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, Illinois 60603

(Address of principal executive offices) (Zip code)

Name and Address of Agent for Service:

Michael Mabry, Esq.

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, Pennsylvania 19103

with a copy to:

Kevin P. O’Rourke

Jose 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: December 31

Date of reporting period: December 31, 2025

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).

NORTHERN TRUST 2030 INFLATION-LINKED DISTRIBUTING LADDER ETF 

Ticker: TIPA - NYSE Arca, Inc. 

ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025

This annual shareholder report contains important information about the Northern Trust 2030 Inflation-Linked Distributing Ladder ETF Fund (the "Fund") for the period of August 18, 2025 (commencement of investment operations) to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/NorthernTrust. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year? 

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
Northern Trust 2030 Inflation-Linked Distributing Ladder ETF	$4	0.10%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from August 18, 2025 through December 31, 2025. Expenses would be higher if the Fund had been in operations for a full reporting period.

What impacted Fund performance over the reporting period?

• U.S. Treasury Inflation Protected Securities (“TIPS”) inflation breakeven spreads moved lower over the course of the reporting period ending December 31, 2025, yet oscillated a bit throughout the period. 1-year and 2-year breakevens experienced a widening in late October before trending tighter throughout the remaining year. Over the reporting period, the short-to-intermediate segment of the TIPS yield curve, represented by the Bloomberg U.S. Treasury TIPS 1-5 Years Index, underperformed the total aggregate bond market, defined by the Bloomberg Barclays Capital US Aggregate Bond Total Return Index, by 174 basis points (“bps”). Over the reporting period, 1-year and 2-year real yields moved lower, which benefited the Fund, while 3-year, 4-year, and 5-year real rates moved higher, which was a detractor for the Fund’s performance.

• The Fund seeks to provide periodic inflation-linked distributions through U.S. TIPS, consisting of income and/or principal through 2030 (the "terminal year"). The Fund seeks to achieve its investment objective by employing a “laddered” bond strategy, pursuant to which the Fund will invest in TIPS with different maturity dates (or “rungs”) through the terminal year.

• For the reporting period ending December 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 1.06%, differing from the 1.12% return of the Bloomberg U.S. Treasury TIPS 1-5 Years Index, which is reflective of the Fund’s management fee (-10 basis points "bps"), and small net positive contributions from duration/curve positioning (+4 bps), due to the nature of the laddered rung structure relative to a market-weighted reference benchmark. 

NORTHERN TRUST 2030 INFLATION-LINKED DISTRIBUTING LADDER ETF 

1

Average Annual Total Returns	Since Inception (8/18/25)
Northern Trust 2030 Inflation-Linked Distributing Ladder ETF (Based on NAV)	1.06%
Bloomberg U.S. Treasury TIPS 1-5 Years Index	1.12%
Bloomberg Barclays Capital US Aggregate Bond Total Return Index	2.86%

The Fund's past performance is not a good predictor of the Fund's future performance. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data current to the most recent month-end is available at https://etfs.ntam.northerntrust.com/us/en/individual/funds.

KEY FUND STATISTICS

Net Assets	$4,990,746
Number of Portfolio Holdings	5
Portfolio Turnover Rate	0.46%
Net Investment Advisory Fees Paid	$1,286

YEARS TO MATURITY (% of Net Assets)

3-5 years	39.7%
1-3 years	39.0%
0-1 year	20.9%
Cash	0.4%

Where can I find more information?

Scan the QR code or visit https://connect.rightprospectus.com/NorthernTrust, 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 1-855-353-9383.

Householding

Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

NORTHERN TRUST 2030 INFLATION-LINKED DISTRIBUTING LADDER ETF 

2

NORTHERN TRUST 2030 TAX-EXEMPT DISTRIBUTING LADDER ETF 

Ticker: MUNA - NYSE Arca, Inc. 

ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025

This annual shareholder report contains important information about the Northern Trust 2030 Tax-Exempt Distributing Ladder ETF Fund (the "Fund") for the period of August 18, 2025 (commencement of investment operations) to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/NorthernTrust. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year? 

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
Northern Trust 2030 Tax-Exempt Distributing Ladder ETF	$7	0.18%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from August 18, 2025 through December 31, 2025. Expenses would be higher if the Fund had been in operations for a full reporting period.

What impacted Fund performance over the reporting period?

• For the reporting period ending December 31, 2025, the municipal bond market ended with solid performance. Municipals outpaced both U.S. Treasuries and broader bond markets during this period. The Fund’s performance was impacted by overall municipal market strong demand, outpacing supply.

• The Fund seeks to provide periodic distributions consisting of income exempt from regular federal income tax and/or principal through 2030 (the "terminal year"). The Fund seeks to achieve its investment objective by employing a “laddered” bond strategy, pursuant to which the Fund will invest in debt instruments that pay interest that is exempt from regular federal income tax with different maturity dates (or “rungs”) through the terminal year.

• For the reporting period ending December 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 0.79%, differing from the 0.95% return of the Bloomberg Municipal 1-5 Year Blend Index. Security selection (-9 basis points "bps") and curve (-7 bps) accounted for the difference. 

NORTHERN TRUST 2030 TAX-EXEMPT DISTRIBUTING LADDER ETF 

1

Average Annual Total Returns	Since Inception (8/18/25)
Northern Trust 2030 Tax-Exempt Distributing Ladder ETF (Based on NAV)	0.79%
Bloomberg Municipal 1-5 Year Blend Index	0.95%
Bloomberg Municipal Bond Index	4.29%

The Fund's past performance is not a good predictor of the Fund's future performance. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data current to the most recent month-end is available at https://etfs.ntam.northerntrust.com/us/en/individual/funds.

KEY FUND STATISTICS

Net Assets	$6,001,267
Number of Portfolio Holdings	82
Portfolio Turnover Rate	-
Net Investment Advisory Fees Paid	$3,444

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

Texas	13.3%
Wisconsin	9.6%
Illinois	8.1%
Tennessee	6.7%
Ohio	5.7%
Washington	5.4%
Utah	5.2%
Delaware	4.7%
Nevada	4.0%
Kansas	3.9%
All other states	33.4%

Where can I find more information?

Scan the QR code or visit https://connect.rightprospectus.com/NorthernTrust, 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 1-855-353-9383.

Householding

Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

NORTHERN TRUST 2030 TAX-EXEMPT DISTRIBUTING LADDER ETF 

2

NORTHERN TRUST 2035 INFLATION-LINKED DISTRIBUTING LADDER ETF 

Ticker: TIPB - NYSE Arca, Inc. 

ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025

This annual shareholder report contains important information about the Northern Trust 2035 Inflation-Linked Distributing Ladder ETF Fund (the "Fund") for the period of August 18, 2025 (commencement of investment operations) to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/NorthernTrust. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year? 

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
Northern Trust 2035 Inflation-Linked Distributing Ladder ETF	$4	0.10%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from August 18, 2025 through December 31, 2025. Expenses would be higher if the Fund had been in operations for a full reporting period.

What impacted Fund performance over the reporting period?

• U.S. Treasury Inflation Protected Securities (“TIPS”) inflation breakeven spreads moved lower over the course of the reporting period ending December 31, 2025, yet oscillated a bit throughout the period. 1-year and 2-year breakevens experienced a widening in late October before trending tighter throughout the remaining year. Over the reporting period, the short-to-intermediate segment of the TIPS yield curve, represented by the Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, underperformed the total aggregate bond market, defined by the Bloomberg Barclays Capital US Aggregate Bond Total Return Index, by 144 basis points (“bps”). Over the reporting period, 1-2 year and 8-10 year real yields moved lower, which benefited the Fund, while 3-7 year real rates moved higher, which was a detractor for the Fund’s performance.

• The Fund seeks to provide periodic inflation-linked distributions through U.S. TIPS, consisting of income and/or principal through 2035 (the "terminal year"). The Fund seeks to achieve its investment objective by employing a “laddered” bond strategy, pursuant to which the Fund will invest in TIPS with different maturity dates (or “rungs”) through the terminal year.

• For the reporting period ending December 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 1.44%, differing from the 1.42% return of the Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, which is reflective of the Fund’s management fee (-10 basis points "bps"), and small positive contributions from duration/curve positioning (+12 bps), due to the nature of the laddered rung structure relative to a market-weighted reference benchmark.

NORTHERN TRUST 2035 INFLATION-LINKED DISTRIBUTING LADDER ETF 

1

Average Annual Total Returns	Since Inception (8/18/25)
Northern Trust 2035 Inflation-Linked Distributing Ladder ETF (Based on NAV)	1.44%
Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index	1.42%
Bloomberg Barclays Capital US Aggregate Bond Total Return Index	2.86%

The Fund's past performance is not a good predictor of the Fund's future performance. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data current to the most recent month-end is available at https://etfs.ntam.northerntrust.com/us/en/individual/funds.

KEY FUND STATISTICS

Net Assets	$3,996,029
Number of Portfolio Holdings	10
Portfolio Turnover Rate	1.25%
Net Investment Advisory Fees Paid	$1,047

YEARS TO MATURITY (% of Net Assets)

5-10 years	48.1%
3-5 years	20.5%
1-3 years	20.1%
0-1 year	10.7%
Cash	0.6%

Where can I find more information?

Scan the QR code or visit https://connect.rightprospectus.com/NorthernTrust, 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 1-855-353-9383.

Householding

Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

NORTHERN TRUST 2035 INFLATION-LINKED DISTRIBUTING LADDER ETF 

2

NORTHERN TRUST 2035 TAX-EXEMPT DISTRIBUTING LADDER ETF 

Ticker: MUNB - NYSE Arca, Inc. 

ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025

This annual shareholder report contains important information about the Northern Trust 2035 Tax-Exempt Distributing Ladder ETF Fund (the "Fund") for the period of August 18, 2025 (commencement of investment operations) to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/NorthernTrust. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year? 

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
Northern Trust 2035 Tax-Exempt Distributing Ladder ETF	$7	0.18%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from August 18, 2025 through December 31, 2025. Expenses would be higher if the Fund had been in operations for a full reporting period.

What impacted Fund performance over the reporting period?

• For the reporting period ending December 31, 2025, the municipal bond market ended with solid performance. Municipals outpaced both U.S. Treasuries and broader bond markets during this period. The Fund’s performance was impacted by overall municipal market strong demand, outpacing supply.

• The Fund seeks to provide periodic distributions consisting of income exempt from regular federal income tax and/or principal through 2035 (the "terminal year"). The Fund seeks to achieve its investment objective by employing a “laddered” bond strategy, pursuant to which the Fund will invest in debt instruments that pay interest that is exempt from regular federal income tax with different maturity dates (or “rungs”) through the terminal year.

• For the reporting period ending December 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 1.98%, differing from the 2.25% return of the Bloomberg Municipal 1-10 Year Blend Index. Security selection (-41 basis points "bps") accounted for the difference, and duration (+24 bps) was additive.

NORTHERN TRUST 2035 TAX-EXEMPT DISTRIBUTING LADDER ETF 

1

Average Annual Total Returns	Since Inception (8/18/25)
Northern Trust 2035 Tax-Exempt Distributing Ladder ETF (Based on NAV)	1.98%
Bloomberg Municipal 1-10 Year Blend Index	2.25%
Bloomberg Municipal Bond Index	4.29%

The Fund's past performance is not a good predictor of the Fund's future performance. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data current to the most recent month-end is available at https://etfs.ntam.northerntrust.com/us/en/individual/funds.

KEY FUND STATISTICS

Net Assets	$5,052,946
Number of Portfolio Holdings	86
Portfolio Turnover Rate	-
Net Investment Advisory Fees Paid	$3,360

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

Texas	14.0%
Florida	9.9%
Wisconsin	9.4%
Washington	8.8%
Michigan	8.5%
Nevada	7.0%
New Mexico	5.6%
District of Columbia	4.4%
Ohio	3.8%
Maryland	3.6%
All other states	25.0%

Where can I find more information?

Scan the QR code or visit https://connect.rightprospectus.com/NorthernTrust, 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 1-855-353-9383.

Householding

Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

NORTHERN TRUST 2035 TAX-EXEMPT DISTRIBUTING LADDER ETF 

2

NORTHERN TRUST 2045 INFLATION-LINKED DISTRIBUTING LADDER ETF 

Ticker: TIPC - NYSE Arca, Inc. 

ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025

This annual shareholder report contains important information about the Northern Trust 2045 Inflation-Linked Distributing Ladder ETF Fund (the "Fund") for the period of August 18, 2025 (commencement of investment operations) to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/NorthernTrust. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year? 

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
Northern Trust 2045 Inflation-Linked Distributing Ladder ETF	$4	0.10%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from August 18, 2025 through December 31, 2025. Expenses would be higher if the Fund had been in operations for a full reporting period.

What impacted Fund performance over the reporting period?

• U.S. Treasury Inflation Protected Securities (“TIPS”) inflation breakeven spreads moved lower over the course of the reporting period ending December 31, 2025, yet oscillated a bit throughout the period. 1-year and 2-year breakevens experienced a widening in late October before trending tighter throughout the remaining year. Over the reporting period, the broad U.S. TIPS market, represented by the Bloomberg US Treasury Inflation Notes TR Index, underperformed the total aggregate bond market, defined by the Bloomberg Barclays Capital US Aggregate Bond Total Return Index, by 115 basis points (“bps”). Over the reporting period, 1-2 year and 8-20 year real yields moved lower, which benefited the Fund, while 3-7 year real rates moved higher, which was a detractor for the Fund’s performance.

• The Fund seeks to provide periodic inflation-linked distributions through U.S. TIPS, consisting of income and/or principal through 2045 (the "terminal year"). The Fund seeks to achieve its investment objective by employing a “laddered” bond strategy, pursuant to which the Fund will invest in TIPS with different maturity dates (or “rungs”) through the terminal year.

• For the reporting period ending December 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 2.20%, differing from the 1.71% return of the Bloomberg US Treasury Inflation Notes TR Index, which is reflective of the Fund’s management fee (-10 basis points "bps"), and positive contributions from duration/curve positioning (+59 bps), due to the nature of the laddered rung structure relative to a market-weighted reference benchmark.

NORTHERN TRUST 2045 INFLATION-LINKED DISTRIBUTING LADDER ETF 

1

Average Annual Total Returns	Since Inception (8/18/25)
Northern Trust 2045 Inflation-Linked Distributing Ladder ETF (Based on NAV)	2.20%
Bloomberg US Treasury Inflation Notes TR Index	1.71%
Bloomberg Barclays Capital US Aggregate Bond Total Return Index	2.86%

The Fund's past performance is not a good predictor of the Fund's future performance. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data current to the most recent month-end is available at https://etfs.ntam.northerntrust.com/us/en/individual/funds.

KEY FUND STATISTICS

Net Assets	$3,014,509
Number of Portfolio Holdings	16
Portfolio Turnover Rate	1.22%
Net Investment Advisory Fees Paid	$866

YEARS TO MATURITY (% of Net Assets)

10-20 years	43.8%
5-10 years	31.4%
3-5 years	9.6%
1-3 years	9.4%
0-1 year	5.1%
Cash	0.7%

Where can I find more information?

Scan the QR code or visit https://connect.rightprospectus.com/NorthernTrust, 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 1-855-353-9383.

Householding

Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

NORTHERN TRUST 2045 INFLATION-LINKED DISTRIBUTING LADDER ETF 

2

NORTHERN TRUST 2045 TAX-EXEMPT DISTRIBUTING LADDER ETF 

Ticker: MUNC - NYSE Arca, Inc. 

ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025

This annual shareholder report contains important information about the Northern Trust 2045 Tax-Exempt Distributing Ladder ETF Fund (the "Fund") for the period of August 18, 2025 (commencement of investment operations) to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/NorthernTrust. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year? 

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	$7	0.18%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from August 18, 2025 through December 31, 2025. Expenses would be higher if the Fund had been in operations for a full reporting period.

What impacted Fund performance over the reporting period?

• For the reporting period ending December 31, 2025, the municipal bond market ended with solid performance. Municipals outpaced both U.S. Treasuries and broader bond markets during this period. The Fund’s performance was impacted by overall municipal market strong demand, outpacing supply.

• The Fund seeks to provide periodic distributions consisting of income exempt from regular federal income tax and/or principal through 2045 (the "terminal year"). The Fund seeks to achieve its investment objective by employing a “laddered” bond strategy, pursuant to which the Fund will invest in debt instruments that pay interest that is exempt from regular federal income tax with different maturity dates (or “rungs”) through the terminal year.

• For the reporting period ending December 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 3.95%, differing from the 3.22% return of the Bloomberg 1-15 Yr. Municipal Index Total Return Index Unhedged. Security selection (-71 basis points "bps") and rating (-5.4 bps) accounted for the difference. Sector selection (+24.5 bps) and duration (+126 bps) were additive.

NORTHERN TRUST 2045 TAX-EXEMPT DISTRIBUTING LADDER ETF 

1

Average Annual Total Returns	Since Inception (8/18/25)
Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (Based on NAV)	3.95%
Bloomberg 1-15 Yr. Municipal Index Total Return Index Unhedged	3.22%
Bloomberg Municipal Bond Index	4.29%

The Fund's past performance is not a good predictor of the Fund's future performance. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data current to the most recent month-end is available at https://etfs.ntam.northerntrust.com/us/en/individual/funds.

KEY FUND STATISTICS

Net Assets	$10,275,033
Number of Portfolio Holdings	177
Portfolio Turnover Rate	-
Net Investment Advisory Fees Paid	$6,803

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

Texas	14.2%
Washington	9.2%
New York	8.1%
Florida	6.8%
Michigan	6.1%
Illinois	5.4%
California	5.0%
Iowa	3.9%
Wisconsin	3.6%
Massachusetts	3.4%
All other states	34.3%

Where can I find more information?

Scan the QR code or visit https://connect.rightprospectus.com/NorthernTrust, 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 1-855-353-9383.

Householding

Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

NORTHERN TRUST 2045 TAX-EXEMPT DISTRIBUTING LADDER ETF 

2

NORTHERN TRUST 2055 INFLATION-LINKED DISTRIBUTING LADDER ETF 

Ticker: TIPD - NYSE Arca, Inc. 

ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025

This annual shareholder report contains important information about the Northern Trust 2055 Inflation-Linked Distributing Ladder ETF Fund (the "Fund") for the period of August 18, 2025 (commencement of investment operations) to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/NorthernTrust. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year? 

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
Northern Trust 2055 Inflation-Linked Distributing Ladder ETF	$4	0.10%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from August 18, 2025 through December 31, 2025. Expenses would be higher if the Fund had been in operations for a full reporting period.

What impacted Fund performance over the reporting period?

• U.S. Treasury Inflation Protected Securities (“TIPS”) inflation breakeven spreads moved lower over the course of the reporting period ending December 31, 2025, yet oscillated a bit throughout the period. 1-year and 2-year breakevens experienced a widening in late October before trending tighter throughout the remaining year. Over the reporting period, the broad U.S. TIPS market, represented by the Bloomberg US Treasury Inflation Notes TR Index, underperformed the total aggregate bond market, defined by the Bloomberg Barclays Capital US Aggregate Bond Total Return Index, by 115 basis points (“bps”). Over the reporting period, 1-2 year and 8-30 year real yields moved lower, which benefited the Fund, while 3-7 year real rates moved higher, which was a detractor for the Fund’s performance.

• The Fund seeks to provide periodic inflation-linked distributions through U.S. TIPS, consisting of income and/or principal through 2055 (the "terminal year"). The Fund seeks to achieve its investment objective by employing a “laddered” bond strategy, pursuant to which the Fund will invest in TIPS with different maturity dates (or “rungs”) through the terminal year.

• For the reporting period ending December 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 2.51%, differing from the 1.71% return of the Bloomberg US Treasury Inflation Notes TR Index, which is reflective of the Fund’s management fee (-10 basis points "bps"), and positive contributions from duration/curve positioning (+90 bps), due to the nature of the laddered rung structure relative to a market-weighted reference benchmark.

NORTHERN TRUST 2055 INFLATION-LINKED DISTRIBUTING LADDER ETF 

1

Average Annual Total Returns	Since Inception (8/18/25)
Northern Trust 2055 Inflation-Linked Distributing Ladder ETF (Based on NAV)	2.51%
Bloomberg US Treasury Inflation Notes TR Index	1.71%
Bloomberg Barclays Capital US Aggregate Bond Total Return Index	2.86%

The Fund's past performance is not a good predictor of the Fund's future performance. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data current to the most recent month-end is available at https://etfs.ntam.northerntrust.com/us/en/individual/funds.

KEY FUND STATISTICS

Net Assets	$3,018,915
Number of Portfolio Holdings	26
Portfolio Turnover Rate	1.80%
Net Investment Advisory Fees Paid	$861

YEARS TO MATURITY (% of Net Assets)

10-20 years	31.5%
20+ years	27.5%
5-10 years	22.6%
3-5 years	7.1%
1-3 years	6.9%
0-1 year	3.7%
Cash	0.7%

Where can I find more information?

Scan the QR code or visit https://connect.rightprospectus.com/NorthernTrust, 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 1-855-353-9383.

Householding

Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

NORTHERN TRUST 2055 INFLATION-LINKED DISTRIBUTING LADDER ETF 

2

NORTHERN TRUST 2055 TAX-EXEMPT DISTRIBUTING LADDER ETF 

Ticker: MUND - NYSE Arca, Inc. 

ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025

This annual shareholder report contains important information about the Northern Trust 2055 Tax-Exempt Distributing Ladder ETF Fund (the "Fund") for the period of August 18, 2025 (commencement of investment operations) to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/NorthernTrust. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year? 

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
Northern Trust 2055 Tax-Exempt Distributing Ladder ETF	$7	0.18%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from August 18, 2025 through December 31, 2025. Expenses would be higher if the Fund had been in operations for a full reporting period.

What impacted Fund performance over the reporting period?

• For the reporting period ending December 31, 2025, the municipal bond market ended with solid performance. Municipals outpaced both U.S. Treasuries and broader bond markets during this period. The Fund’s performance was impacted by overall municipal market strong demand, outpacing supply.

• The Fund seeks to provide periodic distributions consisting of income exempt from regular federal income tax and/or principal through 2055 (the "terminal year"). The Fund seeks to achieve its investment objective by employing a “laddered” bond strategy, pursuant to which the Fund will invest in debt instruments that pay interest that is exempt from regular federal income tax with different maturity dates (or “rungs”) through the terminal year.

• For the reporting period ending December 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 4.30%, differing from the 4.29% return of the Bloomberg Municipal Bond Index. Security selection (-99 basis points "bps") accounted for the difference. This was mostly offset by duration (+98 bps).

NORTHERN TRUST 2055 TAX-EXEMPT DISTRIBUTING LADDER ETF 

1

Average Annual Total Returns	Since Inception (8/18/25)
Northern Trust 2055 Tax-Exempt Distributing Ladder ETF (Based on NAV)	4.30%
Bloomberg Municipal Bond Index	4.29%

The Fund's past performance is not a good predictor of the Fund's future performance. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data current to the most recent month-end is available at https://etfs.ntam.northerntrust.com/us/en/individual/funds.

KEY FUND STATISTICS

Net Assets	$8,234,767
Number of Portfolio Holdings	119
Portfolio Turnover Rate	21.18%
Net Investment Advisory Fees Paid	$6,257

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

New York	14.2%
Texas	12.0%
Washington	9.2%
Massachusetts	8.7%
Maryland	7.4%
Illinois	5.8%
Florida	5.5%
Michigan	4.6%
California	4.0%
Pennsylvania	3.1%
All other states	25.5%

Where can I find more information?

Scan the QR code or visit https://connect.rightprospectus.com/NorthernTrust, 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 1-855-353-9383.

Householding

Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

NORTHERN TRUST 2055 TAX-EXEMPT DISTRIBUTING LADDER ETF 

2

NORTHERN TRUST INTERMEDIATE TAX-EXEMPT BOND ETF 

Ticker: TAXI - The Nasdaq Stock Market LLC 

ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025

This annual shareholder report contains important information about the Northern Trust Intermediate Tax-Exempt Bond ETF Fund (the "Fund") for the period of August 18, 2025 (commencement of investment operations) to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/NorthernTrust. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year? 

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
Northern Trust Intermediate Tax-Exempt Bond ETF	$2	0.05%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from August 18, 2025 through December 31, 2025. Expenses would be higher if the Fund had been in operations for a full reporting period.

What impacted Fund performance over the reporting period?

• For the reporting period ending December 31, 2025, the municipal bond market ended with solid performance. Municipals outpaced both U.S. Treasuries and broader bond markets during this period. The Fund’s performance was impacted by overall municipal market strong demand, outpacing supply.

• The Fund is passively managed and seeks to track the investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE Intermediate Term Focused Municipal Bond Index (the “Underlying Index”). Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in debt instruments that pay interest that is exempt from regular federal income tax.

• For the reporting period ending December 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 3.42%, differing from the 2.66% return of the Underlying Index. Security selection/trading (+76 basis points "bps") accounted for the difference.

NORTHERN TRUST INTERMEDIATE TAX-EXEMPT BOND ETF 

1

Average Annual Total Returns	Since Inception (8/18/25)
Northern Trust Intermediate Tax-Exempt Bond ETF (Based on NAV)	3.42%
ICE Intermediate Term Focused Municipal Bond Index	2.66%
Bloomberg Municipal Bond Index	4.29%

The Fund's past performance is not a good predictor of the Fund's future performance. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data current to the most recent month-end is available at https://etfs.ntam.northerntrust.com/us/en/individual/funds.

KEY FUND STATISTICS

Net Assets	$54,348,053
Number of Portfolio Holdings	894
Portfolio Turnover Rate	9.22%
Net Investment Advisory Fees Paid	$2,803

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

Texas	17.1%
California	6.6%
Illinois	6.4%
Washington	5.3%
New York	5.2%
District of Columbia	5.1%
Alabama	5.0%
Nevada	4.3%
Florida	4.2%
Pennsylvania	3.6%
All other states	37.2%

Where can I find more information?

Scan the QR code or visit https://connect.rightprospectus.com/NorthernTrust, 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 1-855-353-9383.

Householding

Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

NORTHERN TRUST INTERMEDIATE TAX-EXEMPT BOND ETF 

2

NORTHERN TRUST SHORT-TERM TAX-EXEMPT BOND ETF 

Ticker: TAXS - The Nasdaq Stock Market LLC

ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025

This annual shareholder report contains important information about the Northern Trust Short-Term Tax-Exempt Bond ETF Fund (the "Fund") for the period of August 18, 2025 (commencement of investment operations) to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/NorthernTrust. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year? 

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
Northern Trust Short-Term Tax-Exempt Bond ETF	$2	0.05%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from August 18, 2025 through December 31, 2025. Expenses would be higher if the Fund had been in operations for a full reporting period.

What impacted Fund performance over the reporting period?

• For the reporting period ending December 31, 2025, the municipal bond market ended with solid performance. Municipals outpaced both U.S. Treasuries and broader bond markets during this period. The Fund’s performance was impacted by overall municipal market strong demand, outpacing supply.

• The Fund is passively managed and seeks to track the investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE Short Term Focused Municipal Bond Index (the “Underlying Index”). Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in debt instruments that pay interest that is exempt from regular federal income tax.

• For the reporting period ending December 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 1.26%, differing from the 0.87% return of the Underlying Index. Security selection/trading (+39 basis points "bps") accounted for the difference.

NORTHERN TRUST SHORT-TERM TAX-EXEMPT BOND ETF 

1

Average Annual Total Returns	Since Inception (8/18/25)
Northern Trust Short-Term Tax-Exempt Bond ETF (Based on NAV)	1.26%
ICE Short Term Focused Municipal Bond Index	0.87%
Bloomberg Municipal Bond Index	4.29%

The Fund's past performance is not a good predictor of the Fund's future performance. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data current to the most recent month-end is available at https://etfs.ntam.northerntrust.com/us/en/individual/funds.

KEY FUND STATISTICS

Net Assets	$71,350,861
Number of Portfolio Holdings	700
Portfolio Turnover Rate	20.64%
Net Investment Advisory Fees Paid	$4,511

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

Texas	20.6%
Washington	7.8%
Florida	7.3%
Illinois	6.2%
District of Columbia	5.0%
Wisconsin	3.4%
Georgia	3.2%
Ohio	3.0%
Pennsylvania	3.0%
Nevada	2.9%
All other states	37.6%

Where can I find more information?

Scan the QR code or visit https://connect.rightprospectus.com/NorthernTrust, 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 1-855-353-9383.

Householding

Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

NORTHERN TRUST SHORT-TERM TAX-EXEMPT BOND ETF 

2

NORTHERN TRUST TAX-EXEMPT BOND ETF 

Ticker: TAXT - The Nasdaq Stock Market LLC 

ANNUAL SHAREHOLDER REPORT | DECEMBER 31, 2025

This annual shareholder report contains important information about the Northern Trust Tax-Exempt Bond ETF Fund (the "Fund") for the period of August 18, 2025 (commencement of investment operations) to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/NorthernTrust. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year? 

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investmentFootnote Reference*	Costs paid as a percentage of a $10,000 investment
Northern Trust Tax-Exempt Bond ETF	$2	0.05%

Footnote	Description
Footnote*	Amount shown reflects the expenses of the Fund from August 18, 2025 through December 31, 2025. Expenses would be higher if the Fund had been in operations for a full reporting period.

What impacted Fund performance over the reporting period?

• For the reporting period ending December 31, 2025, the municipal bond market ended with solid performance. Municipals outpaced both U.S. Treasuries and broader bond markets during this period. The Fund’s performance was impacted by overall municipal market strong demand, outpacing supply.

• The Fund is passively managed and seeks to track the investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE All Maturity Focused Municipal Bond Index (the “Underlying Index”). Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in debt instruments that pay interest that is exempt from regular federal income tax.

• For the reporting period ending December 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 4.05%, differing from the 3.88% return of the Underlying Index. Security selection/trading (+17 basis points "bps") accounted for the difference.

NORTHERN TRUST TAX-EXEMPT BOND ETF 

1

Average Annual Total Returns	Since Inception (8/18/25)
Northern Trust Tax-Exempt Bond ETF (Based on NAV)	4.05%
ICE All Maturity Focused Municipal Bond Index	3.88%
Bloomberg Municipal Bond Index	4.29%

The Fund's past performance is not a good predictor of the Fund's future performance. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data current to the most recent month-end is available at https://etfs.ntam.northerntrust.com/us/en/individual/funds.

KEY FUND STATISTICS

Net Assets	$25,689,632
Number of Portfolio Holdings	380
Portfolio Turnover Rate	4.25%
Net Investment Advisory Fees Paid	$3,011

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

Texas	20.6%
New York	10.5%
California	7.7%
Washington	6.6%
Florida	6.3%
Illinois	4.5%
Pennsylvania	3.7%
Alabama	3.3%
District of Columbia	3.1%
Indiana	2.5%
All other states	31.2%

Where can I find more information?

Scan the QR code or visit https://connect.rightprospectus.com/NorthernTrust, 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 1-855-353-9383.

Householding

Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

NORTHERN TRUST TAX-EXEMPT BOND ETF 

2

(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.

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”).

(b) Not applicable.

(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.

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 December 31, 2025 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 year ended December 31, 2025 and December 31, 2024, as follows:

	2025*
	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre-approval
(a) Audit Fees	$984,215	$0	$5,769,211(3)
(b) Audit Related Fees	$165,983(1)	$0	$28,650(1)
(c) Tax Fees	$274,794(2)	$0	$3,018,222(4)
(d) All Other Fees	$0	$0	$353,497(5)

	2024*
	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre- approved	All other fees and services to service affiliates that did not require pre-approval
(a) Audit Fees	$823,485	$0	$4,562,752(3)
(b) Audit Related Fees	$168,000(1)	$0	$22,460(1)
(c) Tax Fees	$151,700(2)	$0	$2,484,232(4)
(d) All Other Fees	$0	$0	$2,066,930(5)

*       The aggregate fees in 2025 represent fees from fiscal year ended March 31, 2025 and December 31, 2025. The aggregate fees in 2024 represent fees from fiscal year ended March 31, 2024.

(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 December 31, 2025 and December 31, 2024 for 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 period ended December 31, 2025 and December 31, 2024, respectively, were $3,841,146 and $4,893,322.

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.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

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.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Northern

Funds

Exchange

Traded

Funds

ANNUAL

FINANCIAL

STATEMENTS

AND

ADDITIONAL

INFORMATION

December

31,

2025

Table

of

Contents

EXCHANGE

TRADED

FUNDS

NORTHERN

FUNDS

ANNUAL

REPORT

1

EXCHANGE

TRADED

FUNDS

2

Statements

of

Assets

and

Liabilities

5

Statements

of

Operations

8

Statement

of

Changes

in

Net

Assets

14

Financial

Highlights

26

Schedules

of

Investments

26

Northern

Trust

2030

Inflation-Linked

Distributing

Ladder

ETF

27

Northern

Trust

2035

Inflation-Linked

Distributing

Ladder

ETF

28

Northern

Trust

2045

Inflation-Linked

Distributing

Ladder

ETF

29

Northern

Trust

2055

Inflation-Linked

Distributing

Ladder

ETF

30

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF

35

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF

40

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

48

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

54

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

85

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

110

Northern

Trust

Tax-Exempt

Bond

ETF

126

Notes

to

the

Financial

Statements

133

Report

of

Independent

Registered

Public

Accounting

Firm

134

Form

N-CSR

-

Items

8

-

11

135

APPROVAL

OF

ADVISORY

AGREEMENT

138

TAX

INFORMATION

See

Accompanying

Notes

to

the

Financial

Statements.

EXCHANGE

TRADED

FUNDS

2

NORTHERN

FUNDS

ANNUAL

REPORT

Statements

of

Assets

and

Liabilities

EXCHANGE

TRADED

FUNDS

NORTHERN

TRUST

2030

INFLATION-

LINKED

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2035

INFLATION-

LINKED

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2045

INFLATION-

LINKED

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2055

INFLATION-

LINKED

DISTRIBUTING

LADDER

ETF

ASSETS

Securities,

at

cost

$

5,001,833

$

3,984,951

$

2,991,672

$

2,999,716

Securities,

at

value

4,970,878

3,972,027

2,991,928

2,996,460

Cash

8,275

9,154

7,017

7,143

Receivables:

Interest

12,267

15,438

16,321

16,069

Total

Assets

4,991,420

3,996,619

3,015,266

3,019,672

LIABILITIES

Payables:

Investment

advisory

fees

(Note

4)

424

340

257

257

Other

250

250

500

500

Total

Liabilities

674

590

757

757

Net

Assets

$

4,990,746

$

3,996,029

$

3,014,509

$

3,018,915

NET

ASSETS

CONSIST

OF:

—

—

—

—

Paid-in

capital

$

5,021,789

$

4,009,058

$

3,014,253

$

3,022,178

Distributable

earnings

(loss)

(

31,043

)

(

13,029

)

256

(

3,263

)

Net

Assets

$

4,990,746

$

3,996,029

$

3,014,509

$

3,018,915

Shares

Outstanding

(unlimited

number

of

shares

authorized

$

0.0001

par

value)

50,000

40,000

30,000

30,000

Net

Asset

Value

$

99.81

$

99.90

$

100.48

$

100.63

See

Accompanying

Notes

to

the

Financial

Statements.

NORTHERN

FUNDS

ANNUAL

REPORT

3

EXCHANGE

TRADED

FUNDS

Statements

of

Assets

and

Liabilities

December

31,

2025

NORTHERN

TRUST

2030

TAX-EXEMPT

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2035

TAX-EXEMPT

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2045

TAX-EXEMPT

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2055

TAX-EXEMPT

DISTRIBUTING

LADDER

ETF

ASSETS

Securities,

at

cost

$

5,897,538

$

4,861,139

$

9,806,018

$

7,889,220

Securities,

at

value

5,895,038

4,914,076

10,081,040

8,124,150

Cash

26,412

84,272

56,972

13,222

Receivables:

Interest

81,194

55,370

138,590

99,153

Total

Assets

6,002,644

5,053,718

10,276,602

8,236,525

LIABILITIES

Payables:

Investment

advisory

fees

(Note

4)

877

772

1,569

1,258

Other

500

—

—

500

Total

Liabilities

1,377

772

1,569

1,758

Net

Assets

$

6,001,267

$

5,052,946

$

10,275,033

$

8,234,767

NET

ASSETS

CONSIST

OF:

—

—

—

—

Paid-in

capital

$

6,002,143

$

5,000,000

$

10,000,000

$

7,944,131

Distributable

earnings

(loss)

(

876

)

52,946

275,033

290,636

Net

Assets

$

6,001,267

$

5,052,946

$

10,275,033

$

8,234,767

Shares

Outstanding

(unlimited

number

of

shares

authorized

$

0.0001

par

value)

60,000

50,000

100,000

80,000

Net

Asset

Value

$

100.02

$

101.06

$

102.75

$

102.93

See

Accompanying

Notes

to

the

Financial

Statements.

EXCHANGE

TRADED

FUNDS

4

NORTHERN

FUNDS

ANNUAL

REPORT

Statements

of

Assets

and

Liabilities

continued

EXCHANGE

TRADED

FUNDS

NORTHERN

TRUST

INTERMEDIATE

TAX-EXEMPT

BOND

ETF

NORTHERN

TRUST

SHORT-

TERM

TAX-

EXEMPT

BOND

ETF

NORTHERN

TRUST

TAX-

EXEMPT

BOND

ETF

ASSETS

Securities,

at

cost

$

53,230,017

$

70,117,739

$

24,960,356

Securities,

at

value

53,507,347

70,292,191

25,332,751

Cash

162,159

30,933

80,768

Receivables:

Interest

650,994

1,033,575

332,468

Capital

shares

issued

3,078,897

—

—

Total

Assets

57,399,397

71,356,699

25,745,987

LIABILITIES

Payables:

Investment

advisory

fees

(Note

4)

1,550

2,838

976

Securities

purchased

3,045,044

—

53,379

Other

4,750

3,000

2,000

Total

Liabilities

3,051,344

5,838

56,355

Net

Assets

$

54,348,053

$

71,350,861

$

25,689,632

NET

ASSETS

CONSIST

OF:

—

—

—

Paid-in

capital

$

54,025,400

$

71,156,778

$

25,304,229

Distributable

earnings

(loss)

322,653

194,083

385,403

Net

Assets

$

54,348,053

$

71,350,861

$

25,689,632

Shares

Outstanding

(unlimited

number

of

shares

authorized

$

0.0001

par

value)

1,060,000

1,420,000

500,000

Net

Asset

Value

$

51.27

$

50.25

$

51.38

Statements

of

Operations

See

Accompanying

Notes

to

the

Financial

Statements.

NORTHERN

FUNDS

ANNUAL

REPORT

5

EXCHANGE

TRADED

FUNDS

For

the

Period

Ended

December

31,

2025

t

NORTHERN

TRUST

2030

INFLATION-

LINKED

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2035

INFLATION-

LINKED

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2045

INFLATION-

LINKED

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2055

INFLATION-

LINKED

DISTRIBUTING

LADDER

ETF

August

18,

2025*

through

December

31,

2025

August

18,

2025*

through

December

31,

2025

August

18,

2025*

through

December

31,

2025

August

18,

2025*

through

December

31,

2025

INVESTMENT

INCOME

Interest

income

$

51,070

$

45,354

$

42,474

$

46,163

Total

Investment

Income

51,070

45,354

42,474

46,163

EXPENSES

Investment

advisory

fees

1,286

1,047

866

861

Total

Expenses  

1,286

1,047

866

861

Net

Investment

Income

(Loss)

49,784

44,307

41,608

45,302

NET

REALIZED

GAIN

(LOSS)

FROM:

Transactions

in

investment

securities

(

57

)

(

55

)

188

212

Net

Realized

Gain

(Loss)

(

57

)

(

55

)

188

212

NET

CHANGE

IN

UNREALIZED

APPRECIATION

(DEPRECIATION)

ON:

Investments

in

securities

(

30,955

)

(

12,924

)

256

(

3,256

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

(

30,955

)

(

12,924

)

256

(

3,256

)

Net

Realized

and

Unrealized

Gain

(Loss)

(

31,012

)

(

12,979

)

444

(

3,044

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

18,772

$

31,328

$

42,052

$

42,258

*

Commencement

of

investment

operations.

