/1/30<sup>(1)</sup>  | 2710 | 2709 |
| 6.25%, 9/15/32<sup>(1)</sup>  | 2110 | 2071 |
| &nbsp;&nbsp; MPT Operating Partnership L.P./MPT <br> Finance Corp.,<br>|  |  |
| 5.00%, 10/15/27<sup>†</sup>  | 3430 | 3193 |
| 8.50%, 2/15/32<sup>(1)</sup>  | 395 | 400 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK <br> Domestic Property LLC/PK Finance <br> Co-Issuer,<br>|  |  |
| 4.88%, 5/15/29<sup>(1)</sup>  | 2720 | 2611 |
| &nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance <br> Corp.,<br>|  |  |
| 5.75%, 3/15/34<sup>(1)</sup>  | 890 | 878 |
| Service Properties Trust, |  |  |
| 0.00%, 9/30/27<sup>(1) (9)</sup>  | 290 | 264 |
| 5.50%, 12/15/27 | 6430 | 6438 |
|  |  | **32291** |
| **Renewable Energy – 0.2%** | **Renewable Energy – 0.2%** | **Renewable Energy – 0.2%** |
| EnerSys, |  |  |
| 6.63%, 1/15/32<sup>(1)</sup>  | 4135 | **4225** |
| **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** |
| Albertsons Cos., Inc., |  |  |
| 5.63%, 3/31/32<sup>(1)</sup>  | 1195 | 1177 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **177** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Retail - Consumer Staples – 0.2%continued** | **Retail - Consumer Staples – 0.2%continued** | **Retail - Consumer Staples – 0.2%continued** |
| &nbsp;&nbsp; Albertsons Cos., Inc./Safeway, <br> Inc./New Albertsons <br> L.P./Albertsons LLC,<br>|  |  |
| 5.75%, 3/31/34<sup>(1)</sup>  | $1965 | $1922 |
|  |  | **3099** |
| **Retail - Discretionary – 3.6%** | **Retail - Discretionary – 3.6%** | **Retail - Discretionary – 3.6%** |
| Academy Ltd., |  |  |
| 6.00%, 11/15/27<sup>(1)</sup>  | 5915 | 5919 |
| Advance Auto Parts, Inc., |  |  |
| 7.00%, 8/1/30<sup>(1) †</sup>  | 2230 | 2259 |
| 7.38%, 8/1/33<sup>(1) †</sup>  | 3445 | 3489 |
| Bath & Body Works, Inc., |  |  |
| 6.63%, 10/1/30<sup>(1)</sup>  | 4160 | 4199 |
| 6.75%, 7/1/36 | 7330 | 7029 |
| Carvana Co., |  |  |
| 9.00%, (100% Cash), 6/1/30<sup>(1) (4)</sup>  | 1174 | 1221 |
| 9.00%, 6/1/31<sup>(1) (4) †</sup>  | 1608 | 1739 |
| Gee Automotive Holdings LLC, |  |  |
| 7.25%, 3/1/31<sup>(1)</sup>  | 3593 | 3604 |
| Ken Garff Automotive LLC, |  |  |
| 4.88%, 9/15/28<sup>(1)</sup>  | 5150 | 5059 |
| LBM Acquisition LLC, |  |  |
| 9.50%, 6/15/31<sup>(1)</sup>  | 3735 | 3251 |
| Macy's Retail Holdings LLC, |  |  |
| 4.50%, 12/15/34 | 4700 | 4007 |
| &nbsp;&nbsp; Mavis Tire Express Services Topco <br> Corp.,<br>|  |  |
| 6.50%, 5/15/29<sup>(1)</sup>  | 6904 | 6850 |
| Michaels (The) Cos., Inc., |  |  |
| 8.50%, 3/15/33<sup>(1)</sup>  | 4050 | 3943 |
| 11.00%, 3/15/34<sup>(1)</sup>  | 1340 | 1248 |
| Park River Holdings, Inc., |  |  |
| 8.00%, 3/15/31<sup>(1)</sup>  | 3975 | 3957 |
| PetSmart LLC/PetSmart Finance Corp., |  |  |
| 7.50%, 9/15/32<sup>(1) †</sup>  | 1290 | 1296 |
| Saks Global Enterprises LLC, |  |  |
| 11.00%, 12/15/29<sup>(1) (5)</sup>  | 2705 | 3 |
| 11.00%, 12/15/29<sup>(1) (5)</sup>  | 985 | 10 |
| Staples, Inc., |  |  |
| 10.75%, 9/1/29<sup>(1)</sup>  | 7385 | 6830 |
| Victoria's Secret & Co., |  |  |
| 4.63%, 7/15/29<sup>(1) †</sup>  | 3385 | 3226 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Retail - Discretionary – 3.6%continued** | **Retail - Discretionary – 3.6%continued** | **Retail - Discretionary – 3.6%continued** |
| &nbsp;&nbsp; Victra Holdings LLC/Victra Finance <br> Corp.,<br>|  |  |
| 8.75%, 9/15/29<sup>(1) †</sup>  | $6135 | $6367 |
|  |  | **75506** |
| **Software – 2.5%** | **Software – 2.5%** | **Software – 2.5%** |
| Capstone Borrower, Inc., |  |  |
| 8.00%, 6/15/30<sup>(1)</sup>  | 3015 | 2881 |
| Central Parent, Inc./CDK Global, Inc., |  |  |
| 7.25%, 6/15/29<sup>(1)</sup>  | 2610 | 1878 |
| Cloud Software Group, Inc., |  |  |
| 9.00%, 9/30/29<sup>(1)</sup>  | 6630 | 6396 |
| 8.25%, 6/30/32<sup>(1)</sup>  | 7120 | 6753 |
| 6.63%, 8/15/33<sup>(1) †</sup>  | 2075 | 1845 |
| CoreWeave, Inc., |  |  |
| 9.25%, 6/1/30<sup>(1) †</sup>  | 9335 | 9070 |
| 9.00%, 2/1/31<sup>(1)</sup>  | 640 | 609 |
| McAfee Corp., |  |  |
| 7.38%, 2/15/30<sup>(1) †</sup>  | 10954 | 9050 |
| Pagaya U.S. Holdings Co. LLC, |  |  |
| 8.88%, 8/1/30<sup>(1)</sup>  | 8870 | 6350 |
| UKG, Inc., |  |  |
| 6.88%, 2/1/31<sup>(1)</sup>  | 7825 | 7647 |
|  |  | **52479** |
| **Specialty Finance – 8.7%** | **Specialty Finance – 8.7%** | **Specialty Finance – 8.7%** |
| Ally Financial, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.87%), 4.70%, <br> 5/15/26<sup>(2) (3)</sup> <br>| 5515 | 5463 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 7Y + 3.48%), 4.70%, <br> 5/15/28<sup>(2) (3)</sup> <br>| 1490 | 1383 |
| Arbor Realty SR, Inc., |  |  |
| 8.50%, 12/15/28<sup>(1) †</sup>  | 835 | 821 |
| Azorra Finance Ltd., |  |  |
| 6.25%, 2/15/34<sup>(1)</sup>  | 3585 | 3327 |
| Blackstone Mortgage Trust, Inc., |  |  |
| 7.75%, 12/1/29<sup>(1)</sup>  | 2165 | 2275 |
| Block, Inc., |  |  |
| 6.00%, 8/15/33<sup>(1)</sup>  | 2400 | 2360 |
| Bread Financial Holdings, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.30%), 8.38%, <br> 6/15/35<sup>(1) (2) †</sup> <br>| 2041 | 2064 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **178** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Specialty Finance – 8.7%continued** | **Specialty Finance – 8.7%continued** | **Specialty Finance – 8.7%continued** |
| Burford Capital Global Finance LLC, |  |  |
| 6.88%, 4/15/30<sup>(1)</sup>  | $7929 | $6999 |
| 9.25%, 7/1/31<sup>(1)</sup>  | 8340 | 7527 |
| 7.50%, 7/15/33<sup>(1)</sup>  | 540 | 449 |
| 8.50%, 1/15/34<sup>(1)</sup>  | 295 | 253 |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 3.34%), 5.50%, 10/30/27<sup>(2) †</sup> <br>| 5485 | 5438 |
| CPI CG, Inc., |  |  |
| 10.00%, 7/15/29<sup>(1)</sup>  | 5345 | 5641 |
| CrossCountry Intermediate HoldCo LLC, |  |  |
| 6.50%, 10/1/30<sup>(1)</sup>  | 1035 | 986 |
| 6.75%, 12/1/32<sup>(1)</sup>  | 2810 | 2644 |
| &nbsp;&nbsp; EF Holdco/EF Cayman Hold/Ellington <br> Fin REIT Cayman/TRS/EF Cayman <br> Non-MTM,<br>|  |  |
| 7.38%, 9/30/30<sup>(1)</sup>  | 2460 | 2369 |
| Encore Capital Group, Inc., |  |  |
| 9.25%, 4/1/29<sup>(1)</sup>  | 3065 | 3207 |
| 8.50%, 5/15/30<sup>(1) †</sup>  | 6310 | 6672 |
| 6.63%, 4/15/31<sup>(1)</sup>  | 545 | 542 |
| Enova International, Inc., |  |  |
| 9.13%, 8/1/29<sup>(1)</sup>  | 8305 | 8497 |
| EZCORP, Inc., |  |  |
| 7.38%, 4/1/32<sup>(1)</sup>  | 2010 | 2100 |
| Fair Isaac Corp., |  |  |
| 6.25%, 9/15/34<sup>(1)</sup>  | 4520 | 4445 |
| Freedom Mortgage Corp., |  |  |
| 12.25%, 10/1/30<sup>(1)</sup>  | 4530 | 4888 |
| Freedom Mortgage Holdings LLC, |  |  |
| 9.25%, 2/1/29<sup>(1)</sup>  | 3175 | 3218 |
| 8.38%, 4/1/32<sup>(1)</sup>  | 2405 | 2366 |
| FTAI Aviation Investors LLC, |  |  |
| 7.00%, 6/15/32<sup>(1)</sup>  | 3460 | 3547 |
| ION Platform Finance U.S., Inc., |  |  |
| 7.88%, 9/30/32<sup>(1)</sup>  | 3395 | 2628 |
| &nbsp;&nbsp; ION Platform Finance U.S., Inc./ION <br> Platform Finance S.A.R.L.,<br>|  |  |
| 8.75%, 5/1/29<sup>(1)</sup>  | 3770 | 3506 |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer <br> Corp.,<br>|  |  |
| 5.00%, 8/15/28<sup>(1)</sup>  | 2750 | 2563 |
| Jefferson Capital Holdings LLC, |  |  |
| 6.00%, 8/15/26<sup>(1)</sup>  | 7115 | 7119 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Specialty Finance – 8.7%continued** | **Specialty Finance – 8.7%continued** | **Specialty Finance – 8.7%continued** |
| 9.50%, 2/15/29<sup>(1)</sup>  | $3060 | $3211 |
| 8.25%, 5/15/30<sup>(1) †</sup>  | 1218 | 1268 |
| JPR Royalty Sub LLC, |  |  |
| 14.00%, 9/1/20<sup>(1) (5) (8)</sup>  | 8000 |  |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp.,<br>|  |  |
| 4.25%, 2/1/27<sup>(1)</sup>  | 8885 | 8778 |
| Midcap Financial Issuer Trust, |  |  |
| 6.50%, 5/1/28<sup>(1)</sup>  | 4615 | 4478 |
| Navient Corp., |  |  |
| 5.00%, 3/15/27 | 8600 | 8406 |
| OneMain Finance Corp., |  |  |
| 7.50%, 5/15/31 | 5365 | 5394 |
| 6.50%, 3/15/33 | 4328 | 4137 |
| PennyMac Financial Services, Inc., |  |  |
| 7.13%, 11/15/30<sup>(1)</sup>  | 4895 | 4864 |
| 5.75%, 9/15/31<sup>(1)</sup>  | 1545 | 1429 |
| 6.88%, 5/15/32<sup>(1)</sup>  | 1825 | 1761 |
| 6.75%, 2/15/34<sup>(1)</sup>  | 2490 | 2330 |
| Planet Financial Group LLC, |  |  |
| 10.50%, 12/15/29<sup>(1)</sup>  | 5850 | 5611 |
| Rfna L.P., |  |  |
| 7.88%, 2/15/30<sup>(1) †</sup>  | 9035 | 8635 |
| Rocket Cos., Inc., |  |  |
| 6.50%, 8/1/29<sup>(1)</sup>  | 5652 | 5716 |
| 6.13%, 8/1/30<sup>(1)</sup>  | 4885 | 4930 |
| UWM Holdings LLC, |  |  |
| 6.25%, 3/15/31<sup>(1) †</sup>  | 3050 | 2778 |
| Voyager Aviation Holdings LLC, |  |  |
| 8.50%, 5/9/26<sup>(1) (5) (8)</sup>  | 2524 |  |
| WEX, Inc., |  |  |
| 6.50%, 3/15/33<sup>(1)</sup>  | 2485 | 2434 |
|  |  | **181457** |
| **Steel – 0.4%** | **Steel – 0.4%** | **Steel – 0.4%** |
| Cleveland-Cliffs, Inc., |  |  |
| 7.50%, 9/15/31<sup>(1)</sup>  | 2971 | 2963 |
| Commercial Metals Co., |  |  |
| 5.75%, 11/15/33<sup>(1)</sup>  | 1420 | 1405 |
| 6.00%, 12/15/35<sup>(1)</sup>  | 1780 | 1755 |
| TMS International Corp., |  |  |
| 6.25%, 4/15/29<sup>(1)</sup>  | 2130 | 2056 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **179** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Steel – 0.4%continued** | **Steel – 0.4%continued** | **Steel – 0.4%continued** |
| United States Steel Corp., |  |  |
| 6.88%, 3/1/29 | $1004 | $1004 |
|  |  | **9183** |
| **Technology Hardware – 0.9%** | **Technology Hardware – 0.9%** | **Technology Hardware – 0.9%** |
| NCR Atleos Corp., |  |  |
| 9.50%, 4/1/29<sup>(1)</sup>  | 10984 | 11758 |
| &nbsp;&nbsp; Seagate Data Storage Technology Pte. <br> Ltd.,<br>|  |  |
| 3.38%, 7/15/31<sup>(1)</sup>  | 2615 | 2223 |
| Zebra Technologies Corp., |  |  |
| 6.50%, 6/1/32<sup>(1)</sup>  | 5044 | 5078 |
|  |  | **19059** |
| **Telecommunications – 4.6%** | **Telecommunications – 4.6%** | **Telecommunications – 4.6%** |
| Altice Financing S.A., |  |  |
| 5.00%, 1/15/28<sup>(1) †</sup>  | 4915 | 3451 |
| 5.75%, 8/15/29<sup>(1) †</sup>  | 2160 | 1512 |
| Altice France Lux 3/Altice Holdings 1, |  |  |
| 10.00%, 1/15/33<sup>(1)</sup>  | 2052 | 1865 |
| APLD ComputeCo 2 LLC, |  |  |
| 6.75%, 3/15/31<sup>(1)</sup>  | 890 | 884 |
| APLD ComputeCo LLC, |  |  |
| 9.25%, 12/15/30<sup>(1) †</sup>  | 2750 | 2833 |
| Cipher Compute LLC, |  |  |
| 7.13%, 11/15/30<sup>(1) †</sup>  | 3145 | 3258 |
| EchoStar Corp., |  |  |
| 10.75%, 11/30/29 | 13320 | 14389 |
| Flash Compute LLC, |  |  |
| 7.25%, 12/31/30<sup>(1)</sup>  | 1532 | 1543 |
| Level 3 Financing, Inc., |  |  |
| 4.25%, 7/1/28<sup>(1)</sup>  | 9651 | 9312 |
| 6.88%, 6/30/33<sup>(1)</sup>  | 3945 | 4017 |
| 7.00%, 3/31/34<sup>(1)</sup>  | 3090 | 3163 |
| 8.50%, 1/15/36<sup>(1)</sup>  | 4195 | 4377 |
| Lumen Technologies, Inc., |  |  |
| 4.50%, 1/15/29<sup>(1) †</sup>  | 500 | 469 |
| 7.60%, 9/15/39<sup>†</sup>  | 335 | 312 |
| 7.65%, 3/15/42 | 335 | 307 |
| SV RNO Property Owner 1 LLC, |  |  |
| 5.88%, 3/1/31<sup>(1)</sup>  | 9400 | 9292 |
| &nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC,<br>|  |  |
| 6.50%, 2/15/29<sup>(1) †</sup>  | 10180 | 9887 |
| 8.63%, 6/15/32<sup>(1) †</sup>  | 3195 | 3254 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Telecommunications – 4.6%continued** | **Telecommunications – 4.6%continued** | **Telecommunications – 4.6%continued** |
| Viasat, Inc., |  |  |
| 5.63%, 4/15/27<sup>(1) †</sup>  | $6350 | $6307 |
| 6.50%, 7/15/28<sup>(1)</sup>  | 1106 | 1093 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream <br> Escrow Finance Corp.,<br>|  |  |
| 8.25%, 10/1/31<sup>(1)</sup>  | 9431 | 9857 |
| Zayo Group Holdings, Inc., |  |  |
| 9.25%, 3/9/30<sup>(1) (4)</sup>  | 703 | 699 |
| 13.75%, 9/9/30<sup>(1) (4)</sup>  | 3464 | 3236 |
|  |  | **95317** |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| Turning Point Brands, Inc., |  |  |
| 7.63%, 3/15/32<sup>(1)</sup>  | 4845 | **4958** |
| **Transportation & Logistics – 3.4%** | **Transportation & Logistics – 3.4%** | **Transportation & Logistics – 3.4%** |
| Allegiant Travel Co., |  |  |
| 7.25%, 8/15/27<sup>(1)</sup>  | 3064 | 3067 |
| American Airlines, Inc., |  |  |
| 7.25%, 2/15/28<sup>(1) †</sup>  | 1840 | 1850 |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd.,<br>|  |  |
| 5.50%, 4/20/26<sup>(1)</sup>  | 596 | 597 |
| 5.75%, 4/20/29<sup>(1)</sup>  | 13010 | 12939 |
| Beacon Mobility Corp., |  |  |
| 7.25%, 8/1/30<sup>(1)</sup>  | 3680 | 3801 |
| &nbsp;&nbsp; First Student Bidco, Inc./First Transit <br> Parent, Inc.,<br>|  |  |
| 4.00%, 7/31/29<sup>(1)</sup>  | 5385 | 5154 |
| Genesee & Wyoming, Inc., |  |  |
| 6.25%, 4/15/32<sup>(1)</sup>  | 2115 | 2140 |
| OneSky Flight LLC, |  |  |
| 8.88%, 12/15/29<sup>(1)</sup>  | 5140 | 5306 |
| RXO, Inc., |  |  |
| 6.38%, 5/15/31<sup>(1)</sup>  | 4910 | 4711 |
| Star Leasing Co. LLC, |  |  |
| 7.63%, 2/15/30<sup>(1)</sup>  | 9590 | 8875 |
| Stonepeak Nile Parent LLC, |  |  |
| 7.25%, 3/15/32<sup>(1)</sup>  | 6435 | 6693 |
| United Airlines, Inc., |  |  |
| 4.63%, 4/15/29<sup>(1)</sup>  | 6750 | 6623 |
| XPO, Inc., |  |  |
| 7.13%, 6/1/31<sup>(1)</sup>  | 8069 | 8312 |
|  |  | **70068** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **180** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  | **CORPORATE BONDS - 82.0% continued**  |
| **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** |
| Allison Transmission, Inc., |  |  |
| 5.88%, 12/1/33<sup>(1)</sup>  | $800 | $795 |
| JB Poindexter & Co., Inc., |  |  |
| 8.75%, 12/15/31<sup>(1)</sup>  | 450 | 456 |
| Trinity Industries, Inc., |  |  |
| 7.75%, 7/15/28<sup>(1)</sup>  | 4942 | 5066 |
|  |  | **6317** |
| **Total Corporate Bonds** |  |  |
| **(Cost $1,762,026)** |  | **1705890** |
| **FOREIGN ISSUER BONDS – 13.2%**  | **FOREIGN ISSUER BONDS – 13.2%**  | **FOREIGN ISSUER BONDS – 13.2%**  |
| **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** |
| Bombardier, Inc., |  |  |
| 7.50%, 2/1/29<sup>(1)</sup>  | 2865 | 2975 |
| 7.25%, 7/1/31<sup>(1)</sup>  | 2595 | 2719 |
| 7.00%, 6/1/32<sup>(1)</sup>  | 1361 | 1412 |
| 6.75%, 6/15/33<sup>(1)</sup>  | 1095 | 1131 |
|  |  | **8237** |
| **Asset Management – 0.2%** | **Asset Management – 0.2%** | **Asset Management – 0.2%** |
| CI Financial Corp., |  |  |
| 7.50%, 5/30/29<sup>(1)</sup>  | 4500 | **4722** |
| **Automotive – 0.8%** | **Automotive – 0.8%** | **Automotive – 0.8%** |
| Forvia S.E., |  |  |
| 6.75%, 9/15/33<sup>(1)</sup>  | 1930 | 1884 |
| IHO Verwaltungs GmbH, |  |  |
| &nbsp;&nbsp; 7.75%, (100% Cash), <br> 11/15/30<sup>(1) (4)</sup> <br>| 4654 | 4731 |
| ZF North America Capital, Inc., |  |  |
| 7.13%, 4/14/30<sup>(1)</sup>  | 2770 | 2731 |
| 7.50%, 3/24/31<sup>(1)</sup>  | 1600 | 1572 |
| 6.88%, 4/23/32<sup>(1)</sup>  | 5240 | 4979 |
|  |  | **15897** |
| **Banking – 0.7%** | **Banking – 0.7%** | **Banking – 0.7%** |
| Banco Bilbao Vizcaya Argentaria S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.10%), 9.38%, <br> 3/19/29<sup>(2) (3) †</sup> <br>| 3775 | 4078 |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Variable, USD SOFR ICE Swap Rate <br> 5Y + 5.78%), 9.63%, <br> 12/15/29<sup>(2) (3)</sup> <br>| 1635 | 1783 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 13.2% continued**  | **FOREIGN ISSUER BONDS - 13.2% continued**  | **FOREIGN ISSUER BONDS - 13.2% continued**  |
| **Banking – 0.7%continued** | **Banking – 0.7%continued** | **Banking – 0.7%continued** |
| Credit Agricole S.A., |  |  |
| &nbsp;&nbsp; (Variable, USD SOFR ICE Swap Rate <br> 5Y + 3.58%), 7.13%, <br> 9/23/35<sup>(1) (2) (3) †</sup> <br>| $2490 | $2514 |
| Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.68%), 6.63%, <br> 9/27/35<sup>(2) (3) †</sup> <br>| 1210 | 1155 |
| Nordea Bank Abp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.72%), 6.75%, <br> 11/10/33<sup>(1) (2) (3)</sup> <br>| 2280 | 2274 |
| Societe Generale S.A., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.45%), 10.00%, <br> 11/14/28<sup>(1) (2) (3)</sup> <br>| 3110 | 3359 |
|  |  | **15163** |
| **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** |
| Bausch Health Cos., Inc., |  |  |
| 4.88%, 6/1/28<sup>(1)</sup>  | 4135 | **3787** |
| **Cable & Satellite – 0.4%** | **Cable & Satellite – 0.4%** | **Cable & Satellite – 0.4%** |
| &nbsp;&nbsp; Virgin Media O2 Vendor Financing <br> Notes VI DAC,<br>|  |  |
| 8.50%, 3/15/33<sup>(1)</sup>  | 1355 | 1184 |
| Ziggo Bond Co. B.V., |  |  |
| 5.13%, 2/28/30<sup>(1) †</sup>  | 8160 | 7002 |
|  |  | **8186** |
| **Chemicals – 1.2%** | **Chemicals – 1.2%** | **Chemicals – 1.2%** |
| Cerdia Finanz GmbH, |  |  |
| 9.38%, 10/3/31<sup>(1)</sup>  | 11855 | 11743 |
| Consolidated Energy Finance S.A., |  |  |
| 5.63%, 10/15/28<sup>(1) †</sup>  | 6655 | 6197 |
| 12.00%, 2/15/31<sup>(1)</sup>  | 2635 | 2596 |
| &nbsp;&nbsp; Nufarm Australia Ltd./Nufarm <br> Americas, Inc.,<br>|  |  |
| 5.00%, 1/27/30<sup>(1)</sup>  | 4060 | 3645 |
|  |  | **24181** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| Garda World Security Corp., |  |  |
| 6.50%, 1/15/31<sup>(1)</sup>  | 1530 | **1551** |
| **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** |
| Rakuten Group, Inc., |  |  |
| 9.75%, 4/15/29<sup>(1)</sup>  | 2947 | **3140** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **181** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 13.2% continued**  | **FOREIGN ISSUER BONDS - 13.2% continued**  | **FOREIGN ISSUER BONDS - 13.2% continued**  |
| **Electric Utilities – 0.2%** | **Electric Utilities – 0.2%** | **Electric Utilities – 0.2%** |
| &nbsp;&nbsp; California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC,<br>|  |  |
| 6.38%, 2/15/32<sup>(1)</sup>  | $3540 | **$3459** |
| **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** |
| TK Elevator U.S. Newco, Inc., |  |  |
| 5.25%, 7/15/27<sup>(1)</sup>  | 203 | **203** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| Mattamy Group Corp., |  |  |
| 6.00%, 12/15/33<sup>(1)</sup>  | 2345 | **2202** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Kronos Acquisition Holdings, Inc., |  |  |
| 8.25%, 6/30/31<sup>(1) †</sup>  | 3460 | **2137** |
| **Insurance – 1.1%** | **Insurance – 1.1%** | **Insurance – 1.1%** |
| Ardonagh Group Finance Ltd., |  |  |
| 8.88%, 2/15/32<sup>(1)</sup>  | 11577 | 11343 |
| &nbsp;&nbsp; Howden UK Refinance PLC/Howden <br> UK Refinance 2 PLC/Howden <br> U.S. Refinance LLC,<br>|  |  |
| 8.13%, 2/15/32<sup>(1)</sup>  | 7540 | 7064 |
| &nbsp;&nbsp; Jones Deslauriers Insurance <br> Management, Inc.,<br>|  |  |
| 6.88%, 10/1/33<sup>(1)</sup>  | 4770 | 4364 |
|  |  | **22771** |
| **Leisure Facilities & Services – 1.6%** | **Leisure Facilities & Services – 1.6%** | **Leisure Facilities & Services – 1.6%** |
| &nbsp;&nbsp; 1011778 B.C. ULC/New Red Finance, <br> Inc.,<br>|  |  |
| 4.00%, 10/15/30<sup>(1)</sup>  | 4335 | 4075 |
| Allwyn Entertainment Financing UK PLC, |  |  |
| 7.88%, 4/30/29<sup>(1)</sup>  | 4795 | 4901 |
| &nbsp;&nbsp; Brightstar Lottery PLC/Brightstar Global <br> Solutions Corp.,<br>|  |  |
| 5.75%, 1/15/33<sup>(1)</sup>  | 1980 | 1925 |
| Melco Resorts Finance Ltd., |  |  |
| 5.63%, 7/17/27<sup>(1) †</sup>  | 6475 | 6383 |
| 5.38%, 12/4/29<sup>(1) †</sup>  | 2500 | 2401 |
| 6.50%, 9/24/33<sup>(1)</sup>  | 5015 | 4813 |
| &nbsp;&nbsp; Ontario Gaming GTA L.P./OTG <br> Co-Issuer, Inc.,<br>|  |  |
| 8.00%, 8/1/30<sup>(1)</sup>  | 580 | 556 |
| Studio City Finance Ltd., |  |  |
| 5.00%, 1/15/29<sup>(1)</sup>  | 5435 | 5096 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 13.2% continued**  | **FOREIGN ISSUER BONDS - 13.2% continued**  | **FOREIGN ISSUER BONDS - 13.2% continued**  |
| **Leisure Facilities & Services – 1.6%continued** | **Leisure Facilities & Services – 1.6%continued** | **Leisure Facilities & Services – 1.6%continued** |
| Wynn Macau Ltd., |  |  |
| 6.75%, 2/15/34<sup>(1)</sup>  | $2860 | $2791 |
|  |  | **32941** |
| **Metals & Mining – 1.6%** | **Metals & Mining – 1.6%** | **Metals & Mining – 1.6%** |
| Aris Mining Corp., |  |  |
| 8.00%, 10/31/29<sup>(1) †</sup>  | 4220 | 4370 |
| Capstone Copper Corp., |  |  |
| 6.75%, 3/31/33<sup>(1)</sup>  | 3855 | 3829 |
| First Quantum Minerals Ltd., |  |  |
| 8.63%, 6/1/31<sup>(1)</sup>  | 8860 | 9186 |
| 7.25%, 2/15/34<sup>(1)</sup>  | 1365 | 1390 |
| 6.38%, 2/15/36<sup>(1)</sup>  | 2420 | 2328 |
| Fortescue Treasury Pty. Ltd., |  |  |
| 4.38%, 4/1/31<sup>(1)</sup>  | 7040 | 6652 |
| Taseko Mines Ltd., |  |  |
| 8.25%, 5/1/30<sup>(1)</sup>  | 6346 | 6616 |
|  |  | **34371** |
| **Oil & Gas Services & Equipment – 0.3%** | **Oil & Gas Services & Equipment – 0.3%** | **Oil & Gas Services & Equipment – 0.3%** |
| Enerflex, Inc., |  |  |
| 6.88%, 1/15/31<sup>(1)</sup>  | 1385 | 1414 |
| Seadrill Finance Ltd., |  |  |
| 8.38%, 8/1/30<sup>(1)</sup>  | 5355 | 5538 |
|  |  | **6952** |
| **Oil & Gas Supply Chain – 0.4%** | **Oil & Gas Supply Chain – 0.4%** | **Oil & Gas Supply Chain – 0.4%** |
| Baytex Energy Corp., |  |  |
| 7.38%, 3/15/32<sup>(1)</sup>  | 2055 | 2126 |
| EG Global Finance PLC, |  |  |
| 12.00%, 11/30/28<sup>(1)</sup>  | 5286 | 5656 |
|  |  | **7782** |
| **Retail - Discretionary – 0.0%** | **Retail - Discretionary – 0.0%** | **Retail - Discretionary – 0.0%** |
| &nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK <br> Ltd.,<br>|  |  |
| 8.38%, 1/15/29<sup>(1)</sup>  | 1190 | **1087** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| Open Text Holdings, Inc., |  |  |
| 4.13%, 2/15/30<sup>(1)</sup>  | 2055 | **1836** |
| **Specialty Finance – 0.9%** | **Specialty Finance – 0.9%** | **Specialty Finance – 0.9%** |
| GGAM Finance Ltd., |  |  |
| 8.00%, 2/15/27<sup>(1)</sup>  | 3300 | 3331 |
| goeasy Ltd., |  |  |
| 9.25%, 12/1/28<sup>(1)</sup>  | 4105 | 3818 |
| 6.88%, 5/15/30<sup>(1)</sup>  | 5976 | 4952 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **182** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 13.2% continued**  | **FOREIGN ISSUER BONDS - 13.2% continued**  | **FOREIGN ISSUER BONDS - 13.2% continued**  |
| **Specialty Finance – 0.9%continued** | **Specialty Finance – 0.9%continued** | **Specialty Finance – 0.9%continued** |
| 6.88%, 2/15/31<sup>(1) †</sup>  | $1175 | $945 |
| Phoenix Aviation Capital Ltd., |  |  |
| 9.25%, 7/15/30<sup>(1)</sup>  | 5300 | 5333 |
|  |  | **18379** |
| **Steel – 0.2%** | **Steel – 0.2%** | **Steel – 0.2%** |
| Infrabuild Australia Pty. Ltd., |  |  |
| 14.50%, 11/15/28<sup>(1)</sup>  | 3334 | **3562** |
| **Telecommunications – 2.1%** | **Telecommunications – 2.1%** | **Telecommunications – 2.1%** |
| Altice France S.A., |  |  |
| 6.88%, 10/15/30<sup>(1)</sup>  | 2467 | 2359 |
| 6.50%, 4/15/32<sup>(1)</sup>  | 4958 | 4698 |
| 6.88%, 7/15/32<sup>(1)</sup>  | 6898 | 6537 |
| &nbsp;&nbsp; Connect Finco S.A.R.L./Connect <br> U.S. Finco LLC,<br>|  |  |
| 9.00%, 9/15/29<sup>(1)</sup>  | 3952 | 4152 |
| Fibercop S.p.A., |  |  |
| 6.38%, 11/15/33<sup>(1)</sup>  | 5664 | 5597 |
| Iliad Holding SAS, |  |  |
| 7.00%, 10/15/28<sup>(1)</sup>  | 2950 | 2969 |
| 8.50%, 4/15/31<sup>(1)</sup>  | 1175 | 1229 |
| 7.00%, 4/15/32<sup>(1)</sup>  | 2400 | 2403 |
| Telesat Canada/Telesat LLC, |  |  |
| 5.63%, 12/6/26<sup>(1)</sup>  | 1920 | 1526 |
| Vmed O2 UK Financing I PLC, |  |  |
| 4.25%, 1/31/31<sup>(1)</sup>  | 5250 | 4509 |
| 4.75%, 7/15/31<sup>(1)</sup>  | 4740 | 4078 |
| 6.75%, 1/15/33<sup>(1)</sup>  | 3200 | 2859 |
|  |  | **42916** |
| **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| 7.88%, 5/1/27<sup>(1)</sup>  | 2995 | 2956 |
| 6.38%, 2/1/30<sup>(1) †</sup>  | 4055 | 3502 |
|  |  | **6458** |
| **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** |
| New Flyer Holdings, Inc., |  |  |
| 9.25%, 7/1/30<sup>(1)</sup>  | 1780 | **1903** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $279,346)** |  | **273823** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS – 0.1%** <sup>(10)</sup> | **TERM LOANS – 0.1%** <sup>(10)</sup> | **TERM LOANS – 0.1%** <sup>(10)</sup> |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| Alvogen Pharma U.S., Inc., Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.50%, 3.00% Floor), 6.20%, <br> 3/1/29<br>| $2723 | **$1743** |
| **Total Term Loans** |  |  |
| **(Cost $2,663)** |  | **1743** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 0.0%**  | **COMMON STOCKS – 0.0%**  | **COMMON STOCKS – 0.0%**  |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| Ardagh Holdings S.A.<sup>(1) \*</sup>  | 92505 | **$685** |
| **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** |
| Voyager Aviation Holdings LLC<sup>(8) (11) \*</sup>  | 2621 | **—** |
| **Total Common Stocks** |  |  |
| **(Cost $7,069)** |  | **685** |
| **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  |
| **Specialized Finance – 0.0%** | **Specialized Finance – 0.0%** | **Specialized Finance – 0.0%** |
| Cayenne Aviation LLC<sup>(5) (8) (11) \*</sup>  | 15725 | **—** |
| **Total Preferred Stocks** |  |  |
| **(Cost $1,573)** |  | **—** |
| **INVESTMENT COMPANIES – 9.0%**  | **INVESTMENT COMPANIES – 9.0%**  | **INVESTMENT COMPANIES – 9.0%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(12) (13) (14)</sup> <br>| 115080679 | 115081 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(12) (13)</sup> <br>| 71222445 | 71222 |
| **Total Investment Companies** |  |  |
| **(Cost $186,303)** |  | **186303** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **183** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.0%**  | **SHORT-TERM INVESTMENTS – 0.0%**  | **SHORT-TERM INVESTMENTS – 0.0%**  |
| U.S. Treasury Bill, |  |  |
| 3.64%, 5/7/26<sup>(15) (16)</sup>  | $1206 | **$1202** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $1,202)** | **(Cost $1,202)** | **1202** |
| **Total Investments – 104.3%** | **Total Investments – 104.3%** |  |
| **(Cost $2,240,182)** | **(Cost $2,240,182)** | **2169646** |
| Liabilities less Other Assets – (4.3%) | Liabilities less Other Assets – (4.3%) | (90242)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2079404** |

---

<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 March 31,* *2026, the value of these securities amounted to approximately* *$1,765,252,000 or 84.9% of net assets.* 

<sup>(2)</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 March 31, 2026.* 

<sup>(3)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(4)</sup> *Security is a payment in-kind bond (PIK), distributions received in-kind unless* *otherwise noted in the description.* 

<sup>(5)</sup> *Issuer has defaulted on terms of debt obligation. Income is not being* *accrued.* 

<sup>(6)</sup> *Principal amount is less than one thousand.*

<sup>(7)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2026.*

<sup>(8)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

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

<sup>(10)</sup> *Variable or floating rate security. Rate as of March 31, 2026 is disclosed.*

<sup>(11)</sup> *Restricted security. At March 31, 2026, the value of these restricted* *securities amounted to $0 or 0.0% of net assets. Additional information on* *these restricted securities are as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| Cayenne Aviation LLC | 5/18/21 | &nbsp;&nbsp; $1573 |
| Voyager Aviation Holdings LLC | 5/18/21 | &nbsp;&nbsp; 3 |

---

---

| | |
|:---|:---|
| <sup>(12)</sup>  | *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>(13)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(14)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>(15)</sup>  | *Discount rate at the time of purchase.* |
| <sup>(16)</sup>  | *Security pledged as collateral to cover margin requirements for open futures* <br> *contracts.*<br>|
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

<br> EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: <br>

---

| |
|:---|
| 3M - 3 Month |
| 5Y - 5 Year |
| 7Y - 7 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| ICE - Intercontinental Exchange |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| 400 | $82978 | Long | 6/26 | $(639)<br>|
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| 500 | 54090 | Long | 6/26 | (825)<br>|
| Total |  |  |  |  | $(1464)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **184** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1705890 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1705890 |
| Foreign Issuer Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 273823 | &nbsp;&nbsp; — | &nbsp;&nbsp; 273823 |
| Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 1743 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1743 |
| Common Stocks<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 685 | &nbsp;&nbsp; — | &nbsp;&nbsp; 685 |
| Investment Companies | &nbsp;&nbsp; 186303 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 186303 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1202 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1202 |
| Total Investments | &nbsp;&nbsp; $186303 | &nbsp;&nbsp; $1983343 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2169646 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(1464)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1464)<br>|

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $570905 | $455824 | $115081 | 115080679 | $1177 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 34238 | 693104 | 656120 | 71222 | 71222445 | 2638 |
| Total | $34238 | $1264009 | $1111944 | $186303 | 186303124 | $3815 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **185** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS – 0.6%**  | **CORPORATE BONDS – 0.6%**  | **CORPORATE BONDS – 0.6%**  |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| Nature Conservancy (The), |  |  |
| 1.30%, 7/1/28 | $1350 | **$1246** |
| **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** |
| Bon Secours Mercy Health, Inc., |  |  |
| 3.46%, 6/1/30 | 500 | 484 |
| Seattle Children's Hospital, |  |  |
| 1.21%, 10/1/27 | 5000 | 4778 |
|  |  | **5262** |
| **Total Corporate Bonds** |  |  |
| **(Cost $6,850)** |  | **6508** |
| **MUNICIPAL BONDS – 96.4%**  | **MUNICIPAL BONDS – 96.4%**  | **MUNICIPAL BONDS – 96.4%**  |
| **Alabama – 3.0%** | **Alabama – 3.0%** | **Alabama – 3.0%** |
| &nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 9/1/32<sup>(1) (2)</sup>  | 1500 | 1582 |
| &nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series D,<br>|  |  |
| 5.00%, 11/1/32 | 6000 | 6361 |
| &nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Project Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/27 | 1250 | 1281 |
| &nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds,<br>|  |  |
| 4.00%, 12/1/31<sup>(1) (2)</sup>  | 3930 | 3969 |
| &nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds, <br> Series D1,<br>|  |  |
| 4.00%, 6/1/27<sup>(1) (2)</sup>  | 2500 | 2525 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series A, Gas Project No. 8,<br>|  |  |
| 4.00%, 12/1/29<sup>(1) (2)</sup>  | 7500 | 7541 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series E, Gas Project,<br>|  |  |
| 5.00%, 7/1/29 | 945 | 983 |
| &nbsp;&nbsp; Huntsville Health Care Authority <br> Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 6/1/35 | 6000 | 6675 |
| &nbsp;&nbsp; Jefferson County Sewer Revenue <br> Refunding Warrants,<br>|  |  |
| 5.00%, 10/1/38 | 1325 | 1424 |
| &nbsp;&nbsp; Mobile County Board of School <br> Commissioners Special Tax <br> Refunding Bonds (AG Insured),<br>|  |  |
| 5.00%, 3/1/29 | 1500 | 1593 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Alabama – 3.0%continued** | **Alabama – 3.0%continued** | **Alabama – 3.0%continued** |
| &nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District Energy Supply <br> Revenue Bonds, Series C,<br>|  |  |
| 5.00%, 2/1/31<sup>(1) (2)</sup>  | $2000 | $2116 |
|  |  | **36050** |
| **Alaska – 1.0%** | **Alaska – 1.0%** | **Alaska – 1.0%** |
| &nbsp;&nbsp; Alaska State Housing Finance Corp. <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/30 | 5000 | 5130 |
| &nbsp;&nbsp; Alaska State Railroad Corp. Cruise Port <br> Revenue Bonds (AMT) (AG Insured),<br>|  |  |
| 5.50%, 10/1/40 | 500 | 549 |
| 5.50%, 10/1/41 | 500 | 543 |
| &nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| 5.50%, 2/1/32 | 2010 | 2223 |
| &nbsp;&nbsp; Juneau City & Borough G.O. Unlimited <br> Bonds,<br>|  |  |
| 5.00%, 6/1/35 | 2000 | 2280 |
| &nbsp;&nbsp; Matanuska-Susitna Borough G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/44 | 725 | 776 |
|  |  | **11501** |
| **Arizona – 2.8%** | **Arizona – 2.8%** | **Arizona – 2.8%** |
| &nbsp;&nbsp; Arizona Board of Regents Revenue <br> Refunding Bonds, Series A, Arizona <br> State University,<br>|  |  |
| 7/1/41<sup>(3)</sup>  | 1000 | 1099 |
| &nbsp;&nbsp; Arizona State IDA Education Revenue <br> Bonds, Series A-Social, Macombs <br> Facility Project,<br>|  |  |
| 4.00%, 7/1/36 | 315 | 299 |
| 4.00%, 7/1/41 | 800 | 719 |
| &nbsp;&nbsp; Arizona State IDA National Charter <br> School Revolving Loan Fund Revenue <br> Bonds, Equitable School Revenue, <br> Social Bonds,<br>|  |  |
| 4.00%, 11/1/46 | 1000 | 915 |
| &nbsp;&nbsp; Chandler IDA IDR Variable Revenue <br> Bonds (AMT), Intel Corp. Project,<br>|  |  |
| 5.00%, 9/1/27<sup>(1) (2)</sup>  | 3000 | 3048 |
| &nbsp;&nbsp; Glendale IDA Revenue Bonds, <br> Midwestern University,<br>|  |  |
| 5.00%, 5/15/40 | 1375 | 1480 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **186** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Arizona – 2.8%continued** | **Arizona – 2.8%continued** | **Arizona – 2.8%continued** |
| &nbsp;&nbsp; Maricopa County High School District <br> No. 210 Phoenix G.O. Unlimited <br> Bonds, School Improvement Project <br> of 2011 & 2017,<br>|  |  |
| 5.00%, 7/1/35 | $1775 | $1816 |
| &nbsp;&nbsp; Maricopa County IDA Educational <br> Facilities Revenue Bonds, Creighton <br> University Project,<br>|  |  |
| 5.00%, 7/1/47 | 1500 | 1508 |
| &nbsp;&nbsp; Maricopa County IDA Revenue <br> Refunding Bonds, Banner Health <br> Obligation Group,<br>|  |  |
| 4.00%, 1/1/36 | 180 | 180 |
| &nbsp;&nbsp; Maricopa County Special Health Care <br> District G.O. Unlimited Bonds,<br>|  |  |
| 4.00%, 7/1/38 | 2500 | 2501 |
| &nbsp;&nbsp; Mesa Utility Systems Revenue Bonds <br> (AG Insured),<br>|  |  |
| 5.00%, 7/1/45 | 1055 | 1116 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Excise Tax Subordinate Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 7/1/39 | 12000 | 13433 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Wastewater System Junior Lien <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/30 | 2000 | 2013 |
| &nbsp;&nbsp; Salt Verde Financial Corp. Senior Gas <br> Revenue Bonds,<br>|  |  |
| 5.00%, 12/1/37 | 1500 | 1583 |
| &nbsp;&nbsp; Western Maricopa Education Center <br> District No. 402 G.O. Unlimited <br> Refunding Bonds (AG Insured),<br>|  |  |
| 5.00%, 7/1/27 | 585 | 602 |
| 5.00%, 7/1/28 | 1000 | 1052 |
|  |  | **33364** |
| **Arkansas – 1.2%** | **Arkansas – 1.2%** | **Arkansas – 1.2%** |
| &nbsp;&nbsp; Arkansas Development Finance <br> Authority Environmental Variable <br> Revenue Bonds (AMT), United States <br> Steel Corp. Project,<br>|  |  |
| 4.00%, 3/1/33<sup>(1) (2)</sup>  | 10000 | 9948 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Arkansas – 1.2%continued** | **Arkansas – 1.2%continued** | **Arkansas – 1.2%continued** |
| &nbsp;&nbsp; Little Rock School District G.O. Limited <br> Refunding Bonds, Series A (AGM <br> Insured State Aid Withholding),<br>|  |  |
| 2.00%, 2/1/34 | $4000 | $3409 |
| 2.25%, 2/1/41 | 1485 | 1074 |
|  |  | **14431** |
| **California – 7.5%** | **California – 7.5%** | **California – 7.5%** |
| &nbsp;&nbsp; Anaheim Housing & Public <br> Improvements Authority Revenue <br> Refunding Bonds, Electric Utility <br> Distribution System,<br>|  |  |
| 5.00%, 10/1/34 | 1250 | 1287 |
| 5.00%, 10/1/52 | 5000 | 5040 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| 4.00%, 8/1/31<sup>(1) (2)</sup>  | 4525 | 4516 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Revenue Bonds, Clean <br> Energy Project,<br>|  |  |
| 5.00%, 4/1/32<sup>(1) (2)</sup>  | 5705 | 6017 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 4.00%, 12/1/27<sup>(1) (2)</sup>  | 5000 | 5059 |
| 5.00%, 12/1/32<sup>(1) (2)</sup>  | 2000 | 2042 |
| 5.00%, 8/1/33<sup>(1) (2)</sup>  | 5000 | 5410 |
| &nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-1, Class A <br> Certificates,<br>|  |  |
| 3.50%, 11/20/35 | 3225 | 3175 |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, The <br> Master's University,<br>|  |  |
| 5.25%, 8/1/40 | 3000 | 3083 |
| &nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Series 2007, Unrefunded Balance,<br>|  |  |
| 5.75%, 5/1/30 | 80 | 80 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/33 | 2500 | 2844 |
| 5.00%, 8/1/34 | 2000 | 2296 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **187** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **California – 7.5%continued** | **California – 7.5%continued** | **California – 7.5%continued** |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| 5.00%, 10/1/32<sup>(1) (2)</sup>  | $4000 | $4405 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Refunding Bonds, <br> The Master's University,<br>|  |  |
| 5.00%, 8/1/34 | 1585 | 1614 |
| &nbsp;&nbsp; Carlsbad Unified School District G.O. <br> Unlimited Convertible CABS, Series <br> C, Election,<br>|  |  |
| &nbsp;&nbsp; (Step to 6.63% on 8/1/26), 0.00%, <br> 8/1/35<sup>(4)</sup> <br>| 11850 | 14457 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International <br> Airport,<br>|  |  |
| 5.00%, 5/15/35 | 600 | 601 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Senior Revenue Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 5/15/33 | 4420 | 4710 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series D,<br>|  |  |
| 5.00%, 7/1/31 | 2480 | 2709 |
| 5.00%, 7/1/34 | 1500 | 1682 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Refunding <br> Bonds, Series D,<br>|  |  |
| 5.25%, 7/1/38 | 3000 | 3034 |
| &nbsp;&nbsp; Los Angeles Municipal Improvement <br> Corp. Lease Revenue Bonds, Capital <br> Equipment & Real Property,<br>|  |  |
| 5.00%, 5/1/28 | 1250 | 1315 |
| &nbsp;&nbsp; Oakland Unified School District <br> Alameda County, G.O. Unlimited <br> Bonds, Series A, Election of 2020,<br>|  |  |
| 8/1/28<sup>(3)</sup>  | 1000 | 1055 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series E (AMT),<br>|  |  |
| 5.00%, 5/1/39 | 2355 | 2422 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **California – 7.5%continued** | **California – 7.5%continued** | **California – 7.5%continued** |
| &nbsp;&nbsp; San Francisco City & County <br> Commission International Airport <br> Revenue Bonds, Second Series A <br> (AMT),<br>|  |  |
| 5.00%, 5/1/33 | $2500 | $2751 |
| &nbsp;&nbsp; Southern California State Public Power <br> Authority Variable Revenue Bonds, <br> Southern Transmission System,<br>|  |  |
| 5.00%, 7/1/29<sup>(1) (2)</sup>  | 2655 | 2786 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series BZ,<br>|  |  |
| 5.00%, 5/15/39 | 1635 | 1822 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series CE,<br>|  |  |
| 5.00%, 11/15/36 | 2500 | 2883 |
|  |  | **89095** |
| **Colorado – 4.5%** | **Colorado – 4.5%** | **Colorado – 4.5%** |
| &nbsp;&nbsp; Adams County School District No. 1 <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B (State Aid <br> Withholding), Prerefunded,<br>|  |  |
| 5.25%, 12/1/26<sup>(5)</sup>  | 225 | 229 |
| &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>|  |  |
| 5.25%, 12/1/40 | 4775 | 4828 |
| &nbsp;&nbsp; Adams County School District No. 14 <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.50%, 12/1/40 | 1500 | 1696 |
| Arvada Sales & Use TRB, |  |  |
| 5.00%, 12/1/31 | 2000 | 2116 |
| &nbsp;&nbsp; Colorado Bridge & Tunnel Enterprise <br> Senior Infrastructure Revenue Bonds, <br> Series A (AG Insured),<br>|  |  |
| 5.25%, 12/1/44 | 930 | 1009 |
| 5.25%, 12/1/45 | 1300 | 1400 |
| &nbsp;&nbsp; Colorado Educational & Cultural <br> Authority Revenue Bonds, Series A, <br> University of Denver Project,<br>|  |  |
| 5.00%, 3/1/43 | 1735 | 1849 |
| Colorado State COPS, Series A, |  |  |
| 4.00%, 12/15/36 | 5000 | 5032 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **188** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Colorado – 4.5%continued** | **Colorado – 4.5%continued** | **Colorado – 4.5%continued** |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Hospital Revenue <br> Refunding Bonds, Adventist Health <br> System/Sunbelt,<br>|  |  |
| 4.00%, 11/15/41 | $1000 | $981 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Revenue Bonds, Series A, <br> Craig Hospital Project,<br>|  |  |
| 5.00%, 12/1/44 | 1625 | 1679 |
| 5.00%, 12/1/45 | 2225 | 2289 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Revenue Refunding Bonds, <br> Intermountain Healthcare,<br>|  |  |
| 5.00%, 5/15/32 | 2000 | 2223 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Revenue Refunding Bonds, <br> Series A, CommonSpirit Health,<br>|  |  |
| 5.00%, 12/1/29 | 2000 | 2129 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue Bonds, <br> AdventHealth Obligated Group ,<br>|  |  |
| 5.00%, 11/15/28<sup>(1) (2)</sup>  | 4000 | 4206 |
| &nbsp;&nbsp; Denver City & County Airport Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| 5.50%, 11/15/35 | 10000 | 11151 |
| 5.00%, 11/15/41 | 1000 | 1046 |
| &nbsp;&nbsp; Denver City & County Airport System <br> Subordinate Revenue Refunding <br> Bonds (AMT), Series A,<br>|  |  |
| 5.00%, 12/1/43 | 4500 | 4579 |
| &nbsp;&nbsp; Denver City & County Dedicated TRB, <br> Series A-1,<br>|  |  |
| 5.00%, 8/1/48 | 2750 | 2754 |
| &nbsp;&nbsp; Larimer & Weld Counties School District <br> No. RE-5J G.O. Unlimited Bonds <br> (State Aid Withholding),<br>|  |  |
| 4.00%, 12/1/34 | 1850 | 1899 |
|  |  | **53095** |
| **Connecticut – 1.7%** | **Connecticut – 1.7%** | **Connecticut – 1.7%** |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series 2021 A,<br>|  |  |
| 3.00%, 1/15/33 | 5005 | 4877 |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series C,<br>|  |  |
| 5.00%, 8/15/34 | 2000 | 2290 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Connecticut – 1.7%continued** | **Connecticut – 1.7%continued** | **Connecticut – 1.7%continued** |
| &nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Variable Revenue <br> Bonds, Series A-3, Yale University,<br>|  |  |
| 2.95%, 7/1/27<sup>(1) (2)</sup>  | $3000 | $3012 |
| &nbsp;&nbsp; Connecticut State Special Tax <br> Obligation Revenue Refunding <br> Bonds, Transportation Infrastructure,<br>|  |  |
| 5.00%, 7/1/41 | 2000 | 2210 |
| &nbsp;&nbsp; University of Connecticut Revenue <br> Bonds, Series A,<br>|  |  |
| 5.25%, 11/15/47 | 8000 | 8170 |
|  |  | **20559** |
| **Delaware – 0.3%** | **Delaware – 0.3%** | **Delaware – 0.3%** |
| &nbsp;&nbsp; Delaware State EDA Variable Revenue <br> Refunding Bonds, Series A, NRG <br> Energy Project,<br>|  |  |
| 4.00%, 10/1/35<sup>(1) (2)</sup>  | 3350 | **3295** |
| **District of Columbia – 1.4%** | **District of Columbia – 1.4%** | **District of Columbia – 1.4%** |
| &nbsp;&nbsp; District of Columbia G.O. Unlimited <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 6/1/28 | 3500 | 3685 |
| &nbsp;&nbsp; District of Columbia Income Tax <br> Secured Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/47 | 2000 | 2072 |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/30 | 7500 | 8087 |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority System Revenue Refunding <br> Bonds (AMT),<br>|  |  |
| 5.00%, 10/1/30 | 2630 | 2702 |
|  |  | **16546** |
| **Florida – 8.4%** | **Florida – 8.4%** | **Florida – 8.4%** |
| &nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds (AMT),<br>|  |  |
| 5.00%, 10/1/37 | 1500 | 1523 |
| &nbsp;&nbsp; Broward County Port Facilities Revenue <br> Bonds (AMT),<br>|  |  |
| 5.00%, 9/1/40 | 795 | 840 |
| &nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series A,<br>|  |  |
| 7/1/27<sup>(3)</sup>  | 8260 | 8483 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **189** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Florida – 8.4%continued** | **Florida – 8.4%continued** | **Florida – 8.4%continued** |
| &nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series C,<br>|  |  |
| 5.00%, 7/1/26 | $3000 | $3017 |
| &nbsp;&nbsp; Capital Trust Authority Health Care <br> Facilities Revenue Refunding Bonds, <br> Series A, UF Health Projects,<br>|  |  |
| 5.00%, 12/1/32 | 1300 | 1428 |
| &nbsp;&nbsp; Central Florida Expressway Authority <br> Senior Lien Revenue Refunding <br> Bonds, Series B, Prerefunded,<br>|  |  |
| 4.00%, 7/1/26<sup>(5)</sup>  | 2000 | 2008 |
| &nbsp;&nbsp; Central Florida State Tourism Oversight <br> District Utilities Revenue Bonds, <br> Series 1,<br>|  |  |
| 5.00%, 10/1/40 | 3105 | 3413 |
| &nbsp;&nbsp; Columbia County School Board COPS <br> (AG Insured),<br>|  |  |
| 5.00%, 7/1/37 | 1135 | 1258 |
| &nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds <br> (AMT),<br>|  |  |
| 5.00%, 10/1/33 | 2100 | 2313 |
| &nbsp;&nbsp; Greater Orlando Aviation Authority <br> Special Purpose Airport Facilities <br> Revenue Bonds (AMT), United <br> Airlines Inc., Project,<br>|  |  |
| 5.50%, 11/1/37 | 1500 | 1563 |
| &nbsp;&nbsp; JEA Water & Sewer Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/31 | 10000 | 10293 |
| &nbsp;&nbsp; Lake County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| 5.00%, 6/1/31 | 2000 | 2190 |
| &nbsp;&nbsp; Lee County Airport Variable Revenue <br> Bonds, Series A-2 (AMT),<br>|  |  |
| 5.00%, 10/1/31<sup>(1) (2)</sup>  | 1500 | 1608 |
| &nbsp;&nbsp; Lee County School Board COPS, Series <br> A,<br>|  |  |
| 5.00%, 8/1/33 | 2350 | 2632 |
| &nbsp;&nbsp; Lee County Transportation Facilities <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/27 | 1600 | 1651 |
| &nbsp;&nbsp; Manatee County School Board COPS, <br> Master Lease Program (AG Insured),<br>|  |  |
| 5.00%, 7/1/42 | 2000 | 2178 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Florida – 8.4%continued** | **Florida – 8.4%continued** | **Florida – 8.4%continued** |
| &nbsp;&nbsp; Miami Beach Redevelopment Agency <br> Tax Allocation Bonds, City <br> Center/Historic Convention (AG <br> Insured),<br>|  |  |
| 5.00%, 2/1/37 | $1500 | $1649 |
| &nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/35 | 2810 | 3091 |
| &nbsp;&nbsp; Miami-Dade County Educational <br> Facilities Authority Revenue <br> Refunding Bonds, University of <br> Miami, Series B (AMBAC Insured),<br>|  |  |
| 5.25%, 4/1/26 | 4000 | 4000 |
| &nbsp;&nbsp; Miami-Dade County G.O. Unlimited <br> Bonds, Building Better Communities <br> Program,<br>|  |  |
| 5.00%, 7/1/46 | 6800 | 7113 |
| &nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-1 <br> (AMT) (AGM Insured),<br>|  |  |
| 4.00%, 10/1/45 | 2325 | 2108 |
| &nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-2 <br> (AGM Insured),<br>|  |  |
| 3.00%, 10/1/50 | 7500 | 5452 |
| &nbsp;&nbsp; Miami-Dade County Water & Sewer <br> System Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 10/1/37 | 2500 | 2512 |
| &nbsp;&nbsp; North Miami Community <br> Redevelopment Agency Revenue <br> Bonds,<br>|  |  |
| 5.00%, 3/1/39 | 1250 | 1324 |
| 5.00%, 3/1/40 | 1000 | 1054 |
| 5.00%, 3/1/41 | 1000 | 1045 |
| &nbsp;&nbsp; Orlando Utilities Commission Utility <br> System Revenue Bonds, Series B,<br>|  |  |
| 1.25%, 10/1/28<sup>(1) (2)</sup>  | 1000 | 933 |
| &nbsp;&nbsp; Palm Beach County Educational <br> Facilities Authority Revenue Bonds, <br> Palm Beach Atlantic University,<br>|  |  |
| 5.00%, 10/1/43 | 625 | 625 |
| &nbsp;&nbsp; Palm Beach County School Board <br> Refunding COPS, Series A,<br>|  |  |
| 5.00%, 8/1/32 | 1300 | 1452 |
| &nbsp;&nbsp; Pasco County School Board COPS, <br> Series A (BAM Insured),<br>|  |  |
| 5.00%, 8/1/43 | 5000 | 5116 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **190** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Florida – 8.4%continued** | **Florida – 8.4%continued** | **Florida – 8.4%continued** |
| &nbsp;&nbsp; South Broward Hospital District <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 4.00%, 5/1/44 | $4000 | $3647 |
| &nbsp;&nbsp; South Florida Water Management <br> District Refunding COPS,<br>|  |  |
| 5.00%, 10/1/36 | 4000 | 4000 |
| &nbsp;&nbsp; Tallahassee Consolidated Utility <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/39 | 2500 | 2744 |
| &nbsp;&nbsp; USF Financing Corp. Capital <br> Improvement Revenue Refunding <br> Bonds, Student Housing Project,<br>|  |  |
| 5.00%, 7/1/29 | 2000 | 2137 |
| 5.00%, 7/1/34 | 1000 | 1124 |
| &nbsp;&nbsp; Volusia County Educational Facilities <br> Authority Revenue Bonds, Embry <br> Riddle Aeronautical University,<br>|  |  |
| 5.00%, 10/15/35 | 2500 | 2805 |
|  |  | **100329** |
| **Georgia – 2.5%** | **Georgia – 2.5%** | **Georgia – 2.5%** |
| &nbsp;&nbsp; Atlanta Airport Passenger Facility <br> Charge Subordinate Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/37 | 5000 | 5248 |
| &nbsp;&nbsp; Atlanta Airport Sustainable Revenue <br> Bonds, Series B-1 (AMT),<br>|  |  |
| 5.00%, 7/1/33 | 1100 | 1210 |
| &nbsp;&nbsp; Burke County Development Authority <br> PCR Bonds, Go Power Company <br> Plant Vogtle Project-FIF,<br>|  |  |
| 2.20%, 10/1/32 | 650 | 576 |
| &nbsp;&nbsp; Downtown Savannah Authority <br> Revenue Bonds, Chatham County <br> Judicial Complex,<br>|  |  |
| 5.00%, 6/1/32 | 1250 | 1255 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 9/1/27<sup>(1) (2)</sup>  | 5000 | 5058 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 3/1/30<sup>(1) (2)</sup>  | 5000 | 5243 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series E,<br>|  |  |
| 5.00%, 12/1/32<sup>(1) (2)</sup>  | 2500 | 2623 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Georgia – 2.5%continued** | **Georgia – 2.5%continued** | **Georgia – 2.5%continued** |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Plant Vogtle Units 3 <br> & 4 Project,<br>|  |  |
| 5.50%, 7/1/60 | $2500 | $2500 |
| &nbsp;&nbsp; Private Colleges & Universities Authority <br> Exchangeable Revenue Bonds, <br> Series B, Emory University,<br>|  |  |
| 5.00%, 9/1/33 | 3000 | 3388 |
| &nbsp;&nbsp; Richmond County Board of Education <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 10/1/26 | 2100 | 2126 |
|  |  | **29227** |
| **Hawaii – 0.6%** | **Hawaii – 0.6%** | **Hawaii – 0.6%** |
| &nbsp;&nbsp; Hawaii State Airports System Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 7/1/43 | 5000 | 5075 |
| &nbsp;&nbsp; Hawaii State Department of Budget & <br> Finance Special Purpose Revenue <br> Bonds, Hawaii Pacific Health <br> Obligated Group,<br>|  |  |
| 5.00%, 7/1/26 | 2510 | 2524 |
|  |  | **7599** |
| **Illinois – 7.9%** | **Illinois – 7.9%** | **Illinois – 7.9%** |
| &nbsp;&nbsp; Champaign County Community Unit <br> School District No. 4 G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/32 | 2300 | 2382 |
| &nbsp;&nbsp; Chicago Board of Education G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| 5.75%, 12/1/50 | 2000 | 2000 |
| &nbsp;&nbsp; Chicago G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/33 | 2640 | 2721 |
| &nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 1/1/33 | 2500 | 2706 |
| &nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 1/1/39 | 2400 | 2453 |
| &nbsp;&nbsp; Chicago Park District G.O. Limited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/40 | 1500 | 1614 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **191** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Illinois – 7.9%continued** | **Illinois – 7.9%continued** | **Illinois – 7.9%continued** |
| &nbsp;&nbsp; Chicago Waterworks Second Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/27 | $1220 | $1264 |
| &nbsp;&nbsp; Cook County Community Consolidated <br> School District No. 34 G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| 2.00%, 12/1/38 | 2425 | 1773 |
| &nbsp;&nbsp; Cook County High School District No. <br> 201J Sterling Morton Township G.O. <br> Limited Bonds (AG Insured),<br>|  |  |
| 5.00%, 6/1/42 | 1400 | 1502 |
| &nbsp;&nbsp; Cook County Sales Tax Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 11/15/33 | 5000 | 5147 |
| 5.25%, 11/15/35 | 5000 | 5151 |
| &nbsp;&nbsp; Cook Kane Lake & Mc Henry Counties <br> Community College District No. 512 <br> G.O. Unlimited Bonds,<br>|  |  |
| 4.00%, 12/15/30 | 5000 | 5129 |
| &nbsp;&nbsp; DuPage County High School District <br> No. 87 Glenbard Township G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.00%, 1/1/43 | 1500 | 1589 |
| &nbsp;&nbsp; Illinois State Finance Authority <br> Academic Facilities Lease Revenue <br> Bonds, University of Illinois at <br> Urbana-Champaign,<br>|  |  |
| 5.00%, 10/1/44 | 1030 | 1055 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, The Chicago School,<br>|  |  |
| 5.00%, 4/1/27 | 300 | 305 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, Township High School <br> District,<br>|  |  |
| 4.00%, 12/1/32 | 1940 | 1994 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Moorings of <br> Arlington Heights,<br>|  |  |
| 5.00%, 11/1/36 | 2000 | 2130 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, OSF Healthcare <br> System,<br>|  |  |
| 5.00%, 11/15/34 | 3000 | 3277 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, Rush <br> University System for Health,<br>|  |  |
| 5.00%, 11/15/30 | 3650 | 3894 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Illinois – 7.9%continued** | **Illinois – 7.9%continued** | **Illinois – 7.9%continued** |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, University <br> of Chicago,<br>|  |  |
| 5.00%, 10/1/31 | $4150 | $4572 |
| &nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Bonds, Series A-3, <br> UChicago Medicine,<br>|  |  |
| 5.00%, 8/15/35<sup>(1) (2)</sup>  | 2500 | 2769 |
| &nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Silver <br> Cross Hospital,<br>|  |  |
| 5.00%, 8/15/30<sup>(1) (2)</sup>  | 1750 | 1854 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 5.00%, 5/1/34 | 2700 | 2972 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series C,<br>|  |  |
| 5.00%, 11/1/29 | 3425 | 3521 |
| 5.00%, 9/1/35 | 4000 | 4367 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series D,<br>|  |  |
| 5.00%, 9/1/39 | 5000 | 5305 |
| &nbsp;&nbsp; Illinois State Sales TRB, Junior <br> Obligation Series B,<br>|  |  |
| 5.00%, 6/15/38 | 3000 | 3257 |
| &nbsp;&nbsp; Illinois State Toll Highway Authority <br> Senior Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/41 | 2825 | 3050 |
| &nbsp;&nbsp; Illinois State Toll Highway Authority <br> Senior Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 1/1/33 | 1720 | 1728 |
| &nbsp;&nbsp; Lake County Community Consolidated <br> School District No. 34 Antioch G.O. <br> Unlimited Bonds, Series C,<br>|  |  |
| 5.00%, 1/1/44 | 2545 | 2667 |
| 5.00%, 1/1/45 | 2670 | 2778 |
| &nbsp;&nbsp; Lake County Community Consolidated <br> School District No. 41 Lake Villa <br> G.O. Unlimited Bonds (BAM <br> Insured),<br>|  |  |
| 4.00%, 11/1/31 | 1000 | 1033 |
| &nbsp;&nbsp; Lake County Forest Preservation District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 2.00%, 12/15/31 | 1765 | 1575 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **192** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Illinois – 7.9%continued** | **Illinois – 7.9%continued** | **Illinois – 7.9%continued** |
| &nbsp;&nbsp; Oak Park G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 11/1/29 | $1000 | $1072 |
| &nbsp;&nbsp; Peoria G.O. Unlimited Bonds, Series A <br> (AGM Insured),<br>|  |  |
| 5.00%, 1/1/36 | 500 | 537 |
| &nbsp;&nbsp; Regional Transportation Authority <br> Revenue Bonds, Series B (NATL <br> Insured),<br>|  |  |
| 5.75%, 6/1/33 | 2000 | 2203 |
|  |  | **93346** |
| **Indiana – 2.6%** | **Indiana – 2.6%** | **Indiana – 2.6%** |
| &nbsp;&nbsp; Bloomington Public Building Corp. <br> Lease Rental Revenue Bonds,<br>|  |  |
| 5.00%, 2/1/45 | 800 | 834 |
| &nbsp;&nbsp; Hamilton County Public Building Corp. <br> Lease Rental Revenue Bonds,<br>|  |  |
| 5.00%, 7/10/41 | 3910 | 4151 |
| &nbsp;&nbsp; Indiana Finance Authority Wastewater <br> Utility First Lien Revenue Bonds, <br> Series A, CWA Authority,<br>|  |  |
| 4.25%, 10/1/44 | 5000 | 4891 |
| &nbsp;&nbsp; Indiana State Finance Authority Health <br> System Variable Revenue Bonds, <br> Series B-1, Indiana University Health,<br>|  |  |
| 5.00%, 7/1/28<sup>(1) (2)</sup>  | 3000 | 3137 |
| &nbsp;&nbsp; Indiana State Finance Authority <br> Thermal Energy System Utility <br> Revenue Refunding Bonds, Citizens <br> Energy Group Project,<br>|  |  |
| 5.25%, 10/1/43 | 1360 | 1460 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Indianapolis Airport Authority <br> Project,<br>|  |  |
| 5.25%, 1/1/50 | 3000 | 3119 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds, Unlimited Ad Valorem Project <br> (State Aid Intercept Program),<br>|  |  |
| 5.00%, 1/15/38 | 5250 | 5786 |
| &nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable First Mortgage Revenue <br> Bonds (State Aid Intercept Program),<br>|  |  |
| 5.00%, 7/15/38 | 1600 | 1769 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Indiana – 2.6%continued** | **Indiana – 2.6%continued** | **Indiana – 2.6%continued** |
| &nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable First Mortgage Revenue <br> Bonds (State Intercept Program),<br>|  |  |
| 5.00%, 7/15/38 | $2440 | $2651 |
| &nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable Revenue Bonds (State <br> Aid Intercept Program),<br>|  |  |
| 5.00%, 7/15/41 | 1000 | 1073 |
| &nbsp;&nbsp; Lebanon Middle School Building Corp. <br> First Mortgage Revenue Bonds (State <br> Intercept Program),<br>|  |  |
| 5.00%, 7/15/40 | 1000 | 1075 |
| &nbsp;&nbsp; Logansport Renovation School Building <br> Corp. First Mortgage Revenue Bonds <br> (State Intercept Program),<br>|  |  |
| 5.00%, 7/15/27 | 1025 | 1053 |
|  |  | **30999** |
| **Iowa – 0.2%** | **Iowa – 0.2%** | **Iowa – 0.2%** |
| &nbsp;&nbsp; Le Mars Community School District <br> G.O. Unlimited Bonds (AG Insured),<br>|  |  |
| 5.00%, 6/1/35 | 1890 | **2054** |
| **Kansas – 0.1%** | **Kansas – 0.1%** | **Kansas – 0.1%** |
| &nbsp;&nbsp; Leavenworth County Unified School <br> District No. 458 G.O. Unlimited <br> Bonds,<br>|  |  |
| 5.50%, 9/1/35 | 670 | 739 |
| &nbsp;&nbsp; University of Kansas Hospital Authority <br> Health Facilities Revenue Refunding <br> Bonds, The University of Kansas <br> Health System,<br>|  |  |
| 3/1/28<sup>(3)</sup>  | 875 | 911 |
|  |  | **1650** |
| **Kentucky – 5.2%** | **Kentucky – 5.2%** | **Kentucky – 5.2%** |
| &nbsp;&nbsp; Carroll County Environmental Facilities <br> Revenue Refunding Bonds (AMT), <br> Kentucky Utilities Company,<br>|  |  |
| 2.00%, 2/1/32 | 5250 | 4629 |
| &nbsp;&nbsp; Fayette County School District Finance <br> Corp. Revenue Bonds, Series A <br> (State Intercept Program),<br>|  |  |
| 4.00%, 5/1/38 | 2500 | 2442 |
| &nbsp;&nbsp; Jefferson County School District Finance <br> Corp. School Building Revenue <br> Bonds, Series A (State Intercept <br> Program),<br>|  |  |
| 4.00%, 6/1/31 | 3935 | 3939 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **193** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Kentucky – 5.2%continued** | **Kentucky – 5.2%continued** | **Kentucky – 5.2%continued** |
| &nbsp;&nbsp; Kentucky State Economic Development <br> Finance Authority Revenue Refunding <br> Bonds, Series A, CommonSpirit <br> Health,<br>|  |  |
| 5.00%, 8/1/34 | $750 | $785 |
| 5.00%, 8/1/35 | 550 | 573 |
| 5.00%, 8/1/36 | 750 | 779 |
| &nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Project <br> No.130, Series A,<br>|  |  |
| 5.00%, 11/1/30 | 2425 | 2654 |
| &nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Series <br> A, Project No. 133,<br>|  |  |
| 5.00%, 9/1/38 | 4500 | 5018 |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Bonds, Series <br> B,<br>|  |  |
| 5.00%, 12/1/33 | 2885 | 2912 |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.25%, 12/1/29<sup>(1) (2)</sup>  | 6000 | 6350 |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A-1,<br>|  |  |
| 5.25%, 2/1/32<sup>(1) (2)</sup>  | 9000 | 9637 |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 8/1/32<sup>(1) (2)</sup>  | 8130 | 8606 |
| &nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government Health System Revenue <br> Refunding Bonds, Norton <br> Healthcare, Inc.,<br>|  |  |
| 4.00%, 10/1/36 | 1315 | 1287 |
| &nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds <br> (AMT), Gas & Electric,<br>|  |  |
| 1.35%, 11/1/27 | 2500 | 2408 |
| &nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds, <br> Gas & Electric,<br>|  |  |
| 2.00%, 10/1/33 | 6000 | 5113 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Kentucky – 5.2%continued** | **Kentucky – 5.2%continued** | **Kentucky – 5.2%continued** |
| &nbsp;&nbsp; Oldham School District Finance Corp. <br> Revenue Refunding Bonds (BAM <br> Insured),<br>|  |  |
| 5.00%, 8/1/31 | $2170 | $2385 |
| Richmond G.O. Unlimited Bonds, |  |  |
| 5.00%, 6/1/42 | 1550 | 1633 |
| &nbsp;&nbsp; Trimble County Pollution Control <br> Variable Revenue Bonds (AMT), <br> Louisville Gas & Electric Co.,<br>|  |  |
| 1.30%, 9/1/27<sup>(1) (2)</sup>  | 1000 | 969 |
|  |  | **62119** |
| **Louisiana – 1.3%** | **Louisiana – 1.3%** | **Louisiana – 1.3%** |
| &nbsp;&nbsp; East Baton Rouge Parish Sewerage <br> Commission Variable Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 1.30%, 2/1/28<sup>(1) (2)</sup>  | 2500 | 2371 |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Bonds, Department of Public <br> Safety Crime (AGC Insured),<br>|  |  |
| 5.00%, 8/1/43 | 795 | 841 |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic Foundation Project,<br>|  |  |
| 5.25%, 5/15/50 | 3500 | 3628 |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic, Unrefunded Balance,<br>|  |  |
| 5.00%, 5/15/47 | 2925 | 2926 |
| &nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Revenue <br> Refunding Bonds, Entergy <br> Louisiana LLC Project,<br>|  |  |
| 2.50%, 4/1/36 | 5500 | 4685 |
| &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>|  |  |
| 5.00%, 10/1/30 | 1505 | 1545 |
|  |  | **15996** |
| **Maryland – 1.1%** | **Maryland – 1.1%** | **Maryland – 1.1%** |
| &nbsp;&nbsp; Maryland State Department of <br> Transportation Consolidated Revenue <br> Bonds, Series A,<br>|  |  |
| 3.00%, 10/1/31 | 5000 | 4964 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **194** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Maryland – 1.1%continued** | **Maryland – 1.1%continued** | **Maryland – 1.1%continued** |
| 3.00%, 10/1/32 | $2000 | $1978 |
| &nbsp;&nbsp; Maryland State Health & Higher <br> Educational Facilities Authority <br> Revenue Refunding Bonds, Series C, <br> Medstar Health Issue,<br>|  |  |
| 5.00%, 8/15/29 | 1500 | 1603 |
| &nbsp;&nbsp; Washington Suburban Sanitary District <br> Consolidated Public Improvement <br> Revenue Bonds, Second Series <br> (County Gtd.),<br>|  |  |
| 5.00%, 6/1/37 | 5000 | 5014 |
|  |  | **13559** |
| **Massachusetts – 1.7%** | **Massachusetts – 1.7%** | **Massachusetts – 1.7%** |
| &nbsp;&nbsp; Massachusetts State Bay Transportation <br> Authority Senior Sales Tax Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/40 | 4000 | 4411 |
| &nbsp;&nbsp; Massachusetts State Consolidated Loan <br> G.O. Unlimited Bonds, Series G,<br>|  |  |
| 5.00%, 12/1/40 | 1625 | 1804 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Bonds, <br> Lasell Village, Inc.,<br>|  |  |
| 5.25%, 7/1/45 | 2000 | 2059 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Bonds, <br> Middlesex Sustainable Energy <br> Partners,<br>|  |  |
| 5.00%, 10/1/29 | 750 | 787 |
| 5.50%, 10/1/45 | 1250 | 1318 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Partners Healthcare System,<br>|  |  |
| 5.00%, 7/1/29 | 1625 | 1691 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Suffolk University,<br>|  |  |
| 5.00%, 7/1/29 | 500 | 513 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Variable Revenue <br> Bonds, Brown Health University <br> Obligated Group,<br>|  |  |
| 5.00%, 8/15/31<sup>(1) (2)</sup>  | 2000 | 2139 |
| &nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 4/1/50 | 2000 | 2078 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Massachusetts – 1.7%continued** | **Massachusetts – 1.7%continued** | **Massachusetts – 1.7%continued** |
| &nbsp;&nbsp; Massachusetts State Port Authority <br> Revenue Bonds, Series C (AMT),<br>|  |  |
| 5.00%, 7/1/30 | $3000 | $3172 |
|  |  | **19972** |
| **Michigan – 3.0%** | **Michigan – 3.0%** | **Michigan – 3.0%** |
| &nbsp;&nbsp; Battle Creek School District G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/27 | 1540 | 1543 |
| &nbsp;&nbsp; Comstock Park Public Schools G.O. <br> Unlimited Bonds, Series II (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 11/1/44 | 1170 | 1244 |
| 5.00%, 11/1/49 | 2230 | 2297 |
| &nbsp;&nbsp; Grosse Pointe Public School System <br> G.O. Unlimited Bonds,<br>|  |  |
| 3.00%, 5/1/34 | 1815 | 1732 |
| &nbsp;&nbsp; Holt Public Schools G.O. Unlimited <br> Bonds, Series I (Q-SBLF Insured),<br>|  |  |
| 3.00%, 5/1/34 | 1175 | 1121 |
| &nbsp;&nbsp; Lincoln Consolidated School District <br> Refunding G.O. Unlimited Bonds, <br> (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/28 | 1750 | 1834 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Limited Obligation Revenue <br> Refunding Bonds, Lawrence <br> Technology University,<br>|  |  |
| 4.00%, 2/1/42 | 745 | 631 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, <br> Beaumont-Spectrum Consolidation,<br>|  |  |
| 5.00%, 4/15/27 | 3175 | 3248 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Variable Revenue Refunding Bonds, <br> McLaren Healthcare,<br>|  |  |
| 1.20%, 4/13/28<sup>(1) (2)</sup>  | 1250 | 1193 |
| &nbsp;&nbsp; Michigan State HDA SFM Revenue <br> Bonds, Series A, Social Bonds,<br>|  |  |
| 4.00%, 12/1/37 | 2505 | 2470 |
| &nbsp;&nbsp; Michigan State Hospital Finance <br> Authority Revenue Refunding Bonds, <br> Bronson Healthcare Group,<br>|  |  |
| 5.00%, 11/15/29 | 6000 | 6392 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **195** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Michigan – 3.0%continued** | **Michigan – 3.0%continued** | **Michigan – 3.0%continued** |
| &nbsp;&nbsp; Oakland University Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 3/1/42 | $1000 | $1074 |
| 5.00%, 3/1/44 | 875 | 931 |
| &nbsp;&nbsp; Rockford Public School District G.O. <br> Unlimited Bonds, Series II (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/44 | 3805 | 4011 |
| &nbsp;&nbsp; Wayne County Airport Authority <br> Revenue Refunding Bonds (AMT), <br> Detroit Metropolitan,<br>|  |  |
| 5.00%, 12/1/30 | 1760 | 1894 |
| &nbsp;&nbsp; West Bloomfield School District G.O. <br> Unlimited Bonds, Series I (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/42 | 4200 | 4477 |
|  |  | **36092** |
| **Minnesota – 0.6%** | **Minnesota – 0.6%** | **Minnesota – 0.6%** |
| &nbsp;&nbsp; Minneapolis & Saint Paul Housing & <br> Redevelopment Authority Health <br> Care Revenue Refunding Bonds, <br> Allina Health System,<br>|  |  |
| 5.00%, 11/15/26 | 2000 | 2026 |
| &nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Revenue Bonds, Series A, Gas <br> Project,<br>|  |  |
| 5.00%, 9/1/35 | 4650 | 4791 |
|  |  | **6817** |
| **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** |
| &nbsp;&nbsp; Mississippi State Business Finance <br> Corp. Revenue Bonds, System <br> Energy Resources, Inc., Project,<br>|  |  |
| 2.38%, 6/1/44 | 1000 | **646** |
| **Missouri – 0.6%** | **Missouri – 0.6%** | **Missouri – 0.6%** |
| &nbsp;&nbsp; Joplin Schools G.O. Unlimited <br> Refunding Bonds, Missouri Direct <br> Deposit Program (State Aid Direct <br> Deposit Program),<br>|  |  |
| 5.00%, 3/1/30 | 1215 | 1239 |
| &nbsp;&nbsp; Missouri Joint Municipal Electric Utility <br> Commission Power Project Revenue <br> Bonds, Marshall Energy Center <br> Project,<br>|  |  |
| 5.00%, 1/1/51 | 1000 | 1018 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Missouri – 0.6%continued** | **Missouri – 0.6%continued** | **Missouri – 0.6%continued** |
| &nbsp;&nbsp; Platte County School District No. 3 <br> G.O. Unlimited Bonds,<br>|  |  |
| 5.25%, 3/1/34 | $2710 | $2993 |
| &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>|  |  |
| 0.00%, 3/1/27<sup>(6)</sup>  | 2100 | 2039 |
|  |  | **7289** |
| **Nebraska – 1.1%** | **Nebraska – 1.1%** | **Nebraska – 1.1%** |
| &nbsp;&nbsp; Lancaster County School District No. 1 <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 1/15/27 | 3760 | 3767 |
| McCook Revenue BANS, |  |  |
| 4.50%, 9/1/27 | 2000 | 2015 |
| Omaha G.O. Unlimited Bonds, |  |  |
| 5.00%, 4/15/43 | 1250 | 1343 |
| &nbsp;&nbsp; Omaha Public Power District Electric <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/41 | 6000 | 6441 |
|  |  | **13566** |
| **Nevada – 0.8%** | **Nevada – 0.8%** | **Nevada – 0.8%** |
| &nbsp;&nbsp; Clark County School District G.O. <br> Limited Bonds, Various <br> Purpose-Medium Term Project,<br>|  |  |
| 3.00%, 6/15/26 | 1265 | 1265 |
| &nbsp;&nbsp; Reno-Tahoe Airport Authority Revenue <br> Bonds (AMT), Taho International <br> Airport,<br>|  |  |
| 5.00%, 7/1/31 | 850 | 909 |
| 5.00%, 7/1/32 | 1000 | 1076 |
| &nbsp;&nbsp; Washoe County School District G.O. <br> Limited Bonds, Series C, School <br> Improvement Bonds (AGM Insured),<br>|  |  |
| 3.25%, 10/1/42 | 6500 | 5757 |
|  |  | **9007** |
| **New Hampshire – 0.3%** | **New Hampshire – 0.3%** | **New Hampshire – 0.3%** |
| &nbsp;&nbsp; New Hampshire State Health & <br> Education Facilities Authority <br> Revenue Refunding Bonds, Southern <br> New Hampshire University Issue,<br>|  |  |
| 5.00%, 1/1/30 | 1070 | 1147 |
| 5.00%, 1/1/32 | 835 | 917 |
| 5.00%, 1/1/33 | 1245 | 1379 |
|  |  | **3443** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **196** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **New Jersey – 0.7%** | **New Jersey – 0.7%** | **New Jersey – 0.7%** |
| &nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Program Revenue <br> Bonds, Series AA,<br>|  |  |
| 5.00%, 6/15/38 | $1600 | $1776 |
| &nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Revenue Bonds, <br> Transformation Program Notes,<br>|  |  |
| 5.00%, 6/15/33 | 3325 | 3492 |
| &nbsp;&nbsp; Passaic Valley Sewage Commissioners <br> Revenue Refunding Bonds, Series J <br> (AGM Insured),<br>|  |  |
| 3.00%, 12/1/27 | 2870 | 2888 |
|  |  | **8156** |
| **New Mexico – 0.3%** | **New Mexico – 0.3%** | **New Mexico – 0.3%** |
| &nbsp;&nbsp; Albuquerque Bernalillo County Water <br> Utility Authority Joint Water & Sewer <br> Senior Lien Revenue Bonds,<br>|  |  |
| 4.00%, 7/1/31 | 1300 | 1343 |
| &nbsp;&nbsp; New Mexico Finance Authority <br> Subordinate Lien Public Project <br> Revenue Bonds,<br>|  |  |
| 5.00%, 6/15/43 | 1475 | 1603 |
| 5.00%, 6/15/44 | 1000 | 1075 |
|  |  | **4021** |
| **New York – 10.5%** | **New York – 10.5%** | **New York – 10.5%** |
| Glens Falls G.O. Limited BANS, |  |  |
| 4.00%, 2/26/27 | 5453 | 5514 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Dedicated Tax Fund Sustainable <br> Revenue Refunding Bonds, Series <br> B-2,<br>|  |  |
| 5.00%, 11/15/47 | 7000 | 7304 |
| &nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Sustainable <br> Development Revenue Bonds,<br>|  |  |
| 2.75%, 11/1/33 | 2870 | 2667 |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority & Sewer System <br> Revenue Refunding Bonds, Series <br> DD, Fiscal 2025,<br>|  |  |
| 5.50%, 6/15/39 | 1500 | 1728 |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Series DD-2 Block 5,<br>|  |  |
| 5.00%, 6/15/40 | 5000 | 5150 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **New York – 10.5%continued** | **New York – 10.5%continued** | **New York – 10.5%continued** |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Building Aid Revenue <br> Bonds, Series S-3 (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 7/15/43 | $3000 | $3081 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Revenue Bonds, Subseries C-2,<br>|  |  |
| 5.00%, 5/1/36 | 1575 | 1630 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Subordinate Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/40 | 2000 | 2069 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series A-1,<br>|  |  |
| 5.00%, 8/1/44 | 2500 | 2606 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series C-3,<br>|  |  |
| 5.00%, 5/1/41 | 2100 | 2163 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series E,<br>|  |  |
| 5.00%, 11/1/46 | 3815 | 3977 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series H, Fiscal 2025,<br>|  |  |
| 5.00%, 11/1/43 | 2750 | 2946 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> A-1,<br>|  |  |
| 5.00%, 8/1/47 | 5000 | 5144 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> D, Subseries D1,<br>|  |  |
| 5.00%, 12/1/39 | 10000 | 10362 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> E-1,<br>|  |  |
| 5.25%, 3/1/35 | 2750 | 2861 |
| 5.00%, 3/1/37 | 3700 | 3817 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> G,<br>|  |  |
| 2/1/42<sup>(3)</sup>  | 2000 | 2161 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> H, Unrefunded Balance,<br>|  |  |
| 5.00%, 8/1/30 | 5 | 5 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **197** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **New York – 10.5%continued** | **New York – 10.5%continued** | **New York – 10.5%continued** |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, <br> Subseries F-1,<br>|  |  |
| 5.00%, 4/1/45 | $5000 | $5083 |
| &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>|  |  |
| 5.00%, 10/1/31 | 1460 | 1478 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, Series C,<br>|  |  |
| 5.00%, 10/1/31 | 665 | 701 |
| 5.00%, 10/8/32 | 575 | 605 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Sales TRB, Series A, Group C,<br>|  |  |
| 5.00%, 3/15/44 | 3755 | 3796 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.25%, 3/15/39 | 2000 | 2084 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series E,<br>|  |  |
| 3.25%, 3/15/36 | 3000 | 2858 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income TRB, Series A, <br> Unrefunded Balance,<br>|  |  |
| 5.00%, 2/15/43 | 2000 | 2007 |
| &nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing Variable <br> Sustainability Revenue Bonds, Series <br> J (SonyMA Insured),<br>|  |  |
| 1.10%, 5/1/27<sup>(1) (2)</sup>  | 3145 | 3060 |
| &nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Mortgage Revenue <br> Refunding Bonds, Series 220,<br>|  |  |
| 2.60%, 10/1/39 | 3300 | 2707 |
| &nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Revenue Bonds, Series <br> 244, Social Bonds (SonyMA <br> Insured),<br>|  |  |
| 2.75%, 4/1/35 | 3150 | 2844 |
| &nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Revenue Refunding <br> Bonds, Series 233, Social Bonds,<br>|  |  |
| 2.05%, 4/1/33 | 3000 | 2628 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **New York – 10.5%continued** | **New York – 10.5%continued** | **New York – 10.5%continued** |
| &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>|  |  |
| 4.00%, 12/1/42 | $500 | $457 |
| 5.00%, 12/1/42 | 255 | 262 |
| &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>|  |  |
| 5.00%, 12/1/30 | 350 | 373 |
| &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>|  |  |
| 5.00%, 12/1/31 | 550 | 595 |
| &nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Sustainable Revenue Bonds (AMT), <br> John F. Kennedy International <br> Airport,<br>|  |  |
| 5.50%, 6/30/39 | 2250 | 2431 |
| &nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Sustainable Revenue Bonds (AMT), <br> John F. Kennedy International Airport <br> New Terminal One Project,<br>|  |  |
| 6.00%, 6/30/50 | 1375 | 1457 |
| &nbsp;&nbsp; New York State Urban Development <br> Corp. General Purpose Personal <br> Income TRB,<br>|  |  |
| 5.00%, 3/15/37 | 5000 | 5198 |
| 5.00%, 3/15/40 | 2500 | 2584 |
| &nbsp;&nbsp; Onondaga Civic Development Corp. <br> Revenue Bonds, Syracuse University <br> Project,<br>|  |  |
| 5.25%, 12/1/45 | 1000 | 1091 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| 5.00%, 9/15/28 | 2000 | 2074 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 227 (AMT),<br>|  |  |
| 2.00%, 10/1/32 | 10000 | 8668 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **198** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **New York – 10.5%continued** | **New York – 10.5%continued** | **New York – 10.5%continued** |
| 2.00%, 10/1/34 | $1500 | $1236 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 246 (AMT),<br>|  |  |
| 5.00%, 9/1/28 | 2000 | 2102 |
| &nbsp;&nbsp; Troy Capital Resource Corp. Revenue <br> Refunding Bonds, Rensselaer <br> Polytechnic Institute,<br>|  |  |
| 5.00%, 9/1/38 | 1300 | 1356 |
|  |  | **124920** |
| **North Carolina – 0.5%** | **North Carolina – 0.5%** | **North Carolina – 0.5%** |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital <br> Authority Health Care System <br> Variable Revenue Bonds, Series B, <br> Atrium Health,<br>|  |  |
| 1.95%, 11/1/29<sup>(1) (2)</sup>  | 4500 | 4239 |
| &nbsp;&nbsp; North Carolina State Grant <br> Anticipation Revenue Refunding <br> GARVEE Bonds,<br>|  |  |
| 5.00%, 3/1/40 | 1250 | 1379 |
|  |  | **5618** |
| **Ohio – 1.8%** | **Ohio – 1.8%** | **Ohio – 1.8%** |
| &nbsp;&nbsp; Akron Income Tax Revenue Refunding <br> Bonds,<br>|  |  |
| 4.00%, 12/1/32 | 1285 | 1320 |
| &nbsp;&nbsp; Columbus City School District G.O. <br> Unlimited Refunding Bonds, Series A <br> (School District Credit Program),<br>|  |  |
| 5.00%, 12/1/28 | 1775 | 1886 |
| &nbsp;&nbsp; Franklin County Convention Facilities <br> Authority Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 12/1/34 | 10600 | 11961 |
| &nbsp;&nbsp; North Ridgeville City School District <br> G.O. Unlimited Bonds,<br>|  |  |
| 5.00%, 12/1/39 | 600 | 622 |
| &nbsp;&nbsp; Northeast Ohio Medical University <br> General Receipts Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/29 | 100 | 105 |
| 4.00%, 12/1/35 | 300 | 297 |
| &nbsp;&nbsp; Ohio State Higher Educational Facility <br> Revenue Bonds, Denison University <br> Project,<br>|  |  |
| 5.00%, 11/1/39 | 1365 | 1410 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Ohio – 1.8%continued** | **Ohio – 1.8%continued** | **Ohio – 1.8%continued** |
| &nbsp;&nbsp; Ohio State Hospital Revenue Refunding <br> Bonds, University Hospitals Health,<br>|  |  |
| 5.00%, 1/15/34 | $2260 | $2501 |
| 5.00%, 1/15/36 | 1500 | 1642 |
|  |  | **21744** |
| **Oklahoma – 0.3%** | **Oklahoma – 0.3%** | **Oklahoma – 0.3%** |
| &nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Highways Capital <br> Improvement Revenue Bonds, <br> Department of Transportation,<br>|  |  |
| 5.00%, 7/1/45 | 1000 | 1059 |
| &nbsp;&nbsp; Oklahoma State Municipal Power <br> Authority Revenue Refunding Bonds, <br> Series A (AG Insured),<br>|  |  |
| 5.00%, 1/1/37 | 1250 | 1396 |
| &nbsp;&nbsp; Oklahoma State Water Resources <br> Board State Loan Program Revenue <br> Bonds, Series C,<br>|  |  |
| 5.00%, 10/1/41 | 1020 | 1096 |
|  |  | **3551** |
| **Oregon – 0.4%** | **Oregon – 0.4%** | **Oregon – 0.4%** |
| &nbsp;&nbsp; Clackamas Community College District <br> G.O. Unlimited Bonds, Series B,<br>|  |  |
| 5.00%, 6/15/36 | 1600 | 1633 |
| &nbsp;&nbsp; Lane County Eugene School District <br> No.4J G.O. Unlimited Bonds, <br> (School Board Guaranty Program),<br>|  |  |
| 4.00%, 6/15/35 | 475 | 482 |
| &nbsp;&nbsp; Metropolitan Dedicated TRB, Oregon <br> Convention Center Hotel,<br>|  |  |
| 5.00%, 6/15/42 | 2065 | 2096 |
|  |  | **4211** |
| **Pennsylvania – 1.9%** | **Pennsylvania – 1.9%** | **Pennsylvania – 1.9%** |
| &nbsp;&nbsp; Cumberland County Municipal <br> Authority Revenue Refunding Bonds, <br> Series A, Messiah Village Project,<br>|  |  |
| 5.25%, 6/1/44 | 1500 | 1536 |
| &nbsp;&nbsp; Lehigh County General Purpose <br> Hospital Revenue Refunding Bonds, <br> Lehigh Valley Health Network,<br>|  |  |
| 5.00%, 7/1/29 | 2400 | 2543 |
| &nbsp;&nbsp; Pennsylvania State G.O. Unlimited <br> Bonds, First Series of 2020,<br>|  |  |
| 5.00%, 5/1/26 | 1450 | 1453 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **199** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Pennsylvania – 1.9%continued** | **Pennsylvania – 1.9%continued** | **Pennsylvania – 1.9%continued** |
| &nbsp;&nbsp; Pennsylvania State Higher Educational <br> Facilities Authority Revenue Bonds, <br> University of Pennsylvania Health <br> System,<br>|  |  |
| 5.00%, 8/15/37 | $5000 | $5088 |
| &nbsp;&nbsp; Pennsylvania State Housing Finance <br> Agency SFM Revenue Bonds, Series <br> 137, Social Bonds,<br>|  |  |
| 2.20%, 10/1/33 | 2420 | 2092 |
| &nbsp;&nbsp; Pennsylvania State Housing Finance <br> Agency SFM Revenue Refunding <br> Bonds, Series 136, Social Bonds,<br>|  |  |
| 5.00%, 4/1/31 | 1845 | 1984 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Bonds, Series <br> A-2,<br>|  |  |
| 5.00%, 12/1/37 | 5000 | 5210 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Subordinate Revenue <br> Refunding Bonds, First Series of <br> 2025,<br>|  |  |
| 5.00%, 6/1/30 | 2000 | 2168 |
|  |  | **22074** |
| **Rhode Island – 0.5%** | **Rhode Island – 0.5%** | **Rhode Island – 0.5%** |
| &nbsp;&nbsp; Rhode Island Infrastructure Bank State <br> Revolving Fund Revenue Refunding <br> Bonds, Series B, Master Trust,<br>|  |  |
| 5.00%, 10/1/29 | 4000 | 4317 |
| &nbsp;&nbsp; Rhode Island State Housing & <br> Mortgage Finance Corp. Revenue <br> Bonds, Series 77-A, Social Bonds,<br>|  |  |
| 3.80%, 4/1/33 | 1535 | 1539 |
|  |  | **5856** |
| **South Carolina – 1.0%** | **South Carolina – 1.0%** | **South Carolina – 1.0%** |
| &nbsp;&nbsp; Charleston Educational Excellence <br> Financing Corp. Revenue Refunding <br> Bonds, Charleston County School <br> District Project,<br>|  |  |
| 5.00%, 12/1/26 | 1125 | 1144 |
| &nbsp;&nbsp; Patriots Energy Group Financing <br> Agency Gas Supply Variable <br> Revenue Refunding Bonds, Series <br> B-1,<br>|  |  |
| 5.25%, 3/1/31<sup>(1) (2)</sup>  | 10000 | 10675 |
|  |  | **11819** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **South Dakota – 0.2%** | **South Dakota – 0.2%** | **South Dakota – 0.2%** |
| &nbsp;&nbsp; South Dakota State Health & <br> Educational Facilities Authority <br> Variable Revenue Refunding Bonds, <br> Sanford Series C-2,<br>|  |  |
| 5.00%, 11/1/32<sup>(1) (2)</sup>  | $2355 | **$2561** |
| **Tennessee – 1.1%** | **Tennessee – 1.1%** | **Tennessee – 1.1%** |
| Knox County G.O. Unlimited Bonds, |  |  |
| 4.00%, 6/1/28 | 1000 | 1001 |
| &nbsp;&nbsp; Metropolitan Government Nashville & <br> Davidson County Health & <br> Educational Facility Board Revenue <br> Bonds, The Vanderbilt University,<br>|  |  |
| 5.00%, 10/1/49 | 1000 | 1048 |
| &nbsp;&nbsp; Metropolitan Nashville Airport <br> Authority Revenue Bonds, Series B <br> (AMT),<br>|  |  |
| 5.00%, 7/1/29 | 1250 | 1325 |
| &nbsp;&nbsp; Tennergy Corp. Gas Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 9/1/28<sup>(1) (2)</sup>  | 10000 | 10098 |
|  |  | **13472** |
| **Texas – 7.2%** | **Texas – 7.2%** | **Texas – 7.2%** |
| &nbsp;&nbsp; Austin Certificates of Obligation G.O. <br> Limited Bonds,<br>|  |  |
| 5.00%, 9/1/39 | 4000 | 4426 |
| &nbsp;&nbsp; Austin Texas Electric Utility System <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 11/15/38 | 3000 | 3327 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. <br> Revenue Bonds, Series A, Idea Public <br> Schools,<br>|  |  |
| 4.00%, 8/15/37 | 780 | 766 |
| &nbsp;&nbsp; Dallas & Fort Worth International <br> Airport Revenue Bonds, Series A-1 <br> (AMT),<br>|  |  |
| 5.25%, 11/1/39 | 2000 | 2179 |
| &nbsp;&nbsp; Dallas County Community College <br> District G.O. Limited Bonds,<br>|  |  |
| 5.00%, 2/15/36 | 1000 | 1001 |
| &nbsp;&nbsp; El Paso Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 4.00%, 8/15/39 | 2630 | 2638 |
| &nbsp;&nbsp; Forney Independent School District <br> G.O. Unlimited Refunding CABS, <br> Series C,<br>|  |  |
| 0.00%, 8/15/39<sup>(6)</sup>  | 1000 | 553 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **200** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Texas – 7.2%continued** | **Texas – 7.2%continued** | **Texas – 7.2%continued** |
| &nbsp;&nbsp; Fort Worth Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series A (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/35 | $1500 | $1708 |
| 5.00%, 2/15/36 | 1500 | 1712 |
| &nbsp;&nbsp; Harris County Cultural Education <br> Facilities Finance Corp. Medical <br> Facilities Variable Revenue Bonds, <br> Baylor College of Medicine,<br>|  |  |
| 5.00%, 5/15/32<sup>(1) (2)</sup>  | 2000 | 2145 |
| &nbsp;&nbsp; Harris County Cultural Education <br> Facilities Finance Corp. Revenue <br> Refunding Bonds, Series A, Houston <br> Methodist,<br>|  |  |
| 5.00%, 12/1/29 | 5000 | 5396 |
| &nbsp;&nbsp; Houston Airport System Revenue <br> Refunding Bonds (AMT), United <br> Airlines Inc., Terminal,<br>|  |  |
| 5.25%, 7/15/32 | 5000 | 5257 |
| &nbsp;&nbsp; Houston Utility System Subordinate First <br> Lien Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 11/15/28 | 2500 | 2537 |
| &nbsp;&nbsp; New Hope Cultural Education Facilities <br> Finance Corp. Hospital Revenue <br> Bonds, Children's Health System of <br> Texas,<br>|  |  |
| 5.25%, 8/15/45 | 1250 | 1329 |
| &nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| 5.00%, 1/1/39 | 5000 | 5121 |
| &nbsp;&nbsp; Port Houston Authority G.O. Unlimited <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/29 | 4000 | 4193 |
| &nbsp;&nbsp; San Antonio Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 8/1/30 | 2820 | 2900 |
| &nbsp;&nbsp; San Antonio Electric & Gas Junior Lien <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 2/1/35 | 1640 | 1742 |
| &nbsp;&nbsp; San Antonio Electric & Gas Junior Lien <br> Variable Revenue Bonds, Series A,<br>|  |  |
| 2.90%, 12/1/27<sup>(1) (2)</sup>  | 2750 | 2735 |
| &nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/39 | 3000 | 3339 |
| 5.00%, 2/1/40 | 2600 | 2877 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Texas – 7.2%continued** | **Texas – 7.2%continued** | **Texas – 7.2%continued** |
| 5.00%, 2/1/41 | $2400 | $2642 |
| &nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 2/1/38 | 2000 | 2241 |
| &nbsp;&nbsp; San Antonio Water System Junior Lien <br> Revenue Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 5/15/35 | 3500 | 3537 |
| &nbsp;&nbsp; Sherman Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 8/15/48 | 4000 | 4096 |
| &nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Hospital <br> Revenue Bonds, Methodist Hospitals <br> of Dallas,<br>|  |  |
| 5.00%, 10/1/31 | 1000 | 1103 |
| &nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Variable <br> Revenue Refunding Bonds, Ascension <br> Senior Credit,<br>|  |  |
| 5.00%, 11/15/35<sup>(1) (2)</sup>  | 2000 | 2208 |
| &nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Variable <br> Revenue Refunding Bonds, Texas <br> Health Resources System,<br>|  |  |
| 5.00%, 11/15/29<sup>(1) (2)</sup>  | 3905 | 4173 |
| &nbsp;&nbsp; Texas State A&M University Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| 4.00%, 5/15/31 | 1655 | 1657 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 10/1/36 | 1500 | 1703 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| 2.00%, 8/1/35 | 1000 | 854 |
| &nbsp;&nbsp; Texas Water Development Board <br> Revenue Bonds, Master Trust,<br>|  |  |
| 5.00%, 10/15/35 | 2000 | 2290 |
| &nbsp;&nbsp; Wylie Independent School District G.O. <br> Unlimited Bonds, Series B, Collin <br> County (PSF, Gtd.),<br>|  |  |
| 3.25%, 8/15/41<sup>(2)</sup>  | 1750 | 1733 |
|  |  | **86118** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **201** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Utah – 0.9%** | **Utah – 0.9%** | **Utah – 0.9%** |
| &nbsp;&nbsp; Downtown Revitalization Public <br> Infrastructure District First Lien Sales <br> Revenue Bonds, Seg Redevelopment <br> Project (AG Insured),<br>|  |  |
| 5.00%, 6/1/35 | $1600 | $1809 |
| &nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 7/1/32 | 1250 | 1351 |
| 5.00%, 7/1/36 | 5000 | 5297 |
| 5.00%, 7/1/42 | 2000 | 2001 |
|  |  | **10458** |
| **Virginia – 0.8%** | **Virginia – 0.8%** | **Virginia – 0.8%** |
| &nbsp;&nbsp; Albemarle County EDA Residential <br> Care Facility Revenue Refunding <br> Bonds, Westminster-Canterbury of <br> the Blue Ridge,<br>|  |  |
| 4.00%, 6/1/49 | 1905 | 1693 |
| &nbsp;&nbsp; Roanoke EDA Hospital Variable <br> Revenue Refunding Bonds, Carilion <br> Clinic Obligated Group,<br>|  |  |
| 5.00%, 7/1/30<sup>(1) (2)</sup>  | 4425 | 4734 |
| &nbsp;&nbsp; Virginia State HDA Revenue Bonds, <br> Series D,<br>|  |  |
| 1.60%, 5/1/31 | 880 | 768 |
| &nbsp;&nbsp; Virginia State HDA Revenue Bonds, <br> Series K (GNMA, FNMA, FHLMC <br> Insured),<br>|  |  |
| 1.95%, 12/1/32 | 1440 | 1254 |
| &nbsp;&nbsp; Virginia State Small Business Financing <br> Authority Senior Lien Revenue Bonds <br> (AMT), Elizabeth River,<br>|  |  |
| 3.00%, 1/1/41 | 1810 | 1453 |
|  |  | **9902** |
| **Washington – 3.2%** | **Washington – 3.2%** | **Washington – 3.2%** |
| &nbsp;&nbsp; Grant County G.O. Limited Bonds <br> (BAM Insured),<br>|  |  |
| 5.25%, 12/1/45 | 1280 | 1377 |
| &nbsp;&nbsp; King County School District No. 401 <br> Highline G.O. Unlimited Bonds <br> (School Board Guaranty Program),<br>|  |  |
| 5.00%, 12/1/30 | 10000 | 10167 |
| &nbsp;&nbsp; Pierce County School District No. 403 <br> Bethel G.O. Unlimited Bonds (School <br> Board Guaranty Program),<br>|  |  |
| 5.00%, 12/1/36 | 1750 | 1840 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Washington – 3.2%continued** | **Washington – 3.2%continued** | **Washington – 3.2%continued** |
| &nbsp;&nbsp; Seattle Solid Waste Revenue Refunding <br> & Improvement Bonds,<br>|  |  |
| 4.00%, 6/1/31 | $1865 | $1867 |
| Washington State COPS, Series A, |  |  |
| 5.00%, 7/1/26 | 1000 | 1006 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| 5.00%, 8/1/36 | 2500 | 2515 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2017A,<br>|  |  |
| 5.00%, 8/1/29 | 2895 | 2918 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2018C,<br>|  |  |
| 5.00%, 8/1/33 | 4000 | 4113 |
| &nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Bonds, Providence <br> St. Joseph Health,<br>|  |  |
| 5.00%, 10/1/35 | 6000 | 6626 |
| &nbsp;&nbsp; Washington State Housing Finance <br> Commission Nonprofit Housing <br> Revenue Refunding Bonds, Horizon <br> House Project,<br>|  |  |
| 4.38%, 1/1/33 | 1750 | 1722 |
| &nbsp;&nbsp; Washington State Motor Vehicle Fuel <br> Tax G.O. Unlimited Bonds, Series D,<br>|  |  |
| 5.00%, 2/1/31 | 1930 | 2009 |
| &nbsp;&nbsp; Whatcom County Public Utility District <br> No. 1 G.O. Limited Bonds, Series A <br> (AMT) (BAM Insured),<br>|  |  |
| 5.50%, 12/1/41 | 700 | 754 |
| 5.50%, 12/1/42 | 1000 | 1072 |
|  |  | **37986** |
| **West Virginia – 0.4%** | **West Virginia – 0.4%** | **West Virginia – 0.4%** |
| &nbsp;&nbsp; Ohio County Commission Special <br> District Excise Tax Revenue Refunding <br> Bonds, Fort Henry Opportunity <br> Development (AG Insured),<br>|  |  |
| 5.00%, 6/1/40 | 500 | 526 |
| &nbsp;&nbsp; West Virginia State Hospital Finance <br> Authority Variable Revenue Bonds, <br> United Health System Obligated <br> Group,<br>|  |  |
| 5.00%, 6/1/33<sup>(1) (2)</sup>  | 3640 | 3930 |
|  |  | **4456** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **202** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Wisconsin – 3.2%** | **Wisconsin – 3.2%** | **Wisconsin – 3.2%** |
| &nbsp;&nbsp; Central Brown County Water Authority <br> Water System Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/31 | $3425 | $3784 |
| &nbsp;&nbsp; PFA Educational Facilities Revenue <br> Refunding Bonds, Lindenwood <br> Education System,<br>|  |  |
| 5.00%, 6/1/37 | 455 | 468 |
| 5.00%, 6/1/38 | 475 | 484 |
| &nbsp;&nbsp; PFA Hospital Taxable Revenue Bonds, <br> Series 2021A, UNC Health <br> Southeastern,<br>|  |  |
| 2.35%, 2/1/29 | 2000 | 1733 |
| &nbsp;&nbsp; PFA Revenue Bonds, Maniilaq <br> Association Employee,<br>|  |  |
| 5.25%, 12/1/42 | 1810 | 1910 |
| 5.25%, 12/1/44 | 1730 | 1803 |
| &nbsp;&nbsp; PFA Student Housing Revenue Bonds, <br> PRG-Oxford Properties LLC Project <br> (BAM Insured),<br>|  |  |
| 5.00%, 7/1/45 | 1000 | 1020 |
| &nbsp;&nbsp; Union Grove Union High School District <br> G.O. Unlimited Refunding Promissory <br> Notes,<br>|  |  |
| 4.00%, 3/1/41 | 1565 | 1569 |
| &nbsp;&nbsp; Wisconsin Center District Appropriation <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 12/15/28 | 3495 | 3710 |
| &nbsp;&nbsp; Wisconsin State G.O. Unlimited <br> Refunding Bonds, Series 2025-2,<br>|  |  |
| 5.00%, 5/1/38 | 2000 | 2232 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Ascension Health <br> Credit Group,<br>|  |  |
| 4.00%, 11/15/36 | 3000 | 2996 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Hospital Sisters <br> Credit Group,<br>|  |  |
| 5.00%, 8/15/30 | 1500 | 1619 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Marquette <br> University,<br>|  |  |
| 5.00%, 10/1/28 | 670 | 676 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  | **MUNICIPAL BONDS - 96.4%continued**  |
| **Wisconsin – 3.2%continued** | **Wisconsin – 3.2%continued** | **Wisconsin – 3.2%continued** |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Milwaukee <br> Regional Medical Center,<br>|  |  |
| 5.00%, 4/1/36 | $3875 | $4012 |
| 4.00%, 4/1/39 | 4250 | 4254 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Variable Revenue <br> Refunding Bonds, Mercy Health <br> Corp.,<br>|  |  |
| 5.00%, 12/1/33<sup>(1) (2)</sup>  | 5000 | 5442 |
| &nbsp;&nbsp; Wisconsin State Housing & EDA Home <br> Ownership Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 3.00%, 3/1/39 | 165 | 145 |
|  |  | **37857** |
| **Wyoming – 0.0%** | **Wyoming – 0.0%** | **Wyoming – 0.0%** |
| &nbsp;&nbsp; Laramie County Hospital Revenue <br> Refunding Bonds, Cheyenne <br> Regional Medical Center,<br>|  |  |
| 4.00%, 5/1/36 | 200 | **200** |
| **Total Municipal Bonds** |  |  |
| **(Cost $1,176,710)** |  | **1146626** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.5%**  | **INVESTMENT COMPANIES – 0.5%**  | **INVESTMENT COMPANIES – 0.5%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(7) (8)</sup> <br>| 6373200 | $6373 |
| **Total Investment Companies** |  |  |
| **(Cost $6,373)** |  | **6373** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 2.3%**  | **SHORT-TERM INVESTMENTS – 2.3%**  | **SHORT-TERM INVESTMENTS – 2.3%**  |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital <br> Authority Health Care System <br> Variable Revenue Refunding Bonds,<br>|  |  |
| 1.85%, 4/1/26<sup>(9)</sup>  | $6000 | $6000 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Subordinate Adjustable Revenue <br> Bonds, Subseries A-4,<br>|  |  |
| 1.75%, 4/1/26<sup>(9)</sup>  | 9000 | 9000 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **203** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 2.3%continued**  | **SHORT-TERM INVESTMENTS - 2.3%continued**  | **SHORT-TERM INVESTMENTS - 2.3%continued**  |
| &nbsp;&nbsp; New York Variable G.O. Unlimited <br> Bonds, Series D, Fiscal 2019,<br>|  |  |
| 1.75%, 4/1/26<sup>(9)</sup>  | $5000 | $5000 |
| &nbsp;&nbsp; PEFA, Inc., Iowa Gas Project Revenue <br> Bonds,<br>|  |  |
| 5.00%, 9/1/26<sup>(1) (2)</sup>  | 1000 | 1008 |
| &nbsp;&nbsp; Saint John The Baptist Parish Revenue <br> Refunding Bonds, Marathon Oil <br> Corp. Project,<br>|  |  |
| 2.20%, 7/1/26<sup>(1) (2)</sup>  | 1000 | 998 |
| &nbsp;&nbsp; Texas State Transportation Commission <br> Mobility Variable G.O. Unlimited <br> Bonds,<br>|  |  |
| 0.65%, 4/1/26<sup>(1) (2)</sup>  | 5000 | 5000 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $27,009)** | **(Cost $27,009)** | **27006** |
| **Total Investments – 99.8%** | **Total Investments – 99.8%** |  |
| **(Cost $1,216,942)** | **(Cost $1,216,942)** | **1186513** |
| Other Assets less Liabilities – 0.2% | Other Assets less Liabilities – 0.2% | 2362 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1188875** |