See

Accompanying

Notes

to

the

Financial

Statements.

EXCHANGE

TRADED

FUNDS

6

NORTHERN

FUNDS

ANNUAL

REPORT

Statements

of

Operations

continued

EXCHANGE

TRADED

FUNDS

NORTHERN

TRUST

2030

TAX-EXEMPT

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2035

TAX-EXEMPT

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2045

TAX-EXEMPT

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2055

TAX-EXEMPT

DISTRIBUTING

LADDER

ETF

August

18,

2025*

through

December

31,

2025

August

18,

2025*

through

December

31,

2025

August

18,

2025*

through

December

31,

2025

August

18,

2025*

through

December

31,

2025

INVESTMENT

INCOME

Interest

income

$

44,738

$

48,910

$

125,308

$

129,751

Total

Investment

Income

44,738

48,910

125,308

129,751

EXPENSES

Investment

advisory

fees

3,444

3,360

6,803

6,257

Total

Expenses  

3,444

3,360

6,803

6,257

Net

Investment

Income

(Loss)

41,294

45,550

118,505

123,494

NET

REALIZED

GAIN

(LOSS)

FROM:

Transactions

in

investment

securities

—

—

—

55,682

Net

Realized

Gain

(Loss)

—

—

—

55,682

NET

CHANGE

IN

UNREALIZED

APPRECIATION

(DEPRECIATION)

ON:

Investments

in

securities

(

2,500

)

52,937

275,022

234,930

Net

Change

in

Unrealized

Appreciation

(Depreciation)

(

2,500

)

52,937

275,022

234,930

Net

Realized

and

Unrealized

Gain

(Loss)

(

2,500

)

52,937

275,022

290,612

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

38,794

$

98,487

$

393,527

$

414,106

*

Commencement

of

investment

operations.

See

Accompanying

Notes

to

the

Financial

Statements.

NORTHERN

FUNDS

ANNUAL

REPORT

7

EXCHANGE

TRADED

FUNDS

Statements

of

Operations

For

the

Period

Ended

December

31,

2025

NORTHERN

TRUST

INTERMEDIATE

TAX-EXEMPT

BOND

ETF

NORTHERN

TRUST

SHORT-

TERM

TAX-

EXEMPT

BOND

ETF

NORTHERN

TRUST

TAX-

EXEMPT

BOND

ETF

August

18,

2025*

through

December

31,

2025

August

18,

2025*

through

December

31,

2025

August

18,

2025*

through

December

31,

2025

INVESTMENT

INCOME

Interest

income

$

170,867

$

235,301

$

217,014

Total

Investment

Income

170,867

235,301

217,014

EXPENSES

Investment

advisory

fees

2,803

4,511

3,011

Total

Expenses  

2,803

4,511

3,011

Net

Investment

Income

(Loss)

168,064

230,790

214,003

NET

REALIZED

GAIN

(LOSS)

FROM:

Transactions

in

investment

securities

(

982

)

(

850

)

(

227

)

Net

Realized

Gain

(Loss)

(

982

)

(

850

)

(

227

)

NET

CHANGE

IN

UNREALIZED

APPRECIATION

(DEPRECIATION)

ON:

Investments

in

securities

277,330

174,452

372,395

Net

Change

in

Unrealized

Appreciation

(Depreciation)

277,330

174,452

372,395

Net

Realized

and

Unrealized

Gain

(Loss)

276,348

173,602

372,168

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

444,412

$

404,392

$

586,171

*

Commencement

of

investment

operations.

See

Accompanying

Notes

to

the

Financial

Statements.

EXCHANGE

TRADED

FUNDS

8

NORTHERN

FUNDS

ANNUAL

REPORT

Statement

of

Changes

in

Net

Assets

EXCHANGE

TRADED

FUNDS

NORTHERN

TRUST

2030

INFLATION-

LINKED

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2035

INFLATION-

LINKED

DISTRIBUTING

LADDER

ETF

August

18,

2025*

through

December

31,

2025

August

18,

2025*

through

December

31,

2025

OPERATIONS

–

–

Net

investment

income

(loss)

$

49,784

$

44,307

Net

realized

gain

(loss)

(

57

)

(

55

)

Net

change

in

unrealized

appreciation

(depreciation)

(

30,955

)

(

12,924

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

18,772

31,328

DISTRIBUTIONS

TO

SHAREHOLDERS

Distributable

earnings

(

50,021

)

(

44,638

)

Total

distributions

(

50,021

)

(

44,638

)

CAPITAL

TRANSACTIONS

(1)

–

–

Proceeds

from

shares

issued

5,021,995

4,009,339

Net

Increase

(Decrease)

from

Capital

Transactions

5,021,995

4,009,339

Total

Increase

(Decrease)

in

Net

Assets

4,990,746

3,996,029

NET

ASSETS

Beginning

of

Period

$

—

$

—

End

of

Period

$

4,990,746

$

3,996,029

SHARE

TRANSACTIONS

Shares

issued

20,000

20,000

Shares

issued

in-kind

30,000

20,000

Shares

Outstanding,

End

of

Period

50,000

40,000

*

Commencement

of

investment

operations.

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

9

to

the

Financial

Statements.

See

Accompanying

Notes

to

the

Financial

Statements.

NORTHERN

FUNDS

ANNUAL

REPORT

9

EXCHANGE

TRADED

FUNDS

Statement

of

Changes

in

Net

Assets

For

the

Period

Ended

December

31,

2025

NORTHERN

TRUST

2045

INFLATION-

LINKED

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2055

INFLATION-

LINKED

DISTRIBUTING

LADDER

ETF

August

18,

2025*

through

December

31,

2025

August

18,

2025*

through

December

31,

2025

OPERATIONS

–

–

Net

investment

income

(loss)

$

41,608

$

45,302

Net

realized

gain

(loss)

188

212

Net

change

in

unrealized

appreciation

(depreciation)

256

(

3,256

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

42,052

42,258

DISTRIBUTIONS

TO

SHAREHOLDERS

Distributable

earnings

(

41,940

)

(

45,703

)

Total

distributions

(

41,940

)

(

45,703

)

CAPITAL

TRANSACTIONS

(1)

–

–

Proceeds

from

shares

issued

3,014,397

3,022,360

Net

Increase

(Decrease)

from

Capital

Transactions

3,014,397

3,022,360

Total

Increase

(Decrease)

in

Net

Assets

3,014,509

3,018,915

NET

ASSETS

Beginning

of

Period

$

—

$

—

End

of

Period

$

3,014,509

$

3,018,915

SHARE

TRANSACTIONS

Shares

issued

20,000

30,000

Shares

issued

in-kind

10,000

—

Shares

Outstanding,

End

of

Period

30,000

30,000

*

Commencement

of

investment

operations.

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

9

to

the

Financial

Statements.

See

Accompanying

Notes

to

the

Financial

Statements.

EXCHANGE

TRADED

FUNDS

10

NORTHERN

FUNDS

ANNUAL

REPORT

Statement

of

Changes

in

Net

Assets

continued

EXCHANGE

TRADED

FUNDS

NORTHERN

TRUST

2030

TAX-EXEMPT

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2035

TAX-EXEMPT

DISTRIBUTING

LADDER

ETF

August

18,

2025*

through

December

31,

2025

August

18,

2025*

through

December

31,

2025

OPERATIONS

–

–

Net

investment

income

(loss)

$

41,294

$

45,550

Net

change

in

unrealized

appreciation

(depreciation)

(

2,500

)

52,937

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

38,794

98,487

DISTRIBUTIONS

TO

SHAREHOLDERS

Distributable

earnings

(

39,670

)

(

45,541

)

Total

distributions

(

39,670

)

(

45,541

)

CAPITAL

TRANSACTIONS

(1)

–

–

Proceeds

from

shares

issued

8,998,585

5,000,000

Cost

of

shares

redeemed

(

2,996,442

)

—

Net

Increase

(Decrease)

from

Capital

Transactions

6,002,143

5,000,000

Total

Increase

(Decrease)

in

Net

Assets

6,001,267

5,052,946

NET

ASSETS

Beginning

of

Period

$

—

$

—

End

of

Period

$

6,001,267

$

5,052,946

SHARE

TRANSACTIONS

Shares

issued

90,000

50,000

Shares

redeemed

(

30,000

)

—

Shares

Outstanding,

End

of

Period

60,000

50,000

*

Commencement

of

investment

operations.

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

9

to

the

Financial

Statements.

See

Accompanying

Notes

to

the

Financial

Statements.

NORTHERN

FUNDS

ANNUAL

REPORT

11

EXCHANGE

TRADED

FUNDS

Statement

of

Changes

in

Net

Assets

For

the

Period

Ended

December

31,

2025

NORTHERN

TRUST

2045

TAX-EXEMPT

DISTRIBUTING

LADDER

ETF

NORTHERN

TRUST

2055

TAX-EXEMPT

DISTRIBUTING

LADDER

ETF

August

18,

2025*

through

December

31,

2025

August

18,

2025*

through

December

31,

2025

OPERATIONS

–

–

Net

investment

income

(loss)

$

118,505

$

123,494

Net

realized

gain

(loss)

—

55,682

Net

change

in

unrealized

appreciation

(depreciation)

275,022

234,930

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

393,527

414,106

DISTRIBUTIONS

TO

SHAREHOLDERS

Distributable

earnings

(

118,494

)

(

123,470

)

Total

distributions

(

118,494

)

(

123,470

)

CAPITAL

TRANSACTIONS

(1)

–

–

Proceeds

from

shares

issued

10,000,000

10,006,186

Cost

of

shares

redeemed

—

(

2,062,055

)

Net

Increase

(Decrease)

from

Capital

Transactions

10,000,000

7,944,131

Total

Increase

(Decrease)

in

Net

Assets

10,275,033

8,234,767

NET

ASSETS

Beginning

of

Period

$

—

$

—

End

of

Period

$

10,275,033

$

8,234,767

SHARE

TRANSACTIONS

Shares

issued

100,000

100,000

Shares

redeemed

—

(

20,000

)

Shares

Outstanding,

End

of

Period

100,000

80,000

*

Commencement

of

investment

operations.

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

9

to

the

Financial

Statements.

See

Accompanying

Notes

to

the

Financial

Statements.

EXCHANGE

TRADED

FUNDS

12

NORTHERN

FUNDS

ANNUAL

REPORT

Statement

of

Changes

in

Net

Assets

continued

EXCHANGE

TRADED

FUNDS

NORTHERN

TRUST

INTERMEDIATE

TAX-EXEMPT

BOND

ETF

NORTHERN

TRUST

SHORT-

TERM

TAX-

EXEMPT

BOND

ETF

August

18,

2025*

through

December

31,

2025

August

18,

2025*

through

December

31,

2025

OPERATIONS

–

–

Net

investment

income

(loss)

$

168,064

$

230,790

Net

realized

gain

(loss)

(

982

)

(

850

)

Net

change

in

unrealized

appreciation

(depreciation)

277,330

174,452

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

444,412

404,392

DISTRIBUTIONS

TO

SHAREHOLDERS

Distributable

earnings

(

121,759

)

(

210,309

)

Total

distributions

(

121,759

)

(

210,309

)

CAPITAL

TRANSACTIONS

(1)

–

–

Proceeds

from

shares

issued

58,096,528

78,151,067

Cost

of

shares

redeemed

(

4,071,128

)

(

6,994,289

)

Net

Increase

(Decrease)

from

Capital

Transactions

54,025,400

71,156,778

Total

Increase

(Decrease)

in

Net

Assets

54,348,053

71,350,861

NET

ASSETS

Beginning

of

Period

$

—

$

—

End

of

Period

$

54,348,053

$

71,350,861

SHARE

TRANSACTIONS

Shares

issued

1,140,000

1,560,000

Shares

redeemed

(

80,000

)

(

140,000

)

Shares

Outstanding,

End

of

Period

1,060,000

1,420,000

*

Commencement

of

investment

operations.

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

9

to

the

Financial

Statements.

See

Accompanying

Notes

to

the

Financial

Statements.

NORTHERN

FUNDS

ANNUAL

REPORT

13

EXCHANGE

TRADED

FUNDS

Statement

of

Changes

in

Net

Assets

For

the

Period

Ended

December

31,

2025

NORTHERN

TRUST

TAX-

EXEMPT

BOND

ETF

August

18,

2025*

through

December

31,

2025

OPERATIONS

–

Net

investment

income

(loss)

$

214,003

Net

realized

gain

(loss)

(

227

)

Net

change

in

unrealized

appreciation

(depreciation)

372,395

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

586,171

DISTRIBUTIONS

TO

SHAREHOLDERS

Distributable

earnings

(

200,768

)

Total

distributions

(

200,768

)

CAPITAL

TRANSACTIONS

(1)

–

Proceeds

from

shares

issued

31,450,265

Cost

of

shares

redeemed

(

6,146,036

)

Net

Increase

(Decrease)

from

Capital

Transactions

25,304,229

Total

Increase

(Decrease)

in

Net

Assets

25,689,632

NET

ASSETS

Beginning

of

Period

$

—

End

of

Period

$

25,689,632

SHARE

TRANSACTIONS

Shares

issued

620,000

Shares

redeemed

(

120,000

)

Shares

Outstanding,

End

of

Period

500,000

*

Commencement

of

investment

operations.

(1)

Capital

transactions

may

include

transaction

fees

associated

with

creation

and

redemption

transactions

which

occurred

during

the

period.

See

Note

9

to

the

Financial

Statements.

See

Accompanying

Notes

to

the

Financial

Statements.

EXCHANGE

TRADED

FUNDS

14

NORTHERN

FUNDS

ANNUAL

REPORT

Financial

Highlights

EXCHANGE

TRADED

FUNDS

Northern

Trust

2030

Inflation-

Linked

Distributing

Ladder

ETF

For

the

period

08/18/25

*

through

12/31/25

Net

asset

value,

beginning

of

period

$

100.00

PER

SHARE

Investment

Operations

Net

Investment

Income

(a)

1.44

Net

Realized

and

Unrealized

Gain

(Loss)

(

0.39

)

Total

from

Operations

1.05

Distributions

Net

Investment

Income

(

1.24

)

From

Net

Realized

Gains

(

0.00

)

(g)

Total

from

Distributions

(

1.24

)

Net

Asset

Value,

end

of

period

$

99.81

Total

Return

(b)

0

.00

%

Net

Asset

Value

(d)

1

.06

%

RATIOS/SUPPLEMENT

DATA

Ratios

to

Average

Net

Assets

(c)

–

Expenses

0

.10

%

Expenses

net

of

reimbursements

0

.10

%

Net

Investment

Income

Before

Reimbursements

3

.87

%

Net

Investment

Income

Net

of

Reimbursements

3

.87

%

Supplemental

Data

Portfolio

Turnover

Rate

(b)(e)

0

.46

%

Net

assets,

end

of

period

(thousands)

$

4,991

See

Accompanying

Notes

to

the

Financial

Statements.

NORTHERN

FUNDS

ANNUAL

REPORT

15

EXCHANGE

TRADED

FUNDS

Financial

Highlights

For

the

Period

Ended

December

31,

2025

Northern

Trust

2035

Inflation-

Linked

Distributing

Ladder

ETF

For

the

period

08/18/25

*

through

12/31/25

Net

asset

value,

beginning

of

period

$

100.00

PER

SHARE

Investment

Operations

Net

Investment

Income

(a)

1.57

Net

Realized

and

Unrealized

Gain

(Loss)

(

0.13

)

Total

from

Operations

1.44

Distributions

Net

Investment

Income

(

1.54

)

From

Net

Realized

Gains

(

0.00

)

(g)

Total

from

Distributions

(

1.54

)

Net

Asset

Value,

end

of

period

$

99.90

Total

Return

(b)

0

.00

%

Net

Asset

Value

(d)

1

.44

%

RATIOS/SUPPLEMENT

DATA

Ratios

to

Average

Net

Assets

(c)

–

Expenses

0

.10

%

Expenses

net

of

reimbursements

0

.10

%

Net

Investment

Income

Before

Reimbursements

4

.23

%

Net

Investment

Income

Net

of

Reimbursements

4

.23

%

Supplemental

Data

Portfolio

Turnover

Rate

(b)(e)

1

.25

%

Net

assets,

end

of

period

(thousands)

$

3,996

See

Accompanying

Notes

to

the

Financial

Statements.

EXCHANGE

TRADED

FUNDS

16

NORTHERN

FUNDS

ANNUAL

REPORT

Financial

Highlights

continued

EXCHANGE

TRADED

FUNDS

Northern

Trust

2045

Inflation-

Linked

Distributing

Ladder

ETF

For

the

period

08/18/25

*

through

12/31/25

Net

asset

value,

beginning

of

period

$

100.00

PER

SHARE

Investment

Operations

Net

Investment

Income

(a)

1.81

Net

Realized

and

Unrealized

Gain

(Loss)

0.39

Total

from

Operations

2.20

Distributions

Net

Investment

Income

(

1.72

)

From

Net

Realized

Gains

(

0.00

)

(g)

Total

from

Distributions

(

1.72

)

Net

Asset

Value,

end

of

period

$

100.48

Total

Return

(b)

0

.00

%

Net

Asset

Value

(d)

2

.20

%

RATIOS/SUPPLEMENT

DATA

Ratios

to

Average

Net

Assets

(c)

–

Expenses

0

.10

%

Expenses

net

of

reimbursements

0

.10

%

Net

Investment

Income

Before

Reimbursements

4

.81

%

Net

Investment

Income

Net

of

Reimbursements

4

.81

%

Supplemental

Data

Portfolio

Turnover

Rate

(b)(e)

1

.22

%

Net

assets,

end

of

period

(thousands)

$

3,015

See

Accompanying

Notes

to

the

Financial

Statements.

NORTHERN

FUNDS

ANNUAL

REPORT

17

EXCHANGE

TRADED

FUNDS

Financial

Highlights

For

the

Period

Ended

December

31,

2025

Northern

Trust

2055

Inflation-

Linked

Distributing

Ladder

ETF

For

the

period

08/18/25

*

through

12/31/25

Net

asset

value,

beginning

of

period

$

100.00

PER

SHARE

Investment

Operations

Net

Investment

Income

(a)

1.99

Net

Realized

and

Unrealized

Gain

(Loss)

0.52

Total

from

Operations

2.51

Distributions

Net

Investment

Income

(

1.87

)

From

Net

Realized

Gains

(

0.01

)

Total

from

Distributions

(

1.88

)

Net

Asset

Value,

end

of

period

$

100.63

Total

Return

(b)

0

.00

%

Net

Asset

Value

(d)

2

.51

%

RATIOS/SUPPLEMENT

DATA

Ratios

to

Average

Net

Assets

(c)

–

Expenses

0

.10

%

Expenses

net

of

reimbursements

0

.10

%

Net

Investment

Income

Before

Reimbursements

5

.26

%

Net

Investment

Income

Net

of

Reimbursements

5

.26

%

Supplemental

Data

Portfolio

Turnover

Rate

(b)(e)

1

.80

%

Net

assets,

end

of

period

(thousands)

$

3,019

See

Accompanying

Notes

to

the

Financial

Statements.

EXCHANGE

TRADED

FUNDS

18

NORTHERN

FUNDS

ANNUAL

REPORT

Financial

Highlights

continued

EXCHANGE

TRADED

FUNDS

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF

For

the

period

08/18/25

*

through

12/31/25

Net

asset

value,

beginning

of

period

$

100.00

PER

SHARE

Investment

Operations

Net

Investment

Income

(a)

0.80

Net

Realized

and

Unrealized

Gain

(Loss)

(

0.02

)

Total

from

Operations

0.78

Distributions

Net

Investment

Income

(

0.76

)

Total

from

Distributions

(

0.76

)

Net

Asset

Value,

end

of

period

$

100.02

Total

Return

(b)

0

.00

%

Net

Asset

Value

(d)

0

.79

%

RATIOS/SUPPLEMENT

DATA

Ratios

to

Average

Net

Assets

(c)

–

Expenses

0

.18

%

Expenses

net

of

reimbursements

0

.18

%

Net

Investment

Income

Before

Reimbursements

2

.16

%

Net

Investment

Income

Net

of

Reimbursements

2

.16

%

Supplemental

Data

Portfolio

Turnover

Rate

(b)(e)

—

%

Net

assets,

end

of

period

(thousands)

$

6,001

See

Accompanying

Notes

to

the

Financial

Statements.

NORTHERN

FUNDS

ANNUAL

REPORT

19

EXCHANGE

TRADED

FUNDS

Financial

Highlights

For

the

Period

Ended

December

31,

2025

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF

For

the

period

08/18/25

*

through

12/31/25

Net

asset

value,

beginning

of

period

$

100.00

PER

SHARE

Investment

Operations

Net

Investment

Income

(a)

0.91

Net

Realized

and

Unrealized

Gain

(Loss)

1.06

Total

from

Operations

1.97

Distributions

Net

Investment

Income

(

0.91

)

Total

from

Distributions

(

0.91

)

Net

Asset

Value,

end

of

period

$

101.06

Total

Return

(b)

0

.00

%

Net

Asset

Value

(d)

1

.98

%

RATIOS/SUPPLEMENT

DATA

Ratios

to

Average

Net

Assets

(c)

–

Expenses

0

.18

%

Expenses

net

of

reimbursements

0

.18

%

Net

Investment

Income

Before

Reimbursements

2

.44

%

Net

Investment

Income

Net

of

Reimbursements

2

.44

%

Supplemental

Data

Portfolio

Turnover

Rate

(b)(e)

—

%

Net

assets,

end

of

period

(thousands)

$

5,053

See

Accompanying

Notes

to

the

Financial

Statements.

EXCHANGE

TRADED

FUNDS

20

NORTHERN

FUNDS

ANNUAL

REPORT

Financial

Highlights

continued

EXCHANGE

TRADED

FUNDS

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

For

the

period

08/18/25

*

through

12/31/25

Net

asset

value,

beginning

of

period

$

100.00

PER

SHARE

Investment

Operations

Net

Investment

Income

(a)

1.19

Net

Realized

and

Unrealized

Gain

(Loss)

2.74

Total

from

Operations

3.93

Distributions

Net

Investment

Income

(

1.18

)

Total

from

Distributions

(

1.18

)

Net

Asset

Value,

end

of

period

$

102.75

Total

Return

(b)

0

.00

%

Net

Asset

Value

(d)

3

.95

%

RATIOS/SUPPLEMENT

DATA

Ratios

to

Average

Net

Assets

(c)

–

Expenses

0

.18

%

Expenses

net

of

reimbursements

0

.18

%

Net

Investment

Income

Before

Reimbursements

3

.13

%

Net

Investment

Income

Net

of

Reimbursements

3

.13

%

Supplemental

Data

Portfolio

Turnover

Rate

(b)(e)

—

%

Net

assets,

end

of

period

(thousands)

$

10,275

See

Accompanying

Notes

to

the

Financial

Statements.

NORTHERN

FUNDS

ANNUAL

REPORT

21

EXCHANGE

TRADED

FUNDS

Financial

Highlights

For

the

Period

Ended

December

31,

2025

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

For

the

period

08/18/25

*

through

12/31/25

Net

asset

value,

beginning

of

period

$

100.00

PER

SHARE

Investment

Operations

Net

Investment

Income

(a)

1.35

Net

Realized

and

Unrealized

Gain

(Loss)

2.94

Total

from

Operations

4.29

Distributions

Net

Investment

Income

(

1.36

)

Total

from

Distributions

(

1.36

)

Net

Asset

Value,

end

of

period

$

102.93

Total

Return

(b)

0

.00

%

Net

Asset

Value

(d)

4

.30

%

RATIOS/SUPPLEMENT

DATA

Ratios

to

Average

Net

Assets

(c)

–

Expenses

0

.18

%

Expenses

net

of

reimbursements

0

.18

%

Net

Investment

Income

Before

Reimbursements

3

.55

%

Net

Investment

Income

Net

of

Reimbursements

3

.55

%

Supplemental

Data

Portfolio

Turnover

Rate

(b)(e)

21

.18

%

Net

assets,

end

of

period

(thousands)

$

8,235

See

Accompanying

Notes

to

the

Financial

Statements.

EXCHANGE

TRADED

FUNDS

22

NORTHERN

FUNDS

ANNUAL

REPORT

Financial

Highlights

continued

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

For

the

period

08/18/25

*

through

12/31/25

Net

asset

value,

beginning

of

period

$

50.00

PER

SHARE

Investment

Operations

Net

Investment

Income

(a)

0.56

Net

Realized

and

Unrealized

Gain

(Loss)

1.14

Total

from

Operations

1.70

Distributions

Net

Investment

Income

(

0.43

)

Total

from

Distributions

(

0.43

)

Net

Asset

Value,

end

of

period

$

51.27

Total

Return

(b)

0

.00

%

Net

Asset

Value

(d)

3

.42

%

RATIOS/SUPPLEMENT

DATA

Ratios

to

Average

Net

Assets

(c)

–

Expenses

0

.05

%

Expenses

net

of

reimbursements

0

.05

%

Net

Investment

Income

Before

Reimbursements

3

.00

%

Net

Investment

Income

Net

of

Reimbursements

3

.00

%

Supplemental

Data

Portfolio

Turnover

Rate

(b)(e)

9

.22

%

Net

assets,

end

of

period

(thousands)

$

54,348

See

Accompanying

Notes

to

the

Financial

Statements.

NORTHERN

FUNDS

ANNUAL

REPORT

23

EXCHANGE

TRADED

FUNDS

Financial

Highlights

For

the

Period

Ended

December

31,

2025

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

For

the

period

08/18/25

*

through

12/31/25

Net

asset

value,

beginning

of

period

$

50.00

PER

SHARE

Investment

Operations

Net

Investment

Income

(a)

0.47

Net

Realized

and

Unrealized

Gain

(Loss)

0.16

Total

from

Operations

0.63

Distributions

Net

Investment

Income

(

0.38

)

Total

from

Distributions

(

0.38

)

Net

Asset

Value,

end

of

period

$

50.25

Total

Return

(b)

0

.00

%

Net

Asset

Value

(d)

1

.26

%

RATIOS/SUPPLEMENT

DATA

Ratios

to

Average

Net

Assets

(c)

–

Expenses

0

.05

%

Expenses

net

of

reimbursements

0

.05

%

Net

Investment

Income

Before

Reimbursements

2

.56

%

Net

Investment

Income

Net

of

Reimbursements

2

.56

%

Supplemental

Data

Portfolio

Turnover

Rate

(b)(e)

20

.64

%

Net

assets,

end

of

period

(thousands)

$

71,351

See

Accompanying

Notes

to

the

Financial

Statements.

EXCHANGE

TRADED

FUNDS

24

NORTHERN

FUNDS

ANNUAL

REPORT

Financial

Highlights

continued

EXCHANGE

TRADED

FUNDS

Northern

Trust

Tax-Exempt

Bond

ETF

For

the

period

08/18/25

*

through

12/31/25

Net

asset

value,

beginning

of

period

$

50.00

PER

SHARE

Investment

Operations

Net

Investment

Income

(a)

0.67

Net

Realized

and

Unrealized

Gain

(Loss)

1.35

Total

from

Operations

2.02

Distributions

Net

Investment

Income

(

0.64

)

Total

from

Distributions

(

0.64

)

Net

Asset

Value,

end

of

period

$

51.38

Total

Return

(b)

0

.00

%

Net

Asset

Value

(d)

4

.05

%

RATIOS/SUPPLEMENT

DATA

Ratios

to

Average

Net

Assets

(c)

–

Expenses

0

.05

%

Expenses

net

of

reimbursements

0

.05

%

Net

Investment

Income

Before

Reimbursements

3

.55

%

Net

Investment

Income

Net

of

Reimbursements

3

.55

%

Supplemental

Data

Portfolio

Turnover

Rate

(b)(e)

4

.25

%

Net

assets,

end

of

period

(thousands)

$

25,690

See

Accompanying

Notes

to

the

Financial

Statements.

NORTHERN

FUNDS

ANNUAL

REPORT

25

EXCHANGE

TRADED

FUNDS

Financial

Highlights

For

the

Period

Ended

December

31,

2025

*

Commencement

of

operations.

(a)

Net

investment

income

per

share

is

based

on

average

shares

outstanding.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

Annualized

for

periods

less

than

one

year.

(d)

Net

asset

value

total

return

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period

at

adjusted

net

asset

value.

(e)

In-kind

transactions

are

not

included

in

portfolio

turnover

calculations.

(g)

Per

share

amount

is

less

than

$0.005.

Northern

Trust

2030

Inflation-Linked

Distributing

Ladder

ETF

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

26

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

-

99

.6

%

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

10/15/2026

$

1,052,147

$

1,042,499

0.13%,

7/15/2030

1,121,366

1,059,398

1.63%,

10/15/2027

970,558

978,195

1.63%,

10/15/2029

913,720

923,543

2.38%,

10/15/2028

938,664

967,243

Total

U.S.

Treasury

Obligations

(Cost

$5,001,833)

4,970,878

Total

Investments

-

99.6%

(Cost

$5,001,833)

4,970,878

Other

assets

less

liabilities

-

0.4%

19,868

NET

ASSETS

-

100.0%

$4,990,746

Percentages

shown

are

based

on

Net

Assets.

As

of

December

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

of

investments

based

on

the

aggregate

cost

of

investments

(including

derivative

instruments,

if

applicable)

for

federal

income

tax

purposes

was

as

follows:

Aggregate

gross

unrealized

appreciation

$

—

Aggregate

gross

unrealized

depreciation

(

30,955

)

Net

unrealized

depreciation

$

(

30,955

)

Federal

income

tax

cost

$

5,001,833

Security

Type

%

of

Net

Assets

U.S.

Treasury

Obligations

99

.6

%

Others

(1)

0

.4

100

.0

%

(1)

Includes

any

other

net

assets/(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

December

31,

2025:

Level

1

(000s)

Level

2

(000s)

Level

3

(000s)

Total

(000s)

Investments

U.S.

Treasury

Obligations

(1)

$

—

$

4,971

$

—

$

4,971

Total

Investments

$

—

$4,971

$

—

$4,971

(1)

Classifications

as

defined

in

the

Schedule

of

Investments.

Northern

Trust

2035

Inflation-Linked

Distributing

Ladder

ETF

NORTHERN

FUNDS

ANNUAL

REPORT

27

EXCHANGE

TRADED

FUNDS

SCHEDULE

OF

INVESTMENTS

December

31,

2025

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

-

99

.4

%

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

10/15/2026

$

433,728

$

429,750

0.13%,

7/15/2030

462,262

436,716

0.13%,

7/15/2031

442,205

410,231

0.63%,

7/15/2032

407,917

383,208

1.38%,

7/15/2033

390,244

380,927

1.63%,

10/15/2027

400,094

403,242

1.63%,

10/15/2029

376,664

380,713

1.88%,

7/15/2034

377,712

379,791

1.88%,

7/15/2035

369,107

368,721

2.38%,

10/15/2028

386,947

398,728

Total

U.S.

Treasury

Obligations

(Cost

$3,984,951)

3,972,027

Total

Investments

-

99.4%

(Cost

$3,984,951)

3,972,027

Other

assets

less

liabilities

-

0.6%

24,002

NET

ASSETS

-

100.0%

$3,996,029

Percentages

shown

are

based

on

Net

Assets.

As

of

December

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

of

investments

based

on

the

aggregate

cost

of

investments

(including

derivative

instruments,

if

applicable)

for

federal

income

tax

purposes

was

as

follows:

Aggregate

gross

unrealized

appreciation

$

—

Aggregate

gross

unrealized

depreciation

(

12,924

)

Net

unrealized

depreciation

$

(

12,924

)

Federal

income

tax

cost

$

3,984,951

Security

Type

%

of

Net

Assets

U.S.

Treasury

Obligations

99

.4

%

Others

(1)

0

.6

100

.0

%

(1)

Includes

any

other

net

assets/(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

December

31,

2025:

Level

1

(000s)

Level

2

(000s)

Level

3

(000s)

Total

(000s)

Investments

U.S.

Treasury

Obligations

(1)

$

—

$

3,972

$

—

$

3,972

Total

Investments

$

—

$3,972

$

—

$3,972

(1)

Classifications

as

defined

in

the

Schedule

of

Investments.

Northern

Trust

2045

Inflation-Linked

Distributing

Ladder

ETF

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

28

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

-

99

.3

%

U.S.

Treasury

Inflation

Linked

Bonds

0.63%,

2/15/2043

$

182,692

$

136,190

0.75%,

2/15/2042

185,886

144,949

0.75%,

2/15/2045

178,371

130,285

1.38%,

2/15/2044

180,225

151,152

2.13%,

2/15/2040

387,158

383,817

2.13%,

2/15/2041

382,118

374,653

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

10/15/2026

153,711

152,302

0.13%,

7/15/2030

163,824

154,771

0.13%,

7/15/2031

156,716

145,384

0.63%,

7/15/2032

144,564

135,807

1.38%,

7/15/2033

138,301

134,999

1.63%,

10/15/2027

141,792

142,907

1.63%,

10/15/2029

133,488

134,923

1.88%,

7/15/2034

266,681

268,149

1.88%,

7/15/2035

260,606

260,333

2.38%,

10/15/2028

137,132

141,307

Total

U.S.

Treasury

Obligations

(Cost

$2,991,672)

2,991,928

Total

Investments

-

99.3%

(Cost

$2,991,672)

2,991,928

Other

assets

less

liabilities

-

0.7%

22,581

NET

ASSETS

-

100.0%

$3,014,509

Percentages

shown

are

based

on

Net

Assets.

As

of

December

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

of

investments

based

on

the

aggregate

cost

of

investments

(including

derivative

instruments,

if

applicable)

for

federal

income

tax

purposes

was

as

follows:

Aggregate

gross

unrealized

appreciation

$

3,919

Aggregate

gross

unrealized

depreciation

(

3,663

)

Net

unrealized

appreciation

$

256

Federal

income

tax

cost

$

2,991,672

Security

Type

%

of

Net

Assets

U.S.

Treasury

Obligations

99

.3

%

Others

(1)

0

.7

100

.0

%

(1)

Includes

any

other

net

assets/(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

December

31,

2025:

Level

1

(000s)

Level

2

(000s)

Level

3

(000s)

Total

(000s)

Investments

U.S.

Treasury

Obligations

(1)

$

—

$

2,992

$

—

$

2,992

Total

Investments

$

—

$2,992

$

—

$2,992

(1)

Classifications

as

defined

in

the

Schedule

of

Investments.

Northern

Trust

2055

Inflation-Linked

Distributing

Ladder

ETF

NORTHERN

FUNDS

ANNUAL

REPORT

29

EXCHANGE

TRADED

FUNDS

SCHEDULE

OF

INVESTMENTS

December

31,

2025

Investments

Principal

Amount

Value

U.S.

TREASURY

OBLIGATIONS

-

99

.3

%

U.S.

Treasury

Inflation

Linked

Bonds

0.13%,

2/15/2051

$

118,810

$

64,325

0.13%,

2/15/2052

111,118

58,891

0.25%,

2/15/2050

120,315

69,413

0.63%,

2/15/2043

134,541

100,295

0.75%,

2/15/2042

136,893

106,745

0.75%,

2/15/2045

131,358

95,946

0.88%,

2/15/2047

128,142

92,569

1.00%,

2/15/2048

125,437

91,805

1.00%,

2/15/2049

122,925

88,613

1.00%,

2/15/2046

130,547

98,599

1.38%,

2/15/2044

132,724

111,314

1.50%,

2/15/2053

104,060

81,311

2.13%,

2/15/2040

274,174

271,809

2.13%,

2/15/2041

270,605

265,318

2.13%,

2/15/2054

100,788

90,743

2.38%,

2/15/2055

98,028

93,206

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

10/15/2026

113,198

112,160

0.13%,

7/15/2030

120,645

113,978

0.13%,

7/15/2031

115,411

107,066

0.63%,

7/15/2032

106,462

100,013

1.38%,

7/15/2033

101,850

99,418

1.63%,

10/15/2027

104,420

105,242

1.63%,

10/15/2029

98,305

99,362

1.88%,

7/15/2034

188,856

189,895

1.88%,

7/15/2035

184,553

184,361

2.38%,

10/15/2028

100,989

104,063

Total

U.S.

Treasury

Obligations

(Cost

$2,999,716)

2,996,460

Total

Investments

-

99.3%

(Cost

$2,999,716)

2,996,460

Other

assets

less

liabilities

-

0.7%

22,455

NET

ASSETS

-

100.0%

$3,018,915

Percentages

shown

are

based

on

Net

Assets.

As

of

December

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

of

investments

based

on

the

aggregate

cost

of

investments

(including

derivative

instruments,

if

applicable)

for

federal

income

tax

purposes

was

as

follows:

Aggregate

gross

unrealized

appreciation

$

1,678

Aggregate

gross

unrealized

depreciation

(

4,941

)

Net

unrealized

depreciation

$

(

3,263

)

Federal

income

tax

cost

$

2,999,723

Security

Type

%

of

Net

Assets

U.S.

Treasury

Obligations

99

.3

%

Others

(1)

0

.7

100

.0

%

(1)

Includes

any

other

net

assets/(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

December

31,

2025:

Level

1

(000s)

Level

2

(000s)

Level

3

(000s)

Total

(000s)

Investments

U.S.

Treasury

Obligations

(1)

$

—

$

2,996

$

—

$

2,996

Total

Investments

$

—

$2,996

$

—

$2,996

(1)

Classifications

as

defined

in

the

Schedule

of

Investments.

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

30

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98

.2

%

Alaska

-

1

.7

%

Borough

of

North

Slope

Series

2022A,

G.O.

Unlimited,

5.00%,

6/30/2027

$

100,000

$

103,476

Delaware

-

4

.7

%

County

of

New

Castle

Series

2025,

G.O.

Unlimited,

5.00%,

10/1/2026

180,000

183,492

State

of

Delaware

Series

2023A,

G.O.

Unlimited,

5.00%,

5/1/2029

50,000

54,264

State

of

Delaware

Series

2024A,

G.O.

Unlimited,

5.00%,

5/1/2030

35,000

38,816

276,572

District

of

Columbia

-

1

.3

%

District

of

Columbia

Series

2023A,

G.O.

Unlimited,

5.00%,

1/1/2029

75,000

80,473

Florida

-

2

.2

%

County

of

Broward

Tourist

Development

Tax,

Series

2021,

Revenue,

5.00%,

9/1/2030

50,000

55,277

State

of

Florida

Turnpike

Authority,

Series

2020B,

Revenue,

5.00%,

7/1/2029

70,000

75,845

131,122

Georgia

-

0

.7

%

Jackson

County

School

District

Series

2025,

G.O.

Unlimited,

State

Aid

Withholding,

5.00%,

3/1/2030

35,000

38,562

Hawaii

-

0

.7

%

County

of

Maui

Series

2020,

G.O.

Unlimited,

Refunding,

5.00%,

3/1/2030

35,000

38,561

Idaho

-

1

.4

%

Idaho

Housing

&

Finance

Association

Sales

Tax,

Series

2023A,

Revenue,

5.00%,

8/15/2029

75,000

81,720

Illinois

-

7

.9

%

Chicago

O'Hare

International

Airport

Series

2024D,

Revenue,

Refunding,

5.00%,

1/1/2028

100,000

104,607

Cook

County

School

District

No.

63

East

Maine,

Series

2019,

G.O.

Limited,

Refunding,

5.00%,

12/1/2026

165,000

168,546

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.2%

continued

Illinois

-

7.9%

continued

DuPage

County

School

District

No.

41

Glen

Ellyn

Series

2017,

G.O.

Unlimited,

5.00%,

1/1/2027

$

150,000

$

153,729

Illinois

State

Toll

Highway

Authority

Series

2019B,

Revenue,

Refunding,

5.00%,

1/1/2030

45,000

49,253

476,135

Indiana

-

2

.8

%

Crown

Point

Multi

School

Building

Corp.

First

Mortgage,

Series

2023,

Revenue,

State

Aid

Intercept,

5.00%,

7/15/2028

85,000

90,131

Indiana

Finance

Authority

State

Revolving

Fund,

Series

2021A,

Revenue,

Refunding,

5.00%,

2/1/2028

75,000

78,940

169,071

Iowa

-

0

.6

%

Waukee

Community

School

Distric

Series

2023A,

G.O.

Unlimited,

5.00%,

6/1/2030

35,000

38,268

Kansas

-

3

.8

%

City

of

Lawrence

Series

2025A,

G.O.

Unlimited,

5.00%,

9/1/2030

40,000

44,504

Wyandotte

County-Kansas

City

Unified

Government

Series

2021A,

G.O.

Unlimited,

AG

Insured,

4.00%,

8/1/2026

185,000

186,508

231,012

Kentucky

-

1

.4

%

Kentucky

State

Property

&

Building

Commission

Project

No.

132,

Series

2025A,

Revenue,

5.00%,

4/1/2029

80,000

86,006

Maine

-

2

.1

%

City

of

Auburn

Series

2021,

G.O.

Unlimited,

4.00%,

11/1/2028

75,000

78,154

Maine

Municipal

Bond

Bank

Series

2024A,

Revenue,

5.00%,

11/1/2030

40,000

44,553

122,707

Maryland

-

2

.3

%

County

of

Baltimore

Series

2021,

G.O.

Unlimited,

5.00%,

3/1/2030

40,000

44,123

NORTHERN

FUNDS

ANNUAL

REPORT

31

EXCHANGE

TRADED

FUNDS

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.2%

continued

Maryland

-

2.3%

continued

State

of

Maryland

Series

2020B,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2028

$

90,000

$

95,852

139,975

Michigan

-

0

.6

%

Otsego

Public

Schools

Series

2020I,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2030

35,000

38,546

Minnesota

-

3

.0

%

City

of

Eagan

Series

2024A,

G.O.

Unlimited,

5.00%,

2/1/2030

40,000

44,030

County

of

Hennepin

Series

2019B,

G.O.

Unlimited,

5.00%,

12/15/2028

85,000

91,315

Nashwauk

Keewatin

Independent

School

District

No.

319

Series

2022A,

G.O.

Unlimited,

Refunding,

School

District

Credit

Enhancement

Program,

5.00%,

2/1/2030

45,000

49,497

184,842

Missouri

-

0

.9

%

Jackson

County

School

District

No.

4

Blue

Springs

Series

2024,

G.O.

Unlimited,

Refunding,

State

Aid

Direct

Deposit,

5.00%,

3/1/2029

50,000

53,798

Nebraska

-

0

.3

%

Douglas

County

School

District

No.

10

Elkhorn

Public

Schools,

Series

2021,

G.O.

Unlimited,

4.00%,

12/15/2026

20,000

20,242

Nevada

-

3

.9

%

Las

Vegas

Valley

Water

District

Series

2020C,

G.O.

Limited,

5.00%,

6/1/2029

35,000

37,973

Nevada

System

of

Higher

Education

Series

2018A,

Certificate

of

Participation,

5.00%,

7/1/2026

195,000

197,269

235,242

New

Hampshire

-

2

.6

%

City

of

Manchester

Series

2020C,

G.O.

Unlimited,

Refunding,

5.00%,

12/1/2030

35,000

39,047

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.2%

continued

New

Hampshire

-

2.6%

continued

State

of

New

Hampshire

Series

2022A,

G.O.

Unlimited,

5.00%,

3/1/2029

$

70,000

$

75,564

State

of

New

Hampshire

Series

2023A,

G.O.

Unlimited,

5.00%,

2/15/2030

35,000

38,556

153,167

North

Carolina

-

3

.3

%

City

of

Winston-Salem

Series

2022A,

Revenue,

5.00%,

6/1/2030

40,000

44,315

State

of

North

Carolina

Series

2019A,

Revenue,

5.00%,

5/1/2027

150,000

155,008

199,323

North

Dakota

-

0

.5

%

Fargo

Park

District

Series

2022A,

G.O.

Unlimited,

5.00%,

5/1/2029

25,000

27,006

Ohio

-

5

.6

%

County

of

Hamilton

Sales

Tax,

Series

2021A,

Revenue,

Refunding,

5.00%,

12/1/2027

130,000

136,107

Ohio

Water

Development

Authority

Water

Pollution

Control,

Series

2023C,

Revenue,

5.00%,

6/1/2030

40,000

44,347

State

of

Ohio

Adult

Correctional

Building

Fund,

Series

2019B,

Revenue,

5.00%,

10/1/2027

100,000

104,332

State

of

Ohio

Mental

Health

Facilities

Improvement,

Series

2021A,

Revenue,

5.00%,

2/1/2030

45,000

49,400

334,186

South

Carolina

-

0

.4

%

Universit

of

South

Carolina

Higher

Education

Moore

School

of

Business

Project,

Series

2022A,

Revenue,

Refunding,

5.00%,

5/1/2027

25,000

25,821

South

Dakota

-

0

.7

%

Mitchell

School

District

No.

17-2

Series

2024,

G.O.

Limited,

State

Aid

Withholding,

5.00%,

8/1/2030

40,000

44,171

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

32

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.2%

continued

Tennessee

-

6

.6

%

City

of

Kingsport

Series

2023,

G.O.

Unlimited,

5.00%,

3/1/2028

$

25,000

$

26,305

City

of

Knoxville

Wastewater

System,

Series

2021A,

Revenue,

Refunding,

5.00%,

4/1/2027

35,000

36,094

City

of

Knoxville

Electric

System,

Series

2022OO,

Revenue,

5.00%,

7/1/2030

40,000

44,251

City

of

Morristown

Series

2019B,

G.O.

Unlimited,

5.00%,

6/1/2027

150,000

154,900

County

of

Maury

Series

2021,

G.O.

Unlimited,

5.00%,

7/1/2027

45,000

46,674

County

of

Maury

Series

2025,

G.O.

Unlimited,

5.00%,

4/1/2028

85,000

89,663

397,887

Texas

-

13

.1

%

Arlington

Water

&

Wastewater

System

Water

&

Wastewater

System,

Series

2025B,

Revenue,

5.00%,

6/1/2030

50,000

55,193

Barbers

Hill

Independent

School

District

Series

2020,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2028

75,000

78,851

Calhoun

County

Independent

School

District

Series

2024,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2029

25,000

26,881

Canyon

Independent

School

District

School

Building,

Series

2020,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2029

35,000

37,634

City

of

Mansfield

Series

2025,

G.O.

Limited,

Refunding,

5.00%,

2/15/2029

60,000

64,534

Crowley

Independent

School

District

Series

2019,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/1/2028

95,000

100,709

Fort

Worth

Independent

School

District

Series

2019B,

G.O.

Unlimited,

Refunding,

5.00%,

2/15/2028

100,000

105,029

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.2%

continued

Texas

-

13.1%

continued

Galveston

Independent

School

District

Series

2022,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/1/2029

$

30,000

$

32,230

Goose

Creek

Consolidated

Independent

School

District

Series

2019A,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2027

140,000

143,723

New

Caney

Independent

School

District

Series

2024,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2029

35,000

37,591

Tomball

Independent

School

District

Series

2020,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2030

45,000

49,313

Tomball

Independent

School

District

Series

2020A,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2029

50,000

53,654

785,342

Utah

-

5

.2

%

Canyons

School

District

Series

2021B,

G.O.

Unlimited,

Refunding,

School

Bond

Guaranty,

5.00%,

6/15/2029

75,000

81,443

Canyons

School

District

Series

2022,

G.O.

Unlimited,

Refunding,

School

Bond

Guaranty,

5.00%,

6/15/2030

50,000

55,458

Central

Valley

Water

Reclamation

Facility

Sewer,

Series

2021C,

Revenue,

5.00%,

3/1/2029

55,000

59,196

Granite

School

Disctrict

Salt

Lake

County,

Series

2020,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

6/1/2029

25,000

27,098

North

Davis

County

Sewer

District

Series

2024,

Revenue,

5.00%,

3/1/2029

75,000

80,911

304,106

Virginia

-

2

.6

%

City

of

Virginia

Beach

Series

2024C,

G.O.

Unlimited,

Refunding,

State

Aid

Withholding,

5.00%,

2/1/2028

75,000

78,936

NORTHERN

FUNDS

ANNUAL

REPORT

33

EXCHANGE

TRADED

FUNDS

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.2%

continued

Virginia

-

2.6%

continued

Commonwealth

of

Virginia

Series

2018A,

G.O.

Unlimited,

5.00%,

6/1/2028

$

75,000

$

79,561

158,497

Washington

-

5

.4

%

City

of

Seattle

Series

2025,

G.O.

Limited,

Refunding,

5.00%,

6/1/2029

60,000

65,056

City

of

Seattle

Drainage

&

Wastewater,

Series

2022,

Revenue,

Refunding,

4.00%,

9/1/2030

45,000

48,008

King

County

School

District

No.

411

Issaquah

Series

2024,

G.O.

Unlimited,

Refunding,

School

Bond

Guaranty,

5.00%,

12/1/2030

40,000

44,702

State

of

Washington

Series

2020C,

G.O.

Unlimited,

5.00%,

2/1/2030

45,000

49,439

State

of

Washington

Series

2021F,

G.O.

Unlimited,

5.00%,

6/1/2028

75,000

79,543

State

of

Washington

Series

R-2018D,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2027

30,000

31,202

317,950

Wisconsin

-

9

.3

%

City

of

New

Berlin

Series

2021B,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2027

25,000

25,873

County

of

Milwaukee

Series

2019A,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2026

185,000

188,101

Nicolet

Union

High

School

District

Series

2022,

G.O.

Unlimited,

5.00%,

3/1/2030

50,000

54,989

Sheboygan

Area

School

District

G.O.

Unlimited,

5.00%,

3/1/2030

40,000

43,941

State

of

Wisconsin

Series

2020B,

G.O.

Unlimited,

5.00%,

5/1/2029

60,000

64,979

Wisconsin

Department

of

Transportation

Vehicle

Fee,

Series

2017-2,

Revenue,

Refunding,

5.00%,

7/1/2026

185,000

187,218

565,101

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.2%

continued

Wyoming

-

0

.6

%

Sweetwater

County

2023

Specific

Purpose

Tax

Joint

Powers

Board

Series

2023,

Revenue,

5.00%,

6/15/2027

$

35,000

$

36,151

Total

Municipal

Bonds

(Cost

$5,897,538)

5,895,038

Total

Investments

-

98.2%

(Cost

$5,897,538)

5,895,038

Other

assets

less

liabilities

-

1.8%

106,229

NET

ASSETS

-

100.0%

$6,001,267

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

G.O.

General

Obligation

PSF

Permanent

School

Fund

As

of

December

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

of

investments

based

on

the

aggregate

cost

of

investments

(including

derivative

instruments,

if

applicable)

for

federal

income

tax

purposes

was

as

follows:

Aggregate

gross

unrealized

appreciation

$

5,799

Aggregate

gross

unrealized

depreciation

(

8,299

)

Net

unrealized

depreciation

$

(

2,500

)

Federal

income

tax

cost

$

5,897,538

Security

Type

%

of

Net

Assets

Municipal

Bonds

98

.2

%

Others

(1)

1

.8

100

.0

%

(1)

Includes

any

other

net

assets/(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

December

31,

2025:

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

34

NORTHERN

FUNDS

ANNUAL

REPORT

Level

1

(000s)

Level

2

(000s)

Level

3

(000s)

Total

(000s)

Investments

Municipal

Bonds

(1)

$

—

$

5,895

$

—

$

5,895

Total

Investments

$

—

$5,895

$

—

$5,895

(1)

Classifications

as

defined

in

the

Schedule

of

Investments.

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF

NORTHERN

FUNDS

ANNUAL

REPORT

35

EXCHANGE

TRADED

FUNDS

SCHEDULE

OF

INVESTMENTS

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

97

.3

%

Alabama

-

0

.5

%

City

of

Tuscaloosa

Series

2025B,

G.O.

Limited,

5.00%,

8/1/2035

$

20,000

$

23,403

Alaska

-

2

.1

%

Borough

of

North

Slope

Series

2024B,

G.O.

Unlimited,

5.00%,

6/30/2028

100,000

106,010

California

-

1

.5

%

City

of

Glendale

Electric,

Series

2024-2,

Revenue,

5.00%,

2/1/2033

55,000

64,265

Peralta

Community

College

District

Series

2025,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2035

10,000

12,225

76,490

Colorado

-

0

.4

%

Adams

&

Arapahoe

Counties

Joint

School

District

28J

Aurora

Series

2025,

G.O.

Unlimited,

State

Aid

Withholding,

5.50%,

12/1/2035

15,000

18,552

Delaware

-

2

.2

%

State

of

Delaware

Series

2023A,

G.O.

Unlimited,

5.00%,

5/1/2026

80,000

80,663

State

of

Delaware

Series

2025,

G.O.

Unlimited,

5.00%,

5/1/2034

25,000

29,473

110,136

District

of

Columbia

-

4

.2

%

District

of

Columbia

Series

2023B,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2029

125,000

135,366

District

of

Columbia

Series

2024C,

G.O.

Unlimited,

Refunding,

5.00%,

12/1/2035

20,000

23,629

Washington

Metropolitan

Area

Transit

Authority

Dedicated,

Series

2023A,

Revenue,

5.00%,

7/15/2032

50,000

56,837

215,832

Florida

-

9

.6

%

Central

Florida

Tourism

Oversight

District

Series

2024A,

G.O.

Limited,

5.00%,

6/1/2031

50,000

56,086

City

of

Port

St.

Lucie

Series

2023,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2034

35,000

40,929

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

97.3%

continued

Florida

-

9.6%

continued

City

of

Tallahassee

Series

2025,

Revenue,

Refunding,

5.00%,

10/1/2030

$

110,000

$

122,630

5.00%,

10/1/2035

10,000

11,720

County

of

St.

Johns

Series

2025,

Revenue,

Refunding,

5.00%,

10/1/2035

10,000

11,766

Jacksonville

Transportation

Authority

Series

2024,

Revenue,

Refunding,

5.00%,

8/1/2032

55,000

62,622

State

of

Florida

Series

2021B,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2031

35,000

39,581

State

of

Florida

Board

of

Public

Education,

Series

2023A,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2034

40,000

47,131

State

of

Florida

Series

2024A,

G.O.

Unlimited,

5.00%,

7/1/2033

55,000

64,014

State

of

Florida

Turnpike

Authority,

Series

2025A,

Revenue,

Refunding,

5.00%,

7/1/2034

25,000

29,215

485,694

Georgia

-

1

.8

%

Georgia

State

Road

&

Tollway

Authority

Garvee,

Series

2017A,

Revenue,

5.00%,

6/1/2026

90,000

90,942

Illinois

-

3

.3

%

City

of

Chicago

Wastewater

Transmission,

Series

2024B,

Revenue,

Refunding,

BAM

Insured,

5.00%,

1/1/2034

40,000

45,772

Lake

County

Community

Consolidated

School

District

No.

34

Antioch

Series

2025C,

G.O.

Unlimited,

5.00%,

1/1/2035

20,000

23,091

Lake

County

School

District

No.

112

North

Shore

Series

2024,

G.O.

Unlimited,

5.00%,

12/1/2033

60,000

69,064

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

Series

2007B,

G.O.

Unlimited,

Refunding,

5.25%,

12/1/2035

20,000

24,042

161,969

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

36

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

97.3%

continued

Indiana

-

1

.4

%

Indiana

Municipal

Power

Agency

Series

2025A,

Revenue,

Refunding,

AG

Insured,

5.00%,

1/1/2035

$

15,000

$

17,445

MSD

Warren

Township

Vision

2005

School

Building

Corp.

First

Mortgage,

Series

2024,

Revenue,

State

Aid

Intercept,

5.00%,

1/10/2032

50,000

56,550

73,995

Maryland

-

3

.5

%

City

of

Baltimore

Wastewater

Projects,

Series

2017B,

Revenue,

Refunding,

5.00%,

7/1/2026

130,000

131,500

County

of

Baltimore

Series

2025,

G.O.

Unlimited,

5.00%,

3/1/2034

40,000

46,910

178,410

Massachusetts

-

1

.8

%

Commonwealth

of

Massachusetts

Series

2025A,

G.O.

Limited,

Refunding,

5.00%,

7/1/2033

55,000

63,859

Massachusetts

Health

&

Educational

Facilities

Authority

Amherst

College

Issue,

Series

2005J1,

Revenue,

Refunding,

5.00%,

11/1/2035

20,000

24,001

87,860

Michigan

-

8

.3

%

Allegan

Public

School

District

Series

2025III,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2035

20,000

23,305

Ann

Arbor

School

District

Series

2025,

G.O.

Unlimited,

Refunding,

5.00%,

5/1/2035

10,000

11,652

County

of

Oakland

Series

2025,

G.O.

Limited,

5.00%,

1/1/2035

10,000

11,770

Grosse

Ile

Township

School

District

Series

2025II,

G.O.

Unlimited,

Refunding,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2035

10,000

11,652

Inland

Lakes

Schools

Series

2024,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2031

75,000

84,023

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

97.3%

continued

Michigan

-

8.3%

continued

Linden

Community

School

District

Series

2025III,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2035

$

10,000

$

11,742

Livonia

Public

Schools

School

District,

Series

2025III,

G.O.

Unlimited,

AG

Insured,

5.00%,

5/1/2035

10,000

11,608

Michigan

State

University

Series

2025A,

Revenue,

Refunding,

5.00%,

8/15/2035

20,000

23,632

Redford

Union

School

District

No.

1

Series

2023II,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2031

55,000

61,617

Saline

Area

Schools

Series

II,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2035

20,000

23,305

State

of

Michigan

Trunk

Line,

Series

2023,

Revenue,

5.00%,

11/15/2033

55,000

64,295

Three

Rivers

Community

Schools

Series

2023II,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2032

70,000

79,458

418,059

Nebraska

-

2

.4

%

City

of

Omaha

Series

2022,

G.O.

Unlimited,

5.00%,

4/15/2031

50,000

56,071

Douglas

County

School

District

No.

17

Series

2024,

G.O.

Unlimited,

Refunding,

5.00%,

6/15/2034

40,000

46,427

Omaha

Public

Power

District

Electric,

Series

2025A,

Revenue,

5.00%,

2/1/2035

15,000

17,779

120,277

Nevada

-

6

.9

%

Clark

County

School

District

Series

2019A,

G.O.

Limited,

AG

Insured,

5.00%,

6/15/2027

115,000

118,984

County

of

Clark

Highway

Improvement,

Series

2025,

Revenue,

Refunding,

5.00%,

7/1/2035

20,000

23,446

NORTHERN

FUNDS

ANNUAL

REPORT

37

EXCHANGE

TRADED

FUNDS

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

97.3%

continued

Nevada

-

6.9%

continued

Las

Vegas

Valley

Water

District

Series

2021A,

G.O.

Limited,

Refunding,

5.00%,

6/1/2029

$

125,000

$

135,618

State

of

Nevada

Series

2023A,

G.O.

Limited,

5.00%,

5/1/2033

55,000

63,647

341,695

New

Jersey

-

1

.3

%

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

Program,

Series

2022BB,

Revenue,

5.00%,

6/15/2031

60,000

66,907

New

Mexico

-

5

.5

%

New

Mexico

Finance

Authority

Public

Project

Revolving

Fund,

Series

2022A,

Revenue,

5.00%,

6/1/2031

70,000

79,048

New

Mexico

Finance

Authority

Public

Project

Revolving

Fund,

Series

2023B,

Revenue,

5.00%,

6/1/2027

75,000

77,675

New

Mexico

Finance

Authority

State

Transportation,

Series

2024A,

Revenue,

Refunding,

5.00%,

6/15/2027

115,000

119,201

275,924

New

York

-

2

.3

%

County

of

Dutchess

Series

2024A,

G.O.

Limited,

4.00%,

4/1/2030

110,000

117,951

North

Carolina

-

0

.5

%

County

of

Union

Public

Improvement,

Series

2025B,

G.O.

Unlimited,

5.00%,

9/1/2035

20,000

23,839

Ohio

-

3

.7

%

State

of

Ohio

Series

2022A,

G.O.

Unlimited,

Refunding,

4.00%,

9/1/2026

60,000

60,601

State

of

Ohio

Series

2020A,

Revenue,

Refunding,

5.00%,

12/1/2029

100,000

109,514

State

of

Ohio

Administrative

Building

Fund,

Series

2025A,

Revenue,

Refunding,

5.00%,

4/1/2035

15,000

17,571

187,686

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

97.3%

continued

Tennessee

-

1

.7

%

City

of

Memphis

Series

2020A,

G.O.

Unlimited,

5.00%,

12/1/2026

$

85,000

$

86,913

Texas

-

13

.5

%

Bishop

Consolidated

Independent

School

District

Series

2025,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2035

15,000

17,460

City

of

Brownsville

Series

2023,

G.O.

Limited,

5.00%,

2/15/2032

60,000

67,655

City

of

Lubbock

Series

2025,

G.O.

Limited,

5.00%,

2/15/2035

15,000

17,442

City

of

Mansfield

Series

2024,

G.O.

Limited,

5.00%,

2/15/2033

55,000

63,298

City

of

Sachse

Series

2024,

G.O.

Limited,

5.00%,

2/15/2032

50,000

56,319

City

of

Waco

Series

2025,

G.O.

Limited,

5.00%,

2/1/2035

20,000

23,322

Comanche

Independent

School

District

Series

2024,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2034

40,000

46,376

Dallas

Fort

Worth

International

Airport

Series

2023B,

Revenue,

Refunding,

5.00%,

11/1/2028

125,000

133,303

Dallas

Independent

School

District

Series

2025B,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2033

55,000

63,260

El

Paso

Independent

School

District

Series

2020,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2029

95,000

103,275

Grapevine-Colleyville

Independent

School

District

Series

2025,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/15/2028

80,000

84,962

Wichita

Falls

Independent

School

District

Series

2025,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/1/2035

10,000

11,678

688,350

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

38

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

97.3%

continued

Utah

-

1

.2

%

Utah

Telecommunication

Open

Infrastructure

Agency

Series

2022,

Revenue,

Refunding,

5.00%,

6/1/2032

$

55,000

$

62,385

Washington

-

8

.6

%

City

of

Bothell

Series

2024C,

G.O.

Limited,

Refunding,

5.00%,

12/1/2034

40,000

46,928

King

County

School

District

No.

405

Bellevue

Series

2021B,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2028

140,000

150,052

King

County

School

District

No.

410

Snoqualmie

Valley

Series

2025,

G.O.

Unlimited,

Refunding,

School

Bond

Guaranty,

5.00%,

12/1/2032

55,000

63,441

5.00%,

12/1/2034

40,000

47,170

State

of

Washington

Series

2025D,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2035

10,000

11,802

State

of

Washington

Series

2026B,

G.O.

Unlimited,

5.00%,

6/1/2034

40,000

46,769

University

of

Washington

Series

2024A,

Revenue,

5.00%,

4/1/2034

40,000

46,634

Washington

State

University

Series

2025,

Revenue,

Refunding,

5.00%,

4/1/2035

15,000

17,510

430,306

Wisconsin

-

9

.1

%

Central

Brown

County

Water

Authority

Water

System,

Series

2024A,

Revenue,

Refunding,

5.00%,

11/1/2035

20,000

23,121

City

of

Sun

Prairie

Series

2025A,

G.O.

Unlimited,

5.00%,

4/1/2030

110,000

120,527

County

of

Racine

Series

2025A,

G.O.

Unlimited,

4.00%,

3/1/2030

115,000

121,065

Neenah

Joint

School

District

G.O.

Unlimited,

5.00%,

3/1/2027

140,000

144,047

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

97.3%

continued

Wisconsin

-

9.1%

continued

Whitnall

School

District

Series

2024,

G.O.

Unlimited,

5.00%,

3/1/2031

$

50,000

$

55,731

464,491

Total

Municipal

Bonds

(Cost

$4,861,139)

4,914,076

Total

Investments

-

97.3%

(Cost

$4,861,139)

4,914,076

Other

assets

less

liabilities

-

2.7%

138,870

NET

ASSETS

-

100.0%

$5,052,946

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

BAM

Build

America

Mutual

G.O.

General

Obligation

PSF

Permanent

School

Fund

As

of

December

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

of

investments

based

on

the

aggregate

cost

of

investments

(including

derivative

instruments,

if

applicable)

for

federal

income

tax

purposes

was

as

follows:

Aggregate

gross

unrealized

appreciation

$

57,378

Aggregate

gross

unrealized

depreciation

(

4,441

)

Net

unrealized

appreciation

$

52,937

Federal

income

tax

cost

$

4,861,139

Security

Type

%

of

Net

Assets

Municipal

Bonds

97

.3

%

Others

(1)

2

.7

100

.0

%

(1)

Includes

any

other

net

assets/(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

December

31,

2025:

NORTHERN

FUNDS

ANNUAL

REPORT

39

EXCHANGE

TRADED

FUNDS

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF

December

31,

2025

Level

1

(000s)

Level

2

(000s)

Level

3

(000s)

Total

(000s)

Investments

Municipal

Bonds

(1)

$

—

$

4,914

$

—

$

4,914

Total

Investments

$

—

$4,914

$

—

$4,914

(1)

Classifications

as

defined

in

the

Schedule

of

Investments.

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

40

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98

.1

%

Alabama

-

1

.1

%

Auburn

University

Series

2025A,

Revenue,

5.00%,

6/1/2045

$

10,000

$

10,686

Madison

County

Board

of

Education

Capital

Outlay,

Series

2025A,

Revenue,

5.00%,

9/1/2037

95,000

108,049

118,735

Arizona

-

1

.7

%

Arizona

Board

of

Regents

University

of

Arizona

(The)

SPEED

Fund,

Series

2024,

Revenue,

Refunding,

BAM

Insured,

5.00%,

8/1/2044

25,000

26,751

City

of

Buckeye

Series

2025,

G.O.

Unlimited,

5.00%,

7/1/2045

10,000

10,689

City

of

Lake

Havasu

City

Wastewater

System,

Series

2025,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2041

45,000

50,241

City

of

Mesa

Series

2025,

G.O.

Unlimited,

5.00%,

7/1/2040

65,000

73,380

5.00%,

7/1/2045

10,000

10,754

171,815

California

-

4

.9

%

Bay

Area

Toll

Authority

Toll

Bridge,

Series

2025F1,

Revenue,

Refunding,

5.00%,

4/1/2043

40,000

44,379

California

Educational

Facilities

Authority

Chapman

University,

Series

2025A,

Revenue,

Refunding,

5.00%,

4/1/2042

30,000

33,290

Desert

Sands

Unified

School

District

Election

of

2024,

Series

2025,

G.O.

Unlimited,

5.00%,

8/1/2040

40,000

46,152

Folsom

Cordova

Unified

School

District

Election

of

2024,

Series

2025A,

G.O.

Unlimited,

5.50%,

10/1/2042

50,000

58,864

Los

Angeles

Department

of

Water

&

Power

Water

and

Power

System,

Series

2021C,

Revenue,

5.00%,

7/1/2028

250,000

263,995

Los

Angeles

Unified

School

District

Series

2024QRR,

G.O.

Unlimited,

5.00%,

7/1/2044

25,000

27,394

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.1%

continued

California

-

4.9%

continued

San

Diego

Community

College

District

Series

2025A1,

G.O.

Unlimited,

5.00%,

8/1/2041

$

25,000

$

28,610

502,684

Delaware

-

0

.9

%

County

of

New

Castle

Series

2025,

G.O.

Unlimited,

5.00%,

10/1/2026

95,000

96,843

District

of

Columbia

-

1

.7

%

District

of

Columbia

Income

Tax,

Series

2025A,

Revenue,

Refunding,

5.00%,

6/1/2027

85,000

88,068

5.00%,

6/1/2039

80,000

90,865

178,933

Florida

-

6

.7

%

Central

Florida

Tourism

Oversight

District

Series

2024A,

G.O.

Limited,

5.00%,

6/1/2033

135,000

155,590

City

of

Jacksonville

Series

2025,

Revenue,

5.00%,

10/1/2045

10,000

10,539

County

of

Sarasota

Capital

Improvement,

Series

2025A,

Revenue,

5.00%,

10/1/2044

25,000

26,857

5.00%,

10/1/2045

15,000

15,998

Florida

Atlantic

University

Finance

Corp.

Student

Housing

Project,

Series

2024,

Revenue,

5.00%,

7/1/2042

50,000

54,155

Jacksonville

Electric

Authority

Electric

System,

Series

2024A,

Revenue,

Refunding,

5.00%,

10/1/2035

60,000

69,856

Jacksonville

Electric

Authority

Electric

System,

Series

2024A,

Revenue,

Refunding,

AG

Insured,

5.00%,

10/1/2038

25,000

28,519

Jacksonville

Electric

Authority

Water

&

Sewer

System,

Series

2025A,

Revenue,

Refunding,

5.00%,

10/1/2045

15,000

16,022

Orlando

Utilities

Commission

Utility

System,

Series

2025A,

Revenue,

5.00%,

10/1/2045

15,000

15,972

State

of

Florida

Board

of

Public

Education,

Series

2020B,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2030

85,000

94,279

NORTHERN

FUNDS

ANNUAL

REPORT

41

EXCHANGE

TRADED

FUNDS

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.1%

continued

Florida

-

6.7%

continued

State

of

Florida

Board

of

Public

Education,

Series

2023A,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2031

$

110,000

$

124,398

State

of

Florida

Turnpike

Authority,

Series

2023A,

Revenue,

Refunding,

5.00%,

7/1/2026

75,000

75,928

688,113

Hawaii

-

0

.9

%

State

of

Hawaii

Series

FE,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2026

95,000

96,772

Idaho

-

1

.2

%

Idaho

Housing

&

Finance

Association

Sales

Tax,

Series

2025A,

Revenue,

5.00%,

8/15/2045

10,000

10,745

Idaho

State

Building

Authority

School

Modernization

Facilities,

Series

2025A,

Revenue,

5.00%,

6/1/2026

115,000

116,185

126,930

Illinois

-

5

.2

%

Chicago

O'Hare

International

Airport

Series

2024D,

Revenue,

Refunding,

5.00%,

1/1/2045

15,000

15,783

City

of

Chicago

Wastewater

Transmission,

Series

2024A,

Revenue,

Refunding,

BAM

Insured,

5.00%,

1/1/2042

40,000

43,076

DuPage

County

High

School

District

No.

87

Glenbard

Series

2025,

G.O.

Unlimited,

5.00%,

1/1/2039

25,000

27,865

Illinois

State

Toll

Highway

Authority

Toll

Highway,

Series

2019C,

Revenue,

Refunding,

5.00%,

1/1/2027

85,000

87,072

Lake

County

Forest

Preservation

District

Series

2019,

G.O.

Unlimited,

Refunding,

5.00%,

12/15/2027

5,000

5,232

Lake

County

Township

High

School

District

No.

113-Highland

Park

Series

2025,

G.O.

Unlimited,

5.00%,

1/1/2034

55,000

63,656

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.1%

continued

Illinois

-

5.2%

continued

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

Series

2007B,

G.O.

Unlimited,

Refunding,

5.25%,

12/1/2035

$

120,000

$

144,250

Regional

Transportation

Authority

Series

2025A,

Revenue,

5.00%,

6/1/2042

25,000

27,067

5.00%,

6/1/2044

15,000

15,929

Sales

Tax

Securitization

Corp.

Series

2018C,

Revenue,

Refunding,

5.00%,

1/1/2029

30,000

31,814

State

of

Illinois

Sales

Tax,

Series

2025C,

Revenue,

5.00%,

6/15/2042

50,000

53,153

5.00%,

6/15/2043

30,000

31,589

546,486

Indiana

-

1

.2

%

Greater

Martinsville

School

Building

Corp.

First

Mortgage,

Series

2024,

Revenue,

State

Aid

Intercept,

5.00%,

1/15/2038

65,000

73,377

5.00%,

1/15/2044

25,000

26,151

MSD

Warren

Township

Vision

2005

School

Building

Corp.

First

Mortgage,

Series

2024,

Revenue,

State

Aid

Intercept,

5.00%,

1/10/2033

5,000

5,728

Wawasee

High

School

Building

Corp.

First

Mortgage,

Series

2024,

Revenue,

State

Aid

Intercept,

5.00%,

1/15/2034

5,000

5,647

110,903

Iowa

-

3

.8

%

Iowa

Finance

Authority

State

Revolving

Fund,

Series

2025A,

Revenue,

5.00%,

8/1/2036

75,000

87,223

5.00%,

8/1/2039

110,000

125,151

5.00%,

8/1/2040

65,000

73,118

5.00%,

8/1/2041

40,000

44,517

5.00%,

8/1/2042

30,000

33,000

5.00%,

8/1/2044

25,000

26,968

389,977

Kansas

-

2

.1

%

City

of

Manhattan

Series

2025A,

G.O.

Unlimited,

Refunding,

5.00%,

11/1/2034

185,000

213,612

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

42

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.1%

continued

Kentucky

-

1

.7

%

Kentucky

State

Property

&

Building

Commission

Project

No.

119,

Revenue,

5.00%,

5/1/2027

$

100,000

$

103,219

Kentucky

State

Property

&

Building

Commission

Project

No.

132,

Series

2025A,

Revenue,

5.00%,

4/1/2043

35,000

37,580

5.00%,

4/1/2044

30,000

31,994

172,793

Maryland

-

3

.1

%

County

of

Anne

Arundel

Water

and

Sewer,

Series

2025,

G.O.

Limited,

Refunding,

5.00%,

4/1/2031

50,000

56,301

County

of

Baltimore

Series

2024,

G.O.

Unlimited,

Refunding,

5.00%,

2/1/2032

230,000

262,416

318,717

Massachusetts

-

3

.4

%

Commonwealth

of

Massachusetts

Series

2025A,

G.O.

Limited,

5.00%,

4/1/2039

55,000

62,770

Commonwealth

of

Massachusetts

Series

2025A,

G.O.

Limited,

Refunding,

5.00%,

7/1/2033

85,000

98,692

Massachusetts

Bay

Transportation

Authority

Sales

Tax,

Series

2024A,

Revenue,

Refunding,

5.00%,

7/1/2045

15,000

16,031

Massachusetts

Development

Finance

Agency

Harvard

University,

Series

2025A2,

Revenue,

Mandatory

Put,

5.00%,

5/15/2055

(a)(b)

60,000

70,675

Massachusetts

Health

&

Educational

Facilities

Authority

Amherst

College

Issue,

Series

2005J1,

Revenue,

Refunding,

5.00%,

11/1/2035

75,000

90,005

338,173

Michigan

-

6

.1

%

Crestwood

School

District

Series

2025I,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2045

15,000

15,843

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.1%

continued

Michigan

-

6.1%

continued

DeWitt

Public

Schools

Series

2025III,

G.O.

Unlimited,

Refunding,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2041

$

30,000

$

33,247

Ferndale

Public

Schools

Series

2025,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2041

35,000

37,980

Ferris

State

University

Series

2025A,

Revenue,

Refunding,

AG

Insured,

5.00%,

10/1/2037

130,000

148,559

Forest

Hills

Public

Schools

Series

2025-1,

G.O.

Unlimited,

5.00%,

5/1/2045

15,000

15,950

Gobles

Public

Schools

Series

2025II,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2044

25,000

26,144

Howell

Public

Schools

Series

2025II,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2045

15,000

15,878

L'Anse

Creuse

Public

Schools

Series

2025I,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2043

40,000

43,103

5.00%,

5/1/2045

15,000

15,913

Lansing

School

District

Series

2025II,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2045

15,000

15,666

Michigan

State

University

Series

2025A,

Revenue,

Refunding,

5.00%,

8/15/2035

5,000

5,908

Romeo

Community

School

District

Series

2025,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2043

30,000

31,681

Utica

Community

Schools

Series

2024,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2034

50,000

57,899

Warren

Consolidated

Schools

Series

2025,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2041

55,000

60,541

5.00%,

5/1/2045

10,000

10,649

NORTHERN

FUNDS

ANNUAL

REPORT

43

EXCHANGE

TRADED

FUNDS

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.1%

continued

Michigan

-

6.1%

continued

Watervliet

Public

Schools

Series

2025,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2045

$

15,000

$

15,573

Wyandotte

City

School

District

Series

2025,

G.O.

Unlimited,

Refunding,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2041

55,000

60,632

611,166

Minnesota

-

1

.9

%

Minneapolis

Special

School

District

No.

1

Long

Term

Facilities

Maintenance,

Series

2018B,

G.O.

Unlimited,

School

District

Credit

Enhancement

Program,

5.00%,

2/1/2027

85,000

87,271

St.

Paul

Independent

School

District

No.

625

Series

2024B,

G.O.

Unlimited,

School

District

Credit

Enhancement

Program,

5.00%,

2/1/2031

100,000

111,911

199,182

Missouri

-

1

.6

%

Marion

County

School

District

No.

60

Series

2025A,

G.O.

Unlimited,

Refunding,

State

Aid

Direct

Deposit,

5.88%,

3/1/2038

25,000

30,277

Missouri

Joint

Municipal

Electric

Utility

Commission

Latan

2

Project,

Series

2025,

Revenue,

Refunding,

5.00%,

1/1/2038

115,000

129,780

160,057

Nebraska

-

0

.2

%

Omaha

Public

Power

District

Electric,

Series

2025A,

Revenue,

5.00%,

2/1/2045

25,000

26,698

Nevada

-

1

.3

%

County

of

Clark

Highway

Improvement,

Series

2025,

Revenue,

Refunding,

5.00%,

7/1/2035

55,000

64,478

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.1%

continued

Nevada

-

1.3%

continued

State

of

Nevada

Series

2025A,

G.O.

Limited,

Refunding,

5.00%,

10/1/2026

$

75,000

$

76,370

140,848

New

Hampshire

-

0

.8

%

State

of

New

Hampshire

Series

2022A,

G.O.

Unlimited,

5.00%,

3/1/2029

80,000

86,358

New

Jersey

-

2

.6

%

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

Program,

Series

2022BB,

Revenue,

5.00%,

6/15/2031

195,000

217,448

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

Program,

Series

2024CC,

Revenue,

5.00%,

6/15/2042

50,000

54,040

271,488

New

York

-

8

.0

%

City

of

New

York

Series

2024C,

G.O.

Unlimited,

5.00%,

3/1/2045

10,000

10,430

City

of

New

York

Series

2025G1,

G.O.

Unlimited,

5.00%,

2/1/2039

70,000

78,564

5.00%,

2/1/2043

35,000

37,447

City

of

New

York

Series

2026A1,

G.O.

Unlimited,

5.00%,

8/1/2040

95,000

105,300

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2024G1,

Revenue,

5.00%,

5/1/2045

10,000

10,514

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2025F1,

Revenue,

Refunding,

5.00%,

11/1/2040

45,000

49,809

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2025H1,

Revenue,

5.00%,

11/1/2042

30,000

32,410

5.00%,

11/1/2044

20,000

21,244

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2026A1,

Revenue,

5.00%,

5/1/2045

10,000

10,577

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

44

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.1%

continued

New

York

-

8.0%

continued

New

York

State

Dormitory

Authority

Sales

Tax,

Series

2024A,

Revenue,

5.00%,

3/15/2045

$

15,000

$

15,855

New

York

State

Dormitory

Authority

Sales

Tax,

Series

2024B,

Revenue,

Refunding,

5.00%,

3/15/2045

10,000

10,625

New

York

State

Dormitory

Authority

Dormitory

Facilities,

Series

2025A,

Revenue,

5.00%,

7/1/2045

10,000

10,682

New

York

State

Dormitory

Authority

Personal

Income

Tax,

Series

2025A,

Revenue,

Refunding,

5.00%,

3/15/2043

35,000

37,765

5.00%,

3/15/2045

10,000

10,547

5.00%,

7/1/2045

10,000

10,570

New

York

State

Environmental

Facilities

Corp.