---

<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 March 31,* *2026 is disclosed.* 

<sup>(3)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2026.*

<sup>(4)</sup> *Step coupon bond. Rate as of March 31, 2026 is disclosed.*

<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 March 31, 2026 is disclosed.*

<sup>(9)</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.* 

---

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

---

---

| |
|:---|
| BANS - Bond Anticipation Notes |
| CABS - Capital Appreciation Bonds |
| COPS - Certificates of Participation |
| CWA - Clean Water Act |
| EDA - Economic Development Authority |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| GARVEE - Grant Anticipation Revenue Vehicle |
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |
| IDA - Industrial Development Authority |
| IDR - Industrial Development Revenue |
| 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.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **204** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6508 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6508 |
| Municipal Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1146626 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1146626 |
| Investment Companies | &nbsp;&nbsp; 6373 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6373 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 27006 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27006 |
| Total Investments | &nbsp;&nbsp; $6373 | &nbsp;&nbsp; $1180140 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1186513 |

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $12265 | $440788 | $446680 | $6373 | 6373200 | $590 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **205** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**LIMITED TERM TAX-EXEMPT FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 95.3%**  | **MUNICIPAL BONDS – 95.3%**  | **MUNICIPAL BONDS – 95.3%**  |
| **Alabama – 5.7%** | **Alabama – 5.7%** | **Alabama – 5.7%** |
| &nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds, <br> Series D1,<br>|  |  |
| 4.00%, 6/1/27<sup>(1) (2)</sup>  | $440 | $445 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series C-1,<br>|  |  |
| 5.25%, 6/1/29<sup>(1) (2)</sup>  | 3000 | 3147 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series E, Gas Project,<br>|  |  |
| 5.00%, 6/1/28<sup>(1) (2)</sup>  | 8000 | 8318 |
| 5.00%, 7/1/28 | 285 | 294 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series F, Gas Project,<br>|  |  |
| 5.00%, 12/1/28 | 500 | 520 |
| &nbsp;&nbsp; Energy Southeast, A Cooperative <br> District Energy Supply Revenue <br> Bonds, Series B,<br>|  |  |
| 5.25%, 6/1/32<sup>(1) (2)</sup>  | 2500 | 2666 |
| &nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District Commodity <br> Supply Revenue Bonds, Series B, <br> Project No. 6,<br>|  |  |
| 5.00%, 6/1/30 | 500 | 523 |
| &nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District Energy Supply <br> Revenue Bonds, Series C,<br>|  |  |
| 5.00%, 2/1/31<sup>(1) (2)</sup>  | 1500 | 1587 |
| &nbsp;&nbsp; Southeast Energy Authority <br> Cooperative Revenue Bonds, Series <br> E,<br>|  |  |
| 5.00%, 10/1/30 | 1000 | 1061 |
|  |  | **18561** |
| **Alaska – 0.9%** | **Alaska – 0.9%** | **Alaska – 0.9%** |
| &nbsp;&nbsp; Alaska State Railroad Corp. Cruise Port <br> Revenue Bonds (AMT) (AG Insured),<br>|  |  |
| 5.50%, 10/1/32 | 200 | 223 |
| 5.50%, 10/1/33 | 460 | 518 |
| &nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| 5.50%, 2/1/31 | 1900 | 2076 |
|  |  | **2817** |
| **Arizona – 3.2%** | **Arizona – 3.2%** | **Arizona – 3.2%** |
| &nbsp;&nbsp; Arizona IDA Hospital Revenue <br> Refunding Bonds, Phoenix Children's <br> Hospital,<br>|  |  |
| 5.00%, 2/1/32 | 600 | 662 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **Arizona – 3.2%continued** | **Arizona – 3.2%continued** | **Arizona – 3.2%continued** |
| &nbsp;&nbsp; Chandler IDA IDR Bonds, Series 1 <br> (AMT), Intel Corp. Project,<br>|  |  |
| 5.00%, 9/1/27<sup>(1) (2)</sup>  | $2575 | $2615 |
| &nbsp;&nbsp; Chandler IDA IDR Variable Revenue <br> Bonds (AMT), Intel Corp. Project,<br>|  |  |
| 4.00%, 6/1/29<sup>(1) (2)</sup>  | 700 | 709 |
| &nbsp;&nbsp; Maricopa County IDA Variable <br> Revenue Bonds, Series A-2, Banner <br> Health,<br>|  |  |
| 5.00%, 5/15/28<sup>(1) (2)</sup>  | 2400 | 2495 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Airport Senior Lien Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 7/1/31 | 1095 | 1190 |
| &nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 1/1/33 | 2700 | 2799 |
|  |  | **10470** |
| **California – 5.1%** | **California – 5.1%** | **California – 5.1%** |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| 4.00%, 2/1/27 | 1125 | 1131 |
| 4.00%, 8/1/31<sup>(1) (2)</sup>  | 3150 | 3144 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 5.00%, 8/1/31 | 500 | 535 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Revenue Bonds, <br> Clean Energy Project, Green Bonds,<br>|  |  |
| 5.00%, 10/1/26 | 630 | 634 |
| 5.00%, 10/1/27 | 675 | 688 |
| 5.00%, 10/1/28 | 475 | 488 |
| 5.00%, 10/1/29 | 650 | 673 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| 5.00%, 10/1/32<sup>(1) (2)</sup>  | 1000 | 1101 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **206** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **California – 5.1%continued** | **California – 5.1%continued** | **California – 5.1%continued** |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Revenue Bonds, California Science <br> Center Phase III Project,<br>|  |  |
| 5.00%, 11/1/31 | $500 | $557 |
| &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>|  |  |
| 3.00%, 8/1/26 | 805 | 806 |
| 4.00%, 8/1/28 | 935 | 965 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 5/15/33 | 1670 | 1850 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds (AMT), Private <br> Activity,<br>|  |  |
| 5.00%, 5/15/32 | 615 | 667 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series D,<br>|  |  |
| 5.00%, 7/1/29 | 1000 | 1062 |
| &nbsp;&nbsp; San Francisco City & County <br> Commission International Airport <br> Revenue Bonds, Second Series A <br> (AMT),<br>|  |  |
| 5.00%, 5/1/30 | 2000 | 2148 |
|  |  | **16449** |
| **Colorado – 3.4%** | **Colorado – 3.4%** | **Colorado – 3.4%** |
| &nbsp;&nbsp; Arapahoe County School District No. 6 <br> Littleton G.O. Unlimited Bonds, <br> Series A (State Aid Withholding),<br>|  |  |
| 5.50%, 12/1/43 | 3825 | 3990 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue Bonds, <br> AdventHealth Obligated Group ,<br>|  |  |
| 5.00%, 11/15/28<sup>(1) (2)</sup>  | 1220 | 1283 |
| 5.00%, 11/15/29<sup>(1) (2)</sup>  | 3660 | 3917 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue <br> Refunding Bonds, AdventHealth <br> Obligated Group, Prerefunded,<br>|  |  |
| 5.00%, 11/19/26<sup>(2) (3)</sup>  | 95 | 96 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **Colorado – 3.4%continued** | **Colorado – 3.4%continued** | **Colorado – 3.4%continued** |
| &nbsp;&nbsp; Denver City & Country Airport Revenue <br> Refunding Bonds, Series D (AMT),<br>|  |  |
| 5.25%, 11/15/27 | $1750 | $1817 |
|  |  | **11103** |
| **Delaware – 0.2%** | **Delaware – 0.2%** | **Delaware – 0.2%** |
| &nbsp;&nbsp; Delaware State Health Facilities <br> Authority Revenue Bonds, Christiana <br> Care Health System,<br>|  |  |
| 5.00%, 10/1/28 | 480 | **507** |
| **District of Columbia – 1.4%** | **District of Columbia – 1.4%** | **District of Columbia – 1.4%** |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/32 | 3150 | 3375 |
| 5.00%, 10/1/34 | 1000 | 1107 |
|  |  | **4482** |
| **Florida – 6.3%** | **Florida – 6.3%** | **Florida – 6.3%** |
| &nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/32 | 1315 | 1385 |
| &nbsp;&nbsp; Broward County Port Facilities Revenue <br> Bonds (AMT),<br>|  |  |
| 5.00%, 9/1/33 | 1265 | 1373 |
| &nbsp;&nbsp; Capital Trust Authority Health Care <br> Facilities Revenue Refunding Bonds, <br> Series A, UF Health Projects,<br>|  |  |
| 5.00%, 12/1/32 | 1000 | 1098 |
| &nbsp;&nbsp; Collier County IDA Revenue Bonds, <br> NCH Healthcare System Projects,<br>|  |  |
| 5.00%, 10/1/31<sup>(1) (2)</sup>  | 2000 | 2134 |
| &nbsp;&nbsp; Duval County School Board COPS, <br> Series A (AGM Insured),<br>|  |  |
| 5.00%, 7/1/26 | 1750 | 1761 |
| &nbsp;&nbsp; Florida State Board of Education Public <br> Education Capital Outlay G.O. <br> Unlimited Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/26 | 1950 | 1958 |
| &nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds <br> (AMT),<br>|  |  |
| 5.00%, 10/1/32 | 700 | 767 |
| &nbsp;&nbsp; Lee County Airport Variable Revenue <br> Bonds, Series A-2 (AMT),<br>|  |  |
| 5.00%, 10/1/31<sup>(1) (2)</sup>  | 1000 | 1072 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **207** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **Florida – 6.3%continued** | **Florida – 6.3%continued** | **Florida – 6.3%continued** |
| &nbsp;&nbsp; Lee County School Board COPS, Series <br> A,<br>|  |  |
| 5.00%, 8/1/33 | $1000 | $1120 |
| &nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/27 | 3000 | 3090 |
| &nbsp;&nbsp; Pasco Country School District Sales <br> TRB,<br>|  |  |
| 5.00%, 10/1/32 | 2500 | 2795 |
| &nbsp;&nbsp; Saint Johns County School Board <br> COPS, Series A (AGM Insured),<br>|  |  |
| 5.00%, 7/1/31 | 1270 | 1403 |
| &nbsp;&nbsp; Tallahassee Consolidated Utility <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/32 | 535 | 603 |
|  |  | **20559** |
| **Georgia – 2.3%** | **Georgia – 2.3%** | **Georgia – 2.3%** |
| &nbsp;&nbsp; Douglas County School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 4/1/33 | 825 | 933 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 9/1/27<sup>(1) (2)</sup>  | 1535 | 1553 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series C,<br>|  |  |
| 5.00%, 12/1/31<sup>(1) (2)</sup>  | 2715 | 2865 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series E,<br>|  |  |
| 5.00%, 12/1/32<sup>(1) (2)</sup>  | 1000 | 1049 |
| &nbsp;&nbsp; Private Colleges & Universities Authority <br> Exchangeable Revenue Bonds, <br> Series B, Emory University,<br>|  |  |
| 5.00%, 9/1/33 | 975 | 1101 |
|  |  | **7501** |
| **Hawaii – 0.2%** | **Hawaii – 0.2%** | **Hawaii – 0.2%** |
| &nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Refunding Bonds, Series F,<br>|  |  |
| 5.00%, 7/1/26 | 725 | **730** |
| **Illinois – 6.0%** | **Illinois – 6.0%** | **Illinois – 6.0%** |
| &nbsp;&nbsp; Chicago G.O. Unlimited Bonds, Series <br> B,<br>|  |  |
| 5.00%, 1/1/33 | 1000 | 1042 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **Illinois – 6.0%continued** | **Illinois – 6.0%continued** | **Illinois – 6.0%continued** |
| &nbsp;&nbsp; Chicago Midway Airport Senior Lien <br> Revenue Refunding Bonds, Series A <br> (AMT),<br>|  |  |
| 5.00%, 1/1/30 | $2000 | $2124 |
| &nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 1/1/27 | 2000 | 2030 |
| &nbsp;&nbsp; Chicago Waterworks Second Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/27 | 3640 | 3771 |
| &nbsp;&nbsp; Cook County High School District No. <br> 201J Sterling Morton Township G.O. <br> Limited Bonds (AG Insured),<br>|  |  |
| 5.00%, 6/1/28 | 300 | 314 |
| 5.00%, 6/1/29 | 225 | 240 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, The Chicago School,<br>|  |  |
| 5.00%, 4/1/26 | 300 | 300 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Moorings of <br> Arlington Heights,<br>|  |  |
| 4.10%, 5/1/31 | 1600 | 1596 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, Rush <br> University System for Health,<br>|  |  |
| 5.00%, 11/15/30 | 2500 | 2667 |
| &nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Silver <br> Cross Hospital,<br>|  |  |
| 5.00%, 8/15/30<sup>(1) (2)</sup>  | 1000 | 1059 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 5.00%, 5/1/27 | 1500 | 1535 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 2/1/27 | 2100 | 2138 |
| &nbsp;&nbsp; Monroe & Saint Clair Counties <br> Community Unit School District No. 5 <br> G.O. Unlimited Refunding Bonds <br> (BAM Insured),<br>|  |  |
| 5.00%, 4/15/28 | 710 | 739 |
|  |  | **19555** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **208** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **Indiana – 3.1%** | **Indiana – 3.1%** | **Indiana – 3.1%** |
| &nbsp;&nbsp; Greater Clark County School Building <br> Corp. Revenue Refunding Bonds, <br> Series A (State Intercept Program),<br>|  |  |
| 5.00%, 7/15/32 | $1100 | $1220 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 2/1/32 | 1040 | 1145 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds, Unlimited Ad Valorem Project <br> (State Aid Intercept Program),<br>|  |  |
| 5.00%, 1/15/30 | 2000 | 2155 |
| &nbsp;&nbsp; MSD of Washington Township School <br> Building Corp. Revenue Bonds (State <br> Intercept Program),<br>|  |  |
| 5.00%, 7/15/35 | 1090 | 1145 |
| &nbsp;&nbsp; MSD of Washington Township School <br> Building Corp. Revenue Bonds, 2016 <br> Refferendum Projects (State Intercept <br> Program),<br>|  |  |
| 5.00%, 1/15/27 | 1100 | 1120 |
| 5.00%, 7/15/27 | 1075 | 1107 |
| &nbsp;&nbsp; MSD of Washington Township School <br> Building Corp. Revenue Bonds, 2020 <br> Refferendum Projects (State Intercept <br> Program),<br>|  |  |
| 5.00%, 7/15/27 | 2195 | 2261 |
|  |  | **10153** |
| **Iowa – 1.8%** | **Iowa – 1.8%** | **Iowa – 1.8%** |
| &nbsp;&nbsp; Guthrie County Hospital Revenue <br> BANS, Guthrie County Hospital <br> Project,<br>|  |  |
| 4.50%, 2/1/29 | 500 | 500 |
| &nbsp;&nbsp; Le Mars Community School District <br> G.O. Unlimited Bonds (AG Insured),<br>|  |  |
| 5.00%, 6/1/33 | 1000 | 1099 |
| &nbsp;&nbsp; Polk County G.O. Unlimited Capital <br> Loan Notes, Series A (AMT),<br>|  |  |
| 5.00%, 6/1/31 | 2280 | 2471 |
| &nbsp;&nbsp; Waterloo G.O. Unlimited Bonds, Series <br> D,<br>|  |  |
| 4.50%, 6/1/27 | 1700 | 1705 |
|  |  | **5775** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **Kansas – 0.4%** | **Kansas – 0.4%** | **Kansas – 0.4%** |
| &nbsp;&nbsp; Wichita G.O. Unlimited Bonds, Series <br> 811,<br>|  |  |
| 3.00%, 6/1/27 | $1185 | **$1185** |
| **Kentucky – 1.8%** | **Kentucky – 1.8%** | **Kentucky – 1.8%** |
| &nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Series <br> A, Project No. 133,<br>|  |  |
| 5.00%, 9/1/29 | 3000 | 3226 |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.25%, 12/1/29<sup>(1) (2)</sup>  | 2570 | 2720 |
|  |  | **5946** |
| **Louisiana – 1.1%** | **Louisiana – 1.1%** | **Louisiana – 1.1%** |
| &nbsp;&nbsp; Jefferson Parish Consolidated <br> Waterworks District No. 2 Revenue <br> Refunding Bonds, (BAM Insured),<br>|  |  |
| 4.00%, 2/1/29 | 1800 | 1857 |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Tulane <br> University, Escrowed to Maturity,<br>|  |  |
| 5.00%, 4/1/26 | 270 | 270 |
| &nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Insurance <br> Revenue Bonds, Louisiana Insurance <br> Guaranty Association,<br>|  |  |
| 5.00%, 8/15/26 | 1500 | 1514 |
|  |  | **3641** |
| **Maine – 0.8%** | **Maine – 0.8%** | **Maine – 0.8%** |
| &nbsp;&nbsp; Maine State Governmental Facilities <br> Authority Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 10/1/33 | 2640 | **2688** |
| **Maryland – 0.9%** | **Maryland – 0.9%** | **Maryland – 0.9%** |
| &nbsp;&nbsp; Montgomery County G.O. Unlimited <br> Refunding Bonds, Series D,<br>|  |  |
| 4.00%, 11/1/29 | 2925 | **2981** |
| **Massachusetts – 2.2%** | **Massachusetts – 2.2%** | **Massachusetts – 2.2%** |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Bonds, <br> Lasell Village, Inc.,<br>|  |  |
| 5.00%, 7/1/29 | 1000 | 1049 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **209** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **Massachusetts – 2.2%continued** | **Massachusetts – 2.2%continued** | **Massachusetts – 2.2%continued** |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Variable Revenue <br> Bonds, Brown Health University <br> Obligated Group,<br>|  |  |
| 5.00%, 8/15/31<sup>(1) (2)</sup>  | $1000 | $1069 |
| &nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series C,<br>|  |  |
| 5.00%, 5/1/30 | 595 | 651 |
| &nbsp;&nbsp; Massachusetts State G.O. Limited <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/26 | 1040 | 1047 |
| &nbsp;&nbsp; University of Massachusetts Building <br> Authority Revenue Refunding Bonds, <br> Series 2,<br>|  |  |
| 5.00%, 11/1/29 | 3370 | 3376 |
|  |  | **7192** |
| **Michigan – 2.8%** | **Michigan – 2.8%** | **Michigan – 2.8%** |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, Henry <br> Ford Health System,<br>|  |  |
| 5.00%, 11/15/29 | 3840 | 3886 |
| &nbsp;&nbsp; Michigan State HDA Rental Housing <br> Revenue Bonds, Series A,<br>|  |  |
| 3.38%, 10/1/26 | 465 | 466 |
| &nbsp;&nbsp; Michigan State Hospital Finance <br> Authority Revenue Refunding Bonds, <br> Bronson Healthcare Group,<br>|  |  |
| 5.00%, 5/15/29 | 430 | 457 |
| 5.00%, 11/15/29 | 1500 | 1598 |
| &nbsp;&nbsp; Warren Consolidated School District <br> G.O. Unlimited Refunding Bonds <br> (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/28 | 900 | 944 |
| 5.00%, 5/1/29 | 750 | 800 |
| &nbsp;&nbsp; Wayne County Airport Authority <br> Revenue Refunding Bonds (AMT), <br> Detroit Metropolitan,<br>|  |  |
| 5.00%, 12/1/30 | 1000 | 1076 |
|  |  | **9227** |
| **Minnesota – 0.6%** | **Minnesota – 0.6%** | **Minnesota – 0.6%** |
| &nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Commodity Supply Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 12/1/27<sup>(1) (2)</sup>  | 2000 | **2026** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **Missouri – 0.7%** | **Missouri – 0.7%** | **Missouri – 0.7%** |
| &nbsp;&nbsp; Saint Joseph School District G.O. <br> Unlimited Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| 5.00%, 3/1/31 | $2000 | **$2119** |
| **Montana – 0.5%** | **Montana – 0.5%** | **Montana – 0.5%** |
| &nbsp;&nbsp; Montana State Facility Finance <br> Authority Variable Revenue Bonds, <br> Benefis Health System Obligated <br> Group,<br>|  |  |
| 5.00%, 2/15/30<sup>(1) (2)</sup>  | 1390 | **1474** |
| **Nebraska – 0.7%** | **Nebraska – 0.7%** | **Nebraska – 0.7%** |
| McCook Revenue BANS, |  |  |
| 4.50%, 9/1/27 | 1000 | 1008 |
| &nbsp;&nbsp; Omaha Airport Authority Airport <br> Facilities Revenue Bonds (AMT) <br> (AGC Insured),<br>|  |  |
| 5.00%, 12/15/31 | 1275 | 1392 |
|  |  | **2400** |
| **Nevada – 1.0%** | **Nevada – 1.0%** | **Nevada – 1.0%** |
| &nbsp;&nbsp; Clark County School District G.O. <br> Limited Bonds, Series B (AGM <br> Insured),<br>|  |  |
| 4.00%, 6/15/32 | 3000 | **3079** |
| **New Hampshire – 0.3%** | **New Hampshire – 0.3%** | **New Hampshire – 0.3%** |
| &nbsp;&nbsp; New Hampshire State Health & <br> Education Facilities Authority <br> Revenue Refunding Bonds, Southern <br> New Hampshire University Issue,<br>|  |  |
| 5.00%, 1/1/34 | 1000 | **1114** |
| **New Jersey – 2.2%** | **New Jersey – 2.2%** | **New Jersey – 2.2%** |
| &nbsp;&nbsp; Clifton Board of Education G.O. <br> Unlimited Bonds (AGM School <br> Board Resource Fund Insured),<br>|  |  |
| 2.00%, 8/15/26 | 1200 | 1193 |
| &nbsp;&nbsp; New Jersey State EDA Revenue School <br> Facilities Construction Revenue <br> Refunding Bonds, Series GGG,<br>|  |  |
| 5.25%, 9/1/26 | 3000 | 3034 |
| &nbsp;&nbsp; New Jersey State G.O. Unlimited <br> Bonds, Covid-19 Go Emergency <br> Bonds,<br>|  |  |
| 5.00%, 6/1/27 | 2750 | 2830 |
|  |  | **7057** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **210** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **New York – 5.3%** | **New York – 5.3%** | **New York – 5.3%** |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Climate Bond Certified,<br>|  |  |
| 5.00%, 11/15/32 | $1500 | $1685 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Revenue Bonds, Subseries F-1,<br>|  |  |
| 5.00%, 5/1/31 | 1000 | 1024 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 11/1/27 | 1000 | 1039 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> J-10, Fiscal 2008,<br>|  |  |
| 5.00%, 8/1/26 | 605 | 610 |
| &nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series C,<br>|  |  |
| 5.00%, 8/1/27 | 1795 | 1851 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, Series A, Pace University,<br>|  |  |
| 5.25%, 5/1/31 | 400 | 435 |
| 5.25%, 5/1/32 | 600 | 660 |
| &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>|  |  |
| 3.60%, 5/1/27<sup>(1) (2)</sup>  | 1500 | 1500 |
| &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>|  |  |
| 3.85%, 5/1/27<sup>(1) (2)</sup>  | 2195 | 2196 |
| &nbsp;&nbsp; New York State Liberty Development <br> Corp. Revenue Refunding Bonds, <br> Four World Trade, Green Bonds,<br>|  |  |
| 1.20%, 11/15/28 | 2000 | 1847 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| 5.00%, 9/15/32 | 1500 | 1547 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **New York – 5.3%continued** | **New York – 5.3%continued** | **New York – 5.3%continued** |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 249 (AMT),<br>|  |  |
| 5.00%, 10/15/26 | $2850 | $2882 |
|  |  | **17276** |
| **North Carolina – 0.1%** | **North Carolina – 0.1%** | **North Carolina – 0.1%** |
| &nbsp;&nbsp; Charlotte Water & Sewer System <br> Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/30 | 225 | **246** |
| **North Dakota – 0.4%** | **North Dakota – 0.4%** | **North Dakota – 0.4%** |
| &nbsp;&nbsp; Fargo Annual Appropriation Revenue <br> Bonds, Series G,<br>|  |  |
| 5.00%, 12/1/32 | 1010 | **1118** |
| **Ohio – 3.6%** | **Ohio – 3.6%** | **Ohio – 3.6%** |
| &nbsp;&nbsp; Akron Income Tax Revenue Refunding <br> Bonds,<br>|  |  |
| 4.00%, 12/1/26 | 1120 | 1130 |
| &nbsp;&nbsp; American Municipal Power-Ohio, Inc. <br> Revenue Refunding Bonds, <br> Combined Hydroelectric Projects,<br>|  |  |
| 5.00%, 2/15/30 | 500 | 539 |
| &nbsp;&nbsp; Columbus Regional Airport Authority <br> Revenue Refunding Bonds, John <br> Glenn Columbus International <br> (AMT),<br>|  |  |
| 5.00%, 1/1/33 | 1000 | 1094 |
| &nbsp;&nbsp; North Ridgeville City School District <br> G.O. Unlimited Bonds,<br>|  |  |
| 5.00%, 12/1/33 | 870 | 919 |
| &nbsp;&nbsp; Ohio State Air Quality Development <br> Authority Revenue Bonds, American <br> Electric Power Company Project, <br> Maturity,<br>|  |  |
| 3.20%, 5/1/26 | 1075 | 1076 |
| &nbsp;&nbsp; Ohio State G.O. Unlimited Refunding <br> Bonds, Series A, Conservation <br> Project,<br>|  |  |
| 5.00%, 3/1/32 | 1500 | 1679 |
| &nbsp;&nbsp; Ohio State Highway Capital <br> Improvements G.O. Unlimited Bonds, <br> Series S,<br>|  |  |
| 5.00%, 5/1/28 | 5085 | 5095 |
|  |  | **11532** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **211** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **Oklahoma – 3.8%** | **Oklahoma – 3.8%** | **Oklahoma – 3.8%** |
| &nbsp;&nbsp; Oklahoma County Independent School <br> District No. 12 G.O. Unlimited <br> Bonds, Edmond School District,<br>|  |  |
| 4.00%, 3/1/27 | $3925 | $3974 |
| &nbsp;&nbsp; Oklahoma County Independent School <br> District No. 89 G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 4.00%, 7/1/27 | 2775 | 2821 |
| &nbsp;&nbsp; Rogers County Educational Facilities <br> Authority Lease Revenue Bonds, <br> Oologah-Talala Public Schools <br> Project,<br>|  |  |
| 5.00%, 9/1/31 | 585 | 621 |
| Tulsa G.O. Unlimited Bonds, Series C, |  |  |
| 3.00%, 10/1/28 | 4865 | 4868 |
|  |  | **12284** |
| **Oregon – 1.1%** | **Oregon – 1.1%** | **Oregon – 1.1%** |
| Multnomah County G.O. Limited Bonds, |  |  |
| 5.00%, 6/1/28 | 1000 | 1030 |
| &nbsp;&nbsp; Washington County School District No. <br> 48J Beaverton G.O. Unlimited <br> Convertible CABS (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 6/15/35 | 2500 | 2555 |
|  |  | **3585** |
| **Pennsylvania – 4.7%** | **Pennsylvania – 4.7%** | **Pennsylvania – 4.7%** |
| &nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Revenue Bonds, Series A,<br>|  |  |
| 2.00%, 10/1/29 | 2275 | 2161 |
| &nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Revenue Bonds, Series A <br> (AMBAC Insured),<br>|  |  |
| 5.50%, 8/1/28 | 2505 | 2654 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 12/1/26 | 275 | 279 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Refunding <br> Bonds, Subseries B-2,<br>|  |  |
| 5.00%, 6/1/32 | 1875 | 1920 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Subordinate Revenue <br> Refunding Bonds, First Series of <br> 2025,<br>|  |  |
| 5.00%, 6/1/30 | 2500 | 2710 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **Pennsylvania – 4.7%continued** | **Pennsylvania – 4.7%continued** | **Pennsylvania – 4.7%continued** |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Subordinate Revenue <br> Refunding Bonds, Series 2017-3,<br>|  |  |
| 5.00%, 12/1/30 | $860 | $891 |
| &nbsp;&nbsp; Philadelphia G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 8/1/26 | 3535 | 3563 |
| &nbsp;&nbsp; Philadelphia Redevelopment Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 4/15/31 | 1000 | 1093 |
|  |  | **15271** |
| **South Carolina – 1.2%** | **South Carolina – 1.2%** | **South Carolina – 1.2%** |
| &nbsp;&nbsp; Scago Educational Facilities Corp. For <br> Pickens School District Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 12/1/31 | 1500 | 1661 |
| &nbsp;&nbsp; South Carolina State Jobs EDA Hospital <br> Facilities Variable Revenue Refunding <br> Bonds, Bon Secours Mercy Health, <br> Inc.,<br>|  |  |
| 5.00%, 11/1/32<sup>(1) (2)</sup>  | 1000 | 1113 |
| &nbsp;&nbsp; South Carolina State Jobs-EDA <br> Educational Facilities Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/26 | 1000 | 1011 |
|  |  | **3785** |
| **Tennessee – 0.4%** | **Tennessee – 0.4%** | **Tennessee – 0.4%** |
| &nbsp;&nbsp; Metropolitan Nashville Airport <br> Authority Improvement Revenue <br> Refunding Bonds, Series D (AMT),<br>|  |  |
| 5.00%, 7/1/27 | 400 | 410 |
| 5.00%, 7/1/28 | 400 | 418 |
| 5.00%, 7/1/29 | 555 | 588 |
|  |  | **1416** |
| **Texas – 13.1%** | **Texas – 13.1%** | **Texas – 13.1%** |
| &nbsp;&nbsp; Austin Water & Wastewater System <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 11/15/26 | 1000 | 1015 |
| &nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 6/15/31 | 1250 | 1372 |
| &nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds, Series B,<br>|  |  |
| 5.00%, 6/15/26 | 1125 | 1131 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **212** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **Texas – 13.1%continued** | **Texas – 13.1%continued** | **Texas – 13.1%continued** |
| &nbsp;&nbsp; Dallas Area Rapid Transit Senior Lien <br> Sales Tax Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 12/1/32 | $3395 | $3633 |
| &nbsp;&nbsp; Grand Prairie Independent School <br> District G.O. Unlimited Refunding <br> Bonds (PSF, Gtd.),<br>|  |  |
| 4.00%, 2/15/33 | 5420 | 5422 |
| &nbsp;&nbsp; Harlingen Consolidated Independent <br> School District G.O. Unlimited <br> Refunding Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/15/26 | 1105 | 1115 |
| &nbsp;&nbsp; Harris County Cultural Education <br> Facilities Finance Corp. Medical <br> Facilities Variable Revenue Bonds, <br> Baylor College of Medicine,<br>|  |  |
| 5.00%, 5/15/32<sup>(1) (2)</sup>  | 1000 | 1073 |
| &nbsp;&nbsp; Harris County Cultural Education <br> Facilities Finance Corp. Revenue <br> Refunding Bonds, Series A, Houston <br> Methodist,<br>|  |  |
| 5.00%, 12/1/29 | 1500 | 1619 |
| &nbsp;&nbsp; Harris County Toll Road First Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 8/15/31 | 1635 | 1805 |
| &nbsp;&nbsp; Hays County G.O. Limited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 2/15/29 | 655 | 696 |
| &nbsp;&nbsp; Houston Airport System Revenue <br> Refunding Bonds (AMT), United <br> Airlines Inc., Terminal,<br>|  |  |
| 5.25%, 7/15/32 | 1500 | 1577 |
| Houston G.O. Limited Bonds, Series A, |  |  |
| 5.00%, 3/1/31 | 2200 | 2409 |
| &nbsp;&nbsp; Klein Independent School District G.O. <br> Unlimited Refunding Bonds (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 8/1/32 | 1575 | 1707 |
| &nbsp;&nbsp; Laredo Public Property Finance <br> Contractual Obligation G.O. Limited <br> Bonds,<br>|  |  |
| 5.00%, 2/15/27 | 800 | 817 |
| &nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| 5.00%, 1/1/31 | 595 | 652 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **Texas – 13.1%continued** | **Texas – 13.1%continued** | **Texas – 13.1%continued** |
| &nbsp;&nbsp; Pecos Barstow Toyah Independent <br> School District G.O. Unlimited <br> Bonds, Escrowed to Maturity (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | $1000 | $1020 |
| &nbsp;&nbsp; Port Houston Authority G.O. Unlimited <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/29 | 1000 | 1048 |
| &nbsp;&nbsp; San Antonio Electric & Gas Junior Lien <br> Variable Revenue Bonds,<br>|  |  |
| 2.00%, 12/1/27<sup>(1) (2)</sup>  | 3150 | 3088 |
| &nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 2/1/30 | 3000 | 3245 |
| &nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Variable <br> Revenue Refunding Bonds, Texas <br> Health Resources System,<br>|  |  |
| 5.00%, 11/15/29<sup>(1) (2)</sup>  | 1000 | 1069 |
| &nbsp;&nbsp; Tarrant Regional Water District <br> Transmission Facility Contract <br> Revenue Bonds, Series A, City of <br> Dallas Project,<br>|  |  |
| 4.00%, 9/1/31 | 1370 | 1420 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| 4.00%, 8/1/27 | 2135 | 2137 |
| &nbsp;&nbsp; Texas State Municipal Gas Acquisition <br> & Supply Corp. III Gas Supply <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 12/15/26 | 1400 | 1418 |
| &nbsp;&nbsp; Trinity River Authority Regional <br> Wastewater System Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/32 | 1000 | 1026 |
| &nbsp;&nbsp; University of North Texas Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 4/15/32 | 1000 | 1077 |
|  |  | **42591** |
| **Utah – 2.3%** | **Utah – 2.3%** | **Utah – 2.3%** |
| &nbsp;&nbsp; Davis County School District G.O. <br> Unlimited Refunding Bonds, Utah <br> School Bond Guaranty (School <br> Board Guaranty Program),<br>|  |  |
| 3.00%, 6/1/28 | 4095 | 4078 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **213** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **Utah – 2.3%continued** | **Utah – 2.3%continued** | **Utah – 2.3%continued** |
| &nbsp;&nbsp; Murray City School District G.O. <br> Unlimited Refunding Bonds (School <br> Board Guaranty Program),<br>|  |  |
| 5.00%, 2/1/28 | $1685 | $1761 |
| &nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 7/1/32 | 1500 | 1621 |
|  |  | **7460** |
| **Virginia – 0.1%** | **Virginia – 0.1%** | **Virginia – 0.1%** |
| &nbsp;&nbsp; Virginia State College Building <br> Authority Educational Facilities <br> Revenue Refunding Bonds, 21st <br> Century College & Equipment <br> Programs, Series B,<br>|  |  |
| 4.00%, 2/1/29 | 275 | **275** |
| **Washington – 2.0%** | **Washington – 2.0%** | **Washington – 2.0%** |
| &nbsp;&nbsp; Benton County School District No. 17 <br> Kennewick G.O. Unlimited Refunding <br> Bonds (School Board Guaranty <br> Program),<br>|  |  |
| 4.00%, 12/1/28 | 1000 | 1001 |
| &nbsp;&nbsp; Pierce County School District No. 320 <br> G.O. Unlimited Refunding Bonds <br> (School Board Guaranty Program),<br>|  |  |
| 4.00%, 12/1/28 | 650 | 650 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2023B,<br>|  |  |
| 5.00%, 7/1/26 | 2000 | 2013 |
| &nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Series A, CommonSpirit Health,<br>|  |  |
| 5.00%, 9/1/30 | 1750 | 1880 |
| &nbsp;&nbsp; Whatcom County Public Utility District <br> No. 1 G.O. Limited Bonds, Series A <br> (AMT) (BAM Insured),<br>|  |  |
| 5.00%, 12/1/27 | 450 | 462 |
| 5.00%, 12/1/28 | 450 | 469 |
|  |  | **6475** |
| **Wisconsin – 1.6%** | **Wisconsin – 1.6%** | **Wisconsin – 1.6%** |
| &nbsp;&nbsp; PFA Educational Facilities Revenue <br> Refunding Bonds, Lindenwood <br> Education System,<br>|  |  |
| 5.00%, 6/1/29 | 225 | 233 |
| 5.00%, 6/1/30 | 800 | 832 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  | **MUNICIPAL BONDS - 95.3%continued**  |
| **Wisconsin – 1.6%continued** | **Wisconsin – 1.6%continued** | **Wisconsin – 1.6%continued** |
| &nbsp;&nbsp; PFA Revenue Bonds, Maniilaq <br> Association Employee,<br>|  |  |
| 5.00%, 12/1/29 | $375 | $396 |
| 5.00%, 12/1/30 | 425 | 453 |
| &nbsp;&nbsp; Waushara County G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| 5.50%, 6/1/31 | 450 | 502 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Hospital Sisters <br> Credit Group,<br>|  |  |
| 5.00%, 8/15/30 | 1000 | 1079 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Variable Revenue <br> Refunding Bonds, Mercy Health <br> Corp.,<br>|  |  |
| 5.00%, 12/1/33<sup>(1) (2)</sup>  | 1500 | 1632 |
|  |  | **5127** |
| **Total Municipal Bonds** |  |  |
| **(Cost $310,400)** |  | **309232** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(4) (5)</sup> <br>| 2843668 | $2844 |
| **Total Investment Companies** |  |  |
| **(Cost $2,844)** |  | **2844** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 2.6%**  | **SHORT-TERM INVESTMENTS – 2.6%**  | **SHORT-TERM INVESTMENTS – 2.6%**  |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Gas Project No.7-S,<br>|  |  |
| 4.00%, 12/1/26<sup>(1) (2)</sup>  | $2500 | $2515 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue <br> Refunding Bonds, AdventHealth <br> Obligated Group, Unrefunded <br> Balance,<br>|  |  |
| 5.00%, 11/19/26<sup>(1) (2)</sup>  | 905 | 918 |
| &nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Authority Health Variable <br> Revenue Refunding Bonds, Series B, <br> BJC Health System,<br>|  |  |
| 4.00%, 5/1/26<sup>(1) (2)</sup>  | 1500 | 1502 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **214** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 2.6%continued**  | **SHORT-TERM INVESTMENTS - 2.6%continued**  | **SHORT-TERM INVESTMENTS - 2.6%continued**  |
| &nbsp;&nbsp; San Antonio Electric & Gas Junior Lien <br> Variable Revenue Bonds,<br>|  |  |
| 1.13%, 12/1/26<sup>(1) (2)</sup>  | $3500 | $3434 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $8,472)** | **(Cost $8,472)** | **8369** |
| **Total Investments – 98.8%** | **Total Investments – 98.8%** |  |
| **(Cost $321,716)** | **(Cost $321,716)** | **320445** |
| Other Assets less Liabilities – 1.2% | Other Assets less Liabilities – 1.2% | 3919 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$324364** |

---

<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 March 31,* *2026 is disclosed.* 

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

<sup>(4)</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>(5)</sup> *7-day current yield as of March 31, 2026 is disclosed.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AGM - Assured Guaranty Municipal Corporation |
| AMBAC - American Municipal Bond Assurance Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| BANS - Bond Anticipation Notes |
| CABS - Capital Appreciation Bonds |
| COPS - Certificates of Participation |
| EDA - Economic Development Authority |

---

---

| |
|:---|
| FHA - Federal Housing Administration |
| G.O. - General Obligation |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |
| HUD - Housing and Urban Development |
| IDA - Industrial Development Authority |
| IDR - Industrial Development Revenue |
| PFA - Public Finance Authority |
| PSF - Permanent School Fund |
| Q-SBLF - Qualified School Bond Loan Fund |
| 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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $309232 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $309232 |
| Investment Companies | &nbsp;&nbsp; 2844 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2844 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 8369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8369 |
| Total Investments | &nbsp;&nbsp; $2844 | &nbsp;&nbsp; $317601 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $320445 |

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $4900 | $131981 | $134037 | $2844 | 2843668 | $208 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **215** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**LIMITED TERM U.S. GOVERNMENT FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 2.7%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 2.7%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 2.7%** <sup>(1)</sup> |
| **Fannie Mae – 0.4%** | **Fannie Mae – 0.4%** | **Fannie Mae – 0.4%** |
| Pool #555649, |  |  |
| 7.50%, 10/1/32 | $4 | $4 |
| Pool #BH9277, |  |  |
| 3.50%, 2/1/48 | 97 | 90 |
|  |  | **94** |
| **Freddie Mac – 0.5%** | **Freddie Mac – 0.5%** | **Freddie Mac – 0.5%** |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | 72 | 73 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 65 | 67 |
| Pool #ZS7735, |  |  |
| 2.00%, 1/1/32 | 2 | 2 |
|  |  | **142** |
| **Freddie Mac Gold – 0.3%** | **Freddie Mac Gold – 0.3%** | **Freddie Mac Gold – 0.3%** |
| Pool #D99701, |  |  |
| 3.00%, 11/1/32 | 91 | **88** |
| **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| 2.50%, 8/20/46 | 68 | **64** |
| **Sovereign Agencies – 1.2%** | **Sovereign Agencies – 1.2%** | **Sovereign Agencies – 1.2%** |
| Resolution Funding Corp. Interest Strip, |  |  |
| 3.89%, 10/15/28<sup>(2)</sup>  | 357 | **324** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $727)** |  | **712** |
| **U.S. GOVERNMENT OBLIGATIONS – 96.4%**  | **U.S. GOVERNMENT OBLIGATIONS – 96.4%**  | **U.S. GOVERNMENT OBLIGATIONS – 96.4%**  |
| **U.S. Treasury Inflation Indexed Notes – 1.4%** | **U.S. Treasury Inflation Indexed Notes – 1.4%** | **U.S. Treasury Inflation Indexed Notes – 1.4%** |
| 0.13%, 4/15/26 | 153 | 190 |
| 0.13%, 4/15/27 | 166 | 190 |
|  |  | **380** |
| **U.S. Treasury Notes – 95.0%** | **U.S. Treasury Notes – 95.0%** | **U.S. Treasury Notes – 95.0%** |
| 4.50%, 4/15/27 | 300 | 302 |
| 3.75%, 4/30/27 | 375 | 375 |
| 4.50%, 5/15/27 | 250 | 252 |
| 3.88%, 5/31/27 | 450 | 450 |
| 4.63%, 6/15/27 | 250 | 252 |
| 3.75%, 6/30/27 | 250 | 250 |
| 4.38%, 7/15/27 | 250 | 252 |
| 3.88%, 7/31/27 | 875 | 875 |
| 3.63%, 8/31/27 | 225 | 224 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 96.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 96.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 96.4%continued**  |
| **U.S. Treasury Notes – 95.0%continued** | **U.S. Treasury Notes – 95.0%continued** | **U.S. Treasury Notes – 95.0%continued** |
| 3.50%, 9/30/27 | $100 | $99 |
| 3.50%, 10/31/27 | 100 | 99 |
| 3.38%, 11/30/27 | 50 | 50 |
| 3.88%, 11/30/27 | 904 | 905 |
| 3.38%, 12/31/27 | 770 | 764 |
| 3.50%, 1/31/28 | 770 | 766 |
| 3.38%, 2/29/28 | 30 | 30 |
| 4.00%, 2/29/28 | 525 | 527 |
| 3.88%, 3/15/28 | 500 | 501 |
| 3.63%, 3/31/28 | 850 | 847 |
| 3.75%, 4/15/28 | 335 | 335 |
| 3.75%, 5/15/28 | 125 | 125 |
| 3.63%, 5/31/28 | 525 | 523 |
| 3.88%, 6/15/28 | 725 | 726 |
| 3.88%, 7/15/28 | 650 | 651 |
| 3.63%, 8/15/28 | 440 | 438 |
| 4.38%, 8/31/28 | 400 | 405 |
| 3.38%, 9/15/28 | 590 | 584 |
| 3.50%, 10/15/28 | 435 | 432 |
| 3.50%, 11/15/28 | 925 | 917 |
| 4.38%, 11/30/28 | 350 | 355 |
| 3.50%, 12/15/28 | 575 | 570 |
| 3.75%, 12/31/28 | 250 | 249 |
| 3.50%, 1/15/29 | 320 | 317 |
| 4.00%, 1/31/29 | 250 | 251 |
| 3.50%, 2/15/29 | 125 | 124 |
| 4.25%, 2/28/29 | 200 | 202 |
| 3.50%, 3/15/29 | 250 | 248 |
| 4.13%, 3/31/29 | 300 | 303 |
| 2.88%, 4/30/29 | 250 | 243 |
| 4.63%, 4/30/29 | 300 | 307 |
| 4.50%, 5/31/29 | 150 | 153 |
| 4.25%, 6/30/29 | 300 | 304 |
| 4.00%, 7/31/29 | 450 | 452 |
| 3.63%, 8/31/29 | 475 | 471 |
| 3.50%, 9/30/29 | 275 | 272 |
| 4.13%, 10/31/29 | 300 | 302 |
| 4.13%, 11/30/29 | 650 | 655 |
| 4.38%, 12/31/29 | 250 | 254 |
| 4.25%, 1/31/30 | 225 | 228 |
| 4.00%, 2/28/30 | 650 | 652 |
| 4.00%, 3/31/30 | 200 | 201 |
| 3.88%, 4/30/30 | 275 | 275 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **216** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 96.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 96.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 96.4%continued**  |
| **U.S. Treasury Notes – 95.0%continued** | **U.S. Treasury Notes – 95.0%continued** | **U.S. Treasury Notes – 95.0%continued** |
| 4.00%, 5/31/30 | $450 | $452 |
| 3.88%, 6/30/30 | 250 | 250 |
| 3.88%, 7/31/30 | 435 | 434 |
| 3.63%, 8/31/30 | 575 | 568 |
| 3.63%, 9/30/30 | 370 | 365 |
| 3.63%, 10/31/30 | 300 | 296 |
| 3.50%, 11/30/30 | 580 | 569 |
| 3.63%, 12/31/30 | 545 | 538 |
| 3.75%, 1/31/31 | 360 | 357 |
| 3.50%, 2/28/31 | 600 | 588 |
| 3.88%, 3/31/31 | 340 | 339 |
|  |  | **25100** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $25,511)** |  | **25480** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(3) (4) (5)</sup> <br>| 230906 | $231 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(3) (4)</sup> <br>| 56764 | 57 |
| **Total Investment Companies** |  |  |
| **(Cost $288)** |  | **288** |
| **Total Investments – 100.2%** | **Total Investments – 100.2%** |  |
| **(Cost $26,526)** | **(Cost $26,526)** | **26480** |
| Liabilities less Other Assets – (0.2%) | Liabilities less Other Assets – (0.2%) | (52)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$26428** |

---

<sup>(1)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.*

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

<sup>(2)</sup> *Discount rate at the time of purchase.*

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

<sup>(4)</sup> *7-day current yield as of March 31, 2026 is disclosed.*

<sup>(5)</sup> *Investment of cash collateral received from securities lending activities.*

---

| |
|:---|
| 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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $712 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $712 |
| U.S. Government Obligations<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 25480 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25480 |
| Investment Companies | &nbsp;&nbsp; 288 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 288 |
| Total Investments | &nbsp;&nbsp; $288 | &nbsp;&nbsp; $26192 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26480 |

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $307 | $76 | $231 | 230906 | $— <br> <sup>(1),\*</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 899 | 9356 | 10198 | 57 | 56764 | 5 |
| Total | $899 | $9663 | $10274 | $288 | 287670 | $5 |