New

York

City

Water

Finaning

Authority

Project,

Series

2025C,

Revenue,

Refunding,

5.00%,

6/15/2038

30,000

34,771

Triborough

Bridge

&

Tunnel

Authority

TBTA

Capital

Lockbox,

Series

2025A,

Revenue,

5.00%,

12/1/2043

30,000

32,471

5.00%,

12/1/2045

10,000

10,596

Triborough

Bridge

&

Tunnel

Authority

MTA

Bridges

and

Tunnel,

Series

2025A1,

Revenue,

5.00%,

11/15/2045

15,000

16,018

Utility

Debt

Securitization

Authority

Series

2022TE1,

Revenue,

Refunding,

5.00%,

12/15/2029

250,000

273,318

819,513

North

Carolina

-

2

.5

%

County

of

Wake

Series

2024B,

G.O.

Unlimited,

Refunding,

5.00%,

9/1/2032

220,000

253,660

Ohio

-

2

.8

%

American

Municipal

Power,

Inc.

Combined

Hydroelectric

Project,

Series

2024A,

Revenue,

Refunding,

5.00%,

2/15/2044

25,000

26,352

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.1%

continued

Ohio

-

2.8%

continued

Hilliard

School

District

Series

2025,

G.O.

Unlimited,

5.00%,

12/1/2038

$

25,000

$

28,586

State

of

Ohio

Highway

Capital

Improvement,

Series

2018V,

G.O.

Unlimited,

5.00%,

5/1/2027

95,000

98,172

State

of

Ohio

Mental

Health

Facilities

Improvement,

Series

2021A,

Revenue,

5.00%,

2/1/2030

120,000

131,734

284,844

Oklahoma

-

0

.8

%

Oklahoma

Capitol

Improvement

Authority

Department

of

Transportation,

Series

2025A,

Revenue,

5.00%,

7/1/2041

50,000

55,237

Oklahoma

Turnpike

Authority

Series

2025A,

Revenue,

5.00%,

1/1/2044

25,000

26,821

82,058

Oregon

-

0

.7

%

Oregon

City

School

District

No.

62

Series

2025B,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

6/15/2044

25,000

27,117

5.00%,

6/15/2045

10,000

10,767

State

of

Oregon

Series

2025G,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2037

30,000

34,997

72,881

Pennsylvania

-

0

.8

%

Pennsylvania

Turnpike

Commission

Series

2024,

Revenue,

Refunding,

5.00%,

12/1/2044

25,000

26,822

Pennsylvania

Turnpike

Commission

Series

2024C,

Revenue,

5.00%,

12/1/2045

15,000

15,980

Pennsylvania

Turnpike

Commission

Series

2025A,

Revenue,

5.00%,

12/1/2041

35,000

38,544

81,346

South

Carolina

-

0

.9

%

City

of

Charleston

Series

2025B,

G.O.

Unlimited,

State

Aid

Withholding,

5.00%,

9/1/2034

65,000

76,853

NORTHERN

FUNDS

ANNUAL

REPORT

45

EXCHANGE

TRADED

FUNDS

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.1%

continued

South

Carolina

-

0.9%

continued

Clemson

University

Athletic

Facilities,

Series

2025A,

Revenue,

5.00%,

5/1/2045

$

15,000

$

16,069

South

Carolina

Transportation

Infrastructure

Bank

Series

2021A,

Revenue,

Refunding,

4.00%,

10/1/2028

5,000

5,193

98,115

Tennessee

-

0

.0

%

(c)

City

of

Memphis

Electric

System,

Series

2020A,

Revenue,

5.00%,

12/1/2029

5,000

5,471

Texas

-

13

.9

%

Celina

Independent

School

District

Series

2025,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2039

30,000

34,040

City

of

Grand

Prairie

Series

2025,

G.O.

Limited,

5.00%,

2/15/2040

35,000

38,781

5.00%,

2/15/2041

65,000

71,361

5.00%,

2/15/2042

50,000

54,376

5.00%,

2/15/2044

25,000

26,740

City

of

Grand

Prairie

Water

&

Wastewater

System,

Series

2025,

Revenue,

5.00%,

1/15/2037

50,000

56,738

City

of

Lubbock

Series

2025,

G.O.

Limited,

5.00%,

2/15/2043

25,000

26,840

City

of

San

Antonio

Electric

&

Gas

Systems,

Series

2024D,

Revenue,

Refunding,

5.00%,

2/1/2038

75,000

84,985

5.00%,

2/1/2044

25,000

26,693

City

of

San

Antonio

Electric

&

Gas

Systems,

Series

2024E,

Revenue,

Refunding,

5.00%,

2/1/2038

5,000

5,665

County

of

Ector

Series

2024,

G.O.

Limited,

5.00%,

2/15/2044

25,000

26,464

Georgetown

Independent

School

District

Series

2025,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2043

45,000

48,812

Humble

Independent

School

District

Series

2025,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2037

65,000

74,885

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.1%

continued

Texas

-

13.9%

continued

Leander

Independent

School

District

Series

2025A,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2040

$

50,000

$

56,169

Lower

Colorado

River

Authority

LCRA

Transmission

Services,

Series

2025,

Revenue,

Refunding,

5.00%,

5/15/2044

25,000

26,220

Lubbock-Cooper

Independent

School

District

Series

2025,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2037

85,000

96,479

5.00%,

2/15/2038

25,000

28,146

Mansfield

Independent

School

District

Series

2025,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2036

125,000

143,560

North

Texas

Tollway

Authority

Series

2024A,

Revenue,

Refunding,

5.00%,

1/1/2045

10,000

10,548

Northwest

Independent

School

District

Series

2025,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2043

40,000

43,070

Quitman

Independent

School

District

Series

2025,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2036

135,000

154,354

Round

Rock

Independent

School

District

Series

2025B,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/1/2036

120,000

139,629

5.00%,

8/1/2040

35,000

39,274

5.00%,

8/1/2041

20,000

22,176

San

Antonio

Water

System

Series

2025B,

Revenue,

Refunding,

5.00%,

5/15/2039

45,000

50,522

Temple

Independent

School

District

Series

2025,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/1/2038

35,000

39,545

1,426,072

Utah

-

1

.0

%

Utah

Transit

Authority

Series

2025,

Revenue,

Refunding,

5.00%,

12/15/2033

85,000

99,039

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

46

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.1%

continued

Washington

-

9

.1

%

City

of

Tacoma

Electric

System,

Series

2024A,

Revenue,

Refunding,

5.00%,

1/1/2044

$

15,000

$

15,904

City

of

Tacoma

Electric

System,

Series

2025A,

Revenue,

5.00%,

1/1/2045

10,000

10,612

Clark

County

Public

Utility

District

No.

1

Electric,

Series

2024,

Revenue,

Refunding,

5.00%,

1/1/2045

10,000

10,511

County

of

King

Series

2023A,

G.O.

Limited,

Refunding,

5.00%,

12/1/2032

5,000

5,764

County

of

King

Series

2025A,

G.O.

Limited,

5.00%,

12/1/2042

50,000

55,239

County

of

King

Sewer,

Series

2024B,

Revenue,

Refunding,

5.00%,

7/1/2045

10,000

10,623

Energy

Northwest

Columbia

Generating

Station,

Series

2023A,

Revenue,

Refunding,

4.00%,

7/1/2030

5,000

5,312

Energy

Northwest

Columbia

Generating

Station,

Series

2025A,

Revenue,

Refunding,

5.00%,

7/1/2043

40,000

43,703

King

County

School

District

No.

401

Highline

Series

2025,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2040

25,000

28,091

Pierce

County

School

District

No.

320

Sumner

Series

2025,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2038

30,000

34,306

Seattle

Museum

Development

Authority

City

of

Seattle,

Series

2024,

Revenue,

Refunding,

5.00%,

4/1/2028

200,000

211,056

Snohomish

County

Public

Utility

District

No.

1

Electric,

Series

2025A,

Revenue,

Refunding,

5.00%,

12/1/2045

15,000

16,044

State

of

Washington

Series

2023B,

G.O.

Unlimited,

5.00%,

2/1/2033

50,000

57,586

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.1%

continued

Washington

-

9.1%

continued

State

of

Washington

Series

2024B,

G.O.

Unlimited,

5.00%,

6/1/2033

$

95,000

$

109,834

State

of

Washington

Series

2026B,

G.O.

Unlimited,

5.00%,

6/1/2035

80,000

94,319

University

of

Washington

Series

2024A,

Revenue,

5.00%,

4/1/2034

95,000

110,756

University

of

Washington

Series

2025A,

Revenue,

Refunding,

5.00%,

4/1/2043

30,000

32,600

5.00%,

4/1/2044

25,000

26,943

University

of

Washington

Series

2025C,

Revenue,

Refunding,

5.00%,

1/1/2039

40,000

45,639

924,842

Wisconsin

-

3

.5

%

City

of

Sun

Prairie

Series

2025A,

G.O.

Unlimited,

5.00%,

4/1/2030

245,000

268,447

State

of

Wisconsin

Series

2021-2,

G.O.

Unlimited,

Refunding,

5.00%,

5/1/2029

90,000

97,469

365,916

Total

Municipal

Bonds

(Cost

$9,806,018)

10,081,040

Total

Investments

-

98.1%

(Cost

$9,806,018)

10,081,040

Other

assets

less

liabilities

-

1.9%

193,993

NET

ASSETS

-

100.0%

$10,275,033

(a)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

December

31,

2025.

(b)

Maturity

date

represents

the

puttable

date.

(c)

Represents

less

than

0.05%

of

net

assets.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

BAM

Build

America

Mutual

G.O.

General

Obligation

LCRA

Lower

Colorado

River

Authority

PSF

Permanent

School

Fund

As

of

December

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

of

investments

based

on

the

aggregate

cost

of

investments

(including

derivative

instruments,

if

applicable)

for

federal

income

tax

purposes

was

as

follows:

Aggregate

gross

unrealized

appreciation

$

278,653

Aggregate

gross

unrealized

depreciation

(

3,631

)

Net

unrealized

appreciation

$

275,022

Federal

income

tax

cost

$

9,806,018

NORTHERN

FUNDS

ANNUAL

REPORT

47

EXCHANGE

TRADED

FUNDS

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

December

31,

2025

Security

Type

%

of

Net

Assets

Municipal

Bonds

98

.1

%

Others

(1)

1

.9

100

.0

%

(1)

Includes

any

other

net

assets/(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

December

31,

2025:

Level

1

(000s)

Level

2

(000s)

Level

3

(000s)

Total

(000s)

Investments

Municipal

Bonds

(1)

$

—

$

10,081

$

—

$

10,081

Total

Investments

$

—

$10,081

$

—

$10,081

(1)

Classifications

as

defined

in

the

Schedule

of

Investments.

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

48

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98

.7

%

Alabama

-

1

.0

%

City

of

Tuscaloosa

Series

2025B,

G.O.

Limited,

5.25%,

8/1/2055

$

75,000

$

79,948

California

-

3

.9

%

California

Educational

Facilities

Authority

Chapman

University,

Series

2025A,

Revenue,

Refunding,

5.00%,

4/1/2045

25,000

26,738

City

of

San

Jose

Series

2025A,

G.O.

Unlimited,

5.00%,

9/1/2050

35,000

37,530

Folsom

Cordova

Unified

School

District

Election

of

2024,

Series

2025A,

G.O.

Unlimited,

5.00%,

10/1/2047

40,000

43,389

Los

Angeles

Unified

School

District

Series

2024QRR,

G.O.

Unlimited,

5.00%,

7/1/2044

65,000

71,224

Redding

Joint

Powers

Financing

Authority

Electric

System,

Series

2025A,

Revenue,

5.00%,

6/1/2055

50,000

51,589

San

Diego

Community

College

District

Series

2025A1,

G.O.

Unlimited,

5.00%,

8/1/2055

25,000

26,565

San

Diego

Public

Facilities

Financing

Authority

Water,

Series

2025A,

Revenue,

5.00%,

8/1/2045

25,000

27,421

University

of

California

Series

2025CC,

Revenue,

5.00%,

5/15/2047

35,000

37,589

322,045

Colorado

-

1

.0

%

City

of

Colorado

Springs

Utilities

System,

Series

2025A,

Revenue,

5.25%,

11/15/2055

75,000

80,184

District

of

Columbia

-

1

.5

%

District

of

Columbia

Series

2024A,

G.O.

Unlimited,

5.00%,

8/1/2046

70,000

73,562

Washington

Metropolitan

Area

Transit

Authority

Dedicated,

Series

2025A,

Revenue,

5.25%,

7/15/2055

50,000

52,610

126,172

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.7%

continued

Florida

-

5

.5

%

County

of

Miami-Dade

Water

&

Sewer,

Series

2024A,

Revenue,

5.00%,

10/1/2049

$

5,000

$

5,226

County

of

Pasco

Capital

Improvement,

Series

2025A,

Revenue,

5.00%,

10/1/2037

170,000

194,517

5.00%,

10/1/2055

25,000

26,110

Duval

County

School

Board

Series

2022A,

Certificate

of

Participation,

AG

Insured,

5.00%,

7/1/2029

90,000

97,295

Peace

River

Manasota

Regional

Water

Supply

Authority

Series

2025A,

Revenue,

5.50%,

10/1/2055

40,000

42,964

State

of

Florida

Right

of

Way

Acquisition

and

Bridge

Construction,

Series

2025B,

G.O.

Unlimited,

5.00%,

7/1/2043

25,000

27,314

State

of

Florida

Board

of

Education

Lottery,

Series

2017A,

Revenue,

Refunding,

5.00%,

7/1/2027

50,000

51,876

445,302

Georgia

-

2

.0

%

Downtown

Smyrna

Development

Authority

Smyrna

Project,

Series

2021,

Revenue,

5.00%,

2/1/2028

115,000

121,039

Metropolitan

Atlanta

Rapid

Transit

Authority

Sales

Tax,

Series

2025A,

Revenue,

5.00%,

7/1/2055

40,000

41,742

162,781

Illinois

-

5

.7

%

Lake

County

Community

Consolidated

School

District

No.

34

Antioch

Series

2025C,

G.O.

Unlimited,

5.00%,

1/1/2036

50,000

57,412

Lake

County

School

District

No.

112

North

Shore

Series

2024,

G.O.

Unlimited,

5.00%,

12/1/2033

80,000

92,086

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

Series

2024A,

G.O.

Limited,

5.00%,

12/1/2042

30,000

32,581

NORTHERN

FUNDS

ANNUAL

REPORT

49

EXCHANGE

TRADED

FUNDS

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.7%

continued

Illinois

-

5.7%

continued

Sales

Tax

Securitization

Corp.

Series

2024A,

Revenue,

Refunding,

5.00%,

1/1/2036

$

55,000

$

61,670

State

of

Illinois

Sales

Tax,

Series

2025B,

Revenue,

5.00%,

6/15/2039

135,000

148,076

University

of

Illinois

Auxiliary

Facilities

System,

Series

2025A,

Revenue,

Refunding,

5.00%,

1/1/2055

75,000

77,710

469,535

Indiana

-

1

.1

%

Indiana

Finance

Authority

State

Revolving

Fund,

Series

2019A,

Revenue,

5.00%,

2/1/2028

85,000

89,465

Iowa

-

2

.0

%

Iowa

Finance

Authority

State

Revolving

Fund,

Series

2025A,

Revenue,

5.00%,

8/1/2040

85,000

95,615

Iowa

Finance

Authority

State

Revolving

Fund,

Series

2025C,

Revenue,

Refunding,

5.00%,

8/1/2041

65,000

72,680

168,295

Kansas

-

2

.8

%

City

of

Manhattan

Series

2025A,

G.O.

Unlimited,

Refunding,

5.00%,

11/1/2034

200,000

230,932

Maryland

-

7

.3

%

County

of

Anne

Arundel

Water

and

Sewer,

Series

2025,

G.O.

Limited,

Refunding,

5.00%,

4/1/2033

80,000

92,843

County

of

Anne

Arundel

Water

and

Sewer,

Series

2025B,

G.O.

Limited,

Refunding,

5.00%,

10/1/2038

135,000

155,544

County

of

Baltimore

Series

2024,

G.O.

Unlimited,

Refunding,

5.00%,

2/1/2032

190,000

216,779

County

of

Baltimore

Series

2025,

G.O.

Unlimited,

5.00%,

3/1/2037

5,000

5,823

State

of

Maryland

Series

2025A,

G.O.

Unlimited,

5.00%,

6/1/2038

115,000

132,444

603,433

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.7%

continued

Massachusetts

-

8

.5

%

Commonwealth

of

Massachusetts

Series

2024B,

G.O.

Limited,

5.00%,

5/1/2049

$

40,000

$

41,814

5.00%,

5/1/2048

10,000

10,493

5.00%,

5/1/2047

90,000

94,735

Commonwealth

of

Massachusetts

Series

2025A,

G.O.

Limited,

5.00%,

4/1/2055

25,000

25,979

Commonwealth

of

Massachusetts

Series

2024I,

G.O.

Unlimited,

5.00%,

12/1/2048

30,000

31,565

Commonwealth

of

Massachusetts

Series

2025B,

G.O.

Unlimited,

5.00%,

6/1/2036

125,000

146,153

Commonwealth

of

Massachusetts

Series

2025C,

G.O.

Unlimited,

5.00%,

6/1/2048

30,000

31,636

Massachusetts

Bay

Transportation

Authority

Sales

Tax,

Series

2024A,

Revenue,

Refunding,

5.00%,

7/1/2046

45,000

47,771

5.00%,

7/1/2048

30,000

31,588

Massachusetts

Bay

Transportation

Authority

Sales

Tax,

Series

2025B,

Revenue,

5.25%,

7/1/2055

40,000

42,651

Massachusetts

Development

Finance

Agency

Harvard

University,

Series

2025A2,

Revenue,

Mandatory

Put,

5.00%,

5/15/2055

(a)(b)

170,000

200,246

704,631

Michigan

-

4

.5

%

Crestwood

School

District

Series

2025I,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2055

50,000

51,820

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Series

2025C,

Revenue,

5.50%,

7/1/2055

50,000

53,659

L'Anse

Creuse

Public

Schools

Series

2025I,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2043

65,000

70,042

5.00%,

5/1/2045

90,000

95,482

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

50

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.7%

continued

Michigan

-

4.5%

continued

Okemos

Public

Schools

Series

2024II,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

5.00%,

5/1/2042

$

40,000

$

43,632

Redford

Union

School

District

No.

1

Series

2025I,

G.O.

Unlimited,

Qualified

School

Bond

Loan

Fund,

6.00%,

11/1/2031

50,000

58,631

373,266

Nebraska

-

1

.3

%

Omaha

Public

Power

District

Electric,

Series

2023B,

Revenue,

Refunding,

5.00%,

2/1/2033

90,000

104,285

Nevada

-

0

.7

%

Las

Vegas

Valley

Water

District

Series

2025A,

G.O.

Limited,

5.25%,

6/1/2055

50,000

53,208

New

Hampshire

-

0

.6

%

New

Hampshire

Municipal

Bond

Bank

Series

2020A,

Revenue,

5.00%,

2/15/2029

50,000

53,763

New

Jersey

-

1

.0

%

New

Jersey

Turnpike

Authority

Series

2025A,

Revenue,

5.25%,

1/1/2055

75,000

80,326

New

Mexico

-

0

.6

%

New

Mexico

Finance

Authority

Public

Project

Revolving

Fund,

Series

2022B,

Revenue,

5.00%,

6/1/2027

50,000

51,784

New

York

-

14

.0

%

City

of

New

York

Series

2025C1,

G.O.

Unlimited,

5.25%,

9/1/2050

30,000

31,445

City

of

New

York

Series

2025G1,

G.O.

Unlimited,

5.00%,

2/1/2044

30,000

31,779

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund,

Series

2024B1,

Revenue,

Refunding,

5.00%,

11/15/2049

35,000

36,487

New

York

City

Municipal

Water

Finance

Authority

Water

&

Sewer

System,

Series

2025BB,

Revenue,

5.25%,

6/15/2050

70,000

74,302

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.7%

continued

New

York

-

14.0%

continued

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2024F1,

Revenue,

5.00%,

2/1/2049

$

35,000

$

36,099

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2024G1,

Revenue,

5.25%,

5/1/2048

30,000

31,586

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2025D,

Revenue,

5.00%,

5/1/2050

25,000

25,763

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2025F1,

Revenue,

Refunding,

5.00%,

11/1/2036

20,000

23,094

5.00%,

11/1/2040

50,000

55,344

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2026A1,

Revenue,

5.00%,

5/1/2040

115,000

127,841

New

York

State

Dormitory

Authority

Personal

Income

Tax,

Series

2024A,

Revenue,

Refunding,

5.25%,

3/15/2049

45,000

47,466

New

York

State

Dormitory

Authority

Sales

Tax,

Series

2024B,

Revenue,

Refunding,

5.00%,

3/15/2047

85,000

89,064

New

York

State

Environmental

Facilities

Corp.

New

York

City

Water

Finaning

Authority

Project,

Series

2025C,

Revenue,

Refunding,

5.00%,

6/15/2055

40,000

42,451

New

York

State

Thruway

Authority

Personal

Income

Tax,

Series

2025A,

Revenue,

5.00%,

3/15/2039

115,000

131,152

Town

of

Islip

Series

2025,

G.O.

Limited,

Refunding,

5.00%,

10/15/2026

100,000

102,184

Triborough

Bridge

&

Tunnel

Authority

TBTA

Capital

Lockbox,

Series

2025A,

Revenue,

5.00%,

12/1/2043

30,000

32,471

5.00%,

12/1/2045

110,000

116,562

NORTHERN

FUNDS

ANNUAL

REPORT

51

EXCHANGE

TRADED

FUNDS

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.7%

continued

New

York

-

14.0%

continued

Utility

Debt

Securitization

Authority

Series

2022TE1,

Revenue,

Refunding,

5.00%,

12/15/2029

$

110,000

$

120,260

1,155,350

North

Carolina

-

2

.0

%

City

of

Charlotte

Airport,

Series

2025A,

Revenue,

Refunding,

5.25%,

7/1/2055

50,000

53,562

City

of

Salisbury

Enterprise

System,

Series

2020,

Revenue,

Refunding,

5.00%,

2/1/2027

5,000

5,134

State

of

North

Carolina

Series

2025A,

Revenue,

5.00%,

5/1/2026

100,000

100,816

159,512

Oklahoma

-

0

.3

%

Oklahoma

Capitol

Improvement

Authority

Department

of

Transportation,

Series

2025A,

Revenue,

5.25%,

7/1/2055

25,000

26,581

Oregon

-

0

.2

%

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

Series

2025B,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

6/15/2050

15,000

15,834

Pennsylvania

-

3

.1

%

Pennsylvania

State

University

(The)

Series

2025A,

Revenue,

Refunding,

5.50%,

9/1/2055

50,000

54,466

Pennsylvania

Turnpike

Commission

Series

2025-

2,

Revenue,

Refunding,

5.00%,

12/1/2043

105,000

113,954

Pennsylvania

Turnpike

Commission

Series

2025A,

Revenue,

5.25%,

12/1/2055

75,000

80,051

248,471

South

Carolina

-

1

.6

%

Corp.

ForGreer

City

Improvement

Projects,

Series

2025,

Revenue,

5.00%,

9/1/2055

75,000

77,927

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.7%

continued

South

Carolina

-

1.6%

continued

Fort

Mill

School

District

No.

4

Series

2017E,

G.O.

Unlimited,

Refunding,

State

School

District

Credit

Enhancement

Program,

5.00%,

3/1/2028

$

50,000

$

52,697

130,624

South

Dakota

-

1

.0

%

South

Dakota

Conservancy

District

State

Revolving

Fund,

Series

2025A,

Revenue,

Refunding,

5.00%,

8/1/2055

75,000

78,789

Tennessee

-

0

.6

%

City

of

Memphis

Series

2020,

G.O.

Unlimited,

Refunding,

5.00%,

5/1/2027

50,000

51,641

Texas

-

11

.8

%

Anna

Independent

School

District

Series

2025,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2035

75,000

87,016

Argyle

Independent

School

District

Series

2025A,

G.O.

Unlimited,

PSF

Guaranty,

5.25%,

8/15/2055

40,000

42,906

Bellville

Independent

School

District

Series

2024,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2034

50,000

57,970

City

of

Lubbock

Electric

Light

&

Power

System,

Series

2021,

Revenue,

5.00%,

4/15/2030

250,000

273,988

County

of

Harris

Series

2025A,

G.O.

Unlimited,

Refunding,

5.00%,

9/15/2041

110,000

121,337

Ferris

Independent

School

District

Series

2025,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2055

50,000

52,315

Humble

Independent

School

District

Series

2025,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2044

35,000

37,601

Longview

Independent

School

District

Series

2025,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2035

5,000

5,853

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

52

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.7%

continued

Texas

-

11.8%

continued

Lubbock-Cooper

Independent

School

District

Series

2025,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2037

$

75,000

$

85,129

Rockwall

Independent

School

District

Series

2025,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2032

60,000

68,344

Roma

Independent

School

District

Series

2024,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2031

5,000

5,584

Taylor

Independent

School

District

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2031

50,000

55,837

Texas

Tech

University

System

Series

2025A,

Revenue,

Refunding,

5.00%,

2/15/2050

75,000

78,145

972,025

Utah

-

1

.8

%

Canyons

School

District

Series

2018,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

6/15/2027

50,000

51,841

County

of

Salt

Lake

Sales

Tax,

Series

2020B,

Revenue,

Refunding,

5.00%,

2/1/2027

45,000

46,228

Timpanogos

Special

Service

District

Series

2024,

Revenue,

Refunding,

5.00%,

6/1/2049

50,000

52,355

150,424

Virginia

-

0

.3

%

Virginia

Port

Authority

Series

2025,

Revenue,

5.25%,

7/1/2055

25,000

26,369

Washington

-

9

.0

%

City

of

Seattle

Municipal

Light

&

Power,

Series

2024,

Revenue,

Refunding,

5.00%,

10/1/2046

80,000

84,660

County

of

King

Series

2024A,

G.O.

Limited,

Refunding,

5.00%,

12/1/2042

35,000

38,339

Energy

Northwest

Columbia

Generating

Station,

Series

2025A,

Revenue,

Refunding,

5.00%,

7/1/2043

25,000

27,314

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.7%

continued

Washington

-

9.0%

continued

King

&

Snohomish

Counties

School

District

No.

417

Northshore

Series

2024,

G.O.

Unlimited,

Refunding,

School

Bond

Guaranty,

5.00%,

12/1/2042

$

25,000

$

27,290

King

County

School

District

No.

401

Highline

Series

2025,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2041

75,000

83,351

5.00%,

12/1/2044

120,000

129,439

Pierce

County

School

District

No.

320

Sumner

Series

2025,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2042

75,000

81,859

Snohomish

County

School

District

No.

15

Edmonds

Series

2024,

G.O.

Unlimited,

Refunding,

School

Bond

Guaranty,

5.00%,

12/1/2042

45,000

49,123

State

of

Washington

Series

2024C,

G.O.

Unlimited,

5.00%,

2/1/2048

70,000

73,230

State

of

Washington

Series

2024D,

G.O.

Unlimited,

5.00%,

6/1/2048

50,000

52,371

State

of

Washington

Series

2025A,

G.O.

Unlimited,

5.00%,

8/1/2046

25,000

26,529

State

of

Washington

Series

2025C,

G.O.

Unlimited,

5.00%,

2/1/2046

30,000

31,904

State

of

Washington

Series

2025D,

G.O.

Unlimited,

5.00%,

6/1/2049

40,000

42,001

747,410

Wisconsin

-

2

.0

%

City

of

Sun

Prairie

Series

2025A,

G.O.

Unlimited,

5.00%,

4/1/2031

145,000

161,765

Total

Municipal

Bonds

(Cost

$7,889,220)

8,124,150

Total

Investments

-

98.7%

(Cost

$7,889,220)

8,124,150

Other

assets

less

liabilities

-

1.3%

110,617

NET

ASSETS

-

100.0%

$8,234,767

(a)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

December

31,

2025.

(b)

Maturity

date

represents

the

puttable

date.

Percentages

shown

are

based

on

Net

Assets.

NORTHERN

FUNDS

ANNUAL

REPORT

53

EXCHANGE

TRADED

FUNDS

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

December

31,

2025

Abbreviations

G.O.

General

Obligation

PSF

Permanent

School

Fund

As

of

December

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

of

investments

based

on

the

aggregate

cost

of

investments

(including

derivative

instruments,

if

applicable)

for

federal

income

tax

purposes

was

as

follows:

Aggregate

gross

unrealized

appreciation

$

236,250

Aggregate

gross

unrealized

depreciation

(

1,320

)

Net

unrealized

appreciation

$

234,930

Federal

income

tax

cost

$

7,889,220

Security

Type

%

of

Net

Assets

Municipal

Bonds

98

.7

%

Others

(1)

1

.3

100

.0

%

(1)

Includes

any

other

net

assets/(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

December

31,

2025:

Level

1

(000s)

Level

2

(000s)

Level

3

(000s)

Total

(000s)

Investments

Municipal

Bonds

(1)

$

—

$

8,124

$

—

$

8,124

Total

Investments

$

—

$8,124

$

—

$8,124

(1)

Classifications

as

defined

in

the

Schedule

of

Investments.

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

54

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98

.5

%

Alabama

-

4

.9

%

Alabama

Federal

Aid

Highway

Finance

Authority

Series

2025A,

Revenue,

5.00%,

9/1/2033

$

85,000

$

98,804

5.00%,

9/1/2035

25,000

29,381

Alabama

Public

School

and

College

Authority

Series

2020A,

Revenue,

Refunding,

5.00%,

11/1/2034

75,000

82,246

5.00%,

11/1/2035

85,000

92,812

Auburn

University

General

Fee

Series

2025B,

Revenue,

Refunding,

5.00%,

6/1/2038

30,000

34,343

Birmingham

City

Waterworks

Board

Water,

Series

2016A,

Revenue,

Refunding,

4.00%,

1/1/2038

50,000

50,178

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2020A1,

Revenue,

Mandatory

Put,

4.00%,

10/1/2049

(a)(b)

65,000

65,429

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2022C1,

Revenue,

Mandatory

Put,

5.25%,

2/1/2053

(a)(b)

75,000

79,185

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2022E,

Revenue,

Mandatory

Put,

5.00%,

5/1/2053

(a)(b)

100,000

104,785

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2022F,

Revenue,

Mandatory

Put,

5.50%,

11/1/2053

(a)(b)

30,000

31,492

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2023A,

Revenue,

Mandatory

Put,

5.25%,

1/1/2054

(a)(b)

50,000

53,682

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2023B,

Revenue,

Mandatory

Put,

5.25%,

12/1/2053

(a)(b)

50,000

53,856

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2023C,

Revenue,

Mandatory

Put,

5.50%,

10/1/2054

(a)(b)

75,000

82,419

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2023D1,

Revenue,

Refunding,

Mandatory

Put,

5.50%,

6/1/2049

(a)(b)

95,000

100,228

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Alabama

-

4.9%

continued

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2024A,

Revenue,

Mandatory

Put,

5.25%,

5/1/2055

(a)(b)

$

100,000

$

108,607

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2024C,

Revenue,

Mandatory

Put,

5.00%,

5/1/2055

(a)(b)

55,000

58,969

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2024D,

Revenue,

5.00%,

11/1/2030

25,000

26,880

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2025D,

Revenue,

Refunding,

Mandatory

Put,

5.00%,

12/1/2055

(a)(b)

100,000

107,340

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2025E,

Revenue,

5.00%,

5/1/2030

45,000

48,070

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2025E,

Revenue,

Mandatory

Put,

5.00%,

12/1/2055

(a)(b)

100,000

106,940

City

of

Mobile

Series

2025A,

G.O.

Limited,

5.00%,

2/15/2031

70,000

78,243

County

of

Jefferson

Sewer,

Series

2024,

Revenue,

Refunding,

5.00%,

10/1/2034

85,000

95,138

Energy

Southeast

A

Cooperative

District

Series

2023A1,

Revenue,

Mandatory

Put,

5.50%,

11/1/2053

(a)(b)

80,000

87,397

Energy

Southeast

A

Cooperative

District

Series

2023B1,

Revenue,

Mandatory

Put,

5.75%,

4/1/2054

(a)(b)

125,000

138,439

Lower

Alabama

Gas

District

Gas

Project,

Series

2025A,

Revenue,

Refunding,

5.00%,

12/1/2033

(a)

60,000

63,422

Southeast

Energy

Authority

A

Cooperative

District

Project

No.

3,

Series

2022A1,

Revenue,

5.50%,

1/1/2053

(a)(b)

85,000

91,120

Southeast

Energy

Authority

A

Cooperative

District

Series

2024A,

Revenue,

5.00%,

11/1/2035

100,000

106,181

NORTHERN

FUNDS

ANNUAL

REPORT

55

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Alabama

-

4.9%

continued

Southeast

Energy

Authority

A

Cooperative

District

Series

2025A,

Revenue,

Mandatory

Put,

5.00%,

1/1/2056

(a)(b)

$

75,000

$

78,145

Southeast

Energy

Authority

A

Cooperative

District

Series

2025D,

Revenue,

5.00%,

9/1/2035

55,000

59,670

Southeast

Energy

Authority

A

Cooperative

District

Gas

Supply,

Series

2025F,

Revenue,

5.25%,

11/1/2030

130,000

141,209

Southeast

Energy

Authority

A

Cooperative

District

Gas

Supply,

Series

2025F,

Revenue,

Mandatory

Put,

5.25%,

11/1/2055

(a)(b)

125,000

137,431

University

of

Alabama

(The)

Series

2019A,

Revenue,

Refunding,

5.00%,

7/1/2031

75,000

81,196

5.00%,

7/1/2029

75,000

81,375

5.00%,

7/1/2027

35,000

36,297

2,690,909

Alaska

-

0

.1

%

State

of

Alaska

International

Airports

System,

Series

2025A,

Revenue,

Refunding,

5.00%,

10/1/2034

55,000

63,054

Arizona

-

1

.0

%

Arizona

Industrial

Development

Authority

Lincoln

South

Beltway

Project,

Series

2020,

Revenue,

5.00%,

11/1/2031

20,000

22,571

City

of

Mesa

Series

2025,

G.O.

Unlimited,

5.00%,

7/1/2040

30,000

33,868

City

of

Phoenix

Civic

Improvement

Corp.

Airport,

Series

2017D,

Revenue,

Refunding,

5.00%,

7/1/2026

40,000

40,473

City

of

Phoenix

Civic

Improvement

Corp.

Water

System,

Series

2021A,

Revenue,

5.00%,

7/1/2034

60,000

66,988

5.00%,

7/1/2037

35,000

38,443

City

of

Phoenix

Civic

Improvement

Corp.

Transportation,

Series

2025,

Revenue,

5.00%,

7/1/2030

45,000

49,917

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Arizona

-

1.0%

continued

5.00%,

7/1/2033

$

95,000

$

109,729

Maricopa

County

Special

Health

Care

District

Integrated

Health

Serivces,

Series

2018C,

G.O.

Unlimited,

5.00%,

7/1/2032

25,000

26,304

Maricopa

County

Special

Health

Care

District

Series

2021D,

G.O.

Unlimited,

5.00%,

7/1/2033

20,000

22,269

Salt

River

Project

Agricultural

Improvement

&

Power

District

Electric

System,

Series

2025B,

Revenue,

Refunding,

5.00%,

1/1/2033

55,000

63,548

5.00%,

1/1/2034

45,000

52,599

526,709

California

-

6

.4

%

California

Community

Choice

Financing

Authority

Clean

Energy

Project,

Series

2023D,

Revenue,

Mandatory

Put,

5.50%,

5/1/2054

(a)(b)

100,000

105,600

California

Community

Choice

Financing

Authority

Clean

Energy

Project,

Series

2023E1,

Revenue,

Mandatory

Put,

5.00%,

2/1/2054

(a)(b)

100,000

106,396

California

Community

Choice

Financing

Authority

Clean

Energy

Project,

Series

2023G,

Revenue,

Mandatory

Put,

5.25%,

11/1/2054

(a)(b)

125,000

132,785

California

Community

Choice

Financing

Authority

Clean

Energy

Project,

Series

2024A,

Revenue,

Mandatory

Put,

5.00%,

5/1/2054

(a)(b)

30,000

32,152

California

Community

Choice

Financing

Authority

Clean

Energy

Project,

Series

2024B,

Revenue,

Mandatory

Put,

5.00%,

1/1/2055

(a)(b)

85,000

88,591

California

Community

Choice

Financing

Authority

Clean

Energy

Project,

Series

2024D,

Revenue,

Mandatory

Put,

5.00%,

2/1/2055

(a)(b)

100,000

108,549

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

56

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

California

-

6.4%

continued

California

Community

Choice

Financing

Authority

Clean

Energy

Project,

Series

2024F,

Revenue,

Mandatory

Put,

5.00%,

2/1/2055

(a)(b)

$

100,000

$

108,110

California

Community

Choice

Financing

Authority

Clean

Energy

Project,

Series

2025B,

Revenue,

Mandatory

Put,

5.00%,

3/1/2056

(a)(b)

175,000

190,465

California

State

Public

Works

Board

Various

Capital

Projects,

Series

2016C,

Revenue,

Refunding,

5.00%,

11/1/2034

40,000

40,682

Central

Valley

Energy

Authority

Series

2025,

Revenue,

Mandatory

Put,

5.00%,

12/1/2055

(a)(b)

75,000

81,697

City

of

Los

Angeles

Department

of

Airports,

Series

2021B,

Revenue,

Refunding,

5.00%,

5/15/2036

35,000

39,268

City

of

Los

Angeles

Solid

Waste

Resources,

Series

2023A,

Revenue,

5.00%,

2/1/2038

75,000

85,681

City

of

Riverside

Electric,

Series

2019A,

Revenue,

Refunding,

5.00%,

10/1/2031

65,000

70,904

5.00%,

10/1/2034

20,000

21,629

Contra

Costa

Transportation

Authority

Sales

Tax,

Series

2021A,

Revenue,

Refunding,

4.00%,

3/1/2032

15,000

16,318

County

of

San

Bernardino

Arrowhead

Project,

Series

2019A,

Certificate

of

Participation,

Refunding,

5.00%,

10/1/2026

60,000

61,186

County

of

Santa

Clara

Series

2017C,

G.O.

Unlimited,

Refunding,

3.25%,

8/1/2039

20,000

19,293

Imperial

Irrigation

District

Electric

System,

Series

2016C,

Revenue,

Refunding,

5.00%,

11/1/2037

25,000

25,156

Kern

Community

College

District

Election

of

2016,

Series

2023E,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2038

50,000

57,348

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

California

-

6.4%

continued

Long

Beach

Bond

Finance

Authority

Natural

Gas

Purchase,

Series

2007A,

Revenue,

5.00%,

11/15/2035

$

25,000

$

28,537

5.50%,

11/15/2037

100,000

118,871

Los

Angeles

Community

College

District

Election

of

2008,

Series

2022L,

G.O.

Unlimited,

5.00%,

8/1/2035

15,000

17,344

Los

Angeles

County

Metropolitan

Transportation

Authority

Sales

Tax,

Series

2021A,

Revenue,

4.00%,

6/1/2034

20,000

21,551

5.00%,

7/1/2036

40,000

45,168

5.00%,

7/1/2039

50,000

55,438

Los

Angeles

County

Public

Works

Financing

Authority

County

of

Los

Angeles,

Series

2024H,

Revenue,

Refunding,

5.00%,

12/1/2033

30,000

35,866

Los

Angeles

Department

of

Water

&

Power

Power

System,

Series

2019A,

Revenue,

5.00%,

7/1/2034

125,000

132,304

Los

Angeles

Department

of

Water

&

Power

Power

System,

Series

2022C,

Revenue,

Refunding,

5.00%,

7/1/2040

100,000

107,781

Los

Angeles

Department

of

Water

&

Power

Water

System,

Series

2024A,

Revenue,

5.00%,

7/1/2039

75,000

83,473

Los

Angeles

Department

of

Water

&

Power

Water

System,

Series

2024B,

Revenue,

Refunding,

5.00%,

7/1/2037

70,000

79,221

5.00%,

7/1/2039

45,000

50,358

Metropolitan

Water

District

of

Southern

California

Waterworks,

Series

2020C,

Revenue,

Refunding,

5.00%,

7/1/2040

30,000

32,585

Metropolitan

Water

District

of

Southern

California

Waterworks,

Series

2022B,

Revenue,

Refunding,

5.00%,

7/1/2040

45,000

50,446

NORTHERN

FUNDS

ANNUAL

REPORT

57

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

California

-

6.4%

continued

Municipal

Improvement

Corp.

of

Los

Angeles

Real

Property,

Series

2016B,

Revenue,

Refunding,

4.00%,

11/1/2036

$

80,000

$

80,222

5.00%,

11/1/2028

65,000

66,340

5.00%,

11/1/2031

110,000

112,075

Northern

California

Energy

Authority

Commodity

Supply,

Series

2024,

Revenue,

Refunding,

Mandatory

Put,

5.00%,

12/1/2054

(a)(b)

105,000

111,935

Sacramento

Municipal

Utility

District

Series

2020H,

Revenue,

5.00%,

8/15/2038

75,000

82,050

San

Francisco

Bay

Area

Rapid

Transit

District

Series

2019F1,

G.O.

Unlimited,

3.00%,

8/1/2038

30,000

28,234

San

Francisco

City

&

County

San

Francisco

International

Airport

Commission,

Series

2019D,

Revenue,

Refunding,

5.00%,

5/1/2033

25,000

27,130

San

Joaquin

Valley

Clean

Energy

Authority

Series

2025A,

Revenue,

Mandatory

Put,

5.50%,

1/1/2056

(a)(b)

50,000

56,449

Santa

Monica-Malibu

Unified

School

District

Series

2023C,

G.O.

Unlimited,

5.00%,

8/1/2037

20,000

22,405

Southern

California

Public

Power

Authority

Milford

Wind

Corridor

Phase

I

Project,

Series

2019-1,

Revenue,

Refunding,

5.00%,

7/1/2029

75,000

81,137

Southern

California

Public

Power

Authority

Apex

Power

Project,

Series

2024A,

Revenue,

Refunding,

5.00%,

7/1/2032

15,000

17,082

State

of

California

G.O.

Unlimited,

5.00%,

11/1/2039

75,000

85,986

State

of

California

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2036

25,000

28,636

5.00%,

8/1/2039

80,000

91,595

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

California

-

6.4%

continued

State

of

California

Public

Works

Board

Various

Capital

Projects,

Series

2023B,

Revenue,

Refunding,

5.00%,

12/1/2036

$

25,000

$

28,401

University

of

California

Series

2020BE,

Revenue,

Refunding,

5.00%,

5/15/2034

60,000

66,016

University

of

California

Series

2022S,

Revenue,

Refunding,

5.00%,

5/15/2033

20,000

22,953

University

of

California

Series

2024BV,

Revenue,

Refunding,

5.00%,

5/15/2038

80,000

91,612

5.00%,

5/15/2039

30,000

34,141

University

of

California

Series

2025CD,

Revenue,

5.00%,

5/15/2040

125,000

142,791

3,527,943

Colorado

-

0

.8

%

Boulder

Larimer

&

Weld

Counties

St.

Vrain

Valley

School

Distric

No.

Re-

1J,

Series

2024,

G.O.

Unlimited,

State

Aid

Withholding,

5.00%,

12/15/2037

35,000

40,193

5.00%,

12/15/2038

25,000

28,472

Denver

City

&

County

School

District

No.

1

Series

2021,

G.O.

Unlimited,

State

Aid

Withholding,

3.00%,

12/1/2036

20,000

19,143

5.00%,

12/1/2034

60,000

66,252

E-470

Public

Highway

Authority

Series

2020A,

Revenue,

Refunding,

5.00%,

9/1/2028

35,000

37,170

Public

Authority

for

Colorado

Energy

Natural

Gas

Purchase,

Series

2008,

Revenue,

6.50%,

11/15/2038

45,000

54,333

Pueblo

School

District

No.

60

Pueblo

Series

2020,

G.O.

Unlimited,

State

Aid

Withholding,

5.00%,

12/15/2032

75,000

81,350

Regional

Transportation

District

Fastracks,

Series

2021B,

Revenue,

Refunding,

4.00%,

11/1/2039

75,000

76,835

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

58

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Colorado

-

0.8%

continued

Weld

County

School

District

No.

Re-4

Series

2023,

G.O.

Unlimited,

State

Aid

Withholding,

5.00%,

12/1/2039

$

70,000

$

77,164

480,912

Connecticut

-

0

.3

%

State

of

Connecticut

Series

2016B,

G.O.

Unlimited,

Refunding,

4.00%,

5/15/2026

15,000

15,082

State

of

Connecticut

Series

2024H,

G.O.

Unlimited,

Refunding,

5.00%,

11/15/2026

65,000

66,408

State

of

Connecticut

Transportation

Infrastructure,

Series

2024A2,

Special

Tax,

5.00%,

7/1/2033

20,000

23,133

5.00%,

7/1/2034

45,000

52,594

157,217

Delaware

-

1

.9

%

Delaware

Transportation

Authority

Garvee,

Series

2020,

Revenue,

Refunding,

5.00%,

9/1/2029

25,000

27,167

5.00%,

7/1/2032

70,000

77,241

5.00%,

7/1/2033

35,000

38,480

5.00%,

9/1/2031

100,000

110,765

5.00%,

9/1/2026

75,000

76,241

Delaware

Transportation

Authority

Transportation

System,

Series

2022,

Revenue,

Refunding,

5.00%,

7/1/2035

105,000

118,608

5.00%,

7/1/2036

45,000

50,501

State

of

Delaware

Series

2019,

G.O.

Unlimited,

5.00%,

2/1/2028

25,000

26,328

State

of

Delaware

Series

2023A,

G.O.

Unlimited,

5.00%,

5/1/2032

85,000

97,702

5.00%,

5/1/2033

75,000

87,394

State

of

Delaware

Series

2024A,

G.O.

Unlimited,

5.00%,

5/1/2028

45,000

47,675

5.00%,

5/1/2033

50,000

58,263

State

of

Delaware

Series

2024B,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2034

40,000

47,245

State

of

Delaware

Series

2025,

G.O.

Unlimited,

5.00%,

5/1/2033

50,000

58,263

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Delaware

-

1.9%

continued

University

of

Delaware

Series

2025A,

Revenue,

Refunding,

5.00%,

11/1/2036

$

100,000

$

115,678

1,037,551

District

of

Columbia

-

5

.0

%

District

of

Columbia

Series

2016A,

G.O.

Unlimited,

5.00%,

6/1/2033

20,000

20,167

District

of

Columbia

Series

2017A,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2032

65,000

67,119

District

of

Columbia

Series

2017D,

G.O.

Unlimited,

5.00%,

6/1/2031

85,000

87,850

5.00%,

6/1/2029

30,000

31,041

District

of

Columbia

Series

2018B,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2029

35,000

37,066

5.00%,

6/1/2031

40,000

42,333

District

of

Columbia

Series

2019A,

G.O.

Unlimited,

5.00%,

10/15/2028

85,000

90,817

District

of

Columbia

Series

2021D,

G.O.

Unlimited,

5.00%,

2/1/2031

65,000

72,706

5.00%,

2/1/2034

50,000

55,298

5.00%,

2/1/2035

55,000

60,622

District

of

Columbia

Series

2021E,

G.O.

Unlimited,

Refunding,

5.00%,

2/1/2034

75,000

83,056

5.00%,

2/1/2035

110,000

121,404

District

of

Columbia

Series

2023A,

G.O.

Unlimited,

5.00%,

1/1/2035

65,000

73,999

District

of

Columbia

Series

2024A,

G.O.

Unlimited,

5.00%,

8/1/2031

30,000

33,845

District

of

Columbia

Series

2024B,

G.O.

Unlimited,

5.00%,

8/1/2029

45,000

48,910

District

of

Columbia

Water

&

Sewer

Authority,

Series

2016A,

Revenue,

Refunding,

3.25%,

10/1/2037

65,000

62,938

District

of

Columbia

Georgetown

University,

Series

2017,

Revenue,

Refunding,

5.00%,

4/1/2030

75,000

76,855

District

of

Columbia

Series

2019A,

Revenue,

5.00%,

3/1/2028

70,000

73,730

5.00%,

3/1/2032

85,000

92,098

NORTHERN

FUNDS

ANNUAL

REPORT

59

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

District

of

Columbia

-

5.0%

continued

District

of

Columbia

Series

2019C,

Revenue,

Refunding,

5.00%,

10/1/2026

$

35,000

$

35,663

5.00%,

10/1/2033

50,000

53,998

District

of

Columbia

Federal

Highway

Grant

Anticipation,

Series

2020,

Revenue,

5.00%,

12/1/2026

75,000

76,648

District

of

Columbia

Series

2020A,

Revenue,

5.00%,

3/1/2031

40,000

43,915

5.00%,

3/1/2032

60,000

65,733

5.00%,

3/1/2033

95,000

103,727

5.00%,

3/1/2034

85,000

92,520

District

of

Columbia

Income

Tax,

Series

2020B,

Revenue,

Refunding,

5.00%,

10/1/2026

60,000

61,137

District

of

Columbia

Series

2020C,

Revenue,

5.00%,

5/1/2032

75,000

82,396

District

of

Columbia

Income

Tax,

Series

2022A,

Revenue,

5.00%,

7/1/2032

40,000

45,730

5.00%,

7/1/2036

50,000

55,986

5.00%,

7/1/2037

65,000

72,270

District

of

Columbia

Income

Tax,

Series

2022C,

Revenue,

Refunding,

5.00%,

12/1/2034

40,000

45,528

District

of

Columbia

Series

2023A,

Revenue,

5.00%,

5/1/2039

55,000

61,041

District

of

Columbia

Water

&

Sewer

Authority

Public

Utility,

Series

2024A,

Revenue,

Refunding,

5.00%,

10/1/2031

85,000

96,206

5.00%,

10/1/2038

25,000

28,194

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road,

Series

2019A,

Revenue,

Refunding,

5.00%,

10/1/2039

60,000

62,459

Washington

Metropolitan

Area

Transit

Authority

Series

2017B,

Revenue,

5.00%,

7/1/2030

75,000

77,605

5.00%,

7/1/2034

75,000

77,169

Washington

Metropolitan

Area

Transit

Authority

Series

2018,

Revenue,

5.00%,

7/1/2035

30,000

30,828

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

District

of

Columbia

-

5.0%

continued

Washington

Metropolitan

Area

Transit

Authority

Series

2020A,

Revenue,

5.00%,

7/15/2030

$

40,000

$

44,118

5.00%,

7/15/2033

20,000

21,848

Washington

Metropolitan

Area

Transit

Authority

Series

2021A,

Revenue,

4.00%,

7/15/2038

75,000

76,555

5.00%,

7/15/2032

90,000

100,654

2,743,782

Florida

-

4

.2

%

Central

Florida

Expressway

Authority

Series

2019B,

Revenue,

5.00%,

7/1/2032

65,000

69,819

Central

Florida

Expressway

Authority

Series

2021D,

Revenue,

5.00%,

7/1/2031

25,000

28,055

City

of

Gainesville

Utilities

System,

Series

2017A,

Revenue,

5.00%,

10/1/2029

20,000

20,850

5.00%,

10/1/2031

35,000

36,439

5.00%,

10/1/2032

30,000

31,176

5.00%,

10/1/2033

65,000

67,456

City

of

Jacksonville

Series

2022A,

Revenue,

Refunding,

5.00%,

10/1/2028

45,000

47,924

City

of

Tallahassee

Energy

System,

Series

2025,

Revenue,

Refunding,

5.00%,

10/1/2032

50,000

57,446

County

of

Broward

Water

&

Sewer

Utility,

Series

2025,

Revenue,

Refunding,

5.00%,

10/1/2034

50,000

58,865

County

of

Miami-Dade

School

Board,

Series

2015D,

Certificate

of

Participation,

Refunding,

4.00%,

2/1/2033

60,000

60,052

County

of

Miami-Dade

Building

Better

Communitites

Project,

Series

2016A,

G.O.

Unlimited,

5.00%,

7/1/2030

55,000

60,690

5.00%,

7/1/2033

50,000

54,903

County

of

Miami-Dade

Series

2016,

Revenue,

Refunding,

4.00%,

10/1/2040

25,000

25,055

County

of

Miami-Dade

Transit,

Series

2017,

Revenue,

Refunding,

4.00%,

7/1/2034

80,000

80,326

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

60

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Florida

-

4.2%

continued

County

of

Miami-Dade

Water

&

Sewer

System,

Series

2017B,

Revenue,

Refunding,

4.00%,

10/1/2037

$

45,000

$

45,474

County

of

Miami-Dade

Transit,

Series

2019,

Revenue,

Refunding,

5.00%,

7/1/2032

60,000

64,718

County

of

Miami-Dade

Water

&

Sewer

System,

Series

2021,

Revenue,

3.00%,

10/1/2040

125,000

110,005

Florida

Department

of

Environmental

Protection

Preservation,

Series

2016A,

Revenue,

Refunding,

5.00%,

7/1/2027

(c)

50,000

50,580

Florida

Insurance

Assistance

Interlocal

Agency

Florida

Insurance

Guaranty

Association,

Inc.,

Series

2023A1,

Revenue,

5.00%,

9/1/2028

80,000

81,206

Florida

Municipal

Power

Agency

All-Requirements

Power

Supply

Project,

Series

2016A,

Revenue,

Refunding,

5.00%,

10/1/2028

35,000

35,601

Florida

State

of

Education

Public

Education

Capital

Outlay,

Series

2019C,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2031

50,000

54,255

Florida

State

of

Education

Public

Education

Capital

Outlay,

Series

2020A,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2031

60,000

66,524

Florida

State

of

Education

Public

Education

Capital

Outlay,

Series

2025A,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2032

40,000

45,980

Jacksonville

Electric

Authority

Water

&

Sewer

System,

Series

2017A,

Revenue,

Refunding,

5.00%,

10/1/2032

65,000

67,582

Jacksonville

Electric

Authority

Water

&

Sewer

System,

Series

2020A,

Revenue,

Refunding,

3.00%,

10/1/2036

30,000

29,326

5.00%,

10/1/2035

25,000

27,004

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Florida

-

4.2%

continued

Lee

County

School

Board

(The)

Series

2025A,

Certificate

of

Participation,

5.00%,

8/1/2039

$

50,000

$

56,420

Marion

County

School

Board

Series

2024,

Certificate

of

Participation,

AG

Insured,

5.00%,

6/1/2040

30,000

32,855

Palm

Beach

County

School

District

Series

2021A,

Certificate

of

Participation,

5.00%,

8/1/2040

75,000

80,932

Palm

Beach

County

School

District

Series

2022B,

Certificate

of

Participation,

5.25%,

8/1/2039

25,000

27,749

5.25%,

8/1/2035

25,000

28,539

5.25%,

8/1/2036

50,000

56,666

Palm

Beach

County

School

District

Series

2023A,

Certificate

of

Participation,

5.00%,

8/1/2036

25,000

28,130

Polk

County

School

District

Sales

Tax,

Series

2019,

Revenue,

5.00%,

10/1/2031

45,000

48,752

5.00%,

10/1/2032

40,000

43,159

Reddy

Creek

Improvement

District

Series

2016A,

G.O.

Limited,

5.00%,

6/1/2035

25,000

25,181

Sarasota

County

School

Board

Master

Lease

Program,

Series

2023A,

Certificate

of

Participation,

5.00%,

7/1/2032

40,000

45,420

School

Board

of

Miami-

Dade

County

(The)

School

Board,

Series

2025A,

Certificate

of

Participation,

Refunding,

5.00%,

5/1/2030

35,000

38,421

5.00%,

5/1/2032

20,000

22,686

School

District

of

Broward

County

Series

2020A,

Certificate

of

Participation,

5.00%,

7/1/2031

40,000

43,738

State

of

Florida

Department

of

Transportation

Turnpike

System,

Series

2018A,

Revenue,

5.00%,

7/1/2035

60,000

63,125

NORTHERN

FUNDS

ANNUAL

REPORT

61

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Florida

-

4.2%

continued

State

of

Florida

Department

of

Transportation

Federal

Highway

Reimbursement,

Series

2019A,

Revenue,

5.00%,

7/1/2028

$

40,000

$

42,456

State

of

Florida

Department

of

Transportation

Turnpike

System,

Series

2019A,

Revenue,

Refunding,

5.00%,

7/1/2030

25,000

26,607

5.00%,

7/1/2031

60,000

63,744

5.00%,

7/1/2032

30,000

31,811

State

of

Florida

Department

of

Transportation

Turnpike

System,

Series

2025A,

Revenue,

Refunding,

5.00%,

7/1/2031

35,000

39,372

Tampa

Bay

Water

Regional

Water

Supply

Authority

Utility

System,

Series

2016A,

Revenue,

Refunding,

5.00%,

10/1/2036

30,000

30,473

2,253,547

Georgia

-

3

.0

%

Cherokee

County

Board

of

Education

Series

2025B,

G.O.

Unlimited,

Refunding,

State

Aid

Withholding,

5.00%,

2/1/2027

75,000

77,030

City

of

Atlanta

Water

&

Wastewater,

Series

2004,

Revenue,

AG

Insured,

5.75%,

11/1/2026

45,000

46,228

City

of

Atlanta

Water

&

Wastewater,

Series

2017A,

Revenue,

Refunding,

5.00%,

11/1/2031

(c)

35,000

36,579

City

of

Atlanta

Water

&

Wastewater,

Series

2018C,

Revenue,

Refunding,

5.00%,

11/1/2026

80,000

81,661

City

of

Atlanta

Airport,

Series

2020A,

Revenue,

Refunding,

5.00%,

7/1/2026

55,000

55,684

Columbia

County

School

District

Series

2025,

G.O.

Unlimited,

State

Aid

Withholding,

5.00%,

10/1/2040

30,000

34,088

County

of

Fulton

Water

&

Sewerage,

Series

2025,

Revenue,

Refunding,

5.00%,

1/1/2033

100,000

115,357

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Georgia

-

3.0%

continued

DeKalb

County

Water

&

Sewerage

Second

Resolution,

Series

2022,

Revenue,

Refunding,

5.00%,

10/1/2034

$

50,000

$

56,697

Georgia

State

Road

&

Tollway

Authority

Garvee,

Series

2020,

Revenue,

5.00%,

6/1/2026

15,000

15,157

Main

Street

Natural

Gas,

Inc.

Gas

Supply,

Series

2019A,

Revenue,

5.00%,

5/15/2036

50,000

54,720

Main

Street

Natural

Gas,

Inc.

Gas

Supply,

Series

2019C,

Revenue,

Mandatory

Put,

4.00%,

3/1/2050

(a)(b)

90,000

90,478

Main

Street

Natural

Gas,

Inc.

Gas

Supply,

Series

2021A,

Revenue,

Mandatory

Put,

4.00%,

7/1/2052

(a)(b)

50,000

50,482

Main

Street

Natural

Gas,

Inc.

Gas

Supply,

Series

2022A,

Revenue,

Mandatory

Put,

4.00%,

9/1/2052

(a)(b)

65,000

66,567

Main

Street

Natural

Gas,

Inc.

Gas

Supply,

Series

2023B,

Revenue,

Mandatory

Put,

5.00%,

7/1/2053

(a)(b)

100,000

105,537

Main

Street

Natural

Gas,

Inc.

Gas

Supply,

Series

2024C,

Revenue,

Mandatory

Put,

5.00%,

12/1/2054

(a)(b)

75,000

80,334

Main

Street

Natural

Gas,

Inc.

Gas

Supply,

Series

2024E,

Revenue,

Mandatory

Put,

5.00%,

5/1/2055

(a)(b)

150,000

160,003

Metropolitan

Atlanta

Rapid

Transit

Authority

Sales

Tax,

Series

2015C,

Revenue,

Refunding,

5.00%,

7/1/2029

70,000

70,834

Metropolitan

Atlanta

Rapid

Transit

Authority

Series

2023B,

Revenue,

5.00%,

7/1/2028

40,000

42,498

Metropolitan

Atlanta

Rapid

Transit

Authority

Series

2024B,

Revenue,

5.00%,

7/1/2032

85,000

97,613

Private

Colleges

&

Universities

Authority

Emory

University,

Series

2019A,

Revenue,

Refunding,

5.00%,

9/1/2033

75,000

80,743

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

62

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Georgia

-

3.0%

continued

State

of

Georgia

Series

2016F,

G.O.

Unlimited,

Refunding,

5.00%,

1/1/2026

$

60,000

$

60,000

State

of

Georgia

Series

2017A1,

G.O.

Unlimited,

5.00%,

2/1/2026

50,000

50,100

State

of

Georgia

Series

2017A2,

G.O.

Unlimited,

3.00%,

2/1/2037

25,000

24,357

5.00%,

2/1/2031

30,000

30,804

State

of

Georgia

Series

2019A,

G.O.

Unlimited,

5.00%,

7/1/2030

85,000

92,465

State

of

Georgia

Series

2022C,

G.O.

Unlimited,

Refunding,

4.00%,

7/1/2026

20,000

20,152

1,696,168

Hawaii

-

0

.6

%

State

of

Hawaii

Series

2016FG,

G.O.

Unlimited,

5.00%,

10/1/2026

50,000

50,932

State

of

Hawaii

Series

2016FH,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2026

120,000

122,238

State

of

Hawaii

Series

FE,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2026

75,000

76,399

State

of

Hawaii

Series

FN,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2029

30,000

31,263

State

of

Hawaii

Highway,

Series

2016B,

Revenue,

Refunding,

5.00%,

1/1/2027

30,000

30,350

311,182

Idaho

-

0

.9

%

Idaho

Housing

&

Finance

Association

Federal

Highway

Trust,

Series

2019A,

Revenue,

Refunding,

5.00%,

7/15/2033

100,000

107,441

5.00%,

7/15/2035

45,000

48,038

5.00%,

7/15/2036

85,000

90,467

Idaho

Housing

&

Finance

Association

Transportation

Expansion

&

Congestion

Mitigation

Fund,

Series

2023A,

Revenue,

5.00%,

8/15/2032

130,000

149,020

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Idaho

-

0.9%

continued

Idaho

Housing

&

Finance

Association

Transportation

Expansion

&

Congestion

Mitigation

Fund,

Series

2024A,

Revenue,

5.00%,

8/15/2036

$

25,000

$

28,882

Idaho

State

Building

Authority

State

of

Idaho

Sales

Tax

Revenue,

Series

2024A,

Revenue,

5.00%,

6/1/2033

50,000

57,662

481,510

Illinois

-

6

.3

%

Chicago

Midway

International

Airport

Series

2023B,

Revenue,

Refunding,

BAM

Insured,

5.00%,

1/1/2027

30,000

30,752

Chicago

O'Hare

International

Airport

Series

2016C,

Revenue,

ETM,

5.00%,

1/1/2026

(c)

25,000

25,000

Chicago

O'Hare

International

Airport

Series

2017B,

Revenue,

Refunding,

5.00%,

1/1/2038

65,000

65,856

Chicago

O'Hare

International

Airport

Series

2018B,

Revenue,

5.00%,

1/1/2036

85,000

89,314

5.00%,

1/1/2038

75,000

78,212

Chicago

O'Hare

International

Airport

Series

2020A,

Revenue,

Refunding,

5.00%,

1/1/2034

70,000

75,151

Chicago

O'Hare

International

Airport

Series

2024D,

Revenue,

Refunding,

5.00%,

1/1/2031

65,000

71,895

City

of

Chicago

Series

2015C,

G.O.

Unlimited,

5.00%,

1/1/2038

30,000

30,012

City

of

Chicago

Series

2015C,

G.O.

Unlimited,

Refunding,

5.00%,

1/1/2038

30,000

30,005

City

of

Chicago

Waterworks,

Series

2017,

Revenue,

Refunding,

5.00%,

11/1/2029

35,000

36,391

City

of

Chicago

Waterworks,

Series

2024A,

Revenue,

Refunding,

5.00%,

11/1/2036

55,000

61,938

5.00%,

11/1/2038

120,000

133,636

County

of

Cook

Series

2016A,

G.O.

Unlimited,

Refunding,

AG

Insured,

5.00%,

11/15/2026

35,000

35,745

NORTHERN

FUNDS

ANNUAL

REPORT

63

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Illinois

-

6.3%

continued

County

of

Cook

Series

2017,

Revenue,

Refunding,

5.00%,

11/15/2035

$

70,000

$

72,439

DuPage

County

School

District

No.

58

Downers

Grove,

Series

2022,

G.O.

Unlimited,

5.00%,

12/15/2037

175,000

194,765

5.25%,

12/15/2038

105,000

117,900

Illinois

Finance

Authority

Clean

Water

Initiative

Revolving

Fund,

Series

2017,

Revenue,

5.00%,

7/1/2029

100,000

102,513

5.00%,

7/1/2032

130,000

133,080

5.00%,

7/1/2031

40,000

40,974

Illinois

Finance

Authority

Clean

Water

Initiative

Revolving

Fund,

Series

2019,

Revenue,

5.00%,

7/1/2031

60,000

64,988

5.00%,

1/1/2032

80,000

86,462

5.00%,

7/1/2033

60,000

64,589

Illinois

Finance

Authority

Clean

Water

Initiative

Revolving

Fund,

Series

2020,

Revenue,

5.00%,

7/1/2031

35,000

38,952

Illinois

Finance

Authority

University

of

Chicago,

Series

2024B,

Revenue,

Refunding,

5.25%,

4/1/2038

80,000

90,547

Illinois

State

Toll

Highway

Authority

Series

2015B,

Revenue,

5.00%,

1/1/2040

35,000

35,033

Illinois

State

Toll

Highway

Authority

Series

2019B,

Revenue,

Refunding,

5.00%,

1/1/2027

35,000

35,853

Illinois

State

Toll

Highway

Authority

Series

2024A,

Revenue,

Refunding,

5.00%,

1/1/2033

25,000

28,753

5.00%,

1/1/2037

25,000

28,468

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

Series

2021C,

G.O.

Limited,

Refunding,

5.00%,

12/1/2032

50,000

56,279

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

Series

2016A,

G.O.

Unlimited,

Refunding,

5.00%,

12/1/2028

65,000

66,300

5.00%,

12/1/2029

55,000

56,100

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Illinois

-

6.3%

continued

5.00%,

12/1/2031

$

75,000

$

76,378

Sales

Tax

Securitization

Corp.

Series

2018A,

Revenue,

Refunding,

5.00%,

1/1/2032

45,000

46,667

Sales

Tax

Securitization

Corp.

Series

2020A,

Revenue,

Refunding,

5.00%,

1/1/2027

80,000

81,862

Sales

Tax

Securitization

Corp.

Series

2024A,

Revenue,

Refunding,

5.00%,

1/1/2036

100,000

112,128

5.00%,

1/1/2034

40,000

44,944

5.00%,

1/1/2037

25,000

27,527

State

of

Illinois

Series

2016,

G.O.

Unlimited,

4.00%,

6/1/2036

120,000

120,018

5.00%,

11/1/2029

75,000

76,247

State

of

Illinois

Series

2016,

G.O.

Unlimited,

AG

Insured,

4.00%,

1/1/2037

55,000

55,008

State

of

Illinois

Series

2017D,

G.O.

Unlimited,

5.00%,

11/1/2028

55,000

57,050

State

of

Illinois

Series

2019B,

G.O.

Unlimited,

4.00%,

11/1/2036

50,000

49,930

State

of

Illinois

Series

2021A,

G.O.

Unlimited,

5.00%,

3/1/2037

60,000

64,011

State

of

Illinois

Series

2021B,

G.O.

Unlimited,

5.00%,

12/1/2033

30,000

32,909

State

of

Illinois

Series

2022C,

G.O.

Unlimited,

5.00%,

10/1/2038

35,000

37,590

State

of

Illinois

Series

2023B,

G.O.

Unlimited,

5.25%,

5/1/2039

100,000

108,306

State

of

Illinois

Series

2016C,

Revenue,

Refunding,

4.00%,

6/15/2031

45,000

45,106

State

of

Illinois

Series

2024B,

Revenue,

5.00%,

6/15/2038

65,000

71,158

State

of

Illinois

Series

2025A,

Revenue,

5.00%,

6/15/2032

50,000

55,948

State

of

Illinois

Series

2025B,

Revenue,

5.00%,

6/15/2038

100,000

110,453

5.00%,

6/15/2039

75,000

82,265

3,433,407

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

64

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Indiana

-

2

.7

%

Allen

County

Building

Corp.

Lease

Rent,

Series

2024,

Revenue,

State

Aid

Intercept,

5.00%,

7/15/2039

$

75,000

$

83,035

5.00%,

7/15/2040

50,000

54,719

Crown

Point

Multi

School

Building

Corp.

First

Mortgage,

Series

2021,

Revenue,

State

Aid

Intercept,

5.00%,

7/15/2031

60,000

66,619

5.00%,

7/15/2032

50,000

55,248

5.00%,

7/15/2035

55,000

59,899

East

Allen

Multi

School

Building

Corp.

First

Mortgage,

Series

2025,

Revenue,

State

Aid

Intercept,

5.00%,

7/15/2040

35,000

38,044

Indiana

Finance

Authority

State

Revolving

Fund,

Series

2018A,

Revenue,

5.00%,

2/1/2027

50,000

51,359

5.00%,

2/1/2029

25,000

26,270

5.00%,

2/1/2033

55,000

57,592

5.00%,

2/1/2032

35,000

36,742

5.00%,

2/1/2026

35,000

35,069

Indiana

Finance

Authority

State

Revolving

Fund,

Series

2024B,

Revenue,

5.00%,

2/1/2039

25,000

28,270

Indianapolis

Local

Public

Improvement

Bond

Bank

Courthouse

and

Jail

Project,

Series

2019A,

Revenue,

5.00%,

2/1/2030

25,000

26,730

Indianapolis

Local

Public

Improvement

Bond

Bank

Series

2021A,

Revenue,

Refunding,

AG

Insured,

4.00%,

6/1/2039

35,000

35,411

Indianapolis

Local

Public

Improvement

Bond

Bank

Unlimited

AD

Valorem

Property

Tax

Suported

Project,

Series

2025C,

Revenue,

Refunding,

5.00%,

1/15/2039

25,000

28,174

IPS

Multi-School

Building

Corp.

First

Mortgage,

Series

2024,

Revenue,

State

Aid

Intercept,

5.00%,

7/15/2038

25,000

27,609

5.00%,

7/15/2039

80,000

88,387

5.00%,

7/15/2040

40,000

43,810

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Indiana

-

2.7%

continued

Merrillville

Multi

School

Building

Corp.

Merrillville

Community

School

Corp.,

Series

2022,

Revenue,

State

Aid

Intercept,

5.00%,

7/15/2038

$

140,000

$

153,482

5.00%,

7/15/2034

45,000

50,582

5.00%,

7/15/2037

75,000

82,970

5.00%,

7/15/2039

75,000

81,815

Purdue

University

Series

2025A,

Revenue,

Refunding,

5.00%,

7/1/2036

60,000

69,819

Westfield-Washington

Multi-

School

Building

Corp.

Westfield-Washington

Schools,

Series

2024A,

Revenue,

BAM

Insured,

5.00%,

7/15/2036

55,000

62,676

5.25%,

7/15/2040

75,000

84,093

1,428,424

Iowa

-

1

.4

%

Iowa

Finance

Authority

State

Revolving

Fund,

Series

2019A,

Revenue,

Refunding,

5.00%,

8/1/2029

95,000

101,098

5.00%,

8/1/2032

85,000

90,212

5.00%,

8/1/2031

95,000

100,967

Iowa

Finance

Authority

State

Revolving

Fund,

Series

2020A,

Revenue,

5.00%,

8/1/2034

45,000

49,466

Iowa

Finance

Authority

State

Revolving

Fund,

Series

2021A,

Revenue,

5.00%,

8/1/2036

105,000

116,675

5.00%,

8/1/2037

50,000

55,228

Iowa

Finance

Authority

State

Revolving

Fund,

Series

2023A,

Revenue,

Refunding,

5.00%,

8/1/2040

25,000

27,688

Iowa

Finance

Authority

Midwestern

Disaster

Area

Iowa

Fertilizer

Co.

Project,

Series

2022,

Revenue,

Mandatory

Put,

5.00%,

12/1/2050

(a)(c)

90,000

103,480

State

of

Iowa

Series

2019A,

Revenue,

Refunding,

5.00%,

6/1/2034

90,000

96,151

740,965

Kansas

-

0

.6

%

County

of

Johnson

Internal

Improvement,

Series

2018A,

G.O.

Unlimited,

5.00%,

9/1/2028

95,000

98,968

NORTHERN

FUNDS

ANNUAL

REPORT

65

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Kansas

-

0.6%

continued

Sedgwick

County

Unified

School

District

No.

266

Maize

Series

2019A,

G.O.

Unlimited,

4.00%,

9/1/2032

$

25,000

$

25,464

State

of

Kansas

Department

of

Transportation,

Series

2018A,

Revenue,

5.00%,

9/1/2031

90,000

93,587

State

of

Kansas

Department

of

Transportation,

Series

2025A,

Revenue,

Refunding,

5.00%,

9/1/2033

30,000

34,807

5.00%,

9/1/2034

80,000

93,715

346,541

Kentucky

-

1

.3

%

Kentucky

Municipal

Power

Agency

Power

System,

Series

2015A,

Revenue,

Refunding,

NATL

Insured,

4.00%,

9/1/2039

75,000

74,997

Kentucky

Public

Energy

Authority

Gas

Supply,

Series

2024B,

Revenue,

Refunding,

Mandatory

Put,

5.00%,

1/1/2055

(a)(b)

205,000

220,527

Kentucky

Public

Energy

Authority

Gas

Supply,

Series

2025C,

Revenue,

Refunding,

5.00%,

5/1/2036

125,000

132,755

Kentucky

State

Property

&

Buildings

Commission

Project

No.

132,

Series

A,

Revenue,

5.00%,

4/1/2028

40,000

42,132

Kentucky

State

Property

&

Buildings

Commission

Project

No.

112,

Series

B,

Revenue,

Refunding,

State

Appropriation,

5.00%,

11/1/2028

40,000

40,824

Kentucky

Turnpike

Authority

Economic

Development

Road

Revitalization

Projects,

Series

2022A,

Revenue,

Refunding,

5.00%,

7/1/2031

50,000

56,060

Louisville

&

Jefferson

County

Metropolitan

Sewer

District

Sewer

&

Drainage

System,

Series

2023C,

Revenue,

Refunding,

5.00%,

5/15/2038

25,000

28,028

University

of

Kentucky

Series

2018A,

Revenue,

State

Aid

Intercept,

3.00%,

10/1/2035

50,000

48,398

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Kentucky

-

1.3%

continued

University

of

Kentucky

Series

2024B,

Revenue,

State

Aid

Intercept,

5.00%,

4/1/2037

$

75,000

$

83,879

727,600

Louisiana

-

1

.3

%

Jefferson

Sales

Tax

District

Series

2019B,

Revenue,

AG

Insured,

5.00%,

12/1/2030

35,000

38,061

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Louisiana

Insurance

Guaranty

Association,

Series

2022B,

Revenue,

5.00%,

8/15/2037

140,000

143,030

Louisiana

Stadium

&

Exposition

District

Series

2023A,

Revenue,

Refunding,

5.00%,

7/1/2040

50,000

54,144

Louisiana

State

Citizens

Property

Insurance

Corp.

Series

2016A,

Revenue,

Refunding,

5.00%,

6/1/2026

80,000

80,811

State

of

Louisiana

Series

2016A,

G.O.

Unlimited,

5.00%,

9/1/2027

55,000

55,845

State

of

Louisiana

Series

2016B,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2026

10,000

10,140

State

of

Louisiana

Series

2022A,

G.O.

Unlimited,

5.00%,

4/1/2036

55,000

61,188

State

of

Louisiana

Series

2023A,

G.O.

Unlimited,

5.00%,

4/1/2036

50,000

56,712

State

of

Louisiana

Series

2024A,

G.O.

Unlimited,

5.00%,

5/1/2036

30,000

34,512

State

of

Louisiana

Series

2025B,

G.O.

Unlimited,

5.00%,

6/1/2030

25,000

27,665

State

of

Louisiana

Garvee,

Series

2023,

Revenue,

5.00%,

9/1/2034

75,000

86,469

648,577

Maine

-

0

.2

%

State

of

Maine

Series

2019B,

G.O.

Unlimited,

5.00%,

6/1/2027

40,000

41,421

State

of

Maine

Series

2020B,

G.O.

Unlimited,

5.00%,

6/1/2026

25,000

25,257

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

66

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Maine

-

0.2%

continued

5.00%,

6/1/2027

$

40,000

$

41,421

108,099

Maryland

-

0

.8

%

State

of

Maryland

Series

2021A,

G.O.

Unlimited,

5.00%,

3/1/2035

145,000

160,135

State

of

Maryland

Series

A2,

G.O.

Unlimited,

5.00%,

8/1/2028

30,000

31,951

State

of

Maryland

Department

of

Transportation,

Series

2018,

Revenue,

5.00%,

10/1/2026

45,000

45,846

State

of

Maryland

Department

of

Transportation,

Series

2020,

Revenue,

5.00%,

10/1/2032

25,000

27,685

State

of

Maryland

Department

of

Transportation,

Series

2021A,

Revenue,

3.00%,

10/1/2035

25,000

24,550

State

of

Maryland

Department

of

Transportation,

Series

2025B,

Revenue,

5.00%,

10/1/2034

125,000

144,130

434,297

Massachusetts

-

0

.5

%

Commonwealth

of

Massachusetts

Series

2019D,

G.O.

Limited,

3.00%,

5/1/2036

25,000

24,649

Commonwealth

of

Massachusetts

Series

2020B,

G.O.

Limited,

Refunding,

5.00%,

7/1/2033

20,000

21,972

Commonwealth

of

Massachusetts

Accelerated

Bridge

Program,

Series

2016A,

Revenue,

5.00%,

6/15/2027

15,000

15,152

Massachusetts

Development

Finance

Agency

Northeastern

Univrsity

Issue,

Series

2024A,

Revenue,

Refunding,

5.00%,

10/1/2038

50,000

57,008

Massachusetts

Development

Finance

Agency

Amherst

College

Issue,

Series

2025A,

Revenue,

Mandatory

Put,

5.00%,

11/1/2055

(a)(b)

25,000

29,510

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Massachusetts

-

0.5%

continued

Massachusetts

Development

Finance

Agency

Brandeis

University

Issue,

Series

2025T2,

Revenue,

Mandatory

Put,

5.00%,

10/1/2055

(a)(b)

$

50,000

$

56,989

State

of

Massachusetts

Series

C,

G.O.

Limited,

Refunding,

5.00%,

10/1/2026

45,000

45,846

251,126

Michigan

-

1

.2

%

Great

Lakes

Water

Authority

Water

Supply

System,

Series

2024A,

Revenue,

Refunding,

5.00%,

7/1/2034

130,000

150,691

Green

Lake

Township

Economic

Development

Corp.

Interlochen

Center

for

the

Arts

Project,

Series

2004,

Revenue,

Refunding,

PNC

Bank

NA,

Daily

VRDN

and

Put,

2.55%,

6/1/2034

(a)(b)

100,000

100,000

Michigan

Finance

Authority

Clean

Water

Revolving

Fund,

Series

2016B,

Revenue,

Refunding,

5.00%,

10/1/2027

40,000

40,686

Michigan

Finance

Authority

State

Revolving

Fund

Program,

Series

2024A,

Revenue,

5.00%,

10/1/2037

30,000

34,477

Michigan

State

Building

Authority

Series

2016I,

Revenue,

Refunding,

5.00%,

10/15/2031

65,000

66,226

5.00%,

4/15/2027

40,000

40,730

Michigan

State

University

Series

2023A,

Revenue,

Refunding,

5.00%,

8/15/2037

75,000

84,012

State

of

Michigan

Garvee,

Series

2016,

Revenue,

Refunding,

5.00%,

3/15/2027

25,000

25,706

State

of

Michigan

Trunk

Line,

Series

2020B,

Revenue,

4.00%,

11/15/2038

75,000

77,056

619,584

Minnesota

-

1

.2

%

County

of

Hennepin

Series

2016B,

G.O.