---

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

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **217** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CONVERTIBLE BONDS – 0.2%**  | **CONVERTIBLE BONDS – 0.2%**  | **CONVERTIBLE BONDS – 0.2%**  |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| XPLR Infrastructure L.P., |  |  |
| 2.50%, 6/15/26<sup>(1)</sup>  | $119 | **$118** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| Meritage Homes Corp., |  |  |
| 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%** |
| Digital Realty Trust L.P., |  |  |
| 1.88%, 11/15/29<sup>(1)</sup>  | 16 | **17** |
| **Semiconductors – 0.0%** | **Semiconductors – 0.0%** | **Semiconductors – 0.0%** |
| ON Semiconductor Corp., |  |  |
| 0.50%, 3/1/29 | 48 | **47** |
| **Total Convertible Bonds** |  |  |
| **(Cost $262)** |  | **258** |
| **CORPORATE BONDS – 80.5%**  | **CORPORATE BONDS – 80.5%**  | **CORPORATE BONDS – 80.5%**  |
| **Advertising & Marketing – 0.4%** | **Advertising & Marketing – 0.4%** | **Advertising & Marketing – 0.4%** |
| CMG Media Corp., |  |  |
| 8.88%, 6/18/29<sup>(1)</sup>  | 7 | 6 |
| Neptune Bidco U.S., Inc., |  |  |
| 9.29%, 4/15/29<sup>(1)</sup>  | 183 | 184 |
| 10.38%, 5/15/31<sup>(1)</sup>  | 18 | 18 |
| 9.50%, 2/15/33<sup>(1)</sup>  | 107 | 104 |
| &nbsp;&nbsp; Outfront Media Capital LLC/Outfront <br> Media Capital Corp.,<br>|  |  |
| 5.00%, 8/15/27<sup>(1)</sup>  | 144 | 144 |
| 4.25%, 1/15/29<sup>(1)</sup>  | 77 | 74 |
| 4.63%, 3/15/30<sup>(1)</sup>  | 104 | 100 |
|  |  | **630** |
| **Aerospace & Defense – 2.5%** | **Aerospace & Defense – 2.5%** | **Aerospace & Defense – 2.5%** |
| AAR Escrow Issuer LLC, |  |  |
| 6.75%, 3/15/29<sup>(1)</sup>  | 27 | 27 |
| ATI, Inc., |  |  |
| 5.88%, 12/1/27 | 18 | 18 |
| 4.88%, 10/1/29 | 37 | 36 |
| 7.25%, 8/15/30 | 25 | 26 |
| 5.13%, 10/1/31 | 101 | 100 |
| Axon Enterprise, Inc., |  |  |
| 6.13%, 3/15/30<sup>(1)</sup>  | 75 | 76 |
| 6.25%, 3/15/33<sup>(1)</sup>  | 87 | 89 |
| Boeing (The) Co., |  |  |
| 6.53%, 5/1/34 | 25 | 27 |
| 6.86%, 5/1/54 | 50 | 55 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Aerospace & Defense – 2.5%continued** | **Aerospace & Defense – 2.5%continued** | **Aerospace & Defense – 2.5%continued** |
| Goat Holdco LLC, |  |  |
| 6.75%, 2/1/32<sup>(1)</sup>  | $160 | $161 |
| Howmet Aerospace, Inc., |  |  |
| 5.95%, 2/1/37 | 25 | 27 |
| Moog, Inc., |  |  |
| 4.25%, 12/15/27<sup>(1)</sup>  | 2 | 2 |
| 5.50%, 10/15/34<sup>(1)</sup>  | 45 | 45 |
| Spirit AeroSystems, Inc., |  |  |
| 4.60%, 6/15/28 | 50 | 50 |
| TransDigm, Inc., |  |  |
| 6.75%, 8/15/28<sup>(1)</sup>  | 75 | 76 |
| 4.63%, 1/15/29 | 225 | 221 |
| 6.38%, 3/1/29<sup>(1)</sup>  | 25 | 25 |
| 4.88%, 5/1/29 | 25 | 25 |
| 6.88%, 12/15/30<sup>(1)</sup>  | 25 | 26 |
| 7.13%, 12/1/31<sup>(1)</sup>  | 50 | 52 |
| 6.63%, 3/1/32<sup>(1)</sup>  | 171 | 174 |
| 6.00%, 1/15/33<sup>(1)</sup>  | 252 | 252 |
| 6.38%, 5/31/33<sup>(1)</sup>  | 913 | 908 |
| 6.25%, 1/31/34<sup>(1)</sup>  | 57 | 58 |
| 6.75%, 1/31/34<sup>(1)</sup>  | 632 | 640 |
| 6.13%, 7/31/34<sup>(1)</sup>  | 313 | 308 |
|  |  | **3504** |
| **Apparel & Textile Products – 0.6%** | **Apparel & Textile Products – 0.6%** | **Apparel & Textile Products – 0.6%** |
| Beach Acquisition Bidco LLC, |  |  |
| 10.00%, 7/15/33<sup>(1) (2)</sup>  | 652 | 694 |
| Crocs, Inc., |  |  |
| 4.25%, 3/15/29<sup>(1)</sup>  | 25 | 24 |
| 4.13%, 8/15/31<sup>(1)</sup>  | 72 | 65 |
| Levi Strauss & Co., |  |  |
| 3.50%, 3/1/31<sup>(1)</sup>  | 47 | 43 |
|  |  | **826** |
| **Asset Management – 1.0%** | **Asset Management – 1.0%** | **Asset Management – 1.0%** |
| Apollo Debt Solutions BDC, |  |  |
| 5.88%, 8/30/30 | 26 | 26 |
| 6.70%, 7/29/31 | 11 | 11 |
| 6.55%, 3/15/32 | 9 | 9 |
| Apollo Global Management, Inc., |  |  |
| &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 | 65 |
| Bain Capital Specialty Finance, Inc., |  |  |
| 5.95%, 3/15/30 | 15 | 14 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **218** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Asset Management – 1.0%continued** | **Asset Management – 1.0%continued** | **Asset Management – 1.0%continued** |
| Blue Owl Capital Corp., |  |  |
| 6.20%, 7/15/30 | $36 | $35 |
| &nbsp;&nbsp; Compass Group Diversified <br> Holdings LLC,<br>|  |  |
| 5.25%, 4/15/29<sup>(1)</sup>  | 73 | 68 |
| 5.00%, 1/15/32<sup>(1)</sup>  | 26 | 22 |
| Focus Financial Partners LLC, |  |  |
| 6.75%, 9/15/31<sup>(1)</sup>  | 383 | 380 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.,<br>|  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.48%), 7.13%, <br> 11/15/56<sup>(3)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| 5.25%, 5/15/27 | 263 | 258 |
| 9.75%, 1/15/29 | 63 | 62 |
| 4.38%, 2/1/29 | 50 | 43 |
| 10.00%, 11/15/29<sup>(1)</sup>  | 124 | 122 |
| 9.00%, 6/15/30 | 50 | 47 |
| Osaic Holdings, Inc., |  |  |
| 6.75%, 8/1/32<sup>(1)</sup>  | 80 | 80 |
| 8.00%, 8/1/33<sup>(1)</sup>  | 189 | 187 |
|  |  | **1454** |
| **Automotive – 1.8%** | **Automotive – 1.8%** | **Automotive – 1.8%** |
| Adient Global Holdings Ltd., |  |  |
| 7.50%, 2/15/33<sup>(1) †</sup>  | 25 | 25 |
| American Axle & Manufacturing, Inc., |  |  |
| 5.00%, 10/1/29<sup>†</sup>  | 75 | 72 |
| 6.38%, 10/15/32<sup>(1)</sup>  | 50 | 49 |
| 7.75%, 10/15/33<sup>(1)</sup>  | 51 | 50 |
| &nbsp;&nbsp; Clarios Global L.P./Clarios <br> U.S. Finance Co.,<br>|  |  |
| 6.75%, 5/15/28<sup>(1)</sup>  | 73 | 74 |
| 6.75%, 2/15/30<sup>(1)</sup>  | 126 | 129 |
| 6.75%, 9/15/32<sup>(1)</sup>  | 254 | 256 |
| &nbsp;&nbsp; Cyprium Corp./Cyprium Holdings <br> Luxembourg S.a.r.l.,<br>|  |  |
| 6.13%, 4/15/31<sup>(1)</sup>  | 58 | 57 |
| Dana, Inc., |  |  |
| 4.25%, 9/1/30 | 22 | 21 |
| 4.50%, 2/15/32 | 28 | 26 |
| Dornoch Debt Merger Sub, Inc., |  |  |
| 6.63%, 10/15/29<sup>(1)</sup>  | 975 | 867 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Automotive – 1.8%continued** | **Automotive – 1.8%continued** | **Automotive – 1.8%continued** |
| &nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett <br> LX I S.a.r.l.,<br>|  |  |
| 7.75%, 5/31/32<sup>(1)</sup>  | $65 | $67 |
| Goodyear Tire & Rubber (The) Co., |  |  |
| 5.00%, 7/15/29 | 75 | 71 |
| 6.63%, 7/15/30<sup>†</sup>  | 3 | 3 |
| 5.25%, 7/15/31<sup>(1)</sup>  | 50 | 45 |
| 5.63%, 4/30/33<sup>†</sup>  | 25 | 22 |
| Nissan Motor Acceptance Co. LLC, |  |  |
| 5.63%, 9/29/28<sup>(1)</sup>  | 25 | 24 |
| 6.13%, 9/30/30<sup>(1)</sup>  | 114 | 110 |
| Phinia, Inc., |  |  |
| 6.63%, 10/15/32<sup>(1)</sup>  | 25 | 25 |
| Real Hero Merger Sub 2, Inc., |  |  |
| 6.25%, 2/1/29<sup>(1) (4)</sup>  | 800 | 320 |
| &nbsp;&nbsp; Rivian Holdings LLC/Rivian LLC/Rivian <br> Automotive LLC,<br>|  |  |
| 10.00%, 1/15/31<sup>(1)</sup>  | 40 | 39 |
| Tenneco, Inc., |  |  |
| 8.00%, 11/17/28<sup>(1)</sup>  | 179 | 178 |
|  |  | **2530** |
| **Banking – 0.0%** | **Banking – 0.0%** | **Banking – 0.0%** |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 7Y + 2.81%), 6.25%, <br> 3/15/30<sup>(3) (5)</sup> <br>| 40 | **40** |
| **Basic Industry – 0.0%** | **Basic Industry – 0.0%** | **Basic Industry – 0.0%** |
| Avient Corp., |  |  |
| 6.25%, 11/1/31<sup>(1)</sup>  | 27 | **27** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| &nbsp;&nbsp; Primo Water Holdings, Inc./Triton <br> Water Holdings, Inc.,<br>|  |  |
| 6.25%, 4/1/29<sup>(1)</sup>  | 50 | 50 |
| 4.38%, 4/30/29<sup>(1)</sup>  | 75 | 73 |
|  |  | **123** |
| **Biotechnology & Pharmaceuticals – 1.0%** | **Biotechnology & Pharmaceuticals – 1.0%** | **Biotechnology & Pharmaceuticals – 1.0%** |
| 1261229 B.C. Ltd., |  |  |
| 10.00%, 4/15/32<sup>(1)</sup>  | 1086 | 1112 |
| AbbVie, Inc., |  |  |
| 5.60%, 3/15/55 | 25 | 25 |
| Amneal Pharmaceuticals LLC, |  |  |
| 6.88%, 8/1/32<sup>(1)</sup>  | 55 | 57 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **219** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Biotechnology & Pharmaceuticals – 1.0%continued** | **Biotechnology & Pharmaceuticals – 1.0%continued** | **Biotechnology & Pharmaceuticals – 1.0%continued** |
| Bausch Health Americas, Inc., |  |  |
| 8.50%, 1/31/27<sup>(1) †</sup>  | $75 | $74 |
| Endo Finance Holdings, Inc., |  |  |
| 8.50%, 4/15/31<sup>(1)</sup>  | 25 | 26 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V.,<br>|  |  |
| 5.13%, 4/30/31<sup>(1)</sup>  | 200 | 163 |
|  |  | **1457** |
| **Cable & Satellite – 3.2%** | **Cable & Satellite – 3.2%** | **Cable & Satellite – 3.2%** |
| Block Communications, Inc., |  |  |
| 10.25%, 3/1/31<sup>(1)</sup>  | 13 | 12 |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.,<br>|  |  |
| 5.13%, 5/1/27<sup>(1)</sup>  | 46 | 46 |
| 5.00%, 2/1/28<sup>(1)</sup>  | 25 | 25 |
| 5.38%, 6/1/29<sup>(1)</sup>  | 101 | 100 |
| 6.38%, 9/1/29<sup>(1)</sup>  | 150 | 150 |
| 4.75%, 3/1/30<sup>(1)</sup>  | 65 | 62 |
| 4.50%, 8/15/30<sup>(1)</sup>  | 42 | 39 |
| 4.25%, 2/1/31<sup>(1)</sup>  | 177 | 161 |
| 4.75%, 2/1/32<sup>(1)</sup>  | 245 | 222 |
| 4.50%, 5/1/32 | 127 | 113 |
| 7.00%, 2/1/33<sup>(1)</sup>  | 148 | 148 |
| 4.50%, 6/1/33<sup>(1)</sup>  | 504 | 439 |
| 4.25%, 1/15/34<sup>(1)</sup>  | 614 | 525 |
| 7.38%, 2/1/36<sup>(1)</sup>  | 147 | 146 |
| CSC Holdings LLC, |  |  |
| 5.38%, 2/1/28<sup>(1) †</sup>  | 200 | 148 |
| 11.25%, 5/15/28<sup>(1) †</sup>  | 200 | 163 |
| 5.75%, 1/15/30<sup>(1)</sup>  | 275 | 104 |
| 4.50%, 11/15/31<sup>(1)</sup>  | 400 | 237 |
| Directv Financing LLC, |  |  |
| 8.88%, 2/1/30<sup>(1)</sup>  | 128 | 128 |
| &nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.,<br>|  |  |
| 5.88%, 8/15/27<sup>(1)</sup>  | 97 | 97 |
| 10.00%, 2/15/31<sup>(1)</sup>  | 285 | 291 |
| DISH DBS Corp., |  |  |
| 7.75%, 7/1/26 | 75 | 75 |
| 5.25%, 12/1/26<sup>(1)</sup>  | 100 | 99 |
| 7.38%, 7/1/28 | 100 | 97 |
| 5.75%, 12/1/28<sup>(1)</sup>  | 75 | 73 |
| 5.13%, 6/1/29 | 75 | 67 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Cable & Satellite – 3.2%continued** | **Cable & Satellite – 3.2%continued** | **Cable & Satellite – 3.2%continued** |
| DISH Network Corp., |  |  |
| 11.75%, 11/15/27<sup>(1)</sup>  | $359 | $370 |
| Midcontinent Communications, |  |  |
| 8.00%, 8/15/32<sup>(1) †</sup>  | 82 | 76 |
| Sirius XM Radio LLC, |  |  |
| 5.00%, 8/1/27<sup>(1)</sup>  | 78 | 78 |
| 4.00%, 7/15/28<sup>(1)</sup>  | 125 | 121 |
| 3.88%, 9/1/31<sup>(1) †</sup>  | 100 | 91 |
| 5.88%, 4/15/32<sup>(1)</sup>  | 75 | 75 |
|  |  | **4578** |
| **Capital Goods – 0.0%** | **Capital Goods – 0.0%** | **Capital Goods – 0.0%** |
| Clydesdale Acquisition Holdings, Inc., |  |  |
| 6.88%, 1/15/30<sup>(1)</sup>  | 27 | 26 |
| Vortex Opco LLC, |  |  |
| 8.00%, 4/30/30<sup>(1)</sup>  | 47 | 1 |
|  |  | **27** |
| **Chemicals – 2.8%** | **Chemicals – 2.8%** | **Chemicals – 2.8%** |
| Avient Corp., |  |  |
| 7.13%, 8/1/30<sup>(1)</sup>  | 25 | 25 |
| Celanese U.S. Holdings LLC, |  |  |
| 7.33%, 7/15/29 | 25 | 26 |
| 7.05%, 11/15/30 | 25 | 26 |
| 7.00%, 2/15/31<sup>†</sup>  | 29 | 30 |
| 7.38%, 7/15/32 | 150 | 157 |
| 6.75%, 4/15/33<sup>†</sup>  | 356 | 365 |
| 7.20%, 11/15/33 | 125 | 133 |
| 7.38%, 2/15/34 | 59 | 60 |
| Chemours (The) Co., |  |  |
| 5.75%, 11/15/28<sup>(1)</sup>  | 228 | 226 |
| 4.63%, 11/15/29<sup>(1)</sup>  | 85 | 80 |
| 8.00%, 1/15/33<sup>(1) †</sup>  | 25 | 25 |
| 7.88%, 3/15/34<sup>(1)</sup>  | 108 | 108 |
| Element Solutions, Inc., |  |  |
| 3.88%, 9/1/28<sup>(1)</sup>  | 128 | 125 |
| FMC Corp., |  |  |
| 3.45%, 10/1/29 | 29 | 26 |
| 5.65%, 5/18/33<sup>†</sup>  | 75 | 66 |
| 4.50%, 10/1/49 | 8 | 5 |
| 6.38%, 5/18/53<sup>†</sup>  | 31 | 23 |
| Huntsman International LLC, |  |  |
| 5.70%, 10/15/34<sup>†</sup>  | 110 | 101 |
| Innophos Holdings, Inc., |  |  |
| 11.50%, 6/15/29<sup>(1)</sup>  | 76 | 63 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **220** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Chemicals – 2.8%continued** | **Chemicals – 2.8%continued** | **Chemicals – 2.8%continued** |
| Mativ Holdings, Inc., |  |  |
| 8.00%, 10/1/29<sup>(1) †</sup>  | $25 | $23 |
| Methanex U.S. Operations, Inc., |  |  |
| 6.25%, 3/15/32<sup>(1)</sup>  | 53 | 54 |
| Minerals Technologies, Inc., |  |  |
| 5.00%, 7/1/28<sup>(1)</sup>  | 47 | 46 |
| Olin Corp., |  |  |
| 5.63%, 8/1/29 | 75 | 74 |
| 6.63%, 4/1/33<sup>(1)</sup>  | 25 | 25 |
| Olympus Water U.S. Holding Corp., |  |  |
| 7.25%, 6/15/31<sup>(1)</sup>  | 200 | 195 |
| 6.75%, 8/1/32<sup>(1)</sup>  | 200 | 191 |
| 7.25%, 2/15/33<sup>(1)</sup>  | 570 | 544 |
| Perimeter Holdings LLC, |  |  |
| 6.25%, 1/15/34<sup>(1)</sup>  | 82 | 80 |
| Qnity Electronics, Inc., |  |  |
| 5.75%, 8/15/32<sup>(1)</sup>  | 71 | 71 |
| 6.25%, 8/15/33<sup>(1)</sup>  | 78 | 79 |
| SCIH Salt Holdings, Inc., |  |  |
| 6.63%, 5/1/29<sup>(1) †</sup>  | 190 | 189 |
| SK Invictus Intermediate II S.a.r.l., |  |  |
| 5.00%, 10/30/29<sup>(1)</sup>  | 100 | 98 |
| Solstice Advanced Materials, Inc., |  |  |
| 5.63%, 9/30/33<sup>(1)</sup>  | 109 | 108 |
| &nbsp;&nbsp; Trinseo Luxco Finance SPV <br> S.a.r.l./Trinseo N.A. Finance <br> SPV LLC,<br>|  |  |
| 7.63%, 5/3/29<sup>(1) (6)</sup>  | 87 | 2 |
| Tronox, Inc., |  |  |
| 4.63%, 3/15/29<sup>(1)</sup>  | 50 | 40 |
| WR Grace Holdings LLC, |  |  |
| 5.63%, 8/15/29<sup>(1)</sup>  | 311 | 286 |
| 7.38%, 3/1/31<sup>(1)</sup>  | 45 | 45 |
| 6.63%, 8/15/32<sup>(1)</sup>  | 88 | 86 |
| 7.00%, 8/1/33<sup>(1)</sup>  | 101 | 98 |
|  |  | **4004** |
| **Commercial Support Services – 3.0%** | **Commercial Support Services – 3.0%** | **Commercial Support Services – 3.0%** |
| ADT Security (The) Corp., |  |  |
| 4.13%, 8/1/29<sup>(1)</sup>  | 50 | 48 |
| 4.88%, 7/15/32<sup>(1)</sup>  | 25 | 23 |
| 5.88%, 10/15/33<sup>(1)</sup>  | 165 | 160 |
| Allied Universal Holdco LLC, |  |  |
| 7.88%, 2/15/31<sup>(1)</sup>  | 554 | 571 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Commercial Support Services – 3.0%continued** | **Commercial Support Services – 3.0%continued** | **Commercial Support Services – 3.0%continued** |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied <br> Universal Finance Corp.,<br>|  |  |
| 6.00%, 6/1/29<sup>(1) †</sup>  | $525 | $507 |
| 6.88%, 6/15/30<sup>(1)</sup>  | 209 | 212 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied <br> Universal Finance Corp./Atlas Luxco <br> 4 S.a.r.l.,<br>|  |  |
| 4.63%, 6/1/28<sup>(1)</sup>  | 185 | 181 |
| AMN Healthcare, Inc., |  |  |
| 4.00%, 4/15/29<sup>(1)</sup>  | 75 | 71 |
| 6.50%, 1/15/31<sup>(1)</sup>  | 265 | 260 |
| Brink's (The) Co., |  |  |
| 6.50%, 6/15/29<sup>(1)</sup>  | 25 | 25 |
| 6.75%, 6/15/32<sup>(1)</sup>  | 97 | 98 |
| Clarivate Science Holdings Corp., |  |  |
| 3.88%, 7/1/28<sup>(1)</sup>  | 72 | 68 |
| 4.88%, 7/1/29<sup>(1) †</sup>  | 110 | 95 |
| Clean Harbors, Inc., |  |  |
| 6.38%, 2/1/31<sup>(1)</sup>  | 34 | 35 |
| 5.75%, 10/15/33<sup>(1)</sup>  | 25 | 25 |
| CompoSecure Holdings LLC, |  |  |
| 5.63%, 2/1/33<sup>(1)</sup>  | 220 | 215 |
| Deluxe Corp., |  |  |
| 8.13%, 9/15/29<sup>(1)</sup>  | 25 | 26 |
| GEO Group (The), Inc., |  |  |
| 8.63%, 4/15/29 | 25 | 26 |
| 10.25%, 4/15/31<sup>†</sup>  | 75 | 80 |
| GFL Environmental Holdings U.S., Inc., |  |  |
| 5.50%, 2/1/34<sup>(1)</sup>  | 185 | 182 |
| GFL Environmental, Inc., |  |  |
| 4.75%, 6/15/29<sup>(1)</sup>  | 2 | 2 |
| 4.38%, 8/15/29<sup>(1)</sup>  | 12 | 12 |
| 6.75%, 1/15/31<sup>(1)</sup>  | 35 | 36 |
| Raven Acquisition Holdings LLC, |  |  |
| 6.88%, 11/15/31<sup>(1)</sup>  | 310 | 299 |
| Reworld Holding Corp., |  |  |
| 5.00%, 9/1/30 | 25 | 22 |
| RR Donnelley & Sons Co., |  |  |
| 9.50%, 8/1/29<sup>(1)</sup>  | 172 | 174 |
| 10.88%, 8/1/29<sup>(1)</sup>  | 25 | 25 |
| RRD Intermediate Holdings, Inc., |  |  |
| 11.00%, 12/1/30<sup>(1) (2)</sup>  | 56 | 58 |
| Sotheby's, |  |  |
| 7.38%, 10/15/27<sup>(1)</sup>  | 200 | 199 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **221** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Commercial Support Services – 3.0%continued** | **Commercial Support Services – 3.0%continued** | **Commercial Support Services – 3.0%continued** |
| TKC Holdings, Inc., |  |  |
| 8.50%, 8/15/30<sup>(1)</sup>  | $50 | $50 |
| 12.00%, 2/15/31<sup>(1)</sup>  | 50 | 52 |
| Veritiv Operating Co., |  |  |
| 10.50%, 11/30/30<sup>(1)</sup>  | 30 | 31 |
| Waste Pro U.S.A., Inc., |  |  |
| 7.00%, 2/1/33<sup>(1)</sup>  | 260 | 263 |
| Williams Scotsman, Inc., |  |  |
| 4.63%, 8/15/28<sup>(1)</sup>  | 50 | 49 |
| 6.63%, 6/15/29<sup>(1)</sup>  | 33 | 33 |
| 6.63%, 4/15/30<sup>(1)</sup>  | 69 | 70 |
| 7.38%, 10/1/31<sup>(1) †</sup>  | 35 | 36 |
|  |  | **4319** |
| **Construction Materials – 1.6%** | **Construction Materials – 1.6%** | **Construction Materials – 1.6%** |
| Advanced Drainage Systems, Inc., |  |  |
| 5.38%, 3/1/34<sup>(1)</sup>  | 25 | 24 |
| AmeriTex HoldCo Intermediate LLC, |  |  |
| 7.63%, 8/15/33<sup>(1)</sup>  | 268 | 276 |
| JH North America Holdings, Inc., |  |  |
| 5.88%, 1/31/31<sup>(1)</sup>  | 25 | 25 |
| 6.13%, 7/31/32<sup>(1)</sup>  | 25 | 25 |
| Knife River Corp., |  |  |
| 7.75%, 5/1/31<sup>(1)</sup>  | 25 | 26 |
| New Enterprise Stone & Lime Co., Inc., |  |  |
| 5.25%, 7/15/28<sup>(1)</sup>  | 69 | 68 |
| 9.75%, 7/15/28<sup>(1)</sup>  | 138 | 138 |
| &nbsp;&nbsp; Oscar AcquisitionCo LLC/Oscar <br> Finance, Inc.,<br>|  |  |
| 9.50%, 4/15/30<sup>(1)</sup>  | 1240 | 459 |
| Quikrete Holdings, Inc., |  |  |
| 6.38%, 3/1/32<sup>(1)</sup>  | 297 | 301 |
| 6.75%, 3/1/33<sup>(1)</sup>  | 112 | 114 |
| Smyrna Ready Mix Concrete LLC, |  |  |
| 6.00%, 11/1/28<sup>(1)</sup>  | 127 | 126 |
| Standard Building Solutions, Inc., |  |  |
| 6.50%, 8/15/32<sup>(1)</sup>  | 57 | 57 |
| 6.25%, 8/1/33<sup>(1)</sup>  | 267 | 264 |
| 5.88%, 3/15/34<sup>(1)</sup>  | 136 | 131 |
| Standard Industries, Inc., |  |  |
| 4.38%, 7/15/30<sup>(1)</sup>  | 124 | 117 |
| Wilsonart LLC, |  |  |
| 11.00%, 8/15/32<sup>(1)</sup>  | 134 | 97 |
|  |  | **2248** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** |
| Group 1 Automotive, Inc., |  |  |
| 6.38%, 1/15/30<sup>(1)</sup>  | $26 | $26 |
| MGM Resorts International, |  |  |
| 4.63%, 9/1/26 | 25 | 25 |
|  |  | **51** |
| **Consumer Non-Cyclical – 0.1%** | **Consumer Non-Cyclical – 0.1%** | **Consumer Non-Cyclical – 0.1%** |
| Energizer Holdings, Inc., |  |  |
| 4.75%, 6/15/28<sup>(1)</sup>  | 25 | 24 |
| Prime Healthcare Services, Inc., |  |  |
| 9.38%, 9/1/29<sup>(1)</sup>  | 44 | 46 |
| SES S.A., |  |  |
| 0.00%, 1/14/33<sup>(7) (8)</sup>  | 1 | 18 |
|  |  | **88** |
| **Consumer Services – 0.2%** | **Consumer Services – 0.2%** | **Consumer Services – 0.2%** |
| Carriage Services, Inc., |  |  |
| 4.25%, 5/15/29<sup>(1)</sup>  | 25 | 24 |
| Service Corp. International, |  |  |
| 4.00%, 5/15/31 | 111 | 103 |
| 5.75%, 10/15/32 | 127 | 127 |
|  |  | **254** |
| **Containers & Packaging – 1.5%** | **Containers & Packaging – 1.5%** | **Containers & Packaging – 1.5%** |
| ARD Finance S.A., |  |  |
| 6.50%, 6/30/27<sup>(1) (6) (9)</sup>  |  |  |
| Ardagh Group S.A., |  |  |
| 9.50%, 12/1/30<sup>(1)</sup>  | 449 | 471 |
| 12.00%, 12/1/30 [EUR]<sup>(2) (10)</sup>  | 100 | 96 |
| &nbsp;&nbsp; Ardagh Metal Packaging Finance <br> U.S.A. LLC/Ardagh Metal Packaging <br> Finance PLC,<br>|  |  |
| 4.00%, 9/1/29<sup>(1) †</sup>  | 280 | 256 |
| Ball Corp., |  |  |
| 3.13%, 9/15/31 | 25 | 23 |
| 5.50%, 9/15/33 | 32 | 32 |
| Clydesdale Acquisition Holdings, Inc., |  |  |
| 6.63%, 4/15/29<sup>(1)</sup>  | 4 | 4 |
| 8.75%, 4/15/30<sup>(1)</sup>  | 25 | 23 |
| 6.75%, 4/15/32<sup>(1)</sup>  | 222 | 210 |
| Crown Americas LLC, |  |  |
| 5.88%, 6/1/33 | 111 | 111 |
| LABL, Inc., |  |  |
| 5.88%, 11/1/28<sup>(1) (6)</sup>  | 19 | 9 |
| 9.50%, 11/1/28<sup>(1) (6)</sup>  | 130 | 63 |
| 8.63%, 10/1/31<sup>(1) (6)</sup>  | 32 | 15 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **222** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Containers & Packaging – 1.5%continued** | **Containers & Packaging – 1.5%continued** | **Containers & Packaging – 1.5%continued** |
| &nbsp;&nbsp; Mauser Packaging Solutions Holding <br> Co.,<br>|  |  |
| 7.88%, 4/15/30<sup>(1)</sup>  | $405 | $405 |
| 9.25%, 4/15/30<sup>(1)</sup>  | 54 | 50 |
| OI European Group B.V., |  |  |
| 4.75%, 2/15/30<sup>(1)</sup>  | 100 | 93 |
| Owens-Brockway Glass Container, Inc., |  |  |
| 6.63%, 5/13/27<sup>(1)</sup>  | 94 | 94 |
| 7.25%, 5/15/31<sup>(1) †</sup>  | 25 | 24 |
| 7.38%, 6/1/32<sup>(1)</sup>  | 25 | 24 |
| Sealed Air Corp., |  |  |
| 4.00%, 12/1/27<sup>(1)</sup>  | 40 | 40 |
| 5.00%, 4/15/29<sup>(1)</sup>  | 50 | 50 |
| 6.50%, 7/15/32<sup>(1) †</sup>  | 4 | 4 |
| &nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. <br> U.S.,<br>|  |  |
| 7.25%, 2/15/31<sup>(1)</sup>  | 29 | 31 |
| TriMas Corp., |  |  |
| 4.13%, 4/15/29<sup>(1)</sup>  | 50 | 48 |
|  |  | **2176** |
| **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** |
| Wayfair LLC, |  |  |
| 6.75%, 11/15/32<sup>(1)</sup>  | 110 | **111** |
| **Electric Utilities – 2.9%** | **Electric Utilities – 2.9%** | **Electric Utilities – 2.9%** |
| AES (The) Corp., |  |  |
| &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 | 106 |
| Alpha Generation LLC, |  |  |
| 6.75%, 10/15/32<sup>(1)</sup>  | 93 | 94 |
| 6.25%, 1/15/34<sup>(1)</sup>  | 25 | 25 |
| American Electric Power Co., Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.68%), 6.95%, <br> 12/15/54<sup>(3)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.75%), 7.05%, <br> 12/15/54<sup>(3)</sup> <br>| 25 | 26 |
| CenterPoint Energy, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.95%), 6.85%, <br> 2/15/55<sup>(3)</sup> <br>| 19 | 20 |
| Clearway Energy Operating LLC, |  |  |
| 3.75%, 1/15/32<sup>(1)</sup>  | 36 | 33 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Electric Utilities – 2.9%continued** | **Electric Utilities – 2.9%continued** | **Electric Utilities – 2.9%continued** |
| 5.75%, 1/15/34<sup>(1)</sup>  | $25 | $25 |
| Constellation Energy Generation LLC, |  |  |
| 4.63%, 2/1/29<sup>(1)</sup>  | 25 | 25 |
| 5.00%, 2/1/31<sup>(1)</sup>  | 150 | 150 |
| Dominion Energy, Inc., |  |  |
| &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 |
| Duke Energy Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.59%), 6.45%, <br> 9/1/54<sup>(3)</sup> <br>| 32 | 33 |
| Edison International, |  |  |
| &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 | 51 |
| Hawaiian Electric Co., Inc., |  |  |
| 6.00%, 10/1/33<sup>(1)</sup>  | 25 | 25 |
| Lightning Power LLC, |  |  |
| 7.25%, 8/15/32<sup>(1)</sup>  | 93 | 97 |
| Long Ridge Energy LLC, |  |  |
| 8.75%, 2/15/32<sup>(1)</sup>  | 25 | 26 |
| NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.46%), 6.75%, <br> 6/15/54<sup>(3)</sup> <br>| 34 | 35 |
| &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 |
| NRG Energy, Inc., |  |  |
| 5.75%, 1/15/28 | 25 | 25 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.92%), 10.25%, <br> 3/15/28<sup>(1) (3) (5)</sup> <br>| 170 | 183 |
| 5.25%, 6/15/29<sup>(1)</sup>  | 25 | 25 |
| 5.75%, 7/15/29<sup>(1)</sup>  | 100 | 100 |
| 3.88%, 2/15/32<sup>(1)</sup>  | 25 | 23 |
| 6.00%, 2/1/33<sup>(1)</sup>  | 191 | 191 |
| 7.00%, 3/15/33<sup>(1)</sup>  | 25 | 27 |
| 5.75%, 1/15/34<sup>(1)</sup>  | 195 | 192 |
| 6.25%, 11/1/34<sup>(1)</sup>  | 153 | 154 |
| 6.00%, 1/15/36<sup>(1)</sup>  | 437 | 433 |
| &nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| 4.50%, 8/15/28<sup>(1)</sup>  | 8 | 8 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **223** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Electric Utilities – 2.9%continued** | **Electric Utilities – 2.9%continued** | **Electric Utilities – 2.9%continued** |
| PG&E Corp., |  |  |
| 5.00%, 7/1/28 | $50 | $50 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.88%), 7.38%, <br> 3/15/55<sup>(3)</sup> <br>| 100 | 101 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.23%), 6.85%, <br> 9/15/56<sup>(3)</sup> <br>| 78 | 77 |
| Talen Energy Supply LLC, |  |  |
| 8.63%, 6/1/30<sup>(1)</sup>  | 84 | 88 |
| 6.25%, 2/1/34<sup>(1)</sup>  | 100 | 99 |
| 6.50%, 2/1/36<sup>(1)</sup>  | 50 | 50 |
| TerraForm Power Operating LLC, |  |  |
| 4.75%, 1/15/30<sup>(1)</sup>  | 25 | 24 |
| Vistra Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 6.93%), 8.00%, <br> 10/15/26<sup>(1) (3) (5)</sup> <br>| 136 | 137 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.74%), 7.00%, <br> 12/15/26<sup>(1) (3) (5)</sup> <br>| 245 | 245 |
| Vistra Operations Co. LLC, |  |  |
| 5.63%, 2/15/27<sup>(1)</sup>  | 100 | 100 |
| 5.00%, 7/31/27<sup>(1)</sup>  | 75 | 75 |
| 4.38%, 5/1/29<sup>(1)</sup>  | 25 | 24 |
| 7.75%, 10/15/31<sup>(1)</sup>  | 100 | 105 |
| 6.88%, 4/15/32<sup>(1)</sup>  | 123 | 127 |
| VoltaGrid LLC, |  |  |
| 7.38%, 11/1/30<sup>(1)</sup>  | 253 | 261 |
| &nbsp;&nbsp; XPLR Infrastructure Operating Partners <br> L.P.,<br>|  |  |
| 4.50%, 9/15/27<sup>(1)</sup>  | 25 | 25 |
| 8.38%, 1/15/31<sup>(1) †</sup>  | 90 | 95 |
| 8.63%, 3/15/33<sup>(1)</sup>  | 45 | 48 |
| 7.75%, 4/15/34<sup>(1) †</sup>  | 138 | 143 |
|  |  | **4098** |
| **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** |
| Atkore, Inc., |  |  |
| 4.25%, 6/1/31<sup>(1)</sup>  | 25 | 23 |
| BWX Technologies, Inc., |  |  |
| 4.13%, 6/30/28<sup>(1)</sup>  | 11 | 11 |
| &nbsp;&nbsp; EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc.,<br>|  |  |
| 6.63%, 12/15/30<sup>(1)</sup>  | 193 | 196 |
| 6.75%, 7/15/31<sup>(1)</sup>  | 117 | 120 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Electrical Equipment – 0.6%continued** | **Electrical Equipment – 0.6%continued** | **Electrical Equipment – 0.6%continued** |
| Gates Corp., |  |  |
| 6.88%, 7/1/29<sup>(1)</sup>  | $42 | $43 |
| Sensata Technologies B.V., |  |  |
| 4.00%, 4/15/29<sup>(1)</sup>  | 260 | 251 |
| Sensata Technologies, Inc., |  |  |
| 3.75%, 2/15/31<sup>(1)</sup>  | 33 | 31 |
| WESCO Distribution, Inc., |  |  |
| 5.25%, 4/15/31<sup>(1)</sup>  | 57 | 57 |
| 6.63%, 3/15/32<sup>(1)</sup>  | 12 | 12 |
| 6.38%, 3/15/33<sup>(1)</sup>  | 13 | 13 |
| 5.50%, 4/15/34<sup>(1)</sup>  | 75 | 74 |
|  |  | **831** |
| **Energy – 0.1%** | **Energy – 0.1%** | **Energy – 0.1%** |
| &nbsp;&nbsp; Aethon United BR L.P./Aethon United <br> Finance Corp.,<br>|  |  |
| 7.50%, 10/1/29<sup>(1)</sup>  | 92 | 96 |
| &nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.,<br>|  |  |
| 7.25%, 2/15/35<sup>(1)</sup>  | 16 | 16 |
| Matador Resources Co., |  |  |
| 6.25%, 4/15/33<sup>(1)</sup>  | 75 | 75 |
|  |  | **187** |
| **Engineering & Construction – 0.6%** | **Engineering & Construction – 0.6%** | **Engineering & Construction – 0.6%** |
| AECOM, |  |  |
| 6.00%, 8/1/33<sup>(1)</sup>  | 97 | 97 |
| Brand Industrial Services, Inc., |  |  |
| 10.38%, 8/1/30<sup>(1)</sup>  | 246 | 225 |
| &nbsp;&nbsp; Brundage-Bone Concrete Pumping <br> Holdings, Inc.,<br>|  |  |
| 7.50%, 2/1/32<sup>(1)</sup>  | 340 | 343 |
| Dycom Industries, Inc., |  |  |
| 4.50%, 4/15/29<sup>(1)</sup>  | 42 | 41 |
| Installed Building Products, Inc., |  |  |
| 5.63%, 2/1/34<sup>(1)</sup>  | 80 | 78 |
| TopBuild Corp., |  |  |
| 4.13%, 2/15/32<sup>(1)</sup>  | 25 | 23 |
|  |  | **807** |
| **Entertainment Content – 1.6%** | **Entertainment Content – 1.6%** | **Entertainment Content – 1.6%** |
| AMC Networks, Inc., |  |  |
| 4.25%, 2/15/29<sup>†</sup>  | 27 | 23 |
| 10.50%, 7/15/32<sup>(1)</sup>  | 25 | 25 |
| Discovery Communications LLC, |  |  |
| 3.95%, 3/20/28 | 39 | 38 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **224** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Entertainment Content – 1.6%continued** | **Entertainment Content – 1.6%continued** | **Entertainment Content – 1.6%continued** |
| 4.13%, 5/15/29 | $125 | $120 |
| 3.63%, 5/15/30 | 75 | 70 |
| OAK-Eagle Acquireco, Inc., |  |  |
| 7/1/33<sup>(1) (11)</sup>  | 479 | 496 |
| 7/1/34<sup>(1) (11)</sup>  | 201 | 210 |
| Paramount Global, |  |  |
| 3.38%, 2/15/28 | 25 | 24 |
| 4.20%, 6/1/29 | 25 | 24 |
| 4.95%, 1/15/31 | 75 | 70 |
| Playtika Holding Corp., |  |  |
| 4.25%, 3/15/29<sup>(1)</sup>  | 46 | 36 |
| Starz Capital Holdings 1, Inc., |  |  |
| 6.00%, 4/15/30<sup>(1)</sup>  | 66 | 61 |
| Univision Communications, Inc., |  |  |
| 8.00%, 8/15/28<sup>(1)</sup>  | 196 | 199 |
| 4.50%, 5/1/29<sup>(1)</sup>  | 100 | 94 |
| 7.38%, 6/30/30<sup>(1)</sup>  | 40 | 39 |
| 8.50%, 7/31/31<sup>(1)</sup>  | 135 | 136 |
| 9.38%, 8/1/32<sup>(1)</sup>  | 90 | 93 |
| Versant Media Group, Inc., |  |  |
| 7.25%, 1/30/31<sup>(1)</sup>  | 19 | 19 |
| Warnermedia Holdings, Inc., |  |  |
| 4.05%, 3/15/29 | 50 | 48 |
| 4.28%, 3/15/32 | 114 | 101 |
| 5.05%, 3/15/42 | 503 | 331 |
|  |  | **2257** |
| **Food – 1.5%** | **Food – 1.5%** | **Food – 1.5%** |
| B&G Foods, Inc., |  |  |
| 8.00%, 9/15/28<sup>(1)</sup>  | 68 | 67 |
| BellRing Brands, Inc., |  |  |
| 7.00%, 3/15/30<sup>(1)</sup>  | 100 | 100 |
| Chobani Holdco II LLC, |  |  |
| 8.75%, 10/1/29<sup>(1) (2)</sup>  | 287 | 305 |
| &nbsp;&nbsp; Chobani LLC/Chobani Finance Corp., <br> Inc.,<br>|  |  |
| 4.63%, 11/15/28<sup>(1)</sup>  | 63 | 62 |
| 7.63%, 7/1/29<sup>(1)</sup>  | 76 | 78 |
| Darling Ingredients, Inc., |  |  |
| 5.25%, 4/15/27<sup>(1) †</sup>  | 25 | 25 |
| 6.00%, 6/15/30<sup>(1)</sup>  | 51 | 51 |
| Fiesta Purchaser, Inc., |  |  |
| 7.88%, 3/1/31<sup>(1)</sup>  | 110 | 112 |
| 9.63%, 9/15/32<sup>(1) †</sup>  | 502 | 511 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Food – 1.5%continued** | **Food – 1.5%continued** | **Food – 1.5%continued** |
| &nbsp;&nbsp; HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc.,<br>|  |  |
| 4.88%, 6/1/29<sup>(1)</sup>  | $50 | $47 |
| Industrial F&B Investments III, Inc., |  |  |
| 7.75%, 2/11/33<sup>(1)</sup>  | 25 | 25 |
| Lamb Weston Holdings, Inc., |  |  |
| 4.13%, 1/31/30<sup>(1)</sup>  | 25 | 24 |
| 4.38%, 1/31/32<sup>(1)</sup>  | 81 | 75 |
| Post Holdings, Inc., |  |  |
| 4.63%, 4/15/30<sup>(1)</sup>  | 25 | 24 |
| 4.50%, 9/15/31<sup>(1)</sup>  | 25 | 23 |
| 6.38%, 3/1/33<sup>(1)</sup>  | 74 | 73 |
| 6.25%, 10/15/34<sup>(1)</sup>  | 352 | 345 |
| 6.50%, 3/15/36<sup>(1)</sup>  | 128 | 125 |
| &nbsp;&nbsp; Simmons Foods, Inc./Simmons <br> Prepared Foods, Inc./Simmons Pet <br> Food, Inc./Simmons Feed,<br>|  |  |
| 4.63%, 3/1/29<sup>(1)</sup>  | 83 | 80 |
| Viking Baked Goods Acquisition Corp., |  |  |
| 8.63%, 11/1/31<sup>(1) †</sup>  | 50 | 50 |
|  |  | **2202** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| Domtar Corp., |  |  |
| 6.75%, 10/1/28<sup>(1)</sup>  | 42 | **27** |
| **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** | **Gas & Water Utilities – 0.3%** |
| &nbsp;&nbsp; AmeriGas Partners L.P./AmeriGas <br> Finance Corp.,<br>|  |  |
| 5.75%, 5/20/27 | 50 | 50 |
| 9.38%, 6/1/28<sup>(1)</sup>  | 25 | 26 |
| 9.50%, 6/1/30<sup>(1)</sup>  | 22 | 23 |
| Ferrellgas L.P./Ferrellgas Finance Corp., |  |  |
| 5.88%, 4/1/29<sup>(1)</sup>  | 125 | 120 |
| 9.25%, 1/15/31<sup>(1)</sup>  | 127 | 132 |
| &nbsp;&nbsp; Suburban Propane Partners <br> L.P./Suburban Energy Finance Corp.,<br>|  |  |
| 5.00%, 6/1/31<sup>(1)</sup>  | 25 | 24 |
|  |  | **375** |
| **Health Care Facilities & Services – 4.0%** | **Health Care Facilities & Services – 4.0%** | **Health Care Facilities & Services – 4.0%** |
| Acadia Healthcare Co., Inc., |  |  |
| 5.50%, 7/1/28<sup>(1)</sup>  | 50 | 50 |
| 7.38%, 3/15/33<sup>(1) †</sup>  | 349 | 357 |
| Accendra Health, Inc., |  |  |
| 4.50%, 3/31/29<sup>(1)</sup>  | 25 | 15 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **225** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Health Care Facilities & Services – 4.0%continued** | **Health Care Facilities & Services – 4.0%continued** | **Health Care Facilities & Services – 4.0%continued** |
| 6.63%, 4/1/30<sup>(1)</sup>  | $25 | $12 |
| AHP Health Partners, Inc., |  |  |
| 5.75%, 7/15/29<sup>(1)</sup>  | 155 | 153 |
| &nbsp;&nbsp; Charles River Laboratories <br> International, Inc.,<br>|  |  |
| 4.00%, 3/15/31<sup>(1)</sup>  | 25 | 23 |
| CHS/Community Health Systems, Inc., |  |  |
| 6.00%, 1/15/29<sup>(1)</sup>  | 50 | 49 |
| 6.88%, 4/15/29<sup>(1)</sup>  | 100 | 96 |
| 6.13%, 4/1/30<sup>(1)</sup>  | 75 | 65 |
| 5.25%, 5/15/30<sup>(1)</sup>  | 251 | 237 |
| 4.75%, 2/15/31<sup>(1)</sup>  | 134 | 124 |
| 10.88%, 1/15/32<sup>(1)</sup>  | 87 | 93 |
| 9.75%, 1/15/34<sup>(1)</sup>  | 338 | 351 |
| Concentra Health Services, Inc., |  |  |
| 6.88%, 7/15/32<sup>(1)</sup>  | 180 | 186 |
| CVS Health Corp., |  |  |
| &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; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.89%), 7.00%, <br> 3/10/55<sup>(3)</sup> <br>| 50 | 52 |
| DaVita, Inc., |  |  |
| 4.63%, 6/1/30<sup>(1)</sup>  | 100 | 96 |
| 6.88%, 9/1/32<sup>(1)</sup>  | 10 | 10 |
| 6.75%, 7/15/33<sup>(1)</sup>  | 36 | 37 |
| Encompass Health Corp., |  |  |
| 4.75%, 2/1/30 | 50 | 49 |
| Fortrea Holdings, Inc., |  |  |
| 7.50%, 7/1/30<sup>(1)</sup>  | 20 | 19 |
| Global Medical Response, Inc., |  |  |
| 7.38%, 10/1/32<sup>(1)</sup>  | 260 | 270 |
| HAH Group Holding Co. LLC, |  |  |
| 9.75%, 10/1/31<sup>(1) †</sup>  | 32 | 28 |
| HealthEquity, Inc., |  |  |
| 4.50%, 10/1/29<sup>(1)</sup>  | 58 | 56 |
| IQVIA, Inc., |  |  |
| 6.25%, 6/1/32<sup>(1)</sup>  | 138 | 140 |
| LifePoint Health, Inc., |  |  |
| 9.88%, 8/15/30<sup>(1)</sup>  | 49 | 52 |
| 11.00%, 10/15/30<sup>(1)</sup>  | 101 | 109 |
| 8.38%, 2/15/32<sup>(1)</sup>  | 103 | 110 |
| 10.00%, 6/1/32<sup>(1) †</sup>  | 113 | 115 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Health Care Facilities & Services – 4.0%continued** | **Health Care Facilities & Services – 4.0%continued** | **Health Care Facilities & Services – 4.0%continued** |
| Molina Healthcare, Inc., |  |  |
| 4.38%, 6/15/28<sup>(1)</sup>  | $50 | $48 |
| 3.88%, 11/15/30<sup>(1)</sup>  | 24 | 21 |
| 6.50%, 2/15/31<sup>(1)</sup>  | 127 | 125 |
| 3.88%, 5/15/32<sup>(1)</sup>  | 100 | 87 |
| 6.25%, 1/15/33<sup>(1)</sup>  | 133 | 129 |
| MPH Acquisition Holdings LLC, |  |  |
| 5.75%, 12/31/30<sup>(1) †</sup>  | 34 | 26 |
| 11.50%, 12/31/30<sup>(1) (2)</sup>  | 26 | 23 |
| 6.75%, 3/31/31<sup>(1) (2) †</sup>  | 27 | 19 |
| National Mentor Holdings, Inc., |  |  |
| 10.50%, 12/15/30<sup>(1)</sup>  | 310 | 320 |
| Radiology Partners, Inc., |  |  |
| 8.50%, 7/15/32<sup>(1)</sup>  | 25 | 25 |
| Select Medical Corp., |  |  |
| 6.25%, 12/1/32<sup>(1) †</sup>  | 25 | 24 |
| Sotera Health Holdings LLC, |  |  |
| 7.38%, 6/1/31<sup>(1)</sup>  | 159 | 164 |
| Star Parent, Inc., |  |  |
| 9.00%, 10/1/30<sup>(1)</sup>  | 71 | 74 |
| Surgery Center Holdings, Inc., |  |  |
| 7.25%, 4/15/32<sup>(1)</sup>  | 851 | 836 |
| TEAM Services Holding, Inc., |  |  |
| 9.00%, 2/15/33<sup>(1) †</sup>  | 25 | 25 |
| Tenet Healthcare Corp., |  |  |
| 5.13%, 11/1/27 | 100 | 100 |
| 6.13%, 10/1/28 | 87 | 87 |
| 4.25%, 6/1/29 | 75 | 73 |
| 4.38%, 1/15/30 | 25 | 24 |
| 6.13%, 6/15/30 | 150 | 151 |
| 6.75%, 5/15/31 | 99 | 101 |
| 5.50%, 11/15/32<sup>(1)</sup>  | 76 | 75 |
| 6.00%, 11/15/33<sup>(1) †</sup>  | 58 | 59 |
| U.S. Acute Care Solutions LLC, |  |  |
| 9.75%, 5/15/29<sup>(1)</sup>  | 105 | 101 |
|  |  | **5696** |
| **Home & Office Products – 0.5%** | **Home & Office Products – 0.5%** | **Home & Office Products – 0.5%** |
| Central Garden & Pet Co., |  |  |
| 4.13%, 10/15/30<sup>†</sup>  | 25 | 24 |
| 4.13%, 4/30/31<sup>(1) †</sup>  | 25 | 23 |
| FXI Holdings, Inc., |  |  |
| 14.00%, 11/15/29<sup>(1) (2)</sup>  | 47 | 24 |
| 11.00%, 11/15/30<sup>(1)</sup>  | 78 | 69 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **226** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Home & Office Products – 0.5%continued** | **Home & Office Products – 0.5%continued** | **Home & Office Products – 0.5%continued** |
| Newell Brands, Inc., |  |  |
| 6.38%, 9/15/27 | $25 | $25 |
| 8.50%, 6/1/28<sup>(1)</sup>  | 77 | 79 |
| 6.63%, 9/15/29 | 59 | 58 |
| 6.38%, 5/15/30<sup>†</sup>  | 37 | 36 |
| 6.63%, 5/15/32<sup>†</sup>  | 42 | 40 |
| 7.38%, 4/1/36<sup>†</sup>  | 25 | 23 |
| 7.50%, 4/1/46 | 25 | 20 |
| Scotts Miracle-Gro (The) Co., |  |  |
| 4.00%, 4/1/31 | 50 | 46 |
| 4.38%, 2/1/32 | 50 | 47 |
| Somnigroup International, Inc., |  |  |
| 4.00%, 4/15/29<sup>(1)</sup>  | 25 | 24 |
| 3.88%, 10/15/31<sup>(1)</sup>  | 25 | 23 |
| Whirlpool Corp., |  |  |
| 6.13%, 6/15/30 | 25 | 24 |
| 6.50%, 6/15/33<sup>†</sup>  | 25 | 24 |
| 5.15%, 3/1/43 | 50 | 38 |
| 4.50%, 6/1/46 | 25 | 16 |
|  |  | **663** |
| **Home Construction – 1.2%** | **Home Construction – 1.2%** | **Home Construction – 1.2%** |
| Adams Homes, Inc., |  |  |
| 9.25%, 10/15/28<sup>(1)</sup>  | 150 | 155 |
| &nbsp;&nbsp; Ashton Woods U.S.A. LLC/Ashton <br> Woods Finance Co.,<br>|  |  |
| 4.63%, 8/1/29<sup>(1) †</sup>  | 50 | 47 |
| 4.63%, 4/1/30<sup>(1)</sup>  | 75 | 70 |
| 6.88%, 8/1/33<sup>(1)</sup>  | 92 | 89 |
| Beazer Homes U.S.A., Inc., |  |  |
| 5.88%, 10/15/27 | 11 | 11 |
| 7.25%, 10/15/29 | 25 | 25 |
| 7.50%, 3/15/31<sup>(1)</sup>  | 75 | 74 |
| Camelot Return Merger Sub, Inc., |  |  |
| 8.75%, 8/1/28<sup>(1)</sup>  | 25 | 15 |
| Century Communities, Inc., |  |  |
| 3.88%, 8/15/29<sup>(1)</sup>  | 50 | 47 |
| 6.63%, 9/15/33<sup>(1)</sup>  | 53 | 52 |
| CP Atlas Buyer, Inc., |  |  |
| 9.75%, 7/15/30<sup>(1)</sup>  | 25 | 23 |
| Dream Finders Homes, Inc., |  |  |
| 8.25%, 8/15/28<sup>(1)</sup>  | 71 | 72 |
| 6.88%, 9/15/30<sup>(1)</sup>  | 25 | 24 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Home Construction – 1.2%continued** | **Home Construction – 1.2%continued** | **Home Construction – 1.2%continued** |
| Forestar Group, Inc., |  |  |
| 5.00%, 3/1/28<sup>(1)</sup>  | $50 | $49 |
| Griffon Corp., |  |  |
| 5.75%, 3/1/28 | 100 | 100 |
| JELD-WEN Holding, Inc., |  |  |
| 7.00%, 9/1/32<sup>(1)</sup>  | 14 | 6 |
| JELD-WEN, Inc., |  |  |
| 4.88%, 12/15/27<sup>(1)</sup>  | 45 | 30 |
| K Hovnanian Enterprises, Inc., |  |  |
| 8.00%, 4/1/31<sup>(1)</sup>  | 78 | 77 |
| 8.38%, 10/1/33<sup>(1)</sup>  | 101 | 100 |
| KB Home, |  |  |
| 7.25%, 7/15/30 | 50 | 51 |
| 4.00%, 6/15/31 | 25 | 23 |
| LGI Homes, Inc., |  |  |
| 8.75%, 12/15/28<sup>(1)</sup>  | 31 | 32 |
| 4.00%, 7/15/29<sup>(1)</sup>  | 25 | 22 |
| 7.00%, 11/15/32<sup>(1) †</sup>  | 97 | 90 |
| &nbsp;&nbsp; Miter Brands Acquisition Holdco, <br> Inc./MIWD Borrower LLC,<br>|  |  |
| 6.75%, 4/1/32<sup>(1)</sup>  | 25 | 24 |
| New Home (The) Co., Inc., |  |  |
| 9.25%, 10/1/29<sup>(1)</sup>  | 73 | 74 |
| 8.50%, 11/1/30<sup>(1)</sup>  | 9 | 9 |
| &nbsp;&nbsp; Shea Homes L.P./Shea Homes Funding <br> Corp.,<br>|  |  |
| 4.75%, 2/15/28 | 50 | 49 |
| 4.75%, 4/1/29<sup>†</sup>  | 25 | 24 |
| STL Holding Co. LLC, |  |  |
| 8.75%, 2/15/29<sup>(1)</sup>  | 52 | 54 |
| Taylor Morrison Communities, Inc., |  |  |
| 5.75%, 11/15/32<sup>(1)</sup>  | 33 | 33 |
| Tri Pointe Homes, Inc., |  |  |
| 5.25%, 6/1/27<sup>†</sup>  | 25 | 25 |
| &nbsp;&nbsp; Weekley Homes LLC/Weekley Finance <br> Corp.,<br>|  |  |
| 4.88%, 9/15/28<sup>(1)</sup>  | 50 | 48 |
| 6.75%, 1/15/34<sup>(1)</sup>  | 42 | 40 |
|  |  | **1664** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| &nbsp;&nbsp; P&L Development LLC/PLD Finance <br> Corp.,<br>|  |  |
| 12.00%, 5/15/29<sup>(1) (2)</sup>  | 40 | 40 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **227** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Household Products – 0.1%continued** | **Household Products – 0.1%continued** | **Household Products – 0.1%continued** |
| Perrigo Finance Unlimited Co., |  |  |
| 6.13%, 9/30/32 | $72 | $66 |
| Prestige Brands, Inc., |  |  |
| 5.13%, 1/15/28<sup>(1)</sup>  | 25 | 25 |
| 3.75%, 4/1/31<sup>(1)</sup>  | 25 | 23 |
|  |  | **154** |
| **Industrial Intermediate Products – 0.1%** | **Industrial Intermediate Products – 0.1%** | **Industrial Intermediate Products – 0.1%** |
| Chart Industries, Inc., |  |  |
| 7.50%, 1/1/30<sup>(1)</sup>  | 24 | 25 |
| Enpro, Inc., |  |  |
| 6.13%, 6/1/33<sup>(1)</sup>  | 28 | 28 |
| Roller Bearing Co. of America, Inc., |  |  |
| 4.38%, 10/15/29<sup>(1)</sup>  | 50 | 49 |
|  |  | **102** |
| **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** |
| Alta Equipment Group, Inc., |  |  |
| 9.00%, 6/1/29<sup>(1)</sup>  | 25 | 22 |
| APi Group DE, Inc., |  |  |
| 4.13%, 7/15/29<sup>(1) †</sup>  | 84 | 80 |
| 4.75%, 10/15/29<sup>(1)</sup>  | 52 | 50 |
| EquipmentShare.com, Inc., |  |  |
| 8.63%, 5/15/32<sup>(1)</sup>  | 50 | 52 |
| 8.00%, 3/15/33<sup>(1)</sup>  | 50 | 52 |
| Herc Holdings, Inc., |  |  |
| 7.00%, 6/15/30<sup>(1)</sup>  | 15 | 15 |
| 5.75%, 3/15/31<sup>(1)</sup>  | 48 | 47 |
| 7.25%, 6/15/33<sup>(1) †</sup>  | 69 | 71 |
| 6.00%, 3/15/34<sup>(1) †</sup>  | 74 | 72 |
| NESCO Holdings II, Inc., |  |  |
| 5.50%, 4/15/29<sup>(1)</sup>  | 50 | 49 |
| Resideo Funding, Inc., |  |  |
| 6.50%, 7/15/32<sup>(1)</sup>  | 50 | 49 |
| Synergy Infrastructure Holdings LLC, |  |  |
| 7.88%, 12/1/30<sup>(1)</sup>  | 25 | 26 |
| United Rentals North America, Inc., |  |  |
| 4.00%, 7/15/30 | 100 | 95 |
| 3.88%, 2/15/31 | 25 | 24 |
| 3.75%, 1/15/32 | 50 | 46 |
| 5.38%, 11/15/33<sup>(1)</sup>  | 136 | 132 |
| 6.13%, 3/15/34<sup>(1)</sup>  | 25 | 25 |
|  |  | **907** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Institutional Financial Services – 0.6%** | **Institutional Financial Services – 0.6%** | **Institutional Financial Services – 0.6%** |
| Coinbase Global, Inc., |  |  |
| 3.38%, 10/1/28<sup>(1)</sup>  | $175 | $164 |
| 3.63%, 10/1/31<sup>(1)</sup>  | 150 | 127 |
| Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.46%), 6.85%, <br> 2/10/30<sup>(3) (5)</sup> <br>| 48 | 49 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 10Y + 2.40%), 6.13%, <br> 11/10/34<sup>(3) (5) †</sup> <br>| 122 | 121 |
| Jane Street Group/JSG Finance, Inc., |  |  |
| 4.50%, 11/15/29<sup>(1)</sup>  | 75 | 73 |
| 6.13%, 11/1/32<sup>(1)</sup>  | 40 | 40 |
| 6.75%, 5/1/33<sup>(1)</sup>  | 238 | 241 |
|  |  | **815** |
| **Insurance – 3.0%** | **Insurance – 3.0%** | **Insurance – 3.0%** |
| Acrisure LLC/Acrisure Finance, Inc., |  |  |
| 8.25%, 2/1/29<sup>(1)</sup>  | 50 | 49 |
| 4.25%, 2/15/29<sup>(1)</sup>  | 25 | 24 |
| 8.50%, 6/15/29<sup>(1)</sup>  | 50 | 49 |
| 6.00%, 8/1/29<sup>(1)</sup>  | 25 | 23 |
| 7.50%, 11/6/30<sup>(1)</sup>  | 75 | 75 |
| &nbsp;&nbsp; Alliant Holdings <br> Intermediate LLC/Alliant Holdings <br> Co-Issuer,<br>|  |  |
| 4.25%, 10/15/27<sup>(1)</sup>  | 123 | 121 |
| 6.75%, 10/15/27<sup>(1)</sup>  | 21 | 21 |
| 6.75%, 4/15/28<sup>(1)</sup>  | 25 | 25 |
| 5.88%, 11/1/29<sup>(1)</sup>  | 197 | 191 |
| 7.00%, 1/15/31<sup>(1)</sup>  | 72 | 73 |
| 6.50%, 10/1/31<sup>(1)</sup>  | 341 | 335 |
| 7.38%, 10/1/32<sup>(1)</sup>  | 140 | 139 |
| AmWINS Group, Inc., |  |  |
| 6.38%, 2/15/29<sup>(1)</sup>  | 8 | 8 |
| 4.88%, 6/30/29<sup>(1)</sup>  | 54 | 52 |
| &nbsp;&nbsp; Amynta Agency Borrower, Inc. and <br> Amynta Warranty Borrower, Inc.,<br>|  |  |
| 7.50%, 7/15/33<sup>(1)</sup>  | 135 | 128 |
| &nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 <br> Somerset Investor 2 LLC/APH3 <br> Somerset Inves,<br>|  |  |
| 7.88%, 11/1/29<sup>(1)</sup>  | 115 | 104 |
| Asurion LLC/Asurion Co-Issuer, Inc., |  |  |
| 8.00%, 12/31/32<sup>(1)</sup>  | 256 | 266 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **228** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Insurance – 3.0%continued** | **Insurance – 3.0%continued** | **Insurance – 3.0%continued** |
| 8.38%, 2/1/34<sup>(1)</sup>  | $406 | $394 |
| &nbsp;&nbsp; Baldwin Insurance Group <br> Holdings LLC/Baldwin Insurance <br> Group Holdings Finance,<br>|  |  |
| 7.13%, 5/15/31<sup>(1)</sup>  | 50 | 50 |
| Corebridge Financial, Inc., |  |  |
| &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 | 47 |
| HUB International Ltd., |  |  |
| 7.25%, 6/15/30<sup>(1)</sup>  | 342 | 350 |
| 7.38%, 1/31/32<sup>(1)</sup>  | 1015 | 1035 |
| Nassau Cos. of New York (The), |  |  |
| 7.88%, 7/15/30<sup>(1)</sup>  | 25 | 23 |
| Panther Escrow Issuer LLC, |  |  |
| 7.13%, 6/1/31<sup>(1)</sup>  | 539 | 541 |
| Ryan Specialty LLC, |  |  |
| 4.38%, 2/1/30<sup>(1)</sup>  | 19 | 18 |
| 5.88%, 8/1/32<sup>(1)</sup>  | 73 | 72 |
| USI, Inc., |  |  |
| 7.50%, 1/15/32<sup>(1)</sup>  | 123 | 125 |
|  |  | **4338** |
| **Internet Media & Services – 1.0%** | **Internet Media & Services – 1.0%** | **Internet Media & Services – 1.0%** |
| Arches Buyer, Inc., |  |  |
| 4.25%, 6/1/28<sup>(1)</sup>  | 25 | 24 |
| Beignet Investor LLC, |  |  |
| 6.58%, 5/30/49<sup>(1)</sup>  | 877 | 902 |
| Getty Images, Inc., |  |  |
| 11.25%, 2/21/30<sup>(1)</sup>  | 36 | 32 |
| 10.50%, 11/15/30<sup>(1)</sup>  | 19 | 17 |
| &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD <br> Finance Co., Inc.,<br>|  |  |
| 5.25%, 12/1/27<sup>(1)</sup>  | 25 | 25 |
| Match Group Holdings II LLC, |  |  |
| 3.63%, 10/1/31<sup>(1)</sup>  | 10 | 9 |
| 6.13%, 9/15/33<sup>(1)</sup>  | 88 | 85 |
| Millennium Escrow Corp., |  |  |
| 6.63%, 8/1/26<sup>(1)</sup>  | 50 | 47 |
| Snap, Inc., |  |  |
| 6.88%, 3/1/33<sup>(1)</sup>  | 206 | 194 |
| 6.88%, 3/15/34<sup>(1)</sup>  | 75 | 71 |
|  |  | **1406** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| Amentum Holdings, Inc., |  |  |
| 7.25%, 8/1/32<sup>(1)</sup>  | $42 | $44 |
| ASGN, Inc., |  |  |
| 4.63%, 5/15/28<sup>(1)</sup>  | 50 | 48 |
| CACI International, Inc., |  |  |
| 6.38%, 6/15/33<sup>(1)</sup>  | 84 | 86 |
| Fortress Intermediate 3, Inc., |  |  |
| 7.50%, 6/1/31<sup>(1)</sup>  | 115 | 114 |
| Insight Enterprises, Inc., |  |  |
| 6.63%, 5/15/32<sup>(1)</sup>  | 25 | 24 |
| KBR, Inc., |  |  |
| 4.75%, 9/30/28<sup>(1)</sup>  | 54 | 53 |
| &nbsp;&nbsp; Science Applications International <br> Corp.,<br>|  |  |
| 4.88%, 4/1/28<sup>(1)</sup>  | 35 | 34 |
| 5.88%, 11/1/33<sup>(1)</sup>  | 54 | 53 |
|  |  | **456** |
| **Leisure Facilities & Services – 4.9%** | **Leisure Facilities & Services – 4.9%** | **Leisure Facilities & Services – 4.9%** |
| Affinity Interactive, |  |  |
| 6.88%, 12/15/27<sup>(1)</sup>  | 50 | 30 |
| AMC Entertainment Holdings, Inc., |  |  |
| 7.50%, 2/15/29<sup>(1) †</sup>  | 75 | 53 |
| &nbsp;&nbsp; BCPE Flavor Debt Merger Sub LLC and <br> BCPE Flavor Issuer, Inc.,<br>|  |  |
| 9.50%, 7/1/32<sup>(1) †</sup>  | 50 | 45 |
| Boyd Gaming Corp., |  |  |
| 4.75%, 6/15/31<sup>(1)</sup>  | 125 | 119 |
| Boyne U.S.A., Inc., |  |  |
| 4.75%, 5/15/29<sup>(1)</sup>  | 57 | 55 |
| Caesars Entertainment, Inc., |  |  |
| 4.63%, 10/15/29<sup>(1) †</sup>  | 117 | 112 |
| 6.50%, 2/15/32<sup>(1)</sup>  | 112 | 111 |
| 6.00%, 10/15/32<sup>(1) †</sup>  | 480 | 442 |
| Carnival Corp., |  |  |
| 6.65%, 1/15/28 | 25 | 26 |
| 5.13%, 5/1/29<sup>(1)</sup>  | 25 | 25 |
| 5.88%, 6/15/31<sup>(1)</sup>  | 65 | 66 |
| 5.75%, 8/1/32<sup>(1)</sup>  | 101 | 101 |
| 6.13%, 2/15/33<sup>(1)</sup>  | 209 | 211 |
| Carnival PLC, |  |  |
| 4.13%, 7/15/31 [EUR]<sup>(1)</sup>  | 100 | 113 |
| Churchill Downs, Inc., |  |  |
| 5.50%, 4/1/27<sup>(1)</sup>  | 25 | 25 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **229** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Leisure Facilities & Services – 4.9%continued** | **Leisure Facilities & Services – 4.9%continued** | **Leisure Facilities & Services – 4.9%continued** |
| 4.75%, 1/15/28<sup>(1)</sup>  | $25 | $25 |
| 5.75%, 4/1/30<sup>(1)</sup>  | 200 | 198 |
| 6.75%, 5/1/31<sup>(1)</sup>  | 5 | 5 |
| Cinemark U.S.A., Inc., |  |  |
| 5.25%, 7/15/28<sup>(1)</sup>  | 50 | 50 |
| 7.00%, 8/1/32<sup>(1) †</sup>  | 41 | 42 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc.,<br>|  |  |
| 4.63%, 1/15/29<sup>(1)</sup>  | 59 | 56 |
| 6.75%, 1/15/30<sup>(1) †</sup>  | 329 | 307 |
| Full House Resorts, Inc., |  |  |
| 8.25%, 2/15/28<sup>(1) †</sup>  | 50 | 45 |
| &nbsp;&nbsp; GPS Hospitality Holding Co. LLC/GPS <br> Fin,<br>|  |  |
| 7.00%, 8/15/28<sup>(1)</sup>  | 75 | 36 |
| Hilton Domestic Operating Co., Inc., |  |  |
| 4.00%, 5/1/31<sup>(1)</sup>  | 100 | 94 |
| 3.63%, 2/15/32<sup>(1)</sup>  | 25 | 23 |
| 5.88%, 3/15/33<sup>(1)</sup>  | 94 | 95 |
| 5.75%, 9/15/33<sup>(1)</sup>  | 64 | 64 |
| 5.50%, 3/31/34<sup>(1)</sup>  | 86 | 84 |
| &nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.,<br>|  |  |
| 5.00%, 6/1/29<sup>(1)</sup>  | 100 | 95 |
| 4.88%, 7/1/31<sup>(1)</sup>  | 50 | 45 |
| Jacobs Entertainment, Inc., |  |  |
| 6.75%, 2/15/29<sup>(1)</sup>  | 175 | 164 |
| Life Time, Inc., |  |  |
| 6.00%, 11/15/31<sup>(1)</sup>  | 75 | 76 |
| Light & Wonder International, Inc., |  |  |
| 7.50%, 9/1/31<sup>(1) †</sup>  | 45 | 46 |
| 6.25%, 10/1/33<sup>(1)</sup>  | 176 | 172 |
| Lindblad Expeditions LLC, |  |  |
| 7.00%, 9/15/30<sup>(1)</sup>  | 95 | 97 |
| Live Nation Entertainment, Inc., |  |  |
| 6.50%, 5/15/27<sup>(1)</sup>  | 25 | 25 |
| 4.75%, 10/15/27<sup>(1) †</sup>  | 75 | 74 |
| Marriott Ownership Resorts, Inc., |  |  |
| 4.50%, 6/15/29<sup>(1)</sup>  | 25 | 24 |
| 6.50%, 10/1/33<sup>(1)</sup>  | 25 | 24 |
| MGM Resorts International, |  |  |
| 6.13%, 9/15/29 | 31 | 31 |
| 6.50%, 4/15/32<sup>†</sup>  | 75 | 76 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Leisure Facilities & Services – 4.9%continued** | **Leisure Facilities & Services – 4.9%continued** | **Leisure Facilities & Services – 4.9%continued** |
| &nbsp;&nbsp; Midwest Gaming <br> Borrower LLC/Midwest Gaming <br> Finance Corp.,<br>|  |  |
| 4.88%, 5/1/29<sup>(1)</sup>  | $38 | $37 |
| &nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS <br> Digital Entertainment Holdings LLC,<br>|  |  |
| 8.25%, 4/15/30<sup>(1)</sup>  | 49 | 50 |
| Muvico LLC, |  |  |
| 15.00%, 2/19/29<sup>(1) (2) †</sup>  | 102 | 96 |
| NCL Corp. Ltd., |  |  |
| 7.75%, 2/15/29<sup>(1)</sup>  | 25 | 26 |
| 6.25%, 3/1/30<sup>(1)</sup>  | 25 | 25 |
| 5.88%, 1/15/31<sup>(1)</sup>  | 40 | 39 |
| 6.75%, 2/1/32<sup>(1)</sup>  | 117 | 116 |
| 6.25%, 9/15/33<sup>(1) †</sup>  | 131 | 127 |
| NCL Finance Ltd., |  |  |
| 6.13%, 3/15/28<sup>(1)</sup>  | 25 | 25 |
| Penn Entertainment, Inc., |  |  |
| 4.13%, 7/1/29<sup>(1) †</sup>  | 100 | 93 |
| 6.75%, 4/1/31<sup>(1)</sup>  | 45 | 44 |
| &nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.,<br>|  |  |
| 5.63%, 9/1/29<sup>(1)</sup>  | 50 | 30 |
| 5.88%, 9/1/31<sup>(1)</sup>  | 140 | 77 |
| Rivers Enterprise Borrower LLC, |  |  |
| 6.25%, 10/15/30<sup>(1)</sup>  | 23 | 23 |
| &nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers <br> Enterprise Finance Corp.,<br>|  |  |
| 6.63%, 2/1/33<sup>(1)</sup>  | 34 | 34 |
| Royal Caribbean Cruises Ltd., |  |  |
| 5.63%, 9/30/31<sup>(1)</sup>  | 75 | 76 |
| 6.25%, 3/15/32<sup>(1)</sup>  | 25 | 25 |
| 6.00%, 2/1/33<sup>(1)</sup>  | 125 | 126 |
| Sabre Financial Borrower LLC, |  |  |
| 11.13%, 6/15/29<sup>(1)</sup>  | 119 | 122 |
| Sabre GLBL, Inc., |  |  |
| 11.13%, 7/15/30<sup>(1)</sup>  | 25 | 21 |
| &nbsp;&nbsp; Scientific Games Holdings L.P.,Scientific <br> Games U.S. FinCo, Inc.,<br>|  |  |
| 6.63%, 3/1/30<sup>(1)</sup>  | 496 | 427 |
| &nbsp;&nbsp; Seagate Data Storage Technology Pte. <br> Ltd.,<br>|  |  |
| 8.63%, 1/15/32<sup>(1)</sup>  | 92 | 92 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **230** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Leisure Facilities & Services – 4.9%continued** | **Leisure Facilities & Services – 4.9%continued** | **Leisure Facilities & Services – 4.9%continued** |
| SeaWorld Parks & Entertainment, Inc., |  |  |
| 5.25%, 8/15/29<sup>(1) †</sup>  | $50 | $48 |
| Six Flags Entertainment Corp., |  |  |
| 7.25%, 5/15/31<sup>(1) †</sup>  | 165 | 159 |
| &nbsp;&nbsp; Six Flags Entertainment <br> Corp./Canada's Wonderland <br> Co./Magnum Management Corp.,<br>|  |  |
| 6.50%, 10/1/28 | 100 | 100 |
| 5.25%, 7/15/29 | 25 | 24 |
| &nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags <br> Theme Parks, Inc./Canada's <br> Wonderland Co.,<br>|  |  |
| 6.63%, 5/1/32<sup>(1) †</sup>  | 90 | 90 |
| Station Casinos LLC, |  |  |
| 4.50%, 2/15/28<sup>(1)</sup>  | 25 | 24 |
| 4.63%, 12/1/31<sup>(1)</sup>  | 60 | 56 |
| 6.63%, 3/15/32<sup>(1)</sup>  | 87 | 87 |
| Travel + Leisure Co., |  |  |
| 6.63%, 7/31/26<sup>(1)</sup>  | 25 | 25 |
| 4.63%, 3/1/30<sup>(1)</sup>  | 25 | 24 |
| 6.13%, 9/1/33<sup>(1)</sup>  | 25 | 25 |
| Vail Resorts, Inc., |  |  |
| 5.63%, 7/15/30<sup>(1)</sup>  | 13 | 13 |
| 6.50%, 5/15/32<sup>(1)</sup>  | 45 | 45 |
| Viking Cruises Ltd., |  |  |
| 9.13%, 7/15/31<sup>(1)</sup>  | 127 | 134 |
| 5.88%, 10/15/33<sup>(1)</sup>  | 175 | 173 |
| Viking Ocean Cruises Ship VII Ltd., |  |  |
| 5.63%, 2/15/29<sup>(1)</sup>  | 59 | 59 |
| VOC Escrow Ltd., |  |  |
| 5.00%, 2/15/28<sup>(1)</sup>  | 50 | 50 |
| Voyager Parent LLC, |  |  |
| 9.25%, 7/1/32<sup>(1)</sup>  | 71 | 74 |
| Wyndham Hotels & Resorts, Inc., |  |  |
| 5.63%, 3/1/33<sup>(1)</sup>  | 73 | 72 |
| &nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas <br> Capital Corp.,<br>|  |  |
| 5.25%, 5/15/27<sup>(1)</sup>  | 50 | 50 |
| &nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn <br> Resorts Capital Corp.,<br>|  |  |
| 5.13%, 10/1/29<sup>(1)</sup>  | 85 | 84 |
| 6.25%, 3/15/33<sup>(1) †</sup>  | 168 | 166 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Leisure Facilities & Services – 4.9%continued** | **Leisure Facilities & Services – 4.9%continued** | **Leisure Facilities & Services – 4.9%continued** |
| Yum! Brands, Inc., |  |  |
| 5.38%, 4/1/32 | $100 | $99 |
|  |  | **7019** |
| **Leisure Products – 0.2%** | **Leisure Products – 0.2%** | **Leisure Products – 0.2%** |
| Acushnet Co., |  |  |
| 5.63%, 12/1/33<sup>(1)</sup>  | 42 | 42 |
| MajorDrive Holdings IV LLC, |  |  |
| 6.38%, 6/1/29<sup>(1) †</sup>  | 113 | 83 |
| Mattel, Inc., |  |  |
| 5.45%, 11/1/41 | 25 | 23 |
| Patrick Industries, Inc., |  |  |
| 4.75%, 5/1/29<sup>(1)</sup>  | 50 | 48 |
| 6.38%, 11/1/32<sup>(1)</sup>  | 60 | 60 |
| Winnebago Industries, Inc., |  |  |
| 6.25%, 7/15/28<sup>(1)</sup>  | 10 | 10 |
|  |  | **266** |
| **Machinery – 0.7%** | **Machinery – 0.7%** | **Machinery – 0.7%** |
| Amsted Industries, Inc., |  |  |
| 6.38%, 3/15/33<sup>(1)</sup>  | 41 | 41 |
| Columbus McKinnon Corp., |  |  |
| 7.13%, 2/1/33<sup>(1)</sup>  | 99 | 99 |
| Esab Corp., |  |  |
| 6.25%, 4/15/29<sup>(1)</sup>  | 26 | 26 |
| 5.63%, 4/1/31<sup>(1)</sup>  | 128 | 129 |
| GrafTech Global Enterprises, Inc., |  |  |
| 9.88%, 12/23/29<sup>(1)</sup>  | 81 | 52 |
| Lsf12 Helix Parent LLC, |  |  |
| 7.13%, 2/1/33<sup>(1)</sup>  | 257 | 247 |
| Madison IAQ LLC, |  |  |
| 4.13%, 6/30/28<sup>(1)</sup>  | 25 | 25 |
| 5.88%, 6/30/29<sup>(1)</sup>  | 269 | 264 |
| Manitowoc (The) Co., Inc., |  |  |
| 9.25%, 10/1/31<sup>(1)</sup>  | 69 | 72 |
| Terex Corp., |  |  |
| 5.00%, 5/15/29<sup>(1)</sup>  | 75 | 74 |
| 6.25%, 10/15/32<sup>(1)</sup>  | 29 | 29 |
|  |  | **1058** |
| **Medical Equipment & Devices – 0.6%** | **Medical Equipment & Devices – 0.6%** | **Medical Equipment & Devices – 0.6%** |
| Avantor Funding, Inc., |  |  |
| 4.63%, 7/15/28<sup>(1)</sup>  | 79 | 77 |
| 3.88%, 11/1/29<sup>(1)</sup>  | 108 | 101 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **231** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Medical Equipment & Devices – 0.6%continued** | **Medical Equipment & Devices – 0.6%continued** | **Medical Equipment & Devices – 0.6%continued** |
| Bausch + Lomb Corp., |  |  |
| 8.38%, 10/1/28<sup>(1)</sup>  | $234 | $242 |
| Hologic, Inc., |  |  |
| 3.25%, 2/15/29<sup>(1)</sup>  | 2 | 2 |
| Insulet Corp., |  |  |
| 6.50%, 4/1/33<sup>(1)</sup>  | 42 | 43 |
| Medline Borrower L.P., |  |  |
| 5.25%, 10/1/29<sup>(1)</sup>  | 316 | 313 |
| &nbsp;&nbsp; Medline Borrower L.P./Medline <br> Co-Issuer, Inc.,<br>|  |  |
| 6.25%, 4/1/29<sup>(1)</sup>  | 46 | 47 |
| Neogen Food Safety Corp., |  |  |
| 8.63%, 7/20/30<sup>(1)</sup>  | 71 | 75 |
|  |  | **900** |
| **Metals & Mining – 1.3%** | **Metals & Mining – 1.3%** | **Metals & Mining – 1.3%** |
| Arsenal AIC Parent LLC, |  |  |
| 8.00%, 10/1/30<sup>(1)</sup>  | 79 | 82 |
| 11.50%, 10/1/31<sup>(1)</sup>  | 255 | 275 |
| Century Aluminum Co., |  |  |
| 6.88%, 8/1/32<sup>(1)</sup>  | 450 | 464 |
| Compass Minerals International, Inc., |  |  |
| 8.00%, 7/1/30<sup>(1)</sup>  | 220 | 228 |
| Kaiser Aluminum Corp., |  |  |
| 4.50%, 6/1/31<sup>(1)</sup>  | 165 | 156 |
| 5.88%, 3/1/34<sup>(1)</sup>  | 167 | 164 |
| &nbsp;&nbsp; Northwest Acquisitions ULC/Dominion <br> Finco, Inc.,<br>|  |  |
| 7.13%, 11/1/22<sup>(1) (4) (6) (7)</sup>  | 1905 |  |
| Novelis Corp., |  |  |
| 4.75%, 1/30/30<sup>(1)</sup>  | 25 | 24 |
| 6.88%, 1/30/30<sup>(1)</sup>  | 78 | 79 |
| 3.88%, 8/15/31<sup>(1)</sup>  | 80 | 71 |
| 6.38%, 8/15/33<sup>(1)</sup>  | 291 | 285 |
|  |  | **1828** |
| **Oil & Gas Services & Equipment – 1.7%** | **Oil & Gas Services & Equipment – 1.7%** | **Oil & Gas Services & Equipment – 1.7%** |
| &nbsp;&nbsp; Archrock Partners L.P./Archrock <br> Partners Finance Corp.,<br>|  |  |
| 6.25%, 4/1/28<sup>(1)</sup>  | 115 | 115 |
| 6.63%, 9/1/32<sup>(1)</sup>  | 149 | 152 |
| &nbsp;&nbsp; Archrock Services L.P./Archrock <br> Partners Finance Corp.,<br>|  |  |
| 6.00%, 2/1/34<sup>(1)</sup>  | 71 | 70 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Oil & Gas Services & Equipment – 1.7%continued** | **Oil & Gas Services & Equipment – 1.7%continued** | **Oil & Gas Services & Equipment – 1.7%continued** |
| Bristow Group, Inc., |  |  |
| 6.75%, 2/1/33<sup>(1)</sup>  | $50 | $51 |
| CHC Group LLC, |  |  |
| 11.75%, 9/1/30<sup>(1)</sup>  | 50 | 48 |
| &nbsp;&nbsp; Diamond Foreign Asset Co./Diamond <br> Finance LLC,<br>|  |  |
| 8.50%, 10/1/30<sup>(1)</sup>  | 34 | 36 |
| Global Marine, Inc., |  |  |
| 7.00%, 6/1/28 | 66 | 67 |
| Helix Energy Solutions Group, Inc., |  |  |
| 9.75%, 3/1/29<sup>(1)</sup>  | 50 | 53 |
| Kodiak Gas Services LLC, |  |  |
| 7.25%, 2/15/29<sup>(1)</sup>  | 97 | 101 |
| 5.88%, 4/1/31<sup>(1)</sup>  | 130 | 131 |
| 6.50%, 10/1/33<sup>(1)</sup>  | 77 | 78 |
| 6.75%, 10/1/35<sup>(1)</sup>  | 68 | 69 |
| Nabors Industries, Inc., |  |  |
| 8.88%, 8/15/31<sup>(1) †</sup>  | 50 | 52 |
| 7.63%, 11/15/32<sup>(1) †</sup>  | 52 | 53 |
| Noble Finance II LLC, |  |  |
| 8.00%, 4/15/30<sup>(1)</sup>  | 94 | 97 |
| Oceaneering International, Inc., |  |  |
| 6.00%, 2/1/28 | 18 | 18 |
| SESI LLC, |  |  |
| 7.88%, 9/30/30<sup>(1)</sup>  | 25 | 26 |
| Star Holding LLC, |  |  |
| 8.75%, 8/1/31<sup>(1)</sup>  | 76 | 77 |
| Tidewater, Inc., |  |  |
| 9.13%, 7/15/30<sup>(1)</sup>  | 35 | 37 |
| Transocean Aquila Ltd., |  |  |
| 8.00%, 9/30/28<sup>(1)</sup>  | 15 | 16 |
| Transocean International Ltd., |  |  |
| 8.25%, 5/15/29<sup>(1)</sup>  | 104 | 107 |
| 8.75%, 2/15/30<sup>(1)</sup>  | 16 | 16 |
| 7.50%, 4/15/31<sup>†</sup>  | 100 | 102 |
| 8.50%, 5/15/31<sup>(1)</sup>  | 116 | 122 |
| 7.88%, 10/15/32<sup>(1)</sup>  | 29 | 31 |
| 6.80%, 3/15/38 | 146 | 140 |
| &nbsp;&nbsp; U.S.A. Compression Partners <br> L.P./U.S.A. Compression Finance <br> Corp.,<br>|  |  |
| 7.13%, 3/15/29<sup>(1)</sup>  | 96 | 98 |
| 6.25%, 10/1/33<sup>(1)</sup>  | 199 | 198 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **232** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Oil & Gas Services & Equipment – 1.7%continued** | **Oil & Gas Services & Equipment – 1.7%continued** | **Oil & Gas Services & Equipment – 1.7%continued** |
| Valaris Ltd., |  |  |
| 8.38%, 4/30/30<sup>(1)</sup>  | $93 | $96 |
| Weatherford International Ltd., |  |  |
| 6.75%, 10/15/33<sup>(1)</sup>  | 185 | 189 |
|  |  | **2446** |
| **Oil & Gas Supply Chain – 7.8%** | **Oil & Gas Supply Chain – 7.8%** | **Oil & Gas Supply Chain – 7.8%** |
| &nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp.,<br>|  |  |
| 6.63%, 2/1/32<sup>(1)</sup>  | 25 | 26 |
| 5.75%, 10/15/33<sup>(1)</sup>  | 50 | 49 |
| 5.75%, 7/1/34<sup>(1)</sup>  | 50 | 49 |
| &nbsp;&nbsp; Ascent Resources Utica <br> Holdings LLC/ARU Finance Corp.,<br>|  |  |
| 9.00%, 11/1/27<sup>(1)</sup>  | 86 | 100 |
| 5.88%, 6/30/29<sup>(1)</sup>  | 42 | 42 |
| 6.63%, 10/15/32<sup>(1)</sup>  | 25 | 25 |
| 6.63%, 7/15/33<sup>(1)</sup>  | 55 | 56 |
| &nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer <br> Finance Corp.,<br>|  |  |
| 7.00%, 7/15/29<sup>(1)</sup>  | 70 | 72 |
| 7.25%, 7/15/32<sup>(1)</sup>  | 42 | 44 |
| Buckeye Partners L.P., |  |  |
| 6.88%, 7/1/29<sup>(1)</sup>  | 53 | 55 |
| 6.75%, 2/1/30<sup>(1)</sup>  | 39 | 40 |
| 5.85%, 11/15/43 | 25 | 23 |
| 5.60%, 10/15/44 | 32 | 28 |
| California Resources Corp., |  |  |
| 8.25%, 6/15/29<sup>(1)</sup>  | 15 | 16 |
| 7.00%, 1/15/34<sup>(1)</sup>  | 46 | 46 |
| Caturus Energy LLC, |  |  |
| 8.50%, 2/15/30<sup>(1)</sup>  | 124 | 129 |
| Chord Energy Corp., |  |  |
| 6.00%, 10/1/30<sup>(1)</sup>  | 25 | 25 |
| 6.75%, 3/15/33<sup>(1)</sup>  | 25 | 26 |
| CITGO Petroleum Corp., |  |  |
| 8.38%, 1/15/29<sup>(1)</sup>  | 154 | 159 |
| CNX Midstream Partners L.P., |  |  |
| 4.75%, 4/15/30<sup>(1)</sup>  | 15 | 14 |
| CNX Resources Corp., |  |  |
| 7.38%, 1/15/31<sup>(1)</sup>  | 25 | 26 |
| 7.25%, 3/1/32<sup>(1)</sup>  | 41 | 42 |
| 5.88%, 3/1/34<sup>(1)</sup>  | 72 | 70 |
| Comstock Resources, Inc., |  |  |
| 6.75%, 3/1/29<sup>(1)</sup>  | 76 | 75 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Oil & Gas Supply Chain – 7.8%continued** | **Oil & Gas Supply Chain – 7.8%continued** | **Oil & Gas Supply Chain – 7.8%continued** |
| 6.75%, 3/1/29<sup>(1)</sup>  | $54 | $53 |
| 5.88%, 1/15/30<sup>(1)</sup>  | 174 | 168 |
| &nbsp;&nbsp; CQP Holdco L.P./BIP-V Chinook <br> Holdco LLC,<br>|  |  |
| 5.50%, 6/15/31<sup>(1)</sup>  | 265 | 258 |
| Crescent Energy Finance LLC, |  |  |
| 7.75%, 7/31/29<sup>(1)</sup>  | 13 | 13 |
| 9.75%, 10/15/30<sup>(1)</sup>  | 65 | 70 |
| 7.63%, 4/1/32<sup>(1)</sup>  | 71 | 72 |
| 7.88%, 4/15/32<sup>(1)</sup>  | 191 | 195 |
| 7.38%, 1/15/33<sup>(1)</sup>  | 135 | 135 |
| 8.38%, 1/15/34<sup>(1)</sup>  | 31 | 32 |
| CVR Energy, Inc., |  |  |
| 7.50%, 2/15/31<sup>(1)</sup>  | 45 | 45 |
| 7.88%, 2/15/34<sup>(1)</sup>  | 38 | 38 |
| DBR Land Holdings LLC, |  |  |
| 6.25%, 12/1/30<sup>(1)</sup>  | 28 | 28 |
| &nbsp;&nbsp; Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp.,<br>|  |  |
| 7.13%, 6/1/28<sup>(1)</sup>  | 50 | 50 |
| 8.63%, 3/15/29<sup>(1)</sup>  | 100 | 104 |
| 7.38%, 6/30/33<sup>(1)</sup>  | 75 | 76 |
| Energy Transfer L.P., |  |  |
| &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 | 105 |
| &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 | 112 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.68%), 6.50%, <br> 2/15/56<sup>(3)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.48%), 6.75%, <br> 2/15/56<sup>(3)</sup> <br>| 25 | 25 |
| Excelerate Energy L.P., |  |  |
| 8.00%, 5/15/30<sup>(1)</sup>  | 50 | 52 |
| &nbsp;&nbsp; Genesis Energy L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| 8.88%, 4/15/30 | 25 | 26 |
| 7.88%, 5/15/32 | 75 | 77 |
| 8.00%, 5/15/33<sup>†</sup>  | 58 | 60 |
| 6.75%, 3/15/34 | 87 | 87 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **233** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Oil & Gas Supply Chain – 7.8%continued** | **Oil & Gas Supply Chain – 7.8%continued** | **Oil & Gas Supply Chain – 7.8%continued** |
| &nbsp;&nbsp; Global Partners L.P./GLP Finance <br> Corp.,<br>|  |  |
| 7.13%, 7/1/33<sup>(1)</sup>  | $72 | $73 |
| Gulfport Energy Operating Corp., |  |  |
| 6.75%, 9/1/29<sup>(1)</sup>  | 55 | 56 |
| Harvest Midstream I L.P., |  |  |
| 7.50%, 9/1/28<sup>(1)</sup>  | 75 | 76 |
| 7.50%, 5/15/32<sup>(1)</sup>  | 43 | 44 |
| Hess Midstream Operations L.P., |  |  |
| 5.13%, 6/15/28<sup>(1)</sup>  | 50 | 50 |
| 6.50%, 6/1/29<sup>(1)</sup>  | 68 | 70 |
| 4.25%, 2/15/30<sup>(1)</sup>  | 18 | 17 |
| 5.50%, 10/15/30<sup>(1)</sup>  | 25 | 25 |
| &nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.,<br>|  |  |
| 6.25%, 11/1/28<sup>(1)</sup>  | 25 | 25 |
| 5.75%, 2/1/29<sup>(1)</sup>  | 8 | 8 |
| 6.00%, 4/15/30<sup>(1)</sup>  | 27 | 26 |
| 6.00%, 2/1/31<sup>(1)</sup>  | 50 | 49 |
| 6.25%, 4/15/32<sup>(1)</sup>  | 1 | 1 |
| 8.38%, 11/1/33<sup>(1)</sup>  | 141 | 147 |
| 6.88%, 5/15/34<sup>(1)</sup>  | 46 | 45 |
| &nbsp;&nbsp; Howard Midstream Energy <br> Partners LLC,<br>|  |  |
| 7.38%, 7/15/32<sup>(1)</sup>  | 75 | 78 |
| 6.63%, 1/15/34<sup>(1)</sup>  | 76 | 76 |
| Infinity Natural Resources LLC, |  |  |
| 7.63%, 4/1/31<sup>(1)</sup>  | 58 | 58 |
| ITT Holdings LLC, |  |  |
| 6.50%, 8/1/29<sup>(1)</sup>  | 151 | 147 |
| Kinetik Holdings L.P., |  |  |
| 6.63%, 12/15/28<sup>(1)</sup>  | 25 | 25 |
| 5.88%, 6/15/30<sup>(1) †</sup>  | 35 | 35 |
| Kraken Oil & Gas Partners LLC, |  |  |
| 7.63%, 8/15/29<sup>(1)</sup>  | 100 | 102 |
| &nbsp;&nbsp; Magnolia Oil & Gas <br> Operating LLC/Magnolia Oil & Gas <br> Finance Corp.,<br>|  |  |
| 6.88%, 12/1/32<sup>(1)</sup>  | 78 | 80 |
| &nbsp;&nbsp; Martin Midstream Partners L.P./Martin <br> Midstream Finance Corp.,<br>|  |  |
| 11.50%, 2/15/28<sup>(1)</sup>  | 75 | 77 |
| Matador Resources Co., |  |  |
| 6.50%, 4/15/32<sup>(1)</sup>  | 124 | 125 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Oil & Gas Supply Chain – 7.8%continued** | **Oil & Gas Supply Chain – 7.8%continued** | **Oil & Gas Supply Chain – 7.8%continued** |
| 6.00%, 4/15/34<sup>(1)</sup>  | $66 | $66 |
| Moss Creek Resources Holdings, Inc., |  |  |
| 8.25%, 9/1/31<sup>(1)</sup>  | 50 | 50 |
| Murphy Oil Corp., |  |  |
| 6.00%, 10/1/32<sup>†</sup>  | 25 | 25 |
| 6.50%, 2/15/34 | 25 | 25 |
| Murphy Oil U.S.A., Inc., |  |  |
| 4.75%, 9/15/29 | 50 | 49 |
| New Fortress Energy, Inc., |  |  |
| 6.50%, 9/30/26<sup>(1)</sup>  | 25 | 3 |
| NFE Financing LLC, |  |  |
| 12.00%, 11/15/29<sup>(1)</sup>  | 100 | 45 |
| &nbsp;&nbsp; NGL Energy Operating LLC/NGL <br> Energy Finance Corp.,<br>|  |  |
| 8.13%, 2/15/29<sup>(1)</sup>  | 152 | 157 |
| 8.38%, 2/15/32<sup>(1)</sup>  | 180 | 186 |
| Northern Oil & Gas, Inc., |  |  |
| 8.75%, 6/15/31<sup>(1)</sup>  | 50 | 52 |
| 7.88%, 10/15/33<sup>(1)</sup>  | 134 | 139 |
| NuStar Logistics L.P., |  |  |
| 6.38%, 10/1/30 | 75 | 78 |
| ONEOK, Inc., |  |  |
| 5.05%, 4/1/45 | 25 | 21 |
| &nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance <br> Corp.,<br>|  |  |
| 6.00%, 2/15/28 | 125 | 124 |
| 9.88%, 3/15/30<sup>(1) †</sup>  | 25 | 27 |
| 7.88%, 9/15/30<sup>(1)</sup>  | 42 | 43 |
| Permian Resources Operating LLC, |  |  |
| 8.00%, 4/15/27<sup>(1)</sup>  | 50 | 50 |
| 5.88%, 7/1/29<sup>(1)</sup>  | 50 | 50 |
| 7.00%, 1/15/32<sup>(1)</sup>  | 26 | 27 |
| 6.25%, 2/1/33<sup>(1)</sup>  | 92 | 94 |
| Plains All American Pipeline L.P., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.37%), 8.02%, 4/30/26<sup>(5) (12)</sup> <br>| 75 | 75 |
| Prairie Acquiror L.P., |  |  |
| 9.00%, 8/1/29<sup>(1)</sup>  | 76 | 79 |
| Rockies Express Pipeline LLC, |  |  |
| 4.95%, 7/15/29<sup>(1)</sup>  | 50 | 49 |
| 4.80%, 5/15/30<sup>(1)</sup>  | 25 | 24 |
| 6.88%, 4/15/40<sup>(1)</sup>  | 25 | 25 |
| SM Energy Co., |  |  |
| 6.75%, 8/1/29<sup>(1)</sup>  | 25 | 25 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **234** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Oil & Gas Supply Chain – 7.8%continued** | **Oil & Gas Supply Chain – 7.8%continued** | **Oil & Gas Supply Chain – 7.8%continued** |
| 8.63%, 11/1/30<sup>(1)</sup>  | $125 | $132 |
| 8.75%, 7/1/31<sup>(1)</sup>  | 77 | 81 |
| 7.00%, 8/1/32<sup>(1) †</sup>  | 50 | 51 |
| 9.63%, 6/15/33<sup>(1)</sup>  | 75 | 83 |
| 6.63%, 4/15/34<sup>(1)</sup>  | 119 | 119 |
| Sunoco L.P., |  |  |
| 4.50%, 10/1/29<sup>(1)</sup>  | 125 | 121 |
| 4.63%, 5/1/30<sup>(1)</sup>  | 50 | 48 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.23%), 7.88%, <br> 9/18/30<sup>(1) (3) (5)</sup> <br>| 333 | 340 |
| 5.63%, 3/15/31<sup>(1)</sup>  | 45 | 45 |
| 5.38%, 7/15/31<sup>(1)</sup>  | 70 | 69 |
| 6.63%, 8/15/32<sup>(1)</sup>  | 36 | 37 |
| 6.25%, 7/1/33<sup>(1)</sup>  | 99 | 99 |
| 5.88%, 3/15/34<sup>(1)</sup>  | 45 | 45 |
| 5.63%, 7/15/34<sup>(1)</sup>  | 180 | 177 |
| Sunoco L.P./Sunoco Finance Corp., |  |  |
| 7.00%, 9/15/28<sup>(1)</sup>  | 25 | 26 |
| 4.50%, 4/30/30 | 50 | 48 |
| &nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| 5.50%, 1/15/28<sup>(1)</sup>  | 24 | 24 |
| 7.38%, 2/15/29<sup>(1)</sup>  | 137 | 141 |
| 6.00%, 12/31/30<sup>(1)</sup>  | 25 | 25 |
| 6.00%, 9/1/31<sup>(1)</sup>  | 50 | 49 |
| Talos Production, Inc., |  |  |
| 9.00%, 2/1/29<sup>(1)</sup>  | 25 | 26 |
| 9.38%, 2/1/31<sup>(1)</sup>  | 50 | 53 |
| Targa Resources Corp., |  |  |
| 6.13%, 5/15/55 | 50 | 49 |
| TGNR Intermediate Holdings LLC, |  |  |
| 5.50%, 10/15/29<sup>(1)</sup>  | 118 | 115 |
| TransMontaigne Partners LLC, |  |  |
| 8.50%, 6/15/30<sup>(1)</sup>  | 37 | 37 |
| Venture Global Calcasieu Pass LLC, |  |  |
| 6.25%, 1/15/30<sup>(1)</sup>  | 50 | 51 |
| 4.13%, 8/15/31<sup>(1)</sup>  | 50 | 46 |
| Venture Global LNG, Inc., |  |  |
| 8.13%, 6/1/28<sup>(1)</sup>  | 125 | 128 |
| 9.50%, 2/1/29<sup>(1)</sup>  | 194 | 210 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.44%), 9.00%, <br> 9/30/29<sup>(1) (3) (5) †</sup> <br>| 345 | 344 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Oil & Gas Supply Chain – 7.8%continued** | **Oil & Gas Supply Chain – 7.8%continued** | **Oil & Gas Supply Chain – 7.8%continued** |
| 8.38%, 6/1/31<sup>(1)</sup>  | $110 | $114 |
| 9.88%, 2/1/32<sup>(1) †</sup>  | 570 | 612 |
| Venture Global Plaquemines LNG LLC, |  |  |
| 6.13%, 12/15/30<sup>(1)</sup>  | 146 | 150 |
| 7.50%, 5/1/33<sup>(1)</sup>  | 90 | 99 |
| 6.50%, 1/15/34<sup>(1)</sup>  | 322 | 336 |
| 6.50%, 6/15/34<sup>(1)</sup>  | 75 | 78 |
| 7.75%, 5/1/35<sup>(1)</sup>  | 110 | 123 |
| 6.75%, 1/15/36<sup>(1)</sup>  | 359 | 380 |
| Western Midstream Operating L.P., |  |  |
| 7.25%, 4/1/30<sup>(1)</sup>  | 25 | 26 |
| Wildfire Intermediate Holdings LLC, |  |  |
| 7.50%, 10/15/29<sup>(1)</sup>  | 65 | 66 |
|  |  | **11073** |
| **Publishing & Broadcasting – 1.9%** | **Publishing & Broadcasting – 1.9%** | **Publishing & Broadcasting – 1.9%** |
| Clear Channel Outdoor Holdings, Inc., |  |  |
| 7.75%, 4/15/28<sup>(1)</sup>  | 225 | 226 |
| 7.50%, 6/1/29<sup>(1)</sup>  | 125 | 126 |
| 7.88%, 4/1/30<sup>(1)</sup>  | 228 | 239 |
| 7.13%, 2/15/31<sup>(1)</sup>  | 177 | 185 |
| 7.50%, 3/15/33<sup>(1)</sup>  | 286 | 303 |
| Gray Media, Inc., |  |  |
| 10.50%, 7/15/29<sup>(1)</sup>  | 36 | 38 |
| 4.75%, 10/15/30<sup>(1) †</sup>  | 75 | 58 |
| 5.38%, 11/15/31<sup>(1)</sup>  | 75 | 56 |
| 9.63%, 7/15/32<sup>(1)</sup>  | 120 | 120 |
| 7.25%, 8/15/33<sup>(1)</sup>  | 115 | 116 |
| iHeartCommunications, Inc., |  |  |
| 4.75%, 1/15/28<sup>(1)</sup>  | 25 | 23 |
| 9.13%, 5/1/29<sup>(1)</sup>  | 71 | 64 |
| 10.88%, 5/1/30<sup>(1)</sup>  | 65 | 42 |
| 7.75%, 8/15/30<sup>(1)</sup>  | 64 | 51 |
| Lamar Media Corp., |  |  |
| 5.38%, 11/1/33<sup>(1)</sup>  | 139 | 136 |
| McGraw-Hill Education, Inc., |  |  |
| 8.00%, 8/1/29<sup>(1) †</sup>  | 505 | 504 |
| 7.38%, 9/1/31<sup>(1)</sup>  | 25 | 25 |
| News Corp., |  |  |
| 5.13%, 2/15/32<sup>(1)</sup>  | 50 | 49 |
| Nexstar Media, Inc., |  |  |
| 6.50%, 9/15/33<sup>(1)</sup>  | 125 | 126 |
| 4/15/34<sup>(1) (11)</sup>  | 25 | 25 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **235** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Publishing & Broadcasting – 1.9%continued** | **Publishing & Broadcasting – 1.9%continued** | **Publishing & Broadcasting – 1.9%continued** |
| Scripps Escrow II, Inc., |  |  |
| 5.38%, 1/15/31<sup>(1)</sup>  | $25 | $18 |
| Sinclair Television Group, Inc., |  |  |
| 5.50%, 3/1/30<sup>(1)</sup>  | 25 | 22 |
| 4.38%, 12/31/32<sup>(1)</sup>  | 25 | 19 |
| 8.13%, 2/15/33<sup>(1)</sup>  | 148 | 150 |
|  |  | **2721** |
| **Real Estate Investment Trusts – 2.1%** | **Real Estate Investment Trusts – 2.1%** | **Real Estate Investment Trusts – 2.1%** |
| Brandywine Operating Partnership L.P., |  |  |
| 6.13%, 1/15/31 | 25 | 22 |
| &nbsp;&nbsp; Brookfield Property REIT, Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LL,<br>|  |  |
| 4.50%, 4/1/27<sup>(1)</sup>  | 64 | 63 |
| &nbsp;&nbsp; CTR Partnership L.P./CareTrust Capital <br> Corp.,<br>|  |  |
| 3.88%, 6/30/28<sup>(1)</sup>  | 50 | 49 |
| Diversified Healthcare Trust, |  |  |
| 7.25%, 10/15/30<sup>(1)</sup>  | 66 | 67 |
| &nbsp;&nbsp; Iron Mountain Information <br> Management Services, Inc.,<br>|  |  |
| 5.00%, 7/15/32<sup>(1)</sup>  | 175 | 165 |
| Iron Mountain, Inc., |  |  |
| 4.88%, 9/15/27<sup>(1)</sup>  | 50 | 50 |
| 5.25%, 3/15/28<sup>(1)</sup>  | 75 | 75 |
| 5.00%, 7/15/28<sup>(1)</sup>  | 25 | 25 |
| 5.25%, 7/15/30<sup>(1)</sup>  | 125 | 121 |
| 4.50%, 2/15/31<sup>(1)</sup>  | 75 | 70 |
| 6.25%, 1/15/33<sup>(1)</sup>  | 116 | 116 |
| 4.75%, 1/15/34 [EUR]<sup>(1)</sup>  | 100 | 108 |
| Millrose Properties, Inc., |  |  |
| 6.38%, 8/1/30<sup>(1)</sup>  | 194 | 194 |
| 6.25%, 9/15/32<sup>(1)</sup>  | 105 | 103 |
| &nbsp;&nbsp; MPT Operating Partnership L.P./MPT <br> Finance Corp.,<br>|  |  |
| 5.00%, 10/15/27<sup>†</sup>  | 100 | 93 |
| 4.63%, 8/1/29 | 50 | 39 |
| 3.50%, 3/15/31<sup>†</sup>  | 50 | 33 |
| 8.50%, 2/15/32<sup>(1)</sup>  | 252 | 255 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK <br> Domestic Property LLC/PK Finance <br> Co-Issuer,<br>|  |  |
| 5.88%, 10/1/28<sup>(1)</sup>  | 25 | 25 |
| 4.88%, 5/15/29<sup>(1)</sup>  | 50 | 48 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Real Estate Investment Trusts – 2.1%continued** | **Real Estate Investment Trusts – 2.1%continued** | **Real Estate Investment Trusts – 2.1%continued** |
| 7.00%, 2/1/30<sup>(1)</sup>  | $70 | $71 |
| &nbsp;&nbsp; Pebblebrook Hotel L.P./PEB Finance <br> Corp.,<br>|  |  |
| 6.38%, 10/15/29<sup>(1)</sup>  | 49 | 49 |
| Prologis L.P., |  |  |
| 5.25%, 3/15/54 | 50 | 47 |
| &nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance <br> Corp.,<br>|  |  |
| 4.50%, 2/15/29<sup>(1)</sup>  | 25 | 24 |
| 6.50%, 4/1/32<sup>(1)</sup>  | 50 | 51 |
| 6.50%, 6/15/33<sup>(1)</sup>  | 131 | 133 |
| 5.75%, 3/15/34<sup>(1)</sup>  | 112 | 110 |
| RLJ Lodging Trust L.P., |  |  |
| 3.75%, 7/1/26<sup>(1)</sup>  | 25 | 25 |
| 4.00%, 9/15/29<sup>(1) †</sup>  | 114 | 107 |
| SBA Communications Corp., |  |  |
| 3.13%, 2/1/29 | 47 | 44 |
| Service Properties Trust, |  |  |
| 0.00%, 9/30/27<sup>(1) (8)</sup>  | 42 | 38 |
| 4.95%, 10/1/29<sup>†</sup>  | 50 | 45 |
| 4.38%, 2/15/30 | 25 | 22 |
| 8.63%, 11/15/31<sup>(1)</sup>  | 261 | 273 |
| 8.88%, 6/15/32 | 51 | 51 |
| &nbsp;&nbsp; Uniti Group L.P./Uniti Fiber Holdings, <br> Inc./CSL Capital LLC,<br>|  |  |
| 6.00%, 1/15/30<sup>(1) †</sup>  | 85 | 80 |
| XHR L.P., |  |  |
| 4.88%, 6/1/29<sup>(1)</sup>  | 25 | 24 |
| 6.63%, 5/15/30<sup>(1)</sup>  | 48 | 48 |
|  |  | **2963** |
| **Real Estate Owners & Developers – 0.2%** | **Real Estate Owners & Developers – 0.2%** | **Real Estate Owners & Developers – 0.2%** |
| Five Point Operating Co. L.P., |  |  |
| 8.00%, 10/1/30<sup>(1)</sup>  | 39 | 39 |
| Howard Hughes (The) Corp., |  |  |
| 4.13%, 2/1/29<sup>(1)</sup>  | 50 | 47 |
| 4.38%, 2/1/31<sup>(1)</sup>  | 36 | 33 |
| 5.88%, 3/1/32<sup>(1)</sup>  | 48 | 46 |
| 6.13%, 3/1/34<sup>(1)</sup>  | 77 | 74 |
| Kennedy-Wilson, Inc., |  |  |
| 4.75%, 3/1/29<sup>†</sup>  | 25 | 25 |
| 4.75%, 2/1/30<sup>†</sup>  | 50 | 50 |
|  |  | **314** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **236** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Real Estate Services – 0.4%** | **Real Estate Services – 0.4%** | **Real Estate Services – 0.4%** |
| &nbsp;&nbsp; Anywhere Real Estate <br> Group LLC/Anywhere Co-Issuer <br> Corp.,<br>|  |  |
| 7.00%, 4/15/30<sup>(1)</sup>  | $108 | $108 |
| 7.00%, 4/15/30 | 86 | 86 |
| &nbsp;&nbsp; Anywhere Real Estate <br> Group LLC/Realogy Co-Issuer Corp.,<br>|  |  |
| 5.75%, 1/15/29<sup>(1)</sup>  | 50 | 48 |
| 5.25%, 4/15/30<sup>(1)</sup>  | 50 | 47 |
| 9.75%, 4/15/30<sup>(1)</sup>  | 25 | 27 |
| CoreLogic, Inc., |  |  |
| 4.50%, 5/1/28<sup>(1)</sup>  | 207 | 194 |
| &nbsp;&nbsp; Cushman & Wakefield U.S. Borrower <br> LLC,<br>|  |  |
| 6.75%, 5/15/28<sup>(1)</sup>  | 25 | 25 |
| 8.88%, 9/1/31<sup>(1)</sup>  | 44 | 47 |
|  |  | **582** |
| **Retail - Consumer Staples – 0.5%** | **Retail - Consumer Staples – 0.5%** | **Retail - Consumer Staples – 0.5%** |
| Albertsons Cos., Inc., |  |  |
| 5.63%, 3/31/32<sup>(1)</sup>  | 97 | 95 |
| &nbsp;&nbsp; Albertsons Cos., Inc./Safeway, <br> Inc./New Albertsons <br> L.P./Albertsons LLC,<br>|  |  |
| 6.50%, 2/15/28<sup>(1)</sup>  | 75 | 76 |
| 4.88%, 2/15/30<sup>(1)</sup>  | 50 | 49 |
| 5.50%, 3/31/31<sup>(1)</sup>  | 51 | 50 |
| 6.25%, 3/15/33<sup>(1)</sup>  | 27 | 27 |
| 5.75%, 3/31/34<sup>(1)</sup>  | 204 | 200 |
| Ingles Markets, Inc., |  |  |
| 4.00%, 6/15/31<sup>(1)</sup>  | 75 | 70 |
| Kroger (The) Co., |  |  |
| 5.00%, 9/15/34 | 25 | 25 |
| 5.50%, 9/15/54 | 75 | 70 |
| 5.65%, 9/15/64 | 50 | 46 |
|  |  | **708** |
| **Retail - Discretionary – 2.4%** | **Retail - Discretionary – 2.4%** | **Retail - Discretionary – 2.4%** |
| Advance Auto Parts, Inc., |  |  |
| 7.00%, 8/1/30<sup>(1)</sup>  | 53 | 54 |
| 7.38%, 8/1/33<sup>(1)</sup>  | 25 | 25 |
| Asbury Automotive Group, Inc., |  |  |
| 4.63%, 11/15/29<sup>(1)</sup>  | 25 | 24 |
| 5.00%, 2/15/32<sup>(1)</sup>  | 2 | 2 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Retail - Discretionary – 2.4%continued** | **Retail - Discretionary – 2.4%continued** | **Retail - Discretionary – 2.4%continued** |
| &nbsp;&nbsp; Avis Budget Car Rental LLC/Avis <br> Budget Finance, Inc.,<br>|  |  |
| 5.75%, 7/15/27<sup>(1)</sup>  | $21 | $21 |
| 4.75%, 4/1/28<sup>(1)</sup>  | 50 | 49 |
| 8.25%, 1/15/30<sup>(1)</sup>  | 125 | 126 |
| 8.38%, 6/15/32<sup>(1) †</sup>  | 110 | 109 |
| Bath & Body Works, Inc., |  |  |
| 6.63%, 10/1/30<sup>(1)</sup>  | 25 | 25 |
| 6.75%, 7/1/36 | 75 | 72 |
| Builders FirstSource, Inc., |  |  |
| 5.00%, 3/1/30<sup>(1)</sup>  | 125 | 122 |
| 4.25%, 2/1/32<sup>(1)</sup>  | 125 | 115 |
| 6.38%, 6/15/32<sup>(1)</sup>  | 100 | 100 |
| 6.38%, 3/1/34<sup>(1)</sup>  | 154 | 152 |
| 6.75%, 5/15/35<sup>(1)</sup>  | 123 | 123 |
| Carvana Co., |  |  |
| 9.00%, (100% Cash), 6/1/30<sup>(1) (2)</sup>  | 140 | 145 |
| 9.00%, 6/1/31<sup>(1) (2)</sup>  | 303 | 328 |
| Cougar JV Subsidiary LLC, |  |  |
| 8.00%, 5/15/32<sup>(1)</sup>  | 41 | 42 |
| Gap (The), Inc., |  |  |
| 3.63%, 10/1/29<sup>(1)</sup>  | 25 | 23 |
| 3.88%, 10/1/31<sup>(1)</sup>  | 25 | 23 |
| Hertz (The) Corp., |  |  |
| 4.63%, 12/1/26<sup>(1)</sup>  | 11 | 10 |
| 12.63%, 7/15/29<sup>(1) †</sup>  | 25 | 22 |
| 5.00%, 12/1/29<sup>(1) †</sup>  | 25 | 11 |
| LBM Acquisition LLC, |  |  |
| 6.25%, 1/15/29<sup>(1) †</sup>  | 75 | 55 |
| LCM Investments Holdings II LLC, |  |  |
| 4.88%, 5/1/29<sup>(1)</sup>  | 71 | 69 |
| 8.25%, 8/1/31<sup>(1)</sup>  | 51 | 53 |
| Liberty Interactive LLC, |  |  |
| 8.25%, 2/1/30 | 25 | 1 |
| Lithia Motors, Inc., |  |  |
| 4.63%, 12/15/27<sup>(1)</sup>  | 50 | 49 |
| 3.88%, 6/1/29<sup>(1)</sup>  | 50 | 47 |
| 5.50%, 10/1/30<sup>(1)</sup>  | 53 | 52 |
| Macy's Retail Holdings LLC, |  |  |
| 4.50%, 12/15/34 | 25 | 21 |
| 5.13%, 1/15/42 | 75 | 56 |
| &nbsp;&nbsp; Mavis Tire Express Services Topco <br> Corp.,<br>|  |  |
| 6.50%, 5/15/29<sup>(1)</sup>  | 25 | 25 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **237** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Retail - Discretionary – 2.4%continued** | **Retail - Discretionary – 2.4%continued** | **Retail - Discretionary – 2.4%continued** |
| Michaels (The) Cos., Inc., |  |  |
| 8.50%, 3/15/33<sup>(1)</sup>  | $125 | $122 |
| Park River Holdings, Inc., |  |  |
| 8.00%, 3/15/31<sup>(1)</sup>  | 25 | 25 |
| QXO Building Products, Inc., |  |  |
| 6.75%, 4/30/32<sup>(1)</sup>  | 206 | 210 |
| Saks Global Enterprises LLC, |  |  |
| 11.00%, 12/15/29<sup>(1) (6)</sup>  | 67 | 1 |
| SGUS LLC, |  |  |
| 11.00%, 12/15/29<sup>(1) (6)</sup>  | 29 | 3 |
| Sonic Automotive, Inc., |  |  |
| 4.63%, 11/15/29<sup>(1)</sup>  | 50 | 48 |
| Staples, Inc., |  |  |
| 10.75%, 9/1/29<sup>(1)</sup>  | 87 | 80 |
| 12.75%, 1/15/30<sup>(1) †</sup>  | 38 | 26 |
| Wand NewCo 3, Inc., |  |  |
| 7.63%, 1/30/32<sup>(1)</sup>  | 385 | 394 |
| White Cap Supply Holdings LLC, |  |  |
| 7.38%, 11/15/30<sup>(1) †</sup>  | 310 | 301 |
|  |  | **3361** |
| **Semiconductors – 0.2%** | **Semiconductors – 0.2%** | **Semiconductors – 0.2%** |
| Amkor Technology, Inc., |  |  |
| 5.88%, 10/1/33<sup>(1)</sup>  | 38 | 38 |
| Coherent Corp., |  |  |
| 5.00%, 12/15/29<sup>(1)</sup>  | 157 | 154 |
| ON Semiconductor Corp., |  |  |
| 3.88%, 9/1/28<sup>(1)</sup>  | 50 | 48 |
| Synaptics, Inc., |  |  |
| 4.00%, 6/15/29<sup>(1)</sup>  | 50 | 47 |
|  |  | **287** |
| **Software – 2.3%** | **Software – 2.3%** | **Software – 2.3%** |
| AthenaHealth Group, Inc., |  |  |
| 6.50%, 2/15/30<sup>(1)</sup>  | 1238 | 1162 |
| Capstone Borrower, Inc., |  |  |
| 8.00%, 6/15/30<sup>(1)</sup>  | 49 | 47 |
| &nbsp;&nbsp; Central Parent LLC/CDK Global <br> II LLC/CDK Financing Co., Inc.,<br>|  |  |
| 8.00%, 6/15/29<sup>(1)</sup>  | 5 | 4 |
| Central Parent, Inc./CDK Global, Inc., |  |  |
| 7.25%, 6/15/29<sup>(1)</sup>  | 50 | 36 |
| Cloud Software Group, Inc., |  |  |
| 6.50%, 3/31/29<sup>(1)</sup>  | 380 | 371 |
| 9.00%, 9/30/29<sup>(1)</sup>  | 398 | 384 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Software – 2.3%continued** | **Software – 2.3%continued** | **Software – 2.3%continued** |
| 8.25%, 6/30/32<sup>(1)</sup>  | $25 | $24 |
| 6.63%, 8/15/33<sup>(1)</sup>  | 25 | 22 |
| CoreWeave, Inc., |  |  |
| 9.25%, 6/1/30<sup>(1)</sup>  | 59 | 57 |
| 9.00%, 2/1/31<sup>(1)</sup>  | 465 | 442 |
| Ellucian Holdings, Inc., |  |  |
| 6.50%, 12/1/29<sup>(1)</sup>  | 290 | 283 |
| Gen Digital, Inc., |  |  |
| 6.75%, 9/30/27<sup>(1)</sup>  | 25 | 25 |
| 7.13%, 9/30/30<sup>(1)</sup>  | 50 | 51 |
| Oracle Corp., |  |  |
| 5.70%, 2/4/36 | 105 | 101 |
| SS&C Technologies, Inc., |  |  |
| 5.50%, 9/30/27<sup>(1)</sup>  | 25 | 25 |
| 6.50%, 6/1/32<sup>(1)</sup>  | 105 | 105 |
| UKG, Inc., |  |  |
| 6.88%, 2/1/31<sup>(1)</sup>  | 130 | 127 |
|  |  | **3266** |
| **Specialty Finance – 5.0%** | **Specialty Finance – 5.0%** | **Specialty Finance – 5.0%** |
| Ally Financial, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.87%), 4.70%, <br> 5/15/26<sup>(3) (5)</sup> <br>| 50 | 50 |
| 6.70%, 2/14/33<sup>†</sup>  | 50 | 50 |
| Arbor Realty SR, Inc., |  |  |
| 8.50%, 12/15/28<sup>(1) †</sup>  | 25 | 25 |
| 7.88%, 7/15/30<sup>(1)</sup>  | 50 | 46 |
| Azorra Finance Ltd., |  |  |
| 7.75%, 4/15/30<sup>(1)</sup>  | 75 | 77 |
| 7.25%, 1/15/31<sup>(1)</sup>  | 45 | 45 |
| 6.25%, 2/15/34<sup>(1)</sup>  | 44 | 41 |
| Blackstone Mortgage Trust, Inc., |  |  |
| 3.75%, 1/15/27<sup>(1)</sup>  | 101 | 99 |
| 7.75%, 12/1/29<sup>(1)</sup>  | 25 | 26 |
| Block, Inc., |  |  |
| 5.63%, 8/15/30<sup>(1)</sup>  | 107 | 106 |
| 6.50%, 5/15/32 | 21 | 21 |
| 6.00%, 8/15/33<sup>(1)</sup>  | 150 | 147 |
| CrossCountry Intermediate HoldCo LLC, |  |  |
| 6.50%, 10/1/30<sup>(1)</sup>  | 41 | 39 |
| 6.75%, 12/1/32<sup>(1)</sup>  | 55 | 52 |
| Fair Isaac Corp., |  |  |
| 6.00%, 5/15/33<sup>(1)</sup>  | 148 | 145 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **238** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Specialty Finance – 5.0%continued** | **Specialty Finance – 5.0%continued** | **Specialty Finance – 5.0%continued** |
| 6.25%, 9/15/34<sup>(1)</sup>  | $140 | $138 |
| FirstCash, Inc., |  |  |
| 4.63%, 9/1/28<sup>(1)</sup>  | 25 | 25 |
| 5.63%, 1/1/30<sup>(1)</sup>  | 25 | 25 |
| 6.88%, 3/1/32<sup>(1)</sup>  | 50 | 51 |
| Freedom Mortgage Corp., |  |  |
| 6.63%, 1/15/27<sup>(1)</sup>  | 125 | 125 |
| Freedom Mortgage Holdings LLC, |  |  |
| 9.25%, 2/1/29<sup>(1)</sup>  | 50 | 51 |
| 6.88%, 5/1/31<sup>(1)</sup>  | 11 | 10 |
| 9.13%, 5/15/31<sup>(1)</sup>  | 53 | 54 |
| 8.38%, 4/1/32<sup>(1)</sup>  | 20 | 20 |
| 7.88%, 4/1/33<sup>(1)</sup>  | 25 | 23 |
| FTAI Aviation Investors LLC, |  |  |
| 5.50%, 5/1/28<sup>(1)</sup>  | 108 | 108 |
| 7.88%, 12/1/30<sup>(1)</sup>  | 85 | 89 |
| 7.00%, 5/1/31<sup>(1)</sup>  | 143 | 147 |
| 7.00%, 6/15/32<sup>(1)</sup>  | 250 | 256 |
| 5.88%, 4/15/33<sup>(1)</sup>  | 204 | 200 |
| Global Aircraft Leasing Co. Ltd., |  |  |
| 8.75%, 9/1/27<sup>(1)</sup>  | 100 | 101 |
| &nbsp;&nbsp; ION Platform Finance U.S., Inc./ION <br> Platform Finance S.A.R.L.,<br>|  |  |
| 5.00%, 5/1/28<sup>(1)</sup>  | 105 | 98 |
| 8.75%, 5/1/29<sup>(1)</sup>  | 25 | 23 |
| Jefferson Capital Holdings LLC, |  |  |
| 6.00%, 8/15/26<sup>(1)</sup>  | 50 | 50 |
| 9.50%, 2/15/29<sup>(1)</sup>  | 50 | 52 |
| 8.25%, 5/15/30<sup>(1) †</sup>  | 75 | 78 |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp.,<br>|  |  |
| 4.25%, 2/1/27<sup>(1)</sup>  | 25 | 25 |
| 7.00%, 7/15/31<sup>(1)</sup>  | 25 | 26 |
| LD Holdings Group LLC, |  |  |
| 8.75%, 11/1/27<sup>(1) †</sup>  | 17 | 16 |
| 6.13%, 4/1/28<sup>(1)</sup>  | 25 | 21 |
| LFS Topco LLC, |  |  |
| 8.75%, 7/15/30<sup>(1) †</sup>  | 100 | 96 |
| Navient Corp., |  |  |
| 5.50%, 3/15/29 | 75 | 69 |
| 9.38%, 7/25/30 | 16 | 16 |
| 11.50%, 3/15/31 | 50 | 51 |
| 7.88%, 6/15/32<sup>†</sup>  | 24 | 21 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Specialty Finance – 5.0%continued** | **Specialty Finance – 5.0%continued** | **Specialty Finance – 5.0%continued** |
| OneMain Finance Corp., |  |  |
| 6.63%, 1/15/28 | $25 | $25 |
| 6.63%, 5/15/29 | 14 | 14 |
| 5.38%, 11/15/29 | 87 | 84 |
| 7.88%, 3/15/30 | 122 | 126 |
| 6.13%, 5/15/30 | 104 | 102 |
| 4.00%, 9/15/30 | 45 | 41 |
| 7.50%, 5/15/31 | 64 | 64 |
| 7.13%, 11/15/31 | 93 | 92 |
| 6.75%, 3/15/32 | 198 | 192 |
| 7.13%, 9/15/32 | 51 | 50 |
| 6.50%, 3/15/33 | 173 | 165 |
| 6.75%, 9/15/33 | 159 | 152 |
| PennyMac Financial Services, Inc., |  |  |
| 4.25%, 2/15/29<sup>(1)</sup>  | 50 | 47 |
| 7.88%, 12/15/29<sup>(1)</sup>  | 49 | 50 |
| 7.13%, 11/15/30<sup>(1)</sup>  | 25 | 25 |
| 5.75%, 9/15/31<sup>(1)</sup>  | 75 | 69 |
| 6.88%, 5/15/32<sup>(1)</sup>  | 82 | 79 |
| 6.88%, 2/15/33<sup>(1)</sup>  | 75 | 72 |
| 6.75%, 2/15/34<sup>(1)</sup>  | 117 | 109 |
| PHH Escrow Issuer LLC/PHH Corp., |  |  |
| 9.88%, 11/1/29<sup>(1)</sup>  | 75 | 72 |
| PRA Group, Inc., |  |  |
| 8.38%, 2/1/28<sup>(1)</sup>  | 25 | 25 |
| 8.88%, 1/31/30<sup>(1)</sup>  | 50 | 50 |
| Rithm Capital Corp., |  |  |
| 8.00%, 4/1/29<sup>(1)</sup>  | 50 | 49 |
| 8.00%, 7/15/30<sup>(1)</sup>  | 25 | 24 |
| Rocket Cos., Inc., |  |  |
| 6.50%, 8/1/29<sup>(1)</sup>  | 86 | 87 |
| 6.13%, 8/1/30<sup>(1)</sup>  | 162 | 163 |
| 7.13%, 2/1/32<sup>(1)</sup>  | 186 | 192 |
| 6.38%, 8/1/33<sup>(1)</sup>  | 283 | 286 |
| &nbsp;&nbsp; Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc.,<br>|  |  |
| 2.88%, 10/15/26<sup>(1)</sup>  | 26 | 26 |
| 3.88%, 3/1/31<sup>(1)</sup>  | 15 | 14 |
| 4.00%, 10/15/33<sup>(1)</sup>  | 186 | 167 |
| &nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments <br> Finance Sub, Inc.,<br>|  |  |
| 6.75%, 8/15/32<sup>(1)</sup>  | 296 | 291 |
| SLM Corp., |  |  |
| 3.13%, 11/2/26 | 50 | 50 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **239** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Specialty Finance – 5.0%continued** | **Specialty Finance – 5.0%continued** | **Specialty Finance – 5.0%continued** |
| 6.50%, 1/31/30 | $25 | $25 |
| Starwood Property Trust, Inc., |  |  |
| 7.25%, 4/1/29<sup>(1)</sup>  | 43 | 44 |
| 6.00%, 4/15/30<sup>(1)</sup>  | 67 | 67 |
| 6.50%, 7/1/30<sup>(1)</sup>  | 44 | 45 |
| 6.50%, 10/15/30<sup>(1)</sup>  | 54 | 55 |
| Stonebriar ABF Issuer LLC, |  |  |
| 8.13%, 12/15/30<sup>(1)</sup>  | 50 | 52 |
| Synchrony Financial, |  |  |
| 7.25%, 2/2/33 | 50 | 51 |
| United Wholesale Mortgage LLC, |  |  |
| 5.75%, 6/15/27<sup>(1)</sup>  | 25 | 25 |
| 5.50%, 4/15/29<sup>(1)</sup>  | 50 | 47 |
| UWM Holdings LLC, |  |  |
| 6.63%, 2/1/30<sup>(1)</sup>  | 96 | 91 |
| 6.25%, 3/15/31<sup>(1)</sup>  | 94 | 86 |
| Velocity Commercial Capital LLC, |  |  |
| 9.38%, 2/15/31<sup>(1)</sup>  | 25 | 25 |
| Walker & Dunlop, Inc., |  |  |
| 6.63%, 4/1/33<sup>(1)</sup>  | 72 | 70 |
| WEX, Inc., |  |  |
| 6.50%, 3/15/33<sup>(1)</sup>  | 345 | 338 |
|  |  | **7109** |
| **Steel – 2.4%** | **Steel – 2.4%** | **Steel – 2.4%** |
| Big River Steel LLC/BRS Finance Corp., |  |  |
| 6.63%, 1/31/29<sup>(1)</sup>  | 86 | 86 |
| Carpenter Technology Corp., |  |  |
| 5.63%, 3/1/34<sup>(1)</sup>  | 68 | 67 |
| Cleveland-Cliffs, Inc., |  |  |
| 6.88%, 11/1/29<sup>(1)</sup>  | 109 | 109 |
| 6.75%, 4/15/30<sup>(1)</sup>  | 25 | 24 |
| 4.88%, 3/1/31<sup>(1)</sup>  | 25 | 23 |
| 7.50%, 9/15/31<sup>(1)</sup>  | 25 | 25 |
| 7.00%, 3/15/32<sup>(1)</sup>  | 155 | 150 |
| 7.38%, 5/1/33<sup>(1) †</sup>  | 130 | 127 |
| Commercial Metals Co., |  |  |
| 4.13%, 1/15/30 | 25 | 24 |
| 4.38%, 3/15/32 | 25 | 23 |
| 5.75%, 11/15/33<sup>(1)</sup>  | 75 | 74 |
| 6.00%, 12/15/35<sup>(1)</sup>  | 97 | 96 |
| &nbsp;&nbsp; Specialty Building Products <br> Holdings LLC/SBP Finance Corp.,<br>|  |  |
| 12.00%, 11/15/33<sup>(4) (7)</sup>  | 2490 | 2490 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Steel – 2.4%continued** | **Steel – 2.4%continued** | **Steel – 2.4%continued** |
| TMS International Corp., |  |  |
| 6.25%, 4/15/29<sup>(1)</sup>  | $25 | $24 |
|  |  | **3342** |
| **Technology – 0.0%** | **Technology – 0.0%** | **Technology – 0.0%** |
| Entegris, Inc., |  |  |
| 5.95%, 6/15/30<sup>(1)</sup>  | 25 | **25** |
| **Technology Hardware – 0.6%** | **Technology Hardware – 0.6%** | **Technology Hardware – 0.6%** |
| Diebold Nixdorf, Inc., |  |  |
| 7.75%, 3/31/30<sup>(1)</sup>  | 25 | 26 |
| Imola Merger Corp., |  |  |
| 4.75%, 5/15/29<sup>(1)</sup>  | 200 | 194 |
| NCR Atleos Corp., |  |  |
| 9.50%, 4/1/29<sup>(1)</sup>  | 75 | 80 |
| NCR Voyix Corp., |  |  |
| 5.00%, 10/1/28<sup>(1)</sup>  | 50 | 48 |
| 5.13%, 4/15/29<sup>(1)</sup>  | 30 | 29 |
| &nbsp;&nbsp; Seagate Data Storage Technology Pte. <br> Ltd.,<br>|  |  |
| 4.09%, 6/1/29<sup>(1)</sup>  | 25 | 24 |
| 8.25%, 12/15/29<sup>(1)</sup>  | 23 | 24 |
| 5.88%, 7/15/30<sup>(1)</sup>  | 64 | 65 |
| 4.13%, 1/15/31<sup>(1)</sup>  | 55 | 51 |
| 8.50%, 7/15/31<sup>(1)</sup>  | 40 | 42 |
| 9.63%, 12/1/32<sup>(1)</sup>  | 70 | 78 |
| 5.75%, 12/1/34 | 12 | 12 |
| TTM Technologies, Inc., |  |  |
| 4.00%, 3/1/29<sup>(1)</sup>  | 50 | 48 |
| Viavi Solutions, Inc., |  |  |
| 3.75%, 10/1/29<sup>(1)</sup>  | 37 | 35 |
| Zebra Technologies Corp., |  |  |
| 6.50%, 6/1/32<sup>(1)</sup>  | 73 | 74 |
|  |  | **830** |
| **Telecommunications – 5.1%** | **Telecommunications – 5.1%** | **Telecommunications – 5.1%** |
| Altice France Lux 3/Altice Holdings 1, |  |  |
| 10.00%, 1/15/33<sup>(1)</sup>  | 55 | 50 |
| APLD ComputeCo 2 LLC, |  |  |
| 6.75%, 3/15/31<sup>(1)</sup>  | 127 | 126 |
| APLD ComputeCo LLC, |  |  |
| 9.25%, 12/15/30<sup>(1)</sup>  | 603 | 621 |
| AT&T, Inc., |  |  |
| 3.55%, 9/15/55 | 25 | 16 |
| 6.00%, 4/30/56 | 100 | 98 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **240** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Telecommunications – 5.1%continued** | **Telecommunications – 5.1%continued** | **Telecommunications – 5.1%continued** |
| Black Pearl Compute LLC, |  |  |
| 6.13%, 2/15/31<sup>(1)</sup>  | $181 | $184 |
| Cipher Compute LLC, |  |  |
| 7.13%, 11/15/30<sup>(1) †</sup>  | 241 | 250 |
| &nbsp;&nbsp; Cogent Communications <br> Group LLC/Cogent Finance, Inc.,<br>|  |  |
| 7.00%, 6/15/27<sup>(1) †</sup>  | 25 | 25 |
| Digicel Group Holdings Ltd., |  |  |
| 0.00%, 12/31/30<sup>(1) (7) (8)</sup>  | 25 | 1 |
| 0.00%, 12/31/30<sup>(1) (7) (8) (13)</sup>  | 8 |  |
| &nbsp;&nbsp; Digicel International Finance Ltd./Difl <br> U.S. LLC,<br>|  |  |
| 8.63%, 8/1/32<sup>(1)</sup>  | 200 | 203 |
| EchoStar Corp., |  |  |
| 10.75%, 11/30/29 | 347 | 375 |
| 6.75%, 11/30/30<sup>(2)</sup>  | 505 | 510 |
| Embarq LLC, |  |  |
| 8.00%, 6/1/36 | 50 | 16 |
| Flash Compute LLC, |  |  |
| 7.25%, 12/31/30<sup>(1)</sup>  | 196 | 197 |
| Frontier Communications Holdings LLC, |  |  |
| 5.00%, 5/1/28<sup>(1)</sup>  | 163 | 163 |
| 6.75%, 5/1/29<sup>(1)</sup>  | 97 | 97 |
| 5.88%, 11/1/29 | 75 | 75 |
| 6.00%, 1/15/30<sup>(1)</sup>  | 107 | 108 |
| 8.75%, 5/15/30<sup>(1)</sup>  | 331 | 340 |
| Frontier North, Inc., |  |  |
| 6.73%, 2/15/28 | 25 | 26 |
| Hughes Satellite Systems Corp., |  |  |
| 6.63%, 8/1/26<sup>†</sup>  | 25 | 19 |
| Level 3 Financing, Inc., |  |  |
| 4.25%, 7/1/28<sup>(1)</sup>  | 25 | 24 |
| 3.63%, 1/15/29<sup>(1)</sup>  | 36 | 34 |
| 3.75%, 7/15/29<sup>(1)</sup>  | 25 | 23 |
| 6.88%, 6/30/33<sup>(1)</sup>  | 371 | 377 |
| 7.00%, 3/31/34<sup>(1)</sup>  | 381 | 390 |
| 8.50%, 1/15/36<sup>(1)</sup>  | 382 | 399 |
| Lumen Technologies, Inc., |  |  |
| 4.50%, 1/15/29<sup>(1)</sup>  | 50 | 47 |
| 5.38%, 6/15/29<sup>(1)</sup>  | 25 | 24 |
| Sable International Finance Ltd., |  |  |
| 7.13%, 10/15/32<sup>(1)</sup>  | 200 | 197 |
| SV RNO Property Owner 1 LLC, |  |  |
| 5.88%, 3/1/31<sup>(1)</sup>  | 509 | 503 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Telecommunications – 5.1%continued** | **Telecommunications – 5.1%continued** | **Telecommunications – 5.1%continued** |
| &nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC,<br>|  |  |
| 4.75%, 4/15/28<sup>(1)</sup>  | $25 | $25 |
| 6.50%, 2/15/29<sup>(1)</sup>  | 89 | 86 |
| 8.63%, 6/15/32<sup>(1) †</sup>  | 150 | 153 |
| 8.63%, 6/15/32<sup>(1)</sup>  | 179 | 182 |
| Viasat, Inc., |  |  |
| 6.50%, 7/15/28<sup>(1)</sup>  | 25 | 25 |
| 7.50%, 5/30/31<sup>(1)</sup>  | 25 | 25 |
| Windstream Services LLC, |  |  |
| 7.50%, 10/15/33<sup>(1) †</sup>  | 93 | 97 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream <br> Escrow Finance Corp.,<br>|  |  |
| 8.25%, 10/1/31<sup>(1)</sup>  | 393 | 411 |
| WULF Compute LLC, |  |  |
| 7.75%, 10/15/30<sup>(1) †</sup>  | 512 | 541 |
| Zayo Group Holdings, Inc., |  |  |
| 9.25%, 3/9/30<sup>(1) (2)</sup>  | 123 | 122 |
| 13.75%, 9/9/30<sup>(1) (2)</sup>  | 99 | 93 |
|  |  | **7278** |
| **Transportation & Logistics – 0.8%** | **Transportation & Logistics – 0.8%** | **Transportation & Logistics – 0.8%** |
| Allegiant Travel Co., |  |  |
| 7.25%, 8/15/27<sup>(1)</sup>  | 19 | 19 |
| American Airlines, Inc., |  |  |
| 7.25%, 2/15/28<sup>(1) †</sup>  | 50 | 50 |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd.,<br>|  |  |
| 5.50%, 4/20/26<sup>(1)</sup>  | 2 | 2 |
| 5.75%, 4/20/29<sup>(1)</sup>  | 181 | 180 |
| Beacon Mobility Corp., |  |  |
| 7.25%, 8/1/30<sup>(1)</sup>  | 25 | 26 |
| Genesee & Wyoming, Inc., |  |  |
| 6.25%, 4/15/32<sup>(1)</sup>  | 99 | 100 |
| &nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty <br> L.P.,<br>|  |  |
| 9.88%, 9/20/31<sup>(1)</sup>  | 294 | 278 |
| OneSky Flight LLC, |  |  |
| 8.88%, 12/15/29<sup>(1)</sup>  | 72 | 74 |
| Rand Parent LLC, |  |  |
| 8.50%, 2/15/30<sup>(1)</sup>  | 72 | 74 |
| RXO, Inc., |  |  |
| 6.38%, 5/15/31<sup>(1)</sup>  | 19 | 18 |
| Star Leasing Co. LLC, |  |  |
| 7.63%, 2/15/30<sup>(1)</sup>  | 25 | 23 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **241** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Transportation & Logistics – 0.8%continued** | **Transportation & Logistics – 0.8%continued** | **Transportation & Logistics – 0.8%continued** |
| Stonepeak Nile Parent LLC, |  |  |
| 7.25%, 3/15/32<sup>(1)</sup>  | $14 | $15 |
| United Airlines Holdings, Inc., |  |  |
| 5.38%, 3/1/31 | 72 | 70 |
| United Airlines, Inc., |  |  |
| 4.63%, 4/15/29<sup>(1)</sup>  | 25 | 25 |
| Watco Cos. LLC/Watco Finance Corp., |  |  |
| 7.13%, 8/1/32<sup>(1)</sup>  | 88 | 90 |
| XPO, Inc., |  |  |
| 6.25%, 6/1/28<sup>(1)</sup>  | 25 | 25 |
| 7.13%, 6/1/31<sup>(1)</sup>  | 25 | 26 |
| 7.13%, 2/1/32<sup>(1)</sup>  | 25 | 26 |
|  |  | **1121** |
| **Transportation Equipment – 0.2%** | **Transportation Equipment – 0.2%** | **Transportation Equipment – 0.2%** |
| Allison Transmission, Inc., |  |  |
| 4.75%, 10/1/27<sup>(1)</sup>  | 25 | 25 |
| 3.75%, 1/30/31<sup>(1)</sup>  | 25 | 23 |
| 5.88%, 12/1/33<sup>(1)</sup>  | 76 | 76 |
| JB Poindexter & Co., Inc., |  |  |
| 8.75%, 12/15/31<sup>(1)</sup>  | 50 | 51 |
| Trinity Industries, Inc., |  |  |
| 7.75%, 7/15/28<sup>(1)</sup>  | 50 | 51 |
|  |  | **226** |
| **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** |
| C&S Group Enterprises LLC, |  |  |
| 5.00%, 12/15/28<sup>(1)</sup>  | 25 | 23 |
| &nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution, Inc.,<br>|  |  |
| 9.00%, 2/15/29<sup>(1)</sup>  | 106 | 110 |
| Performance Food Group, Inc., |  |  |
| 4.25%, 8/1/29<sup>(1)</sup>  | 50 | 48 |
| 6.13%, 9/15/32<sup>(1)</sup>  | 64 | 64 |
| 5.63%, 3/1/34<sup>(1)</sup>  | 96 | 93 |
| U.S. Foods, Inc., |  |  |
| 6.88%, 9/15/28<sup>(1)</sup>  | 25 | 26 |
| 7.25%, 1/15/32<sup>(1)</sup>  | 25 | 26 |
| 5.75%, 4/15/33<sup>(1)</sup>  | 50 | 50 |
| United Natural Foods, Inc., |  |  |
| 6.75%, 10/15/28<sup>(1) †</sup>  | 50 | 50 |
|  |  | **490** |
| **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** |
| Dealer Tire LLC/DT Issuer LLC, |  |  |
| 8.00%, 2/1/28<sup>(1)</sup>  | 25 | 24 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  | **CORPORATE BONDS - 80.5% continued**  |
| **Wholesale - Discretionary – 0.0%continued** | **Wholesale - Discretionary – 0.0%continued** | **Wholesale - Discretionary – 0.0%continued** |
| S&S Holdings LLC, |  |  |
| 8.38%, 10/1/31<sup>(1)</sup>  | $25 | $22 |
|  |  | **46** |
| **Total Corporate Bonds** |  |  |
| **(Cost $118,033)** |  | **114691** |
| **FOREIGN ISSUER BONDS – 8.2%**  | **FOREIGN ISSUER BONDS – 8.2%**  | **FOREIGN ISSUER BONDS – 8.2%**  |
| **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** |
| Bombardier, Inc., |  |  |
| 8.75%, 11/15/30<sup>(1)</sup>  | 25 | 27 |
| 7.25%, 7/1/31<sup>(1)</sup>  | 50 | 52 |
| 7.00%, 6/1/32<sup>(1)</sup>  | 26 | 27 |
| 6.75%, 6/15/33<sup>(1)</sup>  | 83 | 86 |
| Efesto Bidco S.p.A. Efesto U.S. LLC, |  |  |
| 7.50%, 2/15/32<sup>(1)</sup>  | 200 | 199 |
|  |  | **391** |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| Brookfield Finance, Inc., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.08%), 6.30%, <br> 1/15/55<sup>(3)</sup> <br>| 115 | **110** |
| **Automotive – 0.3%** | **Automotive – 0.3%** | **Automotive – 0.3%** |
| Nissan Motor Co. Ltd., |  |  |
| 8.13%, 7/17/35<sup>(1)</sup>  | 400 | **412** |
| **Banking – 0.4%** | **Banking – 0.4%** | **Banking – 0.4%** |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.41%), 4.38%, <br> 3/15/28<sup>(3) (5)</sup> <br>| 200 | 190 |
| &nbsp;&nbsp; (Variable, USD SOFR ICE Swap Rate <br> 5Y + 5.78%), 9.63%, <br> 12/15/29<sup>(3) (5)</sup> <br>| 200 | 218 |
| (Variable, USD SOFR ICE Swap Rate <br> 5Y + 3.69%), 7.63%, <br> 3/15/35<sup>(3) (5)</sup> <br>| 200 | 202 |
|  |  | **610** |
| **Biotechnology & Pharmaceuticals – 0.6%** | **Biotechnology & Pharmaceuticals – 0.6%** | **Biotechnology & Pharmaceuticals – 0.6%** |
| Bausch Health Cos., Inc., |  |  |
| 7.00%, 1/15/28<sup>(1)</sup>  | 25 | 22 |
| 5.00%, 1/30/28<sup>(1)</sup>  | 50 | 42 |
| 4.88%, 6/1/28<sup>(1)</sup>  | 46 | 42 |
| 11.00%, 9/30/28<sup>(1) †</sup>  | 416 | 424 |
| 7.25%, 5/30/29<sup>(1)</sup>  | 50 | 37 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **242** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.2% continued**  | **FOREIGN ISSUER BONDS - 8.2% continued**  | **FOREIGN ISSUER BONDS - 8.2% continued**  |
| **Biotechnology & Pharmaceuticals – 0.6%continued** | **Biotechnology & Pharmaceuticals – 0.6%continued** | **Biotechnology & Pharmaceuticals – 0.6%continued** |
| 5.25%, 1/30/30<sup>(1)</sup>  | $25 | $16 |
| 5.25%, 2/15/31<sup>(1)</sup>  | 25 | 15 |
| &nbsp;&nbsp; GENMAB A/S/GENMAB <br> FINANCE LLC,<br>|  |  |
| 7.25%, 12/15/33<sup>(1)</sup>  | 200 | 210 |
| &nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands III B.V.,<br>|  |  |
| 3.15%, 10/1/26 | 81 | 80 |
|  |  | **888** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| Methanex Corp., |  |  |
| 5.13%, 10/15/27 | 25 | 25 |
| NOVA Chemicals Corp., |  |  |
| 5.25%, 6/1/27<sup>(1)</sup>  | 25 | 25 |
| 8.50%, 11/15/28<sup>(1)</sup>  | 50 | 52 |
| 4.25%, 5/15/29<sup>(1)</sup>  | 25 | 24 |
| 9.00%, 2/15/30<sup>(1)</sup>  | 50 | 53 |
| 7.00%, 12/1/31<sup>(1)</sup>  | 25 | 26 |
|  |  | **205** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| Garda World Security Corp., |  |  |
| 7.75%, 2/15/28<sup>(1)</sup>  | 77 | 78 |
| 6.00%, 6/1/29<sup>(1) †</sup>  | 90 | 86 |
| 6.50%, 1/15/31<sup>(1)</sup>  | 25 | 25 |
| 8.25%, 8/1/32<sup>(1)</sup>  | 200 | 198 |
| 8.38%, 11/15/32<sup>(1)</sup>  | 152 | 152 |
|  |  | **539** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| &nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, <br> Inc./Toucan FinCo U.S. LLC,<br>|  |  |
| 9.50%, 5/15/30<sup>(1)</sup>  | 265 | 234 |
| Trivium Packaging Finance B.V., |  |  |
| 8.25%, 7/15/30<sup>(1)</sup>  | 180 | 188 |
|  |  | **422** |
| **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** |
| TransAlta Corp., |  |  |
| 5.88%, 2/1/34 | 58 | **58** |
| **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** |
| TK Elevator Midco GmbH, |  |  |
| 4.38%, 7/15/27<sup>(10)</sup>  | 19 | **22** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.2% continued**  | **FOREIGN ISSUER BONDS - 8.2% continued**  | **FOREIGN ISSUER BONDS - 8.2% continued**  |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| AltaGas Ltd., |  |  |
| &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 | $43 |
| &nbsp;&nbsp; Superior Plus L.P./Superior General <br> Partner, Inc.,<br>|  |  |
| 4.50%, 3/15/29<sup>(1)</sup>  | 25 | 24 |
|  |  | **67** |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| &nbsp;&nbsp; Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC,<br>|  |  |
| 5.00%, 6/15/29<sup>(1)</sup>  | 126 | 120 |
| 4.88%, 2/15/30<sup>(1)</sup>  | 25 | 23 |
| Empire Communities Corp., |  |  |
| 9.75%, 5/1/29<sup>(1)</sup>  | 60 | 60 |
| Mattamy Group Corp., |  |  |
| 4.63%, 3/1/30<sup>(1)</sup>  | 65 | 62 |
| 6.00%, 12/15/33<sup>(1)</sup>  | 11 | 10 |
|  |  | **275** |
| **Insurance – 1.1%** | **Insurance – 1.1%** | **Insurance – 1.1%** |
| Ardonagh Finco Ltd., |  |  |
| 7.75%, 2/15/31<sup>(1)</sup>  | 200 | 202 |
| Ardonagh Group Finance Ltd., |  |  |
| 8.88%, 2/15/32<sup>(1)</sup>  | 400 | 392 |
| &nbsp;&nbsp; Howden UK Refinance PLC/Howden <br> UK Refinance 2 PLC/Howden <br> U.S. Refinance LLC,<br>|  |  |
| 7.25%, 2/15/31<sup>(1)</sup>  | 230 | 232 |
| 8.13%, 2/15/32<sup>(1)</sup>  | 213 | 200 |
| &nbsp;&nbsp; Jones Deslauriers Insurance <br> Management, Inc.,<br>|  |  |
| 8.50%, 3/15/30<sup>(1)</sup>  | 86 | 87 |
| 6.88%, 10/1/33<sup>(1)</sup>  | 475 | 435 |
|  |  | **1548** |
| **Leisure Facilities & Services – 0.7%** | **Leisure Facilities & Services – 0.7%** | **Leisure Facilities & Services – 0.7%** |
| &nbsp;&nbsp; 1011778 B.C. ULC/New Red Finance, <br> Inc.,<br>|  |  |
| 4.38%, 1/15/28<sup>(1)</sup>  | 8 | 8 |
| 6.13%, 6/15/29<sup>(1)</sup>  | 25 | 25 |
| 4.00%, 10/15/30<sup>(1)</sup>  | 282 | 265 |
| &nbsp;&nbsp; Great Canadian Gaming <br> Corp./Raptor LLC,<br>|  |  |
| 8.75%, 11/15/29<sup>(1)</sup>  | 116 | 113 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **243** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.2% continued**  | **FOREIGN ISSUER BONDS - 8.2% continued**  | **FOREIGN ISSUER BONDS - 8.2% continued**  |
| **Leisure Facilities & Services – 0.7%continued** | **Leisure Facilities & Services – 0.7%continued** | **Leisure Facilities & Services – 0.7%continued** |
| Melco Resorts Finance Ltd., |  |  |
| 5.38%, 12/4/29<sup>(1)</sup>  | $200 | $192 |
| Wynn Macau Ltd., |  |  |
| 5.63%, 8/26/28<sup>(1)</sup>  | 200 | 197 |
| 6.75%, 2/15/34<sup>(1)</sup>  | 200 | 195 |
|  |  | **995** |
| **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** |
| &nbsp;&nbsp; Baffinland Iron Mines Corp./Baffinland <br> Iron Mines L.P.,<br>|  |  |
| 8.75%, 7/15/26<sup>(1) (4) †</sup>  | 1640 | 1452 |
| 8.75%, 7/15/26 <sup>(1) †</sup>  | 25 | 22 |
| Capstone Copper Corp., |  |  |
| 6.75%, 3/31/33<sup>(1)</sup>  | 25 | 25 |
| Champion Iron Canada, Inc., |  |  |
| 7.88%, 7/15/32<sup>(1)</sup>  | 25 | 26 |
| ERO Copper Corp., |  |  |
| 6.50%, 2/15/30<sup>(1)</sup>  | 129 | 127 |
| Fortescue Treasury Pty. Ltd., |  |  |
| 5.88%, 4/15/30<sup>(1)</sup>  | 13 | 13 |
| 4.38%, 4/1/31<sup>(1)</sup>  | 56 | 53 |
| 6.13%, 4/15/32<sup>(1) †</sup>  | 75 | 77 |
| Hudbay Minerals, Inc., |  |  |
| 4.50%, 4/1/26<sup>(1)</sup>  | 25 | 25 |
| IAMGOLD Corp., |  |  |
| 5.75%, 10/15/28<sup>(1)</sup>  | 25 | 25 |
| Mineral Resources Ltd., |  |  |
| 8.00%, 11/1/27<sup>(1)</sup>  | 25 | 25 |
| 8.50%, 5/1/30<sup>(1)</sup>  | 50 | 51 |
| 7.00%, 4/1/31<sup>(1)</sup>  | 25 | 26 |
| New Gold, Inc., |  |  |
| 6.88%, 4/1/32<sup>(1)</sup>  | 60 | 62 |
| Taseko Mines Ltd., |  |  |
| 8.25%, 5/1/30<sup>(1)</sup>  | 25 | 26 |
|  |  | **2035** |
| **Oil & Gas Services & Equipment – 0.0%** | **Oil & Gas Services & Equipment – 0.0%** | **Oil & Gas Services & Equipment – 0.0%** |
| Enerflex, Inc., |  |  |
| 6.88%, 1/15/31<sup>(1)</sup>  | 31 | 32 |
| Precision Drilling Corp., |  |  |
| 6.88%, 1/15/29<sup>(1)</sup>  | 25 | 25 |
|  |  | **57** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.2% continued**  | **FOREIGN ISSUER BONDS - 8.2% continued**  | **FOREIGN ISSUER BONDS - 8.2% continued**  |
| **Oil & Gas Supply Chain – 0.5%** | **Oil & Gas Supply Chain – 0.5%** | **Oil & Gas Supply Chain – 0.5%** |
| Enbridge, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.97%), 7.20%, <br> 6/27/54<sup>(3) †</sup> <br>| $35 | $37 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.12%), 7.38%, <br> 3/15/55<sup>(3)</sup> <br>| 43 | 45 |
| Northriver Midstream Finance L.P., |  |  |
| 6.75%, 7/15/32<sup>(1)</sup>  | 70 | 70 |
| OGX Austria GmbH, |  |  |
| 8.50%, 6/1/18<sup>(1) (4) (6) (13)</sup>  | 2420 |  |
| 8.38%, 4/1/22<sup>(1) (4) (6) (7)</sup>  | 1800 |  |
| &nbsp;&nbsp; South Bow Canadian Infrastructure <br> Holdings Ltd.,<br>|  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.67%), 7.50%, <br> 3/1/55<sup>(3)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.95%), 7.63%, <br> 3/1/55<sup>(3)</sup> <br>| 25 | 26 |
| Teine Energy Ltd., |  |  |
| 6.88%, 4/15/29<sup>(1)</sup>  | 480 | 480 |
| Vermilion Energy, Inc., |  |  |
| 6.88%, 5/1/30<sup>(1) †</sup>  | 25 | 25 |
|  |  | **709** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| Boots Group Finco L.P., |  |  |
| 5.38%, 8/31/32<sup>(1)</sup>  | 100 | **115** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| Open Text Corp., |  |  |
| 3.88%, 2/15/28<sup>(1)</sup>  | 50 | 48 |
| Open Text Holdings, Inc., |  |  |
| 4.13%, 2/15/30<sup>(1)</sup>  | 25 | 23 |
| 4.13%, 12/1/31<sup>(1) †</sup>  | 25 | 21 |
|  |  | **92** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| GGAM Finance Ltd., |  |  |
| 8.00%, 6/15/28<sup>(1)</sup>  | 28 | 29 |
| 6.88%, 4/15/29<sup>(1)</sup>  | 50 | 51 |
| 5.88%, 3/15/30<sup>(1)</sup>  | 25 | 25 |
| goeasy Ltd., |  |  |
| 9.25%, 12/1/28<sup>(1)</sup>  | 25 | 23 |
| 7.63%, 7/1/29<sup>(1)</sup>  | 25 | 22 |
| 6.88%, 5/15/30<sup>(1)</sup>  | 25 | 21 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **244** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.2% continued**  | **FOREIGN ISSUER BONDS - 8.2% continued**  | **FOREIGN ISSUER BONDS - 8.2% continued**  |
| **Specialty Finance – 0.3%continued** | **Specialty Finance – 0.3%continued** | **Specialty Finance – 0.3%continued** |
| Phoenix Aviation Capital Ltd., |  |  |
| 9.25%, 7/15/30<sup>(1)</sup>  | $181 | $182 |
| TrueNoord Capital DAC, |  |  |
| 8.75%, 3/1/30<sup>(1)</sup>  | 25 | 26 |
|  |  | **379** |
| **Steel – 0.0%** | **Steel – 0.0%** | **Steel – 0.0%** |
| Algoma Steel, Inc., |  |  |
| 9.13%, 4/15/29<sup>(1)</sup>  | 25 | 22 |
| Infrabuild Australia Pty. Ltd., |  |  |
| 14.50%, 11/15/28<sup>(1)</sup>  | 25 | 27 |
|  |  | **49** |
| **Technology Hardware – 0.0%** | **Technology Hardware – 0.0%** | **Technology Hardware – 0.0%** |
| Nokia Oyj, |  |  |
| 6.63%, 5/15/39 | 50 | **52** |
| **Telecommunications – 1.0%** | **Telecommunications – 1.0%** | **Telecommunications – 1.0%** |
| Altice France S.A., |  |  |
| 4.25%, 10/15/29 [EUR]<sup>(7)</sup>  | 7 | 111 |
| 9.50%, 11/1/29<sup>(1)</sup>  | 128 | 129 |
| 6.88%, 10/15/30<sup>(1)</sup>  | 317 | 303 |
| 6.50%, 10/15/31<sup>(1)</sup>  | 39 | 37 |
| 6.50%, 4/15/32<sup>(1)</sup>  | 168 | 160 |
| 6.88%, 7/15/32<sup>(1)</sup>  | 81 | 77 |
| 0.00%, 12/31/49 [EUR]<sup>(1) (5) (8) (9)</sup>  |  | 5 |
| Rogers Communications, Inc., |  |  |
| &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 |
| Telecom Italia Capital S.A., |  |  |
| 7.72%, 6/4/38 | 68 | 76 |
| Telesat Canada/Telesat LLC, |  |  |
| 5.63%, 12/6/26<sup>(1)</sup>  | 50 | 40 |
| 4.88%, 6/1/27<sup>(1)</sup>  | 50 | 39 |
| 6.50%, 10/15/27<sup>(1)</sup>  | 25 | 11 |
| Vmed O2 UK Financing I PLC, |  |  |
| 4.25%, 1/31/31<sup>(1)</sup>  | 200 | 172 |
| 4.75%, 7/15/31<sup>(1)</sup>  | 200 | 172 |
| Vodafone Group PLC, |  |  |
| (Variable, USD Swap 5Y + 4.87%), <br> 7.00%, 4/4/79<sup>(3)</sup> <br>| 50 | 51 |
|  |  | **1408** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| Latam Airlines Group S.A., |  |  |
| 7.88%, 4/15/30<sup>(1)</sup>  | 50 | 51 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.2% continued**  | **FOREIGN ISSUER BONDS - 8.2% continued**  | **FOREIGN ISSUER BONDS - 8.2% continued**  |
| **Transportation & Logistics – 0.2%continued** | **Transportation & Logistics – 0.2%continued** | **Transportation & Logistics – 0.2%continued** |
| Seaspan Corp., |  |  |
| 5.50%, 8/1/29<sup>(1)</sup>  | $25 | $23 |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| 7.88%, 5/1/27<sup>(1)</sup>  | 100 | 99 |
| 9.50%, 6/1/28<sup>(1)</sup>  | 25 | 24 |
| 6.38%, 2/1/30<sup>(1) †</sup>  | 50 | 43 |
|  |  | **240** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $15,705)** |  | **11678** |
| **TERM LOANS – 3.2%** <sup>(12)</sup> | **TERM LOANS – 3.2%** <sup>(12)</sup> | **TERM LOANS – 3.2%** <sup>(12)</sup> |
| **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** | **Advertising & Marketing – 0.1%** |
| CMG Media Corp., Term B-2 Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.50%), 7.30%, 6/18/29<br>| 40 | 37 |
| &nbsp;&nbsp; Neptune BidCo U.S., Inc., 2026 Dollar <br> Term B Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 8.76%, <br> 2/3/33<br>| 26 | 25 |
| &nbsp;&nbsp; Summer Bidco B LLC, Extended Facility <br> B,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 5.00%), 8.96%, 2/15/29<br>| 17 | 14 |
|  |  | **76** |
| **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** |
| &nbsp;&nbsp; Kaman Corp., Delayed Draw Term <br> Loan,<br>|  |  |
| 2/26/32<sup>(14) (15)</sup>  | 5 | 5 |
| Kaman Corp., Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.50%, 0.50% Floor), 6.20%, <br> 2/26/32<br>| 10 | 10 |
| &nbsp;&nbsp; Propulsion Newco LLC, Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.50%, 0.50% Floor), 6.20%, <br> 12/1/32<br>| 10 | 10 |
| &nbsp;&nbsp; Signia Aerospace LLC, 2025 Delayed <br> Draw Term Loan,<br>|  |  |
| 12/11/31<sup>(14) (15)</sup>  | 1 | 1 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **245** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** |
| **Aerospace & Defense – 0.0%continued** | **Aerospace & Defense – 0.0%continued** | **Aerospace & Defense – 0.0%continued** |
| &nbsp;&nbsp; Signia Aerospace LLC, 2025 Initial <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.75%, 0.50% Floor), 6.42%, <br> 12/11/31 <br>| $11 | $11 |
| (Floating, CME Term SOFR USD 3M <br> + 2.75%, 0.50% Floor), 6.45%, <br> 12/11/31<sup>(16)</sup> <br>|  |  |
|  |  | **37** |
| **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** |
| &nbsp;&nbsp; Beach Acquisition Bidco LLC, Tranche <br> B-1 Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 3.25%), 6.95%, 9/12/32<br>| 25 | **25** |
| **Asset Management – 0.0%** | **Asset Management – 0.0%** | **Asset Management – 0.0%** |
| &nbsp;&nbsp; Acuren Delaware Holdco, Inc., <br> Amendment No. 1 Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%), 6.42%, 7/30/31<br>| 8 | 8 |
| Jupiter Borrower, Inc., Term Loan B, |  |  |
| 3/25/33<sup>(15)</sup>  | 17 | 17 |
|  |  | **25** |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| &nbsp;&nbsp; Clarios Global L.P., Amendment No. 6 <br> Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%), 6.42%, 1/28/32<br>| 45 | 45 |
| Tenneco, Inc., Term A Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%, 0.50% Floor), 8.51%, <br> 11/17/28<br>| 6 | 6 |
| Tenneco, Inc., Term B Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 8.76%, <br> 11/17/28<br>| 37 | 36 |
| (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 8.80%, <br> 11/17/28 <sup>(16)</sup> <br>|  |  |
|  |  | **87** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| 1261229 B.C. Ltd., Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.25%), 9.92%, 10/8/30<br>| 25 | 24 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** |
| **Biotechnology & Pharmaceuticals – 0.1%continued** | **Biotechnology & Pharmaceuticals – 0.1%continued** | **Biotechnology & Pharmaceuticals – 0.1%continued** |
| &nbsp;&nbsp; Amneal Pharmaceuticals LLC, <br> Amendment No. 2 Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%, 0.50% Floor), 6.67%, <br> 8/1/32<br>| $46 | $47 |
| &nbsp;&nbsp; Endo Finance Holdings, Inc., 2024 <br> Refinancing Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.75%, 0.50% Floor), 7.42%, <br> 4/23/31<br>| 35 | 35 |
|  |  | **106** |
| **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** | **Cable & Satellite – 0.2%** |
| &nbsp;&nbsp; CSC Holdings LLC, September 2019 <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, PRIME USD 3M + 1.50%, <br> 1.00% Floor), 8.25%, 4/15/27<br>| 42 | 37 |
| &nbsp;&nbsp; DIRECTV Financing LLC, 2025 <br> Incremental Term B Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.50%, 0.75% Floor), 9.17%, <br> 2/17/31<br>| 128 | 128 |
| &nbsp;&nbsp; Radiate Holdco LLC, First Out Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.75% Floor), 7.28%, <br> 9/25/29<br>| 73 | 64 |
|  |  | **229** |
| **Capital Goods – 0.0%** | **Capital Goods – 0.0%** | **Capital Goods – 0.0%** |
| &nbsp;&nbsp; Arcwood Environmental, Inc., Initial <br> Term Loan,<br>|  |  |
| 4/1/33<sup>(15)</sup>  | 12 | 12 |
| &nbsp;&nbsp; Multi-Color Corp., Interim New Money <br> Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 6.75%, 0.50% Floor), 10.41%, <br> 12/2/26<br>| 13 | 13 |
| &nbsp;&nbsp; PECF U.S.S. Intermediate Holding <br> III LLC, Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 7.50%, 2.00% Floor), 11.17%, <br> 3/3/33<br>| 5 | 6 |
| &nbsp;&nbsp; Vortex Opco LLC, First-Out New Money <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 6.25%, 0.50% Floor), 9.92%, <br> 4/30/30<sup>(7) (16)</sup> <br>|  |  |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **246** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** |
| **Capital Goods – 0.0%continued** | **Capital Goods – 0.0%continued** | **Capital Goods – 0.0%continued** |
| &nbsp;&nbsp; Vortex Opco LLC, Second-Out New <br> Money Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.25%), 8.03%, 12/17/28<sup>(7)</sup> <br>| $32 | $4 |
|  |  | **35** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| &nbsp;&nbsp; Aruba Investments Holdings LLC, Initial <br> Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.00%), 7.77%, 11/24/27<br>| 10 | 9 |
| &nbsp;&nbsp; Discovery Purchaser Corp., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 7.42%, <br> 10/4/29<br>| 57 | 55 |
| Herens Holdco S.a.r.l., Facility B, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.93%, 0.75% Floor), 7.72%, <br> 7/3/28<br>| 80 | 70 |
| &nbsp;&nbsp; Olympus Water U.S. Holding Corp., <br> 2025 Incremental Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 6.95%, 11/3/32<br>| 34 | 33 |
| &nbsp;&nbsp; SCUR-Alpha 2505 GmbH & Co. KG, <br> Tranche B-2 Term Loan,<br>|  |  |
| 4/8/31 <sup>(15)</sup>  | 7 | 5 |
| (Floating, CME Term SOFR USD 3M <br> + 4.75%), 8.50%, 4/8/31<br>| 1 | 1 |
|  |  | **173** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| &nbsp;&nbsp; Allied Universal Holdco LLC, <br> Amendment No. 7 Replacement <br> U.S. Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%), 6.92%, 8/20/32<br>| 39 | 39 |
| &nbsp;&nbsp; Camelot U.S. Acquisition LLC, <br> Amendment No. 7 Incremental Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%), 6.92%, 1/31/31<br>| 28 | 24 |
| &nbsp;&nbsp; CompoSecure Holdings LLC, Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 2.25%), 5.93%, 1/14/33<br>| 38 | 38 |
|  |  | **101** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** |
| **Communications – 0.0%** | **Communications – 0.0%** | **Communications – 0.0%** |
| &nbsp;&nbsp; Coral-U.S. Co-Borrower LLC, Term B-7 <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 6.92%, 1/31/32<br>| $16 | $16 |
| &nbsp;&nbsp; Sterling Entertainment Enterprises LLC, <br> Initial Loan,<br>|  |  |
| (Floating, PIK Interest USD 6M + <br> 7.50%), 7.50%, 4/10/26<sup>(4) (7) (13)</sup> <br>| 1225 |  |
|  |  | **16** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| &nbsp;&nbsp; Quikrete Holdings, Inc., Tranche B-3 <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.25%), 5.92%, 2/10/32<br>| 49 | 50 |
| Wilsonart LLC, Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.25%), 7.95%, 8/5/31<br>| 29 | 25 |
|  |  | **75** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| LABL, Inc., Initial Dollar Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 7.00%, 0.50% Floor), 8.94%, <br> 10/30/28<br>| 41 | 19 |
| &nbsp;&nbsp; Mauser Packaging Solutions Holding <br> Co., 2025 Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 3.50%), 7.16%, 4/15/30<br>| 81 | 78 |
|  |  | **97** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| &nbsp;&nbsp; Alpha Generation LLC, Initial Term B <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 1.75%), 5.42%, 9/30/31<br>| 49 | 49 |
| Lightning Power LLC, Initial Term B Loan, |  |  |
| (Floating, CME Term SOFR USD 1M <br> + 2.25%), 5.92%, 8/18/31<br>| 25 | 25 |
|  |  | **74** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| &nbsp;&nbsp; LSF12 Crown U.S. Commercial <br> Bidco LLC, 2026 Refinancing Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 6.67%, 12/2/31<br>| 32 | 32 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **247** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** |
| **Electrical Equipment – 0.1%continued** | **Electrical Equipment – 0.1%continued** | **Electrical Equipment – 0.1%continued** |
| Resilience Parent LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.50%), 6.13%, 2/28/33<br>| $42 | $42 |
| &nbsp;&nbsp; Tega MC Australia Holdings Pty. Ltd., <br> Term Loan B,<br>|  |  |
| 3/25/33<sup>(15)</sup>  | 14 | 14 |
|  |  | **88** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| &nbsp;&nbsp; Brand Industrial Services, Inc., Tranche <br> C Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.50%, 0.50% Floor), 8.16%, <br> 8/1/30<br>| 131 | **112** |
| **Entertainment Content – 0.0%** | **Entertainment Content – 0.0%** | **Entertainment Content – 0.0%** |
| Allen Media LLC, Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 5.50%), 9.35%, 2/10/27<br>| 46 | **29** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| Glatfelter Corp., Term Loan, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.25%), 7.92%, 11/4/31<br>| 45 | **43** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| &nbsp;&nbsp; LifePoint Health, Inc., 2024-1 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%), 7.42%, 5/17/31<br>| 31 | 31 |
| &nbsp;&nbsp; LifePoint Health, Inc., 2024-2 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.50%), 7.15%, 5/17/31<br>| 30 | 30 |
| Paradigm Parent LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.50%), 8.20%, 4/16/32<br>| 50 | 41 |
| Star Parent, Inc., Term Loan B, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.00%), 7.70%, 9/27/30<br>| 48 | 47 |
|  |  | **149** |
| **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** |
| &nbsp;&nbsp; Hunter Douglas Holding B.V., <br> Amendment No. 3 Tranche B-1 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.00%), 6.70%, 1/17/32<br>| 10 | 10 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** |
| **Home & Office Products – 0.0%continued** | **Home & Office Products – 0.0%continued** | **Home & Office Products – 0.0%continued** |
| &nbsp;&nbsp; SWF Holdings I Corp., Delayed Draw <br> Term Loan,<br>|  |  |
| 12/19/29 <sup>(14) (15)</sup>  | $8 | $8 |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.50%, 1.00% Floor), 8.17%, <br> 12/19/29<br>| 8 | 8 |
| &nbsp;&nbsp; SWF Holdings I Corp., Tranche A-1 <br> Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 4.50%, 1.00% Floor), 8.17%, <br> 12/19/29<br>| 13 | 13 |
|  |  | **39** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| &nbsp;&nbsp; CP Atlas Buyer, Inc., 2025 Term B <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 5.25%), 8.92%, 7/8/30<br>| 17 | **15** |
| **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** |
| &nbsp;&nbsp; BCPE Empire Holdings, Inc., <br> Amendment No. 10 Incremental <br> Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.17%, <br> 12/29/32<br>| 60 | **59** |
| **Institutional Financial Services – 0.0%** | **Institutional Financial Services – 0.0%** | **Institutional Financial Services – 0.0%** |
| &nbsp;&nbsp; Summit Acquisition, Inc., Amendment <br> No. 1 Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.17%, 10/16/31<br>| 28 | **28** |
| **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** |
| &nbsp;&nbsp; Ardonagh Midco 3 Ltd., Syndicated <br> Facility B,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 2.75%), 6.37%, 2/15/31 <br>| 32 | 32 |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.75%), 6.45%, 2/15/31<br>| 2 | 1 |
| Asurion LLC, New B-4 Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.25%), 9.03%, 1/20/29<br>| 78 | 78 |
| Asurion LLC, New Term B-13 Term Loan, |  |  |
| 9/19/30 <sup>(15)</sup>  | 24 | 23 |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.25%), 7.92%, 9/19/30<br>| 29 | 28 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **248** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** |
| **Insurance – 0.2%continued** | **Insurance – 0.2%continued** | **Insurance – 0.2%continued** |
| &nbsp;&nbsp; CRC Insurance Group LLC, Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 8.45%, 5/6/32<br>| $43 | $43 |
| &nbsp;&nbsp; HIG Finance 2 Ltd., 2025-3 Dollar <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%, 0.50% Floor), 6.42%, <br> 4/18/30<br>| 6 | 6 |
| &nbsp;&nbsp; Jones DesLauriers Insurance <br> Management, Inc., 2026-1 Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 3.00%), 6.66%, 2/2/33<br>| 30 | 29 |
|  |  | **240** |
| **IT Services – 0.0%** | **IT Services – 0.0%** | **IT Services – 0.0%** |
| &nbsp;&nbsp; Amentum Holdings, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.00%), 5.67%, 9/29/31<br>| 59 | 59 |
| &nbsp;&nbsp; Fortress Intermediate 3, Inc., Tranche B <br> Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.00%), 6.67%, 6/27/31<br>| 7 | 7 |
|  |  | **66** |
| **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** |
| City Football Group Ltd., Term B-1 Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.17%, <br> 7/18/30<br>| 36 | 36 |
| &nbsp;&nbsp; Great Canadian Gaming Corp., 2024 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 8.44%, 11/1/29<br>| 21 | 21 |
| &nbsp;&nbsp; OVG Business Services LLC, Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 6.67%, 6/25/31<br>| 2 | 2 |
| Sabre GLBL, Inc., 2024 Term B-1 Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%, 0.50% Floor), 9.77%, <br> 11/15/29<br>| 7 | 6 |
| Sabre GLBL, Inc., 2024 Term B-2 Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%, 0.50% Floor), 9.77%, <br> 11/15/29<br>| 3 | 2 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** |
| **Leisure Facilities & Services – 0.0%continued** | **Leisure Facilities & Services – 0.0%continued** | **Leisure Facilities & Services – 0.0%continued** |
| &nbsp;&nbsp; Sabre GLBL, Inc., 2025 Other Term B-2 <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 6.25%, 0.50% Floor), 10.02%, <br> 7/30/29<br>| $2 | $1 |
|  |  | **68** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| &nbsp;&nbsp; Majordrive Holdings IV LLC, Initial Term <br> Loan,<br>|  |  |
| 6/1/28<sup>(15)</sup>  | 8 | **7** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| &nbsp;&nbsp; GrafTech Global Enterprises, Inc., <br> Delayed Draw Term Loan,<br>|  |  |
| 12/21/29<sup>(14) (15)</sup>  | 13 | 12 |
| &nbsp;&nbsp; GrafTech Global Enterprises, Inc., Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 6.00%, 2.00% Floor), 9.67%, <br> 12/21/29<br>| 22 | 21 |
| &nbsp;&nbsp; Husky Injection Molding Systems Ltd., <br> 2026 Delayed Draw Term Loan,<br>|  |  |
| 2/15/29<sup>(14) (15)</sup>  | 18 | 18 |
| &nbsp;&nbsp; LSF12 Helix Parent LLC, Initial Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.17%, 2/10/33<br>| 36 | 35 |
|  |  | **86** |
| **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** | **Medical Equipment & Devices – 0.2%** |
| &nbsp;&nbsp; Bausch + Lomb Corp., Fourth <br> Amendment Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.75%), 7.42%, 1/15/31<br>| 138 | 138 |
| Hologic, Inc., USD Initial Term B Loan, |  |  |
| 4/7/33<sup>(15)</sup>  | 98 | 97 |
|  |  | **235** |
| **Oil & Gas Supply Chain – 0.0%** | **Oil & Gas Supply Chain – 0.0%** | **Oil & Gas Supply Chain – 0.0%** |
| &nbsp;&nbsp; NGL Energy Operating LLC, Initial Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.18%, 3/11/33<br>| 19 | **19** |
| **Other Industrial – 0.0%** | **Other Industrial – 0.0%** | **Other Industrial – 0.0%** |
| &nbsp;&nbsp; Azuria Water Solutions, Inc., Delayed <br> Draw Term Loan,<br>|  |  |
| 1/27/33<sup>(14) (15)</sup>  | 4 | 3 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **249** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** |
| **Other Industrial – 0.0%continued** | **Other Industrial – 0.0%continued** | **Other Industrial – 0.0%continued** |
| &nbsp;&nbsp; Azuria Water Solutions, Inc., Term Loan <br> B,<br>|  |  |
| 1/27/33<sup>(15)</sup>  | $27 | $27 |
| &nbsp;&nbsp; Jupiter Buyer, Inc., Initial Delayed Draw <br> Term Loan,<br>|  |  |
| 11/1/31<sup>(14) (15)</sup>  | 2 | 2 |
| Jupiter Buyer, Inc., Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.00%), 7.70%, 11/1/31<br>| 14 | 14 |
|  |  | **46** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| &nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., <br> 2024 Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.00%), 7.78%, 8/21/28<br>| 89 | 89 |
| Gray Television, Inc., Term D Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 6.78%, 12/1/28<br>| 26 | 25 |
| &nbsp;&nbsp; Gray Television, Inc., Term F Loan <br> Retired 04/02/2026,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.25%), 8.92%, 6/4/29<sup>(16)</sup> <br>|  |  |
| &nbsp;&nbsp; iHeartCommunications, Inc., Initial Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 5.78%), 9.56%, 5/1/29<br>| 99 | 87 |
|  |  | **201** |
| **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** |
| CoreLogic, Inc., Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.28%, <br> 6/2/28<br>| 29 | **28** |
| **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** | **Retail - Consumer Staples – 0.1%** |
| &nbsp;&nbsp; Boots Group Finco L.P., Closing Date <br> Dollar Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 3.25%), 6.92%, 8/30/32<br>| 118 | **118** |
| **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** |
| &nbsp;&nbsp; Champions Holdco, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 8.42%, 2/23/29<br>| 74 | 65 |
| Hertz (The) Corp., Initial Term B Loan, |  |  |
| 6/30/28 <sup>(15)</sup>  | 15 | 11 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** |
| **Retail - Discretionary – 0.2%continued** | **Retail - Discretionary – 0.2%continued** | **Retail - Discretionary – 0.2%continued** |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.28%, 6/30/28<br>| $9 | $7 |
| Hertz (The) Corp., Initial Term C Loan, |  |  |
| 6/30/28 <sup>(15)</sup>  | 3 | 2 |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.28%, 6/30/28<br>| 2 | 1 |
| &nbsp;&nbsp; LBM Acquisition LLC, Amendment No. 3 <br> Term Loan,<br>|  |  |
| 6/6/31<sup>(15)</sup>  | 47 | 37 |
| &nbsp;&nbsp; Wand Newco 3, Inc., Tranche B-2 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.50%), 6.17%, 1/30/31<br>| 25 | 25 |
| &nbsp;&nbsp; White Cap Supply Holdings LLC, <br> Tranche C Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%), 6.92%, 10/19/29<br>| 65 | 62 |
| &nbsp;&nbsp; White Cap Supply Holdings LLC, <br> Tranche D Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.50%), 7.17%, 2/10/33<br>| 27 | 26 |
|  |  | **236** |
| **Software – 0.5%** | **Software – 0.5%** | **Software – 0.5%** |
| &nbsp;&nbsp; athenahealth Group, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%, 0.50% Floor), 6.42%, <br> 2/15/29<br>| 41 | 41 |
| &nbsp;&nbsp; Clover Holdings 2 LLC, Initial Fixed Rate <br> Term Loan,<br>|  |  |
| 7.75%, 12/9/31 | 309 | 291 |
| &nbsp;&nbsp; Cotiviti, Inc., Initial Fixed Rate Term <br> Loan,<br>|  |  |
| 7.63%, 5/1/31 | 281 | 261 |
| &nbsp;&nbsp; McAfee Corp., Second Amendment <br> Tranche B-1 Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%, 0.50% Floor), 6.67%, <br> 3/1/29<br>| 68 | 60 |
| &nbsp;&nbsp; Proofpoint, Inc., 2025-B Incremental <br> Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 3.00%, 0.50% Floor), 6.70%, <br> 8/31/28<br>| 9 | 9 |
|  |  | **662** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **250** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** | **TERM LOANS - 3.2%** <sup>(12)</sup>**continued** |
| **Technology Hardware – 0.0%** | **Technology Hardware – 0.0%** | **Technology Hardware – 0.0%** |
| &nbsp;&nbsp; Atlas CC Acquisition Corp., Second <br> Out Term B Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.50%, 0.75% Floor), 8.43%, <br> 5/25/29<br>| $28 | $5 |
| &nbsp;&nbsp; Atlas CC Acquisition Corp., Second <br> Out Term C Loan,<br>|  |  |
| (Floating, PIK Interest USD 3M + <br> 3.25%, 0.75% Floor), 3.25%, <br> 5/25/29 <br>| 4 | 1 |
|  |  | **6** |
| **Telecommunications – 0.4%** | **Telecommunications – 0.4%** | **Telecommunications – 0.4%** |
| Altice France S.A., USD TLB Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 6.88%), 10.55%, 5/31/31<sup>(4)</sup> <br>| 82 | 82 |
| &nbsp;&nbsp; Digicel International Finance Ltd., Initial <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.25%), 8.92%, 8/6/32<br>| 48 | 48 |
| &nbsp;&nbsp; Level 3 Financing, Inc., Term B-4 <br> Refinancing Loans,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%), 6.92%, 3/29/32<br>| 182 | 182 |
| &nbsp;&nbsp; Windstream Services LLC, 2025 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.00%), 7.67%, 10/6/32<br>| 33 | 33 |
| &nbsp;&nbsp; Zayo Group Holdings, Inc., Initial <br> Dollar Term Loan,<br>|  |  |
| 3/11/30 <sup>(15)</sup>  | 5 | 5 |
| (Floating, PIK Interest USD 1M + <br> 0.50%), 0.50%, 3/11/30 <br>| 278 | 272 |
|  |  | **622** |
| **Transportation & Logistics – 0.0%** | **Transportation & Logistics – 0.0%** | **Transportation & Logistics – 0.0%** |
| WestJet Loyalty L.P., Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 2.75%), 6.45%, 2/14/31<br>| 73 | **71** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| &nbsp;&nbsp; Northeast Grocery, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 7.50%, 1.00% Floor), 11.15%, <br> 12/13/28<br>| 85 | **85** |
| **Total Term Loans** |  |  |
| **(Cost $5,925)** |  | **4514** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 2.9%**  | **COMMON STOCKS – 2.9%**  | **COMMON STOCKS – 2.9%**  |
| **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** |
| Endo Guc Trust, Class A<sup>(7) \*</sup>  | 10702 | **$—** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| Cornerstone Chemical Co. LLC<sup>(4) (7) \*</sup>  | 602 |  |
| SK Mohawk Holdings SCS<sup>(7) \*</sup>  | 329 | 4 |
| UTEX Industries, Inc.<sup>(4) \*</sup>  | 2200 | 59 |
|  |  | **63** |
| **Construction Materials – 0.0%** | **Construction Materials – 0.0%** | **Construction Materials – 0.0%** |
| Hardwoods Holdings, Inc.<sup>(7) (13) \*</sup>  | 187 | **—** |
| **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** |
| Rite Aid Corp.<sup>(4) (7) (13) \*</sup>  | 3929 | **—** |
| **Consumer Finance – 0.0%** | **Consumer Finance – 0.0%** | **Consumer Finance – 0.0%** |
| Curo Group Holdings LLC<sup>(7) \*</sup>  | 549 | **5** |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| Ardagh Holdings S.A.<sup>(1) \*</sup>  | 889 | **7** |
| **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** |
| Nine Energy Service, Inc.\* | 2325 | **19** |
| **Food Products – 0.0%** | **Food Products – 0.0%** | **Food Products – 0.0%** |
| Lamb Weston Holdings, Inc. | 697 | **29** |
| **Health Care Equipment & Supplies – 0.0%** | **Health Care Equipment & Supplies – 0.0%** | **Health Care Equipment & Supplies – 0.0%** |
| Medline, Inc., Class A\* | 171 | **8** |
| **Health Care Facilities & Services – 0.0%** | **Health Care Facilities & Services – 0.0%** | **Health Care Facilities & Services – 0.0%** |
| CHPPR Holdings, Inc.<sup>(4) (7) \*</sup>  | 20 | 3 |
| Par Health Inc.<sup>(4) (7) \*</sup>  | 897 | 7 |
|  |  | **10** |
| **Life Sciences Tools & Services – 0.0%** | **Life Sciences Tools & Services – 0.0%** | **Life Sciences Tools & Services – 0.0%** |
| IQVIA Holdings, Inc.\* | 188 | **32** |
| **Metals & Mining – 2.5%** | **Metals & Mining – 2.5%** | **Metals & Mining – 2.5%** |
| Constellium S.E.\* | 3684 | 90 |
| Real Alloy Parent, Inc.<sup>(4) (7) \*</sup>  | 48 | 3522 |
|  |  | **3612** |
| **Oil, Gas & Consumable Fuels – 0.0%** | **Oil, Gas & Consumable Fuels – 0.0%** | **Oil, Gas & Consumable Fuels – 0.0%** |
| Cloud Peak Energy, Inc.<sup>(7) \*</sup>  | 20 | **—** |
| **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** |
| Spirit Aviation Holdings, Inc.<sup>(13) \*</sup>  | 358 | **—** |
| **Pharmaceuticals – 0.1%** | **Pharmaceuticals – 0.1%** | **Pharmaceuticals – 0.1%** |
| Keenova Therapeutics PLC<sup>(7) \*</sup>  | 416 | 38 |
| Mallinckrodt, Inc.<sup>(4) (7) \*</sup>  | 481 | 43 |
|  |  | **81** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **251** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 2.9%continued**  | **COMMON STOCKS - 2.9%continued**  | **COMMON STOCKS - 2.9%continued**  |
| **Specialized Finance – 0.1%** | **Specialized Finance – 0.1%** | **Specialized Finance – 0.1%** |
| Carnelian Point Holdings L.P.<sup>(4) (7) \*</sup>  | 8610 | $91 |
| Carnelian Point Holdings L.P. (New <br> York Stock Exchange)<sup>(7) \*</sup> <br>| 50 | 1 |
|  |  | **92** |
| **Specialized Real Estate Investment Trusts – 0.1%** | **Specialized Real Estate Investment Trusts – 0.1%** | **Specialized Real Estate Investment Trusts – 0.1%** |
| VICI Properties, Inc. | 4579 | **125** |
| **Total Common Stocks** |  |  |
| **(Cost $2,635)** |  | **4083** |
| **CONVERTIBLE PREFERRED STOCKS – 0.0%**  | **CONVERTIBLE PREFERRED STOCKS – 0.0%**  | **CONVERTIBLE PREFERRED STOCKS – 0.0%**  |
| **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** |
| Shift4 Payments, Inc.,6.00% | 241 | **13** |
| **Total Convertible Preferred Stocks** |  |  |
| **(Cost $24)** |  | **13** |
| **MASTER LIMITED PARTNERSHIPS – 0.1%**  | **MASTER LIMITED PARTNERSHIPS – 0.1%**  | **MASTER LIMITED PARTNERSHIPS – 0.1%**  |
| **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** |
| Ferrellgas Partners L.P.\* | 900 | **24** |
| **Oil, Gas & Consumable Fuels – 0.1%** | **Oil, Gas & Consumable Fuels – 0.1%** | **Oil, Gas & Consumable Fuels – 0.1%** |
| Energy Transfer L.P. | 7215 | 139 |
| Enterprise Products Partners L.P. | 1291 | 49 |
|  |  | **188** |
| **Total Master Limited Partnerships** |  |  |
| **(Cost $211)** |  | **212** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| &nbsp;&nbsp; Escrow Cloud Peak Energy,<br> Inc. <sup>(4) (7) \*</sup> <br>| 250000 | 2 |
| Escrow GenOn Energy, Inc. <sup>(4) (7) \*</sup>  | 25000 |  |
| Escrow Hertz (The) Corp. <sup>(1) (4) (7) \*</sup>  | 125000 |  |
| &nbsp;&nbsp; Escrow High Ridge Brands<br> Co. <sup>(1) (4) (7) \*</sup> <br>| 1100000 |  |
| &nbsp;&nbsp; Escrow Washington Mutual<br> Bank <sup>(4) (7) (13) \*</sup> <br>| 250000 |  |
| **Total Other** |  |  |
| **(Cost $110)** |  | **2** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp; Audacy, Inc., Exp. 12/31/49, Strike <br> $0.00<sup>(7) (13) \*</sup> <br>| 38 | $— |
| &nbsp;&nbsp; Audacy, Inc., Exp. 12/31/49, Strike <br> $0.00<sup>(7) \*</sup> <br>| 46 |  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS - 0.0%continued**  | **WARRANTS - 0.0%continued**  | **WARRANTS - 0.0%continued**  |
| &nbsp;&nbsp; Audacy, Inc., Exp. 12/31/49, Strike <br> $0.00<sup>(7) \*</sup> <br>| 8 | $— |
| &nbsp;&nbsp; CHPPR Holdings, Inc., Exp. 12/31/49, <br> Strike $0.00<sup>(7) \*</sup> <br>| 111 |  |
| &nbsp;&nbsp; CHPPR Holdings, Inc., Exp. 12/31/49, <br> Strike $0.00<sup>(7) \*</sup> <br>| 53 |  |
| &nbsp;&nbsp; Curo Group Holdings LLC, Exp. <br> 7/19/31, Strike $0.00<sup>(7) \*</sup> <br>| 960 | 1 |
| **Total Warrants** |  |  |
| **(Cost $1)** |  | **1** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 10.0%**  | **INVESTMENT COMPANIES – 10.0%**  | **INVESTMENT COMPANIES – 10.0%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(17) (18) (19)</sup> <br>| 8511403 | $8511 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(17) (18)</sup> <br>| 5658595 | 5659 |
| **Total Investment Companies** |  |  |
| **(Cost $14,170)** |  | **14170** |
| **Total Investments – 105.1%** | **Total Investments – 105.1%** |  |
| **(Cost $157,076)** | **(Cost $157,076)** | **149622** |
| Liabilities less Other Assets – (5.1%) | Liabilities less Other Assets – (5.1%) | (7225)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$142397** |

---

<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 March 31,* *2026, the value of these securities amounted to approximately* *$110,230,000 or 77.4% of net assets.* 

<sup>(2)</sup> *Security is a payment in-kind bond (PIK), distributions received in-kind unless* *otherwise noted in the description.* 

<sup>(3)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of March 31, 2026.* 

<sup>(4)</sup> *Restricted security. At March 31, 2026, the value of these restricted securities* *amounted to approximately $8,071,000 or 5.7% of net assets. Additional* *information on these restricted securities are as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| &nbsp;&nbsp; Altice France S.A., USD TLB Loan,<br> 10.55%, 5/31/31<br>| 10/1/25-12/17/25 | &nbsp;&nbsp; $82 |
| &nbsp;&nbsp; Baffinland Iron Mines Corp./Baffinland <br> Iron Mines L.P.,<br> 8.75%, 7/15/26<br>| 6/22/18-2/15/24 | &nbsp;&nbsp; 1630 |
| Carnelian Point Holdings L.P. | 7/5/22-8/6/24 | &nbsp;&nbsp; 53 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **252** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| CHPPR Holdings, Inc. | 3/1/24 | &nbsp;&nbsp; $— |
| Cornerstone Chemical Co. LLC | 1/26/24 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp; Escrow Cloud Peak Energy,<br> Inc.<br>| 7/29/16-12/11/18 | &nbsp;&nbsp; 110 |
| Escrow GenOn Energy, Inc. | 12/19/18 | &nbsp;&nbsp; — |
| Escrow Hertz (The) Corp. | 7/1/21 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Escrow High Ridge Brands<br> Co.<br>| 12/18/20 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Escrow Washington Mutual<br> Bank<br>| 10/11/17 | &nbsp;&nbsp; — |
| Mallinckrodt, Inc. | 8/1/25 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp; Northwest Acquisitions ULC/Dominion <br> Finco, Inc.,<br> 7.13%, 11/1/22<br>| 10/6/17-11/18/19 | &nbsp;&nbsp; 1733 |
| &nbsp;&nbsp; OGX Austria GmbH,<br> 8.38%, 4/1/22<br>| 5/30/12-4/18/13 | &nbsp;&nbsp; 1497 |
| &nbsp;&nbsp; OGX Austria GmbH,<br> 8.50%, 6/1/18<br>| 5/26/11-4/17/13 | &nbsp;&nbsp; 2264 |
| Par Health Inc. | 11/10/25 | &nbsp;&nbsp; 9 |
| Real Alloy Parent, Inc. | 5/31/18 | &nbsp;&nbsp; 1738 |
| &nbsp;&nbsp; Real Hero Merger Sub 2, Inc.,<br> 6.25%, 2/1/29<br>| 1/20/21-8/22/22 | &nbsp;&nbsp; 781 |
| Rite Aid Corp. | 9/4/24 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; Specialty Building Products <br> Holdings LLC/SBP Finance Corp.,<br> 12.00%, 11/15/33<br>| 8/11/25 | &nbsp;&nbsp; 2490 |
| &nbsp;&nbsp; Sterling Entertainment Enterprises LLC, <br> Initial Loan,<br> 7.50%, 4/10/26<br>| 2/6/25-2/4/26 | &nbsp;&nbsp; 1225 |
| UTEX Industries, Inc. | 12/3/20 | &nbsp;&nbsp; 108 |

---

<sup>(5)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(6)</sup> *Issuer has defaulted on terms of debt obligation. Income is not being* *accrued.* 

<sup>(7)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

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

<sup>(9)</sup> *Principal amount is less than one thousand.*

<sup>(10)</sup> *Security exempt from registration pursuant to Regulation S under the* *Securities Act of 1933. Regulation S applies to securities offerings that are* *made outside of the United States and do not involve direct selling efforts in* *the United States and as such may have restrictions on resale.* 

<sup>(11)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2026.*

<sup>(12)</sup> *Variable or floating rate security. Rate as of March 31, 2026 is disclosed.*

<sup>(13)</sup> *Value rounds to less than one thousand.*

<sup>(14)</sup> *Unfunded loan commitment. An unfunded loan commitment is a contractual* *obligation for future funding at the option of the Borrower. The Fund receives* *a stated coupon rate until the borrower draws on the loan commitment, at* *which time the rate will become the stated rate in the loan agreement. See* *Note 2.* 

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

---

| | |
|:---|:---|
| <sup>(15)</sup>  | *Position is unsettled. Contract rate was not determined at March 31, 2026* <br> *and does not take effect until settlement date.*<br>|
| <sup>(16)</sup>  | *Principal Amount and Value rounds to less than one thousand.* |
| <sup>(17)</sup>  | *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>(18)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(19)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |
| *\** | *Non-Income Producing Security* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 10Y - 10 Year |
| 1M - 1 Month |
| 3M - 3 Month |
| 5Y - 5 Year |
| 6M - 6 Month |
| 7Y - 7 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| ICE - Intercontinental Exchange |
| PIK - Payment In-Kind |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **253** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

At March 31, 2026, the Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Barclays | Euro | 521 | United States <br> Dollar<br>| 604 | 6/17/26 | $(—)\*<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (—)\*<br>|
| Total |  |  |  |  |  | $(—)\*<br>|

---

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

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; U.S. Treasury <br> Long Bond <br> (United States <br> Dollar)<br>| (3)<br>| $(342)<br>| Short | 6/26 | $11 |
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note <br> (United States <br> Dollar)<br>| (5)<br>| (568)<br>| Short | 6/26 | 11 |
| Total |  |  |  |  | $22 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.* 

As of March 31, 2026, 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 | 0.0385<br> %<br>5.00 <br> %<sup>(1)</sup><br>Markit <br> CDX N.A. High Yield Index Series 46<sup>(1)</sup><br>| USD | 654852 | 6/20/31 | $33 | $27 | $6 |
| Total |  |  |  |  | $33 | $27 | $6 |

---

<sup>(1)</sup> *Payment frequency is quarterly.*

As of March 31, 2026, 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%, 3.68%<sup>(1)</sup> <br> IBOXX $ Liquid High Yield Index<sup>(2)</sup>  | 170000 | USD | 6/22/26 | &nbsp;&nbsp; $3 | $(1) | $4 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 3.68%<sup>(1)</sup> <br> IBOXX $ Liquid High Yield Index<sup>(2)</sup>  | 85000 | USD | 6/22/26 | &nbsp;&nbsp; 1 | (1) | 2 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 3.68%<sup>(1)</sup> <br> IBOXX $ Liquid High Yield Index<sup>(2)</sup>  | 1284000 | USD | 6/22/26 | &nbsp;&nbsp; 19 | (13) | 32 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 3.68%<sup>(1)</sup> <br> IBOXX $ Liquid High Yield Index<sup>(2)</sup>  | 440000 | USD | 3/22/27 | &nbsp;&nbsp; —\* | (4) | 4 |
| Total |  |  |  | &nbsp;&nbsp; $23 | $(19) | $42 |

---

<sup>(1)</sup> *Payment frequency is quarterly.*

<sup>(2)</sup> *Payment frequency is at maturity.*

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

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **254** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $258 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $258 |
| Corporate Bonds: |  |  |  |  |
| Consumer Non-Cyclical | &nbsp;&nbsp; — | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 88 |
| Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 2490 | &nbsp;&nbsp; 3342 |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 7277 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7278 |
| All Other Industries<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 103983 | &nbsp;&nbsp; — | &nbsp;&nbsp; 103983 |
| Total Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 112182 | &nbsp;&nbsp; 2509 | &nbsp;&nbsp; 114691 |
| Foreign Issuer Bonds: |  |  |  |  |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 1297 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 1408 |
| All Other Industries<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 10270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10270 |
| Total Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 11567 | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 11678 |
| Term Loans: |  |  |  |  |
| Capital Goods | &nbsp;&nbsp; — | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 35 |
| All Other Industries<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 4479 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4479 |
| Total Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 4510 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4514 |
| Common Stocks: |  |  |  |  |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 63 |
| Consumer Finance | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| Containers & Packaging | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; Health Care Facilities & <br> Services<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Metals & Mining | &nbsp;&nbsp; 90 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3522 | &nbsp;&nbsp; 3612 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 81 |
| Specialized Finance | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 92 |
| All Other Industries<sup>(1)</sup>  | &nbsp;&nbsp; 213 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 213 |
| Total Common Stocks | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 3714 | &nbsp;&nbsp; 4083 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 13 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13 |
| Master Limited Partnerships: |  |  |  |  |
| &nbsp;&nbsp; Oil, Gas & Consumable <br> Fuels<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 188 |
| Gas Utilities | &nbsp;&nbsp; — | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp; Total Master Limited <br> Partnerships<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — | &nbsp;&nbsp; 212 |
| Other | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Warrants | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $1 |
| Investment Companies | &nbsp;&nbsp; 14170 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14170 |
| Total Investments | &nbsp;&nbsp; 14674 | &nbsp;&nbsp; 128607 | &nbsp;&nbsp; 6341 | &nbsp;&nbsp; 149622 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22 |
| &nbsp;&nbsp; Centrally Cleared Credit <br> Default Swap <br> Agreements<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; Bilateral Total Return <br> Swaps<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 42 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign Currency <br> Exchange Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (—)\*<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $22 | &nbsp;&nbsp; $48 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70 |

---

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

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **255** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BALANCE**<br> **AS OF**<br> **3/31/25**<br> **(000S)**<br>| **ACCRUED**<br> **DISCOUNTS**<br> **(PREMIUMS)**<br> **(000s)**<br>| **REALIZED**<br> **GAIN**<br> **(LOSS)**<br> **(000s)**<br>| **CHANGE IN**<br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>| **PURCHASES**<br> **(000s)**<br>| **SALES**<br> **(000s)**<br>| **TRANSFERS**<br> **INTO**<br> **LEVEL 3**<br> **(000s)**<br>| **TRANSFERS**<br> **OUT OF**<br> **LEVEL 3**<br> **(000s)**<br>| **BALANCE**<br> **AS OF**<br> **3/31/26**<br> **(000S)**<br>| **CHANGE IN**<br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **FROM**<br> **INVESTMENTS**<br> **STILL HELD**<br> **AT 3/31/26**<br> **(000S)**<br>|
| Corporate Bonds |  |  |  |  |  |  |  |  |  |  |
| Consumer Cyclical | $9 | $— | $— | $— | $— | $(9)<br>| $— | $— | $— | $— |
| &nbsp;&nbsp; Consumer <br> Non-Cyclical<br>|  | (14)<br>|  | (32)<br>| 64 |  |  |  | 18 | (32)<br>|
| Metals & Mining |  | (12)<br>| (397)<br>| 397 | 12 |  |  |  |  |  |
| Steel | 2490 |  |  |  | 2490 | (2490)<br>|  |  | 2490 |  |
| Telecommunications | 1 | 1 | 4 | (1)<br>|  | (4)<br>|  |  | 1 | (1)<br>|
| &nbsp;&nbsp; Transportation <br> & Logistics<br>| 48 | —\* | (11)<br>| 5 |  | (42)<br>|  |  |  |  |
| Foreign Issuer Bonds |  |  |  |  |  |  |  |  |  |  |
| Telecommunications | —\* | —\* | —\* | 3 | 108 | —\* |  |  | 111 | 3 |
| Term Loans |  |  |  |  |  |  |  |  |  |  |
| Capital Goods |  |  |  |  |  |  | 4 |  | 4 | (3)<br>|
| Communications | 1143 |  |  | (1225)<br>| 148 | (66)<br>|  |  | —\* | (1225)<br>|
| Common Stocks |  |  |  |  |  |  |  |  |  |  |
| Chemicals |  |  |  | (—)\*<br>| 4 |  |  |  | 4 | (—)\*<br>|
| Construction Materials | 4 |  |  | (4)<br>|  |  |  |  | —\* | (4)<br>|
| Consumer Cyclical | 3 |  | (4)<br>| (4)<br>| 5 |  |  |  | —\* | (4)<br>|
| Consumer Finance | 3 |  |  | 2 |  |  |  |  | 5 | 2 |
| Distributors | —\* |  | (470)<br>| 470 |  |  |  |  |  |  |
| &nbsp;&nbsp; Health Care Facilities <br> & Services<br>| 1 |  |  | —\* | 9 |  |  |  | 10 | —\* |
| Metals & Mining | 3890 |  |  | (368)<br>|  |  |  |  | 3522 | (368)<br>|
| &nbsp;&nbsp; Oil, Gas & <br> Consumable Fuels<br>| 55 |  | (4)<br>| (2)<br>|  | (49)<br>|  |  |  |  |
| Pharmaceuticals | 42 |  | —\* | (5)<br>| 60 | (16)<br>|  |  | 81 | (5)<br>|
| Specialized Finance | 116 |  |  | (24)<br>|  |  |  |  | 92 | (24)<br>|
| &nbsp;&nbsp; Wireless <br> Telecommunication <br> Services<br>| 44 |  | 1 | 62 |  | (107)<br>|  |  |  |  |
| Other | 5 |  | 5 | (3)<br>|  | (5)<br>|  |  | 2 | (3)<br>|
| Warrants | 1 |  |  | —\* |  |  |  |  | 1 | —\* |
| Total | $7855 | ($25)<br>| ($876)<br>| ($729)<br>| $2900 | ($2788)<br>| $4 | $— | $6341 | ($1664)<br>|

---

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

Securities valued at $235 included in the Balance as of 3/31/26 above were valued using evaluated prices provided by a third party provider which includes a security valued at $4 that was transferred into Level 3. Securities valued at $6,106 included in the Balance as of 3/31/26 above were valued using prices provided by the Fund's investment adviser's pricing and valuation committee.