Unlimited,

5.00%,

12/1/2034

50,000

50,914

NORTHERN

FUNDS

ANNUAL

REPORT

67

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Minnesota

-

1.2%

continued

Rosemount

Independent

School

District

No.

196

Series

2023A,

G.O.

Unlimited,

School

District

Credit

Enhancement

Program,

5.00%,

2/1/2035

$

25,000

$

28,079

State

of

Minnesota

State

Office

Building

Project,

Series

2023,

Certificate

of

Participation,

5.00%,

11/1/2033

35,000

40,787

State

of

Minnesota

Series

2017A,

G.O.

Unlimited,

5.00%,

10/1/2028

55,000

57,457

State

of

Minnesota

Series

2020A,

G.O.

Unlimited,

5.00%,

8/1/2034

40,000

44,046

5.00%,

8/1/2035

80,000

87,722

5.00%,

8/1/2032

15,000

16,623

5.00%,

8/1/2033

65,000

71,806

State

of

Minnesota

Series

2021A,

G.O.

Unlimited,

5.00%,

9/1/2032

55,000

62,211

State

of

Minnesota

Series

2022A,

G.O.

Unlimited,

5.00%,

8/1/2030

50,000

55,538

State

of

Minnesota

Series

2024B,

G.O.

Unlimited,

5.00%,

8/1/2032

35,000

40,219

State

of

Minnesota

Series

2025D,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2034

50,000

58,692

614,094

Mississippi

-

0

.4

%

State

of

Mississippi

Series

2016B,

G.O.

Unlimited,

5.00%,

12/1/2036

(c)

45,000

46,068

5.00%,

12/1/2033

(c)

65,000

66,542

State

of

Mississippi

Series

2017A,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2026

65,000

66,212

State

of

Mississippi

Gaming,

Series

2019A,

Revenue,

5.00%,

10/15/2032

50,000

52,731

231,553

Missouri

-

0

.6

%

Jackson

County

Reorganized

School

District

No.

7

Lees

Summit

Series

2020,

G.O.

Unlimited,

Refunding,

4.00%,

3/1/2030

35,000

36,584

4.00%,

3/1/2031

45,000

46,995

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Missouri

-

0.6%

continued

Jackson

County

School

District

No.

4

Blue

Springs

Series

2021A,

G.O.

Unlimited,

State

Aid

Direct

Deposit,

4.00%,

3/1/2038

$

15,000

$

15,301

Missouri

Highway

&

Transportation

Commission

State

Road,

Series

2022A,

Revenue,

4.00%,

5/1/2033

25,000

27,273

Missouri

Joint

Municipal

Electric

Utility

Commission

Prairie

State

Project,

Series

2025,

Revenue,

Refunding,

5.00%,

12/1/2028

90,000

95,939

5.00%,

12/1/2029

15,000

16,334

5.00%,

12/1/2026

35,000

35,705

St.

Louis

Board

of

Education

Series

2023,

G.O.

Unlimited,

AG

Insured,

5.00%,

4/1/2037

25,000

27,600

St.

Louis

Community

College

District

Series

2024,

Certificate

of

Participation,

5.00%,

4/1/2035

65,000

74,272

376,003

Nebraska

-

0

.4

%

Central

Plains

Energy

Project

Gas

Supply,

Series

2025A1,

Revenue,

Refunding,

Mandatory

Put,

5.00%,

8/1/2055

(a)(b)

100,000

106,561

City

of

Lincoln

Electric

System,

Series

2015A,

Revenue,

Refunding,

3.50%,

9/1/2036

25,000

25,000

City

of

Lincoln

Electric

System,

Series

2018,

Revenue,

5.00%,

9/1/2027

35,000

35,982

Omaha

Public

Power

District

Electric,

Series

2018A,

Revenue,

5.00%,

2/1/2034

35,000

36,566

204,109

Nevada

-

4

.3

%

Clark

County

School

District

Building,

Series

2017C,

G.O.

Limited,

Refunding,

5.00%,

6/15/2033

55,000

57,208

5.00%,

6/15/2029

50,000

52,319

5.00%,

6/15/2031

40,000

41,746

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

68

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Nevada

-

4.3%

continued

Clark

County

School

District

Building,

Series

2019B,

G.O.

Limited,

AG

Insured,

5.00%,

6/15/2031

$

170,000

$

183,943

Clark

County

School

District

Building,

Series

2020B,

G.O.

Limited,

BAM

Insured,

5.00%,

6/15/2031

55,000

60,747

Clark

County

School

District

Series

2023A,

G.O.

Limited,

5.00%,

6/15/2036

70,000

78,860

Clark

County

Water

Reclamation

District

Series

2023,

G.O.

Limited,

5.00%,

7/1/2038

30,000

33,604

County

of

Clark

Series

2016B,

G.O.

Limited,

Refunding,

5.00%,

11/1/2028

45,000

45,879

County

of

Clark

Series

2017,

G.O.

Limited,

Refunding,

5.00%,

6/1/2028

55,000

56,940

5.00%,

6/1/2026

35,000

35,352

County

of

Clark

Park

Improvement,

Series

2018,

G.O.

Limited,

4.00%,

12/1/2037

45,000

45,775

5.00%,

12/1/2033

70,000

74,631

County

of

Clark

Stadium

Improvements,

Series

2018A,

G.O.

Limited,

5.00%,

6/1/2031

85,000

89,907

5.00%,

6/1/2032

60,000

63,371

5.00%,

6/1/2030

25,000

26,475

County

of

Clark

Transportation

Improvement,

Series

2018B,

G.O.

Limited,

5.00%,

12/1/2033

100,000

106,616

5.00%,

12/1/2030

50,000

53,554

5.00%,

12/1/2034

100,000

106,255

County

of

Clark

Detention

Center,

Series

2019,

G.O.

Limited,

5.00%,

6/1/2032

60,000

64,728

County

of

Clark

Airport

System,

Series

2019B,

Revenue,

Refunding,

5.00%,

7/1/2032

90,000

96,773

County

of

Clark

Airport

System,

Series

2019D,

Revenue,

Refunding,

5.00%,

7/1/2026

45,000

45,528

5.00%,

7/1/2031

30,000

32,331

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Nevada

-

4.3%

continued

County

of

Clark

Highway

Improvement,

Series

2023,

Revenue,

5.00%,

7/1/2037

$

50,000

$

56,195

5.00%,

7/1/2035

55,000

62,712

County

of

Clark

Airport

System,

Series

2024A,

Revenue,

Refunding,

5.00%,

7/1/2031

105,000

118,013

Las

Vegas

Valley

Water

District

Series

2021A,

G.O.

Limited,

Refunding,

5.00%,

6/1/2029

35,000

37,973

5.00%,

6/1/2028

100,000

105,960

Las

Vegas

Valley

Water

District

Series

2021C,

G.O.

Limited,

Refunding,

5.00%,

6/1/2029

50,000

54,247

Las

Vegas

Valley

Water

District

Series

2022C,

G.O.

Limited,

Refunding,

5.00%,

6/1/2032

30,000

34,275

State

of

Nevada

Series

2023A,

G.O.

Limited,

5.00%,

5/1/2038

80,000

90,242

5.00%,

5/1/2040

65,000

72,032

State

of

Nevada

Highway

Improvement,

Series

2018,

Revenue,

5.00%,

12/1/2031

90,000

95,157

Truckee

Meadows

Water

Authority

Series

2016,

Revenue,

5.00%,

7/1/2033

(c)

25,000

25,303

Truckee

Meadows

Water

Authority

Series

2017,

Revenue,

Refunding,

5.00%,

7/1/2030

85,000

88,077

2,292,728

New

Hampshire

-

0

.1

%

State

of

New

Hampshire

Series

2025B,

G.O.

Unlimited,

Refunding,

5.00%,

11/1/2026

55,000

56,151

New

Jersey

-

0

.9

%

New

Jersey

Economic

Development

Authority

Transit

Transportation

Project,

Series

2020A,

Revenue,

5.00%,

11/1/2030

35,000

37,937

New

Jersey

Economic

Development

Authority

Transit

Transportation

Project,

Series

2022A,

Revenue,

5.00%,

11/1/2031

35,000

39,242

NORTHERN

FUNDS

ANNUAL

REPORT

69

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

New

Jersey

-

0.9%

continued

New

Jersey

Transportation

Trust

Fund

Authority

Fedral

Highway

Reimbursement,

Series

2016A1,

Revenue,

5.00%,

6/15/2029

$

30,000

$

30,277

New

Jersey

Transportation

Trust

Fund

Authority

Fedral

Highway

Reimbursement,

Series

2018A,

Revenue,

Refunding,

4.00%,

12/15/2031

25,000

25,713

5.00%,

6/15/2031

55,000

55,491

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

System,

Series

2023A,

Revenue,

Refunding,

4.25%,

6/15/2040

100,000

101,752

New

Jersey

Transportation

Trust

Fund

Authority

State

of

New

Jersey,

Series

2024A,

Revenue,

Refunding,

5.00%,

6/15/2035

40,000

46,131

5.25%,

6/15/2039

150,000

170,663

507,206

New

Mexico

-

0

.4

%

New

Mexico

Finance

Authority

Department

of

Transportation,

Series

2018A,

Revenue,

Refunding,

5.00%,

6/15/2030

50,000

52,938

New

Mexico

Finance

Authority

Public

Project

Revolving

Fund,

Series

2023B,

Revenue,

5.00%,

6/1/2032

90,000

103,169

5.00%,

6/1/2034

35,000

40,332

196,439

New

York

-

5

.1

%

City

of

New

York

Series

2017A1,

G.O.

Unlimited,

5.00%,

8/1/2033

75,000

75,952

City

of

New

York

Series

2017B,

G.O.

Unlimited,

5.00%,

12/1/2031

70,000

71,496

City

of

New

York

Series

2018C,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2029

60,000

62,771

City

of

New

York

Series

2018E1,

G.O.

Unlimited,

5.00%,

3/1/2032

75,000

78,491

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

New

York

-

5.1%

continued

City

of

New

York

Series

2019E,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2031

$

45,000

$

47,922

5.00%,

8/1/2034

20,000

21,163

City

of

New

York

Series

2021F1,

G.O.

Unlimited,

5.00%,

3/1/2037

50,000

54,125

City

of

New

York

Series

2023-1,

G.O.

Unlimited,

5.00%,

8/1/2032

45,000

51,039

City

of

New

York

Series

2023E1,

G.O.

Unlimited,

5.00%,

4/1/2035

35,000

39,564

5.00%,

4/1/2038

35,000

38,530

City

of

New

York

Series

2024C,

G.O.

Unlimited,

5.00%,

3/1/2037

30,000

33,575

City

of

New

York

Series

2024D,

G.O.

Unlimited,

5.00%,

4/1/2039

25,000

27,658

City

of

New

York

Series

2025E,

G.O.

Unlimited,

5.00%,

8/1/2040

10,000

10,994

Empire

State

Development

Corp.

State

of

New

York,

Series

2021A,

Revenue,

Refunding,

3.00%,

3/15/2040

65,000

58,048

Metropolitan

Transportation

Authority

Series

2017C1,

Revenue,

Refunding,

4.00%,

11/15/2037

100,000

100,087

Metropolitan

Transportation

Authority

Series

B2,

Revenue,

Refunding,

5.00%,

11/15/2029

55,000

56,095

Nassau

County

Interim

Finance

Authority

Sales

Tax,

Series

2024A,

Revenue,

5.00%,

11/15/2029

30,000

33,106

New

York

City

Municipal

Water

Finance

Authority

Water

&

Sewer

System,

Series

2021CC2,

Revenue,

5.00%,

6/15/2028

15,000

15,344

New

York

City

Transitional

Finance

Authority

Series

2021D1,

Revenue,

5.00%,

11/1/2026

45,000

45,915

New

York

City

Transitional

Finance

Authority

Series

2021F1,

Revenue,

Refunding,

5.00%,

11/1/2026

45,000

45,915

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

70

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

New

York

-

5.1%

continued

New

York

City

Transitional

Finance

Authority

Series

2023A1,

Revenue,

5.00%,

8/1/2039

$

60,000

$

65,083

New

York

City

Transitional

Finance

Authority

Series

2024A1,

Revenue,

5.00%,

5/1/2039

100,000

110,169

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2024B,

Revenue,

5.00%,

5/1/2038

25,000

27,910

5.00%,

5/1/2037

65,000

73,252

New

York

City

Transitional

Finance

Authority

Series

2024D1,

Revenue,

Refunding,

5.00%,

11/1/2040

10,000

10,971

New

York

City

Transitional

Finance

Authority

Series

2024G1,

Revenue,

5.00%,

5/1/2037

35,000

39,691

5.00%,

5/1/2039

50,000

55,686

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2025H1,

Revenue,

5.00%,

11/1/2032

45,000

51,370

New

York

State

Dormitory

Authority

Series

2016A,

Revenue,

5.00%,

3/15/2032

100,000

101,618

5.00%,

2/15/2034

65,000

65,812

New

York

State

Dormitory

Authority

Non

State

Supported

Debt,

Series

2018A,

Revenue,

State

Aid

Withholding,

5.00%,

10/1/2032

65,000

66,011

5.00%,

10/1/2033

35,000

35,526

New

York

State

Dormitory

Authority

Sales

Tax,

Series

2018C,

Revenue,

Refunding,

5.00%,

3/15/2035

25,000

26,146

New

York

State

Dormitory

Authority

New

York

University,

Series

2019A,

Revenue,

5.00%,

7/1/2038

40,000

42,386

New

York

State

Dormitory

Authority

Personal

Income

Tax,

Series

2021E,

Revenue,

4.00%,

3/15/2040

15,000

14,966

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

New

York

-

5.1%

continued

New

York

State

Dormitory

Authority

Personal

Income

Tax,

Series

2022A,

Revenue,

Refunding,

4.00%,

3/15/2034

$

60,000

$

62,619

New

York

State

Dormitory

Authority

Non

State

Supported

Debt,

Series

2023A,

Revenue,

AG

Insured,

5.00%,

10/1/2036

90,000

99,387

5.00%,

10/1/2037

100,000

109,945

New

York

State

Environmental

Facilities

Corp.

New

York

City

Water

Finaning

Authority

Project,

Series

2023B,

Revenue,

Refunding,

5.00%,

6/15/2030

15,000

16,740

5.00%,

6/15/2033

40,000

46,921

New

York

State

Environmental

Facilities

Corp.

New

York

City

Water

Finaning

Authority

Project,

Series

2024A,

Revenue,

Refunding,

5.00%,

6/15/2037

30,000

34,592

New

York

State

Thruway

Authority

Series

2019B,

Revenue,

AG

Insured,

4.00%,

1/1/2040

100,000

100,082

New

York

State

Thruway

Authority

Personal

Income

Tax,

Series

2025A,

Revenue,

5.00%,

3/15/2039

95,000

108,343

New

York

Urban

Development

Corp.

Personal

Income

Tax,

Series

2016A,

Revenue,

Refunding,

5.00%,

3/15/2032

25,000

25,102

New

York

Urban

Development

Corp.

Sales

Tax,

Series

2023A,

Revenue,

5.00%,

3/15/2034

50,000

57,943

State

of

New

York

Series

2023B,

G.O.

Unlimited,

5.00%,

3/15/2030

40,000

44,477

Town

of

Hempstead

Series

2025A,

G.O.

Limited,

4.00%,

6/1/2039

15,000

15,801

NORTHERN

FUNDS

ANNUAL

REPORT

71

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

New

York

-

5.1%

continued

Triborough

Bridge

&

Tunnel

Authority

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

Revenue,

Series

2023A,

Revenue,

Refunding,

5.00%,

11/15/2026

$

35,000

$

35,770

Triborough

Bridge

&

Tunnel

Authority

Series

2023B1,

Revenue,

5.00%,

11/15/2039

50,000

55,688

5.00%,

11/15/2040

50,000

55,197

Trust

for

Cultural

Resources

of

The

City

of

New

York

(The)

Museum

of

Modern

Art

(The),

Series

2016E1,

Revenue,

Refunding,

4.00%,

4/1/2031

80,000

80,961

Utility

Debt

Securitization

Authority

Series

2023TE1,

Revenue,

Refunding,

5.00%,

6/15/2028

70,000

70,767

2,774,722

North

Carolina

-

1

.0

%

County

of

Mecklenburg

Public

Improvement,

Series

2016B,

G.O.

Unlimited,

5.00%,

12/1/2027

65,000

66,499

County

of

Mecklenburg

Public

Improvement,

Series

2017A,

G.O.

Unlimited,

3.00%,

4/1/2036

30,000

29,321

3.00%,

4/1/2037

40,000

38,556

County

of

Union

Enterprise

System,

Series

2021,

Revenue,

3.00%,

6/1/2037

20,000

19,194

County

of

Wake

Series

2021,

G.O.

Unlimited,

Refunding,

5.00%,

4/1/2028

25,000

26,417

County

of

Wake

Series

2023A,

G.O.

Unlimited,

Refunding,

5.00%,

5/1/2031

80,000

90,339

North

Carolina

Capital

Facilities

Finance

Agency

Duke

University,

Series

2016B,

Revenue,

Refunding,

5.00%,

10/1/2026

45,000

45,846

North

Carolina

Turnpike

Authority

Triangle

Expressway,

Series

2018A,

Revenue,

Refunding,

4.00%,

1/1/2033

80,000

81,886

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

North

Carolina

-

1.0%

continued

State

of

North

Carolina

Turnpike

Authority,

Series

2018,

Revenue,

Refunding,

5.00%,

1/1/2040

$

35,000

$

36,100

State

of

North

Carolina

Series

2019A,

Revenue,

4.00%,

5/1/2033

20,000

20,753

State

of

North

Carolina

Garvee,

Series

2021,

Revenue,

5.00%,

3/1/2033

100,000

111,061

565,972

North

Dakota

-

0

.3

%

North

Dakota

Public

Finance

Authority

State

Revolving

Fund

Program,

Series

2024A,

Revenue,

Refunding,

5.00%,

10/1/2031

105,000

119,318

5.00%,

10/1/2032

35,000

40,329

159,647

Ohio

-

1

.7

%

American

Municipal

Power,

Inc.

Prairie

State

Energy

Campus,

Series

2021A,

Revenue,

Refunding,

5.00%,

2/15/2033

30,000

32,535

Cincinnati

School

District

Classroom

Construction

&

Improvement,

Series

2006,

G.O.

Unlimited,

Refunding,

NATL

Insured,

5.25%,

12/1/2026

35,000

35,880

City

of

Columbus

Various

Purpose,

Series

2022A,

G.O.

Unlimited,

5.00%,

4/1/2035

30,000

33,872

County

of

Hamilton

Sales

Tax,

Series

2016A,

Revenue,

Refunding,

5.00%,

12/1/2029

65,000

66,479

Ohio

Higher

Educational

Facility

Commission

Case

Western

Reserve

University,

Series

2016,

Revenue,

Refunding,

3.25%,

12/1/2034

25,000

24,835

Ohio

Water

Development

Authority

Water

Pollution

Control,

Series

2020A,

Revenue,

5.00%,

12/1/2033

40,000

43,879

5.00%,

6/1/2033

40,000

43,961

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

72

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Ohio

-

1.7%

continued

Ohio

Water

Development

Authority

Water

Pollution

Control,

Series

2023C,

Revenue,

5.00%,

12/1/2033

$

75,000

$

87,394

Ohio

Water

Development

Authority

Water

Pollution

Control,

Series

2024D,

Revenue,

5.00%,

12/1/2032

40,000

46,273

5.00%,

12/1/2033

75,000

87,755

Ohio

Water

Development

Authority

Water

Pollution

Control,

Series

2025,

Revenue,

5.00%,

12/1/2034

125,000

147,827

State

of

Ohio

Series

2025A,

G.O.

Limited,

5.00%,

5/1/2029

50,000

54,159

State

of

Ohio

Highway

Capital

Improvement,

Series

2016S,

G.O.

Unlimited,

5.00%,

5/1/2026

35,000

35,286

State

of

Ohio

Infrastructure

Improvement,

Series

2017B,

G.O.

Unlimited,

Refunding,

5.00%,

9/1/2028

60,000

64,021

State

of

Ohio

Series

2019A,

G.O.

Unlimited,

5.00%,

6/15/2030

45,000

49,931

State

of

Ohio

Higher

Education,

Series

2021A,

G.O.

Unlimited,

5.00%,

5/1/2032

105,000

117,966

972,053

Oklahoma

-

1

.5

%

Canadian

County

Educational

Facilities

Authority

Mustang

Public

Schools

Project,

Series

2017,

Revenue,

5.00%,

9/1/2028

65,000

65,937

County

of

Oklahoma

Series

2025,

G.O.

Limited,

5.00%,

11/1/2031

50,000

56,643

Grand

River

Dam

Authority

Electric

System,

Series

2023,

Revenue,

5.00%,

6/1/2037

75,000

83,655

Oklahoma

Capitol

Improvement

Authority

State

Highway

Capital

Improvement,

Series

2016,

Revenue,

4.00%,

7/1/2032

100,000

100,621

5.00%,

7/1/2031

20,000

20,174

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Oklahoma

-

1.5%

continued

Oklahoma

County

Finance

Authority

52

Midwest

City-

Del

City

Public

Schools,

Series

2024,

Revenue,

BAM

Insured,

5.00%,

10/1/2035

$

30,000

$

34,499

Oklahoma

State

Turnpike

Authority

Series

2017C,

Revenue,

5.00%,

1/1/2035

115,000

117,464

Oklahoma

State

Turnpike

Authority

Series

2018A,

Revenue,

5.00%,

1/1/2032

55,000

56,318

Oklahoma

State

Turnpike

Authority

Series

2020A,

Revenue,

Refunding,

5.00%,

1/1/2027

70,000

71,735

Oklahoma

State

University

Agricultural

&

Mechanical

Colleges

University,

Series

2020A,

Revenue,

Refunding,

5.00%,

9/1/2029

30,000

32,515

5.00%,

9/1/2031

60,000

66,159

5.00%,

9/1/2032

80,000

87,846

University

of

Oklahoma

Series

2025A,

Revenue,

Refunding,

BAM

Insured,

5.00%,

7/1/2038

25,000

28,304

821,870

Oregon

-

0

.6

%

City

of

Portland

Sewer

System,

Series

2018A,

Revenue,

4.50%,

5/1/2036

20,000

20,067

City

of

Portland

Water

System,

Series

2024A,

Revenue,

Refunding,

5.00%,

5/1/2031

25,000

28,150

Deschutes

Public

Library

District

Series

2021,

G.O.

Unlimited,

4.00%,

6/1/2034

40,000

42,269

Marion

and

Polk

Counties

School

District

No.

24J

Salem

Series

2018,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

6/15/2032

20,000

21,178

Multnomah

County

School

District

No.

1J

Portland,

Series

2023,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

6/15/2033

30,000

34,765

NORTHERN

FUNDS

ANNUAL

REPORT

73

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Oregon

-

0.6%

continued

State

of

Oregon

Article

XI-Q

State

Project,

Series

2021A,

G.O.

Unlimited,

5.00%,

5/1/2033

$

30,000

$

33,523

State

of

Oregon

Department

of

Transportation,

Series

2022A,

Revenue,

5.00%,

11/15/2037

40,000

44,719

State

of

Oregon

Department

of

Transportation,

Series

2023A,

Revenue,

5.00%,

11/15/2038

55,000

61,656

State

of

Oregon

Department

of

Transportation,

Series

2024,

Revenue,

5.00%,

5/15/2035

40,000

46,385

332,712

Pennsylvania

-

3

.5

%

Commonwealth

of

Pennsylvania

Series

2016-

1,

G.O.

Unlimited,

5.00%,

2/1/2026

25,000

25,049

Commonwealth

of

Pennsylvania

Series

2016-

2,

G.O.

Unlimited,

5.00%,

9/15/2029

70,000

71,118

Commonwealth

of

Pennsylvania

Series

2022-

1,

G.O.

Unlimited,

5.00%,

10/1/2032

40,000

45,983

5.00%,

10/1/2026

40,000

40,743

Commonwealth

of

Pennsylvania

Series

2024-

1,

G.O.

Unlimited,

5.00%,

8/15/2039

30,000

33,709

Delaware

Valley

Regional

Finance

Authority

Series

2002,

Revenue,

5.75%,

7/1/2032

30,000

35,182

Delaware

Valley

Regional

Financing

Authority

Series

1998A,

Revenue,

AMBAC

Insured,

5.50%,

8/1/2028

60,000

64,069

Pennsylvania

Higher

Educational

Facilities

Authority

Drexel

University,

Series

2020A,

Revenue,

Refunding,

AG

Insured,

4.00%,

5/1/2040

25,000

25,084

Pennsylvania

Turnpike

Commission

Turnpike,

Series

2016,

Revenue,

Refunding,

5.00%,

12/1/2030

90,000

92,016

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Pennsylvania

-

3.5%

continued

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax,

Series

2016A,

Revenue,

Refunding,

5.00%,

12/1/2029

$

75,000

$

76,701

5.00%,

12/1/2028

55,000

56,254

5.00%,

12/1/2031

75,000

76,561

Pennsylvania

Turnpike

Commission

Turnpike,

Series

2016A3,

Revenue,

Refunding,

5.00%,

12/1/2030

35,000

35,752

Pennsylvania

Turnpike

Commission

Series

2016B,

Revenue,

Refunding,

5.00%,

6/1/2027

35,000

35,331

Pennsylvania

Turnpike

Commission

Turnpike,

Series

2017,

Revenue,

Refunding,

4.00%,

12/1/2036

10,000

10,145

5.00%,

12/1/2032

100,000

104,352

Pennsylvania

Turnpike

Commission

Turnpike,

Series

2017A,

Revenue,

AG

Insured,

4.00%,

12/1/2037

75,000

75,457

Pennsylvania

Turnpike

Commission

Turnpike,

Series

2019A,

Revenue,

5.00%,

12/1/2032

100,000

108,441

Pennsylvania

Turnpike

Commission

Turnpike,

Series

2021B,

Revenue,

4.00%,

12/1/2036

70,000

72,764

Pennsylvania

Turnpike

Commission

Series

2021B,

Revenue,

Refunding,

5.00%,

12/1/2034

20,000

22,196

Pennsylvania

Turnpike

Commission

Turnpike,

Series

2021C,

Revenue,

Refunding,

4.00%,

12/1/2039

30,000

30,744

Pennsylvania

Turnpike

Commission

Oil

Franchise,

Series

A,

Revenue,

Refunding,

5.00%,

12/1/2027

75,000

76,682

Pennsylvania

Turnpike

Commission

Turnpike,

Series

B1,

Revenue,

5.00%,

6/1/2037

100,000

102,580

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

74

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Pennsylvania

-

3.5%

continued

Pennsylvania

Turnpike

Commission

Turnpike,

Series

B2,

Revenue,

Refunding,

AG

Insured,

5.00%,

6/1/2033

$

100,000

$

103,205

Philadelphia

School

District

Series

2019A,

G.O.

Limited,

State

Aid

Withholding,

4.00%,

9/1/2036

55,000

56,231

School

District

of

Philadelphia

(The)

Series

2016F,

G.O.

Limited,

Refunding,

State

Aid

Withholding,

5.00%,

9/1/2033

35,000

35,486

School

District

of

Philadelphia

(The)

Series

2019A,

G.O.

Limited,

State

Aid

Withholding,

4.00%,

9/1/2039

65,000

65,493

Southeastern

Pennsylvania

Transportation

Authority

Asset

Improvement

Program,

Series

2022,

Revenue,

5.00%,

6/1/2038

100,000

110,061

5.25%,

6/1/2040

75,000

82,551

5.25%,

6/1/2039

20,000

22,208

Westmoreland

County

Municipal

Authority

Series

2025A,

Revenue,

Refunding,

BAM

Insured,

5.00%,

8/15/2039

100,000

112,045

1,904,193

Rhode

Island

-

0

.5

%

Rhode

Island

Commerce

Corp.

State

of

Rhode

Island,

Series

2016B,

Revenue,

5.00%,

6/15/2029

15,000

15,134

5.00%,

6/15/2031

15,000

15,141

Rhode

Island

Commerce

Corp.

Garvee,

Series

2020A,

Revenue,

5.00%,

5/15/2032

100,000

109,294

Rhode

Island

Commerce

Corp.

Series

2024A,

Revenue,

5.00%,

5/15/2035

80,000

91,940

State

of

Rhode

Island

Series

2022A,

G.O.

Unlimited,

5.00%,

8/1/2037

25,000

27,772

259,281

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

South

Carolina

-

0

.4

%

Greenville

County

School

District

School

Project,

Series

2023,

Revenue,

Refunding,

5.00%,

12/1/2026

$

50,000

$

51,140

Lancaster

County

School

District

Series

2017,

G.O.

Unlimited,

State

School

District

Credit

Enhancement

Program,

3.25%,

3/1/2032

80,000

80,120

South

Carolina

Public

Service

Authority

Series

2016A,

Revenue,

Refunding,

5.00%,

12/1/2037

80,000

80,506

5.00%,

12/1/2038

45,000

45,260

257,026

Tennessee

-

1

.4

%

City

of

Knoxville

Wastewater

System,

Series

2021A,

Revenue,

Refunding,

5.00%,

4/1/2031

75,000

84,487

County

of

Blount

Series

2016B,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2029

25,000

25,227

County

of

Hamilton

Series

2018A,

G.O.

Unlimited,

5.00%,

4/1/2028

80,000

84,550

5.00%,

4/1/2031

95,000

100,245

5.00%,

4/1/2029

45,000

47,498

County

of

Hamilton

Series

2024A,

G.O.

Unlimited,

5.00%,

8/1/2040

40,000

44,888

Metropolitan

Government

of

Nashville

&

Davidson

County

Series

2016,

G.O.

Unlimited,

Refunding,

5.00%,

1/1/2027

20,000

20,231

5.00%,

1/1/2028

75,000

75,858

Metropolitan

Government

of

Nashville

&

Davidson

County

Series

2018,

G.O.

Unlimited,

5.00%,

7/1/2026

55,000

55,683

Metropolitan

Government

of

Nashville

&

Davidson

County

Series

2022A,

G.O.

Unlimited,

5.00%,

1/1/2027

55,000

56,378

Metropolitan

Government

of

Nashville

&

Davidson

County

Water

&

Sewer,

Series

2025,

Revenue,

Refunding,

5.00%,

7/1/2030

60,000

66,484

NORTHERN

FUNDS

ANNUAL

REPORT

75

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Tennessee

-

1.4%

continued

Tennessee

Energy

Acquisition

Corp.

Gas

Project,

Series

2023A1,

Revenue,

Refunding,

Mandatory

Put,

5.00%,

5/1/2053

(a)(b)

$

30,000

$

30,843

Tennessee

State

School

Bond

Authority

Higher

Education

Facilities

Project,

Series

B,

Revenue,

Refunding,

State

Aid

Intercept,

5.00%,

11/1/2026

30,000

30,610

722,982

Texas

-

17

.0

%

Alamo

Community

College

District

Series

2017,

G.O.

Limited,

Refunding,

5.00%,

8/15/2027

50,000

51,998

Alamo

Community

College

District

Series

2025,

G.O.

Limited,

Refunding,

5.00%,

8/15/2026

50,000

50,756

Aldine

Independent

School

District

Series

2017A,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2027

70,000

71,971

5.00%,

2/15/2031

25,000

25,678

Aldine

Independent

School

District

Series

2024A,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2037

50,000

56,755

Aldine

Independent

School

District

Series

2024B,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2027

90,000

92,534

5.00%,

2/15/2040

30,000

33,124

Austin

Independent

School

District

School

Building,

Series

2019,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/1/2027

60,000

62,292

5.00%,

8/1/2028

25,000

26,586

Austin

Independent

School

District

School

Building,

Series

2049,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/1/2030

25,000

26,549

Board

of

Regents

of

the

University

of

Texas

System

Series

2017B,

Revenue,

5.00%,

8/15/2027

40,000

41,617

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

17.0%

continued

Board

of

Regents

of

the

University

of

Texas

System

Series

2019A,

Revenue,

Refunding,

5.00%,

8/15/2032

$

45,000

$

48,612

City

of

Austin

Public

Improvement,

Series

2024,

G.O.

Limited,

Refunding,

5.00%,

9/1/2032

50,000

57,057

City

of

Austin

Series

2025,

G.O.

Limited,

5.00%,

9/1/2032

50,000

57,057

5.00%,

9/1/2038

50,000

57,211

City

of

Austin

Water

&

Wastewater

System,

Series

2024,

Revenue,

Refunding,

5.00%,

11/15/2033

55,000

63,647

City

of

Dallas

Series

2019A,

G.O.

Limited,

Refunding,

5.00%,

2/15/2032

100,000

106,851

5.00%,

2/15/2027

95,000

97,600

5.00%,

2/15/2031

85,000

91,072

City

of

Dallas

Series

2023A,

G.O.

Limited,

Refunding,

5.00%,

2/15/2033

35,000

40,036

5.00%,

2/15/2035

30,000

33,945

City

of

Dallas

Series

2024B,

G.O.

Limited,

Refunding,

5.00%,

2/15/2032

25,000

28,265

City

of

Dallas

Series

2024C,

G.O.

Limited,

Refunding,

5.00%,

2/15/2028

75,000

78,756

City

of

Denton

Series

2024,

G.O.

Limited,

5.00%,

2/15/2039

50,000

55,444

City

of

Denton

Utility

System,

Series

2017,

Revenue,

5.00%,

12/1/2030

65,000

66,371

5.00%,

12/1/2031

105,000

107,163

5.00%,

12/1/2033

100,000

101,934

City

of

Houston

Series

2019A,

G.O.

Limited,

Refunding,

5.00%,

3/1/2031

50,000

53,693

City

of

Houston

Series

2023A,

G.O.

Limited,

Refunding,

5.00%,

3/1/2033

75,000

85,732

City

of

Houston

Combined

Utility

System,

Series

2002C,

Revenue,

Refunding,

4.00%,

11/15/2039

25,000

25,276

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

76

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

17.0%

continued

City

of

Houston

Combined

Utility

System,

Series

2016B,

Revenue,

Refunding,

5.00%,

11/15/2026

$

80,000

$

81,698

5.00%,

11/15/2029

90,000

91,846

City

of

Houston

Airport

System,

Series

2018B,

Revenue,

Refunding,

5.00%,

7/1/2026

30,000

30,342

City

of

Houston

Airport

System,

Series

2020B,

Revenue,

Refunding,

5.00%,

7/1/2030

60,000

66,158

City

of

Houston

Combined

Utility

System,

Series

2020C,

Revenue,

Refunding,

5.00%,

11/15/2032

60,000

66,349

City

of

San

Antonio

Series

2024,

G.O.

Limited,

5.00%,

2/1/2035

45,000

51,670

City

of

San

Antonio

Independent

School

District,

Series

2015,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

4.00%,

2/15/2040

30,000

30,005

City

of

San

Antonio

Independent

School

District,

Series

2019,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2030

60,000

63,785

City

of

San

Antonio

Independent

School

District,

Series

2025,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2028

35,000

37,207

City

of

San

Antonio

Electric

&

Gas

Systems,

Series

2016,

Revenue,

Refunding,

4.00%,

2/1/2034

75,000

75,256

5.00%,

2/1/2029

15,000

15,204

5.00%,

2/1/2027

110,000

111,481

City

of

San

Antonio

Water

System,

Series

2016C,

Revenue,

Refunding,

5.00%,

5/15/2031

40,000

40,768

City

of

San

Antonio

Water

System,

Series

2020A,

Revenue,

Refunding,

5.00%,

5/15/2028

40,000

42,321

5.00%,

5/15/2031

50,000

54,931

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

17.0%

continued

City

of

San

Antonio

Electric

&

Gas

Systems,

Series

2023A,

Revenue,

Refunding,

5.00%,

2/1/2036

$

85,000

$

96,188

Clear

Creek

Independent

School

District

School

Building,

Series

2025,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2034

25,000

29,044

Collin

County

Community

College

District

Series

2020A,

G.O.

Limited,

5.00%,

8/15/2031

95,000

102,846

Collin

County

Community

College

District

Series

2024,

Revenue,

5.00%,

8/15/2040

55,000

60,312

Conroe

Independent

School

District

Series

2024,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2038

100,000

112,669

5.00%,

2/15/2039

25,000

28,006

Corpus

Christi

Independent

School

District

Series

2019,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2030

25,000

26,636

5.00%,

8/15/2028

45,000

47,838

County

of

Harris

Metropolitan

Transit

Authority,

Series

2016A,

Revenue,

Refunding,

5.00%,

11/1/2026

60,000

61,245

County

of

Harris

Flood

Control

District

Contract,

Series

2017A,

Revenue,

Refunding,

5.00%,

10/1/2034

25,000

25,884

County

of

Harris

Toll

Road,

Series

2018A,

Revenue,

Refunding,

5.00%,

8/15/2028

25,000

26,315

5.00%,

8/15/2033

25,000

26,116

County

of

North

Harris

Regional

Water

Authority,

Series

2016,

Revenue,

Refunding,

5.00%,

12/15/2030

95,000

97,041

5.00%,

12/15/2031

55,000

56,148

5.00%,

12/15/2032

45,000

45,895

County

of

Travis

Series

2019A,

G.O.

Limited,

5.00%,

3/1/2027

100,000

102,858

County

of

Williamson

Series

2020,

G.O.

Unlimited,

5.00%,

2/15/2028

30,000

31,528

5.00%,

2/15/2027

75,000

77,062

NORTHERN

FUNDS

ANNUAL

REPORT

77

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

17.0%

continued

Cypress-Fairbanks

Independent

School

District

Series

2019,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2031

$

30,000

$

32,175

Cypress-Fairbanks

Independent

School

District

Series

2020A,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

4.00%,

2/15/2038

45,000

46,057

Cypress-Fairbanks

Independent

School

District

Series

2022,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2035

70,000

78,346

5.00%,

2/15/2036

35,000

38,955

Cypress-Fairbanks

Independent

School

District

Series

2022A,

G.O.

Unlimited,

PSF

Guaranty,

4.25%,

2/15/2038

25,000

26,130

Cypress-Fairbanks

Independent

School

District

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2033

35,000

40,183

Cypress-Fairbanks

Independent

School

District

Series

2023A,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2039

95,000

105,302

Dallas

County

Community

College

Series

2023,

G.O.

Limited,

5.00%,

2/15/2027

45,000

46,217

Dallas

Fort

Worth

International

Airport

Series

2020B,

Revenue,

Refunding,

5.00%,

11/1/2031

40,000

44,227

Dallas

Fort

Worth

International

Airport

Series

2022B,

Revenue,

Refunding,

5.00%,

11/1/2037

85,000

94,021

Dallas

Fort

Worth

International

Airport

Series

2023B,

Revenue,

Refunding,

5.00%,

11/1/2035

65,000

73,898

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

17.0%

continued

Dallas

Independent

School

District

Series

2021A,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2027

$

70,000

$

71,971

Dallas

Independent

School

District

Series

2023,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2031

75,000

83,832

5.00%,

2/15/2033

25,000

28,267

Dallas

Independent

School

District

Series

2025B,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2027

85,000

87,393

Dallas

Independent

School

District

Series

2025C,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2027

55,000

56,549

Dallas

Waterworks

&

Sewer

System

Waterworks

&

Sewer

System,

Series

2020C,

Revenue,

Refunding,

5.00%,

10/1/2032

25,000

27,615

El

Paso

Independent

School

District

School

Building,

Series

2019,

G.O.

Unlimited,

PSF

Guaranty,

4.00%,

8/15/2035

75,000

76,381

Forney

Independent

School

District

School

Building,

Series

2022B,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/15/2036

50,000

54,957

5.00%,

8/15/2035

15,000

16,582

Fort

Bend

Independent

School

District

Series

2019B,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2029

35,000

36,794

Galveston

Independent

School

District

Series

2022,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/1/2035

60,000

64,991

5.00%,

2/1/2036

50,000

53,910

Gregory-Portland

Independent

School

District

Series

2025,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2028

40,000

42,046

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

78

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

17.0%

continued

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Thermal

Utility

Teco

Project,

Series

2017,

Revenue,

Refunding,

5.00%,

11/15/2033

$

30,000

$

31,104

Harris

County

Flood

Control

District

Series

2022A,

G.O.