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **256** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **FAIR VALUE AT** <br>**3/31/26** <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>  | 5.6% |
| Common Stocks | $3522 | Discounted Cash Flow/Market Comparables<br> Discount Rate/EBITDA multiple<sup>(1)</sup>  | 13%/6.1x |
|  | 92 | Market Comparables<br> Adjusted LTM EBITDA<sup>(1)</sup>  | 13.7x |
|  | —\* | Liquidation<br> Future Liquidation Payments<sup>(1)</sup>  | $0.01 |
| Term Loan | $—\* | Discounted Cash Flow/Market Comparables<br> Discount Rate/EBITDA forward multiple<sup>(1)</sup>  | 14.3%/6.4x |
| Other | $2 | Liquidation<br> Future Liquidation Payments<sup>(1)</sup>  | $0.75 |

---

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

<sup>(1)</sup> *The significant unobservable inputs that can be used in the fair value measurement are; Discount Rate, 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 significant 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. 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 fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $56325 | $47814 | $8511 | 8511403 | $80 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 8581 | 107175 | 110097 | 5659 | 5658595 | 224 |
| Total | $8581 | $163500 | $157911 | $14170 | 14169998 | $304 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **257** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**SHORT BOND FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 11.6%**  | **ASSET-BACKED SECURITIES – 11.6%**  | **ASSET-BACKED SECURITIES – 11.6%**  |
| **Auto Loan – 8.3%** | **Auto Loan – 8.3%** | **Auto Loan – 8.3%** |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| 5.00%, 6/25/27 | $700 | $702 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class C<br>|  |  |
| 5.48%, 11/10/31 | 1300 | 1324 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-1, Class B<br>|  |  |
| 5.31%, 1/16/29 | 513 | 514 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class B<br>|  |  |
| 4.52%, 7/16/29 | 896 | 898 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D<br>|  |  |
| 5.49%, 5/15/31 | 490 | 494 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| 5.89%, 7/15/31 | 456 | 462 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2021-1, Class C<br>|  |  |
| 1.91%, 10/17/33<sup>(1)</sup>  | 3455 | 3451 |
| &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, <br> Series 2024-3A, Class D<br>|  |  |
| 5.53%, 2/18/31<sup>(1)</sup>  | 1985 | 2009 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-1, Class A3<br>|  |  |
| 5.21%, 8/15/28 | 219 | 221 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-2, Class A3<br>|  |  |
| 5.95%, 11/15/28 | 270 | 273 |
| &nbsp;&nbsp; Research-Driven Pagaya Motor Asset <br> Trust, Series 2026-1A, Class D<br>|  |  |
| 6.52%, 1/25/35<sup>(1)</sup>  | 1281 | 1268 |
| &nbsp;&nbsp; Research-Driven Pagaya Motor Trust, <br> Series 2025-6A, Class B<br>|  |  |
| 5.09%, 8/25/34<sup>(1)</sup>  | 1800 | 1795 |
| &nbsp;&nbsp; Santander Bank Auto Credit-Linked <br> Notes, Series 2025-A, Class D<br>|  |  |
| 5.15%, 1/16/34<sup>(1)</sup>  | 500 | 499 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization <br> Trust, Series 2025-2A, Class A3<br>|  |  |
| 4.44%, 12/20/30<sup>(1)</sup>  | 480 | 481 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class B<br>|  |  |
| 4.86%, 5/15/30<sup>(1)</sup>  | 300 | 302 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 11.6%continued**  | **ASSET-BACKED SECURITIES - 11.6%continued**  | **ASSET-BACKED SECURITIES - 11.6%continued**  |
| **Auto Loan – 8.3%continued** | **Auto Loan – 8.3%continued** | **Auto Loan – 8.3%continued** |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class C<br>|  |  |
| 5.15%, 11/15/30<sup>(1)</sup>  | $600 | $607 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 4.86%, 3/15/29 | 220 | 221 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-B, Class A3<br>|  |  |
| 5.27%, 9/17/29 | 199 | 201 |
|  |  | **15722** |
| **Credit Card – 0.2%** | **Credit Card – 0.2%** | **Credit Card – 0.2%** |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2023-A1, Class A<br>|  |  |
| 5.54%, 7/15/29 | 180 | 181 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | 236 | 238 |
|  |  | **419** |
| **Other – 1.1%** | **Other – 1.1%** | **Other – 1.1%** |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.96%, 11/15/28 | 253 | 254 |
| &nbsp;&nbsp; Pagaya AI Debt Grantor Trust, Series <br> 2024-PT1, Class D<br>|  |  |
| 6.26%, 2/16/32<sup>(1)</sup>  | 492 | 494 |
| &nbsp;&nbsp; Pagaya AI Debt Trust, Series 2025-4, <br> Class B<br>|  |  |
| 5.69%, 1/17/33<sup>(1)</sup>  | 760 | 763 |
| &nbsp;&nbsp; PK Alift Loan Funding 8 LP, Series <br> 2026-1, Class C<br>|  |  |
| 5.00%, 9/15/43<sup>(1)</sup>  | 250 | 247 |
| &nbsp;&nbsp; Sotheby's Artfi Master Trust, Series <br> 2026-1A, Class A1<br>|  |  |
| 4.80%, 6/20/33<sup>(1)</sup>  | 243 | 243 |
|  |  | **2001** |
| **Whole Loan – 2.0%** | **Whole Loan – 2.0%** | **Whole Loan – 2.0%** |
| &nbsp;&nbsp; Bravo Residential Funding Trust, Series <br> 2025-NQM1, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.91% on 2/25/29), <br> 5.91%, 12/25/64<sup>(1) (2)</sup> <br>| 1665 | 1671 |
| &nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2025-NQM5, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.23% on 1/25/30), <br> 5.23%, 5/25/65<sup>(1) (2)</sup> <br>| 536 | 531 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **258** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 11.6%continued**  | **ASSET-BACKED SECURITIES - 11.6%continued**  | **ASSET-BACKED SECURITIES - 11.6%continued**  |
| **Whole Loan – 2.0%continued** | **Whole Loan – 2.0%continued** | **Whole Loan – 2.0%continued** |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM16, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.53% on 11/25/28), <br> 5.53%, 10/25/64<sup>(1) (2)</sup> <br>| $394 | $395 |
| &nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2025-2, Class A4<br>|  |  |
| 5.50%, 6/25/55<sup>(1) (3)</sup>  | 511 | 512 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM3, Class A2<br>|  |  |
| (Step to 6.85% on 7/25/29), <br> 5.85%, 5/25/65<sup>(1) (2)</sup> <br>| 602 | 605 |
|  |  | **3714** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $21,844)** |  | **21856** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 6.1%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 6.1%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 6.1%**  |
| **Non Agency – 6.1%** | **Non Agency – 6.1%** | **Non Agency – 6.1%** |
| BANK, Series 2021-BN37, Class A5 |  |  |
| 2.62%, 11/15/64 | 1525 | 1357 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, Series <br> 2019-IMC, Class A<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 1.05%, 1.00% Floor), 4.72%, <br> 4/15/34<sup>(1) (4)</sup> <br>| 236 | 234 |
| &nbsp;&nbsp; FS Commercial Mortgage Trust, Series <br> 2023-4SZN, Class B<br>|  |  |
| 7.54%, 11/10/39<sup>(1) (3)</sup>  | 1220 | 1234 |
| &nbsp;&nbsp; FS Commercial Mortgage Trust, Series <br> 2023-4SZN, Class C<br>|  |  |
| 8.12%, 11/10/39<sup>(1) (3)</sup>  | 800 | 810 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2021-GSA3, Class A1<br>|  |  |
| 1.37%, 12/15/54<sup>(1)</sup>  | 349 | 344 |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust, Series <br> 2016-10HY, Class A<br>|  |  |
| 2.84%, 8/10/38<sup>(1)</sup>  | 660 | 655 |
| &nbsp;&nbsp; JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2019-COR5, Class A4<br>|  |  |
| 3.39%, 6/13/52 | 3780 | 3568 |
| &nbsp;&nbsp; MSRW Pass-Through Trust, Series <br> 2025-CC, Class A<br>|  |  |
| 5.89%, 8/15/30<sup>(1)</sup>  | 1576 | 1560 |
| &nbsp;&nbsp; MSRW Pass-Through Trust, Series <br> 2025-CC, Class B<br>|  |  |
| 6.65%, 8/15/30<sup>(1)</sup>  | 800 | 791 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.1%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.1%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.1%continued**  |
| **Non Agency – 6.1%continued** | **Non Agency – 6.1%continued** | **Non Agency – 6.1%continued** |
| &nbsp;&nbsp; SCMS Mortgage Trust, Series <br> 2025-BNC1, Class AS<br>|  |  |
| 5.31%, 4/15/28<sup>(1)</sup>  | $900 | $903 |
|  |  | **11456** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $11,483)** |  | **11456** |
| **CORPORATE BONDS – 43.4%**  | **CORPORATE BONDS – 43.4%**  | **CORPORATE BONDS – 43.4%**  |
| **Aerospace & Defense – 0.7%** | **Aerospace & Defense – 0.7%** | **Aerospace & Defense – 0.7%** |
| General Dynamics Corp., |  |  |
| 3.75%, 5/15/28 | 400 | 398 |
| Huntington Ingalls Industries, Inc., |  |  |
| 5.35%, 1/15/30 | 170 | 173 |
| Lockheed Martin Corp., |  |  |
| 4.45%, 5/15/28 | 825 | 830 |
|  |  | **1401** |
| **Asset Management – 1.0%** | **Asset Management – 1.0%** | **Asset Management – 1.0%** |
| Apollo Debt Solutions BDC, |  |  |
| 5.70%, 1/23/31<sup>(1)</sup>  | 900 | 878 |
| Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.21%), <br> 5.64%, 5/19/29<sup>(5)</sup> <br>| 400 | 411 |
| Citadel Finance LLC, |  |  |
| 4.75%, 2/14/29<sup>(1)</sup>  | 200 | 196 |
| Citadel L.P., |  |  |
| 6.00%, 1/23/30<sup>(1)</sup>  | 425 | 437 |
|  |  | **1922** |
| **Automotive – 1.0%** | **Automotive – 1.0%** | **Automotive – 1.0%** |
| Ford Motor Credit Co. LLC, |  |  |
| 4.97%, 4/6/29 | 600 | 593 |
| Hyundai Capital America, |  |  |
| 5.28%, 6/24/27<sup>(1)</sup>  | 1340 | 1351 |
|  |  | **1944** |
| **Banking – 3.6%** | **Banking – 3.6%** | **Banking – 3.6%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.96%), <br> 1.73%, 7/22/27<sup>(5)</sup> <br>| 1000 | 992 |
| Citizens Bank N.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.70%), <br> 4.19%, 1/29/29<sup>(5)</sup> <br>| 675 | 671 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **259** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 43.4% continued**  | **CORPORATE BONDS - 43.4% continued**  | **CORPORATE BONDS - 43.4% continued**  |
| **Banking – 3.6%continued** | **Banking – 3.6%continued** | **Banking – 3.6%continued** |
| Huntington National Bank (The), |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28<sup>(5)</sup> <br>| $500 | $502 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.77%), <br> 1.47%, 9/22/27<sup>(5)</sup> <br>| 1000 | 986 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.56%), <br> 4.32%, 4/26/28<sup>(5)</sup> <br>| 1710 | 1709 |
| Manufacturers & Traders Trust Co., |  |  |
| 4.70%, 1/27/28 | 400 | 402 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.73%), 6.62%, <br> 10/20/27<sup>(5)</sup> <br>| 635 | 642 |
| Wells Fargo & Co., |  |  |
| (Variable, U.S. SOFR + 1.07%), <br> 5.71%, 4/22/28<sup>(5)</sup> <br>| 840 | 851 |
|  |  | **6755** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| Coca-Cola (The) Co., |  |  |
| 1.00%, 3/15/28 | 400 | **378** |
| **Biotechnology & Pharmaceuticals – 1.9%** | **Biotechnology & Pharmaceuticals – 1.9%** | **Biotechnology & Pharmaceuticals – 1.9%** |
| AbbVie, Inc., |  |  |
| 4.80%, 3/15/27 | 1180 | 1186 |
| 4.65%, 3/15/28 | 1950 | 1968 |
| Eli Lilly & Co., |  |  |
| 4.15%, 8/14/27 | 480 | 480 |
|  |  | **3634** |
| **Chemicals – 0.4%** | **Chemicals – 0.4%** | **Chemicals – 0.4%** |
| Ecolab, Inc., |  |  |
| 4.30%, 6/15/28 | 710 | **712** |
| **Commercial Support Services – 0.5%** | **Commercial Support Services – 0.5%** | **Commercial Support Services – 0.5%** |
| Republic Services, Inc., |  |  |
| 5.00%, 11/15/29 | 485 | 495 |
| Waste Management, Inc., |  |  |
| 4.50%, 3/15/28 | 400 | 403 |
|  |  | **898** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| Vulcan Materials Co., |  |  |
| 4.95%, 12/1/29 | 260 | **264** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 43.4% continued**  | **CORPORATE BONDS - 43.4% continued**  | **CORPORATE BONDS - 43.4% continued**  |
| **Containers & Packaging – 1.1%** | **Containers & Packaging – 1.1%** | **Containers & Packaging – 1.1%** |
| Berry Global, Inc., |  |  |
| 1.65%, 1/15/27 | $950 | $930 |
| Graphic Packaging International LLC, |  |  |
| 4.75%, 7/15/27<sup>(1)</sup>  | 1180 | 1170 |
|  |  | **2100** |
| **Diversified Industrials – 0.8%** | **Diversified Industrials – 0.8%** | **Diversified Industrials – 0.8%** |
| Parker-Hannifin Corp., |  |  |
| 4.25%, 9/15/27 | 1540 | **1541** |
| **E-Commerce Discretionary – 0.8%** | **E-Commerce Discretionary – 0.8%** | **E-Commerce Discretionary – 0.8%** |
| Amazon.com, Inc., |  |  |
| 4.00%, 3/13/29 | 1500 | **1492** |
| **Electric Utilities – 1.2%** | **Electric Utilities – 1.2%** | **Electric Utilities – 1.2%** |
| Constellation Energy Generation LLC, |  |  |
| 3.90%, 1/8/28 | 430 | 427 |
| Dominion Energy, Inc., |  |  |
| 4.60%, 5/15/28 | 640 | 642 |
| DTE Energy Co., |  |  |
| 5.20%, 4/1/30 | 800 | 816 |
| NRG Energy, Inc., |  |  |
| 4.73%, 10/15/30<sup>(1)</sup>  | 400 | 396 |
|  |  | **2281** |
| **Electrical Equipment – 0.9%** | **Electrical Equipment – 0.9%** | **Electrical Equipment – 0.9%** |
| Amphenol Corp., |  |  |
| 5.05%, 4/5/27 | 410 | 413 |
| Carrier Global Corp., |  |  |
| 2.49%, 2/15/27 | 950 | 935 |
| GE Vernova, Inc., |  |  |
| 4.25%, 2/4/31<sup>†</sup>  | 410 | 405 |
|  |  | **1753** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| Installed Building Products, Inc., |  |  |
| 5.63%, 2/1/34<sup>(1)</sup>  | 95 | **93** |
| **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** |
| Netflix, Inc., |  |  |
| 6.38%, 5/15/29 | 825 | **874** |
| **Finance Companies – 0.3%** | **Finance Companies – 0.3%** | **Finance Companies – 0.3%** |
| Air Lease Corp., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.44%), 6.00%, <br> 9/24/29<sup>(5) (6)</sup> <br>| 650 | **626** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **260** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 43.4% continued**  | **CORPORATE BONDS - 43.4% continued**  | **CORPORATE BONDS - 43.4% continued**  |
| **Food – 1.5%** | **Food – 1.5%** | **Food – 1.5%** |
| Cargill, Inc., |  |  |
| 4.63%, 2/11/28<sup>(1)</sup>  | $1000 | $1008 |
| General Mills, Inc., |  |  |
| 4.70%, 1/30/27 | 380 | 380 |
| Mondelez International, Inc., |  |  |
| 4.13%, 5/7/28 | 1400 | 1393 |
|  |  | **2781** |
| **Health Care Facilities & Services – 3.2%** | **Health Care Facilities & Services – 3.2%** | **Health Care Facilities & Services – 3.2%** |
| Cardinal Health, Inc., |  |  |
| 4.70%, 11/15/26 | 1130 | 1132 |
| Cencora, Inc., |  |  |
| 4.63%, 12/15/27 | 410 | 411 |
| CHS/Community Health Systems, Inc., |  |  |
| 5.25%, 5/15/30<sup>(1)</sup>  | 675 | 636 |
| HCA, Inc., |  |  |
| 5.00%, 3/1/28 | 560 | 565 |
| IQVIA, Inc., |  |  |
| 6.25%, 2/1/29 | 2125 | 2209 |
| LifePoint Health, Inc., |  |  |
| 9.88%, 8/15/30<sup>(1)</sup>  | 1000 | 1058 |
|  |  | **6011** |
| **Household Products – 0.2%** | **Household Products – 0.2%** | **Household Products – 0.2%** |
| Colgate-Palmolive Co., |  |  |
| 4.60%, 3/1/28 | 400 | **405** |
| **Institutional Financial Services – 0.8%** | **Institutional Financial Services – 0.8%** | **Institutional Financial Services – 0.8%** |
| Depository Trust (The) Co., |  |  |
| 4.55%, 3/27/31<sup>(1)</sup>  | 250 | 250 |
| LPL Holdings, Inc., |  |  |
| 4.90%, 4/3/28 | 1250 | 1254 |
|  |  | **1504** |
| **Insurance – 2.2%** | **Insurance – 2.2%** | **Insurance – 2.2%** |
| Arthur J Gallagher & Co., |  |  |
| 4.60%, 12/15/27 | 1230 | 1233 |
| New York Life Global Funding, |  |  |
| 4.40%, 4/25/28<sup>(1)</sup>  | 1350 | 1353 |
| Principal Financial Group, Inc., |  |  |
| 3.10%, 11/15/26 | 1000 | 993 |
| Willis North America, Inc., |  |  |
| 4.55%, 3/15/31 | 490 | 483 |
|  |  | **4062** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 43.4% continued**  | **CORPORATE BONDS - 43.4% continued**  | **CORPORATE BONDS - 43.4% continued**  |
| **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** | **Internet Media & Services – 0.3%** |
| Alphabet, Inc., |  |  |
| 4.10%, 2/15/31 | $490 | **$487** |
| **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** |
| Hyatt Hotels Corp., |  |  |
| 5.75%, 1/30/27 | 400 | **403** |
| **Machinery – 1.5%** | **Machinery – 1.5%** | **Machinery – 1.5%** |
| Caterpillar Financial Services Corp., |  |  |
| 1.10%, 9/14/27 | 400 | 384 |
| 4.40%, 10/15/27 | 1275 | 1281 |
| CNH Industrial Capital LLC, |  |  |
| 4.50%, 10/8/27 | 480 | 480 |
| Eaton Corp., |  |  |
| 4.20%, 3/6/31 | 200 | 197 |
| John Deere Capital Corp., |  |  |
| 4.20%, 7/15/27 | 570 | 572 |
|  |  | **2914** |
| **Medical Equipment & Devices – 1.3%** | **Medical Equipment & Devices – 1.3%** | **Medical Equipment & Devices – 1.3%** |
| Edwards Lifesciences Corp., |  |  |
| 4.30%, 6/15/28 | 1140 | 1138 |
| Medtronic Global Holdings S.C.A., |  |  |
| 4.25%, 3/30/28 | 400 | 401 |
| Zimmer Biomet Holdings, Inc., |  |  |
| 4.70%, 2/19/27 | 950 | 953 |
|  |  | **2492** |
| **Metals & Mining – 0.5%** | **Metals & Mining – 0.5%** | **Metals & Mining – 0.5%** |
| Novelis Corp., |  |  |
| 3.88%, 8/15/31<sup>(1)</sup>  | 1000 | **891** |
| **Oil & Gas Producers – 1.8%** | **Oil & Gas Producers – 1.8%** | **Oil & Gas Producers – 1.8%** |
| HF Sinclair Corp., |  |  |
| 5.75%, 1/15/31 | 650 | 664 |
| Marathon Petroleum Corp., |  |  |
| 5.15%, 3/1/30 | 545 | 556 |
| ONEOK, Inc., |  |  |
| 5.55%, 11/1/26 | 2210 | 2223 |
|  |  | **3443** |
| **Oil & Gas Supply Chain – 1.2%** | **Oil & Gas Supply Chain – 1.2%** | **Oil & Gas Supply Chain – 1.2%** |
| &nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp.,<br>|  |  |
| 5.75%, 7/1/34<sup>(1)</sup>  | 340 | 335 |
| Crescent Energy Finance LLC, |  |  |
| 7.63%, 4/1/32<sup>(1)</sup>  | 275 | 279 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **261** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 43.4% continued**  | **CORPORATE BONDS - 43.4% continued**  | **CORPORATE BONDS - 43.4% continued**  |
| **Oil & Gas Supply Chain – 1.2%continued** | **Oil & Gas Supply Chain – 1.2%continued** | **Oil & Gas Supply Chain – 1.2%continued** |
| Plains All American Pipeline L.P., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.37%), 8.02%, 4/30/26<sup>(4) (6)</sup> <br>| $525 | $524 |
| &nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| 7.38%, 2/15/29<sup>(1)</sup>  | 1000 | 1029 |
|  |  | **2167** |
| **Real Estate Investment Trusts – 2.3%** | **Real Estate Investment Trusts – 2.3%** | **Real Estate Investment Trusts – 2.3%** |
| Extra Space Storage L.P., |  |  |
| 5.70%, 4/1/28 | 1410 | 1440 |
| Public Storage Operating Co., |  |  |
| 5.13%, 1/15/29 | 825 | 845 |
| Simon Property Group L.P., |  |  |
| 3.25%, 11/30/26 | 1000 | 995 |
| 1.75%, 2/1/28 | 400 | 383 |
| Store Capital LLC, |  |  |
| 5.40%, 4/30/30 | 705 | 708 |
|  |  | **4371** |
| **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** |
| 7-Eleven, Inc., |  |  |
| 1.80%, 2/10/31<sup>(1)</sup>  | 386 | **334** |
| **Semiconductors – 0.2%** | **Semiconductors – 0.2%** | **Semiconductors – 0.2%** |
| Advanced Micro Devices, Inc., |  |  |
| 4.32%, 3/24/28 | 400 | **403** |
| **Software – 2.9%** | **Software – 2.9%** | **Software – 2.9%** |
| Adobe, Inc., |  |  |
| 4.75%, 1/17/28 | 825 | 835 |
| Cloud Software Group, Inc., |  |  |
| 8.25%, 6/30/32<sup>(1)</sup>  | 590 | 560 |
| Oracle Corp., |  |  |
| 2.65%, 7/15/26 | 1000 | 994 |
| 4.55%, 2/4/29 | 1250 | 1234 |
| 4.45%, 9/26/30 | 1110 | 1070 |
| Salesforce, Inc., |  |  |
| 4.65%, 3/15/29 | 813 | 815 |
|  |  | **5508** |
| **Specialty Finance – 3.0%** | **Specialty Finance – 3.0%** | **Specialty Finance – 3.0%** |
| Ally Financial, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.73%), 5.54%, <br> 1/17/31<sup>(5)</sup> <br>| 355 | 357 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 43.4% continued**  | **CORPORATE BONDS - 43.4% continued**  | **CORPORATE BONDS - 43.4% continued**  |
| **Specialty Finance – 3.0%continued** | **Specialty Finance – 3.0%continued** | **Specialty Finance – 3.0%continued** |
| American Express Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.93%), <br> 5.04%, 7/26/28<sup>(5)</sup> <br>| $1185 | $1195 |
| Block, Inc., |  |  |
| 5.63%, 8/15/30<sup>(1)</sup>  | 335 | 333 |
| 6.00%, 8/15/33<sup>(1)</sup>  | 675 | 664 |
| Fair Isaac Corp., |  |  |
| 6.25%, 9/15/34<sup>(1)</sup>  | 1020 | 1003 |
| Mastercard, Inc., |  |  |
| 4.55%, 3/15/28 | 400 | 404 |
| OneMain Finance Corp., |  |  |
| 5.38%, 11/15/29 | 675 | 651 |
| S&P Global, Inc., |  |  |
| 2.45%, 3/1/27 | 825 | 812 |
| Synchrony Financial, |  |  |
| (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30<sup>(5)</sup> <br>| 175 | 178 |
|  |  | **5597** |
| **Technology Hardware – 2.3%** | **Technology Hardware – 2.3%** | **Technology Hardware – 2.3%** |
| CDW LLC/CDW Finance Corp., |  |  |
| 2.67%, 12/1/26 | 1100 | 1087 |
| Cisco Systems, Inc., |  |  |
| 4.55%, 2/24/28<sup>†</sup>  | 630 | 637 |
| Dell International LLC/EMC Corp., |  |  |
| 4.75%, 4/1/28 | 990 | 997 |
| Jabil, Inc., |  |  |
| 4.20%, 2/1/29 | 550 | 543 |
| Zebra Technologies Corp., |  |  |
| 6.50%, 6/1/32<sup>(1)</sup>  | 1000 | 1007 |
|  |  | **4271** |
| **Technology Services – 0.2%** | **Technology Services – 0.2%** | **Technology Services – 0.2%** |
| International Business Machines Corp., |  |  |
| 4.65%, 2/10/28 | 400 | **402** |
| **Telecommunications – 0.6%** | **Telecommunications – 0.6%** | **Telecommunications – 0.6%** |
| Black Pearl Compute LLC, |  |  |
| 6.13%, 2/15/31<sup>(1)</sup>  | 40 | 41 |
| Cipher Compute LLC, |  |  |
| 7.13%, 11/15/30<sup>(1) †</sup>  | 1000 | 1036 |
|  |  | **1077** |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| Philip Morris International, Inc., |  |  |
| 4.13%, 4/28/28 | 400 | **399** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **262** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 43.4% continued**  | **CORPORATE BONDS - 43.4% continued**  | **CORPORATE BONDS - 43.4% continued**  |
| **Transportation & Logistics – 1.1%** | **Transportation & Logistics – 1.1%** | **Transportation & Logistics – 1.1%** |
| CSX Corp., |  |  |
| 3.80%, 3/1/28 | $400 | $396 |
| Delta Air Lines, Inc., |  |  |
| 4.95%, 7/10/28 | 850 | 853 |
| United Airlines, Inc., |  |  |
| 4.63%, 4/15/29<sup>(1)</sup>  | 875 | 859 |
|  |  | **2108** |
| **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** |
| Cummins, Inc., |  |  |
| 4.25%, 5/9/28 | 175 | 175 |
| PACCAR Financial Corp., |  |  |
| 4.00%, 9/26/29 | 460 | 457 |
|  |  | **632** |
| **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** | **Wholesale - Consumer Staples – 0.3%** |
| Sysco Corp., |  |  |
| 5.10%, 9/23/30 | 475 | **479** |
| **Total Corporate Bonds** |  |  |
| **(Cost $81,784)** |  | **81809** |
| **FOREIGN ISSUER BONDS – 14.1%**  | **FOREIGN ISSUER BONDS – 14.1%**  | **FOREIGN ISSUER BONDS – 14.1%**  |
| **Aerospace & Defense – 0.7%** | **Aerospace & Defense – 0.7%** | **Aerospace & Defense – 0.7%** |
| Bombardier, Inc., |  |  |
| 7.50%, 2/1/29<sup>(1)</sup>  | 500 | 519 |
| Rolls-Royce PLC, |  |  |
| 5.75%, 10/15/27<sup>(1)</sup>  | 810 | 823 |
|  |  | **1342** |
| **Automotive – 0.4%** | **Automotive – 0.4%** | **Automotive – 0.4%** |
| &nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |  |
| 4.85%, 9/11/30<sup>(1)</sup>  | 700 | **694** |
| **Banking – 7.3%** | **Banking – 7.3%** | **Banking – 7.3%** |
| Banco Bilbao Vizcaya Argentaria S.A., |  |  |
| 4.15%, 3/3/29 | 400 | 395 |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.49%), <br> 5.67%, 3/12/28<sup>(5)</sup> <br>| 1280 | 1292 |
| Cooperatieve Rabobank U.A., |  |  |
| 3.75%, 7/21/26 | 1600 | 1597 |
| Credit Agricole S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 4.63%, 9/11/28<sup>(1) (5)</sup> <br>| 1430 | 1430 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.1% continued**  | **FOREIGN ISSUER BONDS - 14.1% continued**  | **FOREIGN ISSUER BONDS - 14.1% continued**  |
| **Banking – 7.3%continued** | **Banking – 7.3%continued** | **Banking – 7.3%continued** |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.89%, 8/14/27<sup>(5)</sup> <br>| $500 | $502 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.06%), <br> 5.60%, 5/17/28<sup>(5)</sup> <br>| 840 | 849 |
| Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.58%), 5.25%, <br> 1/5/28<sup>(4)</sup> <br>| 1690 | 1703 |
| &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 | 1691 |
| NatWest Group PLC, |  |  |
| &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 | 848 |
| &nbsp;&nbsp; (Variable, ICE LIBOR USD 3M + <br> 1.75%), 4.89%, 5/18/29<sup>(5)</sup> <br>| 400 | 403 |
| Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29<sup>(5)</sup> <br>| 600 | 594 |
| Societe Generale S.A., |  |  |
| &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 | 1007 |
| Toronto-Dominion Bank (The), |  |  |
| 3.91%, 1/13/28 | 1475 | 1465 |
|  |  | **13776** |
| **Biotechnology & Pharmaceuticals – 0.8%** | **Biotechnology & Pharmaceuticals – 0.8%** | **Biotechnology & Pharmaceuticals – 0.8%** |
| Astrazeneca Finance LLC, |  |  |
| 4.88%, 3/3/28<sup>†</sup>  | 400 | 406 |
| &nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands IV B.V.,<br>|  |  |
| 5.75%, 12/1/30 | 1030 | 1043 |
|  |  | **1449** |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| Nutrien Ltd., |  |  |
| 5.25%, 3/12/32 | 610 | **623** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| Tyco Electronics Group S.A., |  |  |
| 4.50%, 2/9/31 | 420 | **419** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **263** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.1% continued**  | **FOREIGN ISSUER BONDS - 14.1% continued**  | **FOREIGN ISSUER BONDS - 14.1% continued**  |
| **Household Products – 0.5%** | **Household Products – 0.5%** | **Household Products – 0.5%** |
| Unilever Capital Corp., |  |  |
| 4.25%, 8/12/27 | $420 | $421 |
| 3.50%, 3/22/28 | 400 | 396 |
|  |  | **817** |
| **Industrial Support Services – 0.8%** | **Industrial Support Services – 0.8%** | **Industrial Support Services – 0.8%** |
| Ashtead Capital, Inc., |  |  |
| 4.38%, 8/15/27<sup>(1)</sup>  | 500 | 497 |
| Element Fleet Management Corp., |  |  |
| 6.27%, 6/26/26<sup>(1)</sup>  | 1050 | 1053 |
|  |  | **1550** |
| **Insurance – 0.1%** | **Insurance – 0.1%** | **Insurance – 0.1%** |
| Nippon Life Insurance Co., |  |  |
| 4/2/31<sup>(1) (7)</sup>  | 200 | **200** |
| **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** |
| Rio Tinto Finance U.S.A. PLC, |  |  |
| 4.50%, 3/14/28 | 850 | 854 |
| Taseko Mines Ltd., |  |  |
| 8.25%, 5/1/30<sup>(1)</sup>  | 680 | 709 |
|  |  | **1563** |
| **Oil & Gas Supply Chain – 0.2%** | **Oil & Gas Supply Chain – 0.2%** | **Oil & Gas Supply Chain – 0.2%** |
| Saudi Arabian Oil Co., |  |  |
| 4.00%, 2/2/29<sup>(1)</sup>  | 390 | **382** |
| **Specialty Finance – 1.0%** | **Specialty Finance – 1.0%** | **Specialty Finance – 1.0%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 6.10%, 1/15/27 | 950 | 960 |
| 4.13%, 2/28/29 | 400 | 394 |
| Avolon Holdings Funding Ltd., |  |  |
| 4.20%, 4/15/29<sup>(1)</sup>  | 500 | 491 |
|  |  | **1845** |
| **Telecommunications – 0.3%** | **Telecommunications – 0.3%** | **Telecommunications – 0.3%** |
| NTT Finance Corp., |  |  |
| 4.88%, 7/16/30<sup>(1)</sup>  | 600 | **604** |
| **Transportation & Logistics – 0.7%** | **Transportation & Logistics – 0.7%** | **Transportation & Logistics – 0.7%** |
| Air Canada, |  |  |
| 3.88%, 8/15/26<sup>(1)</sup>  | 320 | 318 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.1% continued**  | **FOREIGN ISSUER BONDS - 14.1% continued**  | **FOREIGN ISSUER BONDS - 14.1% continued**  |
| **Transportation & Logistics – 0.7%continued** | **Transportation & Logistics – 0.7%continued** | **Transportation & Logistics – 0.7%continued** |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| 7.88%, 5/1/27<sup>(1)</sup>  | $1000 | $987 |
|  |  | **1305** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $26,528)** |  | **26569** |
| **U.S. GOVERNMENT AGENCIES – 8.7%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 8.7%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 8.7%** <sup>(8)</sup> |
| **Fannie Mae – 2.5%** | **Fannie Mae – 2.5%** | **Fannie Mae – 2.5%** |
| Pool #555649, |  |  |
| 7.50%, 10/1/32 | 2 | 2 |
| Pool #AD0915, |  |  |
| 5.50%, 12/1/38 | 12 | 12 |
| Pool #AI3471, |  |  |
| 5.00%, 6/1/41 | 42 | 42 |
| Pool #BA6574, |  |  |
| 3.00%, 1/1/31 | 241 | 236 |
| Pool #BC0266, |  |  |
| 3.50%, 2/1/31 | 223 | 221 |
| Pool #BC1465, |  |  |
| 2.50%, 7/1/31 | 154 | 149 |
| Pool #BE0514, |  |  |
| 2.50%, 11/1/31 | 470 | 452 |
| Pool #BM1239, |  |  |
| 3.50%, 2/1/32 | 232 | 229 |
| Pool #BM4485, |  |  |
| 3.00%, 9/1/30 | 222 | 219 |
| Pool #BM5017, |  |  |
| 3.00%, 3/1/30 | 194 | 191 |
| Pool #BM5525, |  |  |
| 4.00%, 3/1/31 | 3 | 3 |
| Pool #BM5708, |  |  |
| 3.00%, 12/1/29 | 16 | 16 |
| Pool #FM1534, |  |  |
| 4.50%, 9/1/49 | 541 | 532 |
| Pool #FM1773, |  |  |
| 3.00%, 12/1/31 | 147 | 144 |
| Pool #FM1849, |  |  |
| 3.50%, 12/1/33 | 250 | 246 |
| Pool #FM1852, |  |  |
| 3.00%, 7/1/33 | 269 | 264 |
| Pool #FM1897, |  |  |
| 3.00%, 9/1/32 | 182 | 178 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **264** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 8.7%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.7%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.7%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 2.5%continued** | **Fannie Mae – 2.5%continued** | **Fannie Mae – 2.5%continued** |
| Pool #FM3308, |  |  |
| 3.00%, 4/1/32 | $437 | $429 |
| Pool #FS4618, |  |  |
| 4.50%, 2/1/51 | 597 | 581 |
| Pool #FS4653, |  |  |
| 5.50%, 5/1/53 | 518 | 523 |
| Pool #MA3090, |  |  |
| 3.00%, 8/1/32 | 123 | 120 |
|  |  | **4789** |
| **Freddie Mac – 5.8%** | **Freddie Mac – 5.8%** | **Freddie Mac – 5.8%** |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 4835, <br> Class CA,<br>|  |  |
| 3.50%, 1/15/47 | 201 | 196 |
| Pool #1B3617, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.92%, 1.92% Floor, <br> 10.97% Cap), 6.59%, <br> 10/1/37<sup>(4)</sup> <br>| 25 | 26 |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | 651 | 661 |
| Pool #SB0084, |  |  |
| 3.00%, 2/1/32 | 536 | 526 |
| Pool #SB0093, |  |  |
| 2.50%, 12/1/31 | 1445 | 1391 |
| Pool #SB0215, |  |  |
| 3.00%, 2/1/32 | 169 | 167 |
| Pool #SB0216, |  |  |
| 3.00%, 12/1/32 | 454 | 443 |
| Pool #SB0329, |  |  |
| 3.00%, 9/1/32 | 468 | 459 |
| Pool #SD1959, |  |  |
| 6.50%, 12/1/52 | 502 | 522 |
| Pool #SD2342, |  |  |
| 5.00%, 12/1/44 | 710 | 717 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 587 | 607 |
| Pool #SD2922, |  |  |
| 5.00%, 5/1/53 | 815 | 810 |
| Pool #SD2999, |  |  |
| 5.50%, 6/1/53 | 788 | 799 |
| Pool #SD3133, |  |  |
| 5.00%, 6/1/53 | 651 | 645 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 8.7%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.7%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.7%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 5.8%continued** | **Freddie Mac – 5.8%continued** | **Freddie Mac – 5.8%continued** |
| Pool #SD3136, |  |  |
| 5.50%, 6/1/53 | $639 | $650 |
| Pool #SD3174, |  |  |
| 5.50%, 6/1/53 | 618 | 626 |
| Pool #ZA2807, |  |  |
| 2.50%, 2/1/28 | 18 | 18 |
| Pool #ZK9070, |  |  |
| 3.00%, 11/1/32 | 248 | 241 |
| Pool #ZS6689, |  |  |
| 2.50%, 4/1/28 | 61 | 60 |
| Pool #ZS8598, |  |  |
| 3.00%, 2/1/31 | 305 | 297 |
| Pool #ZS8675, |  |  |
| 2.50%, 11/1/32 | 529 | 506 |
| &nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| 2.75%, 9/25/29 | 581 | 557 |
|  |  | **10924** |
| **Freddie Mac Gold – 0.2%** | **Freddie Mac Gold – 0.2%** | **Freddie Mac Gold – 0.2%** |
| Pool #A92650, |  |  |
| 5.50%, 6/1/40 | 22 | 23 |
| Pool #E04360, |  |  |
| 2.50%, 4/1/28 | 76 | 75 |
| Pool #G18641, |  |  |
| 3.00%, 4/1/32 | 92 | 89 |
| Pool #G18647, |  |  |
| 3.00%, 6/1/32 | 226 | 220 |
|  |  | **407** |
| **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| 2.50%, 8/20/46 | 267 | 249 |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2025-33, <br> Class LH,<br>|  |  |
| 5.00%, 5/20/54 | 26 | 26 |
|  |  | **275** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $16,778)** |  | **16395** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **265** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS – 10.1%**  | **U.S. GOVERNMENT OBLIGATIONS – 10.1%**  | **U.S. GOVERNMENT OBLIGATIONS – 10.1%**  |
| **U.S. Treasury Notes – 10.1%** | **U.S. Treasury Notes – 10.1%** | **U.S. Treasury Notes – 10.1%** |
| 3.75%, 6/30/27 | $5860 | $5855 |
| 3.88%, 7/15/28<sup>(9)</sup>  | 3632 | 3636 |
| 3.50%, 11/15/28 | 9700 | 9622 |
|  |  | **19113** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $19,145)** |  | **19113** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.7%**  | **INVESTMENT COMPANIES – 1.7%**  | **INVESTMENT COMPANIES – 1.7%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(10) (11) (12)</sup> <br>| 706975 | $707 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(10) (11)</sup> <br>| 2525052 | 2525 |
| **Total Investment Companies** |  |  |
| **(Cost $3,232)** |  | **3232** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 5.2%**  | **SHORT-TERM INVESTMENTS – 5.2%**  | **SHORT-TERM INVESTMENTS – 5.2%**  |
| U.S. Treasury Bill, |  |  |
| 3.35%, 1/21/27<sup>(13)</sup>  | $10000 | **$9713** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $9,725)** | **(Cost $9,725)** | **9713** |
| **Total Investments – 100.9%** | **Total Investments – 100.9%** |  |
| **(Cost $190,519)** | **(Cost $190,519)** | **190143** |
| Liabilities less Other Assets – (0.9%) | Liabilities less Other Assets – (0.9%) | (1711)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$188432** |

---

<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 March 31,* *2026, the value of these securities amounted to approximately* *$49,315,000 or 26.2% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of March 31, 2026 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 March 31, 2026 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 March 31, 2026.* 

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

<sup>(7)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2026.*

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

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

---

| | |
|:---|:---|
| <sup>(9)</sup>  | *A portion of this security has been pledged as collateral to cover margin* <br> *requirements for open futures contracts.*<br>|
| <sup>(10)</sup>  | *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>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(12)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>(13)</sup>  | *Discount rate at the time of purchase.* |
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |

---

---

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

---

*Percentages shown are based on Net Assets.* 

At March 31, 2026, 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)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| 373 | $77377 | Long | 6/26 | $(596)<br>|
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| (312)<br>| (33752)<br>| Short | 6/26 | 499 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **266** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <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)**<sup>(1)</sup><br>|
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (30)<br>| $(3405)<br>| Short | 6/26 | $61 |
| &nbsp;&nbsp; Ultra Long <br> U.S. Treasury <br> Bond<br>| (5)<br>| (583)<br>| Short | 6/26 | 20 |
| Total |  |  |  |  | $(16)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.* 

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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21856 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21856 |
| &nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11456 |
| Corporate Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 81809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81809 |
| Foreign Issuer Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 26569 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26569 |
| U.S. Government Agencies<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 16395 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16395 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 19113 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19113 |
| Investment Companies | &nbsp;&nbsp; 3232 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3232 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 9713 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9713 |
| Total Investments | &nbsp;&nbsp; $3232 | &nbsp;&nbsp; $186911 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $190143 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $580 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $580 |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (596)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (596)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(16)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16)<br>|

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $24453 | $23746 | $707 | 706975 | $5 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 3687 | 142557 | 143719 | 2525 | 2525052 | 118 |
| Total | $3687 | $167010 | $167465 | $3232 | 3232027 | $123 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **267** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 1.8%**  | **ASSET-BACKED SECURITIES – 1.8%**  | **ASSET-BACKED SECURITIES – 1.8%**  |
| **Auto Loan – 0.8%** | **Auto Loan – 0.8%** | **Auto Loan – 0.8%** |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| 5.00%, 6/25/27 | $6100 | $6118 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-1, Class A3<br>|  |  |
| 4.92%, 10/16/28 | 732 | 736 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| 5.89%, 7/15/31 | 2300 | 2331 |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2024-A, Class A4<br>|  |  |
| 5.05%, 6/15/27 | 1000 | 1001 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2024-1, Class A3<br>|  |  |
| 4.80%, 4/16/29 | 4044 | 4063 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-5, Class D<br>|  |  |
| 5.14%, 2/17/32 | 6545 | 6581 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 4.86%, 3/15/29 | 1899 | 1907 |
|  |  | **22737** |
| **Credit Card – 0.2%** | **Credit Card – 0.2%** | **Credit Card – 0.2%** |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | 2250 | 2270 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| 4.94%, 2/15/29 | 5000 | 5040 |
|  |  | **7310** |
| **Other – 0.6%** | **Other – 0.6%** | **Other – 0.6%** |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-A, <br> Class A3<br>|  |  |
| 4.77%, 6/15/29 | 742 | 747 |
| &nbsp;&nbsp; Kubota Credit Owner Trust, Series <br> 2025-1A, Class A2<br>|  |  |
| 4.61%, 12/15/27<sup>(1)</sup>  | 2010 | 2015 |
| &nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class A2<br>|  |  |
| 4.50%, 4/15/33<sup>(1)</sup>  | 2400 | 2391 |
| &nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class B<br>|  |  |
| 4.88%, 4/15/33<sup>(1)</sup>  | 6700 | 6650 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 1.8%continued**  | **ASSET-BACKED SECURITIES - 1.8%continued**  | **ASSET-BACKED SECURITIES - 1.8%continued**  |
| **Other – 0.6%continued** | **Other – 0.6%continued** | **Other – 0.6%continued** |
| &nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class C<br>|  |  |
| 5.01%, 4/15/33<sup>(1)</sup>  | $2400 | $2389 |
| &nbsp;&nbsp; PK Alift Loan Funding 7 LP, Series <br> 2025-2, Class A<br>|  |  |
| 4.75%, 3/15/43<sup>(1)</sup>  | 4151 | 4131 |
|  |  | **18323** |
| **Whole Loan – 0.2%** | **Whole Loan – 0.2%** | **Whole Loan – 0.2%** |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.55% on 4/25/29), <br> 5.55%, 1/25/65<sup>(1) (2)</sup> <br>| 4808 | **4823** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $53,225)** |  | **53193** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.1%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.1%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.1%**  |
| **Non Agency – 0.1%** | **Non Agency – 0.1%** | **Non Agency – 0.1%** |
| &nbsp;&nbsp; SCMS Mortgage Trust, Series <br> 2025-BNC1, Class A1<br>|  |  |
| 4.08%, 1/15/28<sup>(1)</sup>  | 2841 | **2832** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $2,841)** |  | **2832** |
| **COMMERCIAL PAPER – 0.9%**  | **COMMERCIAL PAPER – 0.9%**  | **COMMERCIAL PAPER – 0.9%**  |
| **Regional – 0.9%** | **Regional – 0.9%** | **Regional – 0.9%** |
| &nbsp;&nbsp; Board of Regents of the University of <br> Texas System,<br>|  |  |
| 2.40%, 7/1/26 | 6330 | 6329 |
| Illinois Finance Authority, |  |  |
| 2.70%, 4/1/26 | 12000 | 12000 |
| 2.60%, 4/7/26 | 6920 | 6920 |
|  |  | **25249** |
| **Total Commercial Paper** |  |  |
| **(Cost $25,250)** |  | **25249** |
| **CORPORATE BONDS – 4.3%**  | **CORPORATE BONDS – 4.3%**  | **CORPORATE BONDS – 4.3%**  |
| **Automotive – 0.9%** | **Automotive – 0.9%** | **Automotive – 0.9%** |
| American Honda Finance Corp., |  |  |
| 4.25%, 9/1/28 | 10000 | 9917 |
| General Motors Financial Co., Inc., |  |  |
| 5.40%, 5/8/27 | 5000 | 5044 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **268** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 4.3% continued**  | **CORPORATE BONDS - 4.3% continued**  | **CORPORATE BONDS - 4.3% continued**  |
| **Automotive – 0.9%continued** | **Automotive – 0.9%continued** | **Automotive – 0.9%continued** |
| Hyundai Capital America, |  |  |
| 5.25%, 1/8/27<sup>(1)</sup>  | $5000 | $5028 |
| 4.25%, 1/8/29<sup>(1)</sup>  | 5000 | 4945 |
|  |  | **24934** |
| **Banking – 1.8%** | **Banking – 1.8%** | **Banking – 1.8%** |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 4.53%, 3/4/29<sup>(3)</sup> <br>| 12900 | 12900 |
| Huntington National Bank (The), |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28<sup>(4)</sup> <br>| 7400 | 7425 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.77%), <br> 4.43%, 9/22/27<sup>(3)</sup> <br>| 11400 | 11406 |
| Santander Holdings U.S.A., Inc., |  |  |
| (Floating, U.S. SOFR + 1.61%), <br> 5.27%, 3/20/29<sup>(3)</sup> <br>| 20000 | 20156 |
|  |  | **51887** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| DTE Energy Co., |  |  |
| 4.88%, 6/1/28 | 4200 | **4238** |
| **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** | **Health Care Facilities & Services – 0.1%** |
| HCA, Inc., |  |  |
| 5.00%, 3/1/28 | 3470 | **3504** |
| **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** |
| Goldman Sachs Group (The), Inc., |  |  |
| (Variable, U.S. SOFR + 0.71%), <br> 4.15%, 1/21/29<sup>(4)</sup> <br>| 10000 | **9938** |
| **Insurance – 0.5%** | **Insurance – 0.5%** | **Insurance – 0.5%** |
| Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.70%), 4.37%, <br> 11/8/27<sup>(3) †</sup> <br>| 3530 | 3538 |
| Met Tower Global Funding, |  |  |
| 4.00%, 1/14/29<sup>(1)</sup>  | 10000 | 9895 |
|  |  | **13433** |
| **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** | **Real Estate Owners & Developers – 0.1%** |
| Jefferson Exchange at Riverside LLC, |  |  |
| 3.75%, 6/1/62<sup>(5) (6)</sup>  | 4400 | **4400** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 4.3% continued**  | **CORPORATE BONDS - 4.3% continued**  | **CORPORATE BONDS - 4.3% continued**  |
| **Software – 0.5%** | **Software – 0.5%** | **Software – 0.5%** |
| Oracle Corp., |  |  |
| 4.55%, 2/4/29 | $14560 | **$14376** |
| **Total Corporate Bonds** |  |  |
| **(Cost $126,899)** |  | **126710** |
| **FOREIGN ISSUER BONDS – 7.0%**  | **FOREIGN ISSUER BONDS – 7.0%**  | **FOREIGN ISSUER BONDS – 7.0%**  |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| BMW U.S. Capital LLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.71%), <br> 4.38%, 8/11/27<sup>(1) (3)</sup> <br>| 1700 | 1700 |
| &nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |  |
| 4.45%, 9/11/27<sup>(1)</sup>  | 12300 | 12264 |
|  |  | **13964** |
| **Banking – 5.6%** | **Banking – 5.6%** | **Banking – 5.6%** |
| ABN AMRO Bank N.V., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.75%), 4.42%, <br> 7/7/28<sup>(1) (3)</sup> <br>| 20000 | 19978 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.62%), 4.28%, <br> 9/15/26<sup>(3)</sup> <br>| 9600 | 9610 |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 0.75%), 4.06%, <br> 9/22/28<sup>(4)</sup> <br>| 16600 | 16504 |
| Bank of Nova Scotia (The), |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.76%), <br> 4.04%, 9/15/28<sup>(4)</sup> <br>| 24500 | 24344 |
| Cooperatieve Rabobank U.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.22%), 3.65%, <br> 4/6/28<sup>(1) (4)</sup> <br>| 10000 | 9909 |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.22%), <br> 4.89%, 11/16/27<sup>(3)</sup> <br>| 7500 | 7520 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.51%), <br> 6.82%, 11/20/29<sup>(4)</sup> <br>| 20809 | 21849 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 4.70%, 3/3/29<sup>(3)</sup> <br>| 6000 | 6016 |
| ING Groep N.V., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.01%), 4.70%, <br> 4/1/27<sup>(3)</sup> <br>| 23800 | 23800 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **269** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 7.0% continued**  | **FOREIGN ISSUER BONDS - 7.0% continued**  | **FOREIGN ISSUER BONDS - 7.0% continued**  |
| **Banking – 5.6%continued** | **Banking – 5.6%continued** | **Banking – 5.6%continued** |
| Nationwide Building Society, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 4.96%, 2/16/28<sup>(1) (3)</sup> <br>| $4300 | $4317 |
| NatWest Markets PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 4.43%, 9/29/26<sup>(1) (3)</sup> <br>| 2800 | 2804 |
| Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29<sup>(4)</sup> <br>| 4800 | 4755 |
| Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.88%), <br> 4.55%, 1/14/27<sup>(3)</sup> <br>| 9880 | 9905 |
| 4.11%, 1/15/29 | 3500 | 3469 |
|  |  | **164780** |
| **Oil & Gas Supply Chain – 0.2%** | **Oil & Gas Supply Chain – 0.2%** | **Oil & Gas Supply Chain – 0.2%** |
| Saudi Arabian Oil Co., |  |  |
| 4.00%, 2/2/29<sup>(1)</sup>  | 5620 | **5502** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 6.45%, 4/15/27 | 5000 | **5094** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| Orange S.A., |  |  |
| 4.00%, 1/13/29<sup>(1)</sup>  | 5000 | **4950** |
| **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** |
| &nbsp;&nbsp; Daimler Truck Finance North <br> America LLC,<br>|  |  |
| 4.15%, 1/12/29<sup>(1)</sup>  | 9300 | **9170** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $204,279)** |  | **203460** |
| **U.S. GOVERNMENT AGENCIES – 0.2%** <sup>(7)</sup> | **U.S. GOVERNMENT AGENCIES – 0.2%** <sup>(7)</sup> | **U.S. GOVERNMENT AGENCIES – 0.2%** <sup>(7)</sup> |
| **Freddie Mac – 0.2%** | **Freddie Mac – 0.2%** | **Freddie Mac – 0.2%** |
| &nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2018-2, Class A1,<br>|  |  |
| 3.50%, 11/25/28 | 5797 | **5690** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $5,689)** |  | **5690** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 78.0%**  | **MUNICIPAL BONDS – 78.0%**  | **MUNICIPAL BONDS – 78.0%**  |
| **Alabama – 5.8%** | **Alabama – 5.8%** | **Alabama – 5.8%** |
| &nbsp;&nbsp; Alabama State HFA MFH Variable <br> Revenue Bonds, Fred Marshall Court <br> Project,<br>|  |  |
| 3.15%, 6/1/28<sup>(5) (8)</sup>  | $1900 | $1903 |
| &nbsp;&nbsp; Alabama State HFA MFH Variable <br> Revenue Bonds, Providence Park <br> Apartments Project,<br>|  |  |
| 3.15%, 7/1/28<sup>(5) (8)</sup>  | 1200 | 1202 |
| &nbsp;&nbsp; Alabama State Highway Authority <br> Special Obligation Revenue Bonds <br> (AG Insured),<br>|  |  |
| 5.00%, 9/1/28 | 6170 | 6522 |
| &nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Project Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/27 | 1250 | 1281 |
| 5.00%, 12/1/28 | 1000 | 1036 |
| &nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Project Variable Revenue Refunding <br> Bonds, Series D-1,<br>|  |  |
| 5.50%, 2/1/29<sup>(5) (8)</sup>  | 20040 | 21071 |
| &nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Bonds, Subseries <br> D2,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.40%), <br> 3.85%, 6/1/27<sup>(3) (5)</sup> <br>| 20000 | 20086 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series B-1,<br>|  |  |
| 4.00%, 10/1/27<sup>(5) (8)</sup>  | 1150 | 1163 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series C-1,<br>|  |  |
| 5.25%, 6/1/29<sup>(5) (8)</sup>  | 34930 | 36644 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series E, Gas Project,<br>|  |  |
| 5.00%, 5/1/28 | 510 | 524 |
| &nbsp;&nbsp; Black Belt Energy Gas District Variable <br> Revenue Bonds, Gas Project,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.35%), 2.72%, <br> 12/1/26<sup>(3) (5)</sup> <br>| 29000 | 28951 |
| &nbsp;&nbsp; Mobile County Board of School <br> Commissioners Special Tax <br> Refunding Bonds (AG Insured),<br>|  |  |
| 5.00%, 3/1/27 | 715 | 730 |
| 5.00%, 3/1/29 | 1015 | 1078 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **270** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Alabama – 5.8%continued** | **Alabama – 5.8%continued** | **Alabama – 5.8%continued** |
| &nbsp;&nbsp; Mobile IDB Variable PCR Bonds, <br> Alabama Power Company Barry <br> Plant,<br>|  |  |
| 2.75%, 3/15/29<sup>(5) (8)</sup>  | $6500 | $6442 |
| &nbsp;&nbsp; Southeast Energy Authority Commodity <br> Supply Revenue Bonds, Series A, <br> Project No.1,<br>|  |  |
| 4.00%, 10/1/28<sup>(5) (8)</sup>  | 23950 | 24371 |
| &nbsp;&nbsp; Southeast Energy Authority Commodity <br> Supply Revenue Bonds, Series B-1, <br> Project No. 4,<br>|  |  |
| 5.00%, 8/1/28<sup>(5) (8)</sup>  | 10600 | 10982 |
| &nbsp;&nbsp; Southeast Energy Authority <br> Cooperative Revenue Bonds, Series <br> E,<br>|  |  |
| 5.00%, 10/1/28 | 5000 | 5196 |
| &nbsp;&nbsp; Southeast Energy Authority Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/28 | 500 | 515 |
|  |  | **169697** |
| **Alaska – 0.6%** | **Alaska – 0.6%** | **Alaska – 0.6%** |
| &nbsp;&nbsp; Alaska State G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 8/1/27 | 2000 | 2065 |
| &nbsp;&nbsp; Alaska State Housing Finance Corp. <br> Revenue Refunding Bonds, State <br> Capital Project,<br>|  |  |
| 5.00%, 6/1/27 | 2605 | 2674 |
| &nbsp;&nbsp; Civic Ventures Revenue Refunding <br> Bonds, Anchorage Convention <br> Center,<br>|  |  |
| 5.00%, 9/1/27 | 930 | 957 |
| 5.00%, 9/1/28 | 975 | 1021 |
| &nbsp;&nbsp; North Slope Borough G.O. Unlimited <br> Bonds,<br>|  |  |
| 5.00%, 6/30/27 | 4100 | 4223 |
| 5.00%, 6/30/28 | 6000 | 6312 |
|  |  | **17252** |
| **Arizona – 1.8%** | **Arizona – 1.8%** | **Arizona – 1.8%** |
| &nbsp;&nbsp; Arizona State Health Facilities Authority <br> Variable Revenue Bonds, Banner <br> Health Services, Unrefunded <br> Balance,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.00%), 2.62%, <br> 11/4/26<sup>(3) (5)</sup> <br>| 7335 | 7292 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Arizona – 1.8%continued** | **Arizona – 1.8%continued** | **Arizona – 1.8%continued** |
| &nbsp;&nbsp; Chandler IDA IDR Variable Revenue <br> Bonds (AMT), Intel Corp. Project,<br>|  |  |
| 4.00%, 6/1/29<sup>(5) (8)</sup>  | $7500 | $7595 |
| &nbsp;&nbsp; Glendale Water & Sewer Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/26 | 3000 | 3018 |
| &nbsp;&nbsp; Maricopa County High School District <br> No. 210 G.O. Unlimited Bonds, <br> Series B, Project of 2023,<br>|  |  |
| 5.00%, 7/1/27 | 2265 | 2336 |
| &nbsp;&nbsp; Maricopa County IDA Variable <br> Revenue Bonds, Series A-2, Banner <br> Health,<br>|  |  |
| 5.00%, 5/15/28<sup>(5) (8)</sup>  | 10000 | 10394 |
| &nbsp;&nbsp; Maricopa County Litchfield Elementary <br> School District No. 79 G.O. <br> Unlimited Bonds, Series A, Project of <br> 2023,<br>|  |  |
| 5.00%, 7/1/26 | 1830 | 1841 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Water System Junior Lien Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/26 | 1750 | 1757 |
| &nbsp;&nbsp; Pima County IDA MFH Variable <br> Revenue Bonds, Flats At Ballpark <br> Village,<br>|  |  |
| 2.71%, 4/1/28<sup>(5) (8)</sup>  | 7595 | 7529 |
| Pima County Refunding COPS, |  |  |
| 5.00%, 12/1/27 | 2860 | 2968 |
| &nbsp;&nbsp; Pinal County Revenue Refunding <br> Obligation Bonds (BAM Insured),<br>|  |  |
| 5.00%, 8/1/28 | 1000 | 1054 |
| &nbsp;&nbsp; Tucson G.O. Unlimited Bonds, Series <br> 2018-B,<br>|  |  |
| 5.00%, 7/1/27 | 6460 | 6648 |
|  |  | **52432** |
| **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** |
| &nbsp;&nbsp; Fort Smith Water & Sewer Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/26 | 2385 | **2412** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **271** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **California – 3.6%** | **California – 3.6%** | **California – 3.6%** |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Variable Revenue Bonds, San <br> Francisco Bay Area Toll,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.30%), 2.67%, <br> 4/1/27<sup>(3) (5)</sup> <br>| $8500 | $8444 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 5.00%, 9/1/27 | 1000 | 1024 |
| 5.00%, 10/1/28 | 1750 | 1809 |
| 5.00%, 8/1/29<sup>(5) (8)</sup>  | 3175 | 3330 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Series A-1, Clean Energy <br> Project,<br>|  |  |
| 4.00%, 8/1/27 | 2475 | 2495 |
| 4.00%, 8/1/28<sup>(5) (8)</sup>  | 8725 | 8831 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Series D, Clean Energy <br> Project,<br>|  |  |
| 5.50%, 11/1/28<sup>(5) (8)</sup>  | 2500 | 2614 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority MFH Variable Revenue <br> Bonds, Palmdale Family Apartments,<br>|  |  |
| 2.95%, 1/1/28<sup>(5) (8)</sup>  | 2280 | 2281 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority MFH Variable Revenue <br> Bonds, El Camino Real Multifamily,<br>|  |  |
| 2.50%, 3/1/29<sup>(5) (8)</sup>  | 4280 | 4205 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Taxable Revenue Bonds, <br> Gateways Hospital and Mental <br> Health Centers,<br>|  |  |
| 5.43%, 9/1/28 | 350 | 349 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 5/15/28 | 5000 | 5222 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Sustainable <br> Revenue Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 5/15/28 | 6500 | 6789 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **California – 3.6%continued** | **California – 3.6%continued** | **California – 3.6%continued** |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Subordinate Revenue Refunding <br> Bonds (AMT),<br>|  |  |
| 5.00%, 5/15/28 | $4530 | $4731 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds <br> Series B,<br>|  |  |
| 5.00%, 7/1/26 | 2600 | 2610 |
| 5.00%, 7/1/27 | 2225 | 2288 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 7/1/26 | 4035 | 4054 |
| 5.00%, 7/1/26 | 1990 | 1999 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/26 | 6270 | 6294 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/26 | 1930 | 1939 |
| 5.00%, 7/1/27 | 3040 | 3127 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/27 | 3180 | 3235 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 7/1/27 | 2675 | 2754 |
| 5.00%, 7/1/28 | 6630 | 6931 |
| &nbsp;&nbsp; San Francisco City & County Airport <br> Commission International Airport <br> Special Facilities Lease Revenue <br> Refunding Bonds (AMT), SFO Fuel, <br> Prerefunded,<br>|  |  |
| 5.00%, 1/2/29<sup>(9)</sup>  | 1715 | 1816 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series (AMT), Unrefunded Balance,<br>|  |  |
| 5.00%, 5/1/27 | 10880 | 11116 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series A (AMT),<br>|  |  |
| 5.00%, 5/1/28 | 2300 | 2403 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **272** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **California – 3.6%continued** | **California – 3.6%continued** | **California – 3.6%continued** |
| &nbsp;&nbsp; Santa Barbara County Solid Waste <br> System Revenue COPS (AMT), Series <br> B,<br>|  |  |
| 5.00%, 12/1/27 | $1195 | $1234 |
|  |  | **103924** |
| **Colorado – 2.3%** | **Colorado – 2.3%** | **Colorado – 2.3%** |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Revenue Refunding Bonds, <br> Series A, CommonSpirit Health,<br>|  |  |
| 5.00%, 8/1/27 | 5000 | 5143 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue Bonds, <br> Intermountain Healthcare,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.55%), 2.92%, <br> 8/17/26<sup>(3) (5)</sup> <br>| 22100 | 22096 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue <br> Refunding Bonds, Intermountain <br> Healthcare,<br>|  |  |
| 5.00%, 8/15/28<sup>(5) (8)</sup>  | 11205 | 11780 |
| &nbsp;&nbsp; Denver City & County Airport <br> Subordinate Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/26 | 15560 | 15790 |
| &nbsp;&nbsp; Denver City & County Airport System <br> Subordinate Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 12/1/27 | 3865 | 3991 |
| &nbsp;&nbsp; Park Creek Metropolitan District Limited <br> Property Tax Supported Senior Tax <br> Allocation Revenue Refunding Bonds <br> (AG Insured),<br>|  |  |
| 5.00%, 12/1/26 | 700 | 710 |
| 5.00%, 12/1/27 | 1000 | 1037 |
| &nbsp;&nbsp; Public Authority for Colorado State <br> Energy Natural Gas Purchase <br> Revenue Bonds,<br>|  |  |
| 6.25%, 11/15/28 | 5225 | 5466 |
|  |  | **66013** |
| **Connecticut – 1.2%** | **Connecticut – 1.2%** | **Connecticut – 1.2%** |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Refunding Bonds, Series D,<br>|  |  |
| 5.00%, 8/15/28 | 8075 | 8539 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Connecticut – 1.2%continued** | **Connecticut – 1.2%continued** | **Connecticut – 1.2%continued** |
| &nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Yale New Haven,<br>|  |  |
| 5.00%, 7/1/27 | $5500 | $5654 |
| &nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Variable Revenue <br> Refunding Bonds, Yale New Haven,<br>|  |  |
| 5.00%, 7/1/29<sup>(5) (8)</sup>  | 20000 | 21283 |
|  |  | **35476** |
| **District of Columbia – 0.8%** | **District of Columbia – 0.8%** | **District of Columbia – 0.8%** |
| &nbsp;&nbsp; District of Columbia G.O. Unlimited <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/28 | 2175 | 2236 |
| &nbsp;&nbsp; District of Columbia Housing Finance <br> Agency MFH Revenue Bonds, <br> Wagner Senior Residences Project,<br>|  |  |
| 2.95%, 9/1/28 | 4500 | 4478 |
| &nbsp;&nbsp; District of Columbia Housing Finance <br> Agency MFH Variable Revenue <br> Bonds, Paxton Project,<br>|  |  |
| 3.35%, 6/1/26<sup>(5) (8)</sup>  | 5000 | 5006 |
| &nbsp;&nbsp; District of Columbia Water & Sewer <br> Authority Public Utility Subordinate <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/28 | 2200 | 2330 |
| &nbsp;&nbsp; District of Columbia Water & Sewer <br> Authority Public Utility Subordinate <br> Sustainable Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 10/1/28 | 765 | 810 |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/27 | 550 | 567 |
| 5.00%, 10/1/28 | 2940 | 3085 |
| 5.00%, 10/1/28 | 3500 | 3672 |
|  |  | **22184** |
| **Florida – 5.4%** | **Florida – 5.4%** | **Florida – 5.4%** |
| &nbsp;&nbsp; Broward County Port Facilities Revenue <br> Bonds (AMT),<br>|  |  |
| 5.00%, 9/1/27 | 1000 | 1025 |
| 5.00%, 9/1/28 | 2125 | 2206 |
| &nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series A,<br>|  |  |
| 7/1/27<sup>(10)</sup>  | 7710 | 7918 |
| 7/1/28<sup>(10)</sup>  | 5575 | 5840 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **273** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Florida – 5.4%continued** | **Florida – 5.4%continued** | **Florida – 5.4%continued** |
| &nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series A (AG <br> Insured),<br>|  |  |
| 5.00%, 7/1/28 | $6710 | $7047 |
| &nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series C,<br>|  |  |
| 5.00%, 7/1/26 | 5000 | 5028 |
| &nbsp;&nbsp; Duval County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| 5.00%, 7/1/27 | 2850 | 2935 |
| &nbsp;&nbsp; Florida State Housing Finance Corp. <br> MFH Mortgage Variable Revenue <br> Bonds, Hermosa North Fort Myers II,<br>|  |  |
| 3.50%, 7/1/27<sup>(5) (8)</sup>  | 3000 | 3020 |
| &nbsp;&nbsp; Florida State Housing Finance Corp. <br> Multi Family Mortgage Variable <br> Revenue Bonds, Ninth Street <br> Apartments,<br>|  |  |
| 3.15%, 12/1/28<sup>(5) (8)</sup>  | 2505 | 2509 |
| &nbsp;&nbsp; Florida State Housing Finance Corp. <br> Multi Family Mortgage Variable <br> Revenue Bonds, Series E, Citrus Glen <br> Apartments,<br>|  |  |
| 3.10%, 1/1/28<sup>(5) (8)</sup>  | 1675 | 1677 |
| &nbsp;&nbsp; Florida State Housing Finance Corp. <br> Multi Family Mortgage Variable <br> Revenue Bonds, Series E, Mariposa <br> Grove,<br>|  |  |
| 3.15%, 1/1/29<sup>(5) (8)</sup>  | 7750 | 7760 |
| &nbsp;&nbsp; Florida State Housing Finance Corp. <br> Multi Family Mortgage Variable <br> Revenue Bonds, Series E, Southward <br> Village Phase 2,<br>|  |  |
| 3.20%, 12/1/28<sup>(5) (8)</sup>  | 9325 | 9333 |
| &nbsp;&nbsp; Florida State Housing Finance Corp. <br> Multifamily Mortgage Variable <br> Revenue Bonds, New York Avenue <br> Apartments,<br>|  |  |
| 2.80%, 3/1/29<sup>(5) (8)</sup>  | 3000 | 2988 |
| &nbsp;&nbsp; Florida State Housing Finance Corp. <br> Variable Revenue Bonds, Series D, <br> Osprey Sound,<br>|  |  |
| 3.00%, 9/1/28<sup>(5) (8)</sup>  | 6000 | 5990 |
| &nbsp;&nbsp; Florida State Mid-Bay Bridge Authority <br> First Senior Lien Revenue Refunding <br> Bonds (AG Insured),<br>|  |  |
| 5.00%, 10/1/26 | 3250 | 3284 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Florida – 5.4%continued** | **Florida – 5.4%continued** | **Florida – 5.4%continued** |
| 5.00%, 10/1/27 | $1700 | $1752 |
| 5.00%, 10/1/28 | 3145 | 3301 |
| &nbsp;&nbsp; Florida State Municipal Power Agency <br> Revenue Refunding Bonds, <br> All-Requirements Power Supply <br> Project,<br>|  |  |
| 5.00%, 10/1/27 | 795 | 822 |
| 5.00%, 10/1/28 | 1300 | 1373 |
| &nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 10/1/27 | 5045 | 5199 |
| &nbsp;&nbsp; Hillsborough County HFA Multi Family <br> Variable Revenue Bonds,<br>|  |  |
| 3.13%, 12/1/27<sup>(5) (8)</sup>  | 2605 | 2608 |
| &nbsp;&nbsp; Jacksonville Special Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 10/1/27 | 8650 | 8752 |
| &nbsp;&nbsp; Lake County School Board Refunding <br> COPS, Series A (AG Insured),<br>|  |  |
| 5.00%, 6/1/27 | 1945 | 1995 |
| 5.00%, 6/1/28 | 1135 | 1188 |
| &nbsp;&nbsp; Lee County Airport Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/27 | 3525 | 3632 |
| 5.00%, 10/1/28 | 2500 | 2623 |
| &nbsp;&nbsp; Lee County School Board Refunding <br> COPS, Series B,<br>|  |  |
| 5.00%, 8/1/28 | 5350 | 5633 |
| &nbsp;&nbsp; Manatee County School Board COPS, <br> Florida Master Lease Program,<br>|  |  |
| 7/1/28<sup>(10)</sup>  | 595 | 625 |
| &nbsp;&nbsp; Manatee County School Board <br> Refunding COPS, Florida Master <br> Lease Program,<br>|  |  |
| 7/1/28<sup>(10)</sup>  | 6250 | 6568 |
| &nbsp;&nbsp; Miami Beach Redevelopment Agency <br> Tax Allocation Bonds, City <br> Center/Historic Convention (AG <br> Insured),<br>|  |  |
| 5.00%, 2/1/28 | 1700 | 1766 |
| &nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/27 | 3700 | 3811 |
| 5.00%, 10/1/28 | 4100 | 4302 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **274** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Florida – 5.4%continued** | **Florida – 5.4%continued** | **Florida – 5.4%continued** |
| &nbsp;&nbsp; Miami-Dade County HFA MFH <br> Variable Revenue Bonds, Bonita <br> Pointe (FHA Insured),<br>|  |  |
| 2.65%, 4/1/28<sup>(5) (8)</sup>  | $2750 | $2736 |
| &nbsp;&nbsp; Miami-Dade County School Board <br> Refunding COPS, Series A,<br>|  |  |
| 5.00%, 5/1/27 | 8840 | 9071 |
| &nbsp;&nbsp; Osceola County HFA MFH Variable <br> Revenue Bonds, Series A, San Jose <br> Apartments,<br>|  |  |
| 2.75%, 4/1/28<sup>(5) (8)</sup>  | 2675 | 2663 |
| &nbsp;&nbsp; Osceola County HFA MFH Variable <br> Revenue Bonds, Series B, Crestwood <br> Apartments,<br>|  |  |
| 2.65%, 9/1/28<sup>(5) (8)</sup>  | 1850 | 1826 |
| &nbsp;&nbsp; Palm Beach County Housing Finance <br> Authority Mortgage Variable <br> Revenue Bonds, Series B, Calusa <br> Pointe II,<br>|  |  |
| 2.90%, 2/1/29<sup>(5) (8)</sup>  | 1525 | 1501 |
| &nbsp;&nbsp; Palm Beach County School Board <br> Refunding COPS, Series A,<br>|  |  |
| 5.00%, 8/1/27 | 4675 | 4825 |
| &nbsp;&nbsp; Pensacola Airport Revenue Bonds <br> (AMT),<br>|  |  |
| 5.00%, 10/1/27 | 890 | 917 |
| 5.00%, 10/1/28 | 1180 | 1238 |
| &nbsp;&nbsp; Polk County HFA MFH Variable <br> Revenue Bonds, Cypress Oaks <br> Apartments,<br>|  |  |
| 3.15%, 12/1/27<sup>(5) (8)</sup>  | 2250 | 2254 |
| &nbsp;&nbsp; Polk County Public Facilities Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 12/1/26 | 795 | 808 |
| &nbsp;&nbsp; Reedy Creek Improvement District G.O. <br> Limited Bonds,<br>|  |  |
| 5.00%, 6/1/27 | 1315 | 1320 |
| &nbsp;&nbsp; Sarasota County School Board COPS, <br> Master Lease Program,<br>|  |  |
| 5.00%, 7/1/26 | 1375 | 1383 |
| &nbsp;&nbsp; Seminole County Water & Sewer <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/27 | 700 | 725 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Florida – 5.4%continued** | **Florida – 5.4%continued** | **Florida – 5.4%continued** |
| &nbsp;&nbsp; USF Financing Corp. Capital <br> Improvement Revenue Refunding <br> Bonds, Student Housing Project,<br>|  |  |
| 5.00%, 7/1/27 | $1000 | $1028 |
| 5.00%, 7/1/28 | 1135 | 1192 |
|  |  | **157997** |
| **Georgia – 3.8%** | **Georgia – 3.8%** | **Georgia – 3.8%** |
| &nbsp;&nbsp; Atlanta Airport Revenue Refunding <br> Bonds, Series G (AMT),<br>|  |  |
| 5.00%, 7/1/28 | 2500 | 2612 |
| &nbsp;&nbsp; Atlanta Airport Sustainable Revenue <br> Bonds, Series B-1 (AMT),<br>|  |  |
| 5.00%, 7/1/28 | 4000 | 4179 |
| &nbsp;&nbsp; Atlanta Urban Residential Finance <br> Authority MFH Variable Revenue <br> Bonds, Series B, Flats at Stone <br> Hogan,<br>|  |  |
| 2.92%, 5/1/28<sup>(5) (8)</sup>  | 4820 | 4816 |
| &nbsp;&nbsp; Atlanta Urban Residential Finance <br> Authority MFH Variable Revenue <br> Bonds, Villas at Stone Hogan,<br>|  |  |
| 2.92%, 5/1/28<sup>(5) (8)</sup>  | 4100 | 4095 |
| &nbsp;&nbsp; Decatur Housing Authority MFH <br> Variable Revenue Bonds, Philips <br> Tower Project,<br>|  |  |
| 3.25%, 9/1/27<sup>(5) (8)</sup>  | 4500 | 4510 |
| &nbsp;&nbsp; Douglas County School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 4/1/28 | 1850 | 1940 |
| &nbsp;&nbsp; Macon-Bibb County Housing Authority <br> MFH Variable Revenue Bonds, <br> Cahec Portfolio II Project,<br>|  |  |
| 3.15%, 2/1/28<sup>(5) (8)</sup>  | 3500 | 3504 |
| &nbsp;&nbsp; Main Street Natural Gas Inc., Gas <br> Supply Variable Revenue Bonds, <br> Series C,<br>|  |  |
| 4.00%, 11/1/27<sup>(5) (8)</sup>  | 7500 | 7484 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 9/1/27<sup>(5) (8)</sup>  | 300 | 303 |
| 5.00%, 5/15/28 | 2510 | 2592 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 6/1/29<sup>(5) (8)</sup>  | 34565 | 36063 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **275** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Georgia – 3.8%continued** | **Georgia – 3.8%continued** | **Georgia – 3.8%continued** |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series C,<br>|  |  |
| 4.00%, 12/1/28<sup>(5) (8)</sup>  | $11045 | $11156 |
| &nbsp;&nbsp; Municipal Electricity Authority of <br> Georgia Revenue Refunding Bonds, <br> Subseries A, Project 1 (BAM-TCRS <br> Insured),<br>|  |  |
| 5.00%, 1/1/28 | 9040 | 9093 |
| &nbsp;&nbsp; Paulding County School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 2/1/27 | 3000 | 3061 |
| &nbsp;&nbsp; Richmond County Board of Education <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 10/1/28 | 11705 | 12403 |
| &nbsp;&nbsp; Savannah Housing Authority Variable <br> Revenue Bonds, Montgomery <br> Landing Project,<br>|  |  |
| 3.15%, 7/1/28<sup>(5) (8)</sup>  | 3115 | 3119 |
|  |  | **110930** |
| **Hawaii – 0.7%** | **Hawaii – 0.7%** | **Hawaii – 0.7%** |
| &nbsp;&nbsp; Hawaii State G.O. Unlimited Bonds, <br> Series FB,<br>|  |  |
| 5.00%, 4/1/27 | 6895 | 6909 |
| &nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Refunding Bonds, Series E,<br>|  |  |
| 5.00%, 7/1/28 | 11390 | 12009 |
|  |  | **18918** |
| **Idaho – 0.1%** | **Idaho – 0.1%** | **Idaho – 0.1%** |
| &nbsp;&nbsp; Kootenai County Coeur d'Alene School <br> District No. 271 G.O. Unlimited <br> Bonds (Idaho Sales Tax Guaranty <br> Insured),<br>|  |  |
| 4.00%, 9/15/27 | 3000 | **3039** |
| **Illinois – 4.6%** | **Illinois – 4.6%** | **Illinois – 4.6%** |
| &nbsp;&nbsp; Adams County School District No. 172 <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 2/1/28 | 355 | 369 |
| &nbsp;&nbsp; Bolingbrook G.O. Unlimited Refunding <br> Bonds, Series A (AG Insured),<br>|  |  |
| 5.00%, 1/1/29 | 1490 | 1543 |
| &nbsp;&nbsp; Chicago Midway Airport Senior Lien <br> Revenue Refunding Bonds, Series A <br> (AMT),<br>|  |  |
| 5.00%, 1/1/27 | 3615 | 3670 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Illinois – 4.6%continued** | **Illinois – 4.6%continued** | **Illinois – 4.6%continued** |
| 5.00%, 1/1/28 | $1565 | $1619 |
| 5.00%, 1/1/29 | 3500 | 3678 |
| &nbsp;&nbsp; Chicago O'Hare International Airport <br> General Senior Lien Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/28 | 2290 | 2329 |
| &nbsp;&nbsp; Chicago O'Hare International Airport <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 1/1/29 | 3000 | 3157 |
| &nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Refunding <br> Bonds, Series D,<br>|  |  |
| 5.00%, 1/1/29 | 5465 | 5802 |
| &nbsp;&nbsp; Chicago Transit Authority Sales Tax <br> Receipts Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 12/1/27 | 2250 | 2332 |
| &nbsp;&nbsp; Chicago Wastewater Transmission <br> Second Lien Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 1/1/27 | 2300 | 2340 |
| &nbsp;&nbsp; Cook County Sales Tax Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 11/15/28 | 1000 | 1057 |
| &nbsp;&nbsp; DuPage County Forest Preserve District <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 11/1/27 | 1600 | 1658 |
| &nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Bonds, Series B-2, <br> UChicago Medicine,<br>|  |  |
| 5.00%, 8/15/27<sup>(5) (8)</sup>  | 1490 | 1523 |
| &nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Field <br> Museum of Natural History,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.20%), <br> 3.71%, 9/1/28<sup>(3) (5)</sup> <br>| 7250 | 7259 |
| &nbsp;&nbsp; Illinois State Financing Authority <br> Revenue Refunding Bonds, <br> NorthShore University Health <br> System,<br>|  |  |
| 5.00%, 8/15/28 | 3000 | 3153 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 5.00%, 10/1/26 | 7000 | 7076 |
| 5.00%, 10/1/27 | 3430 | 3538 |
| 5.25%, 9/1/28 | 23415 | 24681 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **276** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Illinois – 4.6%continued** | **Illinois – 4.6%continued** | **Illinois – 4.6%continued** |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series D,<br>|  |  |
| 3.25%, 11/1/26 | $6855 | $6873 |
| 5.00%, 11/1/26 | 12435 | 12592 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/27 | 1100 | 1135 |
| &nbsp;&nbsp; Illinois State HDA MFH Variable <br> Revenue Bonds, Corcoran Place,<br>|  |  |
| 3.15%, 7/1/28<sup>(5) (8)</sup>  | 2200 | 2203 |
| &nbsp;&nbsp; Illinois State HDA MFH Variable <br> Revenue Bonds, Island Terrace,<br>|  |  |
| 2.80%, 4/1/28<sup>(5) (8)</sup>  | 3100 | 3087 |
| 2.80%, 4/1/28<sup>(5) (8)</sup>  | 1750 | 1743 |
| &nbsp;&nbsp; Illinois State HDA MFH Variable <br> Revenue Bonds, Series B, Lakeside <br> Tower,<br>|  |  |
| 3.15%, 8/1/28<sup>(5) (8)</sup>  | 1500 | 1502 |
| &nbsp;&nbsp; Illinois State HDA Sustainable Revenue <br> Bonds, Series N (GNMA, FNMA, <br> FHLMC Insured),<br>|  |  |
| 3.80%, 10/1/26 | 600 | 603 |
| &nbsp;&nbsp; Illinois State Municipal Electric Agency <br> Power Supply Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/28 | 9450 | 9832 |
| &nbsp;&nbsp; Kane County Community Unit School <br> District No. 304 Geneva G.O. <br> Unlimited Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/28 | 2725 | 2836 |
| &nbsp;&nbsp; Kane County School District No. 131 <br> Aurora East Side G.O. Unlimited <br> Refunding Bonds (BAM Insured),<br>|  |  |
| 5.00%, 12/1/27 | 3920 | 4061 |
| 5.00%, 12/1/28 | 365 | 378 |
| &nbsp;&nbsp; Monroe & Saint Clair Counties <br> Community Unit School District No. 5 <br> G.O. Unlimited Refunding Bonds <br> (BAM Insured),<br>|  |  |
| 5.00%, 4/15/29 | 1110 | 1173 |
| &nbsp;&nbsp; Sales Tax Securitization Corp. Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 1/1/28 | 5170 | 5372 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Illinois – 4.6%continued** | **Illinois – 4.6%continued** | **Illinois – 4.6%continued** |
| &nbsp;&nbsp; Springfield Electric Senior Lien Revenue <br> Refunding Bonds (BAM Insured),<br>|  |  |
| 5.00%, 3/1/27 | $3220 | $3285 |
|  |  | **133459** |
| **Indiana – 2.5%** | **Indiana – 2.5%** | **Indiana – 2.5%** |
| &nbsp;&nbsp; Carmel Clay Schools G.O. Limited <br> Bonds (State Intercept Program),<br>|  |  |
| 5.00%, 1/15/27 | 2405 | 2449 |
| &nbsp;&nbsp; Decatur Township Multi-School Building <br> Corp. Revenue Refunding Bonds <br> (State Intercept Program),<br>|  |  |
| 5.00%, 1/15/27 | 1320 | 1343 |
| 5.00%, 7/15/27 | 1385 | 1424 |
| 5.00%, 1/15/28 | 1650 | 1714 |
| 5.00%, 7/15/28 | 2530 | 2653 |
| &nbsp;&nbsp; Fort Wayne Community Schools G.O. <br> Limited Bonds (State Intercept <br> Program),<br>|  |  |
| 5.00%, 1/15/28 | 725 | 754 |
| 5.00%, 1/15/29 | 400 | 424 |
| &nbsp;&nbsp; Hamilton County G.O. Limited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 12/31/26 | 1260 | 1282 |
| &nbsp;&nbsp; Indiana State Finance Authority <br> Environmental Variable Revenue <br> Refunding Bonds (AMT), Duke <br> Energy Indiana,<br>|  |  |
| 3.75%, 6/1/27<sup>(5) (8)</sup>  | 5750 | 5786 |
| &nbsp;&nbsp; Indiana State Finance Authority <br> Revenue Refunding Bonds, Ascension <br> Senior Credit Group,<br>|  |  |
| 5.00%, 11/15/28 | 6290 | 6642 |
| &nbsp;&nbsp; Indiana State Finance Authority <br> Revenue Refunding Bonds, Series A, <br> Stadium Project,<br>|  |  |
| 5.00%, 2/1/28 | 2710 | 2817 |
| &nbsp;&nbsp; Indiana State Finance Authority <br> Variable Revenue Refunding Bonds, <br> Deaconess Health System,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.30%), 2.67%, <br> 3/1/27<sup>(3) (5)</sup> <br>| 5975 | 5955 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Series E,<br>|  |  |
| 5.00%, 2/1/27 | 780 | 795 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **277** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Indiana – 2.5%continued** | **Indiana – 2.5%continued** | **Indiana – 2.5%continued** |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds (AMT), Indianapolis Airport <br> Authority Project,<br>|  |  |
| 5.00%, 1/1/28 | $6325 | $6545 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds, Unlimited Ad Valorem Project <br> (State Aid Intercept Program),<br>|  |  |
| 5.00%, 1/15/27 | 2500 | 2546 |
| &nbsp;&nbsp; IPS Multi-School Building Corp. First <br> Mortgage Revenue Refunding Bonds <br> (State Intercept Program),<br>|  |  |
| 4.00%, 7/15/27 | 7200 | 7322 |
| &nbsp;&nbsp; New Albany-Floyd County School <br> Building Corp. Revenue Bonds (State <br> Aid Intercept Program),<br>|  |  |
| 5.00%, 1/15/27 | 4905 | 4991 |
| 5.00%, 7/15/27 | 1725 | 1774 |
| &nbsp;&nbsp; Noblesville Schools G.O. Limited Bonds <br> (State Intercept Program),<br>|  |  |
| 6.00%, 1/15/27 | 500 | 513 |
| 6.00%, 7/15/27 | 1325 | 1380 |
| 6.00%, 1/15/28 | 1345 | 1422 |
| 6.00%, 7/15/28 | 1635 | 1753 |
| &nbsp;&nbsp; North West Hendricks Multi-Building <br> Corp. First Mortgage Revenue <br> Refunding Bonds (State Aid Intercept <br> Program),<br>|  |  |
| 5.00%, 7/15/27 | 785 | 804 |
| 5.00%, 1/15/28 | 680 | 703 |
| 5.00%, 7/15/28 | 700 | 731 |
| &nbsp;&nbsp; Tippecanoe School Corp. G.O. Limited <br> Bonds (State Aid Intercept Program),<br>|  |  |
| 5.00%, 1/15/27 | 1635 | 1663 |
| &nbsp;&nbsp; Valparaiso 21st Century School <br> Building Corp. First Mortgage <br> Revenue Refunding Bonds (State Aid <br> Intercept Program),<br>|  |  |
| 5.00%, 1/15/27 | 1020 | 1038 |
| 5.00%, 7/15/27 | 400 | 411 |
| 5.00%, 7/15/28 | 4025 | 4223 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Indiana – 2.5%continued** | **Indiana – 2.5%continued** | **Indiana – 2.5%continued** |
| &nbsp;&nbsp; Zionsville Community Schools Building <br> Corp. Revenue Bonds (State Intercept <br> Program),<br>|  |  |
| 5.00%, 1/15/27 | $1400 | $1426 |
| 5.00%, 7/15/27 | 510 | 525 |
|  |  | **73808** |
| **Iowa – 0.1%** | **Iowa – 0.1%** | **Iowa – 0.1%** |
| &nbsp;&nbsp; Guthrie County Hospital Revenue <br> BANS, Guthrie County Hospital <br> Project,<br>|  |  |
| 4.50%, 2/1/29 | 2000 | **2000** |
| **Kansas – 1.2%** | **Kansas – 1.2%** | **Kansas – 1.2%** |
| &nbsp;&nbsp; Kansas State Development Finance <br> Authority Hospital Variable Revenue <br> Refunding Bonds, Unrefunded <br> Balance,<br>|  |  |
| 5.00%, 11/15/28<sup>(5) (8)</sup>  | 4130 | 4354 |
| &nbsp;&nbsp; Manhattan G.O. Unlimited Temporary <br> Notes,<br>|  |  |
| 4.00%, 6/15/28 | 19150 | 19189 |
| &nbsp;&nbsp; Spring Hill G.O. Unlimited Notes, <br> Series B,<br>|  |  |
| 4.00%, 9/1/27 | 9990 | 10037 |
| &nbsp;&nbsp; Wyandotte County Kansas City Unified <br> Government G.O. Unlimited Bonds, <br> Series A (BAM Insured),<br>|  |  |
| 4.00%, 8/1/27 | 2065 | 2104 |
|  |  | **35684** |
| **Kentucky – 3.3%** | **Kentucky – 3.3%** | **Kentucky – 3.3%** |
| &nbsp;&nbsp; Kentucky State Asset/Liability <br> Commission Agency Fund Revenue <br> Refunding Bonds, Federal Highway <br> Trust Fund Project Notes,<br>|  |  |
| 5.00%, 9/1/26 | 6290 | 6348 |
| &nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Series <br> A, Project No. 132,<br>|  |  |
| 5.00%, 4/1/28 | 1500 | 1569 |
| &nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Series <br> A, Project No. 133,<br>|  |  |
| 5.00%, 9/1/27 | 2630 | 2719 |
| 5.00%, 9/1/28 | 3000 | 3167 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **278** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Kentucky – 3.3%continued** | **Kentucky – 3.3%continued** | **Kentucky – 3.3%continued** |
| &nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Refunding <br> Bonds, Series B, Project No. 133,<br>|  |  |
| 5.00%, 9/1/27 | $3500 | $3618 |
| 5.00%, 9/1/28 | 11600 | 12248 |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 8/1/28 | 1050 | 1083 |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Variable Revenue Bonds, <br> Series C,<br>|  |  |
| 4.00%, 2/1/28<sup>(5) (8)</sup>  | 19150 | 19325 |
| &nbsp;&nbsp; Owensboro-Daviess County Kentucky <br> Regional Water Resource Agency <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/27 | 2205 | 2283 |
| &nbsp;&nbsp; Rural Water Financing Agency Revenue <br> Bonds, Public Projects Construction <br> Notes,<br>|  |  |
| 3.05%, 5/1/27 | 10000 | 10000 |
| 2.75%, 5/1/28 | 32025 | 31634 |
| &nbsp;&nbsp; University of Kentucky General Receipts <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 3.00%, 4/1/26 | 2105 | 2105 |
|  |  | **96099** |
| **Louisiana – 0.5%** | **Louisiana – 0.5%** | **Louisiana – 0.5%** |
| &nbsp;&nbsp; Livingston Parish Sales TRB (AG <br> Insured),<br>|  |  |
| 5.00%, 10/1/28 | 5835 | 6150 |
| &nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 6/1/27 | 1000 | 1027 |
| &nbsp;&nbsp; New Orleans Aviation Board Revenue <br> Refunding Bonds, Series B (AMT),<br>|  |  |
| 5.00%, 1/1/27 | 5225 | 5304 |
| &nbsp;&nbsp; New Orleans G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 12/1/28 | 500 | 522 |
| &nbsp;&nbsp; Shreveport Water & Sewer Revenue <br> Refunding Bonds (AG Insured),<br>|  |  |
| 5.00%, 12/1/27 | 775 | 800 |
| 5.00%, 12/1/28 | 1350 | 1421 |
|  |  | **15224** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Maine – 0.2%** | **Maine – 0.2%** | **Maine – 0.2%** |
| &nbsp;&nbsp; Maine State Housing Authority <br> Mortgage Purchase Sustainable <br> Revenue Bonds, Series C,<br>|  |  |
| 2.90%, 11/15/27 | $4400 | $4381 |
| &nbsp;&nbsp; Maine State Municipal Bond Bank <br> Revenue Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 11/1/27 | 2150 | 2232 |
|  |  | **6613** |
| **Maryland – 0.2%** | **Maryland – 0.2%** | **Maryland – 0.2%** |
| &nbsp;&nbsp; Maryland Stadium Authority Built to <br> Learn Revenue Bonds,<br>|  |  |
| 5.00%, 6/1/26 | 2180 | 2189 |
| &nbsp;&nbsp; Maryland State Health & Higher <br> Educational Facilities Authority <br> Revenue Refunding Bonds, Series C, <br> Medstar Health Issue,<br>|  |  |
| 5.00%, 8/15/27 | 1000 | 1032 |
| 5.00%, 8/15/28 | 1035 | 1088 |
|  |  | **4309** |
| **Massachusetts – 0.9%** | **Massachusetts – 0.9%** | **Massachusetts – 0.9%** |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Beth Israel Lahey Health Issue <br> (AG Insured),<br>|  |  |
| 5.00%, 7/1/27 | 1400 | 1440 |
| Quincy G.O. Limited BANS, |  |  |
| 5.00%, 7/24/26 | 11890 | 11971 |
| &nbsp;&nbsp; Somerville G.O. Limited BANS, Series <br> B,<br>|  |  |
| 5.00%, 7/1/26 | 13230 | 13312 |
|  |  | **26723** |
| **Michigan – 3.5%** | **Michigan – 3.5%** | **Michigan – 3.5%** |
| &nbsp;&nbsp; Chippewa Valley Schools G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/27 | 1280 | 1314 |
| &nbsp;&nbsp; Fraser Public Schools District G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/27 | 2850 | 2921 |
| &nbsp;&nbsp; Grand Rapids Public Schools G.O. <br> Unlimited Refunding Bonds (AG <br> Insured),<br>|  |  |
| 5.00%, 5/1/27 | 3965 | 4061 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **279** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Michigan – 3.5%continued** | **Michigan – 3.5%continued** | **Michigan – 3.5%continued** |
| &nbsp;&nbsp; Lansing School District G.O. Unlimited <br> Refunding Bonds (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/27 | $345 | $354 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Notes, Series A-2 <br> (JPMorgan Chase Bank N.A. LOC),<br>|  |  |
| 5.00%, 8/20/26 | 7060 | 7124 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, <br> Beaumont-Spectrum Consolidation,<br>|  |  |
| 5.00%, 4/15/27 | 3915 | 4006 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, Henry <br> Ford Health System,<br>|  |  |
| 5.00%, 11/15/28 | 2785 | 2820 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, Public <br> Lighting Authority (BAM Insured),<br>|  |  |
| 5.00%, 7/1/28 | 2645 | 2782 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Variable Revenue Bonds, Trinity <br> Health Credit Group,<br>|  |  |
| 5.00%, 12/1/28<sup>(5) (8)</sup>  | 2905 | 3032 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Variable Revenue Refunding Bonds, <br> Beaumont-Spectrum Consolidation,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.75%), 3.12%, <br> 4/15/27<sup>(3) (5)</sup> <br>| 15000 | 14969 |
| &nbsp;&nbsp; Michigan State HDA MFH Variable <br> Revenue Bonds, Clark Road Family <br> Apartments Project,<br>|  |  |
| 10/1/26<sup>(5) (10)</sup>  | 1565 | 1565 |
| &nbsp;&nbsp; Michigan State HDA MFH Variable <br> Revenue Bonds, Clark Road Senior <br> Apartments Project,<br>|  |  |
| 10/1/26<sup>(5) (10)</sup>  | 980 | 980 |
| &nbsp;&nbsp; Michigan State HDA Rental Housing <br> Revenue Bonds, Series A,<br>|  |  |
| 3.35%, 4/1/26 | 655 | 655 |
| &nbsp;&nbsp; Michigan State Hospital Finance <br> Authority Revenue Refunding Bonds, <br> Bronson Healthcare Group,<br>|  |  |
| 5.00%, 5/15/27 | 340 | 349 |
| 5.00%, 5/15/28 | 795 | 830 |
| 5.00%, 5/15/28 | 295 | 308 |
| 5.00%, 5/15/29 | 500 | 531 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Michigan – 3.5%continued** | **Michigan – 3.5%continued** | **Michigan – 3.5%continued** |
| 5.00%, 5/15/29 | $425 | $452 |
| &nbsp;&nbsp; Michigan State Revenue Refunding <br> GARVEE Bonds GANS,<br>|  |  |
| 5.00%, 3/15/27 | 4435 | 4538 |
| &nbsp;&nbsp; Michigan State Strategic Fund Ltd. <br> Obligation Revenue Refunding <br> Bonds, Facility for Rare Isotope <br> Beam,<br>|  |  |
| 5.00%, 12/1/26 | 3090 | 3141 |
| &nbsp;&nbsp; South Lyon Community Schools G.O. <br> Unlimited Bonds, Series I,<br>|  |  |
| 5/1/29<sup>(10)</sup>  | 850 | 906 |
| &nbsp;&nbsp; Sparta Area Schools G.O. Unlimited <br> Refunding Bonds (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/28 | 260 | 272 |
| 5.00%, 5/1/29 | 390 | 416 |
| &nbsp;&nbsp; Traverse City Area Public Schools G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.00%, 5/1/27 | 8100 | 8305 |
| &nbsp;&nbsp; Troy Michigan City School District G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| 5/1/29<sup>(10)</sup>  | 1535 | 1640 |
| &nbsp;&nbsp; Utica Community Schools G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/28 | 1700 | 1782 |
| 5.00%, 5/1/29 | 750 | 800 |
| &nbsp;&nbsp; Washtenaw County Intermediate <br> School District G.O. Unlimited <br> Bonds,<br>|  |  |
| 5.00%, 5/1/27 | 4360 | 4472 |
| &nbsp;&nbsp; Wayne County Airport Authority <br> Revenue Refunding Bonds (AMT), <br> Detroit Metropolitan,<br>|  |  |
| 5.00%, 12/1/28 | 7750 | 8133 |
| &nbsp;&nbsp; Wayne County Airport Authority <br> Revenue Refunding Bonds (AMT), <br> Detroit Metropolitan Wayne County,<br>|  |  |
| 5.00%, 12/1/27 | 3000 | 3099 |
| &nbsp;&nbsp; Wayne Michigan State University <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/27 | 500 | 518 |
| &nbsp;&nbsp; West Ottawa Public School District <br> G.O. Unlimited Bonds, Series I,<br>|  |  |
| 5.00%, 11/1/26 | 9125 | 9245 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **280** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Michigan – 3.5%continued** | **Michigan – 3.5%continued** | **Michigan – 3.5%continued** |
| &nbsp;&nbsp; Western Michigan University Revenue <br> Refunding Bonds, Series A (AG <br> Insured),<br>|  |  |
| 5.00%, 11/15/27 | $4595 | $4755 |
|  |  | **101075** |
| **Minnesota – 3.5%** | **Minnesota – 3.5%** | **Minnesota – 3.5%** |
| &nbsp;&nbsp; Hennepin County Housing & <br> Redevelopment Authority Multi <br> Family Variable Revenue Bonds, <br> South Haven & Summit Point <br> Apartments (Housing & Urban <br> Development Sector 8 Program),<br>|  |  |
| 3.15%, 8/1/28<sup>(5) (8)</sup>  | 4500 | 4506 |
| &nbsp;&nbsp; Minneapolis-St. Paul Metropolitan <br> Airports Commission Senior Airport <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/28 | 11705 | 11902 |
| &nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Commodity Supply Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 12/1/27<sup>(5) (8)</sup>  | 5875 | 5950 |
| &nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Commodity Supply Variable Revenue <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.00%), <br> 3.45%, 12/1/27<sup>(3) (5)</sup> <br>| 40000 | 39900 |
| &nbsp;&nbsp; Minnesota State Housing Finance <br> Agency Revenue Bonds, Series A-2, <br> Hilltop Manor,<br>|  |  |
| 2.60%, 8/1/27 | 2780 | 2765 |
| &nbsp;&nbsp; Minnesota State Housing Finance <br> Agency Revenue Bonds, Series G <br> (Housing & Urban Development <br> Sector 8 Program),<br>|  |  |
| 3.25%, 8/1/27 | 5875 | 5880 |
| &nbsp;&nbsp; Minnesota State Rural Water Finance <br> Authority Revenue BANS,<br>|  |  |
| 3.30%, 8/1/26 | 10000 | 10003 |
| &nbsp;&nbsp; Moorhead Temporary Tax Increment <br> Financing G.O. Unlimited Bonds,<br>|  |  |
| 4.00%, 10/1/27 | 18845 | 19078 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Minnesota – 3.5%continued** | **Minnesota – 3.5%continued** | **Minnesota – 3.5%continued** |
| &nbsp;&nbsp; Southern Minnesota State Municipal <br> Power Agency Supply System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/27 | $1240 | $1263 |
| 5.00%, 1/1/28 | 1200 | 1250 |
|  |  | **102497** |
| **Missouri – 2.2%** | **Missouri – 2.2%** | **Missouri – 2.2%** |
| &nbsp;&nbsp; Clay County Public School District No. <br> 53 Liberty G.O Unlimited Refunding <br> Bonds,<br>|  |  |
| 4.00%, 3/1/28 | 2150 | 2209 |
| &nbsp;&nbsp; Fort Zumwalt School District G.O. <br> Unlimited Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| 5.00%, 3/1/28 | 8415 | 8784 |
| &nbsp;&nbsp; Jackson County Consolidated School <br> District No. 4 G.O. Unlimited <br> Refunding Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| 6.00%, 3/1/27 | 2830 | 2916 |
| &nbsp;&nbsp; Ladue School District G.O. Unlimited <br> Bonds,<br>|  |  |
| 2.13%, 3/1/28 | 2310 | 2269 |
| &nbsp;&nbsp; Missouri Joint Municipal Electric Utility <br> Commission Power Project Revenue <br> Refunding Bonds, Prairie State <br> Project,<br>|  |  |
| 5.00%, 12/1/26 | 3885 | 3943 |
| &nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Authority Health Facilities <br> Revenue Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 5/1/28<sup>(5) (8)</sup>  | 17500 | 18283 |
| &nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Revenue Refunding Bonds, <br> CoxHealth Obligated Group,<br>|  |  |
| 5.00%, 11/15/28 | 750 | 789 |
| &nbsp;&nbsp; Missouri State Public Utilities <br> Commission Revenue Refunding <br> Bonds, Interim Construction Notes, <br> Escrowed to Maturity,<br>|  |  |
| 4.00%, 5/1/26 | 11980 | 11994 |
| &nbsp;&nbsp; Missouri States Public Utilities <br> Commission Revenue Refunding <br> Notes, Interim Construction Notes,<br>|  |  |
| 4.00%, 10/1/27 | 4700 | 4759 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **281** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Missouri – 2.2%continued** | **Missouri – 2.2%continued** | **Missouri – 2.2%continued** |
| &nbsp;&nbsp; Platte County Reorganized School <br> District No. R-3 G.O. Unlimited <br> Bonds,<br>|  |  |
| 6.25%, 3/1/27 | $2960 | $3056 |
| &nbsp;&nbsp; Saint Charles County Public Water <br> Supply District No. 2 Refunding <br> COPS, Series A,<br>|  |  |
| 5.00%, 12/1/27 | 765 | 794 |
| 5.00%, 12/1/28 | 870 | 919 |
| &nbsp;&nbsp; Springfield School District No. R-12 <br> G.O. Unlimited Bonds (State Aid <br> Direct Deposit Program),<br>|  |  |
| 5.50%, 3/1/28 | 4000 | 4215 |
|  |  | **64930** |
| **Nebraska – 0.0%** | **Nebraska – 0.0%** | **Nebraska – 0.0%** |
| &nbsp;&nbsp; Central Plains Energy Gas Project <br> Revenue Refunding Bonds, Series A <br> (Project No. 3),<br>|  |  |
| 5.00%, 9/1/27 | 1000 | **1021** |
| **Nevada – 0.0%** | **Nevada – 0.0%** | **Nevada – 0.0%** |
| &nbsp;&nbsp; Clark County School District G.O. <br> Limited Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 6/15/26 | 1040 | **1045** |
| **New Hampshire – 0.1%** | **New Hampshire – 0.1%** | **New Hampshire – 0.1%** |
| &nbsp;&nbsp; New Hampshire State HFA Multi Family <br> Revenue Bonds, Series 4 (FHA <br> Insured),<br>|  |  |
| 3.63%, 4/1/26 | 1000 | 1000 |
| &nbsp;&nbsp; New Hampshire State HFA Multi-Family <br> Revenue Bonds, Series 3 (FHA <br> Insured),<br>|  |  |
| 3.80%, 7/1/26 | 1000 | 1001 |
| &nbsp;&nbsp; New Hampshire State Municipal Bond <br> Bank Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 8/15/27 | 2000 | 2067 |
|  |  | **4068** |
| **New Jersey – 3.2%** | **New Jersey – 3.2%** | **New Jersey – 3.2%** |
| Essex County G.O. Unlimited BANS, |  |  |
| 4.00%, 7/8/26 | 12305 | 12351 |
| &nbsp;&nbsp; Jersey City Municipal Utilities Authority <br> Water Project Revenue Notes <br> (Municipal Government Gtd.),<br>|  |  |
| 5.00%, 5/1/26 | 15510 | 15541 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **New Jersey – 3.2%continued** | **New Jersey – 3.2%continued** | **New Jersey – 3.2%continued** |
| &nbsp;&nbsp; Monmouth County Improvement <br> Authority Revenue Notes, <br> Governmental Pooled Loan Project,<br>|  |  |
| 4.00%, 3/12/27 | $2995 | $3036 |
| &nbsp;&nbsp; New Jersey State EDA Revenue <br> Refunding Bonds, Series XX,<br>|  |  |
| 4.25%, 6/15/26 | 13565 | 13574 |
| &nbsp;&nbsp; New Jersey State EDA Revenue School <br> Facilities Construction Revenue <br> Refunding Bonds, Series GGG,<br>|  |  |
| 5.25%, 9/1/26 | 5000 | 5056 |
| &nbsp;&nbsp; New Jersey State Health Care Facilities <br> Financing Authority Department <br> Human Services Revenue Refunding <br> Bonds, Marlboro Psychiatric <br> Hospital,<br>|  |  |
| 5.00%, 9/15/27 | 2305 | 2385 |
| &nbsp;&nbsp; New Jersey State Housing & Mortgage <br> Finance Agency Multi Family <br> Sustainable Revenue Bonds, Series B,<br>|  |  |
| 2.95%, 11/1/27 | 6875 | 6867 |
| 2.95%, 11/1/28 | 16795 | 16734 |
| &nbsp;&nbsp; New Jersey State Housing & Mortgage <br> Finance Agency Multi Family <br> Sustainable Revenue Bonds, <br> Subseries D (GNMA, FNMA, <br> FHLMC Insured),<br>|  |  |
| 2.90%, 11/1/27 | 3750 | 3732 |
| 2.95%, 5/1/28 | 2770 | 2758 |
| &nbsp;&nbsp; New Jersey State Turnpike Authority <br> Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 1/1/28 | 3485 | 3636 |
| &nbsp;&nbsp; New Jersey State Turnpike Authority <br> Revenue Exchange Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 1/1/27 | 4490 | 4575 |
| &nbsp;&nbsp; New Jersey State Turnpike Authority <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 1/1/27 | 3835 | 3908 |
|  |  | **94153** |
| **New Mexico – 0.4%** | **New Mexico – 0.4%** | **New Mexico – 0.4%** |
| &nbsp;&nbsp; Albuquerque G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 7/1/26 | 1715 | 1726 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **282** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **New Mexico – 0.4%continued** | **New Mexico – 0.4%continued** | **New Mexico – 0.4%continued** |
| &nbsp;&nbsp; Albuquerque Municipal School District <br> No. 12 G.O. Unlimited Bonds, Series <br> A (State Aid Withholding),<br>|  |  |
| 5.00%, 8/1/26 | $2150 | $2167 |
| &nbsp;&nbsp; New Mexico State Finance Authority <br> Revenue Bonds, Series D,<br>|  |  |
| 2.00%, 6/1/28 | 4600 | 4484 |
| &nbsp;&nbsp; New Mexico State Severance TRB, <br> Series A,<br>|  |  |
| 5.00%, 7/1/28 | 4000 | 4208 |
|  |  | **12585** |
| **New York – 2.3%** | **New York – 2.3%** | **New York – 2.3%** |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Climate Bond Certified,<br>|  |  |
| 5.00%, 11/15/27 | 1120 | 1163 |
| 5.00%, 11/15/28 | 9370 | 9941 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 11/15/27 | 2675 | 2778 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Variable Revenue Refunding Bonds, <br> Subseries G-1,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.43%), <br> 2.88%, 11/1/26<sup>(3)</sup> <br>| 200 | 200 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Building Aid Revenue <br> Refunding Bonds, Series S-2 (State <br> Aid Withholding),<br>|  |  |
| 5.00%, 7/15/27 | 7000 | 7222 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Fiscal 2026,<br>|  |  |
| 5.00%, 2/1/28 | 2250 | 2350 |
| 5.00%, 2/1/29 | 2500 | 2662 |
| &nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series B-1, Fiscal 2026,<br>|  |  |
| 5.00%, 8/1/28 | 10000 | 10518 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 3/15/28 | 1000 | 1048 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **New York – 2.3%continued** | **New York – 2.3%continued** | **New York – 2.3%continued** |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 226 (AMT),<br>|  |  |
| 5.00%, 10/15/28 | $3520 | $3708 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 246 (AMT),<br>|  |  |
| 5.00%, 9/1/27 | 15005 | 15438 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 249 (AMT),<br>|  |  |
| 5.00%, 10/15/27 | 3750 | 3867 |
| 5.00%, 10/15/28 | 6975 | 7348 |
|  |  | **68243** |
| **North Carolina – 1.1%** | **North Carolina – 1.1%** | **North Carolina – 1.1%** |
| &nbsp;&nbsp; East Carolina University Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/27 | 1225 | 1227 |
| &nbsp;&nbsp; North Carolina State Grant <br> Anticipation Revenue Refunding <br> GARVEE Bonds,<br>|  |  |
| 5.00%, 3/1/28 | 12640 | 13224 |
| &nbsp;&nbsp; North Carolina State Housing Finance <br> Agency MFH Revenue Bonds, <br> Harmony Housing Development,<br>|  |  |
| 3.15%, 2/1/29<sup>(5) (8)</sup>  | 7000 | 7006 |
| &nbsp;&nbsp; North Carolina State Limited <br> Obligation Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 5/1/27 | 2000 | 2054 |
| &nbsp;&nbsp; North Carolina State Medical Care <br> Commission Health Care Facilities <br> Revenue Refunding Bonds, Series A, <br> Duke University Health System,<br>|  |  |
| 5.00%, 6/1/27 | 1750 | 1797 |
| 5.00%, 6/1/28 | 2115 | 2219 |
| &nbsp;&nbsp; North Carolina State Turnpike Authority <br> Senior Lien Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 1/1/29 | 2395 | 2520 |
| &nbsp;&nbsp; Raleigh Housing Authority Multi Family <br> Housing Revenue Bonds, Maple <br> Ridge Apartments,<br>|  |  |
| 3.15%, 2/1/29<sup>(5) (8)</sup>  | 3450 | 3459 |
|  |  | **33506** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **283** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Ohio – 2.0%** | **Ohio – 2.0%** | **Ohio – 2.0%** |
| &nbsp;&nbsp; Akron Bath & Copley Joint Township <br> Hospital District Revenue Refunding <br> Bonds, Children's Medical Hospital,<br>|  |  |
| 5.00%, 11/15/27 | $1825 | $1891 |
| &nbsp;&nbsp; American Municipal Power-Ohio, Inc., <br> Revenue Refunding Bonds, Prairie <br> State Energy Campus Project,<br>|  |  |
| 5.00%, 2/15/27 | 6765 | 6891 |
| 5.00%, 2/15/28 | 10000 | 10395 |
| &nbsp;&nbsp; Ohio State Air Quality Development <br> Authority Variable Revenue <br> Refunding Bonds (AMT), Dayton <br> Power & Light Project,<br>|  |  |
| 4.25%, 6/1/27<sup>(5) (8)</sup>  | 7000 | 7090 |
| &nbsp;&nbsp; Ohio State G.O. Unlimited Bonds, <br> Series Z,<br>|  |  |
| 5.00%, 5/1/28 | 5245 | 5512 |
| &nbsp;&nbsp; Ohio State Hospital Facilities Revenue <br> Refunding Bonds, Cleveland Clinic <br> Health System,<br>|  |  |
| 5.00%, 1/1/27 | 3220 | 3277 |
| &nbsp;&nbsp; Ohio State Hospital Revenue Bonds, <br> Cleveland Clinic Health System <br> Obligated Group,<br>|  |  |
| 5.00%, 1/1/29 | 12800 | 13562 |
| &nbsp;&nbsp; Ohio State Hospital Revenue Refunding <br> Bonds, University Hospitals Health,<br>|  |  |
| 5.00%, 1/15/27 | 2160 | 2193 |
| 5.00%, 1/15/28 | 6240 | 6454 |
| &nbsp;&nbsp; Ohio State Housing Finance Agency <br> MFH Variable Revenue Bonds, <br> Palmer Gardens Apartments <br> (Housing & Urban Development <br> Sector 8 Program),<br>|  |  |
| 2.68%, 7/1/28<sup>(5) (8)</sup>  | 900 | 889 |
|  |  | **58154** |
| **Oklahoma – 1.7%** | **Oklahoma – 1.7%** | **Oklahoma – 1.7%** |
| &nbsp;&nbsp; Cleaveland County Independent <br> School District No. 29 Norman G.O. <br> Unlimited Bonds,<br>|  |  |
| 3/1/29<sup>(10)</sup>  | 680 | 704 |
| &nbsp;&nbsp; Cleveland County Independent School <br> District No. 2 G.O. Unlimited Bonds,<br>|  |  |
| 4.00%, 3/1/27 | 5520 | 5585 |
| 4.00%, 3/1/28 | 7440 | 7614 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Oklahoma – 1.7%continued** | **Oklahoma – 1.7%continued** | **Oklahoma – 1.7%continued** |
| &nbsp;&nbsp; Oklahoma County Independent School <br> District No. 1 G.O. Unlimited Bonds,<br>|  |  |
| 3.25%, 5/1/27 | $17375 | $17436 |
| &nbsp;&nbsp; Oklahoma County Independent School <br> District No. 12 G.O. Unlimited <br> Bonds, Edmond School District,<br>|  |  |
| 4.00%, 3/1/27 | 3425 | 3468 |
| &nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Highways Capital <br> Improvement Revenue Bonds, <br> Department of Transportation,<br>|  |  |
| 5.00%, 7/1/28 | 510 | 538 |
| &nbsp;&nbsp; Tulsa County Industrial Authority <br> Educational Facilities Lease Revenue <br> Bonds, Broken Arrow Public Schools <br> Project,<br>|  |  |
| 5.00%, 9/1/27 | 8480 | 8743 |
| &nbsp;&nbsp; Tulsa County Industrial Authority <br> Educational Facilities Lease Revenue <br> Bonds, Owasso Public Schools <br> Project,<br>|  |  |
| 5.00%, 9/1/27 | 550 | 566 |
| 5.00%, 9/1/28 | 1300 | 1365 |
| Tulsa G.O. Unlimited Bonds, Series D, |  |  |
| 3.00%, 10/1/26 | 3000 | 3002 |
|  |  | **49021** |
| **Oregon – 1.1%** | **Oregon – 1.1%** | **Oregon – 1.1%** |
| &nbsp;&nbsp; Chemeketa Community College District <br> G.O. Unlimited Bonds, Series B <br> (School Board Guaranty Program),<br>|  |  |
| 5.00%, 6/15/28 | 4000 | 4211 |
| &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>|  |  |
| 5.00%, 6/15/27 | 8310 | 8548 |
| &nbsp;&nbsp; Morrow County School District No. 1 <br> G.O. Limited Bonds (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 6/15/27 | 1375 | 1416 |
| &nbsp;&nbsp; Multnomah County School District No. <br> 7 Reynolds G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 6/15/27 | 4680 | 4807 |
| 5.00%, 6/15/28 | 695 | 729 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **284** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Oregon – 1.1%continued** | **Oregon – 1.1%continued** | **Oregon – 1.1%continued** |
| &nbsp;&nbsp; Oregon State Department of <br> Administrative Services Lottery <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 4/1/27 | $5000 | $5125 |
| &nbsp;&nbsp; Port of Portland International Airport <br> Revenue Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 7/1/27 | 1000 | 1026 |
| &nbsp;&nbsp; Redmond G.O. Limited Bonds (AMT), <br> Airport Expansion Projects,<br>|  |  |
| 5.00%, 6/1/28 | 1000 | 1039 |
| &nbsp;&nbsp; Washington & Clackamas Counties <br> Tigard-Tualatin School District No. <br> 23J G.O. Unlimited Bonds (School <br> Board Guaranty Program),<br>|  |  |
| 5.00%, 6/15/27 | 1500 | 1545 |
| 5.00%, 6/15/28 | 2000 | 2105 |
| &nbsp;&nbsp; Washington County School District No. <br> 48J Beaverton G.O. Unlimited <br> Bonds, Series B (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 6/15/28 | 1355 | 1427 |
|  |  | **31978** |
| **Pennsylvania – 3.4%** | **Pennsylvania – 3.4%** | **Pennsylvania – 3.4%** |
| &nbsp;&nbsp; Allegheny County Higher Education <br> Building Authority College Variable <br> Revenue Refunding Bonds, Carnegie <br> Mellon University,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.29%), <br> 2.85%, 8/1/27<sup>(3) (5)</sup> <br>| 5000 | 4985 |
| &nbsp;&nbsp; Allegheny County Hospital <br> Development Authority UPMC <br> Variable Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.70%), 3.07%, <br> 5/15/27<sup>(3) (5)</sup> <br>| 40000 | 39711 |
| &nbsp;&nbsp; Commonwealth Financing Authority <br> Tobacco Master Settlement Payment <br> Revenue Bonds,<br>|  |  |
| 5.00%, 6/1/28 | 2280 | 2389 |
| &nbsp;&nbsp; Cumberland County Municipal <br> Authority Revenue Refunding Bonds, <br> Series A, Messiah Village Project,<br>|  |  |
| 5.00%, 6/1/27 | 395 | 402 |
| 5.00%, 6/1/28 | 415 | 428 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Pennsylvania – 3.4%continued** | **Pennsylvania – 3.4%continued** | **Pennsylvania – 3.4%continued** |
| &nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Variable Revenue Bonds, <br> Series C,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.49%), <br> 2.94%, 3/1/27<sup>(3) (5)</sup> <br>| $11000 | $10986 |
| &nbsp;&nbsp; Luzerne County G.O. Unlimited <br> Refunding Bonds (AG Insured),<br>|  |  |
| 5.00%, 6/15/27 | 2380 | 2447 |
| 5.00%, 6/15/28 | 3490 | 3666 |
| &nbsp;&nbsp; Pennsylvania State Economic <br> Development Financing Authority <br> UPMC Revenue Refunding Bonds, <br> Series B, UPMC Obligated Group,<br>|  |  |
| 5.00%, 3/15/27 | 2680 | 2732 |
| 5.00%, 3/15/28 | 3500 | 3642 |
| &nbsp;&nbsp; Pennsylvania State G.O Unlimited <br> Bonds, Second Series of 2016,<br>|  |  |
| 5.00%, 9/15/27 | 7170 | 7249 |
| &nbsp;&nbsp; Pennsylvania State Higher Educational <br> Facilities Authority Revenue <br> Refunding Bonds, University of <br> Pennsylvania,<br>|  |  |
| 5.00%, 8/15/26 | 2240 | 2260 |
| &nbsp;&nbsp; Pennsylvania State Housing Finance <br> Agency MFH Variable Revenue <br> Bonds, Monarch PA Portfolio,<br>|  |  |
| 2.65%, 9/1/28<sup>(5) (8)</sup>  | 1685 | 1662 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Subordinate Revenue <br> Refunding Bonds, First Series of <br> 2025,<br>|  |  |
| 5.00%, 6/1/27 | 8000 | 8205 |
| &nbsp;&nbsp; Philadelphia Airport Revenue Refunding <br> Bonds, Series B (AMT), Private <br> Activity,<br>|  |  |
| 5.00%, 7/1/27 | 1000 | 1025 |
| 5.00%, 7/1/28 | 860 | 898 |
| &nbsp;&nbsp; Philadelphia G.O. Unlimited Refunding <br> Bonds, Series C,<br>|  |  |
| 5.00%, 8/1/28 | 2725 | 2870 |
| &nbsp;&nbsp; Seneca Valley School District G.O. <br> Limited Refunding Bonds, Series B <br> (State Aid Withholding),<br>|  |  |
| 5.00%, 3/1/27 | 925 | 947 |
| 5.00%, 3/1/28 | 1775 | 1852 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **285** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Pennsylvania – 3.4%continued** | **Pennsylvania – 3.4%continued** | **Pennsylvania – 3.4%continued** |
| &nbsp;&nbsp; Westmoreland County Municipal <br> Authority Revenue Refunding Bonds, <br> Series A (BAM Insured),<br>|  |  |
| 5.00%, 8/15/27 | $1830 | $1885 |
|  |  | **100241** |
| **Rhode Island – 1.0%** | **Rhode Island – 1.0%** | **Rhode Island – 1.0%** |
| &nbsp;&nbsp; Bristol Warren Regional School District <br> G.O. Unlimited BANS, Series 1,<br>|  |  |
| 5.00%, 6/4/26 | 25000 | 25100 |
| &nbsp;&nbsp; Rhode Island Infrastructure Bank State <br> Revolving Fund Revenue Refunding <br> Bonds, Series B, Master Trust,<br>|  |  |
| 5.00%, 10/1/27 | 775 | 803 |
| 5.00%, 10/1/28 | 500 | 529 |
| &nbsp;&nbsp; Rhode Island State G.O. Unlimited <br> Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 8/1/26 | 1040 | 1048 |
| 5.00%, 8/1/27 | 1210 | 1249 |
|  |  | **28729** |
| **South Carolina – 0.2%** | **South Carolina – 0.2%** | **South Carolina – 0.2%** |
| &nbsp;&nbsp; Lancaster County School Public <br> Facilities Corp. Installment Purchase <br> Revenue Bonds, Lancaster County <br> Project,<br>|  |  |
| 5.00%, 6/1/26 | 375 | 376 |
| &nbsp;&nbsp; Medical University Hospital Authority <br> Mortgage Revenue Bonds, Indian <br> Land Project (FHA Insured),<br>|  |  |
| 5.00%, 11/15/28 | 1000 | 1057 |
| &nbsp;&nbsp; South Carolina State Public Service <br> Authority Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 12/1/26 | 4395 | 4466 |
|  |  | **5899** |
| **South Dakota – 0.1%** | **South Dakota – 0.1%** | **South Dakota – 0.1%** |
| &nbsp;&nbsp; South Dakota State Health & <br> Educational Facilities Authority <br> Revenue Refunding Bonds, Series B, <br> Sanford,<br>|  |  |
| 5.00%, 11/1/26 | 360 | 364 |
| 5.00%, 11/1/27 | 915 | 943 |
| 5.00%, 11/1/28 | 1165 | 1226 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **South Dakota – 0.1%continued** | **South Dakota – 0.1%continued** | **South Dakota – 0.1%continued** |
| &nbsp;&nbsp; South Dakota State Health & <br> Educational Facilities Authority <br> Revenue Refunding Bonds, <br> Vocational Educational Program,<br>|  |  |
| 5.00%, 8/1/27 | $1075 | $1108 |
|  |  | **3641** |
| **Tennessee – 1.8%** | **Tennessee – 1.8%** | **Tennessee – 1.8%** |
| &nbsp;&nbsp; Dickson Health & Educational Facilities <br> Board Multifamily Variable Revenue <br> Bonds, 841 Cowan Apartments,<br>|  |  |
| 3.05%, 4/1/29<sup>(5) (8)</sup>  | 5000 | 5003 |
| &nbsp;&nbsp; Metropolitan Government of Nashville <br> & Davidson County Health & <br> Educational Facilities Board Variable <br> Revenue Bonds, HV land Co. <br> Apartments,<br>|  |  |
| 3.35%, 12/1/26<sup>(5) (8)</sup>  | 6900 | 6907 |
| &nbsp;&nbsp; Metropolitan Government of Nashville <br> & Davidson County Health & <br> Facilities Board Variable Revenue <br> Bonds, Parkwood Villa Apartments,<br>|  |  |
| 3.15%, 12/1/27<sup>(5) (8)</sup>  | 2240 | 2244 |
| &nbsp;&nbsp; Oak Ridge Housing Authority MFH <br> Variable Revenue Bonds, Oak Ridge <br> Redevelopment,<br>|  |  |
| 3.20%, 12/1/28<sup>(5) (8)</sup>  | 4485 | 4489 |
| &nbsp;&nbsp; Tennergy Corp. Gas Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 9/1/28<sup>(5) (8)</sup>  | 17805 | 17980 |
| &nbsp;&nbsp; Tennessee Housing Development <br> Agency Residential Finance Program <br> Revenue Bonds, Series 2B,<br>|  |  |
| 3.30%, 1/1/28 | 1750 | 1750 |
| &nbsp;&nbsp; Tennessee State Energy Acquisition <br> Corp. Variable Revenue Refunding <br> Bonds, Series A-1, Gas Project,<br>|  |  |
| 5.00%, 5/1/28<sup>(5) (8)</sup>  | 14100 | 14543 |
|  |  | **52916** |
| **Texas – 6.8%** | **Texas – 6.8%** | **Texas – 6.8%** |
| &nbsp;&nbsp; Austin Airport System Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 11/15/26 | 900 | 911 |
| 5.00%, 11/15/27 | 1425 | 1471 |
| 5.00%, 11/15/28 | 1525 | 1601 |
| Austin G.O. Limited Refunding Bonds, |  |  |
| 5.00%, 9/1/27 | 4000 | 4140 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **286** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Texas – 6.8%continued** | **Texas – 6.8%continued** | **Texas – 6.8%continued** |
| 5.00%, 9/1/28 | $3500 | $3695 |
| &nbsp;&nbsp; Bexar Management & Development <br> Corp. MFH Variable Revenue Bonds, <br> Miller's Pond Apartments (FHA <br> Insured),<br>|  |  |
| 2.65%, 3/1/28<sup>(5) (8)</sup>  | 1600 | 1586 |
| &nbsp;&nbsp; Brownsville Utility System Revenue <br> Refunding Bonds (AG Insured),<br>|  |  |
| 5.00%, 9/1/27 | 660 | 680 |
| 5.00%, 9/1/28 | 625 | 658 |
| &nbsp;&nbsp; Burleson Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/1/27 | 2230 | 2303 |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. <br> Education Revenue Refunding Bonds, <br> International Leadership of Texas, <br> Inc. (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 3000 | 3057 |
| &nbsp;&nbsp; Collin County Community College <br> District G.O. Unlimited Bonds,<br>|  |  |
| 5.00%, 8/15/27 | 5580 | 5758 |
| &nbsp;&nbsp; Dallas & Fort Worth International <br> Airport Revenue Bonds, Series A-1 <br> (AMT),<br>|  |  |
| 5.00%, 11/1/28 | 1000 | 1051 |
| Dallas G.O. Limited Bonds, Series A, |  |  |
| 5.00%, 8/15/27 | 1160 | 1199 |
| &nbsp;&nbsp; Dallas G.O. Limited Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 2/15/28 | 5565 | 5815 |
| &nbsp;&nbsp; Dallas Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/28 | 2285 | 2391 |
| &nbsp;&nbsp; Denton Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series C (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/15/28 | 5000 | 5283 |
| &nbsp;&nbsp; Ector County Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 2/15/27 | 3105 | 3170 |
| &nbsp;&nbsp; El Paso County Certificates of <br> Obligation G.O. Limited Bonds,<br>|  |  |
| 5.00%, 8/15/26 | 1275 | 1286 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Texas – 6.8%continued** | **Texas – 6.8%continued** | **Texas – 6.8%continued** |
| El Paso County G.O. Limited Bonds, |  |  |
| 5.00%, 8/15/26 | $4000 | $4035 |
| El Paso G.O. Limited Refunding Bonds, |  |  |
| 5.00%, 8/15/27 | 2000 | 2064 |
| 5.00%, 8/15/28 | 1000 | 1052 |
| &nbsp;&nbsp; Fort Bend County Certificates of <br> Obligation G.O. Unlimited Bonds,<br>|  |  |
| 5.00%, 3/1/27 | 2765 | 2824 |
| 5.00%, 3/1/28 | 3550 | 3709 |
| &nbsp;&nbsp; Fort Bend County G.O. Limited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 3/1/27 | 1535 | 1568 |
| &nbsp;&nbsp; Fort Bend County G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 3/1/28 | 865 | 903 |
| &nbsp;&nbsp; Fort Bend Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series A (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/15/26 | 1360 | 1373 |
| &nbsp;&nbsp; Frisco Independent School District G.O. <br> Unlimited Refunding Bonds (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 2/15/28 | 4850 | 5071 |
| &nbsp;&nbsp; Garland Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 2/15/27 | 1000 | 1020 |
| &nbsp;&nbsp; Harris County Flood Control District <br> G.O. Limited Refunding Bonds,<br>|  |  |
| 5.00%, 9/15/28 | 1500 | 1580 |
| &nbsp;&nbsp; Harris County Flood Control District <br> G.O. Limited Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 9/15/28 | 13500 | 14223 |
| &nbsp;&nbsp; Harris County Housing Finance Corp. <br> Revenue Bonds, Baypointe <br> Apartments,<br>|  |  |
| 2.95%, 9/1/28<sup>(5) (8)</sup>  | 4150 | 4134 |
| &nbsp;&nbsp; Hays County Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 2/15/29 | 635 | 674 |
| &nbsp;&nbsp; Hays County G.O. Limited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 2/15/28 | 400 | 417 |
| 5.00%, 2/15/29 | 655 | 696 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **287** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Texas – 6.8%continued** | **Texas – 6.8%continued** | **Texas – 6.8%continued** |
| &nbsp;&nbsp; HHA Fountainview PFC MFH Variable <br> Revenue Bonds, Idlewide <br> Apartments,<br>|  |  |
| 2.75%, 10/1/28<sup>(5) (8)</sup>  | $2125 | $2108 |
| &nbsp;&nbsp; Hidalgo County Drain District No. 1 <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 9/1/27 | 1560 | 1612 |
| &nbsp;&nbsp; Houston Airport System Subordinate <br> Lien Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 7/1/28 | 1500 | 1562 |
| Houston G.O. Limited Bonds, Series A, |  |  |
| 5.00%, 3/1/28 | 1000 | 1045 |
| &nbsp;&nbsp; Humble Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 2/15/28 | 1350 | 1413 |
| 5.00%, 2/15/29 | 2040 | 2168 |
| &nbsp;&nbsp; Irving Waterworks & Sewer Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/15/26 | 1585 | 1600 |
| &nbsp;&nbsp; Keller Independent School District G.O. <br> Unlimited Refunding Bonds (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 4550 | 4649 |
| &nbsp;&nbsp; Lancaster Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B (BAM Insured),<br>|  |  |
| 5.00%, 2/15/27 | 980 | 1000 |
| &nbsp;&nbsp; Leander Certificates of Obligation G.O. <br> Limited Bonds,<br>|  |  |
| 5.00%, 8/15/28 | 1250 | 1316 |
| &nbsp;&nbsp; Lower Colorado River Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 5/15/27 | 2100 | 2155 |
| 5.00%, 5/15/28 | 1565 | 1636 |
| &nbsp;&nbsp; Lower Colorado River Authority <br> Transmission Contract Revenue <br> Refunding Bonds, LCRA Transmission <br> Services,<br>|  |  |
| 5.00%, 5/15/27 | 4000 | 4106 |
| 5.00%, 5/15/27 | 750 | 770 |
| 5.00%, 5/15/28 | 2500 | 2614 |
| 5.00%, 5/15/29 | 3210 | 3417 |
| &nbsp;&nbsp; Lubbock Electric Light & Power System <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 4/15/26 | 675 | 676 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Texas – 6.8%continued** | **Texas – 6.8%continued** | **Texas – 6.8%continued** |
| &nbsp;&nbsp; Lubbock Housing Finance Corp. MFH <br> Variable Revenue Bonds, The Ella <br> Apartments (Housing & Urban <br> Development Sector 8 Program),<br>|  |  |
| 2.80%, 3/1/28<sup>(5) (8)</sup>  | $1500 | $1491 |
| &nbsp;&nbsp; Mesquite Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/15/27 | 1500 | 1548 |
| 5.00%, 8/15/28 | 1500 | 1585 |
| &nbsp;&nbsp; North Texas State Municipal Water <br> District Water System Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 9/1/27 | 3450 | 3569 |
| &nbsp;&nbsp; Pearland Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 3/1/28 | 2605 | 2721 |
| &nbsp;&nbsp; Pearland Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/28 | 1500 | 1568 |
| Plano G.O. Limited Refunding Bonds, |  |  |
| 5.00%, 9/1/27 | 3250 | 3362 |
| &nbsp;&nbsp; Prosper Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 2110 | 2154 |
| Richardson City G.O. Limited Bonds, |  |  |
| 5.00%, 2/15/27 | 2000 | 2041 |
| &nbsp;&nbsp; San Antonio Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 2/1/28 | 2325 | 2423 |
| &nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 2/1/27 | 4745 | 4843 |
| &nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 2/1/28 | 8200 | 8548 |
| &nbsp;&nbsp; San Antonio G.O. Limited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 2/1/28 | 5240 | 5460 |
| &nbsp;&nbsp; San Antonio Taxable G.O. Limited <br> Notes,<br>|  |  |
| 5.00%, 2/1/28 | 6350 | 6617 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **288** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Texas – 6.8%continued** | **Texas – 6.8%continued** | **Texas – 6.8%continued** |
| &nbsp;&nbsp; Spring Branch Independent School <br> District G.O. Unlimited Refunding <br> Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/1/28 | $4315 | $4508 |
| &nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Hospital <br> Revenue Bonds, Methodist Hospitals <br> of Dallas,<br>|  |  |
| 5.00%, 10/1/27 | 870 | 900 |
| 5.00%, 10/1/28 | 600 | 633 |
| &nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Hospital <br> Revenue Refunding Bonds, Baylor <br> Scott & White Health Project,<br>|  |  |
| 5.00%, 11/15/28 | 2150 | 2276 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 10/1/28 | 7000 | 7409 |
| &nbsp;&nbsp; Texas State Municipal Gas Acquisition <br> & Supply Corp. III Gas Supply <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 12/15/27 | 4285 | 4402 |
| &nbsp;&nbsp; Texas State Municipal Gas Acquisition <br> & Supply Corp. VI Gas Supply <br> Revenue Bonds,<br>|  |  |
| 5.00%, 1/1/29 | 625 | 650 |
| &nbsp;&nbsp; Texas State Water Development Board <br> Revolving Fund Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/26 | 3865 | 3896 |
| &nbsp;&nbsp; Williamson County G.O. Unlimited <br> Bonds,<br>|  |  |
| 5.00%, 2/15/27 | 900 | 919 |
|  |  | **198768** |
| **Utah – 0.3%** | **Utah – 0.3%** | **Utah – 0.3%** |
| &nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 7/1/27 | 3000 | 3075 |
| 5.00%, 7/1/28 | 2250 | 2348 |
| 5.00%, 7/1/28 | 1500 | 1565 |
| &nbsp;&nbsp; Utah State MFH Corp. Variable <br> Revenue Bonds, The Cooperative <br> 1881,<br>|  |  |
| 2.65%, 3/1/29<sup>(5) (8)</sup>  | 2500 | 2460 |
|  |  | **9448** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Virginia – 0.6%** | **Virginia – 0.6%** | **Virginia – 0.6%** |
| &nbsp;&nbsp; Alexandria Redevelopment & Housing <br> Authority MFH Variable Revenue <br> Bonds, 431 S Columbus Street Block <br> 4 (Housing & Urban Development <br> Sector 8 Program),<br>|  |  |
| 3.20%, 6/1/27<sup>(5) (8)</sup>  | $3635 | $3638 |
| &nbsp;&nbsp; Hampton Roads Sanitation District <br> Wastewater Subordinate Revenue <br> Notes, Series A,<br>|  |  |
| 5.00%, 7/15/26 | 3355 | 3378 |
| &nbsp;&nbsp; Roanoke EDA Hospital Revenue Bonds, <br> Carilion Clinic Obligated Group,<br>|  |  |
| 5.00%, 7/1/27 | 800 | 822 |
| &nbsp;&nbsp; Spotsylvania County Water & Sewer <br> System Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 6/1/26 | 1000 | 1002 |
| &nbsp;&nbsp; Virginia HDA Variable Revenue Bonds, <br> Series G,<br>|  |  |
| 3.13%, 4/1/27<sup>(5) (8)</sup>  | 6315 | 6315 |
| &nbsp;&nbsp; Virginia State Resources Authority <br> Infrastructure Revenue Refunding <br> Bonds, Virginia Pooled Financing <br> Program,<br>|  |  |
| 5.00%, 11/1/27 | 2095 | 2177 |
|  |  | **17332** |
| **Washington – 1.3%** | **Washington – 1.3%** | **Washington – 1.3%** |
| &nbsp;&nbsp; Energy Northwest Electric Revenue <br> Refunding Bonds, Series A, Project 1,<br>|  |  |
| 5.00%, 7/1/28 | 3260 | 3435 |
| &nbsp;&nbsp; Port of Seattle Intermediate Lien <br> Revenue Bonds (AMT),<br>|  |  |
| 5.00%, 4/1/28 | 2055 | 2139 |
| &nbsp;&nbsp; Port of Seattle Intermediate Lien <br> Revenue Bonds, Series B (AMT),<br>|  |  |
| 5.00%, 10/1/28 | 3100 | 3253 |
| &nbsp;&nbsp; Port of Seattle Revenue Bonds, Series B <br> (AMT),<br>|  |  |
| 5.00%, 5/1/28 | 1035 | 1078 |
| &nbsp;&nbsp; Seattle Municipal Light & Power <br> Variable Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.25%), 2.62%, <br> 11/1/26<sup>(3) (5)</sup> <br>| 7520 | 7480 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **289** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Washington – 1.3%continued** | **Washington – 1.3%continued** | **Washington – 1.3%continued** |
| &nbsp;&nbsp; Snohomish County School District No. <br> 201 G.O. Unlimited Refunding <br> Bonds (School Board Guaranty <br> Program),<br>|  |  |
| 5.00%, 12/1/26 | $2525 | $2567 |
| &nbsp;&nbsp; Washington State COPS, State & Local <br> Agency Real & Personal Property,<br>|  |  |
| 5.00%, 1/1/28 | 6800 | 7091 |
| &nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Providence St. Joseph Health,<br>|  |  |
| 5.00%, 10/1/27 | 1865 | 1921 |
| &nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Series A, CommonSpirit Health,<br>|  |  |
| 5.00%, 9/1/27 | 790 | 814 |
| 5.00%, 9/1/28 | 650 | 679 |
| &nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Series A, MultiCare Health System,<br>|  |  |
| 5.00%, 8/15/27 | 2675 | 2745 |
| 5.00%, 8/15/28 | 2790 | 2914 |
| &nbsp;&nbsp; Yakima County East Valley School <br> District No. 90 G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 12/1/27 | 1605 | 1668 |
|  |  | **37784** |
| **West Virginia – 0.1%** | **West Virginia – 0.1%** | **West Virginia – 0.1%** |
| &nbsp;&nbsp; West Virginia State Housing <br> Development Fund MFH Variable <br> Revenue Bonds, Highlawn Place <br> (Housing & Urban Development <br> Sector 8 Program),<br>|  |  |
| 2.88%, 2/1/28<sup>(5) (8)</sup>  | 3300 | 3292 |
| &nbsp;&nbsp; West Virginia State Housing <br> Development Fund Sustainable <br> Revenue Bonds, Series D,<br>|  |  |
| 3.50%, 5/1/26 | 500 | 500 |
| 3.55%, 11/1/26 | 475 | 476 |
|  |  | **4268** |
| **Wisconsin – 1.5%** | **Wisconsin – 1.5%** | **Wisconsin – 1.5%** |
| &nbsp;&nbsp; Dane County G.O. Unlimited <br> Promissory Notes, Series C (AMT),<br>|  |  |
| 4.00%, 6/1/27 | 3965 | 4011 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Wisconsin – 1.5%continued** | **Wisconsin – 1.5%continued** | **Wisconsin – 1.5%continued** |
| &nbsp;&nbsp; Dane County G.O. Unlimited <br> Promissory Notes, Series D (AMT), <br> Airport Project,<br>|  |  |
| 5.00%, 6/1/27 | $4560 | $4665 |
| 5.00%, 6/1/28 | 3400 | 3550 |
| &nbsp;&nbsp; Green Bay G.O. Unlimited Promissory <br> Notes, Series B,<br>|  |  |
| 4/1/29<sup>(10)</sup>  | 1090 | 1160 |
| &nbsp;&nbsp; Madison Metropolitan School District <br> G.O. Unlimited Promissory Notes, <br> Series A,<br>|  |  |
| 5.00%, 3/1/28 | 2560 | 2676 |
| &nbsp;&nbsp; Milwaukee G.O. Unlimited Promissory <br> Notes, Series N-2 (AG Insured),<br>|  |  |
| 5.00%, 12/1/28 | 9480 | 9969 |
| &nbsp;&nbsp; Milwaukee G.O. Unlimited Promissory <br> Notes, Series N3,<br>|  |  |
| 5.00%, 4/1/28 | 8440 | 8806 |
| &nbsp;&nbsp; Milwaukee G.O. Unlimited Refunding <br> Promissory Notes, Series N4,<br>|  |  |
| 5.00%, 4/1/28 | 2500 | 2608 |
| &nbsp;&nbsp; PFA Educational Facilities Revenue <br> Refunding Bonds, Lindenwood <br> Education System,<br>|  |  |
| 5.00%, 6/1/27 | 265 | 269 |
| 5.00%, 6/1/28 | 550 | 564 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Children's Hospital <br> of Wisconsin,<br>|  |  |
| 5.00%, 8/15/28 | 1600 | 1649 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Marshfield Clinic <br> Health System, Inc. (AG Insured),<br>|  |  |
| 5.00%, 2/15/28 | 2685 | 2791 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Mercy Health <br> Corp. Obligated Group,<br>|  |  |
| 5.00%, 6/1/27 | 1220 | 1249 |
| 5.00%, 6/1/28 | 1000 | 1042 |
|  |  | **45009** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **290** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  | **MUNICIPAL BONDS - 78.0%continued**  |
| **Wyoming – 0.1%** | **Wyoming – 0.1%** | **Wyoming – 0.1%** |
| &nbsp;&nbsp; Sweetwater County 2023 Specific <br> Purpose Tax Joint Powers Board <br> Revenue Bonds,<br>|  |  |
| 6.00%, 6/15/26 | $2655 | $2673 |
| &nbsp;&nbsp; Wyoming State Community <br> Development Authority Housing <br> Revenue Refunding Bonds, Series 1,<br>|  |  |
| 3.05%, 12/1/28 | 1030 | 1031 |
|  |  | **3704** |
| **Total Municipal Bonds** |  |  |
| **(Cost $2,288,838)** |  | **2284208** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.3%**  | **INVESTMENT COMPANIES – 0.3%**  | **INVESTMENT COMPANIES – 0.3%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(11) (12) (13)</sup> <br>| 101185 | $101 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(11) (12)</sup> <br>| 9671557 | 9672 |
| **Total Investment Companies** |  |  |
| **(Cost $9,773)** |  | **9773** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 7.4%**  | **SHORT-TERM INVESTMENTS – 7.4%**  | **SHORT-TERM INVESTMENTS – 7.4%**  |
| &nbsp;&nbsp; Adams County School District No. 172 <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 2/1/27 | $300 | $305 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Gas Project No.7-S,<br>|  |  |
| 4.00%, 12/1/26<sup>(5) (8)</sup>  | 9800 | 9859 |
| &nbsp;&nbsp; Bonneville & Bingham Counties Joint <br> School District No. 93 G.O. <br> Unlimited Refunding Bonds (Idaho <br> Sales Tax Guaranty Insured),<br>|  |  |
| 5.00%, 9/15/26 | 525 | 531 |
| &nbsp;&nbsp; Broward County Port Facilities Revenue <br> Bonds (AMT),<br>|  |  |
| 5.00%, 9/1/26 | 1000 | 1008 |
| &nbsp;&nbsp; Brownsville Utility System Revenue <br> Refunding Bonds (AG Insured),<br>|  |  |
| 5.00%, 9/1/26 | 720 | 727 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 7.4%continued**  | **SHORT-TERM INVESTMENTS - 7.4%continued**  | **SHORT-TERM INVESTMENTS - 7.4%continued**  |
| &nbsp;&nbsp; Burke County Development Authority <br> Pollution Control Variable Revenue <br> Refunding Bonds, Georgia Power <br> Company Plant Vogtle Project,<br>|  |  |
| 3.38%, 3/12/27<sup>(5) (8)</sup>  | $3800 | $3812 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Bonds (AMT), <br> Brightline West Passenger,<br>|  |  |
| 3.50%, 11/2/26<sup>(1) (5) (8)</sup>  | 30000 | 30014 |
| &nbsp;&nbsp; Chippewa Valley Schools G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/26 | 1300 | 1303 |
| &nbsp;&nbsp; Cumberland County Industrial Facilities <br> & Pollution Control Financing <br> Authority Solid Waste Disposal <br> Variable Revenue Bonds (AMT), <br> Project Aero,<br>|  |  |
| 3.13%, 12/1/26<sup>(5) (8)</sup>  | 20500 | 20502 |
| &nbsp;&nbsp; Cumberland County Municipal <br> Authority Revenue Refunding Bonds, <br> Series A, Messiah Village Project,<br>|  |  |
| 5.00%, 6/1/26 | 295 | 296 |
| &nbsp;&nbsp; Del Valle Independent School District <br> G.O. Unlimited Bonds, Series A (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 6/15/26 | 795 | 799 |
| &nbsp;&nbsp; District of Columbia Housing Finance <br> Agency MFH Variable Revenue <br> Bonds, Parcel 42 Apartments Project,<br>|  |  |
| 2.88%, 9/1/26<sup>(5) (8)</sup>  | 2500 | 2500 |
| &nbsp;&nbsp; Fraser Public Schools District G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/26 | 1415 | 1418 |
| &nbsp;&nbsp; Hamilton County G.O. Limited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 6/30/26 | 2885 | 2901 |
| &nbsp;&nbsp; Johnson City Health & Educational <br> Facilities Board Multi Family Variable <br> Revenue Bonds, Tapestry At Roan <br> Hill (Housing & Urban Development <br> Sector 8 Program),<br>|  |  |
| 3.60%, 12/1/26<sup>(5) (8)</sup>  | 3000 | 3014 |
| &nbsp;&nbsp; Knox County Health Educational & <br> Housing Facility Board MFH Revenue <br> Bonds, Callahan Flats Project,<br>|  |  |
| 4.05%, 12/1/26<sup>(5) (8)</sup>  | 4665 | 4701 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **291** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 7.4%continued**  | **SHORT-TERM INVESTMENTS - 7.4%continued**  | **SHORT-TERM INVESTMENTS - 7.4%continued**  |
| &nbsp;&nbsp; Louisiana State Citizens Property <br> Insurance Corp. Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/26 | $14700 | $14755 |
| &nbsp;&nbsp; Lower Colorado River Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 5/15/26 | 2800 | 2808 |
| &nbsp;&nbsp; Luzerne County G.O. Unlimited <br> Refunding Bonds (AG Insured),<br>|  |  |
| 5.00%, 6/15/26 | 200 | 201 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Beth Israel Lahey Health Issue <br> (AG Insured),<br>|  |  |
| 5.00%, 7/1/26 | 2500 | 2514 |
| &nbsp;&nbsp; Metropolitan Government Nashville & <br> Davidson County Health & <br> Educational Facilities Board Variable <br> Revenue Bonds, Stone Bridge Lofts <br> Project,<br>|  |  |
| 3.35%, 4/1/26<sup>(14)</sup>  | 1700 | 1700 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Variable Revenue Tender Notes,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.65%), <br> 3.10%, 4/1/26<sup>(3) (5)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Notes, Series A-1,<br>|  |  |
| 5.00%, 7/20/26 | 7220 | 7274 |
| &nbsp;&nbsp; Michigan State Hospital Finance <br> Authority Revenue Refunding Bonds, <br> Bronson Healthcare Group,<br>|  |  |
| 5.00%, 5/15/26 | 1000 | 1003 |
| 5.00%, 5/15/26 | 690 | 692 |
| &nbsp;&nbsp; New Albany-Floyd County School <br> Building Corp. Revenue Bonds (State <br> Aid Intercept Program),<br>|  |  |
| 5.00%, 7/15/26 | 1490 | 1499 |
| &nbsp;&nbsp; New Mexico State Mortgage Finance <br> Authority MFH Variable Revenue <br> Bonds, Mountain View II & III <br> Apartments Project (Housing & <br> Urban Development Sector 8 <br> Program),<br>|  |  |
| 2.92%, 9/1/26<sup>(5) (8)</sup>  | 2000 | 2000 |
| &nbsp;&nbsp; New Mexico State Mortgage Finance <br> Authority Variable Revenue Bonds, <br> Series G-3, Class I (GNMA, FNMA, <br> FHLMC Insured),<br>|  |  |
| 3.00%, 12/1/26<sup>(5) (8)</sup>  | 9110 | 9111 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 7.4%continued**  | **SHORT-TERM INVESTMENTS - 7.4%continued**  | **SHORT-TERM INVESTMENTS - 7.4%continued**  |
| &nbsp;&nbsp; North Carolina State Medical Care <br> Commission Health Care Facilities <br> Revenue Refunding Bonds, Series A, <br> Duke University Health System,<br>|  |  |
| 5.00%, 6/1/26 | $3055 | $3067 |
| &nbsp;&nbsp; Palm Beach County HFA MFH Revenue <br> Bonds, Everglades Townhomes,<br>|  |  |
| 2.80%, 2/1/27<sup>(15)</sup>  | 1000 | 997 |
| &nbsp;&nbsp; PEFA, Inc., Iowa Gas Project Revenue <br> Bonds,<br>|  |  |
| 5.00%, 9/1/26<sup>(5) (8)</sup>  | 11645 | 11733 |
| &nbsp;&nbsp; Perry Township Schools Marion County <br> G.O. Limited Bonds (State Aid <br> Intercept Program),<br>|  |  |
| 5.00%, 7/15/26 | 1350 | 1358 |
| &nbsp;&nbsp; PMA Levy & Aid Revenue Notes, <br> Anticipation Notes Program,<br>|  |  |
| 5.00%, 6/25/26 | 1430 | 1437 |
| &nbsp;&nbsp; Racine G.O. Unlimited Promissory <br> Notes, Series B (AG Insured),<br>|  |  |
| 5.00%, 6/1/26 | 2885 | 2896 |
| &nbsp;&nbsp; Richmond Redevelopment & Housing <br> Authority Multi Family Variable <br> Revenue Bonds, Joyfield at German <br> School,<br>|  |  |
| 3.10%, 12/1/26<sup>(5) (8)</sup>  | 2000 | 2000 |
| &nbsp;&nbsp; Roanoke EDA Hospital Revenue Bonds, <br> Carilion Clinic Obligated Group,<br>|  |  |
| 5.00%, 7/1/26 | 1010 | 1016 |
| &nbsp;&nbsp; Rockford Public School District G.O. <br> Unlimited Bonds, Series III (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/26 | 6185 | 6197 |
| &nbsp;&nbsp; Saint Charles County Public Water <br> Supply District No. 2 Refunding <br> COPS, Series A,<br>|  |  |
| 5.00%, 12/1/26 | 900 | 914 |
| &nbsp;&nbsp; South Carolina State Ports Authority <br> Revenue Bonds (AMT),<br>|  |  |
| 5.00%, 7/1/26 | 2920 | 2936 |
| &nbsp;&nbsp; Texas State Affordable Housing Corp. <br> MFH Revenue Bonds, La Vista de <br> Lopez Apartments (Housing & Urban <br> Development Sector 8 Program, FHA <br> Insured),<br>|  |  |
| 2.80%, 2/1/27<sup>(16)</sup>  | 1200 | 1199 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **292** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 7.4%continued**  | **SHORT-TERM INVESTMENTS - 7.4%continued**  | **SHORT-TERM INVESTMENTS - 7.4%continued**  |
| &nbsp;&nbsp; Texas State Affordable Housing Corp. <br> MFH Variable Revenue Bonds, <br> Norman Commons,<br>|  |  |
| 3.63%, 1/1/27<sup>(5) (8)</sup>  | $3400 | $3417 |
| &nbsp;&nbsp; Tulsa County Industrial Authority <br> Educational Facilities Lease Revenue <br> Bonds, Owasso Public Schools <br> Project,<br>|  |  |
| 5.00%, 9/1/26 | 1500 | 1513 |
| &nbsp;&nbsp; University of Colorado University <br> Enterprise System Variable Revenue <br> Refunding Bonds,<br>|  |  |
| 2.00%, 10/15/26<sup>(5) (8)</sup>  | 4510 | 4484 |
| &nbsp;&nbsp; University of Oklahoma Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/26 | 375 | 377 |
| &nbsp;&nbsp; Wayne Township School Building Corp. <br> Marion County Revenue Bonds, <br> Series B (State Aid Intercept <br> Program),<br>|  |  |
| 5.00%, 7/15/26 | 1155 | 1162 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Mercy Health <br> Corp. Obligated Group,<br>|  |  |
| 5.00%, 6/1/26 | 575 | 577 |
| &nbsp;&nbsp; Yuma Pledged Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/26 | 865 | 870 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $215,361)** | **(Cost $215,361)** | **215397** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $2,932,155)** | **(Cost $2,932,155)** | **2926512** |
| Other Assets less Liabilities – 0.0% | Other Assets less Liabilities – 0.0% | 1165 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2927677** |

---

<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 March 31,* *2026, the value of these securities amounted to approximately* *$145,707,000 or 5.0% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of March 31, 2026 is disclosed.*

<sup>(3)</sup> *Variable or floating rate security. Rate as of March 31, 2026 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 March 31, 2026.* 

<sup>(5)</sup> *Maturity date represents the puttable date.*

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

---

| | |
|:---|:---|
| <sup>(6)</sup>  | *Variable or floating rate security. Rate is determined by a remarketing agent* <br> *and, in the agent's judgment, on the basis of prevailing financial markets,* <br> *will be the lowest interest rate necessary to enable the remarketing agent to* <br> *sell the bonds at a price equal to 100% of the principal amount.*<br>|
| <sup>(7)</sup>  | *The obligations of certain U.S. government-sponsored entities are neither* <br> *issued nor guaranteed by the United States Treasury.*<br>|
| <sup>(8)</sup>  | *Variable or floating rate security. These securities are remarketed by an* <br> *agent, and the rate at which these securities are set are determined by* <br> *general market conditions and supply and demand. Rate as of March 31,* <br> *2026 is disclosed.*<br>|
| <sup>(9)</sup>  | *Maturity date represents the prerefunded date.* |
| <sup>(10)</sup>  | *When-Issued Security. Coupon rate is not in effect at March 31, 2026.* |
| <sup>(11)</sup>  | *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>(12)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(13)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>(14)</sup>  | *Security has converted to a fixed rate as of December 1, 2025, and will* <br> *continue at a fixed rate going forward.*<br>|
| <sup>(15)</sup>  | *Security has converted to a fixed rate as of February 2, 2026, and will* <br> *continue at a fixed rate going forward.*<br>|
| <sup>(16)</sup>  | *Security has converted to a fixed rate as of February 1, 2026, and will* <br> *continue at a fixed rate going forward.*<br>|
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1Y - 1 Year |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| BANS - Bond Anticipation Notes |
| CMT - Constant Maturity |
| COPS - Certificates of Participation |
| EDA - Economic Development Authority |
| FHA - Federal Housing Administration |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| G.O. - General Obligation |
| GANS - Grant Anticipation Notes |
| GARVEE - Grant Anticipation Revenue Vehicle |
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **293** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued**  | **March 31, 2026**  |

---

---

| |
|:---|
| HFA - Housing Finance Authority |
| IDA - Industrial Development Authority |
| IDB - Industrial Development Board |
| IDR - Industrial Development Revenue |
| LCRA - Lower Colorado River Authority |
| LOC - Letter of Credit |
| MFH - Multi-Family Housing |
| PCR - Pollution Control Revenue |
| PFA - Public Finance Authority |
| PSF - Permanent School Fund |
| Q-SBLF - Qualified School Bond Loan Fund |
| SIFMA - Securities Industry and Financial Markets Association |
| SOFR - Secured Overnight Financing Rate |
| TCRS - Transferable Custodial Receipts |
| TRB - Tax Revenue Bonds |

---

*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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53193 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53193 |
| &nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2832 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2832 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 25249 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25249 |
| Corporate Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 126710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 126710 |
| Foreign Issuer Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 203460 | &nbsp;&nbsp; — | &nbsp;&nbsp; 203460 |
| U.S. Government Agencies | &nbsp;&nbsp; — | &nbsp;&nbsp; 5690 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5690 |
| Municipal Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2284208 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2284208 |
| Investment Companies | &nbsp;&nbsp; 9773 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9773 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 215397 | &nbsp;&nbsp; — | &nbsp;&nbsp; 215397 |
| Total Investments | &nbsp;&nbsp; $9773 | &nbsp;&nbsp; $2916739 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2926512 |

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $20727 | $20626 | $101 | 101185 | $2 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 28926 | 1979970 | 1999224 | 9672 | 9671557 | 1462 |
| Total | $28926 | $2000697 | $2019850 | $9773 | 9772742 | $1464 |

---

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

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **294** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **TAX-EXEMPT FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 96.3%**  | **MUNICIPAL BONDS – 96.3%**  | **MUNICIPAL BONDS – 96.3%**  |
| **Alabama – 3.1%** | **Alabama – 3.1%** | **Alabama – 3.1%** |
| &nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 9/1/32<sup>(1) (2)</sup>  | $1500 | $1583 |
| &nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series D,<br>|  |  |
| 5.00%, 11/1/32 | 4000 | 4241 |
| &nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds,<br>|  |  |
| 4.00%, 12/1/31<sup>(1) (2)</sup>  | 3000 | 3030 |
| &nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds, <br> Series D1,<br>|  |  |
| 4.00%, 6/1/27<sup>(1) (2)</sup>  | 1000 | 1010 |
| &nbsp;&nbsp; Huntsville Health Care Authority <br> Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 6/1/35 | 4000 | 4450 |
| &nbsp;&nbsp; Jefferson County Sewer Revenue <br> Refunding Warrants,<br>|  |  |
| 5.50%, 10/1/53 | 2425 | 2522 |
| &nbsp;&nbsp; Limestone County Water & Sewer <br> Revenue Bonds,<br>|  |  |
| 5.00%, 12/1/44 | 500 | 528 |
| &nbsp;&nbsp; Mobile County Board of School <br> Commissioners Special Tax <br> Refunding Bonds (AG Insured),<br>|  |  |
| 5.00%, 3/1/27 | 710 | 725 |
| 5.00%, 3/1/28 | 420 | 438 |
| &nbsp;&nbsp; Southeast Energy Authority Commodity <br> Supply Variable Revenue Bonds, <br> Series A-1, Project No. 3,<br>|  |  |
| 5.50%, 12/1/29<sup>(1) (2)</sup>  | 1000 | 1064 |
| &nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District Energy Supply <br> Revenue Bonds, Series C,<br>|  |  |
| 5.00%, 2/1/31<sup>(1) (2)</sup>  | 3000 | 3173 |
|  |  | **22764** |
| **Alaska – 0.4%** | **Alaska – 0.4%** | **Alaska – 0.4%** |
| &nbsp;&nbsp; Alaska State Railroad Corp. Cruise Port <br> Revenue Bonds (AMT) (AG Insured),<br>|  |  |
| 5.50%, 10/1/42 | 385 | 415 |
| 6.00%, 10/1/50 | 500 | 538 |
| &nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| 5.50%, 2/1/33 | 2120 | 2366 |
|  |  | **3319** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Arizona – 3.1%** | **Arizona – 3.1%** | **Arizona – 3.1%** |
| &nbsp;&nbsp; Arizona Board of Regents University of <br> Arizona System Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 6/1/28 | $600 | $630 |
| &nbsp;&nbsp; Arizona Board of Regents University of <br> Arizona System Revenue Refunding <br> Bonds, Stimulus Plan For Economic <br> (BAM Insured),<br>|  |  |
| 5.00%, 8/1/41 | 1350 | 1468 |
| &nbsp;&nbsp; Arizona State IDA National Charter <br> School Revolving Loan Fund Revenue <br> Bonds, Equitable School Revenue, <br> Social Bonds,<br>|  |  |
| 4.00%, 11/1/46 | 1000 | 915 |
| &nbsp;&nbsp; Chandler IDA IDR Variable Revenue <br> Bonds (AMT), Intel Corp. Project,<br>|  |  |
| 5.00%, 9/1/27<sup>(1) (2)</sup>  | 2000 | 2032 |
| 4.00%, 6/1/29<sup>(1) (2)</sup>  | 1500 | 1519 |
| &nbsp;&nbsp; Maricopa County IDA Variable <br> Revenue Bonds, Series A-2, Banner <br> Health,<br>|  |  |
| 5.00%, 5/15/28<sup>(1) (2)</sup>  | 4000 | 4158 |
| &nbsp;&nbsp; Maricopa County Roosevelt Elementary <br> School District No. 66 G.O. <br> Unlimited Bonds (BAM Insured),<br>|  |  |
| 5.00%, 7/1/40 | 730 | 777 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Airport Senior Lien Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 7/1/31 | 2500 | 2717 |
| &nbsp;&nbsp; Pinal County Revenue Obligations <br> Bonds (BAM Insured),<br>|  |  |
| 5.25%, 8/1/50 | 1500 | 1577 |
| &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>|  |  |
| 5.00%, 7/1/43 | 1000 | 1054 |
| &nbsp;&nbsp; Queen Creek Excise Tax & State <br> Shared Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/54 | 4720 | 4823 |
| &nbsp;&nbsp; Yuma IDA Hospital Revenue Refunding <br> Bonds, Yuma Regional Medical <br> Center,<br>|  |  |
| 5.00%, 8/1/29 | 680 | 726 |
| 5.00%, 8/1/40 | 700 | 748 |
|  |  | **23144** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **295** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Arkansas – 0.4%** | **Arkansas – 0.4%** | **Arkansas – 0.4%** |
| &nbsp;&nbsp; Little Rock School District G.O. Limited <br> Refunding Bonds, Series A (AGM <br> Insured State Aid Withholding),<br>|  |  |
| 2.00%, 2/1/34 | $2610 | $2224 |
| 2.25%, 2/1/41 | 1000 | 724 |
|  |  | **2948** |
| **California – 7.9%** | **California – 7.9%** | **California – 7.9%** |
| &nbsp;&nbsp; Alameda Corridor Transportation <br> Authority Senior Lien Convertible <br> Revenue Refunding CABS, Series A,<br>|  |  |
| &nbsp;&nbsp; (Step to 5.40% on 10/1/37), <br> 0.00%, 10/1/50<sup>(3)</sup> <br>| 1500 | 849 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| 4.00%, 8/1/31<sup>(1) (2)</sup>  | 1095 | 1093 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Revenue Bonds, Clean <br> Energy Project,<br>|  |  |
| 5.00%, 4/1/32<sup>(1) (2)</sup>  | 6000 | 6329 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 5.00%, 8/1/33<sup>(1) (2)</sup>  | 3000 | 3246 |
| 5.00%, 10/1/33<sup>(1) (2)</sup>  | 3875 | 4040 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| 5.00%, 9/1/32<sup>(1) (2)</sup>  | 3500 | 3749 |
| &nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-1, Class A <br> Certificates,<br>|  |  |
| 3.50%, 11/20/35 | 3225 | 3175 |
| &nbsp;&nbsp; California School Finance Authority <br> Educational Facilities Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 7/1/55 | 1075 | 854 |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, The <br> Master's University,<br>|  |  |
| 5.25%, 8/1/40 | 1975 | 2030 |
| &nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Series 2007, Unrefunded Balance,<br>|  |  |
| 5.75%, 5/1/30 | 75 | 75 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **California – 7.9%continued** | **California – 7.9%continued** | **California – 7.9%continued** |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/45 | $1000 | $1079 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Providence St. <br> Joseph Health,<br>|  |  |
| 5.00%, 10/1/32<sup>(1) (2)</sup>  | 2500 | 2753 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Refunding Bonds, Rady <br> Children's Health,<br>|  |  |
| 5/1/31<sup>(1) (4)</sup>  | 1000 | 1097 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Refunding Bonds, <br> The Master's University,<br>|  |  |
| 5.00%, 8/1/34 | 1385 | 1410 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Student Housing Revenue <br> Bonds, CHF-Davis I, LLC - West <br> Village,<br>|  |  |
| 5.00%, 5/15/43 | 2000 | 2021 |
| &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>|  |  |
| 3.00%, 5/15/54 | 1000 | 702 |
| &nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.25%, 10/1/39 | 5000 | 5008 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Revenue Refunding Bonds, Series B <br> (AMT),<br>|  |  |
| 5.00%, 5/15/34 | 3000 | 3099 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series D,<br>|  |  |
| 5.00%, 7/1/34 | 1000 | 1121 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Bonds, Series <br> C,<br>|  |  |
| 5.00%, 7/1/37 | 2380 | 2478 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 7/1/50 | 1245 | 1276 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **296** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **California – 7.9%continued** | **California – 7.9%continued** | **California – 7.9%continued** |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/36 | $1370 | $1470 |
| &nbsp;&nbsp; Los Angeles Municipal Improvement <br> Corp. Lease Revenue Bonds, Capital <br> Equipment & Real Property,<br>|  |  |
| 5.00%, 5/1/28 | 1000 | 1052 |
| &nbsp;&nbsp; Los Angeles Municipal Improvement <br> Corp. Lease Revenue Bonds, Los <br> Angeles Convention Center,<br>|  |  |
| 5.00%, 5/1/55 | 750 | 769 |
| &nbsp;&nbsp; Oakland G.O. Unlimited Bonds, Series <br> B-1, Measure U,<br>|  |  |
| 5.00%, 7/15/55 | 1250 | 1286 |
| &nbsp;&nbsp; Poway Unified School District PFA <br> Special Tax Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 9/1/35 | 1150 | 1248 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 5/1/42 | 1500 | 1510 |
| &nbsp;&nbsp; Twin Rivers Unified School District G.O. <br> Unlimited Refunding Bonds, Series B <br> (AG Insured),<br>|  |  |
| 8/1/27<sup>(4)</sup>  | 1600 | 1649 |
| 8/1/28<sup>(4)</sup>  | 550 | 582 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series CE,<br>|  |  |
| 5.00%, 11/15/36 | 1330 | 1534 |
|  |  | **58584** |
| **Colorado – 5.4%** | **Colorado – 5.4%** | **Colorado – 5.4%** |
| &nbsp;&nbsp; Adams County School District No. 1 <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B (State Aid <br> Withholding), Prerefunded,<br>|  |  |
| 5.25%, 12/1/26<sup>(5)</sup>  | 225 | 229 |
| &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>|  |  |
| 5.25%, 12/1/40 | 4775 | 4828 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Colorado – 5.4%continued** | **Colorado – 5.4%continued** | **Colorado – 5.4%continued** |
| &nbsp;&nbsp; Adams County School District No. 14 <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.50%, 12/1/44 | $2620 | $2902 |
| &nbsp;&nbsp; Central Weld County Water District <br> Revenue Bonds (BAM Insured),<br>|  |  |
| 5.00%, 12/1/45 | 1100 | 1154 |
| 5.00%, 12/1/50 | 1000 | 1020 |
| &nbsp;&nbsp; Colorado Educational & Cultural <br> Authority Revenue Bonds, Series A, <br> University of Denver Project,<br>|  |  |
| 5.00%, 3/1/44 | 1925 | 2034 |
| 5.00%, 3/1/46 | 1620 | 1682 |
| Colorado State COPS, Series A, |  |  |
| 4.00%, 12/15/37 | 5000 | 5013 |
| &nbsp;&nbsp; Colorado State Educational & Cultural <br> Facilities Authority Revenue Bonds, <br> Series A, University of Denver <br> Project,<br>|  |  |
| 5.00%, 3/1/40 | 2500 | 2526 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Hospital Revenue <br> Refunding Bonds, Adventist Health <br> System/Sunbelt,<br>|  |  |
| 4.00%, 11/15/41 | 1000 | 981 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Revenue Refunding Bonds, <br> Series A, CommonSpirit Health,<br>|  |  |
| 5.00%, 12/1/29 | 3000 | 3193 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue Bonds, <br> AdventHealth Obligated Group ,<br>|  |  |
| 5.00%, 11/15/28<sup>(1) (2)</sup>  | 2500 | 2629 |
| &nbsp;&nbsp; Denver City & County Airport Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 11/15/37 | 2000 | 2129 |
| 5.00%, 11/15/41 | 1000 | 1046 |
| &nbsp;&nbsp; Denver City & County Airport System <br> Subordinate Revenue Refunding <br> Bonds (AMT), Series A,<br>|  |  |
| 5.00%, 12/1/43 | 2000 | 2035 |
| &nbsp;&nbsp; Denver City & County Dedicated Tax <br> Revenue CABS, Series A-2,<br>|  |  |
| 0.00%, 8/1/37<sup>(6)</sup>  | 2750 | 1661 |
| 0.00%, 8/1/39<sup>(6)</sup>  | 2805 | 1503 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **297** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Colorado – 5.4%continued** | **Colorado – 5.4%continued** | **Colorado – 5.4%continued** |
| &nbsp;&nbsp; Denver City & County Dedicated Tax <br> Revenue Refunding & Improvement <br> Bonds, Series A,<br>|  |  |
| 5.00%, 8/1/42 | $1500 | $1506 |
| &nbsp;&nbsp; Denver Health & Hospital Authority <br> Healthcare Revenue Bonds, Series A,<br>|  |  |
| 5.13%, 12/1/50 | 1000 | 987 |
| &nbsp;&nbsp; Metro Water Recovery Sewer Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 4/1/51 | 1000 | 1043 |
|  |  | **40101** |
| **Connecticut – 1.0%** | **Connecticut – 1.0%** | **Connecticut – 1.0%** |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series C,<br>|  |  |
| 5.00%, 8/15/34 | 1700 | 1946 |
| &nbsp;&nbsp; Connecticut State Special Tax <br> Obligation Revenue Bonds, <br> Transportation Infrastructure,<br>|  |  |
| 5.00%, 7/1/39 | 565 | 625 |
| &nbsp;&nbsp; Connecticut State Special Tax <br> Obligation Revenue Refunding <br> Bonds, Transportation Infrastructure,<br>|  |  |
| 5.00%, 7/1/41 | 1500 | 1657 |
| &nbsp;&nbsp; University of Connecticut Revenue <br> Bonds, Series A,<br>|  |  |
| 5.25%, 11/15/47 | 3000 | 3064 |
|  |  | **7292** |
| **Delaware – 0.5%** | **Delaware – 0.5%** | **Delaware – 0.5%** |
| &nbsp;&nbsp; Delaware State EDA Variable Revenue <br> Refunding Bonds, Series A, NRG <br> Energy Project,<br>|  |  |
| 4.00%, 10/1/35<sup>(1) (2)</sup>  | 2250 | 2213 |
| &nbsp;&nbsp; Delaware State Health Facilities <br> Authority Revenue Bonds, Christiana <br> Care Health System,<br>|  |  |
| 5.00%, 10/1/29 | 1265 | 1360 |
|  |  | **3573** |
| **District of Columbia – 1.5%** | **District of Columbia – 1.5%** | **District of Columbia – 1.5%** |
| &nbsp;&nbsp; District of Columbia G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/28 | 3150 | 3317 |
| 5.00%, 8/1/41 | 1930 | 2107 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **District Of Columbia – 1.5%continued** | **District Of Columbia – 1.5%continued** | **District Of Columbia – 1.5%continued** |
| &nbsp;&nbsp; District of Columbia Income Tax <br> Secured Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 6/1/50 | $2750 | $2854 |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/34 | 2750 | 3042 |
|  |  | **11320** |
| **Florida – 9.3%** | **Florida – 9.3%** | **Florida – 9.3%** |
| &nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds (AMT),<br>|  |  |
| 5.00%, 10/1/30 | 2250 | 2308 |
| 5.00%, 10/1/42 | 2500 | 2523 |
| &nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/27 | 1750 | 1802 |
| 5.00%, 10/1/29 | 1170 | 1245 |
| &nbsp;&nbsp; Broward County Airport System <br> Revenue Refunding Bonds, Series B <br> (AMT),<br>|  |  |
| 5.00%, 10/1/29 | 1030 | 1096 |
| &nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series A,<br>|  |  |
| 7/1/28<sup>(4)</sup>  | 5575 | 5840 |
| &nbsp;&nbsp; Florida State Development Finance <br> Corp. Educational Facility Revenue <br> Bonds, Mater Academy Project, <br> Series A,<br>|  |  |
| 5.00%, 6/15/50 | 2000 | 1853 |
| &nbsp;&nbsp; Fort Myers Utility Revenue Refunding <br> Bonds,<br>|  |  |
| 5.25%, 10/1/53 | 3145 | 3263 |
| &nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Priority <br> Subordinated Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| 5.00%, 10/1/42 | 1965 | 1981 |
| &nbsp;&nbsp; Lakeland Hospital System Revenue <br> Refunding Bonds, Lakeland Regional <br> Health System,<br>|  |  |
| 5.00%, 11/15/45 | 1000 | 1036 |
| &nbsp;&nbsp; Lee County Airport Revenue Bonds <br> (AMT),<br>|  |  |
| 5.25%, 10/1/44 | 2250 | 2379 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **298** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Florida – 9.3%continued** | **Florida – 9.3%continued** | **Florida – 9.3%continued** |
| Lee County Local Optional Gas TRB, |  |  |
| 5.25%, 8/1/49 | $3500 | $3581 |
| &nbsp;&nbsp; Lee County School Board COPS, Series <br> A,<br>|  |  |
| 5.00%, 8/1/40 | 3410 | 3724 |
| &nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/38 | 5000 | 5003 |
| &nbsp;&nbsp; Miami-Dade County Educational <br> Facilities Authority Revenue <br> Refunding Bonds, University of <br> Miami, Series B (AMBAC Insured),<br>|  |  |
| 5.25%, 4/1/26 | 2000 | 2000 |
| &nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-2 <br> (AGM Insured),<br>|  |  |
| 3.00%, 10/1/50 | 7500 | 5453 |
| &nbsp;&nbsp; Miami-Dade County Transit Sales <br> Surtax Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/47 | 2750 | 2827 |
| &nbsp;&nbsp; Miami-Dade County Water & Sewer <br> System Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 10/1/37 | 2500 | 2512 |
| &nbsp;&nbsp; North Miami Community <br> Redevelopment Agency Revenue <br> Bonds,<br>|  |  |
| 5.00%, 3/1/42 | 1000 | 1038 |
| 5.00%, 3/1/43 | 1100 | 1134 |
| &nbsp;&nbsp; Orlando Water Reclamation System <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/54 | 3500 | 3619 |
| &nbsp;&nbsp; Palm Beach County Educational <br> Facilities Authority Revenue Bonds, <br> Palm Beach Atlantic University,<br>|  |  |
| 5.00%, 10/1/43 | 375 | 375 |
| &nbsp;&nbsp; Pasco County School Board COPS, <br> Series A (BAM Insured),<br>|  |  |
| 5.00%, 8/1/43 | 3000 | 3070 |
| &nbsp;&nbsp; Seminole County Special Obligation <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/52 | 1325 | 1349 |
| &nbsp;&nbsp; South Broward Hospital District <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 4.00%, 5/1/44 | 3500 | 3191 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Florida – 9.3%continued** | **Florida – 9.3%continued** | **Florida – 9.3%continued** |
| &nbsp;&nbsp; Tampa Bay Water Regional Water <br> Supply Authority Utility System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/36 | $1750 | $1767 |
| &nbsp;&nbsp; Winter Garden Water & Wastewater <br> Revenue Bonds,<br>|  |  |
| 5.25%, 8/1/54 | 3000 | 3110 |
|  |  | **69079** |
| **Georgia – 1.7%** | **Georgia – 1.7%** | **Georgia – 1.7%** |
| &nbsp;&nbsp; Atlanta Airport Sustainable Revenue <br> Bonds, Series B-1 (AMT),<br>|  |  |
| 5.00%, 7/1/38 | 2000 | 2162 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 9/1/27<sup>(1) (2)</sup>  | 5000 | 5058 |
| 5.00%, 5/15/43 | 500 | 504 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series E,<br>|  |  |
| 5.00%, 12/1/32<sup>(1) (2)</sup>  | 1500 | 1574 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Plant Vogtle Units 3 <br> & 4 Project,<br>|  |  |
| 5.50%, 7/1/60 | 2500 | 2500 |
| &nbsp;&nbsp; Richmond County Board of Education <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 10/1/26 | 1150 | 1164 |
|  |  | **12962** |
| **Hawaii – 0.3%** | **Hawaii – 0.3%** | **Hawaii – 0.3%** |
| &nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 9/1/43 | 2000 | **2052** |
| **Idaho – 0.3%** | **Idaho – 0.3%** | **Idaho – 0.3%** |
| &nbsp;&nbsp; Idaho State Housing & Finance <br> Association Sales TRB, Transportation <br> Expansion & Mitigation,<br>|  |  |
| 5.00%, 8/15/47 | 2000 | **2076** |
| **Illinois – 9.4%** | **Illinois – 9.4%** | **Illinois – 9.4%** |
| &nbsp;&nbsp; Aurora Waterworks & Sewerage <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| 4.00%, 12/1/36 | 800 | 782 |
| &nbsp;&nbsp; Chicago Board of Education G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| 5.75%, 12/1/50 | 1500 | 1500 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **299** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Illinois – 9.4%continued** | **Illinois – 9.4%continued** | **Illinois – 9.4%continued** |
| &nbsp;&nbsp; Chicago G.O. Unlimited Bonds, Series <br> A,<br>|  |  |
| 6.00%, 1/1/50 | $1000 | $1033 |
| &nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 1/1/33 | 2500 | 2706 |
| &nbsp;&nbsp; Chicago O'Hare International Airport <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 1/1/38 | 1000 | 1069 |
| &nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Bonds, Series A <br> (AMT),<br>|  |  |
| 5.00%, 1/1/39 | 2000 | 2124 |
| &nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 1/1/39 | 1600 | 1635 |
| 5.00%, 1/1/48 | 3455 | 3453 |
| &nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Refunding <br> Bonds, Series C,<br>|  |  |
| 5.25%, 1/1/54 | 2000 | 2074 |
| &nbsp;&nbsp; Chicago Park District G.O. Limited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/47 | 1750 | 1797 |
| 5.00%, 1/1/48 | 1500 | 1531 |
| &nbsp;&nbsp; Chicago Water Second Lien Revenue <br> Bonds, Series A (AGM Insured),<br>|  |  |
| 5.25%, 11/1/53 | 2000 | 2050 |
| &nbsp;&nbsp; Cook County Community College <br> District No.508 G.O. Unlimited <br> Bonds (BAM Insured),<br>|  |  |
| 5.50%, 12/1/51 | 2000 | 2112 |
| &nbsp;&nbsp; Cook County High School District No. <br> 201J Sterling Morton Township G.O. <br> Limited Bonds (AG Insured),<br>|  |  |
| 5.00%, 6/1/45 | 1100 | 1154 |
| &nbsp;&nbsp; Illinois State Educational Facilities <br> Authority Revenue Bonds, Field <br> Museum of Natural History,<br>|  |  |
| 3.90%, 11/1/36 | 1740 | 1753 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, The Chicago School,<br>|  |  |
| 5.00%, 4/1/32 | 1110 | 1177 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Illinois – 9.4%continued** | **Illinois – 9.4%continued** | **Illinois – 9.4%continued** |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Moorings of <br> Arlington Heights,<br>|  |  |
| 5.13%, 11/1/46 | $1490 | $1501 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Northshore <br> University Health System,<br>|  |  |
| 3.25%, 8/15/49 | 2500 | 1933 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, Lake <br> Forest College,<br>|  |  |
| 5.25%, 10/1/52 | 500 | 475 |
| &nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Bonds, Series A-3, <br> UChicago Medicine,<br>|  |  |
| 5.00%, 8/15/35<sup>(1) (2)</sup>  | 1750 | 1938 |
| &nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Silver <br> Cross Hospital,<br>|  |  |
| 5.00%, 8/15/30<sup>(1) (2)</sup>  | 1000 | 1059 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 4/1/29<sup>(4)</sup>  | 4000 | 4229 |
| 5.00%, 5/1/37 | 1460 | 1568 |
| 5.25%, 5/1/45 | 1000 | 1038 |
| 5.25%, 5/1/49 | 2060 | 2095 |
| &nbsp;&nbsp; Illinois State Sales TRB, Junior <br> Obligation Series B,<br>|  |  |
| 5.00%, 6/15/36 | 2000 | 2212 |
| &nbsp;&nbsp; Illinois State Toll Highway Authority <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/41 | 2300 | 2436 |
| &nbsp;&nbsp; Illinois State Toll Highway Authority <br> Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 1/1/40 | 6500 | 6499 |
| &nbsp;&nbsp; Illinois State University Revenue <br> Refunding Bonds,<br>|  |  |
| 5.25%, 4/1/50 | 3600 | 3704 |
| &nbsp;&nbsp; Joliet Waterworks & Sewage Revenue <br> Bonds (BAM Insured),<br>|  |  |
| 5.25%, 1/1/50 | 3000 | 3102 |
| &nbsp;&nbsp; Sangamon County School District No. <br> 186 Springfield G.O. Unlimited <br> Bonds (AGM Insured),<br>|  |  |
| 5.00%, 6/1/26 | 1200 | 1204 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **300** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Illinois – 9.4%continued** | **Illinois – 9.4%continued** | **Illinois – 9.4%continued** |
| &nbsp;&nbsp; Schaumburg G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| 4.00%, 12/1/41 | $5000 | $4992 |
| &nbsp;&nbsp; Springfield Electric Senior Lien Revenue <br> Refunding Bonds (BAM Insured),<br>|  |  |
| 5.00%, 3/1/37 | 2325 | 2534 |
|  |  | **70469** |
| **Indiana – 1.8%** | **Indiana – 1.8%** | **Indiana – 1.8%** |
| &nbsp;&nbsp; Fishers Sewage Works Revenue Bonds <br> (BAM Insured),<br>|  |  |
| 3.00%, 7/1/51 | 1000 | 728 |
| &nbsp;&nbsp; Hamilton County Public Building Corp. <br> Lease Rental Revenue Bonds,<br>|  |  |
| 5.00%, 7/10/42 | 1000 | 1056 |
| &nbsp;&nbsp; Indiana Finance Authority State <br> Revolving Fund Program Sustainable <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/51 | 1500 | 1565 |
| &nbsp;&nbsp; Indiana State Finance Authority Health <br> System Variable Revenue Bonds, <br> Series B-1, Indiana University Health,<br>|  |  |
| 5.00%, 7/1/28<sup>(1) (2)</sup>  | 2000 | 2091 |
| &nbsp;&nbsp; Indiana State Financing Authority <br> Student Housing Revenue Bonds, <br> Senior Student Housing Project,<br>|  |  |
| 5.00%, 7/1/49 | 1075 | 1057 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Indianapolis Airport Authority <br> Project,<br>|  |  |
| 5.25%, 1/1/50 | 2000 | 2079 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds, Series F, Stormwater Project,<br>|  |  |
| 5.00%, 1/1/49 | 895 | 922 |
| &nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable First Mortgage Revenue <br> Bonds (State Intercept Program),<br>|  |  |
| 5.00%, 7/15/43 | 1230 | 1300 |
| &nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable Revenue Bonds (State <br> Aid Intercept Program),<br>|  |  |
| 5.00%, 7/15/45 | 1000 | 1041 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Indiana – 1.8%continued** | **Indiana – 1.8%continued** | **Indiana – 1.8%continued** |
| &nbsp;&nbsp; Noblesville Redevelopment Authority <br> Revenue Refunding Bonds, Event <br> Center Public Improvement Projects <br> (AGM State Intercept Program),<br>|  |  |
| 5.00%, 8/1/37 | $750 | $814 |
| &nbsp;&nbsp; Northwest Allen School Building Corp. <br> First Mortgage Revenue Bonds (State <br> Intercept Program),<br>|  |  |
| 5.00%, 7/15/31 | 600 | 660 |
|  |  | **13313** |
| **Iowa – 0.2%** | **Iowa – 0.2%** | **Iowa – 0.2%** |
| &nbsp;&nbsp; Guthrie County Hospital Revenue <br> BANS, Guthrie County Hospital <br> Project,<br>|  |  |
| 4.50%, 2/1/29 | 1300 | **1300** |
| **Kansas – 0.2%** | **Kansas – 0.2%** | **Kansas – 0.2%** |
| &nbsp;&nbsp; University of Kansas Hospital Authority <br> Health Facilities Revenue Refunding <br> Bonds, The University of Kansas <br> Health System,<br>|  |  |
| 3/1/46<sup>(4)</sup>  | 1500 | **1594** |
| **Kentucky – 2.0%** | **Kentucky – 2.0%** | **Kentucky – 2.0%** |
| &nbsp;&nbsp; Fayette County School District Finance <br> Corp. Revenue Bonds, Series A <br> (State Intercept Program),<br>|  |  |
| 4.00%, 5/1/38 | 2500 | 2441 |
| &nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Series <br> A, Project No. 133,<br>|  |  |
| 5.00%, 9/1/45 | 1700 | 1804 |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.25%, 12/1/29<sup>(1) (2)</sup>  | 6000 | 6350 |
| &nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government Health System Revenue <br> Refunding Bonds, Norton <br> Healthcare, Inc.,<br>|  |  |
| 5.00%, 10/1/26 | 600 | 607 |
| &nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds, <br> Gas & Electric,<br>|  |  |
| 2.00%, 10/1/33 | 4500 | 3835 |
|  |  | **15037** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **301** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Louisiana – 2.7%** | **Louisiana – 2.7%** | **Louisiana – 2.7%** |
| &nbsp;&nbsp; Greater New Orleans Expressway <br> Commission Toll Subordinate Lien <br> Revenue Refunding Bonds (AG <br> Insured),<br>|  |  |
| 5.00%, 11/1/32 | $435 | $483 |
| 5.00%, 11/1/34 | 575 | 646 |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic Foundation Project,<br>|  |  |
| 5.25%, 5/15/50 | 2500 | 2591 |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic, Unrefunded Balance,<br>|  |  |
| 5.00%, 5/15/47 | 2000 | 2001 |
| &nbsp;&nbsp; Louisiana Stadium & Exposition District <br> Senior Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.25%, 7/1/53 | 2695 | 2772 |
| &nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Revenue <br> Refunding Bonds, Entergy <br> Louisiana LLC Project,<br>|  |  |
| 2.50%, 4/1/36 | 4250 | 3620 |
| &nbsp;&nbsp; New Orleans G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 12/1/47 | 3000 | 3013 |
| &nbsp;&nbsp; Shreveport Water & Sewer Revenue <br> Bonds, Series B (BAM Insured),<br>|  |  |
| 5.00%, 12/1/41 | 5000 | 5019 |
|  |  | **20145** |
| **Maryland – 0.6%** | **Maryland – 0.6%** | **Maryland – 0.6%** |
| &nbsp;&nbsp; Maryland State Health & Higher <br> Educational Facilities Authority <br> Revenue Refunding Bonds, LifeBridge <br> Health,<br>|  |  |
| 5.00%, 7/1/44 | 1100 | 1108 |
| &nbsp;&nbsp; Maryland State Health & Higher <br> Educational Facilities Authority <br> Revenue Refunding Bonds, Series A, <br> Medstar Health Issue,<br>|  |  |
| 5.00%, 8/15/29 | 850 | 908 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Maryland – 0.6%continued** | **Maryland – 0.6%continued** | **Maryland – 0.6%continued** |
| &nbsp;&nbsp; Maryland State Health & Higher <br> Educational Facilities Authority <br> Revenue Refunding Bonds, Series C, <br> Medstar Health Issue,<br>|  |  |
| 5.00%, 8/15/27 | $1000 | $1032 |
| 5.00%, 8/15/28 | 1030 | 1083 |
|  |  | **4131** |
| **Massachusetts – 2.7%** | **Massachusetts – 2.7%** | **Massachusetts – 2.7%** |
| &nbsp;&nbsp; Massachusetts State Bay Transportation <br> Authority Sales Tax Revenue <br> Refunding CABS, Series A,<br>|  |  |
| 0.00%, 7/1/29<sup>(6)</sup>  | 2500 | 2269 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Bonds, <br> Lasell Village, Inc.,<br>|  |  |
| 5.25%, 7/1/50 | 1500 | 1507 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Bonds, <br> Middlesex Sustainable Energy <br> Partners,<br>|  |  |
| 6.00%, 10/1/49 | 500 | 535 |
| &nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series D,<br>|  |  |
| 5.00%, 10/1/50 | 4525 | 4671 |
| &nbsp;&nbsp; Massachusetts State G.O. Unlimited <br> Bonds, Series C, Consolidated Loan,<br>|  |  |
| 5.25%, 10/1/47 | 5000 | 5265 |
| &nbsp;&nbsp; Massachusetts State Port Authority <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/40 | 2725 | 2728 |
| &nbsp;&nbsp; Massachusetts State Transportation <br> Fund Sustainability Revenue Bonds, <br> Rail Enhancement Program,<br>|  |  |
| 5.00%, 6/1/50 | 2500 | 2565 |
| &nbsp;&nbsp; Massachusetts State Water Resources <br> Authority General Revenue Bonds, <br> Series B,<br>|  |  |
| 5.00%, 8/1/43 | 920 | 951 |
|  |  | **20491** |
| **Michigan – 3.1%** | **Michigan – 3.1%** | **Michigan – 3.1%** |
| &nbsp;&nbsp; Great Lakes Water Authority Supply <br> System Senior Lien Revenue Bonds, <br> Series B,<br>|  |  |
| 5.25%, 7/1/53 | 1000 | 1032 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **302** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Michigan – 3.1%continued** | **Michigan – 3.1%continued** | **Michigan – 3.1%continued** |
| &nbsp;&nbsp; Howell Public Schools G.O. Unlimited <br> Bonds, Series II (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/41 | $1000 | $1085 |
| 5.00%, 5/1/42 | 1000 | 1079 |
| 5.00%, 5/1/43 | 750 | 804 |
| 5.00%, 5/1/44 | 750 | 798 |
| &nbsp;&nbsp; L'Anse Creuse Public Schools G.O. <br> Unlimited Bonds, Series I (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/43 | 1250 | 1340 |
| 5.00%, 5/1/49 | 610 | 628 |
| &nbsp;&nbsp; Lincoln Consolidated School District <br> Refunding G.O. Unlimited Bonds, <br> (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/27 | 1500 | 1537 |
| &nbsp;&nbsp; Michigan State HDA SFM Revenue <br> Bonds, Series A, Social Bonds,<br>|  |  |
| 4.10%, 6/1/43 | 1875 | 1826 |
| &nbsp;&nbsp; Michigan State Hospital Finance <br> Authority Revenue Refunding Bonds, <br> Bronson Healthcare Group,<br>|  |  |
| 5.00%, 11/15/29 | 4000 | 4262 |
| &nbsp;&nbsp; Oakland University Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 3/1/47 | 1000 | 1036 |
| &nbsp;&nbsp; South Lyon Community Schools G.O. <br> Unlimited Bonds, Series I,<br>|  |  |
| 5/1/28<sup>(4)</sup>  | 1100 | 1153 |
| &nbsp;&nbsp; Southfield Public Schools G.O. <br> Unlimited Bonds (Q-SBLF Insured),<br>|  |  |
| 5.25%, 5/1/50 | 1200 | 1254 |
| &nbsp;&nbsp; Utica Community Schools G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/27 | 975 | 1000 |
| &nbsp;&nbsp; Warren Consolidated School District <br> G.O. Unlimited Refunding Bonds <br> (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/27 | 1000 | 1024 |
| &nbsp;&nbsp; Wayne County Airport Authority <br> Revenue Refunding Bonds (AMT), <br> Detroit Metropolitan,<br>|  |  |
| 5.00%, 12/1/34 | 1000 | 1098 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Michigan – 3.1%continued** | **Michigan – 3.1%continued** | **Michigan – 3.1%continued** |
| &nbsp;&nbsp; West Bloomfield School District G.O. <br> Unlimited Bonds, Series I (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/42 | $1750 | $1865 |
| &nbsp;&nbsp; West Ottawa Public School District <br> G.O. Unlimited Bonds, Series I,<br>|  |  |
| 5.00%, 11/1/28 | 25 | 26 |
|  |  | **22847** |
| **Minnesota – 0.7%** | **Minnesota – 0.7%** | **Minnesota – 0.7%** |
| &nbsp;&nbsp; Minneapolis & Saint Paul Housing & <br> Redevelopment Authority Health <br> Care Revenue Refunding Bonds, <br> Allina Health System,<br>|  |  |
| 5.00%, 11/15/29 | 1380 | 1409 |
| &nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Revenue Bonds, Series A, Gas <br> Project,<br>|  |  |
| 5.00%, 9/1/35 | 3000 | 3091 |
| &nbsp;&nbsp; Truman Independent School District No. <br> 458 G.O. Unlimited Bonds, Series A <br> (School District Credit Program),<br>|  |  |
| 5.00%, 2/1/40 | 770 | 844 |
|  |  | **5344** |
| **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** |
| &nbsp;&nbsp; Mississippi State Business Finance <br> Corp. Revenue Bonds, System <br> Energy Resources, Inc., Project,<br>|  |  |
| 2.38%, 6/1/44 | 1000 | **647** |
| **Missouri – 1.6%** | **Missouri – 1.6%** | **Missouri – 1.6%** |
| &nbsp;&nbsp; Greene County Reorganized School <br> District No. R-3 Republic G.O. <br> Unlimited Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| 5.00%, 3/1/38 | 1000 | 1078 |
| &nbsp;&nbsp; Kansas City Sanitary Sewer System <br> Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 1/1/49 | 1000 | 935 |
| &nbsp;&nbsp; Lebanon Reorganized School District <br> No. R-3 Laclede County G.O. <br> Unlimited Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| 5.50%, 3/1/45 | 915 | 999 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **303** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Missouri – 1.6%continued** | **Missouri – 1.6%continued** | **Missouri – 1.6%continued** |
| &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>|  |  |
| 5.75%, 3/1/44 | $50 | $56 |
| &nbsp;&nbsp; Missouri Joint Municipal Electric Utility <br> Commission Power Project Revenue <br> Bonds, Marshall Energy Center <br> Project,<br>|  |  |
| 5.00%, 1/1/51 | 3500 | 3563 |
| &nbsp;&nbsp; Missouri State Development Finance <br> Board Infrastructure Facilities <br> Revenue Bonds, Series A, Public <br> Safety Projects (AG Insured),<br>|  |  |
| 5.50%, 12/1/50 | 1080 | 1138 |
| &nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Authority Educational <br> Facilities Revenue Bonds, Series A, <br> Saint Louis University,<br>|  |  |
| 5.00%, 10/1/38 | 2500 | 2502 |
| &nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Authority Health Facilities <br> Revenue Refunding Bonds, Series A, <br> St. Luke's Health System,<br>|  |  |
| 5.00%, 11/15/43 | 1280 | 1307 |
|  |  | **11578** |
| **Montana – 0.0%** | **Montana – 0.0%** | **Montana – 0.0%** |
| &nbsp;&nbsp; Montana State Board of Housing <br> Single Family Program Revenue <br> Refunding Bonds, Series A (FHA INS <br> HUD VA Insured),<br>|  |  |
| 3.90%, 12/1/48 | 50 | **44** |
| **Nebraska – 0.7%** | **Nebraska – 0.7%** | **Nebraska – 0.7%** |
| &nbsp;&nbsp; Douglas County Hospital Authority No. <br> 2 Health Facilities Revenue Bonds, <br> Children's Hospital Obligated <br> Group,<br>|  |  |
| 5.00%, 11/15/36 | 1000 | 1012 |
| &nbsp;&nbsp; Omaha Public Power District Electric <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/42 | 4250 | 4325 |
|  |  | **5337** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **New Jersey – 0.6%** | **New Jersey – 0.6%** | **New Jersey – 0.6%** |
| &nbsp;&nbsp; Casino Reinvestment Development <br> Authority Luxury Tax Revenue <br> Refunding Bonds, Series A (AGC <br> Insured),<br>|  |  |
| 5.00%, 11/1/39 | $1145 | $1228 |
| &nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Program Revenue <br> Bonds, Series AA,<br>|  |  |
| 5.00%, 6/15/36 | 1250 | 1414 |
| &nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Revenue Bonds, <br> Series BB, Transformation Program,<br>|  |  |
| 5.00%, 6/15/46 | 2000 | 2082 |
|  |  | **4724** |
| **New Mexico – 0.2%** | **New Mexico – 0.2%** | **New Mexico – 0.2%** |
| &nbsp;&nbsp; New Mexico State Mortgage Finance <br> Authority Revenue Bonds, Series C <br> (GNMA, FNMA, FHLMC Insured),<br>|  |  |
| 4.00%, 9/1/52 | 990 | 863 |
| &nbsp;&nbsp; New Mexico State Mortgage Finance <br> Authority Revenue Bonds, Series D, <br> Class I (GNMA, FNMA, FHLMC <br> Insured),<br>|  |  |
| 4.30%, 9/1/52 | 980 | 917 |
|  |  | **1780** |
| **New York – 11.8%** | **New York – 11.8%** | **New York – 11.8%** |
| Glens Falls G.O. Limited BANS, |  |  |
| 4.00%, 2/26/27 | 4000 | 4044 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Climate Bond Certified,<br>|  |  |
| 5.00%, 11/15/42 | 1435 | 1530 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/37 | 2500 | 2732 |
| &nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Revenue Bonds, <br> Sustainable Neighborhood Bonds,<br>|  |  |
| 3.00%, 11/1/39 | 1370 | 1243 |
| &nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Revenue Refunding <br> Bonds, Sustainable Neighborhood <br> Bonds,<br>|  |  |
| 3.00%, 11/1/44 | 1535 | 1260 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **304** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **New York – 11.8%continued** | **New York – 11.8%continued** | **New York – 11.8%continued** |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Series DD, Fiscal 2026,<br>|  |  |
| 6/15/46<sup>(4)</sup>  | $1000 | $1057 |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Sub-Series EE,<br>|  |  |
| 5.00%, 6/15/45 | 5000 | 5250 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Building Aid Revenue <br> Bonds, Series S-3 (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 7/15/43 | 3000 | 3081 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Subordinate <br> Revenue Bonds,<br>|  |  |
| 3.00%, 5/1/48 | 4750 | 3500 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Multi-modal <br> Revenue Bonds, Series F-1,<br>|  |  |
| 5.25%, 2/1/53 | 1000 | 1040 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series A-3,<br>|  |  |
| 3.00%, 5/1/45 | 5000 | 3914 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series B, Fiscal 2026,<br>|  |  |
| 5.00%, 5/1/40 | 1500 | 1643 |
| 5.25%, 5/1/48 | 2840 | 3000 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series C-3,<br>|  |  |
| 5.00%, 5/1/41 | 3450 | 3553 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series E,<br>|  |  |
| 5.00%, 11/1/46 | 3000 | 3127 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series H, Fiscal 2025,<br>|  |  |
| 5.00%, 11/1/46 | 1150 | 1201 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> A, Fiscal 2024,<br>|  |  |
| 5.00%, 8/1/51 | 1500 | 1524 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **New York – 11.8%continued** | **New York – 11.8%continued** | **New York – 11.8%continued** |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> D, Fiscal 2026,<br>|  |  |
| 5.00%, 10/1/36 | $1000 | $1116 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> D, Subseries D1,<br>|  |  |
| 5.00%, 12/1/44 | 3000 | 3072 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> G,<br>|  |  |
| 2/1/47<sup>(4)</sup>  | 1500 | 1587 |
| &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>|  |  |
| 5.00%, 10/1/31 | 720 | 729 |
| &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>|  |  |
| 5.00%, 10/1/28<sup>(5)</sup>  | 5 | 5 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.25%, 3/15/39 | 2500 | 2605 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series D,<br>|  |  |
| 5.00%, 2/15/48 | 4500 | 4616 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income TRB, Series A, <br> Unrefunded Balance,<br>|  |  |
| 5.00%, 2/15/43 | 2000 | 2007 |
| &nbsp;&nbsp; New York State Liberty Development <br> Corp. Liberty Revenue Refunding <br> Bonds, Series 1,<br>|  |  |
| 2.25%, 2/15/41 | 5000 | 3670 |
| &nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Revenue Refunding <br> Bonds, Series 233, Social Bonds,<br>|  |  |
| 2.05%, 4/1/33 | 1555 | 1362 |
| &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>|  |  |
| 5.00%, 12/1/28 | 625 | 652 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **305** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **New York – 11.8%continued** | **New York – 11.8%continued** | **New York – 11.8%continued** |
| &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>|  |  |
| 5.00%, 12/1/31 | $550 | $595 |
| &nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Sustainable Revenue Bonds (AMT), <br> John F. Kennedy International Airport <br> New Terminal One Project,<br>|  |  |
| 5.25%, 6/30/41 | 1600 | 1672 |
| 6.00%, 6/30/50 | 1000 | 1060 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| 5.00%, 9/15/28 | 1000 | 1037 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 227 (AMT),<br>|  |  |
| 2.00%, 10/1/32 | 2000 | 1734 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 246 (AMT),<br>|  |  |
| 5.00%, 9/1/28 | 2000 | 2102 |
| 5.00%, 9/1/33 | 2500 | 2769 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Sales TRB, Series A-1,<br>|  |  |
| 5.00%, 5/15/54 | 2975 | 3037 |
| &nbsp;&nbsp; Triborough MTA Bridge & Tunnel <br> Authority Real Estate Transfer TRB, <br> TBTA Capital Lockbox Fund,<br>|  |  |
| 5.00%, 12/1/50 | 6300 | 6467 |
| 5.25%, 12/1/54 | 3295 | 3430 |
|  |  | **88023** |
| **North Carolina – 0.3%** | **North Carolina – 0.3%** | **North Carolina – 0.3%** |
| &nbsp;&nbsp; North Carolina State Housing Finance <br> Agency Home Ownership Revenue <br> Bonds, Series 44,<br>|  |  |
| 3.00%, 7/1/46 | 915 | 721 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **North Carolina – 0.3%continued** | **North Carolina – 0.3%continued** | **North Carolina – 0.3%continued** |
| &nbsp;&nbsp; North Carolina State Medical Care <br> Commission Retirement Facilities <br> Revenue Bonds, United Methodist <br> Retirement Homes,<br>|  |  |
| 5.00%, 10/1/40 | $910 | $969 |
| 5.13%, 10/1/45 | 535 | 557 |
|  |  | **2247** |
| **North Dakota – 0.1%** | **North Dakota – 0.1%** | **North Dakota – 0.1%** |
| &nbsp;&nbsp; Grand Forks Health Care System <br> Revenue Refunding Bonds, Altru <br> Health System (AGM Insured),<br>|  |  |
| 3.00%, 12/1/46 | 1500 | **1122** |
| **Ohio – 1.5%** | **Ohio – 1.5%** | **Ohio – 1.5%** |
| &nbsp;&nbsp; Columbus Regional Airport Authority <br> Revenue Refunding Bonds, John <br> Glenn Columbus International <br> (AMT),<br>|  |  |
| 5.00%, 1/1/34 | 650 | 713 |
| &nbsp;&nbsp; Northeast Ohio Medical University <br> General Receipts Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 4.00%, 12/1/45 | 225 | 197 |
| Springboro G.O. Limited BANS, |  |  |
| 4.00%, 2/23/27 | 2000 | 2024 |
| &nbsp;&nbsp; Troy City School District G.O. Unlimited <br> Bonds,<br>|  |  |
| 5.00%, 12/1/54 | 2650 | 2720 |
| &nbsp;&nbsp; Washington Local School District Lucas <br> County G.O. Unlimited Bonds, Series <br> A (School District Credit Program),<br>|  |  |
| 3.13%, 12/1/51 | 2000 | 1446 |
| &nbsp;&nbsp; Wyoming City School District G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.00%, 12/1/43 | 1530 | 1632 |
| 5.00%, 12/1/55 | 2500 | 2540 |
|  |  | **11272** |
| **Oklahoma – 1.2%** | **Oklahoma – 1.2%** | **Oklahoma – 1.2%** |
| &nbsp;&nbsp; Lawton Industrial Developmental <br> Authority Sales Tax Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 7/1/51 | 2000 | 2031 |
| &nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Facilities Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/29 | 280 | 301 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **306** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Oklahoma – 1.2%continued** | **Oklahoma – 1.2%continued** | **Oklahoma – 1.2%continued** |
| &nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Highways Capital <br> Improvement Revenue Bonds, <br> Department of Transportation,<br>|  |  |
| 5.25%, 7/1/50 | $2000 | $2109 |
| &nbsp;&nbsp; Oklahoma State Water Resources <br> Board State Loan Program Revenue <br> Bonds, Series C,<br>|  |  |
| 4.50%, 10/1/50 | 4400 | 4394 |
|  |  | **8835** |
| **Oregon – 0.6%** | **Oregon – 0.6%** | **Oregon – 0.6%** |
| &nbsp;&nbsp; Clackamas County School District No. <br> 12 North Clackamas G.O. Unlimited <br> CABS, Series A (School Board <br> Guaranty Program), Prerefunded,<br>|  |  |
| 0.00%, 6/15/27<sup>(5) (6)</sup>  | 265 | 157 |
| &nbsp;&nbsp; Clackamas County School District No. <br> 62C Oregon City G.O. Unlimited <br> CABS, Series A (School Board <br> Guaranty Program),<br>|  |  |
| 0.00%, 6/15/37<sup>(6)</sup>  | 1000 | 635 |
| &nbsp;&nbsp; North Clackamas School District <br> No.12, Clackamas County, Capital <br> Appreciation G.O. Unlimited Bonds, <br> Series A, Unrefunded Balance <br> (School Board Guaranty Program),<br>|  |  |
| 0.00%, 6/15/38<sup>(6)</sup>  | 2235 | 1304 |
| &nbsp;&nbsp; Union County Hospital Facility Authority <br> Revenue Bonds, Grand Ronde <br> Hospital Project,<br>|  |  |
| 5.00%, 7/1/52 | 750 | 704 |
| &nbsp;&nbsp; Washington County School District No. <br> 48J Beaverton G.O. Unlimited <br> CABS, Series A (School Board <br> Guaranty Program),<br>|  |  |
| 0.00%, 6/15/48<sup>(6)</sup>  | 5000 | 1667 |
|  |  | **4467** |
| **Pennsylvania – 2.6%** | **Pennsylvania – 2.6%** | **Pennsylvania – 2.6%** |
| &nbsp;&nbsp; Cumberland County Municipal <br> Authority Revenue Refunding Bonds, <br> Series A, Messiah Village Project,<br>|  |  |
| 5.25%, 6/1/44 | 1000 | 1024 |
| &nbsp;&nbsp; Delaware County Regional Water <br> Quality Control Authority Sewer <br> Revenue Bonds,<br>|  |  |
| 5.00%, 5/1/32 | 820 | 821 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Pennsylvania – 2.6%continued** | **Pennsylvania – 2.6%continued** | **Pennsylvania – 2.6%continued** |
| 5.00%, 5/1/35 | $865 | $866 |
| &nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Revenue Bonds, Series A <br> (AMBAC Insured),<br>|  |  |
| 5.50%, 8/1/28 | 1460 | 1547 |
| &nbsp;&nbsp; Pennsylvania State Economic <br> Development Financing Authority <br> University Revenue Bonds, Eastern <br> University Project,<br>|  |  |
| 5.00%, 10/1/45 | 2200 | 2174 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Oil Franchise Tax <br> Subordinate Revenue Bonds, Series <br> B,<br>|  |  |
| 5.00%, 12/1/43 | 2500 | 2568 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Variable Revenue <br> Refunding, Subseries-2,<br>|  |  |
| 5.00%, 12/1/32<sup>(1) (2)</sup>  | 2575 | 2856 |
| &nbsp;&nbsp; Pennsylvania State University Revenue <br> Bonds,<br>|  |  |
| 5.00%, 9/1/43 | 5000 | 5125 |
| &nbsp;&nbsp; Philadelphia Authority for Industrial <br> Development Revenue Refunding <br> Bonds, Greater Philadelphia Health,<br>|  |  |
| 6.00%, 6/1/45 | 2000 | 2093 |
|  |  | **19074** |
| **Rhode Island – 0.4%** | **Rhode Island – 0.4%** | **Rhode Island – 0.4%** |
| &nbsp;&nbsp; Providence Public Buildings Authority <br> Revenue Bonds, Capital Improvement <br> Program Project (AGC Insured),<br>|  |  |
| 5.00%, 9/15/37 | 740 | 814 |
| &nbsp;&nbsp; Rhode Island Infrastructure Bank State <br> Revolving Fund Revenue Refunding <br> Bonds, Series B, Master Trust,<br>|  |  |
| 5.00%, 10/1/27 | 1500 | 1555 |
| 5.00%, 10/1/28 | 500 | 529 |
|  |  | **2898** |
| **South Carolina – 0.7%** | **South Carolina – 0.7%** | **South Carolina – 0.7%** |
| &nbsp;&nbsp; Aiken Water & Sewer Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 8/1/49 | 1000 | 907 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **307** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **South Carolina – 0.7%continued** | **South Carolina – 0.7%continued** | **South Carolina – 0.7%continued** |
| &nbsp;&nbsp; Patriots Energy Group Financing <br> Agency Gas Supply Variable <br> Revenue Refunding Bonds, Series <br> B-1,<br>|  |  |
| 5.25%, 3/1/31<sup>(1) (2)</sup>  | $2000 | $2135 |
| &nbsp;&nbsp; Patriots Energy Group Gas System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 4.00%, 6/1/51 | 2500 | 2192 |
|  |  | **5234** |
| **Tennessee – 0.9%** | **Tennessee – 0.9%** | **Tennessee – 0.9%** |
| &nbsp;&nbsp; Metropolitan Nashville Airport <br> Authority Revenue Bonds, Series B <br> (AMT),<br>|  |  |
| 5.00%, 7/1/30 | 1500 | 1612 |
| &nbsp;&nbsp; Tennergy Corp. Gas Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 9/1/28<sup>(1) (2)</sup>  | 5000 | 5049 |
| &nbsp;&nbsp; Tennessee Housing Development <br> Agency Residential Financing <br> Program Revenue Bonds, Series 1B,<br>|  |  |
| 3.38%, 7/1/38 | 50 | 47 |
|  |  | **6708** |
| **Texas – 6.3%** | **Texas – 6.3%** | **Texas – 6.3%** |
| &nbsp;&nbsp; Austin Water & Wastewater System <br> Revenue Refunding Bonds,<br>|  |  |
| 11/15/47<sup>(4)</sup>  | 2350 | 2469 |
| &nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 4.00%, 6/15/46 | 5000 | 4532 |
| &nbsp;&nbsp; Dallas & Fort Worth International <br> Airport Revenue Bonds, Series A-1 <br> (AMT),<br>|  |  |
| 5.25%, 11/1/42 | 1440 | 1547 |
| &nbsp;&nbsp; El Paso G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 8/15/31 | 1020 | 1120 |
| &nbsp;&nbsp; Harris County Cultural Education <br> Facilities Finance Corp. Revenue <br> Refunding Bonds, Series A, Houston <br> Methodist,<br>|  |  |
| 5.00%, 12/1/29 | 3500 | 3777 |
| &nbsp;&nbsp; Houston Airport System Revenue <br> Refunding Bonds (AMT), United <br> Airlines Inc., Terminal,<br>|  |  |
| 5.25%, 7/15/32 | 3500 | 3680 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Texas – 6.3%continued** | **Texas – 6.3%continued** | **Texas – 6.3%continued** |
| &nbsp;&nbsp; Huffman Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 5.25%, 2/15/49 | $1750 | $1835 |
| &nbsp;&nbsp; Hutto Independent School District <br> Variable G.O. Unlimited Bonds (PSF, <br> Gtd.),<br>|  |  |
| 4.00%, 8/1/28<sup>(1) (2)</sup>  | 550 | 565 |
| &nbsp;&nbsp; Port Houston Authority G.O. Unlimited <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/29 | 2500 | 2620 |
| &nbsp;&nbsp; Roma Independent School District G.O. <br> Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/49 | 1500 | 1541 |
| &nbsp;&nbsp; Round Rock Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series A (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/1/31 | 1500 | 1600 |
| &nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/39 | 2500 | 2782 |
| &nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Hospital <br> Revenue Bonds, Methodist Hospitals <br> of Dallas,<br>|  |  |
| 5.00%, 10/1/27 | 875 | 905 |
| 5.00%, 10/1/28 | 600 | 633 |
| 5.00%, 10/1/29 | 625 | 671 |
| &nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Variable <br> Revenue Refunding Bonds, Ascension <br> Senior Credit,<br>|  |  |
| 5.00%, 11/15/35<sup>(1) (2)</sup>  | 1330 | 1469 |
| &nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Variable <br> Revenue Refunding Bonds, Texas <br> Health Resources System,<br>|  |  |
| 5.00%, 11/15/29<sup>(1) (2)</sup>  | 2000 | 2137 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 10/1/36 | 1000 | 1136 |
| &nbsp;&nbsp; Texas State Transportation Commission <br> Central Texas Turnpike System <br> Second Tier Revenue Refunding <br> Bonds, Series C,<br>|  |  |
| 5.00%, 8/15/39 | 1800 | 1955 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **308** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Texas – 6.3%continued** | **Texas – 6.3%continued** | **Texas – 6.3%continued** |
| &nbsp;&nbsp; Texas Water Development Board <br> Revenue Bonds, Series A, Master <br> Trust,<br>|  |  |
| 4.25%, 10/15/51 | $3000 | $2792 |
| &nbsp;&nbsp; Trinity River Authority Denton Creek <br> Wastewater Revenue Bonds,<br>|  |  |
| 2/1/46<sup>(4)</sup>  | 2360 | 2494 |
| &nbsp;&nbsp; University of Texas Permanent University <br> Fund Revenue Bonds, Series B,<br>|  |  |
| 4.00%, 7/1/41 | 5000 | 5018 |
|  |  | **47278** |
| **Utah – 1.0%** | **Utah – 1.0%** | **Utah – 1.0%** |
| &nbsp;&nbsp; Ogden City Redevelopment Agency <br> Sales & Tax Increment Revenue <br> Bonds,<br>|  |  |
| 5.00%, 1/15/53 | 1500 | 1530 |
| &nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 7/1/35 | 5000 | 5324 |
| &nbsp;&nbsp; Tooele County School District G.O. <br> Unlimited Bonds (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 6/1/30 | 505 | 550 |
|  |  | **7404** |
| **Virginia – 0.3%** | **Virginia – 0.3%** | **Virginia – 0.3%** |
| &nbsp;&nbsp; Rockingham County EDA Facilities <br> Revenue Refunding Bonds, Sentara <br> RMH Medical Center,<br>|  |  |
| 3.00%, 11/1/46 | 2000 | 1561 |
| &nbsp;&nbsp; Virginia State Small Business Financing <br> Authority Senior Lien Revenue Bonds <br> (AMT), Elizabeth River,<br>|  |  |
| 3.00%, 1/1/41 | 1000 | 802 |
|  |  | **2363** |
| **Washington – 3.7%** | **Washington – 3.7%** | **Washington – 3.7%** |
| &nbsp;&nbsp; Benton County Public Utility District No. <br> 1 Electric Revenue Bonds,<br>|  |  |
| 5.00%, 11/1/48 | 1100 | 1133 |
| &nbsp;&nbsp; Clark County Public Utility District No. 1 <br> Electric Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 1/1/38 | 850 | 923 |
| &nbsp;&nbsp; Grant County G.O. Limited Bonds <br> (BAM Insured),<br>|  |  |
| 5.25%, 12/1/50 | 1350 | 1418 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Washington – 3.7%continued** | **Washington – 3.7%continued** | **Washington – 3.7%continued** |
| Kent G.O. Limited Refunding Bonds, |  |  |
| 12/1/51<sup>(4)</sup>  | $1950 | $2009 |
| &nbsp;&nbsp; Pasco Public Facilities District Sales TRB <br> (AGC Insured),<br>|  |  |
| 5.00%, 11/1/40 | 1050 | 1131 |
| &nbsp;&nbsp; Port of Seattle Intermediate Lien <br> Revenue Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 8/1/36 | 3570 | 3819 |
| Washington State COPS, Series A, |  |  |
| 5.00%, 7/1/26 | 1000 | 1006 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series D,<br>|  |  |
| 5.00%, 6/1/49 | 4000 | 4194 |
| &nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Bonds, Providence <br> St. Joseph Health,<br>|  |  |
| 5.00%, 10/1/35 | 3500 | 3865 |
| &nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Providence Health & Services,<br>|  |  |
| 5.00%, 10/1/38 | 5000 | 5005 |
| &nbsp;&nbsp; Washington State Housing Finance <br> Commission Nonprofit Housing <br> Revenue Refunding Bonds, Horizon <br> House Project,<br>|  |  |
| 4.38%, 1/1/33 | 1500 | 1476 |
| &nbsp;&nbsp; Whatcom County Public Utility District <br> No. 1 G.O. Limited Bonds, Series A <br> (AMT) (BAM Insured),<br>|  |  |
| 5.50%, 12/1/43 | 1500 | 1600 |
|  |  | **27579** |
| **West Virginia – 0.2%** | **West Virginia – 0.2%** | **West Virginia – 0.2%** |
| &nbsp;&nbsp; Ohio County Commission Special <br> District Excise Tax Revenue Refunding <br> Bonds, Fort Henry Opportunity <br> Development (AG Insured),<br>|  |  |
| 5.25%, 6/1/45 | 1500 | **1579** |
| **Wisconsin – 3.2%** | **Wisconsin – 3.2%** | **Wisconsin – 3.2%** |
| &nbsp;&nbsp; Central Brown County Water Authority <br> Water System Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/30 | 1320 | 1439 |
| &nbsp;&nbsp; PFA Educational Facilities Revenue <br> Refunding Bonds, Lindenwood <br> Education System,<br>|  |  |
| 5.00%, 6/1/39 | 500 | 505 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **309** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