Limited,

Refunding,

5.25%,

10/1/2037

45,000

50,280

Hurst-Euless-Bedford

Independent

School

District

Series

2024,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/15/2039

85,000

95,152

Irving

Independent

School

District

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2040

40,000

43,433

Katy

Independent

School

District

School

Building,

Series

2017,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2039

35,000

35,686

Klein

Independent

School

District

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/1/2034

40,000

45,815

Lewisville

Independent

School

District

Series

2020,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2029

30,000

32,635

5.00%,

8/15/2031

25,000

27,083

5.00%,

8/15/2032

40,000

43,208

Lone

Star

College

System

Series

2016,

G.O.

Limited,

Refunding,

5.00%,

2/15/2028

20,000

20,052

Lone

Start

College

System

Series

2016,

G.O.

Limited,

Refunding,

4.00%,

2/15/2038

35,000

35,019

Lower

Colorado

River

Authority

LCRA

Transmission

Services

Corp.,

Series

2019,

Revenue,

Refunding,

5.00%,

5/15/2037

60,000

61,309

Lower

Colorado

River

Authority

LCRA

Transmission

Services

Corp.,

Series

2021,

Revenue,

Refunding,

5.00%,

5/15/2031

50,000

54,701

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

17.0%

continued

Lower

Colorado

River

Authority

LCRA

Transmission

Services

Corp.,

Series

2022,

Revenue,

Refunding,

5.00%,

5/15/2036

$

95,000

$

103,338

5.00%,

5/15/2037

50,000

54,012

Lower

Colorado

River

Authority

LCRA

Transmission

Services

Corp.,

Series

2023A,

Revenue,

Refunding,

AG

Insured,

5.00%,

5/15/2035

75,000

84,918

5.00%,

5/15/2038

60,000

66,187

Lower

Colorado

River

Authority

Series

2024,

Revenue,

Refunding,

5.00%,

5/15/2039

25,000

27,289

5.00%,

5/15/2038

35,000

38,417

Matagorda

County

Navigation

District

No.

1

AEP

Texas,

Inc.,

Series

2005A,

Revenue,

Refunding,

AMBAC

Insured,

4.40%,

5/1/2030

45,000

46,942

North

Texas

Tollway

Authority

Series

A,

Revenue,

Refunding,

5.00%,

1/1/2032

65,000

66,504

5.00%,

1/1/2035

40,000

40,821

North

Texas

Tollway

Authority

North

Texas

Tollway

System,

Series

B,

Revenue,

Refunding,

5.00%,

1/1/2032

50,000

51,087

Northside

Independent

School

District

Series

2018,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2031

80,000

83,134

Northwest

Independent

School

District

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2036

55,000

61,053

Pecos

Barstow

Toyah

Independent

School

District

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2028

35,000

36,767

5.00%,

2/15/2031

30,000

31,496

Permanent

University

Fund

-

University

of

Texas

System

Series

2025A,

Revenue,

Refunding,

5.00%,

7/1/2027

20,000

20,747

NORTHERN

FUNDS

ANNUAL

REPORT

79

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

17.0%

continued

Pflugerville

Independent

School

District

Series

2023A,

G.O.

Unlimited,

5.00%,

2/15/2034

$

45,000

$

50,330

Plano

Independent

School

District

Series

2023,

G.O.

Unlimited,

5.00%,

2/15/2034

65,000

73,099

Round

Rock

Independent

School

District

Series

2019A,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/1/2031

35,000

37,852

Round

Rock

Independent

School

District

Series

2025B,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/1/2038

95,000

108,744

Spring

Independent

School

District

Series

2025,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2040

75,000

84,189

State

of

Texas

Transportation

Commission,

Series

2016A,

G.O.

Unlimited,

5.00%,

4/1/2027

25,000

25,143

5.00%,

4/1/2030

20,000

20,097

State

of

Texas

Series

2025,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2040

100,000

112,660

State

of

Texas

Series

2025B,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2039

25,000

28,163

State

of

Texas

Series

B,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2029

100,000

104,304

Tarrant

County

College

District

Series

2022,

G.O.

Limited,

5.00%,

8/15/2033

50,000

56,451

5.00%,

8/15/2034

25,000

28,112

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Gas

Supply,

Series

2021,

Revenue,

Refunding,

5.00%,

12/15/2029

90,000

95,411

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

I

Series

2006A,

Revenue,

5.25%,

12/15/2026

70,000

71,480

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Series

2021,

Revenue,

Refunding,

5.00%,

12/15/2032

60,000

64,764

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

17.0%

continued

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

IV

Series

2023B,

Revenue,

Mandatory

Put,

5.50%,

1/1/2054

(a)(b)

$

60,000

$

66,695

Texas

Municipal

Power

Agency

Series

2021,

Revenue,

Refunding,

AG

Insured,

3.00%,

9/1/2039

60,000

53,457

Texas

Public

Finance

Authority

Facilities

Commission,

Series

2019,

Revenue,

Refunding,

5.00%,

2/1/2028

55,000

57,807

Texas

State

Technical

College

Financing

System

Improvement,

Series

2022A,

Revenue,

AG

Insured,

5.25%,

8/1/2034

45,000

51,305

Texas

State

University

System

Series

2017A,

Revenue,

Refunding,

5.00%,

3/15/2031

30,000

30,825

Texas

State

University

System

Series

2024,

Revenue,

Refunding,

5.00%,

3/15/2038

70,000

78,494

Texas

Tech

University

System

Series

2023A,

Revenue,

5.00%,

2/15/2036

25,000

28,073

Texas

Transportation

Commission

Series

2024,

G.O.

Unlimited,

Refunding,

5.00%,

4/1/2027

75,000

77,345

5.00%,

4/1/2039

40,000

44,522

Texas

Transportation

Commission

Central

Turnpike

System,

Series

2024C,

Revenue,

Refunding,

5.00%,

8/15/2037

25,000

28,121

Texas

Transportation

Finance

Corp.

SH

288

System

Toll,

Series

2025A,

Revenue,

Refunding,

5.00%,

10/1/2039

65,000

73,714

Texas

Water

Development

Board

State

Water

Implementation,

Series

2017A,

Revenue,

5.00%,

4/15/2030

30,000

31,238

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

80

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

17.0%

continued

Texas

Water

Development

Board

State

Revolving

Fund,

Series

2018,

Revenue,

5.00%,

8/1/2031

$

50,000

$

51,765

Texas

Water

Development

Board

State

Water

Implementation

Fund,

Series

2018A,

Revenue,

5.00%,

10/15/2029

25,000

26,422

5.00%,

10/15/2031

45,000

47,455

Texas

Water

Development

Board

State

Water

Implementation

Fund,

Series

2018B,

Revenue,

5.00%,

4/15/2030

70,000

74,761

Texas

Water

Development

Board

State

Revolving

Fund,

Series

2019,

Revenue,

5.00%,

8/1/2028

40,000

42,578

5.00%,

8/1/2039

70,000

73,844

Texas

Water

Development

Board

State

Revolving

Fund,

Series

2020,

Revenue,

5.00%,

8/1/2027

75,000

77,888

5.00%,

8/1/2028

50,000

53,223

Texas

Water

Development

Board

State

Revolving

Fund,

Series

2021,

Revenue,

5.00%,

8/1/2032

65,000

73,026

Texas

Water

Development

Board

State

Revolving

Fund,

Series

2022,

Revenue,

5.00%,

8/1/2037

40,000

44,423

Texas

Water

Development

Board

Master

Trust,

Series

2023A,

Revenue,

5.00%,

10/15/2028

35,000

37,433

Tomball

Independent

School

District

Series

2025,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2027

65,000

66,823

Trinity

River

Authority

Regional

Wastewater

System,

Series

2017,

Revenue,

Refunding,

5.00%,

8/1/2030

70,000

72,648

University

of

Houston

Series

2017A,

Revenue,

Refunding,

5.00%,

2/15/2028

20,000

20,058

5.00%,

2/15/2036

25,000

25,055

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

17.0%

continued

University

of

Houston

Series

2020A,

Revenue,

Refunding,

5.00%,

2/15/2027

$

95,000

$

97,621

University

of

Houston

Series

2022A,

Revenue,

Refunding,

5.00%,

2/15/2027

105,000

107,897

5.00%,

2/15/2026

65,000

65,186

5.00%,

2/15/2040

70,000

75,228

University

of

North

Texas

Series

2017A,

Revenue,

Refunding,

5.00%,

4/15/2032

30,000

30,804

9,169,755

Utah

-

1

.4

%

Intermountain

Power

Agency

Power

Supply,

Series

2023A,

Revenue,

5.00%,

7/1/2034

105,000

117,968

5.00%,

7/1/2039

30,000

32,716

State

of

Utah

Series

2020B,

G.O.

Unlimited,

5.00%,

7/1/2028

35,000

37,202

University

of

Utah

Series

2022B,

Revenue,

5.00%,

8/1/2035

60,000

67,498

5.00%,

8/1/2039

35,000

38,428

University

of

Utah

Series

2023A,

Revenue,

5.00%,

8/1/2039

80,000

87,836

Utah

State

Transit

Authority

Series

2006C,

Revenue,

Refunding,

AG

Insured,

5.25%,

6/15/2032

85,000

95,530

Utah

State

Transit

Authority

Series

2016,

Revenue,

Refunding,

3.00%,

12/15/2027

75,000

75,079

Utah

State

Transit

Authority

Series

2025,

Revenue,

Refunding,

5.00%,

12/15/2031

40,000

45,496

Utah

Telecommunication

Open

Infrastructure

Agency

Series

2022,

Revenue,

Refunding,

5.25%,

6/1/2033

75,000

85,751

5.50%,

6/1/2040

25,000

27,919

711,423

Virginia

-

1

.1

%

County

of

Fairfax

Series

2021A,

G.O.

Unlimited,

State

Aid

Withholding,

4.00%,

10/1/2026

25,000

25,283

County

of

Loudoun

Series

2024A,

G.O.

Unlimited,

5.00%,

12/1/2026

35,000

35,807

NORTHERN

FUNDS

ANNUAL

REPORT

81

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Virginia

-

1.1%

continued

Loudoun

County

Economic

Development

Authority

Loudoun

County

Public

Facility,

Series

2020A,

Revenue,

Refunding,

3.00%,

12/1/2036

$

90,000

$

85,313

Virginia

College

Building

Authority

21st

Century

College

Program,

Series

2017C,

Revenue,

3.00%,

2/1/2032

50,000

49,834

Virginia

College

Building

Authority

21st

Century

College

&

Equipment

Project,

Series

2020A,

Revenue,

5.00%,

2/1/2026

45,000

45,088

Virginia

College

Building

Authority

21st

Century

College

Program,

Series

2021A,

Revenue,

4.00%,

2/1/2033

25,000

26,305

Virginia

College

Building

Authority

21st

Century

College

&

Equipment

Project,

Series

2022A,

Revenue,

5.00%,

2/1/2038

30,000

33,016

Virginia

College

Building

Authority

21st

Century

College

&

Equipment

Project,

Series

B,

Revenue,

Refunding,

5.00%,

2/1/2026

25,000

25,049

Virginia

Commonwealth

Transportation

Board

Federal

Highway

Transportation

Grant,

Series

2016,

Revenue,

5.00%,

9/15/2028

40,000

40,641

Virginia

Public

Building

Authority

Public

Facilities,

Series

2020A,

Revenue,

5.00%,

8/1/2034

85,000

93,182

Virginia

Public

Building

Authority

Public

Facilities,

Series

2022A,

Revenue,

4.00%,

8/1/2039

75,000

76,316

5.00%,

8/1/2033

65,000

74,124

609,958

Washington

-

5

.3

%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

Series

2018,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2029

55,000

57,507

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Washington

-

5.3%

continued

Central

Puget

Sound

Regional

Transit

Authority

Central

Puget

Sound

Regional

Transit

Auth

Sales

Motor

Vehicle

&

Rental

Car

Tax,

Series

2016S1,

Revenue,

5.00%,

11/1/2031

$

100,000

$

101,904

City

of

Seattle

Municipal

Light

&

Power,

Series

2017C,

Revenue,

Refunding,

5.00%,

9/1/2030

110,000

114,463

City

of

Seattle

Municipal

Light

&

Power,

Series

2020A,

Revenue,

5.00%,

7/1/2026

115,000

116,429

City

of

Seattle

Municipal

Light

&

Power,

Series

2023A,

Revenue,

Refunding,

5.00%,

3/1/2038

30,000

33,536

City

of

Seattle

Municipal

Light

&

Power,

Series

2025,

Revenue,

Refunding,

5.00%,

2/1/2039

50,000

57,217

Clark

County

School

District

No.

114

Evergreen,

Series

2019,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2030

80,000

86,760

Clark

County

School

District

No.

114

Evergreen,

Series

2020,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2030

50,000

55,310

County

of

King

Series

2017,

G.O.

Limited,

Refunding,

4.00%,

7/1/2031

45,000

45,849

County

of

King

Sewer,

Series

2018B,

Revenue,

5.00%,

7/1/2028

50,000

53,108

County

of

King

Sewer,

Series

2024A,

Revenue,

Refunding,

5.00%,

1/1/2033

55,000

63,169

Energy

Northwest

Bonneville

Power

Administration,

Series

2016A,

Revenue,

Refunding,

5.00%,

7/1/2028

40,000

40,494

Energy

Northwest

Columbia

Generating

Station

Electric,

Series

2019A,

Revenue,

Refunding,

5.00%,

7/1/2035

35,000

37,428

5.00%,

7/1/2036

80,000

85,270

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

82

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Washington

-

5.3%

continued

Energy

Northwest

Columbia

Generating

Station

Electric,

Series

2020A,

Revenue,

Refunding,

5.00%,

7/1/2033

$

25,000

$

27,418

5.00%,

7/1/2039

70,000

74,896

Energy

Northwest

Columbia

Generating

Station

Electric,

Series

2022A,

Revenue,

Refunding,

5.00%,

7/1/2033

30,000

34,122

Energy

Northwest

Columbia

Generating

Station

Electric,

Series

2024A,

Revenue,

Refunding,

5.00%,

7/1/2039

50,000

56,438

King

County

School

District

No.

403

Renton,

Series

2023,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2035

50,000

56,558

King

County

School

District

No.

405

Bellevue,

Series

2016,

G.O.

Unlimited,

Refunding,

School

Bond

Guaranty,

5.00%,

12/1/2026

30,000

30,681

5.00%,

12/1/2030

60,000

61,256

King

County

School

District

No.

411

Issaquah,

Series

2016,

G.O.

Unlimited,

School

Bond

Guaranty,

4.00%,

12/1/2031

65,000

65,310

King

County

School

District

No.

412

Shoreline,

Series

2018,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2031

65,000

69,487

Pierce

County

School

District

No.

3

Puyallup,

Series

2017,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2030

80,000

82,687

5.00%,

12/1/2031

100,000

103,288

Pierce

County

School

District

No.

320

Sumner

Series

2025,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2038

35,000

40,024

Pierce

County

School

District

No.

403

Bethel,

Series

2019,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2032

30,000

32,364

5.00%,

12/1/2035

40,000

42,747

Port

of

Seattle

Series

2024A,

Revenue,

Refunding,

5.00%,

3/1/2028

25,000

26,338

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Washington

-

5.3%

continued

Spokane

County

School

District

No.

356

Central

Valley,

Series

2018,

G.O.

Unlimited,

School

Bond

Guaranty,

4.00%,

12/1/2034

$

90,000

$

91,697

Spokane

County

School

District

No.

81

Spokane,

Series

2019,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2034

40,000

42,871

Spokane

County

School

District

No.

81

Spokane

Series

2021,

G.O.

Unlimited,

Refunding,

School

Bond

Guaranty,

4.00%,

12/1/2028

30,000

31,272

State

of

Washington

Series

2017A,

G.O.

Unlimited,

5.00%,

8/1/2033

40,000

40,486

State

of

Washington

Series

2017D,

G.O.

Unlimited,

5.00%,

2/1/2026

35,000

35,069

5.00%,

2/1/2033

40,000

40,994

State

of

Washington

Series

2018A,

G.O.

Unlimited,

5.00%,

8/1/2029

70,000

72,686

5.00%,

8/1/2038

40,000

41,120

State

of

Washington

Series

2018C,

G.O.

Unlimited,

5.00%,

2/1/2032

110,000

115,403

State

of

Washington

Series

2018V,

G.O.

Unlimited,

5.00%,

2/1/2028

25,000

26,307

State

of

Washington

Series

2019A,

G.O.

Unlimited,

5.00%,

8/1/2036

25,000

26,244

State

of

Washington

Series

2019C,

G.O.

Unlimited,

5.00%,

2/1/2037

55,000

58,061

State

of

Washington

Series

2020A,

G.O.

Unlimited,

5.00%,

8/1/2034

35,000

37,602

State

of

Washington

Series

2020C,

G.O.

Unlimited,

5.00%,

2/1/2028

50,000

52,614

5.00%,

2/1/2032

25,000

27,339

State

of

Washington

Series

2023B,

G.O.

Unlimited,

5.00%,

2/1/2027

100,000

102,728

State

of

Washington

Series

2024A,

G.O.

Unlimited,

5.00%,

8/1/2033

25,000

28,957

State

of

Washington

Series

2024C,

G.O.

Unlimited,

5.00%,

2/1/2027

100,000

102,728

NORTHERN

FUNDS

ANNUAL

REPORT

83

EXCHANGE

TRADED

FUNDS

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Washington

-

5.3%

continued

State

of

Washington

Series

R-2017A,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2033

$

30,000

$

30,364

State

of

Washington

Series

R-2017B,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2033

25,000

25,304

State

of

Washington

Series

R-2024C,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2026

50,000

50,729

2,832,633

West

Virginia

-

1

.4

%

State

of

West

Virginia

Series

2018B,

G.O.

Unlimited,

5.00%,

6/1/2027

80,000

82,797

5.00%,

6/1/2033

95,000

100,243

5.00%,

12/1/2040

15,000

15,526

State

of

West

Virginia

Series

2018D,

G.O.

Unlimited,

5.00%,

6/1/2031

30,000

31,786

State

of

West

Virginia

Series

2019A,

G.O.

Unlimited,

5.00%,

12/1/2030

100,000

108,421

5.00%,

12/1/2031

45,000

48,651

5.00%,

12/1/2032

50,000

53,875

5.00%,

6/1/2033

85,000

91,440

5.00%,

12/1/2033

75,000

80,575

5.00%,

6/1/2035

50,000

53,521

5.00%,

6/1/2034

25,000

26,818

5.00%,

12/1/2036

35,000

37,288

West

Virginia

Commissioner

of

Highways

Surface

Transporation

Improvements,

Series

2017A,

Revenue,

5.00%,

9/1/2028

50,000

51,951

West

Virginia

Parkways

Authority

Series

2021,

Revenue,

5.00%,

6/1/2037

20,000

21,803

804,695

Wisconsin

-

2

.6

%

County

of

Dane

Series

2024A,

G.O.

Unlimited,

4.00%,

6/1/2026

15,000

15,091

State

of

Wisconsin

Series

2016-2,

G.O.

Unlimited,

Refunding,

5.00%,

11/1/2026

25,000

25,207

State

of

Wisconsin

Series

2017-2,

G.O.

Unlimited,

Refunding,

5.00%,

11/1/2026

30,000

30,625

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Wisconsin

-

2.6%

continued

State

of

Wisconsin

Series

2017-3,

G.O.

Unlimited,

Refunding,

5.00%,

11/1/2031

$

50,000

$

51,655

5.00%,

11/1/2030

35,000

36,194

State

of

Wisconsin

Series

2020A,

G.O.

Unlimited,

4.00%,

5/1/2029

70,000

72,176

State

of

Wisconsin

Series

2020B,

G.O.

Unlimited,

5.00%,

5/1/2031

45,000

48,722

5.00%,

5/1/2030

85,000

92,138

State

of

Wisconsin

Series

2021-1,

G.O.

Unlimited,

Refunding,

5.00%,

5/1/2031

85,000

93,852

5.00%,

5/1/2028

30,000

31,750

5.00%,

5/1/2027

55,000

56,844

State

of

Wisconsin

Series

2022A,

G.O.

Unlimited,

5.00%,

5/1/2035

60,000

66,661

5.00%,

5/1/2034

25,000

27,886

State

of

Wisconsin

Series

2023-1,

G.O.

Unlimited,

Refunding,

5.00%,

5/1/2028

55,000

58,208

State

of

Wisconsin

Series

2023B,

G.O.

Unlimited,

5.00%,

5/1/2028

45,000

47,624

State

of

Wisconsin

Series

2024-1,

G.O.

Unlimited,

Refunding,

5.00%,

5/1/2027

65,000

67,179

5.00%,

5/1/2030

50,000

55,325

State

of

Wisconsin

Series

2024C,

G.O.

Unlimited,

5.00%,

5/1/2027

40,000

41,341

State

of

Wisconsin

Series

2025-3,

G.O.

Unlimited,

Refunding,

5.00%,

5/1/2033

100,000

116,033

State

of

Wisconsin

Series

2025B,

G.O.

Unlimited,

5.00%,

5/1/2027

35,000

36,174

State

of

Wisconsin

Transportation,

Series

2017-2,

Revenue,

Refunding,

5.00%,

7/1/2027

65,000

67,371

State

of

Wisconsin

Transportation,

Series

2023-1,

Revenue,

Refunding,

5.00%,

7/1/2034

100,000

115,643

State

of

Wisconsin

Transportation,

Series

2024-2,

Revenue,

Refunding,

5.00%,

7/1/2031

80,000

90,356

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

84

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Wisconsin

-

2.6%

continued

5.00%,

7/1/2032

$

40,000

$

45,889

State

of

Wisconsin

Transportation,

Series

2025-1,

Revenue,

Refunding,

5.00%,

7/1/2027

30,000

31,094

1,421,038

Total

Municipal

Bonds

(Cost

$53,230,017)

53,507,347

Total

Investments

-

98.5%

(Cost

$53,230,017)

53,507,347

Other

assets

less

liabilities

-

1.5%

840,706

NET

ASSETS

-

100.0%

$54,348,053

(a)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

December

31,

2025.

(b)

Maturity

date

represents

the

puttable

date.

(c)

Pre-refunded

security.

Maturity

date

disclosed

is

earliest

of

the

next

put

date

or

final

maturity

date.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

BAM

Build

America

Mutual

ETM

Escrowed

to

Maturity

G.O.

General

Obligation

LCRA

Lower

Colorado

River

Authority

PSF

Permanent

School

Fund

As

of

December

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

of

investments

based

on

the

aggregate

cost

of

investments

(including

derivative

instruments,

if

applicable)

for

federal

income

tax

purposes

was

as

follows:

Aggregate

gross

unrealized

appreciation

$

287,751

Aggregate

gross

unrealized

depreciation

(

10,397

)

Net

unrealized

appreciation

$

277,354

Federal

income

tax

cost

$

53,229,993

Security

Type

%

of

Net

Assets

Municipal

Bonds

98

.5

%

Others

(1)

1

.5

100

.0

%

(1)

Includes

any

other

net

assets/(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

December

31,

2025:

Level

1

(000s)

Level

2

(000s)

Level

3

(000s)

Total

(000s)

Investments

Municipal

Bonds

(1)

$

—

$

53,507

$

—

$

53,507

Total

Investments

$

—

$53,507

$

—

$53,507

(1)

Classifications

as

defined

in

the

Schedule

of

Investments.

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

NORTHERN

FUNDS

ANNUAL

REPORT

85

EXCHANGE

TRADED

FUNDS

SCHEDULE

OF

INVESTMENTS

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98

.5

%

Alabama

-

2

.6

%

Alabama

Corrections

Institution

Finance

Authority

Series

2022A,

Revenue,

5.00%,

7/1/2028

$

65,000

$

68,689

Alabama

Federal

Aid

Highway

Finance

Authority

Series

2025B,

Revenue,

Refunding,

5.00%,

9/1/2026

105,000

106,688

Alabama

Public

School

and

College

Authority

Series

2020A,

Revenue,

Refunding,

5.00%,

11/1/2029

15,000

16,381

5.00%,

11/1/2028

50,000

53,405

Alabama

State

Highway

Authority

Series

2025,

Revenue,

AG

Insured,

5.00%,

9/1/2030

200,000

221,412

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2022C1,

Revenue,

Mandatory

Put,

5.25%,

2/1/2053

(a)(b)

115,000

121,417

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2023A,

Revenue,

Mandatory

Put,

5.25%,

1/1/2054

(a)(b)

65,000

69,787

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2023D1,

Revenue,

Refunding,

Mandatory

Put,

5.50%,

6/1/2049

(a)(b)

125,000

131,879

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2025E,

Revenue,

5.00%,

5/1/2030

110,000

117,505

5.00%,

5/1/2029

150,000

157,724

County

of

Jefferson

Sales

&

Use

Tax,

Series

2017,

Revenue,

Refunding,

5.00%,

9/15/2026

60,000

60,949

Southeast

Energy

Authority

A

Cooperative

District

Project

No.

3,

Series

2022A1,

Revenue,

5.50%,

1/1/2053

(a)(b)

280,000

300,160

Southeast

Energy

Authority

A

Cooperative

District

Project

No.

4,

Series

2022B1,

Revenue,

Mandatory

Put,

5.00%,

5/1/2053

(a)(b)

65,000

67,281

Southeast

Energy

Authority

A

Cooperative

District

Series

2025E,

Revenue,

5.00%,

10/1/2030

40,000

42,973

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Alabama

-

2.6%

continued

Southeast

Energy

Authority

A

Cooperative

District

Gas

Supply,

Series

2025F,

Revenue,

5.25%,

11/1/2030

$

250,000

$

271,555

State

of

Alabama

Series

2016C,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2027

15,000

15,213

1,823,018

Alaska

-

0

.2

%

State

of

Alaska

Series

2024A,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2029

55,000

59,797

State

of

Alaska

Series

2025A,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2026

70,000

71,000

130,797

Arizona

-

1

.0

%

Arizona

Board

of

Regents

University

of

Arizona

(The),

Series

2016,

Revenue,

Refunding,

5.00%,

6/1/2029

95,000

95,896

Arizona

Board

of

Regents

University

of

Arizona

(The),

Series

2025A,

Revenue,

Refunding,

5.00%,

6/1/2029

95,000

102,690

Arizona

Transportation

Board

Highway

Series

2023,

Revenue,

Refunding,

5.00%,

7/1/2026

75,000

75,955

5.00%,

7/1/2029

75,000

81,446

City

of

Phoenix

Civic

Improvement

Corp.

Water

System,

Series

2016,

Revenue,

Refunding,

5.00%,

7/1/2029

20,000

20,236

City

of

Phoenix

Civic

Improvement

Corp.

Airport,

Series

2017D,

Revenue,

Refunding,

5.00%,

7/1/2026

75,000

75,887

Maricopa

County

High

School

District

No.

210

Phoenix,

Series

2024A,

G.O.

Unlimited,

5.00%,

7/1/2026

90,000

91,110

Maricopa

County

Special

Health

Care

District

Integrated

Health

Serivces,

Series

2018C,

G.O.

Unlimited,

5.00%,

7/1/2029

35,000

37,003

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

86

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Arizona

-

1.0%

continued

Salt

River

Project

Agricultural

Improvement

&

Power

District,

Series

2016A,

Revenue,

Refunding,

5.00%,

1/1/2029

$

70,000

$

71,760

Salt

River

Project

Agricultural

Improvement

&

Power

District,

Series

2017A,

Revenue,

Refunding,

5.00%,

1/1/2030

20,000

21,031

Salt

River

Project

Agricultural

Improvement

&

Power

District

Electric

System,

Series

2019A,

Revenue,

5.00%,

1/1/2030

80,000

87,902

760,916

California

-

2

.4

%

Anaheim

Housing

&

Public

Improvements

Authority

Electric

Utility

Distribution

System

Improvements,

Series

2022A,

Revenue,

Refunding,

5.00%,

10/1/2030

100,000

104,695

Anaheim

Public

Financing

Authority

Anahein

Public

Improvements

Project,

Series

2019A,

Revenue,

Refunding,

5.00%,

9/1/2029

20,000

21,688

California

Community

Choice

Financing

Authority

Clean

Energy

Project,

Series

2022A1,

Revenue,

Mandatory

Put,

4.00%,

5/1/2053

(a)(b)

120,000

121,936

California

Community

Choice

Financing

Authority

Clean

Energy

Project,

Series

2023F,

Revenue,

Mandatory

Put,

5.50%,

10/1/2054

(a)(b)

85,000

92,757

California

Community

Choice

Financing

Authority

Clean

Energy

Project,

Series

2023G,

Revenue,

Mandatory

Put,

5.25%,

11/1/2054

(a)(b)

210,000

223,079

California

State

Public

Works

Board

State

of

California,

Series

2017B,

Revenue,

5.00%,

10/1/2029

20,000

20,895

California

State

Public

Works

Board

Various

Capital

Projects,

Series

2021B,

Revenue,

5.00%,

5/1/2030

20,000

22,226

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

California

-

2.4%

continued

Los

Angeles

Department

of

Water

&

Power

Power

System,

Series

2018A,

Revenue,

Refunding,

5.00%,

7/1/2028

$

55,000

$

57,479

Los

Angeles

Department

of

Water

&

Power

Power

System,

Series

2024A,

Revenue,

Refunding,

5.00%,

7/1/2027

110,000

114,045

Los

Angeles

Unified

School

District

Series

2016B,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2027

130,000

131,711

Los

Angeles

Unified

School

District

Series

2020C,

G.O.

Unlimited,

5.00%,

7/1/2029

50,000

55,007

Los

Angeles

Unified

School

District

Series

2021RYRR,

G.O.

Unlimited,

5.00%,

7/1/2029

95,000

104,513

Metropolitan

Water

District

of

Southern

California

Waterworks,

Series

2022B,

Revenue,

Refunding,

3.00%,

7/1/2026

25,000

25,073

Municipal

Improvement

Corp.

of

Los

Angeles

Real

Property,

Series

2016B,

Revenue,

Refunding,

5.00%,

11/1/2027

75,000

76,576

5.00%,

11/1/2028

125,000

127,576

San

Diego

Public

Facilities

Financing

Authority

Water

Utility,

Series

2016B,

Revenue,

Refunding,

5.00%,

8/1/2030

65,000

65,944

San

Diego

Unified

School

District

Series

2022F2,

G.O.

Unlimited,

5.00%,

7/1/2029

55,000

60,564

Southern

California

Public

Power

Authority

Milford

Wind

Corridor

Phase

I

Project,

Series

2019-1,

Revenue,

Refunding,

5.00%,

7/1/2029

150,000

162,275

University

of

California

Series

2025CD,

Revenue,

5.00%,

5/15/2030

200,000

222,966

1,811,005

Colorado

-

0

.5

%

Adams

12

Five

Star

Schools

Series

2016B,

G.O.

Unlimited,

Refunding,

State

Aid

Withholding,

5.00%,

12/15/2028

40,000

40,904

NORTHERN

FUNDS

ANNUAL

REPORT

87

EXCHANGE

TRADED

FUNDS

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Colorado

-

0.5%

continued

Denver

City

&

County

School

District

No.

1

Series

2017,

G.O.

Unlimited,

State

Aid

Withholding,

5.00%,

12/1/2027

$

85,000

$

86,906

Denver

City

&

County

School

District

No.

1

Series

2025B,

G.O.

Unlimited,

Refunding,

State

Aid

Withholding,

5.00%,

12/1/2026

75,000

76,729

Jefferson

County

School

District

R-001

Series

2018,

G.O.

Unlimited,

State

Aid

Withholding,

5.00%,

12/15/2029

15,000

16,094

Pueblo

School

District

No.

60

Pueblo,

Series

2020,

G.O.

Unlimited,

State

Aid

Withholding,

5.00%,

12/15/2029

150,000

164,240

384,873

Connecticut

-

0

.6

%

Connecticut

State

Health

&

Educational

Facilities

Authority

Yale

University,

Series

2025B1,

Revenue,

Mandatory

Put,

5.00%,

7/1/2064

(a)(b)

50,000

55,144

State

of

Connecticut

Series

2016E,

G.O.

Unlimited,

5.00%,

10/15/2027

25,000

25,471

5.00%,

10/15/2026

70,000

71,369

State

of

Connecticut

Series

2018B,

G.O.

Unlimited,

Refunding,

5.00%,

4/15/2027

200,000

206,426

State

of

Connecticut

Series

2019A,

G.O.

Unlimited,

5.00%,

4/15/2029

60,000

64,793

423,203

Delaware

-

1

.6

%

Delaware

Transportation

Authority

Transportation

System,

Series

2016,

Revenue,

Refunding,

5.00%,

7/1/2027

115,000

116,398

Delaware

Transportation

Authority

Transportation

System,

Series

2020,

Revenue,

Refunding,

5.00%,

7/1/2028

205,000

217,749

5.00%,

7/1/2029

115,000

124,848

5.00%,

7/1/2027

55,000

57,113

5.00%,

9/1/2029

70,000

76,067

5.00%,

9/1/2026

140,000

142,317

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Delaware

-

1.6%

continued

State

of

Delaware

Series

2020A,

G.O.

Unlimited,

5.00%,

1/1/2028

$

90,000

$

94,597

State

of

Delaware

Series

2021,

G.O.

Unlimited,

Refunding,

5.00%,

2/1/2027

90,000

92,446

State

of

Delaware

Series

2025,

G.O.

Unlimited,

5.00%,

5/1/2030

200,000

221,806

1,143,341

District

of

Columbia

-

4

.9

%

District

of

Columbia

Series

2016D,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2026

155,000

156,604

District

of

Columbia

Series

2017A,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2030

10,000

10,344

District

of

Columbia

Series

2018B,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2030

140,000

148,245

5.00%,

6/1/2026

80,000

80,828

District

of

Columbia

Series

2019A,

G.O.

Unlimited,

5.00%,

10/15/2029

95,000

102,619

5.00%,

10/15/2026

140,000

142,771

District

of

Columbia

Series

2021D,

G.O.

Unlimited,

4.00%,

2/1/2027

80,000

81,334

District

of

Columbia

Series

2023B,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2027

55,000

56,970

District

of

Columbia

Series

2024C,

G.O.

Unlimited,

Refunding,

5.00%,

12/1/2026

90,000

92,075

District

of

Columbia

Income

Tax,

Series

2019A,

Revenue,

5.00%,

3/1/2030

55,000

59,773

5.00%,

3/1/2027

90,000

92,667

District

of

Columbia

Income

Tax,

Series

2019C,

Revenue,

Refunding,

5.00%,

10/1/2030

205,000

223,194

5.00%,

10/1/2029

70,000

76,360

5.00%,

10/1/2026

55,000

56,042

District

of

Columbia

Federal

Highway

Grant

Anticipation,

Series

2020,

Revenue,

5.00%,

12/1/2029

155,000

168,851

5.00%,

12/1/2027

70,000

73,181

5.00%,

12/1/2026

105,000

107,307

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

88

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

District

of

Columbia

-

4.9%

continued

District

of

Columbia

Income

Tax,

Series

2020A,

Revenue,

5.00%,

3/1/2028

$

90,000

$

94,795

District

of

Columbia

Income

Tax,

Series

2020B,

Revenue,

Refunding,

5.00%,

10/1/2026

115,000

117,179

District

of

Columbia

Income

Tax,

Series

2020C,

Revenue,

5.00%,

5/1/2029

60,000

64,855

District

of

Columbia

Water

&

Sewer

Authority

Public

Utility,

Series

2024A,

Revenue,

Refunding,

5.00%,

10/1/2030

55,000

61,187

5.00%,

10/1/2028

280,000

298,740

5.00%,

10/1/2029

75,000

81,814

5.00%,

10/1/2026

80,000

81,432

District

of

Columbia

Income

Tax,

Series

2025A,

Revenue,

Refunding,

5.00%,

6/1/2027

125,000

129,511

Washington

Metropolitan

Area

Transit

Authority

Series

2017A1,

Revenue,

Refunding,

5.00%,

7/1/2029

35,000

36,233

5.00%,

7/1/2028

255,000

264,124

Washington

Metropolitan

Area

Transit

Authority

Series

2017B,

Revenue,

5.00%,

7/1/2028

25,000

25,894

Washington

Metropolitan

Area

Transit

Authority

Dedicated,

Series

2020A,

Revenue,

5.00%,

7/15/2027

65,000

67,463

Washington

Metropolitan

Area

Transit

Authority

Area

Transit

Authority

Dedicated,

Series

2021A,

Revenue,

5.00%,

7/15/2030

70,000

77,207

5.00%,

7/15/2028

55,000

58,305

5.00%,

7/15/2026

175,000

177,289

Washington

Metropolitan

Area

Transit

Authority

Dedicated,

Series

2023A,

Revenue,

5.00%,

7/15/2026

90,000

91,177

Washington

Metropolitan

Area

Transit

Authority

Series

A1,

Revenue,

Refunding,

5.00%,

7/1/2026

60,000

60,722

3,517,092

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Florida

-

7

.1

%

Central

Florida

Expressway

Authority

Series

2016B,

Revenue,

4.00%,

7/1/2032

(c)

$

85,000

$

85,620

4.00%,

7/1/2033

(c)

110,000

110,802

Central

Florida

Expressway

Authority

Series

2021,

Revenue,

Refunding,

AG

Insured,

5.00%,

7/1/2028

95,000

100,644

5.00%,

7/1/2026

180,000

182,131

City

of

Gainesville

Utilities

System,

Series

2017A,

Revenue,

5.00%,

10/1/2029

55,000

57,338

5.00%,

10/1/2030

75,000

78,145

City

of

Jacksonville

Series

2022A,

Revenue,

Refunding,

5.00%,

10/1/2026

75,000

76,382

City

of

Jacksonville

Series

2023B,

Revenue,

Refunding,

5.00%,

10/1/2026

50,000

50,921

City

of

Jacksonville

Series

2024,

Revenue,

Refunding,

5.00%,

10/1/2030

75,000

83,291

City

of

Port

St.