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

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  | **MUNICIPAL BONDS - 96.3%continued**  |
| **Wisconsin – 3.2%continued** | **Wisconsin – 3.2%continued** | **Wisconsin – 3.2%continued** |
| 5.00%, 6/1/40 | $525 | $527 |
| &nbsp;&nbsp; PFA Revenue Bonds, Maniilaq <br> Association Employee,<br>|  |  |
| 5.25%, 12/1/48 | 3000 | 3040 |
| &nbsp;&nbsp; PFA Revenue Refunding Bonds, Kahala <br> Nui Project,<br>|  |  |
| 5.25%, 11/15/50 | 1000 | 1011 |
| &nbsp;&nbsp; University Hospitals & Clinics Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 4.25%, 4/1/48 | 2775 | 2655 |
| &nbsp;&nbsp; Westfield School District G.O. <br> Unlimited Promissory Notes (AGC <br> Insured),<br>|  |  |
| 5.00%, 3/1/39 | 685 | 733 |
| &nbsp;&nbsp; Wisconsin Center District Appropriation <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 12/15/27 | 3165 | 3289 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue Bonds, <br> Three Pillars Senior Living <br> Communities,<br>|  |  |
| 4.40%, 8/15/29 | 1100 | 1100 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Milwaukee <br> Regional Medical Center,<br>|  |  |
| 4.13%, 4/1/46 | 1500 | 1385 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Prerefunded,<br>|  |  |
| 4.00%, 5/15/26<sup>(5)</sup>  | 40 | 40 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Unrefunded <br> Balance,<br>|  |  |
| 4.00%, 11/15/46 | 4905 | 4465 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Variable Revenue <br> Refunding Bonds, Mercy Health <br> Corp.,<br>|  |  |
| 5.00%, 12/1/33<sup>(1) (2)</sup>  | 3500 | 3809 |
|  |  | **23998** |
| **Total Municipal Bonds** |  |  |
| **(Cost $746,874)** |  | **718076** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.4%**  | **INVESTMENT COMPANIES – 0.4%**  | **INVESTMENT COMPANIES – 0.4%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(7) (8)</sup> <br>| 3033331 | $3033 |
| **Total Investment Companies** |  |  |
| **(Cost $3,033)** |  | **3033** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 3.7%**  | **SHORT-TERM INVESTMENTS – 3.7%**  | **SHORT-TERM INVESTMENTS – 3.7%**  |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Gas Project No.7-S,<br>|  |  |
| 4.00%, 12/1/26<sup>(1) (2)</sup>  | $1000 | $1006 |
| &nbsp;&nbsp; Carroll County Environmental Facilities <br> Revenue Bonds (AMT), Kentucky <br> Utilities Co. Project,<br>|  |  |
| 1.75%, 9/1/26<sup>(1) (2)</sup>  | 1500 | 1485 |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital <br> Authority Health Care System <br> Variable Revenue Refunding Bonds,<br>|  |  |
| 1.85%, 4/1/26<sup>(9)</sup>  | 4000 | 4000 |
| &nbsp;&nbsp; Indiana State Finance Authority <br> Environmental Facilities Variable <br> Revenue Refunding Bonds (AMT), <br> Indianapolis Power & Light Co. <br> Project,<br>|  |  |
| 0.95%, 4/1/26<sup>(1) (2)</sup>  | 1500 | 1500 |
| &nbsp;&nbsp; Indiana State Finance Authority <br> Environmental Facilities Variable <br> Revenue Refunding Bonds, <br> Indianapolis Power & Light Co. <br> Project,<br>|  |  |
| 0.75%, 4/1/26<sup>(1) (2)</sup>  | 1125 | 1125 |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Adjustable Revenue Bonds, <br> Second General Resolution,<br>|  |  |
| 1.75%, 4/1/26<sup>(9)</sup>  | 4040 | 4040 |
| &nbsp;&nbsp; New York Variable G.O. Limited Bonds, <br> Series 2, Fiscal 2021,<br>|  |  |
| 1.80%, 4/7/26<sup>(9)</sup>  | 2175 | 2175 |
| &nbsp;&nbsp; New York Variable G.O. Unlimited <br> Bonds, Series D, Fiscal 2019,<br>|  |  |
| 1.75%, 4/1/26<sup>(9)</sup>  | 6000 | 6000 |
| &nbsp;&nbsp; Ohio State Hospital Variable Revenue <br> Refunding Bonds, University <br> Hospitals Health System,<br>|  |  |
| 2.60%, 4/1/26<sup>(9)</sup>  | 2700 | 2700 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **310** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 3.7%continued**  | **SHORT-TERM INVESTMENTS - 3.7%continued**  | **SHORT-TERM INVESTMENTS - 3.7%continued**  |
| &nbsp;&nbsp; PEFA, Inc., Iowa Gas Project Revenue <br> Bonds,<br>|  |  |
| 5.00%, 9/1/26<sup>(1) (2)</sup>  | $3500 | $3526 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $27,564)** | **(Cost $27,564)** | **27557** |
| **Total Investments – 100.4%** | **Total Investments – 100.4%** |  |
| **(Cost $777,471)** | **(Cost $777,471)** | **748666** |
| Liabilities less Other Assets – (0.4%) | Liabilities less Other Assets – (0.4%) | (2923)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$745743** |

---

<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 March 31,* *2026 is disclosed.* 

<sup>(3)</sup> *Step coupon bond. Rate as of March 31, 2026 is disclosed.*

<sup>(4)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2026.*

<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 March 31, 2026 is disclosed.*

<sup>(9)</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.* 

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AGM - Assured Guaranty Municipal Corporation |
| AMBAC - American Municipal Bond Assurance Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| BANS - Bond Anticipation Notes |
| CABS - Capital Appreciation Bonds |
| CHF - Collegiate Housing Foundation |
| COPS - Certificates of Participation |
| EDA - Economic Development Authority |
| FHA - Federal Housing Administration |
| FHLMC - Federal Home Loan Mortgage Corporation |

---

---

| |
|:---|
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |
| HUD - Housing and Urban Development |
| IDA - Industrial Development Authority |
| IDR - Industrial Development Revenue |
| INS - Insured |
| MFH - Multi-Family Housing |
| PCR - Pollution Control Revenue |
| PFA - Public Finance Authority |
| PSF - Permanent School Fund |
| Q-SBLF - Qualified School Bond Loan Fund |
| SFM - Single Family Mortgage |
| TRB - Tax Revenue Bonds |
| VA - Veterans Affairs |

---

*Percentages shown are based on Net Assets.* 

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

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $718076 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $718076 |
| Investment Companies | &nbsp;&nbsp; 3033 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3033 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 27557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27557 |
| Total Investments | &nbsp;&nbsp; $3033 | &nbsp;&nbsp; $745633 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $748666 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **311** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **TAX-EXEMPT FUND continued**  | **March 31, 2026**  |

---

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | $14033 | $273513 | $284513 | $3033 | 3033331 | $336 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **312** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ULTRA-SHORT FIXED INCOME FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 9.9%**  | **ASSET-BACKED SECURITIES – 9.9%**  | **ASSET-BACKED SECURITIES – 9.9%**  |
| **Auto Loan – 3.7%** | **Auto Loan – 3.7%** | **Auto Loan – 3.7%** |
| &nbsp;&nbsp; American Credit Acceptance <br> Receivables Trust, Series 2025-3, <br> Class B<br>|  |  |
| 4.75%, 9/12/29<sup>(1)</sup>  | $8565 | $8582 |
| &nbsp;&nbsp; Americredit Automobile Receivables <br> Trust, Series 2022-1, Class D<br>|  |  |
| 3.23%, 2/18/28 | 4500 | 4473 |
| &nbsp;&nbsp; Bank of America Auto Trust, Series <br> 2023-1A, Class A3<br>|  |  |
| 5.53%, 2/15/28<sup>(1)</sup>  | 706 | 709 |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| 5.00%, 6/25/27 | 2000 | 2006 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2023-1, Class D<br>|  |  |
| 6.27%, 11/15/29 | 3400 | 3453 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2023-4, Class A3<br>|  |  |
| 6.00%, 7/17/28 | 246 | 249 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2025-P2, Class A2<br>|  |  |
| 4.56%, 8/10/28 | 3239 | 3242 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2025-2A, Class D<br>|  |  |
| 5.89%, 7/15/31 | 1400 | 1419 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2024-1, Class A3<br>|  |  |
| 5.09%, 3/22/27 | 272 | 272 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-2, <br> Class A3<br>|  |  |
| 4.47%, 2/16/28 | 1372 | 1373 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2024-1, <br> Class A3<br>|  |  |
| 4.85%, 12/18/28 | 1711 | 1718 |
| &nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 5.37%, 3/15/29 | 1437 | 1451 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-1, Class A3<br>|  |  |
| 5.21%, 8/15/28 | 1131 | 1139 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization <br> Trust, Series 2024-B, Class A3<br>|  |  |
| 5.41%, 5/17/27<sup>(1)</sup>  | 1716 | 1720 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 9.9%continued**  | **ASSET-BACKED SECURITIES - 9.9%continued**  | **ASSET-BACKED SECURITIES - 9.9%continued**  |
| **Auto Loan – 3.7%continued** | **Auto Loan – 3.7%continued** | **Auto Loan – 3.7%continued** |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.99%, 2/15/29 | $769 | $774 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-2, Class A3<br>|  |  |
| 5.95%, 11/15/28 | 5237 | 5291 |
| &nbsp;&nbsp; Research-Driven Pagaya Motor Asset <br> Trust, Series 2026-1A, Class A3<br>|  |  |
| 4.86%, 1/25/35<sup>(1)</sup>  | 4860 | 4842 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class A2<br>|  |  |
| 4.71%, 6/15/28 | 3940 | 3942 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2026-1, Class A3<br>|  |  |
| 3.93%, 7/15/30 | 5300 | 5265 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-1A, Class B<br>|  |  |
| 4.98%, 9/16/30<sup>(1)</sup>  | 2750 | 2767 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-1A, Class C<br>|  |  |
| 5.14%, 10/15/30<sup>(1)</sup>  | 1250 | 1260 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2025-P1, Class A2<br>|  |  |
| 4.65%, 2/15/28<sup>(1)</sup>  | 3488 | 3493 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 4.86%, 3/15/29 | 777 | 781 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-B, Class A3<br>|  |  |
| 5.27%, 9/17/29 | 1294 | 1304 |
|  |  | **61525** |
| **Credit Card – 2.7%** | **Credit Card – 2.7%** | **Credit Card – 2.7%** |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2023-A1, Class A<br>|  |  |
| 4.42%, 5/15/28 | 8000 | 8003 |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2024-A1, Class A<br>|  |  |
| 3.92%, 9/15/29 | 9575 | 9564 |
| &nbsp;&nbsp; Chase Issuance Trust, Series 2023-A1, <br> Class A<br>|  |  |
| 5.16%, 9/15/28 | 4000 | 4022 |
| &nbsp;&nbsp; Evergreen Credit Card Trust, Series <br> 2024-1A, Class B<br>|  |  |
| 5.51%, 7/15/28<sup>(1)</sup>  | 4769 | 4783 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **313** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 9.9%continued**  | **ASSET-BACKED SECURITIES - 9.9%continued**  | **ASSET-BACKED SECURITIES - 9.9%continued**  |
| **Credit Card – 2.7%continued** | **Credit Card – 2.7%continued** | **Credit Card – 2.7%continued** |
| &nbsp;&nbsp; Evergreen Credit Card Trust, Series <br> 2024-CRT4, Class B<br>|  |  |
| 5.25%, 10/15/28<sup>(1)</sup>  | $6770 | $6797 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2023-A1, Class A<br>|  |  |
| 5.54%, 7/15/29 | 1250 | 1255 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | 1458 | 1471 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A2, Class A<br>|  |  |
| 4.93%, 7/15/30 | 2835 | 2864 |
| &nbsp;&nbsp; Trillium Credit Card Trust II, Series <br> 2025-1A, Class B<br>|  |  |
| 4.41%, 9/26/30<sup>(1)</sup>  | 2957 | 2943 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| 4.94%, 2/15/29 | 2530 | 2550 |
|  |  | **44252** |
| **Other – 1.3%** | **Other – 1.3%** | **Other – 1.3%** |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-B, <br> Class A3<br>|  |  |
| 5.19%, 9/17/29 | 983 | 992 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.96%, 11/15/28 | 510 | 513 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A2A<br>|  |  |
| 4.36%, 8/16/27 | 828 | 829 |
| &nbsp;&nbsp; Kubota Credit Owner Trust, Series <br> 2025-1A, Class A2<br>|  |  |
| 4.61%, 12/15/27<sup>(1)</sup>  | 1291 | 1294 |
| &nbsp;&nbsp; MMAF Equipment Finance LLC, Series <br> 2024-A, Class A2<br>|  |  |
| 5.20%, 9/13/27<sup>(1)</sup>  | 215 | 215 |
| &nbsp;&nbsp; Navient Private Education Refi Loan <br> Trust, Series 2020-IA, Class A1A<br>|  |  |
| 1.33%, 4/15/69<sup>(1)</sup>  | 827 | 758 |
| &nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class A2<br>|  |  |
| 4.50%, 4/15/33<sup>(1)</sup>  | 1500 | 1495 |
| &nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class B<br>|  |  |
| 4.88%, 4/15/33<sup>(1)</sup>  | 4099 | 4069 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 9.9%continued**  | **ASSET-BACKED SECURITIES - 9.9%continued**  | **ASSET-BACKED SECURITIES - 9.9%continued**  |
| **Other – 1.3%continued** | **Other – 1.3%continued** | **Other – 1.3%continued** |
| &nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series <br> 2025-6, Class C<br>|  |  |
| 5.01%, 4/15/33<sup>(1)</sup>  | $1500 | $1493 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2023-4, <br> Class C<br>|  |  |
| 5.65%, 6/20/29 | 5200 | 5214 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2024-4, <br> Class B<br>|  |  |
| 5.40%, 6/20/29 | 4045 | 4058 |
|  |  | **20930** |
| **Whole Loan – 2.2%** | **Whole Loan – 2.2%** | **Whole Loan – 2.2%** |
| &nbsp;&nbsp; Bravo Residential Funding Trust, Series <br> 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.60% on 2/25/29), <br> 5.60%, 12/25/64<sup>(1) (2)</sup> <br>| 8906 | 8945 |
| &nbsp;&nbsp; Chase Home Lending Mortgage Trust, <br> Series 2024-2, Class A4A<br>|  |  |
| 6.00%, 2/25/55<sup>(1)</sup>  | 1826 | 1833 |
| &nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.59% on 4/25/29), <br> 5.59%, 6/25/65<sup>(1) (2)</sup> <br>| 4554 | 4572 |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM16, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.53% on 11/25/28), <br> 5.53%, 10/25/64<sup>(1) (2)</sup> <br>| 1968 | 1975 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust Series 2026-CES1, Class A1A<br>|  |  |
| &nbsp;&nbsp; (Step to 5.88% on 2/25/30), <br> 4.88%, 1/1/56<sup>(1) (2)</sup> <br>| 4915 | 4878 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.55% on 4/25/29), <br> 5.55%, 1/25/65<sup>(1) (2)</sup> <br>| 3205 | 3215 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM3, <br> Class A1B<br>|  |  |
| &nbsp;&nbsp; (Step to 6.60% on 7/25/29), <br> 5.60%, 5/25/65<sup>(1) (2)</sup> <br>| 7197 | 7214 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **314** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 9.9%continued**  | **ASSET-BACKED SECURITIES - 9.9%continued**  | **ASSET-BACKED SECURITIES - 9.9%continued**  |
| **Whole Loan – 2.2%continued** | **Whole Loan – 2.2%continued** | **Whole Loan – 2.2%continued** |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2026-NQM3, <br> Class A1FC<br>|  |  |
| (Step to 6.60% on 7/25/29), <br> 5.09%, 2/25/66<sup>(1) (2)</sup> <br>| $3300 | $3292 |
|  |  | **35924** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $162,621)** |  | **162631** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.3%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.3%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.3%**  |
| **Non Agency – 1.3%** | **Non Agency – 1.3%** | **Non Agency – 1.3%** |
| BPR Trust, Series 2023-BRK2, Class A |  |  |
| 6.90%, 10/5/38<sup>(1) (3)</sup>  | 2490 | 2547 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, Series <br> 2019-IMC, Class A<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 1.05%, 1.00% Floor), 4.72%, <br> 4/15/34<sup>(1) (4)</sup> <br>| 2308 | 2296 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, Series <br> 2024-XL4, Class A<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 1.44%, 1.44% Floor), 5.11%, <br> 2/15/39<sup>(1) (3)</sup> <br>| 5115 | 5121 |
| BXP Trust, Series 2017-GM, Class A |  |  |
| 3.38%, 6/13/39<sup>(1)</sup>  | 5505 | 5411 |
| &nbsp;&nbsp; Legends Outlets Kansas City KS <br> Mortgage Secured Pass Through <br> Trust, Series 2024-LGND, Class A<br>|  |  |
| 6.25%, 11/5/39<sup>(1)</sup>  | 5000 | 5005 |
| &nbsp;&nbsp; SCMS Mortgage Trust, Series <br> 2025-BNC1, Class A1<br>|  |  |
| 4.08%, 1/15/28<sup>(1)</sup>  | 1710 | 1705 |
|  |  | **22085** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $22,201)** |  | **22085** |
| **CORPORATE BONDS – 47.9%**  | **CORPORATE BONDS – 47.9%**  | **CORPORATE BONDS – 47.9%**  |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| Honeywell Aerospace, Inc., |  |  |
| (Floating, U.S. SOFR Compounded <br> Index + 0.63%), 4.29%, <br> 3/16/29<sup>(1) (4)</sup> <br>| 3000 | **2986** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  |
| **Asset Management – 2.6%** | **Asset Management – 2.6%** | **Asset Management – 2.6%** |
| BlackRock Funding, Inc., |  |  |
| 4.60%, 7/26/27 | $17340 | $17458 |
| Blackstone Private Credit Fund, |  |  |
| 4.95%, 9/26/27 | 2310 | 2281 |
| Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.05%), 4.72%, <br> 3/3/27<sup>(4)</sup> <br>| 20000 | 20082 |
| Citadel Finance LLC, |  |  |
| 4.75%, 2/14/29<sup>(1)</sup>  | 2900 | 2841 |
|  |  | **42662** |
| **Automotive – 3.6%** | **Automotive – 3.6%** | **Automotive – 3.6%** |
| American Honda Finance Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.72%), <br> 4.39%, 10/22/27<sup>(4)</sup> <br>| 9000 | 8961 |
| General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 4.96%, 1/7/30<sup>(4)</sup> <br>| 11500 | 11388 |
| Hyundai Capital America, |  |  |
| 5.45%, 6/24/26<sup>(1)</sup>  | 4000 | 4008 |
| 5.95%, 9/21/26<sup>(1)</sup>  | 4000 | 4024 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.50%), <br> 5.17%, 1/8/27<sup>(1) (4)</sup> <br>| 10000 | 10068 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.04%), <br> 4.70%, 6/24/27<sup>(1) (4)</sup> <br>| 10000 | 10024 |
| 4.25%, 9/18/28<sup>(1)</sup>  | 1700 | 1685 |
| Toyota Motor Credit Corp., |  |  |
| (Floating, U.S. SOFR + 0.45%), <br> 4.12%, 1/12/28<sup>(4)</sup> <br>| 8800 | 8791 |
|  |  | **58949** |
| **Banking – 11.1%** | **Banking – 11.1%** | **Banking – 11.1%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.11%), <br> 4.78%, 5/9/29<sup>(4)</sup> <br>| 34000 | 34194 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.28%), <br> 4.95%, 2/24/28<sup>(4)</sup> <br>| 21000 | 21095 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 4.53%, 3/4/29<sup>(4)</sup> <br>| 5514 | 5514 |
| Fifth Third Bank N.A., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.81%), <br> 4.48%, 1/28/28<sup>(4)</sup> <br>| 7300 | 7304 |
| Huntington National Bank (The), |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28<sup>(5)</sup> <br>| 3800 | 3813 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **315** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  |
| **Banking – 11.1%continued** | **Banking – 11.1%continued** | **Banking – 11.1%continued** |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.77%), <br> 4.43%, 9/22/27<sup>(4)</sup> <br>| $10100 | $10105 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.18%), <br> 4.85%, 2/24/28<sup>(4) †</sup> <br>| 13000 | 13071 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.80%), <br> 4.47%, 1/24/29<sup>(4) †</sup> <br>| 4300 | 4302 |
| Morgan Stanley Bank N.A., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 4.53%, 5/26/28<sup>(4)</sup> <br>| 13110 | 13114 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.77%), <br> 4.44%, 2/8/30<sup>(4)</sup> <br>| 10700 | 10610 |
| PNC Bank N.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.63%), <br> 4.54%, 5/13/27<sup>(5)</sup> <br>| 9050 | 9050 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.73%), <br> 4.40%, 7/21/28<sup>(4)</sup> <br>| 750 | 751 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.73%), 6.62%, <br> 10/20/27<sup>(5)</sup> <br>| 3105 | 3141 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.62%), <br> 4.29%, 1/26/29<sup>(4)</sup> <br>| 11500 | 11488 |
| Santander Holdings U.S.A., Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.23%), <br> 6.12%, 5/31/27<sup>(5)</sup> <br>| 2850 | 2856 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.61%), <br> 5.27%, 3/20/29<sup>(4)</sup> <br>| 11000 | 11086 |
| Truist Bank, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.91%), <br> 4.14%, 10/23/29<sup>(5)</sup> <br>| 7000 | 6933 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.78%), <br> 4.45%, 1/24/28<sup>(4)</sup> <br>| 11500 | 11495 |
| Wells Fargo Bank N.A., |  |  |
| 5.25%, 12/11/26 | 2955 | 2976 |
|  |  | **182898** |
| **Beverages – 0.4%** | **Beverages – 0.4%** | **Beverages – 0.4%** |
| Keurig Dr. Pepper, Inc., |  |  |
| (Floating, U.S. SOFR + 0.58%), <br> 4.25%, 11/15/26<sup>(4)</sup> <br>| 6190 | **6180** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  |
| **Biotechnology & Pharmaceuticals – 1.1%** | **Biotechnology & Pharmaceuticals – 1.1%** | **Biotechnology & Pharmaceuticals – 1.1%** |
| AbbVie, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.48%), 4.15%, <br> 3/3/28<sup>(4)</sup> <br>| $4000 | $4004 |
| Merck & Co., Inc., |  |  |
| (Floating, U.S. SOFR + 0.57%), <br> 4.23%, 3/15/29<sup>(4)</sup> <br>| 13700 | 13728 |
|  |  | **17732** |
| **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** |
| Amcor Flexibles North America, Inc., |  |  |
| 4.80%, 3/17/28 | 7120 | **7163** |
| **E-Commerce Discretionary – 0.2%** | **E-Commerce Discretionary – 0.2%** | **E-Commerce Discretionary – 0.2%** |
| eBay, Inc., |  |  |
| 1.40%, 5/10/26 | 3454 | **3442** |
| **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** |
| Constellation Energy Generation LLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.60%), <br> 4.27%, 1/8/28<sup>(4) †</sup> <br>| 5600 | 5590 |
| Georgia Power Co., |  |  |
| 4.00%, 10/1/28 | 5800 | 5766 |
| NextEra Energy Capital Holdings, Inc., |  |  |
| (Floating, U.S. SOFR Compounded <br> Index + 0.80%), 4.47%, <br> 2/4/28<sup>(4)</sup> <br>| 6600 | 6608 |
|  |  | **17964** |
| **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** |
| Amphenol Corp., |  |  |
| (Floating, U.S. SOFR + 0.53%), <br> 4.20%, 11/15/27<sup>(4)</sup> <br>| 8700 | **8702** |
| **Entertainment Content – 2.8%** | **Entertainment Content – 2.8%** | **Entertainment Content – 2.8%** |
| Walt Disney (The) Co., |  |  |
| (Floating, U.S. SOFR Compounded <br> Index + 0.47%), 4.14%, <br> 3/14/29<sup>(4)</sup> <br>| 46500 | **46475** |
| **Food – 2.2%** | **Food – 2.2%** | **Food – 2.2%** |
| Cargill, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.61%), <br> 4.28%, 2/11/28<sup>(1) (4)</sup> <br>| 7500 | 7507 |
| General Mills, Inc., |  |  |
| 4.70%, 1/30/27 | 2291 | 2294 |
| Kellanova, |  |  |
| 3.25%, 4/1/26 | 15200 | 15200 |
| Kraft Heinz Foods Co., |  |  |
| 3.00%, 6/1/26 | 6000 | 5986 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **316** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  |
| **Food – 2.2%continued** | **Food – 2.2%continued** | **Food – 2.2%continued** |
| Mars, Inc., |  |  |
| 4.60%, 3/1/28<sup>(1)</sup>  | $5200 | $5231 |
|  |  | **36218** |
| **Health Care Facilities & Services – 1.1%** | **Health Care Facilities & Services – 1.1%** | **Health Care Facilities & Services – 1.1%** |
| Cencora, Inc., |  |  |
| 4.63%, 12/15/27 | 3280 | 3291 |
| Elevance Health, Inc., |  |  |
| 4.50%, 10/30/26 | 2320 | 2323 |
| HCA, Inc., |  |  |
| 5.00%, 3/1/28 | 2220 | 2242 |
| UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.50%), <br> 4.17%, 7/15/26<sup>(4)</sup> <br>| 7000 | 7005 |
| 4.40%, 6/15/28 | 4000 | 4013 |
|  |  | **18874** |
| **Home Construction – 0.8%** | **Home Construction – 0.8%** | **Home Construction – 0.8%** |
| D.R. Horton, Inc., |  |  |
| 1.30%, 10/15/26 | 5655 | 5572 |
| Lennar Corp., |  |  |
| 5.25%, 6/1/26 | 8500 | 8505 |
|  |  | **14077** |
| **Institutional Financial Services – 1.4%** | **Institutional Financial Services – 1.4%** | **Institutional Financial Services – 1.4%** |
| LPL Holdings, Inc., |  |  |
| 4.90%, 4/3/28 | 4370 | 4383 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.02%), <br> 4.69%, 4/13/28<sup>(4)</sup> <br>| 11000 | 11039 |
| State Street Corp., |  |  |
| 4.33%, 10/22/27 | 7040 | 7053 |
|  |  | **22475** |
| **Insurance – 1.3%** | **Insurance – 1.3%** | **Insurance – 1.3%** |
| Arthur J Gallagher & Co., |  |  |
| 4.60%, 12/15/27 | 13050 | 13086 |
| Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.70%), 4.37%, <br> 11/8/27<sup>(4)</sup> <br>| 5280 | 5291 |
| New York Life Global Funding, |  |  |
| (Floating, U.S. SOFR + 0.67%), <br> 4.34%, 4/2/27<sup>(1) (4)</sup> <br>| 2480 | 2486 |
|  |  | **20863** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  |
| **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** |
| Alphabet, Inc., |  |  |
| 3.70%, 2/15/29 | $2785 | **$2761** |
| **Leisure Facilities & Services – 0.3%** | **Leisure Facilities & Services – 0.3%** | **Leisure Facilities & Services – 0.3%** |
| Starbucks Corp., |  |  |
| 4.50%, 5/15/28 | 4790 | **4800** |
| **Machinery – 1.6%** | **Machinery – 1.6%** | **Machinery – 1.6%** |
| AGCO Corp., |  |  |
| 5.45%, 3/21/27 | 1710 | 1722 |
| CNH Industrial Capital LLC, |  |  |
| 1.45%, 7/15/26 | 5450 | 5401 |
| 4.50%, 10/8/27 | 2620 | 2619 |
| Eaton Corp., |  |  |
| 3.85%, 3/6/28 | 12200 | 12110 |
| John Deere Capital Corp., |  |  |
| (Floating, U.S. SOFR + 0.60%), <br> 4.27%, 4/19/27<sup>(4)</sup> <br>| 5000 | 5007 |
|  |  | **26859** |
| **Medical Equipment & Devices – 3.5%** | **Medical Equipment & Devices – 3.5%** | **Medical Equipment & Devices – 3.5%** |
| Abbott Laboratories, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.50%), 4.16%, <br> 3/9/29<sup>(4)</sup> <br>| 26900 | 26913 |
| Agilent Technologies, Inc., |  |  |
| 4.20%, 9/9/27 | 7800 | 7784 |
| Augusta SpinCo Corp., |  |  |
| 4.32%, 9/23/27 | 2500 | 2497 |
| GE HealthCare Technologies, Inc., |  |  |
| 4.15%, 12/15/28 | 2100 | 2086 |
| Medline Borrower L.P., |  |  |
| 3.88%, 4/1/29<sup>(1)</sup>  | 4400 | 4257 |
| Stryker Corp., |  |  |
| 4.55%, 2/10/27 | 9500 | 9527 |
| Zimmer Biomet Holdings, Inc., |  |  |
| 4.70%, 2/19/27 | 5432 | 5448 |
|  |  | **58512** |
| **Oil & Gas Producers – 1.0%** | **Oil & Gas Producers – 1.0%** | **Oil & Gas Producers – 1.0%** |
| Chevron U.S.A., Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.57%), <br> 4.24%, 8/13/28<sup>(4)</sup> <br>| 8800 | 8818 |
| Kinder Morgan, Inc., |  |  |
| 1.75%, 11/15/26 | 2800 | 2756 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **317** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  |
| **Oil & Gas Producers – 1.0%continued** | **Oil & Gas Producers – 1.0%continued** | **Oil & Gas Producers – 1.0%continued** |
| ONEOK, Inc., |  |  |
| 5.55%, 11/1/26 | $5000 | $5029 |
|  |  | **16603** |
| **Oil & Gas Services & Equipment – 0.9%** | **Oil & Gas Services & Equipment – 0.9%** | **Oil & Gas Services & Equipment – 0.9%** |
| &nbsp;&nbsp; Baker Hughes Holdings LLC/Baker <br> Hughes Co-Obligor, Inc.,<br>|  |  |
| 4.05%, 3/11/29 | 1340 | 1333 |
| Schlumberger Holdings Corp., |  |  |
| 5.00%, 5/29/27<sup>(1)</sup>  | 12799 | 12889 |
|  |  | **14222** |
| **Real Estate Investment Trusts – 0.4%** | **Real Estate Investment Trusts – 0.4%** | **Real Estate Investment Trusts – 0.4%** |
| Boston Properties L.P., |  |  |
| 2.75%, 10/1/26 | 2700 | 2675 |
| Public Storage Operating Co., |  |  |
| (Floating, U.S. SOFR Compounded <br> Index + 0.70%), 4.37%, <br> 4/16/27<sup>(4)</sup> <br>| 4720 | 4727 |
|  |  | **7402** |
| **Retail - Discretionary – 0.9%** | **Retail - Discretionary – 0.9%** | **Retail - Discretionary – 0.9%** |
| AutoZone, Inc., |  |  |
| 5.05%, 7/15/26 | 2980 | 2985 |
| O'Reilly Automotive, Inc., |  |  |
| 5.75%, 11/20/26 | 1890 | 1906 |
| Ross Stores, Inc., |  |  |
| 0.88%, 4/15/26 | 10300 | 10285 |
|  |  | **15176** |
| **Semiconductors – 0.9%** | **Semiconductors – 0.9%** | **Semiconductors – 0.9%** |
| Advanced Micro Devices, Inc., |  |  |
| 4.21%, 9/24/26 | 4600 | 4606 |
| 4.32%, 3/24/28 | 11000 | 11070 |
|  |  | **15676** |
| **Software – 2.0%** | **Software – 2.0%** | **Software – 2.0%** |
| Oracle Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 4.43%, 8/3/28<sup>(4)</sup> <br>| 11600 | 11428 |
| Salesforce, Inc., |  |  |
| 4.50%, 3/15/28 | 10800 | 10803 |
| Synopsys, Inc., |  |  |
| 4.55%, 4/1/27 | 10800 | 10807 |
|  |  | **33038** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  |
| **Specialty Finance – 2.4%** | **Specialty Finance – 2.4%** | **Specialty Finance – 2.4%** |
| Air Lease Corp., |  |  |
| 3.75%, 6/1/26 | $4000 | $3994 |
| 1.88%, 8/15/26 | 9700 | 9601 |
| American Express Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.97%), 4.64%, <br> 7/28/27<sup>(4)</sup> <br>| 5000 | 5006 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.59%), <br> 4.26%, 2/9/29<sup>(4)</sup> <br>| 5700 | 5683 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.02%), <br> 4.69%, 1/30/31<sup>(4)</sup> <br>| 3000 | 3001 |
| Mastercard, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.44%), 4.10%, <br> 3/15/28<sup>(4)</sup> <br>| 4700 | 4695 |
| PayPal Holdings, Inc., |  |  |
| (Floating, U.S. SOFR + 0.67%), <br> 4.33%, 3/6/28<sup>(4)</sup> <br>| 7800 | 7814 |
|  |  | **39794** |
| **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** |
| Dell International LLC/EMC Corp., |  |  |
| 4.90%, 10/1/26 | 3425 | 3430 |
| 4.75%, 4/1/28 | 3660 | 3686 |
| Hewlett Packard Enterprise Co., |  |  |
| 4.45%, 9/25/26 | 5711 | 5715 |
|  |  | **12831** |
| **Telecommunications – 1.0%** | **Telecommunications – 1.0%** | **Telecommunications – 1.0%** |
| AT&T, Inc., |  |  |
| 3.80%, 2/15/27 | 2000 | 1995 |
| T-Mobile U.S.A., Inc., |  |  |
| 3.75%, 4/15/27 | 5000 | 4969 |
| Verizon Communications, Inc., |  |  |
| 4.33%, 9/21/28 | 9800 | 9803 |
|  |  | **16767** |
| **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** | **Transportation & Logistics – 0.3%** |
| Ryder System, Inc., |  |  |
| 1.75%, 9/1/26 | 4527 | **4476** |
| **Wholesale - Consumer Staples – 0.9%** | **Wholesale - Consumer Staples – 0.9%** | **Wholesale - Consumer Staples – 0.9%** |
| Bunge Ltd. Finance Corp., |  |  |
| 2.00%, 4/21/26 | 7101 | 7091 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **318** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  | **CORPORATE BONDS - 47.9% continued**  |
| **Wholesale - Consumer Staples – 0.9%continued** | **Wholesale - Consumer Staples – 0.9%continued** | **Wholesale - Consumer Staples – 0.9%continued** |
| Sysco Corp., |  |  |
| 3.25%, 7/15/27 | $7760 | $7641 |
|  |  | **14732** |
| **Total Corporate Bonds** |  |  |
| **(Cost $790,738)** |  | **791309** |
| **FOREIGN ISSUER BONDS – 32.2%**  | **FOREIGN ISSUER BONDS – 32.2%**  | **FOREIGN ISSUER BONDS – 32.2%**  |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| UBS A.G./Stamford CT, |  |  |
| (Variable, U.S. SOFR + 0.81%), <br> 4.30%, 3/16/29<sup>(5)</sup> <br>| 5500 | **5493** |
| **Automotive – 1.9%** | **Automotive – 1.9%** | **Automotive – 1.9%** |
| BMW U.S. Capital LLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.78%), 4.44%, <br> 3/19/27<sup>(1) (4)</sup> <br>| 12400 | 12430 |
| 4.90%, 4/2/27<sup>(1)</sup>  | 3000 | 3018 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.71%), <br> 4.38%, 8/11/27<sup>(1) (4)</sup> <br>| 1700 | 1700 |
| &nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC,<br>|  |  |
| 4.75%, 8/1/27<sup>(1)</sup>  | 7350 | 7389 |
| (Floating, U.S. SOFR + 0.71%), <br> 4.37%, 3/10/28<sup>(1) (4)</sup> <br>| 6500 | 6499 |
|  |  | **31036** |
| **Banking – 22.0%** | **Banking – 22.0%** | **Banking – 22.0%** |
| ANZ New Zealand International Ltd., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.61%), <br> 4.28%, 1/22/29<sup>(1) (4)</sup> <br>| 6200 | 6192 |
| &nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.65%), <br> 4.32%, 9/30/27<sup>(1) (4)</sup> <br>| 2000 | 2007 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.59%), <br> 4.25%, 12/8/28<sup>(1) (4)</sup> <br>| 5600 | 5611 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.62%), 4.28%, <br> 9/15/26<sup>(4)</sup> <br>| 10800 | 10811 |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 0.75%), 4.06%, <br> 9/22/28<sup>(5)</sup> <br>| 9500 | 9445 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.86%), <br> 4.53%, 1/27/29<sup>(4)</sup> <br>| 3500 | 3494 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 32.2% continued**  | **FOREIGN ISSUER BONDS - 32.2% continued**  | **FOREIGN ISSUER BONDS - 32.2% continued**  |
| **Banking – 22.0%continued** | **Banking – 22.0%continued** | **Banking – 22.0%continued** |
| Bank of New Zealand, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.81%), <br> 4.48%, 1/27/27<sup>(1) (4)</sup> <br>| $21000 | $21062 |
| &nbsp;&nbsp; Banque Federative du Credit Mutuel <br> S.A.,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.23%), 4.90%, <br> 1/22/30<sup>(1) (4)</sup> <br>| 5100 | 5143 |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.49%), <br> 5.15%, 3/12/28<sup>(4)</sup> <br>| 9000 | 9062 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.08%), <br> 4.75%, 11/11/29<sup>(4)</sup> <br>| 5700 | 5706 |
| Canadian Imperial Bank of Commerce, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.72%), <br> 4.39%, 1/13/28<sup>(4)</sup> <br>| 15000 | 15005 |
| Credit Agricole S.A., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 4.53%, 3/11/27<sup>(1) (4)</sup> <br>| 4660 | 4671 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 4.63%, 9/11/28<sup>(1) (5)</sup> <br>| 8080 | 8078 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.21%), <br> 4.87%, 9/11/28<sup>(1) (4)</sup> <br>| 6000 | 6026 |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.22%), <br> 4.89%, 11/16/27<sup>(4)</sup> <br>| 6500 | 6517 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.21%), <br> 4.88%, 1/10/29<sup>(4)</sup> <br>| 7000 | 7030 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.51%), <br> 6.82%, 11/20/29<sup>(5)</sup> <br>| 5000 | 5250 |
| HSBC Holdings PLC, |  |  |
| 3.90%, 5/25/26 | 3000 | 2999 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.04%), <br> 4.71%, 11/19/28<sup>(4)</sup> <br>| 3200 | 3210 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 4.70%, 3/3/29<sup>(4)</sup> <br>| 10000 | 10027 |
| ING Groep N.V., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.01%), 4.70%, <br> 4/1/27<sup>(4)</sup> <br>| 27000 | 27000 |
| Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.06%), 4.73%, <br> 11/26/28<sup>(4)</sup> <br>| 11000 | 11047 |
| Macquarie Bank Ltd., |  |  |
| 5.27%, 7/2/27<sup>(1)</sup>  | 9430 | 9552 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **319** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 32.2% continued**  | **FOREIGN ISSUER BONDS - 32.2% continued**  | **FOREIGN ISSUER BONDS - 32.2% continued**  |
| **Banking – 22.0%continued** | **Banking – 22.0%continued** | **Banking – 22.0%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.74%), <br> 4.40%, 6/12/28<sup>(1) (4)</sup> <br>| $17000 | $16986 |
| National Australia Bank Ltd., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.53%), <br> 4.19%, 12/13/28<sup>(1) (4)</sup> <br>| 12300 | 12300 |
| National Bank of Canada, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.03%), 4.78%, <br> 7/2/27<sup>(4)</sup> <br>| 6260 | 6269 |
| Nationwide Building Society, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 4.96%, 2/16/28<sup>(1) (4)</sup> <br>| 10700 | 10741 |
| NatWest Markets PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 4.43%, 9/29/26<sup>(1) (4)</sup> <br>| 27900 | 27940 |
| Nordea Bank Abp, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.74%), <br> 4.40%, 3/19/27<sup>(1) (4)</sup> <br>| 8500 | 8520 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.70%), <br> 4.36%, 3/17/28<sup>(1) (4)</sup> <br>| 14300 | 14334 |
| Royal Bank of Canada, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.83%), 4.50%, <br> 1/24/29<sup>(4)</sup> <br>| 9000 | 9014 |
| Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.07%), 4.32%, <br> 9/22/29<sup>(5)</sup> <br>| 4800 | 4755 |
| Skandinaviska Enskilda Banken A.B., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.68%), 4.34%, <br> 3/12/29<sup>(1) (4)</sup> <br>| 3700 | 3697 |
| Societe Generale S.A., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.41%), <br> 5.08%, 4/13/29<sup>(1) (4)</sup> <br>| 3100 | 3116 |
| Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.88%), <br> 4.55%, 1/14/27<sup>(4) †</sup> <br>| 5840 | 5855 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.17%), <br> 4.84%, 7/9/29<sup>(4)</sup> <br>| 3807 | 3827 |
| Sumitomo Mitsui Trust Bank Ltd., |  |  |
| 4.45%, 9/10/27<sup>(1)</sup>  | 5000 | 5013 |
| Svenska Handelsbanken AB, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.66%), <br> 4.33%, 5/28/27<sup>(1) (4)</sup> <br>| 15220 | 15244 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 32.2% continued**  | **FOREIGN ISSUER BONDS - 32.2% continued**  | **FOREIGN ISSUER BONDS - 32.2% continued**  |
| **Banking – 22.0%continued** | **Banking – 22.0%continued** | **Banking – 22.0%continued** |
| Swedbank AB, |  |  |
| 5.47%, 6/15/26<sup>(1)</sup>  | $3000 | $3008 |
| 6.14%, 9/12/26<sup>(1)</sup>  | 7000 | 7055 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 4.70%, 11/20/29<sup>(1) (4)</sup> <br>| 4200 | 4240 |
| Toronto-Dominion Bank (The), |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.59%), <br> 4.25%, 9/10/26<sup>(4)</sup> <br>| 5000 | 5006 |
| Westpac Banking Corp., |  |  |
| (Floating, U.S. SOFR + 0.82%), <br> 4.49%, 7/1/30<sup>(4)</sup> <br>| 1380 | 1390 |
|  |  | **363255** |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| Nutrien Ltd., |  |  |
| 4.50%, 3/12/27 | 5000 | **5008** |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| Reckitt Benckiser Treasury Services PLC, |  |  |
| 3.00%, 6/26/27<sup>(1)</sup>  | 5000 | **4924** |
| **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** |
| Element Fleet Management Corp., |  |  |
| 6.27%, 6/26/26<sup>(1)</sup>  | 9720 | **9745** |
| **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** | **Institutional Financial Services – 1.0%** |
| Lseg U.S. Fin Corp., |  |  |
| 4.25%, 3/23/29<sup>(1)</sup>  | 5500 | 5460 |
| Sumitomo Mitsui Trust Bank Ltd., |  |  |
| 3.95%, 3/5/29<sup>(1)</sup>  | 8400 | 8303 |
| (Floating, U.S. SOFR + 0.71%), <br> 4.38%, 3/5/29<sup>(1) (4)</sup> <br>| 3500 | 3497 |
|  |  | **17260** |
| **Metals & Mining – 2.9%** | **Metals & Mining – 2.9%** | **Metals & Mining – 2.9%** |
| BHP Billiton Finance U.S.A. Ltd., |  |  |
| 5.25%, 9/8/26 | 12125 | 12173 |
| Glencore Funding LLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.75%), 4.42%, <br> 10/1/26<sup>(1) (4)</sup> <br>| 21450 | 21484 |
| Rio Tinto Finance U.S.A. PLC, |  |  |
| (Floating, U.S. SOFR Compounded <br> Index + 0.84%), 4.50%, <br> 3/14/28<sup>(4)</sup> <br>| 13500 | 13580 |
|  |  | **47237** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **320** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 32.2% continued**  | **FOREIGN ISSUER BONDS - 32.2% continued**  | **FOREIGN ISSUER BONDS - 32.2% continued**  |
| **Oil & Gas Supply Chain – 0.2%** | **Oil & Gas Supply Chain – 0.2%** | **Oil & Gas Supply Chain – 0.2%** |
| Saudi Arabian Oil Co., |  |  |
| 4.00%, 2/2/29<sup>(1)</sup>  | $3070 | **$3006** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| &nbsp;&nbsp; NXP B.V./NXP Funding LLC/NXP <br> U.S.A., Inc.,<br>|  |  |
| 4.30%, 8/19/28 | 2200 | **2190** |
| **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** |
| Avolon Holdings Funding Ltd., |  |  |
| 4.95%, 1/15/28<sup>(1)</sup>  | 4600 | 4615 |
| 4.20%, 4/15/29<sup>(1)</sup>  | 2450 | 2404 |
|  |  | **7019** |
| **Telecommunications – 0.9%** | **Telecommunications – 0.9%** | **Telecommunications – 0.9%** |
| NTT Finance Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.08%), <br> 4.75%, 7/16/28<sup>(1) (4)</sup> <br>| 10700 | 10782 |
| Orange S.A., |  |  |
| 4.00%, 1/13/29<sup>(1)</sup>  | 4000 | 3960 |
|  |  | **14742** |
| **Transportation Equipment – 1.3%** | **Transportation Equipment – 1.3%** | **Transportation Equipment – 1.3%** |
| &nbsp;&nbsp; Daimler Truck Finance North <br> America LLC,<br>|  |  |
| 5.00%, 1/15/27<sup>(1)</sup>  | 4000 | 4020 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.96%), <br> 4.62%, 9/25/27<sup>(1) (4)</sup> <br>| 10720 | 10745 |
| (Floating, U.S. SOFR + 0.84%), <br> 4.51%, 1/13/28<sup>(1) (4)</sup> <br>| 5900 | 5904 |
|  |  | **20669** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $530,851)** |  | **531584** |
| **U.S. GOVERNMENT AGENCIES – 0.6%** <sup>(6)</sup> | **U.S. GOVERNMENT AGENCIES – 0.6%** <sup>(6)</sup> | **U.S. GOVERNMENT AGENCIES – 0.6%** <sup>(6)</sup> |
| **Fannie Mae – 0.2%** | **Fannie Mae – 0.2%** | **Fannie Mae – 0.2%** |
| Pool #FM3019, |  |  |
| 3.50%, 2/1/35 | 1403 | 1373 |
| Pool #MA3932, |  |  |
| 3.50%, 2/1/35 | 1219 | 1192 |
|  |  | **2565** |
| **Freddie Mac – 0.4%** | **Freddie Mac – 0.4%** | **Freddie Mac – 0.4%** |
| &nbsp;&nbsp; FRESB Mortgage Trust, Series <br> 2022-SB94, Class A5F,<br>|  |  |
| 1.64%, 11/25/26 | 5201 | 5113 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 0.6%** <sup>(6)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 0.6%** <sup>(6)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 0.6%** <sup>(6)</sup>**continued** |
| **Freddie Mac – 0.4%continued** | **Freddie Mac – 0.4%continued** | **Freddie Mac – 0.4%continued** |
| Pool #ZS8641, |  |  |
| 2.50%, 2/1/32 | $1845 | $1774 |
|  |  | **6887** |
| **Government National Mortgage Association – 0.0%** | **Government National Mortgage Association – 0.0%** | **Government National Mortgage Association – 0.0%** |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2013-149, <br> Class MA,<br>|  |  |
| 2.50%, 5/20/40 | 364 | **361** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $10,100)** |  | **9813** |
| **U.S. GOVERNMENT OBLIGATIONS – 2.7%**  | **U.S. GOVERNMENT OBLIGATIONS – 2.7%**  | **U.S. GOVERNMENT OBLIGATIONS – 2.7%**  |
| **U.S. Treasury Notes – 2.7%** | **U.S. Treasury Notes – 2.7%** | **U.S. Treasury Notes – 2.7%** |
| 4.13%, 2/15/27 | 10000 | 10031 |
| 3.50%, 9/30/27 | 35000 | 34829 |
|  |  | **44860** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $44,936)** |  | **44860** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 5.1%**  | **INVESTMENT COMPANIES – 5.1%**  | **INVESTMENT COMPANIES – 5.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - Liquid <br> Assets Portfolio (Shares), <br> 3.70%<sup>(7) (8) (9)</sup> <br>| 3235075 | $3235 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(7) (8)</sup> <br>| 80039381 | 80039 |
| **Total Investment Companies** |  |  |
| **(Cost $83,274)** |  | **83274** |
| **Total Investments – 99.7%** | **Total Investments – 99.7%** |  |
| **(Cost $1,644,721)** | **(Cost $1,644,721)** | **1645556** |
| Other Assets less Liabilities – 0.3% | Other Assets less Liabilities – 0.3% | 5428 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1650984** |

---

<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 March 31,* *2026, the value of these securities amounted to approximately* *$503,656,000 or 30.5% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of March 31, 2026 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 March 31, 2026 is disclosed.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **321** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ULTRA-SHORT FIXED INCOME FUND continued**  | **March 31, 2026**  |

---

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

---

| | |
|:---|:---|
| <sup>(5)</sup>  | *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 March 31, 2026.*<br>|
| <sup>(6)</sup>  | *The obligations of certain U.S. government-sponsored entities are neither* <br> *issued nor guaranteed by the United States Treasury.*<br>|
| <sup>(7)</sup>  | *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* <br> *investment adviser to the Fund and the investment adviser to Northern* <br> *Institutional Funds.*<br>|
| <sup>(8)</sup>  | *7-day current yield as of March 31, 2026 is disclosed.* |
| <sup>(9)</sup>  | *Investment of cash collateral received from securities lending activities.* |
| <sup>†</sup>  | *Security is either wholly or partially on loan.* |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1M - 1 Month |
| CME - Chicago Mercantile Exchange |
| 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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $162631 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $162631 |
| &nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 22085 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22085 |
| Corporate Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 791309 | &nbsp;&nbsp; — | &nbsp;&nbsp; 791309 |
| Foreign Issuer Bonds<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 531584 | &nbsp;&nbsp; — | &nbsp;&nbsp; 531584 |
| &nbsp;&nbsp; U.S. Government <br> Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 9813 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9813 |
| &nbsp;&nbsp; U.S. Government <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 44860 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44860 |
| Investment Companies | &nbsp;&nbsp; 83274 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 83274 |
| Total Investments | &nbsp;&nbsp; $83274 | &nbsp;&nbsp; $1562282 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1645556 |

---

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

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<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>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Nasdaq, Inc. | $8019 | $— | $8000 | $(16)<br>| $(3)<br>| $— |  | $107 |
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) |  | 62323 | 59088 |  |  | 3235 | 3235075 | 7 <br> <sup>(1)</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 66804 | 1158373 | 1145138 |  |  | 80039 | 80039381 | 1450 |
| Total | $74823 | $1220696 | $1212226 | $(16)<br>| $(3)<br>| $83274 | 83274456 | $1564 |

---

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

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **322** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **U.S. GOVERNMENT FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 2.1%** | **Fannie Mae – 2.1%** | **Fannie Mae – 2.1%** |
| Pool #555649, |  |  |
| 7.50%, 10/1/32 | $4 | $4 |
| Pool #BH9277, |  |  |
| 3.50%, 2/1/48 | 95 | 88 |
| Pool #CB7509, |  |  |
| 6.00%, 11/1/53 | 60 | 62 |
| Pool #DA0021, |  |  |
| 6.00%, 9/1/53 | 56 | 58 |
| Pool #FS3063, |  |  |
| 4.50%, 10/1/52 | 143 | 140 |
| Pool #FS4669, |  |  |
| 6.00%, 3/1/53 | 53 | 54 |
| Pool #FS5952, |  |  |
| 6.50%, 10/1/53 | 42 | 44 |
| Pool #FS6176, |  |  |
| 5.00%, 12/1/47 | 51 | 51 |
| Pool #FS6177, |  |  |
| 6.50%, 5/1/40 | 54 | 57 |
|  |  | **558** |
| **Freddie Mac – 1.1%** | **Freddie Mac – 1.1%** | **Freddie Mac – 1.1%** |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | 73 | 74 |
| Pool #SD2347, |  |  |
| 5.50%, 2/1/53 | 61 | 62 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 65 | 67 |
| Pool #SD3817, |  |  |
| 6.00%, 9/1/53 | 82 | 84 |
| Pool #ZS7735, |  |  |
| 2.00%, 1/1/32 | 1 | 1 |
|  |  | **288** |
| **Freddie Mac Gold – 0.0%** | **Freddie Mac Gold – 0.0%** | **Freddie Mac Gold – 0.0%** |
| Pool #G30926, |  |  |
| 3.50%, 4/1/36 | 14 | **14** |
| **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| 2.50%, 8/20/46 | 51 | **48** |

---

---

| | | |
|:---|:---|:---|
|  | 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 – 1.5%** | **Sovereign Agencies – 1.5%** | **Sovereign Agencies – 1.5%** |
| Resolution Funding Corp. Interest Strip, |  |  |
| 3.89%, 10/15/28<sup>(2)</sup>  | $425 | **$385** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $1,281)** |  | **1293** |
| **U.S. GOVERNMENT OBLIGATIONS – 94.3%**  | **U.S. GOVERNMENT OBLIGATIONS – 94.3%**  | **U.S. GOVERNMENT OBLIGATIONS – 94.3%**  |
| **U.S. Treasury Bonds – 21.0%** | **U.S. Treasury Bonds – 21.0%** | **U.S. Treasury Bonds – 21.0%** |
| 4.50%, 8/15/39 | 50 | 49 |
| 4.38%, 11/15/39 | 180 | 176 |
| 4.63%, 2/15/40 | 60 | 60 |
| 1.13%, 5/15/40 | 250 | 157 |
| 4.38%, 5/15/40 | 45 | 44 |
| 3.88%, 8/15/40 | 35 | 32 |
| 4.25%, 11/15/40 | 120 | 114 |
| 1.88%, 2/15/41 | 25 | 17 |
| 3.88%, 2/15/43 | 460 | 409 |
| 3.88%, 5/15/43 | 385 | 341 |
| 4.38%, 8/15/43 | 325 | 307 |
| 4.75%, 11/15/43 | 135 | 133 |
| 4.63%, 5/15/44 | 100 | 97 |
| 4.63%, 11/15/44 | 205 | 198 |
| 4.75%, 2/15/45 | 140 | 138 |
| 5.00%, 5/15/45 | 125 | 127 |
| 4.88%, 8/15/45 | 60 | 60 |
| 4.63%, 11/15/45 | 40 | 39 |
| 4.63%, 2/15/46 | 10 | 10 |
| 2.75%, 11/15/47 | 295 | 208 |
| 3.38%, 11/15/48 | 240 | 188 |
| 2.88%, 5/15/49 | 100 | 71 |
| 2.38%, 11/15/49 | 610 | 389 |
| 1.25%, 5/15/50 | 25 | 12 |
| 1.38%, 8/15/50 | 305 | 149 |
| 1.63%, 11/15/50 | 10 | 5 |
| 2.38%, 5/15/51 | 435 | 272 |
| 1.88%, 11/15/51 | 25 | 14 |
| 4.00%, 11/15/52 | 50 | 43 |
| 4.75%, 11/15/53 | 495 | 481 |
| 4.63%, 5/15/54 | 225 | 214 |
| 4.25%, 8/15/54 | 175 | 157 |
| 4.50%, 11/15/54 | 215 | 201 |
| 4.63%, 2/15/55 | 155 | 148 |
| 4.75%, 5/15/55 | 140 | 136 |
| 4.75%, 8/15/55 | 120 | 117 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **323** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**U.S. GOVERNMENT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  |
| **U.S. Treasury Bonds – 21.0%continued** | **U.S. Treasury Bonds – 21.0%continued** | **U.S. Treasury Bonds – 21.0%continued** |
| 4.63%, 11/15/55 | $120 | $115 |
| 4.75%, 2/15/56 | 25 | 24 |
|  |  | **5452** |
| **U.S. Treasury Inflation Indexed Notes – 1.2%** | **U.S. Treasury Inflation Indexed Notes – 1.2%** | **U.S. Treasury Inflation Indexed Notes – 1.2%** |
| 0.13%, 4/15/26 | 126 | 156 |
| 0.13%, 4/15/27 | 137 | 157 |
| 0.13%, 7/15/30 | 2 | 3 |
|  |  | **316** |
| **U.S. Treasury Notes – 72.1%** | **U.S. Treasury Notes – 72.1%** | **U.S. Treasury Notes – 72.1%** |
| 3.75%, 4/30/27 | 125 | 125 |
| 4.50%, 5/15/27 | 225 | 227 |
| 0.50%, 5/31/27 | 107 | 103 |
| 3.88%, 5/31/27 | 125 | 125 |
| 4.63%, 6/15/27 | 100 | 101 |
| 3.75%, 6/30/27 | 275 | 275 |
| 4.38%, 7/15/27 | 200 | 201 |
| 0.38%, 9/30/27 | 161 | 153 |
| 3.50%, 9/30/27 | 150 | 149 |
| 3.50%, 10/31/27 | 75 | 75 |
| 2.25%, 11/15/27 | 126 | 123 |
| 4.13%, 11/15/27 | 50 | 50 |
| 0.63%, 11/30/27 | 36 | 34 |
| 3.38%, 11/30/27 | 175 | 174 |
| 3.88%, 11/30/27 | 163 | 163 |
| 4.00%, 12/15/27 | 210 | 211 |
| 4.25%, 1/15/28 | 50 | 50 |
| 0.75%, 1/31/28 | 104 | 98 |
| 3.50%, 1/31/28 | 260 | 259 |
| 4.25%, 2/15/28 | 150 | 151 |
| 3.88%, 3/15/28 | 155 | 155 |
| 3.75%, 4/15/28 | 150 | 150 |
| 3.50%, 4/30/28 | 150 | 149 |
| 3.75%, 5/15/28 | 175 | 175 |
| 1.25%, 5/31/28 | 215 | 204 |
| 3.63%, 5/31/28 | 125 | 125 |
| 3.88%, 6/15/28 | 400 | 401 |
| 3.88%, 7/15/28 | 400 | 400 |
| 2.88%, 8/15/28 | 245 | 240 |
| 3.63%, 8/15/28 | 500 | 498 |
| 1.13%, 8/31/28 | 208 | 195 |
| 4.38%, 8/31/28 | 100 | 101 |
| 3.38%, 9/15/28 | 225 | 223 |
| 3.50%, 10/15/28 | 500 | 496 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  |
| **U.S. Treasury Notes – 72.1%continued** | **U.S. Treasury Notes – 72.1%continued** | **U.S. Treasury Notes – 72.1%continued** |
| 4.88%, 10/31/28 | $175 | $179 |
| 3.13%, 11/15/28 | 388 | 381 |
| 3.50%, 11/15/28 | 325 | 322 |
| 3.50%, 12/15/28 | 430 | 426 |
| 3.50%, 1/15/29 | 300 | 297 |
| 4.00%, 1/31/29 | 200 | 201 |
| 3.50%, 2/15/29 | 250 | 248 |
| 3.50%, 3/15/29 | 175 | 173 |
| 4.13%, 3/31/29 | 100 | 101 |
| 4.50%, 5/31/29 | 100 | 102 |
| 4.00%, 7/31/29 | 100 | 100 |
| 3.63%, 8/31/29 | 100 | 99 |
| 4.13%, 10/31/29 | 65 | 66 |
| 4.38%, 12/31/29 | 260 | 264 |
| 4.25%, 1/31/30 | 400 | 405 |
| 4.00%, 2/28/30 | 425 | 427 |
| 4.00%, 3/31/30 | 375 | 376 |
| 3.88%, 4/30/30 | 105 | 105 |
| 4.00%, 5/31/30 | 65 | 65 |
| 3.88%, 6/30/30 | 225 | 225 |
| 3.88%, 7/31/30 | 50 | 50 |
| 3.63%, 8/31/30 | 40 | 40 |
| 4.13%, 8/31/30 | 850 | 857 |
| 3.63%, 9/30/30 | 85 | 84 |
| 3.63%, 10/31/30 | 65 | 64 |
| 3.50%, 11/30/30 | 160 | 157 |
| 4.38%, 11/30/30 | 165 | 168 |
| 3.63%, 12/31/30 | 100 | 99 |
| 3.75%, 12/31/30 | 150 | 149 |
| 3.75%, 1/31/31 | 70 | 69 |
| 4.00%, 1/31/31 | 100 | 100 |
| 4.25%, 2/28/31 | 150 | 152 |
| 3.88%, 3/31/31 | 75 | 75 |
| 4.63%, 4/30/31 | 75 | 77 |
| 4.63%, 5/31/31 | 200 | 206 |
| 4.25%, 6/30/31 | 150 | 152 |
| 4.13%, 7/31/31 | 250 | 252 |
| 3.75%, 8/31/31 | 100 | 99 |
| 3.63%, 9/30/31 | 100 | 98 |
| 4.13%, 10/31/31 | 65 | 65 |
| 4.13%, 11/30/31 | 200 | 201 |
| 4.50%, 12/31/31 | 210 | 215 |
| 4.38%, 1/31/32 | 325 | 331 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **324** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 94.3%continued**  |
| **U.S. Treasury Notes – 72.1%continued** | **U.S. Treasury Notes – 72.1%continued** | **U.S. Treasury Notes – 72.1%continued** |
| 4.13%, 2/29/32 | $260 | $261 |
| 4.13%, 3/31/32 | 240 | 241 |
| 4.00%, 4/30/32 | 150 | 149 |
| 4.13%, 5/31/32 | 125 | 125 |
| 4.00%, 6/30/32 | 125 | 124 |
| 4.00%, 7/31/32 | 135 | 134 |
| 3.88%, 8/31/32 | 175 | 173 |
| 3.88%, 9/30/32 | 65 | 64 |
| 3.75%, 10/31/32 | 150 | 147 |
| 3.75%, 11/30/32 | 140 | 137 |
| 3.88%, 12/31/32 | 90 | 89 |
| 4.00%, 1/31/33 | 70 | 69 |
| 3.50%, 2/15/33 | 180 | 173 |
| 4.25%, 3/31/33 | 60 | 60 |
| 3.38%, 5/15/33 | 260 | 248 |
| 4.00%, 2/15/34 | 465 | 459 |
| 4.38%, 5/15/34 | 175 | 177 |
| 3.88%, 8/15/34 | 125 | 122 |
| 4.25%, 11/15/34 | 240 | 240 |
| 4.63%, 2/15/35 | 230 | 236 |
| 4.25%, 5/15/35 | 220 | 219 |
| 4.25%, 8/15/35 | 160 | 159 |
| 4.00%, 11/15/35 | 160 | 156 |
| 4.13%, 2/15/36 | 95 | 94 |
|  |  | **18737** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $24,831)** |  | **24505** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.1%**  | **INVESTMENT COMPANIES – 0.1%**  | **INVESTMENT COMPANIES – 0.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 3.46%<sup>(3) (4)</sup> <br>| 24826 | $25 |
| **Total Investment Companies** |  |  |
| **(Cost $25)** |  | **25** |
| **Total Investments – 99.3%** | **Total Investments – 99.3%** |  |
| **(Cost $26,137)** | **(Cost $26,137)** | **25823** |
| Other Assets less Liabilities – 0.7% | Other Assets less Liabilities – 0.7% | 170 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$25993** |

---

<sup>(1)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.*

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

<sup>(2)</sup> *Discount rate at the time of purchase.*

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

<sup>(4)</sup> *7-day current yield as of March 31, 2026 is disclosed.*

---

| |
|:---|
| 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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1293 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1293 |
| U.S. Government Obligations<sup>(1)</sup>  | &nbsp;&nbsp; — | &nbsp;&nbsp; 24505 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24505 |
| Investment Companies | &nbsp;&nbsp; 25 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25 |
| Total Investments | &nbsp;&nbsp; $25 | &nbsp;&nbsp; $25798 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25823 |

---

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

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **325** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **U.S. GOVERNMENT FUND continued**  | **March 31, 2026**  |

---

Transactions in affiliated investments for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY** | **VALUE,**<br> **BEGINNING**<br> **OF YEAR**<br> **(000S)**<br>| **PURCHASES**<br> **(000S)**<br>| **SALES**<br> **PROCEEDS**<br> **(000S)**<br>| **VALUE,**<br> **END OF YEAR**<br> **(000S)**<br>| **SHARES/PAR,**<br> **END**<br> **OF YEAR**<br>| **DIVIDEND/**<br> **INTEREST**<br> **INCOME**<br> **(000S)**<br>|
| Northern Institutional Funds - Liquid Assets Portfolio (Shares) | $— | $156 | $156 | $— |  | $— <br> <sup>(1),\*</sup><br>|
| Northern Institutional Funds - U.S. Government Portfolio (Shares) | 710 | 3472 | 4157 | 25 | 24826 | 3 |
| Total | $710 | $3628 | $4313 | $25 | 24826 | $3 |

---

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

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

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **326** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **U.S. GOVERNMENT MONEY MARKET FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 38.5%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 38.5%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 38.5%** <sup>(1)</sup> |
| **Federal Farm Credit Bank – 8.0%** | **Federal Farm Credit Bank – 8.0%** | **Federal Farm Credit Bank – 8.0%** |
| FFCB Bonds, |  |  |
| 3.59%, 1/20/27 | $90000 | $89986 |
| FFCB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 3.74%, 4/1/26<sup>(2)</sup> <br>| 45000 | 45000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 3.76%, 4/1/26<sup>(2)</sup> <br>| 60000 | 60000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.13%), 3.76%, 4/1/26<sup>(2)</sup> <br>| 22000 | 22000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 3.77%, 4/1/26<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 3.77%, 4/1/26<sup>(2)</sup> <br>| 45000 | 45000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 3.78%, 4/1/26<sup>(2)</sup> <br>| 15000 | 14999 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 3.78%, 4/1/26<sup>(2)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 3.79%, 4/1/26<sup>(2)</sup> <br>| 125000 | 125000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.04%), <br> 3.67%, 4/1/26<sup>(2)</sup> <br>| 45000 | 45000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.08%), <br> 3.71%, 4/1/26<sup>(2)</sup> <br>| 155000 | 155000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 3.73%, 4/1/26<sup>(2)</sup> <br>| 6000 | 6000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 3.73%, 4/1/26<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 3.73%, 4/1/26<sup>(2)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 3.73%, 4/1/26<sup>(2)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 3.74%, 4/1/26<sup>(2)</sup> <br>| 70000 | 70000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 3.74%, 4/1/26<sup>(2)</sup> <br>| 50000 | 50000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 3.75%, 4/1/26<sup>(2)</sup> <br>| 130000 | 130000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 3.76%, 4/1/26<sup>(2)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.76%, 4/1/26<sup>(2)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.76%, 4/1/26<sup>(2)</sup> <br>| 78000 | 78000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 23000 | 23000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 10000 | 10000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 38.5%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 38.5%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 38.5%** <sup>(1)</sup>**continued** |
| **Federal Farm Credit Bank – 8.0%continued** | **Federal Farm Credit Bank – 8.0%continued** | **Federal Farm Credit Bank – 8.0%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| $10000 | $10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 3.78%, 4/1/26<sup>(2)</sup> <br>| 65000 | 65000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 3.78%, 4/1/26<sup>(2)</sup> <br>| 45000 | 45000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 3.78%, 4/1/26<sup>(2)</sup> <br>| 85000 | 85000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 3.78%, 4/1/26<sup>(2)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 3.79%, 4/1/26<sup>(2)</sup> <br>| 135000 | 134998 |
| (Floating, U.S. SOFR + 0.16%), <br> 3.79%, 4/1/26<sup>(2)</sup> <br>| 50000 | 50003 |
|  |  | **1733986** |
| **Federal Home Loan Bank – 29.1%** | **Federal Home Loan Bank – 29.1%** | **Federal Home Loan Bank – 29.1%** |
| FHLB Bonds, |  |  |
| 3.61%, 6/24/26 | 400000 | 399982 |
| 3.50%, 11/23/26 | 198360 | 198183 |
| 3.50%, 11/27/26 | 225000 | 224786 |
| 3.50%, 1/4/27 | 200000 | 199790 |
| 3.50%, 1/11/27 | 200000 | 199748 |
| 3.85%, 4/9/27 | 100595 | 100595 |
| FHLB Discount Notes, |  |  |
| 3.65%, 4/9/26<sup>(4)</sup>  | 100000 | 99918 |
| 3.62%, 4/13/26<sup>(4)</sup>  | 100000 | 99877 |
| 3.51%, 5/4/26<sup>(4)</sup>  | 50000 | 49838 |
| 3.46%, 5/7/26<sup>(4)</sup>  | 105000 | 104628 |
| 3.46%, 5/8/26<sup>(4)</sup>  | 105000 | 104618 |
| 3.54%, 5/20/26<sup>(4)</sup>  | 105000 | 104490 |
| 3.57%, 5/22/26<sup>(4)</sup>  | 10000 | 9949 |
| 3.48%, 6/18/26<sup>(4)</sup>  | 150000 | 148863 |
| 3.47%, 6/25/26<sup>(4)</sup>  | 170000 | 168597 |
| 3.60%, 6/26/26<sup>(4)</sup>  | 105000 | 104087 |
| 3.47%, 7/10/26<sup>(4)</sup>  | 100000 | 99025 |
| 3.48%, 7/13/26<sup>(4)</sup>  | 185000 | 183130 |
| 3.51%, 7/16/26<sup>(4)</sup>  | 125000 | 123699 |
| 3.52%, 7/24/26<sup>(4)</sup>  | 100000 | 98878 |
| 3.52%, 8/20/26<sup>(4)</sup>  | 245000 | 241603 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **327** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**U.S. GOVERNMENT MONEY MARKET FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 38.5%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 38.5%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 38.5%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 29.1%continued** | **Federal Home Loan Bank – 29.1%continued** | **Federal Home Loan Bank – 29.1%continued** |
| 3.51%, 8/21/26<sup>(4)</sup>  | $145000 | $142981 |
| 3.53%, 8/27/26<sup>(4)</sup>  | 75000 | 73905 |
| 3.52%, 8/28/26<sup>(4)</sup>  | 65000 | 64048 |
| 3.45%, 9/2/26<sup>(4)</sup>  | 50000 | 49248 |
| 3.50%, 9/3/26<sup>(4)</sup>  | 156630 | 154243 |
| 3.49%, 9/16/26<sup>(4)</sup>  | 605000 | 595048 |
| 3.63%, 9/25/26<sup>(4)</sup>  | 160000 | 157133 |
| FHLB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.63%, 4/1/26<sup>(2)</sup> <br>| 205000 | 205000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.63%, 4/1/26<sup>(2)</sup> <br>| 200000 | 200000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.63%, 4/1/26<sup>(2)</sup> <br>| 50000 | 50000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.63%, 4/1/26<sup>(2)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 120000 | 120000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 50000 | 50000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 70000 | 70000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 160000 | 160000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 3.73%, 4/1/26<sup>(2)</sup> <br>| 200000 | 200000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 3.73%, 4/1/26<sup>(2)</sup> <br>| 50000 | 50000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 3.74%, 4/1/26<sup>(2)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 3.75%, 4/1/26<sup>(2)</sup> <br>| 70000 | 70000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 38.5%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 38.5%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 38.5%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 29.1%continued** | **Federal Home Loan Bank – 29.1%continued** | **Federal Home Loan Bank – 29.1%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 3.76%, 4/1/26<sup>(2)</sup> <br>| $150000 | $150000 |
| (Floating, U.S. SOFR + 0.17%), <br> 3.80%, 4/1/26<sup>(2)</sup> <br>| 52950 | 52950 |
|  |  | **6268840** |
| **Federal Home Loan Mortgage Corporation – 0.2%** | **Federal Home Loan Mortgage Corporation – 0.2%** | **Federal Home Loan Mortgage Corporation – 0.2%** |
| FHLMC Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 10000 | 10000 |
| (Floating, U.S. SOFR + 0.14%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 20000 | 20000 |
|  |  | **30000** |
| **Federal National Mortgage Association – 1.2%** | **Federal National Mortgage Association – 1.2%** | **Federal National Mortgage Association – 1.2%** |
| FNMA Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 3.75%, 4/1/26<sup>(2)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.76%, 4/1/26<sup>(2)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 160000 | 160000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 15000 | 15000 |
| (Floating, U.S. SOFR + 0.14%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 5000 | 5000 |
|  |  | **265000** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $8,297,826)** |  | **8297826** |
| **U.S. GOVERNMENT OBLIGATIONS – 11.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 11.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 11.6%**  |
| **U.S. Treasury Bills – 2.5%** | **U.S. Treasury Bills – 2.5%** | **U.S. Treasury Bills – 2.5%** |
| U.S. Treasury Bill |  |  |
| 3.64%, 5/7/26<sup>(4)</sup>  | 100000 | 99630 |
| U.S. Treasury Bills, |  |  |
| 3.66%, 4/16/26<sup>(4)</sup>  | 135000 | 134792 |
| 3.65%, 4/30/26<sup>(4)</sup>  | 150000 | 149556 |
| 3.66%, 5/14/26<sup>(4)</sup>  | 10000 | 9956 |
| 3.57%, 9/24/26<sup>(4)</sup>  | 145000 | 142427 |
|  |  | **536361** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **328** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 11.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 11.6%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 11.6%continued**  |
| **U.S. Treasury Floating Rate Notes – 3.0%** | **U.S. Treasury Floating Rate Notes – 3.0%** | **U.S. Treasury Floating Rate Notes – 3.0%** |
| &nbsp;&nbsp; (Floating, U.S. Treasury 3M Bill <br> MMY + 0.10%), 3.75%, <br> 4/1/26<sup>(2)</sup> <br>| $385000 | $385015 |
| (Variable, U.S. Treasury 3M Bill <br> MMY + 0.18%), 3.84%, <br> 4/1/26<sup>(2)</sup> <br>| 275000 | 275144 |
|  |  | **660159** |
| **U.S. Treasury Notes – 6.1%** | **U.S. Treasury Notes – 6.1%** | **U.S. Treasury Notes – 6.1%** |
| 0.88%, 6/30/26 | 75000 | 74423 |
| 1.88%, 6/30/26 | 50000 | 49735 |
| 0.63%, 7/31/26 | 400000 | 395767 |
| 1.88%, 7/31/26 | 65000 | 64527 |
| 4.38%, 7/31/26 | 190000 | 190166 |
| 0.88%, 9/30/26 | 43275 | 42675 |
| 1.25%, 11/30/26 | 75000 | 73806 |
| 1.63%, 11/30/26 | 25000 | 24662 |
| 4.25%, 11/30/26 | 130000 | 130514 |
| 4.00%, 1/15/27 | 265000 | 265684 |
|  |  | **1311959** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $2,508,479)** |  | **2508479** |
| **Investments, at Amortized Cost** |  |  |
| **($10806305)** |  | **10806305** |
| **REPURCHASE AGREEMENTS – 49.9%** <sup>(5)</sup> | **REPURCHASE AGREEMENTS – 49.9%** <sup>(5)</sup> | **REPURCHASE AGREEMENTS – 49.9%** <sup>(5)</sup> |
| &nbsp;&nbsp; Bank of America N.A., dated <br> 3/31/26, repurchase price <br> $150,015, <br> 3.67%, 4/1/26<br>| 150000 | 150000 |
| &nbsp;&nbsp; Barclays Capital, Inc., dated <br> 3/31/26, repurchase price <br> $750,076, <br> 3.67%, 4/1/26<br>| 750000 | 750000 |
| &nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce, dated 3/19/26, <br> repurchase price $550,725, <br> 3.65%, 4/7/26<sup>(6)</sup> <br>| 550000 | 550000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br> dated 3/31/26, repurchase price <br> $101,010, <br> 3.66%, 4/1/26<br>| 101000 | 101000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br> dated 3/31/26, repurchase price <br> $28,003, <br> 3.67%, 4/1/26<br>| 28000 | 28000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **REPURCHASE AGREEMENTS - 49.9%** <sup>(5)</sup>**continued** | **REPURCHASE AGREEMENTS - 49.9%** <sup>(5)</sup>**continued** | **REPURCHASE AGREEMENTS - 49.9%** <sup>(5)</sup>**continued** |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 3/31/26, repurchase price <br> $1,150,117, <br> 3.66%, 4/1/26<br>| $1150000 | $1150000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 3/31/26, repurchase price <br> $2,950,301, <br> 3.67%, 4/1/26<br>| 2950000 | 2950000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 3/31/26, repurchase price <br> $3,200,327, <br> 3.68%, 4/1/26<br>| 3200000 | 3200000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, (Floating, <br> U.S. SOFR + 0.01%), dated <br> 3/31/26, repurchase price <br> $752,287, <br> 3.64%, 4/7/26<sup>(7)</sup> <br>| 750000 | 750000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated <br> 3/31/26, repurchase price <br> $25,003, <br> 3.66%, 4/1/26<br>| 25000 | 25000 |
| &nbsp;&nbsp; NatWest Markets PLC, dated <br> 3/31/26, repurchase price <br> $225,023, <br> 3.67%, 4/1/26<br>| 225000 | 225000 |
| Royal Bank of Canada, dated <br> 1/26/26, repurchase price <br> $905,931, <br> 3.65%, 4/7/26<sup>(6)</sup> <br>| 900000 | 900000 |
|  |  | **10779000** |
| **Total Repurchase Agreements** |  |  |
| **(Cost $10,779,000)** |  | **10779000** |
| **Total Investments – 100.0%** |  |  |
| **(Cost $21,585,305)** |  | **21585305** |
| Other Assets less Liabilities – 0.0% |  | 5035 |
| **NET ASSETS – 100.0%** |  | **$21590340** |

---

<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> *Variable rate security. Rate as of March 31, 2026 is disclosed. Maturity date* *represents the next interest reset date. The security's legal final maturity date* *is longer than the reset date. Securities with longer maturity dates have a* *greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.* 

<sup>(3)</sup> *Variable or floating rate security. Rate as of March 31, 2026 is disclosed.*

<sup>(4)</sup> *Discount rate at the time of purchase.*

<sup>(5)</sup> *The nature and terms of the collateral received for the repurchase agreements* *are as follows:* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **329** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **U.S. GOVERNMENT MONEY MARKET FUND continued**  | **March 31, 2026**  |

---

---

| | | | |
|:---|:---|:---|:---|
| NAME | FAIR<br> VALUE<br> (000S)<br>| COUPON<br> RATES<br>| MATURITY<br> DATES<br>|
| FHLB | $6890 | 0.00% | 9/4/26 |
| FHLMC | 2043992 | 0.00%—7.50% | 9/1/30—3/1/56 |
| FNMA | 1147564 | 1.05%—7.50% | 7/1/27—9/1/61 |
| GNMA | 2256104 | 1.50%—7.50% | 6/20/27—8/20/74 |
| U.S. Treasury Bonds | 155710 | 0.00%—6.75% | 8/15/26—11/15/55 |
| U.S. Treasury Notes | 5436677 | 0.13%—4.88% | 4/30/26—1/15/35 |
| **Total** | **$11046937** |  |  |

---

<sup>(6)</sup> *Maturity date represents the puttable date.*

<sup>(7)</sup> *Variable or floating rate security. Rate as of March 31, 2026 is disclosed.* *Maturity date represents the puttable date.* 

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 3M – 3 Month |
| FFCB – Federal Farm Credit Bank |
| FHLB – Federal Home Loan Bank |
| FHLMC – Federal Home Loan Mortgage Corporation |
| FNMA – Federal National Mortgage Association |

---

---

| |
|:---|
| GNMA – Government National Mortgage Association |
| MMY – Money Market Yield |
| 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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**<br> **(000S)**<br>| **LEVEL 2**<br> **(000S)**<br>| **LEVEL 3**<br> **(000S)**<br>| **TOTAL**<br> **(000S)**<br>|
| &nbsp;&nbsp; Investments held by<br> U.S. Government <br> Money Market Fund<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $21585305 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21585305 |

---

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

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **330** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **U.S. GOVERNMENT SELECT MONEY MARKET FUND**  | **March 31, 2026**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 38.0%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 38.0%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 38.0%** <sup>(1)</sup> |
| **Federal Farm Credit Bank – 9.9%** | **Federal Farm Credit Bank – 9.9%** | **Federal Farm Credit Bank – 9.9%** |
| FFCB Bonds, |  |  |
| 3.59%, 1/20/27 | $15000 | $14998 |
| FFCB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 3.74%, 4/1/26<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 3.75%, 4/1/26<sup>(2)</sup> <br>| 6000 | 6000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 3.76%, 4/1/26<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 3.77%, 4/1/26<sup>(2)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 3.78%, 4/1/26<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 3.78%, 4/1/26<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 3.79%, 4/1/26<sup>(2)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.63%, 4/1/26<sup>(2)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.04%), <br> 3.67%, 4/1/26<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.08%), <br> 3.71%, 4/1/26<sup>(2)</sup> <br>| 45000 | 45000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 3.73%, 4/1/26<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 3.73%, 4/1/26<sup>(2)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 3.73%, 4/1/26<sup>(2)</sup> <br>| 4400 | 4400 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 3.73%, 4/1/26<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 3.73%, 4/1/26<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 3.73%, 4/1/26<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 3.74%, 4/1/26<sup>(2)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 3.74%, 4/1/26<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 3.74%, 4/1/26<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 3.75%, 4/1/26<sup>(2)</sup> <br>| 12000 | 12000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 3.75%, 4/1/26<sup>(2)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 3.76%, 4/1/26<sup>(2)</sup> <br>| 5000 | 5000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 38.0%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 38.0%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 38.0%** <sup>(1)</sup>**continued** |
| **Federal Farm Credit Bank – 9.9%continued** | **Federal Farm Credit Bank – 9.9%continued** | **Federal Farm Credit Bank – 9.9%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.76%, 4/1/26<sup>(2)</sup> <br>| $15000 | $15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 7000 | 7000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 3.77%, 4/1/26<sup>(2)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 3.78%, 4/1/26<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 3.78%, 4/1/26<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 3.78%, 4/1/26<sup>(2)</sup> <br>| 20000 | 20000 |
| (Floating, U.S. SOFR + 0.16%), <br> 3.78%, 4/1/26<sup>(2)</sup> <br>| 5000 | 5000 |
|  |  | **444398** |
| **Federal Home Loan Bank – 28.1%** | **Federal Home Loan Bank – 28.1%** | **Federal Home Loan Bank – 28.1%** |
| FHLB Bonds, |  |  |
| 3.61%, 6/24/26 | 80000 | 79996 |
| 3.50%, 11/23/26 | 43125 | 43087 |
| 3.50%, 11/27/26 | 50000 | 49952 |
| 3.50%, 1/4/27 | 25000 | 24974 |
| 3.50%, 1/11/27 | 20000 | 19975 |
| 3.85%, 4/9/27 | 20615 | 20615 |
| FHLB Discount Notes, |  |  |
| 3.65%, 4/9/26<sup>(3)</sup>  | 20000 | 19984 |
| 3.62%, 4/13/26<sup>(3)</sup>  | 20000 | 19975 |
| 3.51%, 5/4/26<sup>(3)</sup>  | 10000 | 9968 |
| 3.46%, 5/7/26<sup>(3)</sup>  | 20000 | 19929 |
| 3.46%, 5/8/26<sup>(3)</sup>  | 20000 | 19927 |
| 3.57%, 5/22/26<sup>(3)</sup>  | 30000 | 29846 |
| 3.48%, 6/18/26<sup>(3)</sup>  | 30000 | 29772 |
| 3.47%, 6/25/26<sup>(3)</sup>  | 35000 | 34711 |
| 3.47%, 7/10/26<sup>(3)</sup>  | 20000 | 19805 |
| 3.48%, 7/13/26<sup>(3)</sup>  | 10000 | 9899 |
| 3.51%, 7/16/26<sup>(3)</sup>  | 75000 | 74219 |
| 3.52%, 7/24/26<sup>(3)</sup>  | 20000 | 19776 |
| 3.51%, 7/31/26<sup>(3)</sup>  | 65000 | 64225 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **331** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**U.S. GOVERNMENT SELECT MONEY MARKET FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 38.0%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 38.0%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 38.0%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 28.1%continued** | **Federal Home Loan Bank – 28.1%continued** | **Federal Home Loan Bank – 28.1%continued** |
| 3.52%, 8/20/26<sup>(3)</sup>  | $20000 | $19723 |
| 3.51%, 8/21/26<sup>(3)</sup>  | 10000 | 9861 |
| 3.53%, 8/27/26<sup>(3)</sup>  | 20000 | 19708 |
| 3.45%, 9/2/26<sup>(3)</sup>  | 10000 | 9850 |
| 3.51%, 9/3/26<sup>(3)</sup>  | 31850 | 31365 |
| 3.50%, 9/16/26<sup>(3)</sup>  | 150000 | 147526 |
| FHLB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.63%, 4/1/26<sup>(2)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.63%, 4/1/26<sup>(2)</sup> <br>| 45000 | 45000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.63%, 4/1/26<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.63%, 4/1/26<sup>(2)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 3.64%, 4/1/26<sup>(2)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 3.73%, 4/1/26<sup>(2)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 3.73%, 4/1/26<sup>(2)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 3.74%, 4/1/26<sup>(2)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 3.75%, 4/1/26<sup>(2)</sup> <br>| 15000 | 15000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 38.0%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 38.0%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 38.0%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 28.1%continued** | **Federal Home Loan Bank – 28.1%continued** | **Federal Home Loan Bank – 28.1%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 3.76%, 4/1/26<sup>(2)</sup> <br>| $35000 | $35000 |
| (Floating, U.S. SOFR + 0.17%), <br> 3.80%, 4/1/26<sup>(2)</sup> <br>| 10310 | 10310 |
|  |  | **1258978** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $1,703,376)** |  | **1703376** |
| **U.S. GOVERNMENT OBLIGATIONS – 13.8%**  | **U.S. GOVERNMENT OBLIGATIONS – 13.8%**  | **U.S. GOVERNMENT OBLIGATIONS – 13.8%**  |
| **U.S. Treasury Bills – 4.7%** | **U.S. Treasury Bills – 4.7%** | **U.S. Treasury Bills – 4.7%** |
| 3.65%, 4/16/26<sup>(3)</sup>  | 35000 | 34946 |
| 3.65%, 4/30/26<sup>(3)</sup>  | 30000 | 29911 |
| 3.64%, 5/7/26<sup>(3)</sup>  | 20000 | 19926 |
| 3.44%, 7/7/26<sup>(3)</sup>  | 20000 | 19807 |
| 3.43%, 7/16/26<sup>(3)</sup>  | 4600 | 4553 |
| 3.56%, 9/17/26<sup>(3)</sup>  | 75000 | 73740 |
| 3.57%, 9/24/26<sup>(3)</sup>  | 30000 | 29467 |
|  |  | **212350** |
| **U.S. Treasury Floating Rate Notes – 2.9%** | **U.S. Treasury Floating Rate Notes – 2.9%** | **U.S. Treasury Floating Rate Notes – 2.9%** |
| &nbsp;&nbsp; (Floating, U.S. Treasury 3M Bill <br> MMY + 0.10%), 3.75%, <br> 4/1/26<sup>(2)</sup> <br>| 75000 | 75001 |
| (Variable, U.S. Treasury 3M Bill <br> MMY + 0.18%), 3.84%, <br> 4/1/26<sup>(2)</sup> <br>| 55000 | 55029 |
|  |  | **130030** |
| **U.S. Treasury Notes – 6.2%** | **U.S. Treasury Notes – 6.2%** | **U.S. Treasury Notes – 6.2%** |
| 0.88%, 6/30/26 | 10000 | 9923 |
| 1.88%, 6/30/26 | 10000 | 9947 |
| 0.63%, 7/31/26 | 75000 | 74208 |
| 1.88%, 7/31/26 | 18000 | 17869 |
| 4.38%, 7/31/26 | 45000 | 45040 |
| 0.88%, 9/30/26 | 9410 | 9280 |
| 1.25%, 11/30/26 | 15000 | 14761 |
| 1.63%, 11/30/26 | 5000 | 4933 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **332** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2026** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 13.8%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 13.8%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 13.8%continued**  |
| **U.S. Treasury Notes – 6.2%continued** | **U.S. Treasury Notes – 6.2%continued** | **U.S. Treasury Notes – 6.2%continued** |
| 4.25%, 11/30/26 | $25000 | $25099 |
| 4.00%, 1/15/27 | 65000 | 65167 |
|  |  | **276227** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $618,607)** |  | **618607** |
| **Investments, at Amortized Cost** |  |  |
| **($2321983)** |  | **2321983** |
| **REPURCHASE AGREEMENTS – 47.6%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 47.6%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 47.6%** <sup>(4)</sup> |
| &nbsp;&nbsp; Bank of America N.A., dated <br> 3/31/26, repurchase price <br> $300,031, <br> 3.67%, 4/1/26<br>| 300000 | 300000 |
| &nbsp;&nbsp; Barclays Capital, Inc., dated <br> 3/19/26, repurchase price <br> $150,198, <br> 3.65%, 4/7/26<sup>(5)</sup> <br>| 150000 | 150000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br> dated 3/31/26, repurchase price <br> $134,014, <br> 3.66%, 4/1/26<br>| 134000 | 134000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 3/31/26, repurchase price <br> $300,031, <br> 3.66%, 4/1/26<br>| 300000 | 300000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 3/31/26, repurchase price <br> $300,031, <br> 3.68%, 4/1/26<br>| 300000 | 300000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 3/31/26, repurchase price <br> $350,036, <br> 3.67%, 4/1/26<br>| 350000 | 350000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, (Floating, <br> U.S. SOFR + 0.01%), dated <br> 3/31/26, repurchase price <br> $150,457, <br> 3.64%, 4/7/26<sup>(6)</sup> <br>| 150000 | 150000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated <br> 3/31/26, repurchase price <br> $200,020, <br> 3.66%, 4/1/26<br>| 200000 | 200000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **REPURCHASE AGREEMENTS - 47.6%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 47.6%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 47.6%** <sup>(4)</sup>**continued** |
| &nbsp;&nbsp; Royal Bank of Canada, dated <br> 1/26/26, repurchase price <br> $150,989, <br> 3.65%, 4/7/26<sup>(5)</sup> <br>| $150000 | $150000 |
| TD Securities (USA) LLC, dated <br> 3/31/26, repurchase price <br> $100,010, <br> 3.67%, 4/1/26<br>| 100000 | 100000 |
|  |  | **2134000** |
| **Total Repurchase Agreements** |  |  |
| **(Cost $2,134,000)** |  | **2134000** |
| **Total Investments – 99.4%** |  |  |
| **(Cost $4,455,983)** |  | **4455983** |
| Other Assets less Liabilities – 0.6% |  | 27707 |
| **NET ASSETS – 100.0%** |  | **$4483690** |

---

<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> *Variable rate security. Rate as of March 31, 2026 is disclosed. Maturity date* *represents the next interest reset date. The security's legal final maturity date* *is longer than the reset date. Securities with longer maturity dates have a* *greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.* 

<sup>(3)</sup> *Discount rate at the time of purchase.*

<sup>(4)</sup> *The nature and terms of the collateral received for the repurchase agreements* *are as follows:* 

---

| | | | |
|:---|:---|:---|:---|
| Name | FAIR<br> VALUE<br> (000S)<br>| COUPON<br> RATES<br>| MATURITY<br> DATES<br>|
| FHLMC | $89548 | 2.00%—7.00% | 6/1/31—4/1/56 |
| FNMA | 532300 | 1.50%—6.50% | 7/1/35—3/1/57 |
| GNMA | 103000 | 5.00%—5.50% | 3/20/53—7/20/55 |
| U.S. Treasury Bills | 6365 | 0.00% | 12/24/26 |
| U.S. Treasury Bonds | 40653 | 1.38%—4.63% | 1/15/28—2/15/54 |
| U.S. Treasury Notes | 1411852 | 0.13%—4.63% | 8/31/26—1/15/36 |
| **Total** | **$2183718** |  |  |

---

<sup>(5)</sup> *Maturity date represents the puttable date.*

<sup>(6)</sup> *Variable or floating rate security. Rate as of March 31, 2026 is disclosed.* *Maturity date represents the puttable date.* 

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 3M – 3 Month |
| FFCB – Federal Farm Credit Bank |
| FHLB – Federal Home Loan Bank |
| FHLMC – Federal Home Loan Mortgage Corporation |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **333** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **U.S. GOVERNMENT SELECT MONEY MARKET FUND continued**  | **March 31, 2026**  |

---

---

| |
|:---|
| FNMA – Federal National Mortgage Association |
| GNMA – Government National Mortgage Association |
| MMY – Money Market Yield |
| 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.

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).

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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**<br> **(000S)**<br>| **LEVEL 2**<br> **(000S)**<br>| **LEVEL 3**<br> **(000S)**<br>| **TOTAL**<br> **(000S)**<br>|
| &nbsp;&nbsp; Investments held by<br> U.S. Government Select <br> Money Market Fund<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $4455983 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4455983 |

---

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

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **334** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

---

| | |
|:---|:---|
| **Notes to the financial statements**  | **March 31, 2026**  |

---

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

**1. ORGANIZATION** 

Northern Funds (the "Trust") is a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust offers 49 funds as of March 31, 2026. The Arizona Tax-Exempt, Bond Index, California Intermediate Tax-Exempt, California Tax-Exempt, Core Bond, Fixed Income, High Yield Fixed Income, Intermediate Tax-Exempt, Limited Term Tax-Exempt, Limited Term U.S. Government, Multi-Manager High Yield Opportunity, Short Bond, Tax-Advantaged Ultra-Short Fixed Income, Tax-Exempt, Ultra-Short Fixed Income, U.S. Government, U.S. Government Money Market and U.S. Government Select Money Market Funds (each a "Fund" and collectively, the "Funds") are separate, diversified investment portfolios of the Trust, except for the Arizona Tax-Exempt Fund, which is a non-diversified portfolio. Non-diversified portfolios may invest a relatively high percentage of their net assets in obligations of a limited number of issuers. Each of the Funds is presented herein and has its own investment objective (e.g., total return or income consistent with preservation of capital).

Each Fund is authorized to issue one class of shares designated as the "Shares" class. The Ultra-Short Fixed Income Fund is authorized to issue a second class of shares designated as Siebert Williams Shank Shares.

Northern Trust Investments, Inc. ("NTI"), an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser and administrator for the Funds. The Northern Trust Company ("Northern Trust"), an affiliate of NTI, serves as transfer agent, custodian and sub-administrator to each Fund and as securities lending agent to each Fund except for the Arizona Tax-Exempt Fund, California Intermediate Tax-Exempt Fund, California Tax-Exempt Fund, Intermediate Tax-Exempt Fund, Limited Term Tax-Exempt Fund and Tax-Exempt Fund (the "Tax-Exempt Fixed Income Funds") and U.S. Government Money Market Fund and U.S. Government Select Money Market Fund (the "Money Market Funds"). Northern Funds Distributors, LLC, not an affiliate of NTI, is the Trust's distributor.

The Money Market Funds seek to qualify as government money market funds under Rule 2a-7 of the 1940 Act.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The Trust, which is an investment company, follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services-Investment Companies.* 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements

in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

The net asset value ("NAV") of each class of each Fund is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), generally 3:00 P.M. Central Time on each day the NYSE is open for trading. The NAV calculation time and cut-off time for submitting purchase, redemption and exchange requests is at 4:00 P.M. Central time with respect to the Money Market Funds.

**A) VALUATION OF SECURITIES AND DERIVATIVE CONTRACTS** 

Securities for the Funds other than the Money Market Funds are valued at their fair value. Securities traded on United States ("U.S.") securities exchanges or in the NASDAQ National Market System are principally valued at the last quoted sale price, or the official closing price (generally, 3:00 P.M. Central Time) on the exchange or market in which such securities are principally traded. If any such security is not traded on a valuation date, it is valued at the most recent quoted bid price. Over-the-counter securities not reported in the NASDAQ National Market System are also generally valued at the most recent quoted bid price. Fixed income securities and term loans, however, may be valued on the basis of evaluated prices provided by the Funds' approved independent third-party pricing services when such prices are believed to reflect the fair value of such securities or broker provided prices. Such prices may be determined by taking into account other similar securities' prices, yields, maturities, call features, ratings, prepayment speeds, credit risks, cash flows, institutional size trading in similar groups of securities and developments related to specific securities.

The values of securities of foreign issuers are generally based upon market quotations, which depending upon local convention or regulation, may be the last sale price, the last bid price or the mean between the last bid and asked price as of, in each case, the close of the appropriate exchange. Foreign fixed income securities, however, may, like domestic fixed income securities, be valued based on evaluated prices provided by independent pricing services when such prices are believed to reflect the fair value of such securities.

Shares of open-end investment companies, other than exchange-traded funds, are valued at their closing NAV. Shares of closed-end funds and exchange-traded funds are valued at their closing market price. Spot and forward foreign currency exchange contracts are generally valued using an independent pricing service. Exchange-traded futures and options are valued at the settlement price as established each day by the exchange on which they are traded. Centrally cleared and bilateral swap agreements are generally valued using an independent pricing service. The foregoing prices may be obtained from one or more independent

NORTHERN FUNDS ANNUAL REPORT **335** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

pricing services or, as needed or applicable, independent broker-dealers. Short-term investments with a maturity of 60 days or less are valued at their amortized cost.

The investments held by the Money Market Funds are valued at amortized cost, which approximates fair value in accordance with Rule 2a-7 under the 1940 Act. Under this method, investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue over the period to effective maturity. Where the Trust's Board of Trustees ("Board") believes the extent of any deviation from a Fund's amortized cost price per share may result in material dilution or other unfair results to investors or existing shareholders, the Board will consider what action should be initiated, which may include fair valuing securities in accordance with policies and procedures established by, and subject to oversight of, the Board.

The Board has designated NTI as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to any or all Fund investments. Accordingly, any securities for which market quotations are not readily available or for which the available price has been determined to not represent a reliable, current market value are valued at fair value as determined in good faith by NTI. The Board oversees NTI in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. NTI, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of fair values normally used on behalf of a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance and U.S. GAAP. This may occur particularly with respect to certain foreign equity securities held by a Fund, in which case NTI may use adjustment factors obtained from an independent fair value pricing service that are intended to reflect more accurately the fair value of those securities as of the time the Fund's NAV is calculated.

The use of fair valuation involves the risk that the values used by NTI to price a Fund's investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

**B) CREDIT ENHANCEMENTS** Certain investments owned by the Funds are covered by insurance issued by private insurers, are backed by an escrow or trust containing U.S. government securities or U.S. government agency securities, or are otherwise supported by letters of credit, standby purchase agreements or other liquidity facilities. Such enhancements may ensure the timely payment of the security's principal and interest or may shorten the security's maturity. However, such enhancements do not guarantee the market value of the securities or the value of a Fund's shares. Additionally, there is no guarantee that an insurer will meet its obligations. For example, exposure to securities involving sub-prime mortgages may cause a municipal bond

insurer's rating to be downgraded or may cause the bond insurer to become insolvent, which may affect the prices and liquidity of municipal obligations insured by the insurer.

**C) SECURITIES LENDING** In order to generate additional income, the Funds (other than the Tax-Exempt Fixed Income Funds and Money Market Funds) may lend securities to banks, brokers and dealers or other qualified institutions. In exchange, the borrower provides initial collateral having an initial market value of not less than 102% of the market value of the borrowed securities (105% of the market value of the borrowed securities, if the borrowed securities or the collateral are not denominated in U.S. Dollars). Collateral is maintained in an amount at least equal to the current market value of the securities loaned. This collateral is marked-to-market on a daily basis.

Securities lending may represent no more than one-third of the value of a Fund's total assets (including the loan collateral).

Pursuant to an exemptive order issued by the SEC, Northern Trust (the "Securities Lending Agent"), an affiliate of the Investment Adviser, renders securities lending services to the Funds. For such services, Northern Trust receives a percentage of securities lending revenue generated for the Funds. In addition, cash collateral received by the Funds in connection with a securities loan may be invested in shares of other registered or unregistered money market funds that comply with Rule 2a-7 under the 1940 Act, including money market funds that pay investment advisory or other fees to NTI, Northern Trust, or an affiliate. See Note 6 for more information.

Collateral for loans of portfolio securities made by a Fund may consist of cash, cash equivalents, or securities issued or guaranteed by the U.S. government or its agencies (or any combination thereof). Any cash collateral received by a Fund in connection with these loans may be invested in a variety of short-term investments, either directly or indirectly through registered or unregistered money market funds that comply with Rule 2a-7 under the 1940 Act, including money market funds managed by NTI.

When a Fund lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the investment of the cash collateral. The market value of securities on loan and the value of investments made with cash collateral received are disclosed in the Schedules of Investments. Non-cash collateral received is not recorded as an asset in the Funds' financial statements because the Funds do not obtain ownership or exercise effective control over such collateral. Securities lending income represents the Funds' net revenue from the securities lending program, including income from the investment of cash collateral and loan premiums or fees paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the Funds, and other related expenses. The net amount earned from cash collateral invested in money market funds managed by NTI is reflected in the

FIXED INCOME AND MONEY MARKET FUNDS **336** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2026** <br>

Statements of Operations under Dividend income from investments in affiliates, while the net amount earned from non-cash collateral is reflected in the Statements of Operations under Income from securities loaned (net of fees). The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day.

A Fund will have the right to terminate a loan at any time and recall the loaned securities within the normal and customary settlement time for securities transactions. A Fund does not have the right to vote securities on loan, but loans may be called so that the securities may be voted by a Fund in accordance with policies and procedures approved by the Board and NTI. A borrower might become insolvent or refuse to honor its obligation to return the securities. In the event of a default by a borrower with respect to any loan, the Securities Lending Agent will exercise any and all remedies provided under the applicable borrower agreement. These remedies include purchasing replacement securities for the Fund by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If the proceeds from the collateral are less than the purchase cost of the replacement securities, the Securities Lending Agent is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Authorization Agreement. In this event, a Fund could experience delays in recovering its securities and possibly may incur a capital loss. Each Fund will be responsible for any loss that might result from its investment of the cash collateral it receives from a borrower.

Information with respect to the securities lending activities and fees earned by Northern Trust during the fiscal year ended March 31, 2026, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands* | FAIR VALUE OF<br> OF SECURITIES<br> LOANED<br>| CASH<br> COLLATERAL<br> RECEIVED<br>| NON-CASH<br> COLLATERAL<br> RECEIVED<br>| FEES EARNED |
| Bond Index | $28188 | $25054 | $8917 | $36 |
| Core Bond |  |  |  | —\* |
| Fixed Income | 2481 | 751 | 1882 | 2 |
| &nbsp;&nbsp; High Yield Fixed <br> Income<br>| 143327 | 115081 | 32011 | 216 |
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>|  | 231 |  | —\* |
| &nbsp;&nbsp; Multi-Manager <br> High Yield <br> Opportunity<br>| 11070 | 8511 | 2916 | 17 |
| Short Bond | 1754 | 707 | 1161 | 1 |
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short Fixed <br> Income<br>| 99 | 101 |  | —\* |
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>| 3176 | 3235 |  | 1 |
| U.S. Government |  |  |  | —\* |

---

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

The Funds' securities lending transactions are accounted for as secured borrowings and have an overnight and continuous contractual maturity. The gross amounts of recognized liabilities for securities lending transactions outstanding as of March 31, 2026, are disclosed as Payable upon return of securities loaned on the Statements of Assets and Liabilities, where applicable.

Refer to the Fund's Schedule of Investments for details on the securities out on loan. Additional information about master netting arrangements can be found in Note 9.

Securities lending agreements may be subject to regulation as qualified financial contracts ("QFCs"). QFCs include, but are not limited to, securities contracts, commodities contracts, forward contracts, repurchase agreements, securities lending agreements and swaps agreements, as well as related master agreements, security agreements, credit enhancements, and reimbursement obligations. Regulations adopted by federal banking regulators under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which took effect in 2019, require that certain QFCs with counterparties that are part of U.S. or foreign global systemically important banking organizations be amended to include contractual restrictions on close-out and cross-default rights. If a covered counterparty of a Fund or certain of the covered counterparty's affiliates were to become subject to certain insolvency proceedings, the Fund may be temporarily unable to exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact a Fund's credit and counterparty risks. The remaining maturities of the securities lending transactions are considered overnight and continuous.

**D) FUTURES CONTRACTS** Certain Funds invest in long or short exchange-traded futures contracts for hedging purposes, to increase total return or to seek exposure to certain countries or currencies or to maintain liquidity to meet potential shareholder redemptions, to invest cash balances or dividends or to minimize trading costs. When used as a hedge, a Fund may sell a futures contract in order to offset a decrease in the fair value of its portfolio securities that might otherwise result from a market decline. A Fund may do so either to hedge the value of its portfolio securities as a whole, or to protect against declines occurring prior to sales of securities in the value of the securities to be sold. Conversely, a Fund may purchase a futures contract as a hedge in anticipation of purchases of securities. In addition, a Fund may utilize futures contracts in anticipation of changes in the composition of its portfolio holdings. A Fund bears the market risk arising from changes in the value of these financial instruments. At the time a Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian of a specified amount of liquid assets. Futures are marked-to-market each day with the change in value reflected in the unrealized gains or losses. Risk may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. Credit risk is mitigated to the extent that the exchange on which a particular

NORTHERN FUNDS ANNUAL REPORT **337** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. The Statements of Operations include any realized gains or losses on closed futures contracts in Net realized gains (losses) on futures contracts, and any unrealized gains or losses on open futures contracts in Net change in unrealized appreciation (depreciation) on futures contracts. Further information on the impact of these positions, if any, on the Funds' financial statements can be found in Note 9.

**E) FOREIGN CURRENCY TRANSLATION** Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot rates on the NYSE at generally 3:00 P.M. Central Time. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot rates on the NYSE at generally 3:00 P.M. Central Time. The gains or losses, if any, on investments from the original purchase date to subsequent sales trade date resulting from changes in foreign exchange rates are included in the Statements of Operations in Net realized gains (losses) on investments and Net change in unrealized appreciation (depreciation) on investments. The gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies and between the trade and settlement dates on investment transactions are included in Net realized gains (losses) on foreign currency transactions and Net change in unrealized appreciation (depreciation) on foreign currency translations in the Statements of Operations.

**F) FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** 

Certain Funds may enter into forward foreign currency exchange contracts for hedging and/or speculative purposes. The objective of a Fund's foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund's foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. All forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. Gains or losses are recorded for financial statement purposes as unrealized until the settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign currency exchange contracts in the Statements of Operations. A Fund also records realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency.

Forward foreign currency exchange contracts are privately negotiated transactions, and can have substantial price volatility. As a result, these contracts offer less protection against default by the other party than is available for instruments traded on an exchange. When used for hedging purposes, forward foreign currency exchange contracts tend to limit any potential gain that may be realized if the value of a Fund's foreign holdings increase because of currency fluctuations. When used for speculative

purposes, the contracts may result in additional losses that are not otherwise related to the changes in value of the securities held by a Fund. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. A Fund bears the market risk from changes in foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity. Further information on the impact of these positions on the Funds' financial statements can be found in Note 9.

**G) CREDIT DEFAULT SWAP AGREEMENTS** To the extent consistent with their investment objectives and strategies, certain Funds may invest in credit default swap ("CDS") agreements for hedging purposes or to gain credit exposure. A Fund may enter into CDS agreements either as a buyer or seller of protection. The buyer of protection in a swap agreement is the party that makes a periodic stream of payments to the counterparty based on the fixed rate of the agreement to the party that is the seller of protection. In exchange for the fixed rate payments received, the seller of protection agrees to provide credit protection to the buyer in the form of payment in the event of a credit default event on the referenced obligation or an underlying security comprising the referenced index. In the event of a credit default event, as defined under the terms of each particular swap agreement, if a Fund is the seller of protection, the Fund will either a) pay to the buyer of protection an amount equal to the notional amount of the swap agreement and take delivery of the referenced obligation or underlying securities comprising the referenced index or b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is the buyer of protection and a credit default event should occur, the Fund will either a) receive from the seller of protection in the swap agreement an amount equal to the notional amount of the swap agreement and deliver the referenced obligation or underlying securities comprising the referenced index or b) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a credit default event should occur, the maximum potential amount of future payments the seller of protection could be required to make under a CDS agreement would be an amount equal to the notional amount of the swap.

The implied credit spreads are disclosed in the Schedule of Investments for those agreements for which a Fund is the protection seller, if any, and serve as an indicator of the current

FIXED INCOME AND MONEY MARKET FUNDS **338** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2026** <br>

status of the payment/performance risk and represent the likelihood or risk of default for each swap. The wider the credit spread, the greater the likelihood or risk of default or other credit event occurring for the referenced entity. Events or circumstances that would require the seller to perform under the derivative agreement are credit events as defined under the terms of that particular swap agreement, such as bankruptcy, cross acceleration, failure to pay, repudiation and restructuring.

The resulting values for CDS agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit default agreement should the notional amount of the swap agreement be closed/sold as of the period end. When compared to the notional amount of the swap, decreasing market values for CDS sold and, conversely, increasing market values for CDS purchased, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

When entering into a CDS agreement as a buyer of protection, a Fund may pay an upfront premium to enter into the agreement. When selling protection, a Fund may receive this upfront premium paid from the buyer. During the term of the CDS agreement, the discounted value of the estimated stream of fixed rate payments from buyer to seller yet to be made is recorded as unrealized gain or loss on CDS agreements, with any interest payments already having been made being recognized as realized gain or loss on CDS agreements. This treatment will occur until the CDS is sold or reaches its expiration. Any upfront payments made or received upon entering into a CDS agreement are treated as part of the cost and are reflected as part of the unrealized appreciation (depreciation) on valuation. Upon termination of the swap agreement, the amount included in the cost is reversed and becomes part of the realized gain (loss) on CDS agreements. Unrealized appreciation (depreciation) on bilateral CDS agreements and variation margin on centrally cleared CDS agreements, if any, is included in the Statements of Assets and Liabilities, with corresponding changes in unrealized appreciation (depreciation) included in the Statements of Operations.

Counterparty credit risk may arise as a result of the failure of the swap counterparty to comply with the terms of the swap agreement. Additionally, risks may arise with respect to the underlying issuer of the referenced security. Therefore, NTI or the sub-adviser considers the creditworthiness of each underlying issuer of the referenced security in addition to the creditworthiness of the counterparty. In addition, NTI or the sub-advisers may use different counterparties to minimize credit risk and limit the exposure to any individual counterparty. As stipulated in each swap agreement, collateral may be posted between a Fund and its counterparties to mitigate credit risk. Further information on the impact of these positions on the Funds' financial statements can be found in Note 9. With respect to CDS agreements that were outstanding as of March 31, 2026 for the Multi-Manager High

Yield Opportunity Fund, approximately $89,000 was pledged by the Fund and is included in Due from broker on the Statements of Assets and Liabilities and approximately $34,000 received by the Fund and is included in Due to broker on the Statements of Assets and Liabilities. No other Funds had any outstanding CDS agreements for the fiscal year ended March 31, 2026.

**H) TOTAL RETURN SWAPS** To the extent consistent with their investment objectives and strategies, certain Funds may invest in total return swap ("TRS") agreements for hedging purposes and/or to seek to increase total return. TRS agreements are contracts that obligate a party to pay or receive interest in exchange for the payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. TRS agreements are entered into on a net basis, i.e.; the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. If the other party to such a transaction defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. In contrast, other transactions involve the payment of the gross amount owed.

In addition, these transactions can involve greater risks than if a Fund had invested in the reference obligation directly because, in addition to general market risk, swaps are subject to illiquidity risk, counterparty risk and pricing risk. Because they are two party contracts and because they may have terms of greater than seven days, swap transactions may be considered to be illiquid. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap counterparty. Many swaps are complex and often valued subjectively. Swaps may be subject to pricing or "basis" risk, which exists when a particular swap becomes extraordinarily expensive relative to historical prices or the price of corresponding cash market instruments. Under certain market conditions, it may not be economically feasible to initiate a transaction or liquidate a position in time to avoid a loss or take advantage of an opportunity. If a swap transaction is particularly large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result insignificant losses.

Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent payments made or received upon entering into the TRS agreements to compensate for differences between the stated terms of the TRS agreements and prevailing market conditions. These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Interest payments earned or charged under the terms of the TRS agreements are recorded as realized gain (loss) on total return swap agreements. The swap interest receivable or payable as of March 31, 2026, if any, is included as unrealized appreciation

NORTHERN FUNDS ANNUAL REPORT **339** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

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

(depreciation) on total return swap agreements on the Statements of Assets and Liabilities. Unrealized appreciation (depreciation) on bilateral total return swap agreements, if any, is included in the Statements of Assets and Liabilities, with corresponding changes in unrealized appreciation (depreciation) included in the Statements of Operations.

Further information on the impact of these positions on the Funds' financial statements can be found in Note 9. With respect to TRS agreements that were outstanding as of March 31, 2026 for the Multi-Manager High Yield Opportunity Fund, approximately $10,000 received by the Fund and is included in Due to broker on the Statements of Assets and Liabilities. No other Funds had any outstanding TRS agreements for the fiscal year ended March 31, 2026.

**I) WHEN-ISSUED/DELAYED DELIVERY SECURITIES** Certain Funds purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time a Fund enters into the commitment to purchase a security, the transaction is recorded and the value of the commitment is reflected in the NAV. The value of the commitment may vary with market fluctuations. No interest accrues to a Fund until settlement takes place. When-issued securities at March 31, 2026, if any, are noted in each Fund's Schedule of Investments and in aggregate as Payable for when-issued securities, in each Fund's Statement of Assets and Liabilities.

Certain Funds have entered into Master Securities Forward Transaction Agreements ("MSFTA") with certain counterparties, pursuant to which each party has agreed to pledge cash and/or securities as collateral to secure the repayment of its obligations to the other party under the MSFTA. At March 31, 2026, the Bond Index Fund pledged collateral in the form of U.S. Treasury Bonds amounting to approximately $1,776,000 which is not included in the Statements of Assets and Liabilities.

**J) MORTGAGE DOLLAR ROLLS** Certain Funds enter into mortgage "dollar rolls" in which a Fund sells securities for delivery in the future (generally within 30 days) and simultaneously contracts with the same counterparty to repurchase other mortgage securities on a specified future date. During the roll period, a Fund loses the right to receive principal and interest paid on the securities sold. However, a Fund would benefit to the extent of any difference between the price received for the securities sold and the lower forward price for the future purchase.

For financial reporting and tax purposes, the Funds treat mortgage dollar rolls as two separate transactions; one involving the purchase of a security and a separate transaction involving a sale.

**K) TERM LOANS** The High Yield Fixed Income and Multi-Manager High Yield Opportunity Funds may purchase assignments of, and participations in, term loans originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance

company or other financial institution for a lending syndicate of financial institutions (the "Lender"). When purchasing an assignment, the Fund succeeds to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning Lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning Lender. The Fund may also enter into lending arrangements involving unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Funds to supply additional cash to the borrower on demand. Unfunded loan commitments, if any, represent a future obligation, in full, and are recorded as a liability on the Statements of Assets and Liabilities at fair value.

**L) REPURCHASE AGREEMENTS** The Money Market Funds may enter into repurchase agreements under the terms of a master repurchase agreement by which the Funds purchase securities for cash from a seller and agree to resell those securities to the same seller at a specific price within a specified time or with an indefinite life and liquidity feature, which allows the Funds to resell the securities quarterly. The interest rate on such repurchase agreements resets daily. During the term of a repurchase agreement, the fair value of the underlying collateral, including accrued interest, is required to equal or exceed the fair value of the repurchase agreement. The underlying collateral for tri-party repurchase agreements is held in accounts for Northern Trust, as agent of the Funds, at The Bank of New York Mellon, State Street Bank and Trust Company or JPMorgan Chase which, in turn, holds securities through the book-entry system at the Federal Reserve Bank of New York. The underlying collateral for other repurchase agreements is held in a customer-only account for Northern Trust, as custodian for the Funds, at the Federal Reserve Bank of Chicago. The Funds are subject to credit risk on repurchase agreements to the extent that the counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of collateral by the Funds may be delayed or limited. The Money Market Funds have entered into such repurchase agreements at March 31, 2026, as reflected in their accompanying Schedules of Investments.

Pursuant to exemptive relief granted by the SEC, U.S. Government Money Market Fund and certain other money market portfolios advised by NTI and Northern Trust may enter into joint repurchase agreements with non-affiliated counterparties through a master repurchase agreement. NTI administers and manages these joint repurchase agreements in accordance with and as part of its duties under its management agreements with the Funds and does not collect any additional fees from the Funds for such

FIXED INCOME AND MONEY MARKET FUNDS **340** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2026** <br>

services. The U.S. Government Money Market Fund did not enter into such joint repurchase agreements during the period. There were no outstanding joint repurchase agreements at March 31, 2026.

The Funds may enter into transactions subject to enforceable netting arrangements ("Netting Arrangements") under a repurchase agreement. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. In the event of default where the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the

defaulting party, realization of collateral by the Portfolios may be delayed or limited. In addition, the Netting Arrangements provide the right for the non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral. As of March 31, 2026, the Money Market Funds have not invested in any portfolio securities other than the repurchase agreements described below, with gross exposures on the Statements of Assets and Liabilities, that could be netted subject to Netting Arrangements.

The following table presents the repurchase agreements, which are subject to Netting Arrangements, as well as the collateral delivered related to those repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF ASSETS<br> PRESENTED IN STATEMENTS OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; NET<br> AMOUNT<sup>\*</sup> <br>|
| U.S. Government Money Market | Bank of America N.A. | &nbsp;&nbsp;&nbsp; $150000 | &nbsp;&nbsp;&nbsp; $(150000) | &nbsp;&nbsp;&nbsp; $– |
|  | Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; (750000) | &nbsp;&nbsp;&nbsp; – |
|  | Canadian Imperial Bank of <br> Commerce<br>| &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; (550000) | &nbsp;&nbsp;&nbsp; – |
|  | Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp; (129000) | &nbsp;&nbsp;&nbsp; – |
|  | Fixed Income Clearing Corp. | &nbsp;&nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp; (7300000) | &nbsp;&nbsp;&nbsp; – |
|  | JPMorgan Securities LLC | &nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp; (775000) | &nbsp;&nbsp;&nbsp; – |
|  | NatWest Markets PLC | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; (225000) | &nbsp;&nbsp;&nbsp; – |
|  | Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; (900000) | &nbsp;&nbsp;&nbsp; – |
|  | Total | &nbsp;&nbsp;&nbsp; $10779000 | &nbsp;&nbsp;&nbsp; $(10779000) | &nbsp;&nbsp;&nbsp; $– |
| U.S. Government Select Money Market | Bank of America N.A. | &nbsp;&nbsp;&nbsp; $300000 | &nbsp;&nbsp;&nbsp; $(300000) | &nbsp;&nbsp;&nbsp; $– |
|  | Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; (150000) | &nbsp;&nbsp;&nbsp; – |
|  | Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 134000 | &nbsp;&nbsp;&nbsp; (134000) | &nbsp;&nbsp;&nbsp; – |
|  | Fixed Income Clearing Corp. | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; (950000) | &nbsp;&nbsp;&nbsp; – |
|  | JPMorgan Securities LLC | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; (350000) | &nbsp;&nbsp;&nbsp; – |
|  | Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; (150000) | &nbsp;&nbsp;&nbsp; – |
|  | TD Securities (U.S.A.) LLC | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp; – |
|  | Total | &nbsp;&nbsp;&nbsp; $2134000 | &nbsp;&nbsp;&nbsp; $(2134000) | &nbsp;&nbsp;&nbsp; $– |

---

*\** *Collateral received is reflected up to the fair value of the repurchase agreement. Refer to the Schedules of Investments.*

Additional information about netting arrangements under the Netting Arrangements can be found in Note 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M) INVESTMENT TRANSACTIONS AND INCOME** Investment transactions are recorded as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes amortization of premiums and accretion of discounts using the effective yield method. The interest rates reflected in the Schedules of Investments represent the stated coupon rate, annualized yield on date of purchase for discount notes, the current reset rate for floating rate securities, the 7-day yield for money market funds or, for interest-only or principal-only securities, the current effective yield. Cost of investments includes amortization of premiums and

accretion of discounts, if any. Dividend income is recognized on the ex-dividend date. The Funds' income may be subject to certain state and local taxes and, depending on an individual shareholder's tax status, the federal alternative minimum tax.

The Funds allocate all income and realized and unrealized gains or losses on a daily basis to each class of shares based upon the relative proportion of the value of shares outstanding of each class, if applicable.

NORTHERN FUNDS ANNUAL REPORT **341** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

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

**N) EXPENSES** Each Fund is charged for those expenses that are directly attributable to that Fund. Expenses arising in connection with a specific class of shares are charged to that class of shares. Expenses incurred which do not specifically relate to an individual Fund generally are allocated among all funds in the Trust in proportion to each Fund's relative net assets. Expenses are recognized on an accrual basis.

**O) REDEMPTION FEES** The High Yield Fixed Income and Multi-Manager High Yield Opportunity Funds each charge a 2 percent redemption fee on the redemption of shares (including by exchange) held for 30 days or less. For the purpose of applying the fee, the Funds use a first-in, first-out ("FIFO") method so that shares held longest are treated as being redeemed first and shares held shortest are treated as being redeemed last. The redemption fee is paid to the Fund from which the redemption is made and is intended to offset the trading, market impact and other costs associated with short-term money movements in and out of the Fund. The redemption fee may be collected by deduction from the redemption proceeds or, if assessed after the redemption transaction, through a separate billing. The Funds are authorized to waive the redemption fee for certain types of redemptions as described in the Funds' prospectus.

Redemption fees for the fiscal year ended March 31, 2026, were as follows:

---

| | |
|:---|:---|
| *Amounts in thousands*  | Redemption Fees |
| High Yield Fixed Income | $29 |
| Multi-Manager High Yield Opportunity | 16 |

---

Redemption fees for the fiscal year ended March 31, 2025, were as follows:

---

| | |
|:---|:---|
| *Amounts in thousands*  | Redemption Fees |
| High Yield Fixed Income | $14 |
| Multi-Manager High Yield Opportunity | —\* |

---

*\* Amounts round to less than one thousand.*

The amounts described above are included in Payments for Shares Redeemed in Note 8—Capital Share Transactions. The impact from redemption fees paid to each Fund was less than $0.001 per share for both fiscal years.

**P) DISTRIBUTIONS TO SHAREHOLDERS** Distributions of dividends from net investment income, if any, are declared and paid as follows:

---

| | | |
|:---|:---|:---|
|  | DECLARATION<br> FREQUENCY<br>| PAYMENT<br> FREQUENCY<br>|
| Arizona Tax-Exempt | Daily | Monthly |
| Bond Index | Daily | Monthly |
| California Intermediate Tax-Exempt | Daily | Monthly |

---

---

| | | |
|:---|:---|:---|
|  | DECLARATION<br> FREQUENCY<br>| PAYMENT<br> FREQUENCY<br>|
| California Tax-Exempt | Daily | Monthly |
| Core Bond | Daily | Monthly |
| Fixed Income | Daily | Monthly |
| High Yield Fixed Income | Daily | Monthly |
| Intermediate Tax-Exempt | Daily | Monthly |
| Limited Term Tax-Exempt | Daily | Monthly |
| Limited Term U.S. Government | Daily | Monthly |
| Multi-Manager High Yield Opportunity | Monthly | Monthly |
| Short Bond | Daily | Monthly |
| Tax-Advantaged Ultra-Short Fixed Income | Daily | Monthly |
| Tax-Exempt | Daily | Monthly |
| Ultra-Short Fixed Income | Daily | Monthly |
| U.S. Government | Daily | Monthly |
| U.S. Government Money Market | Daily | Monthly |
| U.S. Government Select Money Market | Daily | Monthly |

---

Distributions of net realized capital gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date.

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. The timing and character of distributions determined in accordance with federal income tax regulations may differ from financial statement amounts determined in accordance with U.S. GAAP. Accordingly, the Funds may periodically make reclassifications among certain of their capital accounts to reflect differences between financial reporting and federal income tax basis distributions. The reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications primarily relate to Section 988 currency gains and losses, paydowns, distributions in excess of investment company taxable income, and differing treatment of amortization on certain callable bonds. These reclassifications have no impact on the net assets or the NAVs per share of the Funds.

At March 31, 2026, the following reclassifications were recorded:

---

| | | | |
|:---|:---|:---|:---|
| *Amounts in thousands* | UNDISTRIBUTED<br> NET INVESTMENT<br> INCOME (LOSS)<br>| ACCUMULATED<br> UNDISTRIBUTED<br> NET REALIZED<br> GAINS (LOSSES)<br>| Capital Stock |
| Bond Index | $337 | $(337) | $— |
| Core Bond | 13 | (13) |  |
| Fixed Income | 24 | (24) |  |
| High Yield Fixed Income | 1518 | (2037) | 519 |
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>| 2 | (2) |  |

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FIXED INCOME AND MONEY MARKET FUNDS **342** NORTHERN FUNDS ANNUAL REPORT

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2026** <br>

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| | | | |
|:---|:---|:---|:---|
| *Amounts in thousands* | UNDISTRIBUTED<br> NET INVESTMENT<br> INCOME (LOSS)<br>| ACCUMULATED<br> UNDISTRIBUTED<br> NET REALIZED<br> GAINS (LOSSES)<br>| Capital Stock |
| &nbsp;&nbsp; Multi-Manager High <br> Yield Opportunity<br>| $66 | $(74) | $8 |
| Short Bond | 105 | (97) | (8) |
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short Fixed <br> Income<br>| 1 | (1) |  |
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>| 68 | (68) |  |
| U.S. Government | (—)\*<br>| —<br> \*<br>|  |
| &nbsp;&nbsp; U.S. Government <br> Money Market<br>| 1034 | (1034) |  |
| &nbsp;&nbsp; U.S. Government Select <br> Money Market<br>| 180 | (180) |  |

---

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

**Q) FEDERAL INCOME TAXES** No provision for federal income taxes has been made since each Fund's policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute, each year, substantially all of its taxable income, tax-exempt income and capital gains to its shareholders.

For the period from November 1, 2025 through March 31, 2026, the following Funds incurred net capital losses and/or late year ordinary losses for which each Fund intends to treat as having been incurred in the following fiscal year:

---

| | |
|:---|:---|
| *Amounts in thousands*  |  |
| Intermediate Tax-Exempt | $(28) |
| U.S. Government Money Market | (4) |
| U.S. Government Select Money Market | (—)\*<br>|

---

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

The capital loss carry forwards utilized during the fiscal year ended March 31, 2026 were as follows:

---

| | |
|:---|:---|
| *Amounts in thousands* |  |
| Short Bond | $371 |
| Tax-Advantaged Ultra-Short Fixed Income | 6272 |
| Ultra-Short Fixed Income | 1931 |
| U.S. Government | 13 |

---

Capital losses incurred that will be carried forward indefinitely are as follows:

---

| | | |
|:---|:---|:---|
| *Amounts in thousands* | SHORT-TERM<br> CAPITAL LOSS<br> CARRYFORWARD<br>| LONG-TERM<br> CAPITAL LOSS<br> CARRYFORWARD<br>|
| Arizona Tax-Exempt | $2962 | $8257 |

---

---

| | | |
|:---|:---|:---|
| *Amounts in thousands* | SHORT-TERM<br> CAPITAL LOSS<br> CARRYFORWARD<br>| LONG-TERM<br> CAPITAL LOSS<br> CARRYFORWARD<br>|
| Bond Index | $26622 | $154748 |
| California Intermediate Tax-Exempt | 4610 | 22731 |
| California Tax-Exempt | 2234 | 6479 |
| Core Bond | 14041 | 13317 |
| Fixed Income | 34401 | 57950 |
| High Yield Fixed Income | 147277 | 758594 |
| Intermediate Tax-Exempt | 46673 | 106572 |
| Limited Term Tax-Exempt | 8608 | 14143 |
| Limited Term U.S. Government | 5282 | 2465 |
| Multi-Manager High Yield Opportunity | 1355 | 64275 |
| Short Bond | 2854 | 24482 |
| &nbsp;&nbsp; Tax-Advantaged Ultra-Short Fixed <br> Income<br>| 15872 | 11589 |
| Tax-Exempt | 51659 | 103892 |
| Ultra-Short Fixed Income | 11364 | 13534 |
| U.S. Government | 4886 | 774 |

---

At March 31, 2026, the tax components of undistributed net investment income, undistributed realized gains and unrealized gains (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED | UNDISTRIBUTED | UNDISTRIBUTED |  |
| *Amounts in thousands* | TAX-EXEMPT<br> INCOME<br>| ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>| UNREALIZED <br> GAINS (LOSSES)<br>|
| Arizona Tax-Exempt | $30 | $— | $— | $(2996) |
| Bond Index |  | 2259 |  | (146084) |
| &nbsp;&nbsp; California <br> Intermediate <br> Tax-Exempt<br>| 99 |  |  | (7099) |
| California Tax-Exempt | 69 |  |  | (5920) |
| Core Bond |  | 77 |  | (3733) |
| Fixed Income |  | 294 |  | (12915) |
| &nbsp;&nbsp; High Yield Fixed <br> Income<br>|  | 6459 |  | (76875) |
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt<br>|  |  |  | (30429) |
| &nbsp;&nbsp; Limited Term <br> Tax-Exempt<br>| 11 |  |  | (1271) |
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>|  | 43 |  | (72) |
| &nbsp;&nbsp; Multi-Manager High <br> Yield Opportunity<br>|  | 555 |  | (7670) |
| Short Bond |  | 43 |  | (400) |
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short Fixed <br> Income<br>| 1441 |  |  | (5709) |
| Tax-Exempt | 214 |  |  | (28805) |

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NORTHERN FUNDS ANNUAL REPORT **343** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED | UNDISTRIBUTED | UNDISTRIBUTED |  |
| *Amounts in thousands* | TAX-EXEMPT<br> INCOME<br>| ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>| UNREALIZED <br> GAINS (LOSSES)<br>|
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>| $— | $1269 | $— | $805 |
| U.S. Government |  | 63 |  | (366) |
| &nbsp;&nbsp; U.S. Government <br> Money Market<br>|  | 61288 |  | (—)\*\*<br>|
| &nbsp;&nbsp; U.S. Government <br> Select Money <br> Market<br>|  | 12658 | —<br> \*\*<br>|  |

---

\* *Ordinary income includes taxable market discount income* *and short-term capital gains, if any.* 

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

The tax character of distributions paid during the fiscal year ended March 31, 2026, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands*  | TAX-EXEMPT<br> INCOME<br>| ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>| RETURN<br> OF<br> CAPITAL<br>|
| Arizona Tax-Exempt | $1801 | $37 | $— | $— |
| Bond Index |  | 95554 |  |  |
| &nbsp;&nbsp; California Intermediate <br> Tax-Exempt<br>| 6447 | 225 |  |  |
| California Tax-Exempt | 4063 | 79 |  |  |
| Core Bond |  | 3998 |  |  |
| Fixed Income |  | 13212 |  |  |
| High Yield Fixed Income |  | 161339 |  |  |
| Intermediate Tax-Exempt | 34436 | 628 |  | 311 |
| Limited Term Tax-Exempt | 8473 | 157 |  |  |
| Limited Term U.S. Government |  | 851 |  |  |
| &nbsp;&nbsp; Multi-Manager High Yield <br> Opportunity<br>|  | 11227 |  |  |
| Short Bond |  | 10156 |  |  |
| &nbsp;&nbsp; Tax-Advantaged Ultra-Short <br> Fixed Income<br>| 67861 | 20475 |  |  |
| Tax-Exempt | 27085 | 392 |  |  |
| Ultra-Short Fixed Income |  | 79780 |  |  |
| U.S. Government |  | 1029 |  |  |
| &nbsp;&nbsp; U.S. Government Money <br> Market<br>|  | 833072 | 3 |  |
| &nbsp;&nbsp; U.S. Government Select <br> Money Market<br>|  | 169942 |  |  |

---

\* *Ordinary income includes taxable market discount income and* *short-term capital gains, if any.*

The tax character of distributions paid during the fiscal year ended March 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands* | TAX-EXEMPT<br> INCOME<br>| ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>|
| Arizona Tax-Exempt | $1826 | $129 | $— |
| Bond Index |  | 86400 |  |
| California Intermediate Tax-Exempt | 5907 | 504 |  |
| California Tax-Exempt | 4475 | 166 |  |
| Core Bond |  | 3909 |  |
| Fixed Income |  | 14697 |  |
| High Yield Fixed Income |  | 186111 |  |
| Intermediate Tax-Exempt | 33228 | 1993 |  |
| Limited Term Tax-Exempt | 8759 | 486 |  |
| Limited Term U.S. Government |  | 739 |  |
| &nbsp;&nbsp; Multi-Manager High Yield <br> Opportunity<br>|  | 12717 |  |
| Short Bond |  | 11333 |  |
| &nbsp;&nbsp; Tax-Advantaged Ultra-Short Fixed <br> Income<br>| 57552 | 29501 |  |
| Tax-Exempt | 25261 | 1386 |  |
| Ultra-Short Fixed Income |  | 79480 |  |
| U.S. Government |  | 756 |  |
| U.S. Government Money Market |  | 960168 | 12 |
| &nbsp;&nbsp; U.S. Government Select Money <br> Market<br>|  | 210556 |  |

---

\* *Ordinary income includes taxable market discount income and* *short-term capital gains, if any.*

As of March 31, 2026, no Fund had uncertain tax positions that would require financial statement recognition or disclosure. The Funds' federal tax returns remain subject to examination by the Internal Revenue Service for the three years after they are filed. Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Funds will be recorded as Interest expense and Other expenses, respectively, on the Statements of Operations.

**R) OTHER RISKS** Certain Funds may invest in emerging market securities. Additional risks are involved when a Fund invests its assets in countries with emerging economies or securities markets. These countries generally are located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central America, South America and Africa. Political and economic structures in many of these countries may lack the social, political and economic stability characteristics of more developed countries. In general, the securities markets of these countries are less liquid, subject to greater price volatility and have smaller market capitalizations. As a result, the risks presented by investments in these countries are heightened.

FIXED INCOME AND MONEY MARKET FUNDS **344** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2026** <br>

On a daily basis a Fund may hold a cash surplus. Maintaining cash positions may also subject the Funds to additional risks, such as increased counterparty risk exposure to the custodian bank holding the assets held in cash.

**3. SERVICE PLAN** 

The Trust has adopted a Service Plan pursuant to which the Trust may enter into agreements with Northern Trust, its affiliates or other institutions (together "Service Organizations") under which the Service Organizations agree to provide certain administrative support services and, in some cases, personal and account maintenance services for their customers, who are beneficial owners of shares of the Funds. As compensation for services provided pursuant to the Service Plan, the Service Organizations receive a fee at an annual rate of up to 0.15 percent of the average daily net assets of the Funds beneficially owned by their customers. There were no shareholder servicing fees paid by the Funds to Northern Trust or its affiliates during the fiscal year ended March 31, 2026.

Service Plan expenses, if any, are included in the Statements of Operations under Shareholder servicing fees for the fiscal year ended March 31, 2026.

**4. BANK BORROWINGS** 

The Trust and Northern Institutional Funds, a registered investment company also advised by NTI, jointly entered into a $185,000,000 senior unsecured revolving credit facility on November 8, 2024, which is administered by Citibank, N.A., for liquidity and other purposes (the "Credit Facility"). The interest rate charged under the Credit Facility is equal to the sum of (i) the Federal Funds Rate plus (ii) if Adjusted Term Secured Overnight Financing Rate ("SOFR") (but in no event less than 0 percent) on the date of borrowing exceeds such Federal Funds Rate, the amount by which it so exceeds, plus (iii) 1.00 percent per annum. In addition, there is an annual commitment fee of 0.15 percent on the average undrawn portion of the credit line under the Credit Facility, payable quarterly in arrears, which is included in Other expenses on the Statements of Operations, and on maturity or termination of the Credit Facility. The Credit Facility expired on November 7, 2025.

At a meeting held on August 20-21, 2025, the Board approved an agreement to replace the Credit Facility (as replaced, the "New Credit Facility"). The New Credit Facility, which is administered by Citibank, N.A., is a $185,000,000 senior unsecured revolving credit facility, the same as the Credit Facility. The interest rate and annual commitment fee charged under the New Credit Facility are the same as they were for the Credit Facility. The New Credit Facility went into effect on November 7, 2025 and will expire on November 6, 2026, unless renewed.

During the fiscal year ended March 31, 2026, the following Fund had borrowings with the average loan amounts and weighted average interest rates as disclosed below:

---

| | | |
|:---|:---|:---|
| *Amounts in thousands* | DOLLAR<br> AMOUNT<br>| RATE |
| Multi-Manager High Yield Opportunity | $500 | 5.42<br> %<br>|

---

No other Funds had any borrowings or incurred any interest expense for the fiscal year ended March 31, 2026. There were no outstanding loan amounts at March 31, 2026.

**5. MANAGEMENT AND OTHER AGREEMENTS** 

As compensation for advisory services, administration services and the assumption of related expenses, NTI is entitled to a management fee, computed daily and payable monthly, at annual rates set forth in the table below (expressed as a percentage of each Fund's respective average daily net assets).

With respect to the Limited Term U.S. Government, Fixed Income, U.S. Government and Short Bond Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses (except as further described herein); (ii) the compensation paid to each Trustee of the Trust that is not an "interested person" (as defined in the 1940 Act); (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund's or Class's operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class. Further with respect to these Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class in an amount equal to the acquired fund fees and expenses arising from the Fund's investment in other non-money market mutual funds or exchange-traded funds managed by NTI. The reimbursement will not apply to those Funds that do not charge an advisory fee as a result of contractual or voluntary fee waivers.

With respect to the Bond Index Fund, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses, including any acquired fund fees and expenses, of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding extraordinary expenses. NTI shall first reimburse management fees payable by the Fund or

NORTHERN FUNDS ANNUAL REPORT **345** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund's or Class's operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

For all other Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses (except as further described below); (ii) the compensation paid to each Trustee of the Trust that is not an "interested person" (as defined in the 1940 Act); (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund's or Class's operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

NTI has contractually agreed to reimburse the management fees payable by each Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market mutual funds managed by NTI.

The total annual fund operating expenses after expense reimbursement for each Fund may be higher than the contractual limitation as a result of certain excepted expenses that are not reimbursed. The amount of the reimbursement, if any, is included in Less expenses reimbursed by investment adviser as a reduction to Total Expenses in the Statements of Operations. There were no voluntary reimbursement receivables at March 31, 2026.

At March 31, 2026, the annual management fees and contractual expense limitations for the Funds were based on the following annual rates as set forth in the table below.

---

| | | |
|:---|:---|:---|
|  | CONTRACTUAL | CONTRACTUAL |
|  | ANNUAL<br> MANAGEMENT FEES<br>| EXPENSE<br> LIMITATIONS<br>|
| Bond Index | 0.0600<br> %<br>| 0.0749<br> %<br>|
| High Yield Fixed Income | 0.5800<br> %<br>| 0.6000<br> %<br>|
| U.S. Government Money Market | 0.3300<br> %<br>| 0.3500<br> %<br>|
| U.S. Government Select Money Market | 0.3300<br> %<br>| 0.3500<br> %<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CONTRACTUAL ANNUAL <br> MANAGEMENT FEES  | CONTRACTUAL ANNUAL <br> MANAGEMENT FEES  | CONTRACTUAL ANNUAL <br> MANAGEMENT FEES  | CONTRACTUAL<br> EXPENSE<br> LIMITATIONS |
|  | FIRST<br> $1.5 BILLION<br>| NEXT<br> $1 BILLION<br>| OVER<br> $2.5 BILLION<br>| CONTRACTUAL<br> EXPENSE<br> LIMITATIONS |
| Arizona Tax-Exempt | 0.430<br> %<br>| 0.417<br> %<br>| 0.404<br> %<br>| 0.450<br> %<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CONTRACTUAL ANNUAL <br> MANAGEMENT FEES  | CONTRACTUAL ANNUAL <br> MANAGEMENT FEES  | CONTRACTUAL ANNUAL <br> MANAGEMENT FEES  | CONTRACTUAL<br> EXPENSE<br> LIMITATIONS |
|  | FIRST<br> $1.5 BILLION<br>| NEXT<br> $1 BILLION<br>| OVER<br> $2.5 BILLION<br>| CONTRACTUAL<br> EXPENSE<br> LIMITATIONS |
| &nbsp;&nbsp; California <br> Intermediate <br> Tax-Exempt<br>| 0.430<br> %<br>| 0.417<br> %<br>| 0.404<br> %<br>| 0.450<br> %<br>|
| &nbsp;&nbsp; California <br> Tax-Exempt<br>| 0.430<br> %<br>| 0.417<br> %<br>| 0.404<br> %<br>| 0.450<br> %<br>|
| Core Bond | 0.380<br> %<br>| 0.369<br> %<br>| 0.358<br> %<br>| 0.400<br> %<br>|
| Fixed Income | 0.430<br> %<br>| 0.417<br> %<br>| 0.404<br> %<br>| 0.450<br> %<br>|
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt<br>| 0.430<br> %<br>| 0.417<br> %<br>| 0.404<br> %<br>| 0.450<br> %<br>|
| &nbsp;&nbsp; Limited Term <br> Tax-Exempt<br>| 0.430<br> %<br>| 0.417<br> %<br>| 0.404<br> %<br>| 0.450<br> %<br>|
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>| 0.380<br> %<br>| 0.369<br> %<br>| 0.358<br> %<br>| 0.400<br> %<br>|
| &nbsp;&nbsp; Multi-Manager <br> High Yield <br> Opportunity<br>| 0.650<br> %<br>| 0.631<br> %<br>| 0.612<br> %<br>| 0.670<br> %<br>|
| Short Bond | 0.380<br> %<br>| 0.369<br> %<br>| 0.358<br> %<br>| 0.400<br> %<br>|
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short Fixed <br> Income<br>| 0.230<br> %<br>| 0.223<br> %<br>| 0.216<br> %<br>| 0.250<br> %<br>|
| Tax-Exempt | 0.430<br> %<br>| 0.417<br> %<br>| 0.404<br> %<br>| 0.450<br> %<br>|
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>| 0.230<br> %<br>| 0.223<br> %<br>| 0.216<br> %<br>| 0.250<br> %<br>|
| U.S. Government | 0.380<br> %<br>| 0.369<br> %<br>| 0.358<br> %<br>| 0.400<br> %<br>|

---

The contractual reimbursement arrangements described above may not be terminated before July 31, 2026 without the approval of the Board of Trustees. The contractual reimbursement arrangements will continue automatically thereafter for periods of one-year (each such one-year period, a "Renewal Year"). The arrangements may be terminated, as to any succeeding Renewal Year, by NTI or a Fund upon 60 days' written notice prior to the end of the current Renewal Year.

NTI may reimburse additional expenses or waive all or a portion of the management fees for the Funds, including, from time to time to avoid a negative yield for the Money Market Funds. Any such additional expense reimbursement or waiver would be voluntary and could be implemented, increased or decreased or discontinued at any time. There is no guarantee that a Fund will be able to avoid a negative yield. NTI did not voluntarily reimburse any Funds during the fiscal year ended March 31, 2026.

Amounts waived or reimbursed by NTI pursuant to voluntary or contractual agreements may not be recouped by NTI at any time in the future for prior fiscal years.

Pursuant to the Management Agreement with the Trust, NTI is responsible for performing and overseeing investment management services to the Funds.

FIXED INCOME AND MONEY MARKET FUNDS **346** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2026** <br>

The Multi-Manager High Yield Opportunity Fund is managed by NTI and the Sub-Advisers. In addition to selecting the overall investment strategies of the Fund, NTI oversees and monitors the selection and performance of any Sub-Advisers and allocates resources among the Sub-Advisers. The Sub-Advisers manage each sub-advised Fund's investment portfolio pursuant to Sub-Advisory Agreements with NTI.

As of March 31, 2026, BlackRock Investment Management, LLC, Nomura Corporate Research and Asset Management Inc. and Polen Capital Credit, LLC are the Sub-Advisers for Multi-Manager High Yield Opportunity Fund.

NTI is responsible for payment of sub-advisory fees to the Sub-Advisers.

As compensation for services rendered as transfer agent, including the assumption by Northern Trust of the expenses related thereto, Northern Trust receives a fee, computed daily and payable monthly, at an annual rate of 0.0385 percent of the average daily net assets of each Fund, except for the Money Market Funds, which is computed daily and payable monthly, at an annual rate of 0.019 percent of the average daily net assets of each Fund.

NTI has entered into a sub-administration agreement with Northern Trust, pursuant to which Northern Trust performs certain administrative services for the Funds. NTI pays Northern Trust for its sub-administration services out of NTI's management fees. Northern Trust also performs certain administrative services for certain Sub-Advisers pursuant to separate agreements with such Sub-Advisers.

For compensation as custodian, Northern Trust receives an amount based on a pre-determined schedule of charges approved by the Board. During the period, the Funds (except the Money Market Funds) have entered into an expense offset arrangement with the custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Funds' custodian expenses. Custodian credits, if any, are shown as Less custodian credits in the Funds' Statements of Operations.

Northern Funds Distributors, LLC, the distributor for the Funds, received no compensation from the Funds under its distribution agreement. However, it received compensation from NTI for its services as distributor pursuant to a separate letter agreement between it and NTI.

Certain officers of the Trust are also officers of Northern Trust and NTI. All officers serve without compensation from the Funds. The Trust provided a deferred compensation plan for its Trustees who are not officers of Northern Trust or NTI. Prior to August 22, 2013, under the deferred compensation plan, Trustees may have elected to defer all or a portion of their compensation. Effective August 22, 2013, the Trustees may no longer defer their compensation. Any amounts deferred and invested under the plan shall remain invested pursuant to the terms of the plan. Each

Trustee's account shall be deemed to be invested in shares of the Northern Institutional Funds U.S. Government Portfolio (the "Portfolio") and/or the Global Tactical Asset Allocation Fund of the Trust and/or at the discretion of the Trust, another money market fund selected by the Trust that complies with the provisions of Rule 2a-7 under the 1940 Act or one or more short-term fixed income instruments selected by the Trust that are "eligible securities" as defined by that rule. The net investment income, gains and losses achieved by such deemed investment shall be credited to the Trustee's account as provided in the plan.

**6. RELATED PARTY TRANSACTIONS**

Each Fund, excluding the Money Market Funds, may invest its uninvested cash in a money market fund advised by NTI or its affiliates. Accordingly, each Fund bears indirectly a proportionate share of that money market fund's operating expenses. These operating expenses include the management, transfer agent and custody fees that the money market fund pays to NTI or its affiliates. At March 31, 2026, the Funds, excluding the Money Market Funds, held an investment in the Northern Institutional Funds U.S. Government Portfolio. The total annual portfolio operating expenses after expense reimbursement (other than certain excepted expenses as described in the fees and expenses table of the Portfolio's prospectus) on any assets invested in the Portfolio is 0.25 percent. NTI reimbursed each Fund the management fees payable by the Fund in an amount equal to the net management fee NTI earned on the amount invested by the Fund in money market mutual funds managed by NTI, as described in Note 5. This reimbursement is included in Less expenses reimbursed by the investment adviser as a reduction to Total Expenses in the Statements of Operations. This reimbursement's impact on each Fund's net expense and net investment income ratios is included in each Fund's Financial Highlights.

Each Fund that participates in securities lending may invest cash collateral received in Northern Institutional Funds Liquid Assets Portfolio ("Liquid Assets Portfolio"), a money market fund advised by NTI. Accordingly, each Fund bears indirectly a proportionate share of Liquid Assets Portfolio's operating expenses. These operating expenses include the management,transfer agent and custody fees that Liquid Assets Portfolio pays to NTI or its affiliates. At March 31, 2026, certain Funds held an investment in Liquid Assets Portfolio. The total annual portfolio operating expenses after expense reimbursement (other than certain excepted expenses as described in the fees and expenses table of the Liquid Assets Portfolio's prospectus) on any assets invested in the Liquid Assets Portfolio is 0.03 percent. NTI reimbursed each Fund the management fees payable by the Fund in an amount equal to the net management fee NTI earned on the amount invested by the Fund in Liquid Assets Portfolio, as described in Note 5. This reimbursement is included in Less expenses reimbursed by the investment adviser as a reduction to Total Expenses in the Statements of Operations. This

NORTHERN FUNDS ANNUAL REPORT **347** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

reimbursement's impact on each Fund's net expense and net investment income ratios is included in each Fund's Financial Highlights.

The Funds are permitted to purchase and sell securities from or to certain affiliated funds or portfolios under specified conditions outlined in Rule 17a-7 Procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price as defined in the Rule 17a-7 Procedures. For the fiscal year ended March 31, 2026, the Funds did not engage in any purchases and/or sales of securities from an affiliated entity.

During the fiscal year ended March 31, 2026, the Multi-Manager High Yield Opportunity Fund received voluntary expense reimbursements from NTI of approximately $1,000. These reimbursements are included in Net investment income in the Statements of Operations and Statements of Changes in Net Assets and in Net investment income in the Financial Highlights. This cash contribution represents less than $0.01 per share and had no effect on the Fund's total return.

NTI or the Sub-Advisers may, from time to time, effect trades on behalf of and for the account of the Funds with brokers or dealers that are affiliated with NTI, in conformity with Rule 17e-1 under the 1940 Act and SEC rules and regulations. Under these provisions, any commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged by other brokers or dealers in comparable transactions. For the fiscal year ended March 31, 2026, there were no Funds that paid Northern Trust Securities, Inc., an affiliate of NTI, brokerage commissions.

During the fiscal year ended March 31, 2026, the High Yield Fixed Income Fund received reimbursements from NTI of approximately $15,000 in connection with settlement fees pursuant to the European Union's Central Securities Depositories Regulation. These amounts are included in Interest income on the Fund's Statements of Operations.

Certain uninvested cash balances of the Money Market Funds may receive a return from Northern Trust based on a market return it receives less an administrative fee. These amounts, if any, are shown on the Funds' Statements of Operations as Income from affiliates.

Certain uninvested foreign currency balances of the Funds may pay/receive a return to/from Northern Trust based on a market return it pays/receives less an administrative fee. For the fiscal year ended March 31, 2026, the High Yield Fixed Income and Multi-Manager High Yield Opportunity Funds each received

amounts from Northern Trust of less than $1,000. These amounts are included in Interest income on the Funds' Statements of Operations.

**7. INVESTMENT TRANSACTIONS** 

For the fiscal year ended March 31, 2026, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases | Purchases | Sales | Sales |
| *Amounts in thousands*  | U.S. GOVERNMENT | OTHER | U.S. GOVERNMENT | OTHER |
| Arizona Tax-Exempt | $— | $18962 | $— | $17844 |
| Bond Index | 1902273 | 355421 | 1246222 | 124557 |
| &nbsp;&nbsp; California <br> Intermediate <br> Tax-Exempt<br>|  | 103971 |  | 77539 |
| &nbsp;&nbsp; California <br> Tax-Exempt<br>|  | 45063 |  | 57484 |
| Core Bond | 73403 | 51684 | 70546 | 59944 |
| Fixed Income | 192780 | 181302 | 214178 | 208069 |
| &nbsp;&nbsp; High Yield Fixed <br> Income<br>|  | 898890 |  | 1489075 |
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt<br>|  | 462506 |  | 336032 |
| &nbsp;&nbsp; Limited Term <br> Tax-Exempt<br>|  | 92224 |  | 109928 |
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>| 21926 |  | 18582 |  |
| &nbsp;&nbsp; Multi-Manager <br> High Yield <br> Opportunity<br>|  | 78592 |  | 112826 |
| Short Bond | 116429 | 116992 | 154244 | 185134 |
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short Fixed <br> Income<br>| 6118 | 2580930 | 20481 | 2072620 |
| Tax-Exempt |  | 341967 |  | 362175 |
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>| 39928 | 755040 | 90144 | 739245 |
| U.S. Government | 15631 |  | 16213 |  |

---

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on certain foreign currency contracts, the deferral of post-October currency and capital losses for tax purposes, and the timing of income recognition on investments in real estate investment trusts and passive foreign investment companies.

FIXED INCOME AND MONEY MARKET FUNDS **348** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2026** <br>

At March 31, 2026, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in*<br> *thousands*<br>| UNREALIZED<br> APPRECIATION<br>| UNREALIZED<br> DEPRECIATION<br>| NET<br> APPRECIATION<br> (DEPRECIATION)<br>| COST<br> BASIS OF<br> INVESTMENTS<br>|
| &nbsp;&nbsp; Arizona <br> Tax-Exempt<br>| $251 | $(3247) | $(2996) | $56757 |
| Bond Index | 12528 | (158612) | (146084) | 3294700 |
| &nbsp;&nbsp; California <br> Intermediate <br> Tax-Exempt<br>| 1968 | (9068) | (7100) | 264612 |
| &nbsp;&nbsp; California <br> Tax-Exempt<br>| 1713 | (7633) | (5920) | 140472 |
| Core Bond | 347 | (4079) | (3732) | 95045 |
| Fixed Income | 1415 | (14330) | (12915) | 299144 |
| &nbsp;&nbsp; High Yield Fixed <br> Income<br>| 31667 | (108534) | (76867) | 2245049 |
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt<br>| 8522 | (38951) | (30429) | 1216942 |
| &nbsp;&nbsp; Limited Term <br> Tax-Exempt<br>| 1648 | (2919) | (1271) | 321716 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in*<br> *thousands*<br>| UNREALIZED<br> APPRECIATION<br>| UNREALIZED<br> DEPRECIATION<br>| NET<br> APPRECIATION<br> (DEPRECIATION)<br>| COST<br> BASIS OF<br> INVESTMENTS<br>|
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>| $69 | $(140) | $(71) | $26551 |
| &nbsp;&nbsp; Multi-Manager <br> High Yield <br> Opportunity<br>| 4158 | (11828) | (7670) | 157370 |
| Short Bond | 675 | (1075) | (400) | 190527 |
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short <br> Fixed Income<br>| 3276 | (8985) | (5709) | 2932221 |
| Tax-Exempt | 2483 | (31288) | (28805) | 777471 |
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>| 3144 | (2339) | 805 | 1644751 |
| U.S. Government | 110 | (476) | (366) | 26189 |
| &nbsp;&nbsp; U.S. Government <br> Money <br> Market<br>|  | (—)\*<br>| (—)\*<br>| 21585305 |
| &nbsp;&nbsp; U.S. Government <br> Select Money <br> Market<br>|  |  |  | 4455983 |

---

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

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

**8. CAPITAL SHARE TRANSACTIONS**

Transactions in Shares class for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Arizona Tax-Exempt  | 1665 | $15776 | 129 | $1228 | (1648) | $(15647) | 146 | $1357 |
| Bond Index  | 134354 | 1248989 | 3196 | 29637 | (40842) | (378451) | 96708 | 900175 |
| California Intermediate Tax-Exempt  | 8113 | 80576 | 88 | 873 | (5424) | (53918) | 2777 | 27531 |
| California Tax-Exempt  | 4153 | 43452 | 131 | 1359 | (5562) | (57613) | (1278) | (12802) |
| Core Bond  | 2027 | 18195 | 170 | 1526 | (2762) | (24664) | (565) | (4943) |
| Fixed Income  | 2941 | 26417 | 638 | 5731 | (8755) | (78094) | (5176) | (45946) |
| High Yield Fixed Income  | 46528 | 282250 | 3454 | 21042 | (143377) | (866045) | (93395) | (562753) |
| Intermediate Tax-Exempt  | 38751 | 380312 | 496 | 4870 | (27246) | (266116) | 12001 | 119066 |
| Limited Term Tax-Exempt  | 5452 | 54533 | 103 | 1033 | (8509) | (84942) | (2954) | (29376) |
| Limited Term U.S. Government  | 1065 | 10096 | 28 | 269 | (784) | (7437) | 309 | 2928 |
| Multi-Manager High Yield Opportunity  | 2559 | 21573 | 525 | 4401 | (7272) | (60901) | (4188) | (34927) |
| Short Bond  | 957 | 17554 | 222 | 4079 | (6879) | (126088) | (5700) | (104455) |
| Tax-Advantaged Ultra-Short Fixed Income  | 132308 | 1350278 | 1291 | 13165 | (116471) | (1187888) | 17128 | 175555 |
| Tax-Exempt  | 26557 | 249191 | 444 | 4185 | (30277) | (283426) | (3276) | (30050) |
| Ultra-Short Fixed Income  | 88118 | 910041 | 3962 | 40908 | (92053) | (950566) | 27 | 383 |
| U.S. Government  | 675 | 5936 | 66 | 580 | (877) | (7783) | (136) | (1267) |
| U.S. Government Money Market  | 78922048 | 78922048 | 145360 | 145360 | (79686244) | (79686244) | (618836) | (618836) |
| U.S. Government Select Money Market  | 19632747 | 19632747 | 28410 | 28410 | (19535312) | (19535312) | 125845 | 125845 |

---

NORTHERN FUNDS ANNUAL REPORT **349** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

Transactions in Shares class for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Arizona Tax-Exempt  | 1063 | $10274 | 127 | $1225 | (2233) | $(21507) | (1043) | $(10008) |
| Bond Index  | 68066 | 624185 | 2448 | 22423 | (95871) | (875516) | (25357) | (228908) |
| California Intermediate Tax-Exempt  | 4402 | 43523 | 88 | 876 | (7157) | (70539) | (2667) | (26140) |
| California Tax-Exempt  | 2330 | 24456 | 135 | 1411 | (2919) | (30609) | (454) | (4742) |
| Core Bond  | 2034 | 18112 | 156 | 1386 | (1729) | (15328) | 461 | 4170 |
| Fixed Income  | 4744 | 42356 | 729 | 6478 | (7880) | (70055) | (2407) | (21221) |
| High Yield Fixed Income  | 90937 | 550828 | 3383 | 20433 | (101816) | (613626) | (7496) | (42365) |
| Intermediate Tax-Exempt  | 20418 | 199713 | 410 | 4009 | (40710) | (398199) | (19882) | (194477) |
| Limited Term Tax-Exempt  | 4293 | 42662 | 122 | 1204 | (12521) | (124110) | (8106) | (80244) |
| Limited Term U.S. Government  | 135 | 1262 | 25 | 233 | (858) | (7913) | (698) | (6418) |
| Multi-Manager High Yield Opportunity  | 3594 | 30334 | 430 | 3619 | (5083) | (42772) | (1059) | (8819) |
| Short Bond  | 3758 | 68515 | 250 | 4551 | (3040) | (55287) | 968 | 17779 |
| Tax-Advantaged Ultra-Short Fixed Income  | 114210 | 1162807 | 999 | 10157 | (92010) | (936073) | 23199 | 236891 |
| Tax-Exempt  | 25389 | 243110 | 455 | 4354 | (22820) | (218117) | 3024 | 29347 |
| Ultra-Short Fixed Income  | 48689 | 501465 | 4156 | 42792 | (50222) | (517319) | 2623 | 26938 |
| U.S. Government  | 1009 | 8861 | 46 | 405 | (780) | (6821) | 275 | 2445 |
| U.S. Government Money Market  | 86878570 | 86878570 | 152719 | 152719 | (85256571) | (85256571) | 1774718 | 1774718 |
| U.S. Government Select Money Market  | 17344848 | 17344848 | 28661 | 28661 | (17478691) | (17478691) | (105182) | (105182) |

---

Transactions in Siebert Williams Shank Shares for the fiscal year ended March 31, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Ultra-Short Fixed Income  |  | $— | 133 | $1371 | (1790) | $(18500) | (1657) | $(17129) |

---

Transactions in Siebert Williams Shank Shares for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Ultra-Short Fixed Income  | 970 | $10015 | 169 | $1735 | (632) | $(6515) | 507 | $5235 |

---

**9. DERIVATIVE INSTRUMENTS**

Information concerning the types of derivatives in which the Funds invest, the objectives for using them and their related risks can be found in Note 2.

Below are the types of derivatives by primary risk exposure as presented in the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Assets |  | Liabilities |  |
| *Amounts in thousands* | Contract Type | Statements of<br> Assets Location<br>| Value | Statements of<br> Liabilities Location<br>| Value |
| Core Bond | Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>| $179<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| $(244)\*<br>|

---

FIXED INCOME AND MONEY MARKET FUNDS **350** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2026** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Assets |  | Liabilities |  |
| *Amounts in thousands* | Contract Type | Statements of<br> Assets Location<br>| Value | Statements of<br> Liabilities Location<br>| Value |
| Fixed Income | Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>| $459<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (827)\*<br>|
| High Yield Fixed Income | Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (1,464)\*<br>|
| &nbsp;&nbsp; Multi-Manager High Yield <br> Opportunity<br>| Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>| 22<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
|  | Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency <br> exchange contracts<br>|  | Unrealized depreciation on<br> forward foreign currency <br> exchange contracts<br>| (—)\*\*<br>|
|  | Credit contracts | Unrealized appreciation on credit <br> default swap agreements<br>| 6<br> \*\*\*<br>| Unrealized depreciation on credit <br> default swap agreements<br>|  |
|  | Interest rate contracts | Unrealized appreciation on total <br> return swaps<br>| 42 | Unrealized depreciation on total <br> return swaps<br>|  |
| Short Bond | Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>| 580<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (596)\*<br>|

---

\* *Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Investments' footnotes. Only the* *current day's variation margin, if any, is reported within the Statements of Assets and Liabilities.* 

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

\*\*\* *Includes cumulative appreciation/depreciation on centrally cleared swap agreements as reported in the Schedule of Investments'* *footnotes. Only the current day's variation margin, if any, is reported within the Statements of Assets and Liabilities.* 

The Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements ("netting agreements"). Generally, netting agreements allow the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. In the event of default where the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the defaulting party, realization of collateral by the Funds may be delayed or limited. In addition, the netting agreements provide the right for the non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.

As of March 31, 2026, gross amounts of assets and liabilities for forward foreign exchange contracts and total return swaps not offset in the Statements of Assets and Liabilities, related collateral and net amounts after taking into account netting agreements, by counterparty, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF ASSETS<br> PRESENTED IN STATEMENTS<br> OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; CASH <br> COLLATERAL<br> RECEIVED<br>| &nbsp;&nbsp; NET<br> AMOUNT<br>|
| &nbsp;&nbsp; Multi-Manager High Yield Opportunity <br> Fund<br>| Morgan Stanley | &nbsp;&nbsp;&nbsp; $42 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $42 |
|  | Total | &nbsp;&nbsp;&nbsp; $42 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $42 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF<br> LIABILITIES<br> PRESENTED IN STATEMENTS<br> OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; CASH <br> COLLATERAL<br> PLEDGED<br>| &nbsp;&nbsp; NET<br> AMOUNT<br>|
| &nbsp;&nbsp; Multi-Manager High Yield Opportunity <br> Fund<br>| Barclays | &nbsp;&nbsp;&nbsp; $(—)\*<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(—)\*<br>|
|  | Total | &nbsp;&nbsp;&nbsp; $(—)\*<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(—)\*<br>|

---

NORTHERN FUNDS ANNUAL REPORT **351** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

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

The following tables set forth, by primary risk exposure, the Funds' realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the fiscal year ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  |  | AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS | AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS |
| *Amounts in thousands* | CONTRACT TYPE | STATEMENTS OF OPERATIONS LOCATION | VALUE |
| Core Bond | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; $175 |
| Fixed Income | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 291 |
| High Yield Fixed Income | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 2369 |
| Limited Term Tax-Exempt | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 1 |
| Limited Term U.S. Government | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 19 |
| Multi-Manager High Yield Opportunity | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 6 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; 6 |
|  | Interest rate contracts | Net realized gains (losses) on total return swaps | &nbsp;&nbsp;&nbsp; 107 |
|  | Credit contracts | Net realized gains (losses) on credit default swap agreements | &nbsp;&nbsp;&nbsp; 22 |
| Short Bond | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; (807) |
| U.S. Government | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 38 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp; CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON<br> DERIVATIVE CONTRACTS | &nbsp;&nbsp;&nbsp; CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON<br> DERIVATIVE CONTRACTS |
| *Amounts in thousands* | CONTRACT TYPE | STATEMENTS OF OPERATIONS LOCATION | VALUE |
| Core Bond | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; $(126) |
| Fixed Income | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; (462) |
| High Yield Fixed Income | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; (2594) |
| Limited Term U.S. Government | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; (7) |
| Multi-Manager High Yield Opportunity | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; 22 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward foreign <br> currency exchange contracts<br>| &nbsp;&nbsp;&nbsp; (3) |
|  | Interest rate contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on total return <br> swaps<br>| &nbsp;&nbsp;&nbsp; 17 |
|  | Credit contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on credit default <br> swap agreements<br>| &nbsp;&nbsp;&nbsp; 9 |
| Short Bond | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; 96 |
| U.S. Government | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; (16) |

---

Volume of derivative activity for the fiscal year ended March 31, 2026\*:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOREIGN EXCHANGE<br> CONTRACTS  | FOREIGN EXCHANGE<br> CONTRACTS  | CREDIT <br> CONTRACTS  | CREDIT <br> CONTRACTS  | INTEREST RATE<br> CONTRACTS  | INTEREST RATE<br> CONTRACTS  |
|  | NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>|
| Core Bond |  | $— |  | $— | 32 | $3298 |
| Fixed Income |  |  |  |  | 29 | 11301 |
| High Yield Fixed Income |  |  |  |  | 6 | 85943 |
| Multi-Manager High Yield Opportunity | 11 | 251 | 8 | 183 | 13 | 934 |

---

FIXED INCOME AND MONEY MARKET FUNDS **352** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2026** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOREIGN EXCHANGE<br> CONTRACTS  | FOREIGN EXCHANGE<br> CONTRACTS  | CREDIT <br> CONTRACTS  | CREDIT <br> CONTRACTS  | INTEREST RATE<br> CONTRACTS  | INTEREST RATE<br> CONTRACTS  |
|  | NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>|
| Short Bond |  | $— |  | $— | 25 | $28126 |

---

*\**

*Activity for the fiscal year is measured by number of trades during the fiscal year and average notional amount for forward foreign currency exchange contracts, interest rate total return swaps contracts, credit default swaps contracts and interest rate futures contracts.*

*\*\**

*Amounts in thousands.* 

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

**10. INDEMNIFICATIONS AND WARRANTIES** 

In the ordinary course of their business, the Funds may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Funds. The maximum exposure to the Funds under these provisions is unknown, as this would involve future claims that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believe the risk of loss to be remote.

**11. OPERATING SEGMENTS**

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. NTI acts as the CODM. Each Fund within the Trust represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the respective Fund's portfolio managers as a team. The financial information in the form of a Fund's total returns, expense ratios, changes in net assets resulting from operations and subscriptions and redemptions which are used by the CODM to assess the segment's performance and to make resource allocation decisions for each Fund (as a single segment), is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

**12. LEGAL PROCEEDINGS** 

On or about December 17, 2024, the Multi-Manager High Yield Opportunity Fund (the "Fund") was added as a defendant in a civil action pending in the Supreme Court of the State of New York, County of New York, Commercial Division (the "Court"), captioned CPPIB Credit Investments II Inc., et al. v. Lions Gate Entertainment Corporation, et al., Index No. 654398/2024 (the "Action"). The Action arises from certain notes (the "Original

Notes") issued by Lions Gate Capital Holdings, LLC ("Lions Gate Holdings") of which the Fund was a holder. In May 2024, a group of holders of the Original Notes (the "Participating Holders"), including the Fund, entered into a transaction (the "Exchange Transaction") pursuant to which the Participating Holders consented to certain amendments to the indenture for the Original Notes and exchanged their Original Notes for new notes issued by Lions Gate Holdings (the "New Notes"). In the Action, Plaintiff Thebes Offshore Master Fund, LP ("Thebes"), a holder of the Original Notes who was not invited to participate in the Exchange Transaction and did not receive the New Notes, challenges the enforceability of the Exchange Transaction and asserts, among other claims, claims against the Participating Holders seeking declaratory judgment and injunctive relief, or alternatively, monetary damages. A group of Participating Holders, including the Fund, moved to dismiss Thebes's claims on several grounds. The Court heard oral argument on the motions on September 22, 2025, and on March 17, 2026, the Court granted the motions to dismiss as to the claims against the Participating Holders. On May 6, 2026, Thebes moved for leave to file an amended complaint asserting a tortious interference claim against the Participating Holders. The Participating Holders will oppose the motion for leave to amend. At this stage of the proceedings, it is not possible to predict the outcome of the Action. The Fund intends to vigorously defend against Thebes's claims.

**13. GLOBAL INSTABILITY**

Unexpected political, regulatory and diplomatic events and military conflicts around the world may affect investor and consumer confidence and may adversely impact global and domestic financial markets and the broader economy. Such conflicts have caused, and could continue to cause, significant market disruptions and volatility within specific markets and globally. The hostilities and sanctions resulting from those conflicts have, and could continue to have, a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the U.S. and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters.

NORTHERN FUNDS ANNUAL REPORT **353** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

---

| | |
|:---|:---|
| **Notes to the financial statements continued**  | **March 31, 2026**  |

---

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

**14. SUBSEQUENT EVENTS** 

Management has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure.

FIXED INCOME AND MONEY MARKET FUNDS **354** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

**To the Shareholders and Board of Trustees of Northern Funds:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of eighteen separate portfolios of Northern Funds, comprising the Arizona Tax-Exempt Fund, Bond Index Fund, California Intermediate Tax-Exempt Fund, California Tax-Exempt Fund, Core Bond Fund, Fixed Income Fund, High Yield Fixed Income Fund, Intermediate Tax-Exempt Fund, Limited Term Tax-Exempt Fund, Limited Term U.S. Government Fund, Multi-Manager High Yield Opportunity Fund, Short Bond Fund, Tax-Advantaged Ultra-Short Fixed Income Fund, Tax-Exempt Fund, Ultra-Short Fixed Income Fund, U.S. Government Fund, U.S. Government Money Market Fund, and U.S. Government Select Money Market Fund (collectively, the "Funds"), including the schedules of investments, as of March 31, 2026, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights").

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Northern Funds as of March 31, 2026, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, agent banks, and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

May 27, 2026

We have served as the auditor of one or more Northern Trust investment companies since 2002.

NORTHERN FUNDS ANNUAL REPORT **355** FIXED INCOME AND MONEY MARKET FUNDS

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

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| | |
|:---|:---|
| **TAX AND DISTRIBUTION INFORMATION**  | **March 31, 2026 (Unaudited)**  |

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**CAPITAL GAIN DISTRIBUTION** — The following Fund made capital gain distributions in December 2025, and hereby designated these long-term capital gain distributions as follows *(per share)*:

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| | |
|:---|:---|
|  | LONG-TERM<br> CAPITAL GAIN<br>|
| U.S. Government Money Market  | $0.0000001 |

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**CORPORATE DIVIDENDS-RECEIVED DEDUCTION (DRD)** — A percentage of the dividends distributed during the fiscal year ended March 31, 2026 for the following Fund qualifies for the dividends-received deduction for corporate shareholders:

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| | |
|:---|:---|
|  | CORPORATE DRD<br> PERCENTAGE<br>|
| Multi-Manager High Yield Opportunity | 4.90<br> %<br>|

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**EXEMPT-INTEREST DIVIDENDS** — During the fiscal year ended March 31, 2026, the percentage of dividends derived from net investment income paid by each of the following Funds as "exempt-interest dividends," excludable from gross income for Federal income tax purposes were as follows: Arizona Tax-Exempt Fund - 97.96%, California Intermediate Tax-Exempt Fund - 96.64%, California Tax-Exempt Fund - 98.08%, Intermediate Tax-Exempt Fund - 98.29%, Limited Term Tax-Exempt Fund - 98.17%, Tax-Advantaged Ultra-Short Fixed Income Fund - 76.79%, Tax-Exempt Fund - 98.57%.

**QUALIFIED DIVIDEND INCOME (QDI)** — Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the following percentages of ordinary dividends paid by the following Fund during the fiscal year ended March 31, 2026, are designated as "qualified dividend income," as defined in the Act, subject to reduced tax rates:

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| | |
|:---|:---|
|  | QDI<br> PERCENTAGE<br>|
| Multi-Manager High Yield Opportunity | 4.93<br> %<br>|

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**DISTRIBUTION INFORMATION** — For purposes of Section 19 of the 1940 Act, the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. The Intermediate Tax-Exempt Fund did not issue a Section 19(a) notice because at the time the Fund did not believe that such a notice was necessary. Pursuant to Rule 19a-1(e) under the 1940 Act, the information in the table below includes the sources of the Intermediate Tax-Exempt Fund's distributions. Please note that the information in the table below is for financial accounting purposes only. Form 1099-DIV received by shareholders for the calendar year specifies how shareholders should characterize and report distributions paid by the Fund during the year for U.S. federal income tax purposes.

The Fund's distributions were paid from:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Record<br> Date<br>| Payable<br> Date<br>| Distribution<br> Per Share<br>| Non-Dividend<br> Distribution<br>|
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt  | Daily | 1/26/2026 | 0.027 | 0.000925 |
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt  | Daily | 2/24/2026 | 0.024 | 0.000811 |
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt  | Daily | 3/24/2026 | 0.026 | 0.000904 |

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FIXED INCOME AND MONEY MARKET FUNDS **356** NORTHERN FUNDS ANNUAL REPORT

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

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| | |
|:---|:---|
| **Form N-CSR - Items 8 - 11** | **March 31, 2026 (Unaudited)** |

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in and disagreements with accountants on accounting and financial disclosure for the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There were no matters submitted during the period covered by the report to a vote of shareholders, through the solicitation of proxies or otherwise.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not Applicable.

NORTHERN FUNDS ANNUAL REPORT **357** FIXED INCOME AND MONEY MARKET FUNDS

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| | |
|:---|:---|
| ![](img9ee61b6e4.gif)<br>| &nbsp;&nbsp;&nbsp;&nbsp; ![](imgcf05c2765.gif)<br>|

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©2026 Northern Funds

NF ANR NCSR FI & MMF (5/26)

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(b) Included as part of the Financial Statements under Item 7(a) of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that would require disclosure herein.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

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#### Item 19. Exhibits.
(a)(1) [Exhibit 99.CODE: Incorporated by reference to Exhibit 13(a)(1) to the report filed on Form N-CSR on June 5, 2020 (Accession Number 0001193125-20-161887).](https://www.sec.gov/Archives/edgar/data/916620/000119312520161887/d927856dex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [Certifications of the Registrant pursuant to Rule 30a-2(a) under the 1940 Act are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) There has been no change to the registrant's independent public accountant during the reporting period.

(b) [Certifications of the Registrant pursuant to Rule 30a-2(b) under the 1940 Act are filed herewith.](Exhibit_b.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| Northern Funds  | Northern Funds  |
| By  | */s/ Kevin P. O'Rourke*  |
|  | Kevin P. O'Rourke, President  |
|  | (Principal Executive Officer)  |
| Date: June 4, 2026  | Date: June 4, 2026  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By  | */s/ Kevin P. O'Rourke*  |
|  | Kevin P. O'Rourke, President  |
|  | (Principal Executive Officer)  |
| Date: June 4, 2026  | Date: June 4, 2026  |

---

---

| | |
|:---|:---|
| By  | */s/ Randal E. Rein*  |
|  | Randal E. Rein, Treasurer  |
|  | (Principal Financial and Accounting Officer)  |
| Date: June 4, 2026  | Date: June 4, 2026  |

---

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## Ex-99.Cert

#### Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
I, Kevin P. O'Rourke, certify that:

1. I have reviewed this report on Form N-CSR of Northern Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: June 4, 2026  | */s/ Kevin P. O'Rourke*  |
|  | Kevin P. O'Rourke, President  |
|  | (Principal Executive Officer)  |

---

I, Randal E. Rein, certify that:

1. I have reviewed this report on Form N-CSR of Northern Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 4, 2026  | */s/ Randal E. Rein*  |
|  | Randal E. Rein, Treasurer  |
|  | (Principal Financial and Accounting Officer)  |

---

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## Exhibit 99.906

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
I, Kevin P. O'Rourke, President/Chief Executive Officer of Northern Funds (the "Registrant"), certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: June 4, 2026  | */s/ Kevin P. O'Rourke*  |
|  | Kevin P. O'Rourke, President  |
|  | (Chief Executive Officer)  |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Report with the Commission.

I, Randal E. Rein, Treasurer/Chief Financial and Accounting Officer of Northern Funds (the "Registrant"), certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: June 4, 2026  | */s/ Randal E. Rein*  |
|  | Randal E. Rein, Treasurer  |
|  | (Chief Financial and Accounting Officer)  |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Report with the Commission.

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