Lucie

Utility

System,

Series

2007,

Revenue,

Refunding,

NATL

Insured,

5.25%,

9/1/2027

95,000

99,285

County

of

Miami-Dade

Series

2016A,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2029

45,000

45,486

County

of

Miami-Dade

Building

Better

Communitites

Project,

Series

2025A,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2026

185,000

187,200

County

of

Miami-Dade

Water

&

Sewer,

Series

2017B,

Revenue,

Refunding,

5.00%,

10/1/2029

30,000

31,265

County

of

Miami-Dade

Water

&

Sewer

System,

Series

2021,

Revenue,

5.00%,

10/1/2028

90,000

95,824

Duval

County

School

Board

Series

2022A,

Certificate

of

Participation,

AG

Insured,

5.00%,

7/1/2030

285,000

313,848

NORTHERN

FUNDS

ANNUAL

REPORT

89

EXCHANGE

TRADED

FUNDS

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Florida

-

7.1%

continued

Florida

Department

of

Environmental

Protection

Preservation,

Series

2016A,

Revenue,

Refunding,

5.00%,

7/1/2027

(c)

$

100,000

$

101,160

Florida

Insurance

Assistance

Interlocal

Agency

Florida

Insurance

Guaranty

Association,

Inc.,

Series

2023A1,

Revenue,

5.00%,

9/1/2028

155,000

157,337

Florida

Municipal

Power

Agency

All-Requirements

Power

Supply

Project,

Series

2016A,

Revenue,

Refunding,

5.00%,

10/1/2029

200,000

203,362

Florida

Municipal

Power

Agency

All-Requirements

Power

Supply

Project,

Series

2017A,

Revenue,

Refunding,

5.00%,

10/1/2026

160,000

162,672

Florida

State

of

Education

Public

Education

Capital

Outlay,

Series

2017C,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2027

70,000

72,487

Florida

State

of

Education

Public

Education

Capital

Outlay,

Series

2021A,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2030

80,000

88,733

Florida

State

of

Education

Public

Education

Capital

Outlay,

Series

2023A,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2027

60,000

62,132

Florida

State

of

Education

Public

Education

Capital

Outlay,

Series

2024A,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2030

90,000

99,824

Florida

State

of

Education

Public

Education

Capital

Outlay,

Series

2024B,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2028

75,000

79,543

Florida

State

of

Education

Public

Education

Capital

Outlay,

Series

2025A,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2027

170,000

176,040

Florida

State

of

Education

Lottery,

Series

2016B,

Revenue,

Refunding,

5.00%,

7/1/2026

100,000

101,224

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Florida

-

7.1%

continued

Hillsborough

County

School

Board

Series

2020A,

Certificate

of

Participation,

Refunding,

5.00%,

7/1/2027

$

10,000

$

10,329

Orange

County

School

Board

Series

2016C,

Certificate

of

Participation,

5.00%,

8/1/2034

(c)

215,000

218,038

Palm

Beach

County

School

Board

Series

2018C,

Certificate

of

Participation,

Refunding,

5.00%,

8/1/2029

205,000

217,948

Palm

Beach

County

School

District

Series

2022B,

Certificate

of

Participation,

5.00%,

8/1/2028

50,000

53,067

School

Board

of

Broward

County

Series

2016A,

Certificate

of

Participation,

Refunding,

5.00%,

7/1/2030

235,000

237,446

School

Board

of

Broward

County

Series

2019A,

Certificate

of

Participation,

Refunding,

5.00%,

7/1/2027

60,000

61,991

School

Board

of

Broward

County

Series

2020A,

Certificate

of

Participation,

5.00%,

7/1/2030

15,000

16,452

School

Board

of

Duval

County

Series

2025A,

Certificate

of

Participation,

Refunding,

AG

Insured,

5.00%,

7/1/2029

50,000

54,053

School

Board

of

Miami-

Dade

County

(The)

School

Board,

Series

2015D,

Certificate

of

Participation,

Refunding,

5.00%,

2/1/2026

25,000

25,045

School

District

of

Broward

County

Series

2016A,

Certificate

of

Participation,

Refunding,

5.00%,

7/1/2027

230,000

232,422

5.00%,

7/1/2028

60,000

60,648

5.00%,

7/1/2029

215,000

217,311

State

of

Florida

Department

of

Management

Services,

Series

2018A,

Certificate

of

Participation,

Refunding,

5.00%,

11/1/2028

60,000

64,135

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

90

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Florida

-

7.1%

continued

State

of

Florida

Board

of

Public

Education,

Series

2017B,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2029

$

15,000

$

15,505

State

of

Florida

Right

of

Way

Acquisition

&

Bridge

Construction,

Series

2021A,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2026

75,000

75,911

State

of

Florida

Board

of

Public

Education,

Series

2022B,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2030

15,000

16,637

State

of

Florida

Board

of

Education

Lottery,

Series

2017A,

Revenue,

Refunding,

5.00%,

7/1/2027

95,000

98,564

State

of

Florida

Department

of

Transportation

Financing

Corp.,

Series

2018,

Revenue,

5.00%,

7/1/2030

50,000

53,100

5.00%,

7/1/2029

160,000

169,797

State

of

Florida

Department

of

Environmental

Protection,

Series

2018A,

Revenue,

Refunding,

5.00%,

7/1/2029

85,000

91,996

State

of

Florida

Department

of

Transportation

Federal

Highway

Reimbursement,

Series

2019A,

Revenue,

5.00%,

7/1/2027

60,000

62,152

State

of

Florida

Department

of

Transportation

Turnpike

System,

Series

2019A,

Revenue,

Refunding,

5.00%,

7/1/2029

110,000

117,093

5.00%,

7/1/2030

25,000

26,607

State

of

Florida

Department

of

Transportation

Turnpike

System,

Series

2022A,

Revenue,

Refunding,

5.00%,

7/1/2026

60,000

60,743

5,159,686

Georgia

-

3

.2

%

City

of

Atlanta

Airport,

Series

2020A,

Revenue,

Refunding,

5.00%,

7/1/2028

65,000

68,979

City

of

Columbus

Series

2022,

G.O.

Unlimited,

5.00%,

1/1/2027

105,000

107,758

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Georgia

-

3.2%

continued

County

of

DeKalb

Water

&

Sewerage,

Series

2006B,

Revenue,

Refunding,

5.25%,

10/1/2026

$

10,000

$

10,203

Development

Authority

of

Burke

County

(The)

Oglethorpe

Power

Corp.,

Series

2017E,

Revenue,

Mandatory

Put,

3.60%,

11/1/2045

(a)(b)

75,000

76,268

Douglas

County

School

District

Series

2025,

G.O.

Unlimited,

State

Aid

Withholding,

5.00%,

4/1/2028

125,000

132,026

Gwinnett

County

Water

&

Sewerage

Authority

Series

2019,

Revenue,

Refunding,

5.00%,

8/1/2027

50,000

51,989

Henry

County

School

District

Series

2016,

G.O.

Unlimited,

State

Aid

Withholding,

5.00%,

8/1/2026

100,000

101,417

Main

Street

Natural

Gas,

Inc.

Gas

Supply,

Series

2019C,

Revenue,

Mandatory

Put,

4.00%,

3/1/2050

(a)(b)

80,000

80,425

Main

Street

Natural

Gas,

Inc.

Gas

Supply,

Series

2022A,

Revenue,

Mandatory

Put,

4.00%,

9/1/2052

(a)(b)

115,000

117,772

Main

Street

Natural

Gas,

Inc.

Gas

Supply,

Series

2023B,

Revenue,

Mandatory

Put,

5.00%,

7/1/2053

(a)(b)

125,000

131,921

Main

Street

Natural

Gas,

Inc.

Gas

Supply,

Series

2023C,

Revenue,

Mandatory

Put,

5.00%,

9/1/2053

(a)(b)

200,000

212,878

Metropolitan

Atlanta

Rapid

Transit

Authority

Sales

Tax,

Series

2015C,

Revenue,

Refunding,

5.00%,

7/1/2027

155,000

156,885

5.00%,

7/1/2026

65,000

65,834

5.00%,

7/1/2029

95,000

96,132

Metropolitan

Atlanta

Rapid

Transit

Authority

Series

2023B,

Revenue,

5.00%,

7/1/2030

65,000

72,106

Metropolitan

Atlanta

Rapid

Transit

Authority

Series

2024B,

Revenue,

5.00%,

7/1/2030

60,000

66,560

NORTHERN

FUNDS

ANNUAL

REPORT

91

EXCHANGE

TRADED

FUNDS

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Georgia

-

3.2%

continued

Municipal

Electric

Authority

of

Georgia

Project

One,

Series

2024,

Revenue,

Refunding,

5.00%,

1/1/2028

$

40,000

$

41,819

Private

Colleges

&

Universities

Authority

Emory

University,

Series

2019A,

Revenue,

Refunding,

5.00%,

9/1/2029

100,000

108,602

State

of

Georgia

Series

2016C,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2026

60,000

60,752

State

of

Georgia

Series

2016E,

G.O.

Unlimited,

Refunding,

5.00%,

12/1/2026

55,000

56,258

State

of

Georgia

Series

2017C,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2029

55,000

57,074

State

of

Georgia

Series

2018A,

G.O.

Unlimited,

5.00%,

7/1/2030

95,000

101,027

State

of

Georgia

Series

2022C,

G.O.

Unlimited,

Refunding,

4.00%,

7/1/2026

75,000

75,571

State

of

Georgia

Road

&

Tollway

Authority,

Series

2020,

Revenue,

5.00%,

6/1/2028

50,000

52,900

5.00%,

6/1/2027

130,000

134,527

2,237,683

Hawaii

-

0

.9

%

City

&

County

of

Honolulu

Series

2017D,

G.O.

Unlimited,

Refunding,

5.00%,

9/1/2026

85,000

86,407

City

&

County

of

Honolulu

Rail

Transit

Project,

Series

2019A,

G.O.

Unlimited,

5.00%,

9/1/2029

110,000

117,248

City

&

County

of

Honolulu

Rail

Transit

Project,

Series

2021E,

G.O.

Unlimited,

5.00%,

3/1/2027

90,000

92,624

City

&

County

of

Honolulu

Series

2025F,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2028

85,000

90,305

State

of

Hawaii

Series

2016FG,

G.O.

Unlimited,

5.00%,

10/1/2026

130,000

132,425

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Hawaii

-

0.9%

continued

State

of

Hawaii

Series

2017FN,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2026

$

70,000

$

71,305

State

of

Hawaii

Series

FN,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2029

80,000

83,367

673,681

Idaho

-

0

.9

%

Idaho

Housing

&

Finance

Association

Garvee,

Series

2021A,

Revenue,

Refunding,

5.00%,

7/15/2029

10,000

10,809

Idaho

State

Building

Authority

Sales

Tax,

Series

2024A,

Revenue,

5.00%,

6/1/2030

115,000

127,249

5.00%,

6/1/2029

190,000

206,074

5.00%,

6/1/2028

50,000

53,004

5.00%,

6/1/2027

255,000

264,096

661,232

Illinois

-

6

.1

%

City

of

Chicago

Series

2020A,

G.O.

Unlimited,

Refunding,

5.00%,

1/1/2027

35,000

35,411

City

of

Chicago

Waterworks,

Series

2024A,

Revenue,

Refunding,

5.00%,

11/1/2030

10,000

10,981

5.00%,

11/1/2029

155,000

167,279

County

of

Cook

Series

2016A,

G.O.

Unlimited,

Refunding,

5.00%,

11/15/2026

65,000

66,299

County

of

Cook

Series

2016A,

G.O.

Unlimited,

Refunding,

AG

Insured,

5.00%,

11/15/2026

55,000

56,172

County

of

Cook

Series

2021A,

G.O.

Unlimited,

Refunding,

5.00%,

11/15/2026

115,000

117,299

Illinois

Finance

Authority

Clean

Water

Initiative

Revolving

Fund,

Series

2017,

Revenue,

5.00%,

7/1/2026

215,000

217,662

5.00%,

1/1/2029

80,000

82,000

Illinois

Finance

Authority

Clean

Water

Initiative

Revolving

Fund,

Series

2019,

Revenue,

5.00%,

1/1/2030

115,000

124,567

5.00%,

7/1/2026

140,000

141,733

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

92

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Illinois

-

6.1%

continued

Illinois

Finance

Authority

Clean

Water

Initiative

Revolving

Fund,

Series

2020,

Revenue,

5.00%,

1/1/2030

$

130,000

$

142,337

5.00%,

7/1/2030

140,000

154,815

5.00%,

7/1/2027

65,000

67,448

5.00%,

7/1/2026

55,000

55,681

Illinois

Municipal

Electric

Agency

Power

Supply

System,

Series

2025A,

Revenue,

Refunding,

5.00%,

2/1/2028

95,000

99,478

Illinois

State

Toll

Highway

Authority

Series

2018A,

Revenue,

Refunding,

5.00%,

1/1/2027

155,000

158,779

Illinois

State

Toll

Highway

Authority

Series

2019B,

Revenue,

Refunding,

5.00%,

1/1/2027

150,000

153,657

Illinois

State

Toll

Highway

Authority

Series

2019C,

Revenue,

Refunding,

5.00%,

1/1/2029

105,000

112,450

Illinois

State

Toll

Highway

Authority

Series

2024A,

Revenue,

Refunding,

5.00%,

1/1/2029

50,000

53,562

Metropolitan

Pier

&

Exposition

Authority

McCormick

Place

Expansion

Project,

Series

2024B,

Revenue,

Refunding,

4.00%,

12/15/2026

20,000

20,180

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

Series

2016A,

G.O.

Unlimited,

Refunding,

5.00%,

12/1/2027

100,000

102,085

Sales

Tax

Securitization

Corp.

Series

2017A,

Revenue,

Refunding,

5.00%,

1/1/2029

70,000

72,860

5.00%,

1/1/2027

65,000

66,512

Sales

Tax

Securitization

Corp.

Series

2020A,

Revenue,

Refunding,

5.00%,

1/1/2029

125,000

132,520

5.00%,

1/1/2027

215,000

220,003

Sales

Tax

Securitization

Corp.

Series

2021A,

Revenue,

Refunding,

5.00%,

1/1/2027

80,000

81,862

5.00%,

1/1/2029

50,000

53,008

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Illinois

-

6.1%

continued

State

of

Illinois

Series

2016,

G.O.

Unlimited,

3.50%,

6/1/2029

$

100,000

$

100,123

State

of

Illinois

Series

2016,

G.O.

Unlimited,

Refunding,

5.00%,

2/1/2027

60,000

61,351

State

of

Illinois

Series

2016,

G.O.

Unlimited,

Refunding,

AG

Insured,

4.00%,

2/1/2030

65,000

65,660

State

of

Illinois

Series

2017D,

G.O.

Unlimited,

3.25%,

11/1/2026

75,000

75,302

State

of

Illinois

Series

2018A,

G.O.

Unlimited,

5.00%,

5/1/2030

65,000

67,994

State

of

Illinois

Series

2018A,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2030

60,000

63,186

State

of

Illinois

Series

2018B,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2029

145,000

152,971

State

of

Illinois

Series

2019A,

G.O.

Unlimited,

5.00%,

11/1/2026

50,000

50,902

State

of

Illinois

Series

2020B,

G.O.

Unlimited,

5.00%,

10/1/2026

115,000

116,910

State

of

Illinois

Series

2021A,

G.O.

Unlimited,

5.00%,

12/1/2026

125,000

127,481

5.00%,

12/1/2027

90,000

93,578

State

of

Illinois

Series

2021B,

G.O.

Unlimited,

5.00%,

3/1/2027

95,000

97,372

State

of

Illinois

Series

2022B,

G.O.

Unlimited,

5.00%,

10/1/2029

105,000

112,879

State

of

Illinois

Series

2024,

G.O.

Unlimited,

Refunding,

5.00%,

2/1/2027

80,000

81,875

State

of

Illinois

Series

2024B,

G.O.

Unlimited,

5.00%,

5/1/2027

20,000

20,567

State

of

Illinois

Sales

Tax,

Series

2021C,

Revenue,

Refunding,

5.00%,

6/15/2030

60,000

65,446

State

of

Illinois

Sales

Tax,

Series

2025A,

Revenue,

5.00%,

6/15/2028

130,000

136,759

5.00%,

6/15/2029

65,000

69,744

NORTHERN

FUNDS

ANNUAL

REPORT

93

EXCHANGE

TRADED

FUNDS

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Illinois

-

6.1%

continued

University

of

Illinois

University

of

Illinois

Auxiliary

Facilities

System,

Series

2021A,

Revenue,

Refunding,

5.00%,

4/1/2027

$

60,000

$

61,808

4,388,548

Indiana

-

2

.1

%

City

of

Indianapolis

Water

System,

Series

2016B,

Revenue,

Refunding,

5.00%,

10/1/2027

75,000

76,314

City

of

Indianapolis

Water

System,

Series

2018A,

Revenue,

Refunding,

5.00%,

10/1/2029

50,000

53,292

Indiana

Finance

Authority

Highway,

Series

2016C,

Revenue,

Refunding,

5.00%,

6/1/2029

200,000

216,388

5.00%,

6/1/2028

70,000

74,074

Indiana

Finance

Authority

State

Revolving

Fund,

Series

2017C,

Revenue,

Refunding,

5.00%,

2/1/2029

70,000

73,543

Indiana

Finance

Authority

State

Revolving

Fund,

Series

2019A,

Revenue,

5.00%,

2/1/2027

60,000

61,630

Indiana

Finance

Authority

State

Revolving

Fund,

Series

2019E,

Revenue,

5.00%,

2/1/2027

80,000

82,174

Indiana

Finance

Authority

Wastewater

Utility

CWA

Authority

Project,

Series

2021-1,

Revenue,

Refunding,

5.00%,

10/1/2030

300,000

333,336

5.00%,

10/1/2029

140,000

152,461

5.00%,

10/1/2028

85,000

90,621

Indiana

Municipal

Power

Agency

Series

2017A,

Revenue,

Refunding,

5.00%,

1/1/2030

55,000

57,605

Indianapolis

Local

Public

Improvement

Bond

Bank

Courthouse

&

Jail

Project,

Series

2019A,

Revenue,

5.00%,

2/1/2028

105,000

109,948

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Indiana

-

2.1%

continued

Indianapolis

Local

Public

Improvement

Bond

Bank

Unlimited

AD

Valorem

Property

Tax

Suported

Project,

Series

2025D,

Revenue,

Refunding,

5.00%,

1/15/2027

$

100,000

$

102,397

1,483,783

Iowa

-

0

.2

%

Iowa

Finance

Authority

State

Revolving

Fund,

Series

2020A,

Revenue,

5.00%,

8/1/2027

55,000

57,205

State

of

Iowa

Series

2016A,

Revenue,

Refunding,

4.00%,

6/1/2026

15,000

15,080

State

of

Iowa

Ijobs

Program,

Series

2019A,

Revenue,

Refunding,

5.00%,

6/1/2029

70,000

75,564

147,849

Kansas

-

0

.7

%

County

of

Johnson

Internal

Improvement,

Series

2018A,

G.O.

Unlimited,

5.00%,

9/1/2028

60,000

62,506

State

of

Kansas

Department

of

Transportation,

Series

2017A,

Revenue,

5.00%,

9/1/2028

15,000

15,621

5.00%,

9/1/2030

105,000

109,311

Wyandotte

County

Unified

School

District

No.

500

Kansas

City,

Series

A,

G.O.

Unlimited,

4.13%,

9/1/2037

(c)

65,000

65,696

5.25%,

9/1/2042

(c)

215,000

218,885

472,019

Kentucky

-

1

.3

%

Kentucky

Public

Energy

Authority

Gas

Supply,

Series

2022A1,

Revenue,

Mandatory

Put,

4.00%,

8/1/2052

(a)(b)

200,000

201,938

Kentucky

State

Property

&

Building

Commission

Project

No.

119,

Revenue,

5.00%,

5/1/2029

25,000

26,344

Kentucky

State

Property

&

Building

Commission

Project

No.

130,

Series

2024B,

Revenue,

Refunding,

5.00%,

11/1/2029

10,000

10,883

Kentucky

State

Property

&

Buildings

Commission

Project

No.

115,

Revenue,

5.00%,

4/1/2029

105,000

108,141

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

94

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Kentucky

-

1.3%

continued

5.00%,

4/1/2030

$

260,000

$

267,306

Kentucky

State

Property

&

Buildings

Commission

Project

No.

131,

Series

A,

Revenue,

5.00%,

10/1/2030

15,000

16,582

Kentucky

State

Property

&

Buildings

Commission

Project

No.

112,

Series

B,

Revenue,

Refunding,

State

Appropriation,

5.00%,

11/1/2026

80,000

81,601

Kentucky

Turnpike

Authority

Revitalization

Projects,

Series

2022A,

Revenue,

Refunding,

5.00%,

7/1/2030

55,000

60,695

Kentucky

Turnpike

Authority

Revitalization

Projects,

Series

2024A,

Revenue,

Refunding,

5.00%,

7/1/2030

25,000

27,588

Kentucky

Turnpike

Authority

Economic

Development

Road

Revitalization

Projects,

Series

2024A,

Revenue,

Refunding,

5.00%,

7/1/2029

70,000

75,776

876,854

Louisiana

-

0

.4

%

Louisiana

Public

Facilities

Authority

Tulane

University

Project,

Series

2016A,

Revenue,

Refunding,

5.00%,

12/15/2029

10,000

10,202

St.

John

Baptist

Parish

Marathon

Oil

Corp.,

Series

2017C,

Revenue,

Refunding,

Mandatory

Put,

3.30%,

6/1/2037

(a)(b)

70,000

70,853

State

of

Louisiana

Series

2019A,

G.O.

Unlimited,

5.00%,

3/1/2030

10,000

10,766

5.00%,

3/1/2029

110,000

118,571

State

of

Louisiana

Series

2024E,

G.O.

Unlimited,

Refunding,

5.00%,

9/1/2029

60,000

65,357

275,749

Maine

-

0

.7

%

State

of

Maine

Series

2020B,

G.O.

Unlimited,

5.00%,

6/1/2030

75,000

82,992

5.00%,

6/1/2028

185,000

196,031

5.00%,

6/1/2029

185,000

200,468

479,491

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Maryland

-

1

.4

%

County

of

Baltimore

Consolidated

Public

Improvement,

Series

2024A,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2030

$

80,000

$

88,858

County

of

Montgomery

Series

2019A,

G.O.

Unlimited,

5.00%,

11/1/2026

75,000

76,588

County

of

Montgomery

Series

2020B,

G.O.

Unlimited,

Refunding,

4.00%,

11/1/2026

90,000

91,171

County

of

Prince

George's

Consolidated

Public

Improvement,

Series

2019A,

G.O.

Limited,

5.00%,

7/15/2030

25,000

27,094

County

of

Prince

George's

Consolidated

Public

Improvement,

Series

2020A,

G.O.

Limited,

5.00%,

7/15/2030

60,000

63,649

Maryland

State

Transportation

Authority

Transportation

Facilities

Project,

Series

2024A,

Revenue,

Refunding,

5.00%,

7/1/2026

260,000

263,193

State

of

Maryland

Series

2022C,

G.O.

Unlimited,

Refunding,

4.00%,

3/1/2029

25,000

26,168

State

of

Maryland

Series

A2,

G.O.

Unlimited,

5.00%,

8/1/2028

195,000

207,679

State

of

Maryland

Department

of

Transportation,

Series

2020,

Revenue,

5.00%,

10/1/2026

80,000

81,504

State

of

Maryland

Department

of

Transportation,

Series

2022B,

Revenue,

Refunding,

5.00%,

12/1/2029

105,000

115,200

Washington

Suburban

Sanitary

Commission

Series

2017,

Revenue,

County

Guaranty,

5.00%,

6/15/2029

15,000

15,529

1,056,633

NORTHERN

FUNDS

ANNUAL

REPORT

95

EXCHANGE

TRADED

FUNDS

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Massachusetts

-

0

.2

%

Commonwealth

of

Massachusetts

Series

2019E,

G.O.

Limited,

Refunding,

3.00%,

12/1/2026

$

30,000

$

30,072

Massachusetts

Development

Finance

Agency

Harvard

University,

Series

2016A,

Revenue,

Refunding,

5.00%,

7/15/2027

125,000

126,645

156,717

Michigan

-

1

.5

%

Great

Lakes

Water

Authority

Water

Supply

System,

Series

2016D,

Revenue,

Refunding,

5.00%,

7/1/2030

80,000

80,919

Great

Lakes

Water

Authority

Water

Supply

System,

Series

2018A,

Revenue,

Refunding,

5.00%,

7/1/2028

60,000

63,569

Great

Lakes

Water

Authority

Water

Supply

System,

Series

2024A,

Revenue,

Refunding,

5.00%,

7/1/2028

185,000

196,006

5.00%,

7/1/2027

255,000

264,216

Michigan

State

Building

Authority

State

of

Michigan,

Series

2016I,

Revenue,

Refunding,

5.00%,

10/15/2029

20,000

20,388

Michigan

State

Building

Authority

Series

2020I,

Revenue,

Refunding,

5.00%,

10/15/2030

50,000

55,719

5.00%,

10/15/2027

135,000

141,078

State

of

Michigan

Environmental

Program,

Series

2018,

G.O.

Unlimited,

3.00%,

5/1/2030

70,000

70,085

State

of

Michigan

Trunk

Line,

Series

2020B,

Revenue,

5.00%,

11/15/2030

150,000

167,360

5.00%,

11/15/2029

60,000

65,723

1,125,063

Minnesota

-

2

.0

%

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

Airport,

Series

2016A,

Revenue,

Refunding,

5.00%,

1/1/2028

25,000

25,575

5.00%,

1/1/2030

10,000

10,224

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Minnesota

-

2.0%

continued

State

of

Minnesota

Series

2019A,

G.O.

Unlimited,

5.00%,

8/1/2027

$

65,000

$

67,616

State

of

Minnesota

Series

2020A,

G.O.

Unlimited,

5.00%,

8/1/2028

210,000

223,329

State

of

Minnesota

Series

2022A,

G.O.

Unlimited,

5.00%,

8/1/2030

135,000

149,953

State

of

Minnesota

Series

2022B,

G.O.

Unlimited,

5.00%,

8/1/2030

75,000

83,307

5.00%,

8/1/2029

170,000

184,901

State

of

Minnesota

Series

2022D,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2030

125,000

138,845

State

of

Minnesota

Series

2023E,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2030

65,000

72,199

State

of

Minnesota

Series

2024A,

G.O.

Unlimited,

5.00%,

8/1/2030

65,000

72,199

State

of

Minnesota

Series

2022A,

Revenue,

Refunding,

5.00%,

3/1/2027

260,000

267,491

State

of

Minnesota

Public

Facilities

Authority,

Series

2023A,

Revenue,

5.00%,

3/1/2030

115,000

126,854

1,422,493

Mississippi

-

1

.1

%

Mississippi

Development

Bank

Department

of

Corrections,

Series

A,

Revenue,

Refunding,

5.00%,

8/1/2026

50,000

50,642

State

of

Mississippi

Series

2016B,

G.O.

Unlimited,

5.00%,

12/1/2028

155,000

158,222

5.00%,

12/1/2031

(c)

105,000

107,492

5.00%,

12/1/2036

(c)

100,000

102,373

5.00%,

12/1/2026

75,000

76,716

State

of

Mississippi

Series

2017A,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2027

120,000

125,282

5.00%,

10/1/2029

130,000

135,572

756,299

Missouri

-

0

.5

%

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

Series

2019,

Revenue,

Refunding,

5.00%,

10/1/2026

105,000

106,791

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

96

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Missouri

-

0.5%

continued

City

of

St.

Louis

Airport

International

Airport,

Series

2005,

Revenue,

Refunding,

NATL

Insured,

5.50%,

7/1/2030

$

25,000

$

28,094

Jackson

County

Reorganized

School

District

No.

7

Lees

Summit

Series

2020,

G.O.

Unlimited,

Refunding,

4.00%,

3/1/2030

95,000

99,298

Missouri

Joint

Municipal

Electric

Utility

Commission

Prairie

State

Project,

Series

2025,

Revenue,

Refunding,

5.00%,

12/1/2028

135,000

143,909

378,092

Nebraska

-

0

.5

%

Central

Plains

Energy

Project

Gas

Project

No.

5,

Series

2022-1,

Revenue,

Mandatory

Put,

5.00%,

5/1/2053

(a)(b)

70,000

73,032

City

of

Lincoln

Electric

System,

Series

2018,

Revenue,

5.00%,

9/1/2027

35,000

35,982

5.00%,

9/1/2029

10,000

10,270

City

of

Lincoln

Electric

System

Electric

System,

Series

2018,

Revenue,

5.00%,

9/1/2026

90,000

91,417

City

of

Omaha

Omaha

Convention

Center

&

Arena,

Series

2004,

G.O.

Unlimited,

Refunding,

5.25%,

4/1/2027

90,000

93,087

Omaha

Public

Power

District

Electric,

Series

2016A,

Revenue,

Refunding,

5.00%,

2/1/2028

35,000

35,064

338,852

Nevada

-

2

.9

%

Clark

County

School

District

Building,

Series

2018B,

G.O.

Limited,

5.00%,

6/15/2029

50,000

53,343

Clark

County

School

District

Building,

Series

2024B,

G.O.

Limited,

5.00%,

6/15/2028

205,000

216,919

Clark

County

School

District

Building,

Series

2025B,

G.O.

Limited,

Refunding,

5.00%,

6/15/2027

115,000

119,033

County

of

Clark

Series

2017,

G.O.

Limited,

Refunding,

5.00%,

6/1/2029

80,000

82,823

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Nevada

-

2.9%

continued

5.00%,

6/1/2030

$

95,000

$

98,244

County

of

Clark

Stadium

Improvements,

Series

2018A,

G.O.

Limited,

5.00%,

6/1/2030

110,000

116,490

County

of

Clark

Las

Vegas-

McCarran

International

Airport

Passenger

Facility

Charge,

Series

2019E,

Revenue,

Refunding,

5.00%,

7/1/2029

195,000

211,091

5.00%,

7/1/2026

60,000

60,704

County

of

Clark

Airport

System,

Series

2024A,

Revenue,

Refunding,

5.00%,

7/1/2026

180,000

182,111

Las

Vegas

Valley

Water

District

Series

2021A,

G.O.

Limited,

Refunding,

5.00%,

6/1/2027

70,000

72,467

Las

Vegas

Valley

Water

District

Series

2021C,

G.O.

Limited,

Refunding,

5.00%,

6/1/2028

135,000

143,046

5.00%,

6/1/2026

70,000

70,712

Las

Vegas

Valley

Water

District

Series

2022C,

G.O.

Limited,

Refunding,

5.00%,

6/1/2028

55,000

58,278

State

of

Nevada

Series

2023A,

G.O.

Limited,

5.00%,

5/1/2027

65,000

67,128

State

of

Nevada

Series

2025A,

G.O.

Limited,

Refunding,

5.00%,

10/1/2026

185,000

188,380

State

of

Nevada

Highway

Improvement,

Series

2016,

Revenue,

Refunding,

5.00%,

12/1/2027

40,000

40,381

Truckee

Meadows

Water

Authority

Series

2017,

Revenue,

Refunding,

5.00%,

7/1/2028

120,000

124,470

5.00%,

7/1/2030

155,000

160,611

2,066,231

New

Hampshire

-

0

.2

%

State

of

New

Hampshire

Series

2025B,

G.O.

Unlimited,

Refunding,

5.00%,

11/1/2026

135,000

137,824

NORTHERN

FUNDS

ANNUAL

REPORT

97

EXCHANGE

TRADED

FUNDS

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

New

Jersey

-

1

.1

%

New

Jersey

Economic

Development

Authority

School

Facilities

Construction

Program,

Series

2019LLL,

Revenue,

5.00%,

6/15/2029

$

50,000

$

53,896

New

Jersey

Economic

Development

Authority

Transit

Transportation

Project,

Series

2020A,

Revenue,

5.00%,

11/1/2029

85,000

92,269

New

Jersey

Economic

Development

Authority

New

Jersey

Transit

Corp.,

Series

B,

Revenue,

Refunding,

5.00%,

11/1/2026

115,000

117,263

New

Jersey

Educational

Facilities

Authority

Montclair

State

University,

Inc.,

Series

2016B,

Revenue,

Refunding,

5.00%,

7/1/2030

65,000

65,701

New

Jersey

Transportation

Trust

Fund

Authority

Fedral

Highway

Reimbursement,

Series

2016A1,

Revenue,

5.00%,

6/15/2028

135,000

136,264

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

Trust

Fund

Authority,

Series

2022AA,

Revenue,

Refunding,

5.00%,

6/15/2029

80,000

86,234

New

Jersey

Transportation

Trust

Fund

Authority

State

of

New

Jersey,

Series

2023AA,

Revenue,

Refunding,

5.00%,

6/15/2026

15,000

15,158

State

of

New

Jersey

Covid-19

Emergency

Bonds,

Series

2020A,

G.O.

Unlimited,

5.00%,

6/1/2029

185,000

200,214

766,999

New

Mexico

-

1

.0

%

New

Mexico

Finance

Authority

Department

of

Transportation,

Series

2018A,

Revenue,

Refunding,

5.00%,

6/15/2028

65,000

68,953

New

Mexico

Finance

Authority

Department

of

Transportation,

Series

2021A,

Revenue,

5.00%,

6/15/2030

135,000

149,677

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

New

Mexico

-

1.0%

continued

5.00%,

6/15/2026

$

100,000

$

101,125

State

of

New

Mexico

Capital

Project,

Series

2025,

G.O.

Unlimited,

5.00%,

3/1/2029

55,000

59,282

7.00%,

3/1/2030

55,000

64,904

State

of

New

Mexico

Severance

Tax

Permanent

Fund,

Series

2021A,

Revenue,

5.00%,

7/1/2030

80,000

88,455

State

of

New

Mexico

Severance

Tax

Permanent

Fund,

Series

2022B,

Revenue,

5.00%,

7/1/2029

100,000

108,315

640,711

New

York

-

1

.4

%

City

of

New

York

Series

2018C,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2029

150,000

156,927

Metropolitan

Transportation

Authority

Series

2016D,

Revenue,

Refunding,

5.00%,

11/15/2030

85,000

86,464

5.00%,

11/15/2027

120,000

122,191

Metropolitan

Transportation

Authority

Series

2018B,

Revenue,

Refunding,

5.00%,

11/15/2026

130,000

132,700

Metropolitan

Transportation

Authority

Series

A2,

Revenue,

Refunding,

5.00%,

11/15/2026

70,000

71,454

New

York

City

Transitional

Finance

Authority

Building

Aid,

Series

2023S1A,

Revenue,

Refunding,

State

Aid

Withholding,

5.00%,

7/15/2030

30,000

33,334

New

York

City

Transitional

Finance

Authority

Series

C,

Revenue,

Refunding,

5.00%,

11/1/2029

150,000

155,033

New

York

State

Dormitory

Authority

Non

State

Supported

Debt,

Series

2016A,

Revenue,

5.00%,

7/1/2029

75,000

75,863

New

York

State

Dormitory

Authority

School

District,

Series

2018A,

Revenue,

State

Aid

Withholding,

5.00%,

10/1/2028

155,000

157,537

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

98

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

New

York

-

1.4%

continued

Trust

for

Cultural

Resources

of

The

City

of

New

York

(The)

Museum

of

Modern

Art

(The),

Series

2016E1,

Revenue,

Refunding,

4.00%,

4/1/2027

$

15,000

$

15,180

1,006,683

North

Carolina

-

1

.6

%

City

of

Charlotte

Water

&

Sewer

System,

Series

2022A,

Revenue,

Refunding,

5.00%,

7/1/2029

195,000

212,178

City

of

Raleigh

Combined

Enterprise

System,

Series

2023,

Revenue,

Refunding,

5.00%,

9/1/2030

120,000

133,900

County

of

Cabarrus

Development

Corp.

Ltd.,

Series

2024A,

Revenue,

Refunding,

5.00%,

8/1/2028

65,000

69,208

County

of

Mecklenburg

Series

2019,

G.O.

Unlimited,

5.00%,

3/1/2030

70,000

75,522

5.00%,

3/1/2028

190,000

200,452

County

of

Mecklenburg

Series

2022,

G.O.

Unlimited,

5.00%,

9/1/2030

75,000

83,722

County

of

Wake

Series

2025A,

G.O.

Unlimited,

5.00%,

4/1/2029

85,000

91,903

State

of

North

Carolina

Series

2017B,

Revenue,

Refunding,

5.00%,

5/1/2028

15,000

15,493

5.00%,

5/1/2029

60,000

61,922

State

of

North

Carolina

Garvee,

Series

2019,

Revenue,

5.00%,

3/1/2029

165,000

177,497

State

of

North

Carolina

Highway

Trust

Fund,

Series

2022A,

Revenue,

5.00%,

5/1/2030

10,000

11,042

1,132,839

Ohio

-

2

.9

%

American

Municipal

Power,

Inc.

AMP

Fremont

Energy

Center,

Series

2017A,

Revenue,

Refunding,

5.00%,

2/15/2029

40,000

41,951

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Ohio

-

2.9%

continued

City

of

Akron

Income

Tax,

Series

2022,

Revenue,

Refunding,

4.00%,

12/1/2026

$

25,000

$

25,302

City

of

Columbus

Series

2017A,

G.O.

Unlimited,

4.00%,

4/1/2029

30,000

30,520

City

of

Columbus

Series

2018A,

G.O.

Unlimited,

5.00%,

4/1/2030

20,000

21,369

County

of

Hamilton

Sales

Tax,

Series

2016A,

Revenue,

Refunding,

5.00%,

12/1/2027

155,000

162,282

5.00%,

12/1/2029

120,000

122,731

Lancaster

Port

Authority

Gas

Supply,

Series

2024A,

Revenue,

Refunding,

Mandatory

Put,

5.00%,

2/1/2055

(a)(b)

150,000

159,397

Ohio

Water

Development

Authority

Water

Pollution

Control,

Series

2017A,

Revenue,

5.00%,

12/1/2028

25,000

25,875

Ohio

Water

Development

Authority

Drinking

Water

Assistance

Fund,

Series

2019,

Revenue,

5.00%,

12/1/2029

245,000

267,339

Ohio

Water

Development

Authority

Pollution

Control

Facilities,

Series

2019A,

Revenue,

5.00%,

6/1/2029

265,000

285,877

Ohio

Water

Development

Authority

Water

Pollution

Control,

Series

2020A,

Revenue,

5.00%,

6/1/2029

75,000

81,368

Ohio

Water

Development

Authority

Water

Pollution

Control,

Series

2024D,

Revenue,

5.00%,

12/1/2029

180,000

197,478

State

of

Ohio

Highway

Capital

Improvement,

Series

2018V,

G.O.

Unlimited,

5.00%,

5/1/2030

245,000

259,399

State

of

Ohio

Series

2019A,

G.O.

Unlimited,

5.00%,

6/15/2030

50,000

55,479

State

of

Ohio

Common

School,

Series

2021B,

G.O.

Unlimited,

Refunding,

5.00%,

9/15/2030

100,000

111,520

NORTHERN

FUNDS

ANNUAL

REPORT

99

EXCHANGE

TRADED

FUNDS

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Ohio

-

2.9%

continued

State

of

Ohio

Infrastructure

Improvement,

Series

2023A,

G.O.

Unlimited,

Refunding,

5.00%,

9/1/2030

$

50,000

$

55,716

State

of

Ohio

Adult

Correctional

Building

Fund,

Series

2025A,

Revenue,

5.00%,

10/1/2030

125,000

139,050

5.00%,

10/1/2029

75,000

81,836

2,124,489

Oklahoma

-

0

.8

%

Canadian

County

Education

Facilities

Authority

Mustang

Public

Schools

Project,

Series

2017,

Revenue,

5.00%,

9/1/2027

190,000

192,576

Canadian

County

Educational

Facilities

Authority

Mustang

Public

Schools

Project,

Series

2017,

Revenue,

5.00%,

9/1/2028

155,000

157,235

Cleveland

County

Educational

Facilities

Authority

Moore

Public

Schools

Project,

Series

2021,

Revenue,

4.00%,

6/1/2028

15,000

15,407

Oklahoma

Capitol

Improvement

Authority

State

Facilities,

Series

2024A,

Revenue,

Refunding,

5.00%,

7/1/2030

50,000

55,199

Oklahoma

County

Independent

School

District

No.

89

Oklahoma

City

Series

2023A,

G.O.

Unlimited,

3.00%,

7/1/2026

150,000

150,251

570,668

Oregon

-

0

.9

%

City

of

Portland

Sewer

System,

Series

2019A,

Revenue,

Refunding,

5.00%,

3/1/2028

70,000

73,758

Multnomah

County

School

District

No.

1J

Portland,

Series

2020,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

6/15/2029

65,000

70,517

State

of

Oregon

Series

2019A,

G.O.

Unlimited,

5.00%,

5/1/2030

145,000

156,823

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Oregon

-

0.9%

continued

State

of

Oregon

Article

XI-Q

State

Project,

Series

2023A,

G.O.

Unlimited,

5.00%,

5/1/2028

$

75,000

$

79,404

State

of

Oregon

Article

XI-Q

State

Project,

Series

2024A,

G.O.

Unlimited,

5.00%,

5/1/2027

115,000

118,840

State

of

Oregon

Department

of

Transportation,

Series

A,

Revenue,

5.00%,

11/15/2026

70,000

71,523

State

of

Oregon

Department

of

Transportation,

Series

B,

Revenue,

Refunding,

5.00%,

11/15/2026

55,000

56,196

627,061

Pennsylvania

-

3

.0

%

City

of

Philadelphia

Series

2017,

G.O.

Unlimited,

Refunding,

AG

Insured,

5.00%,

8/1/2027

55,000

57,075

City

of

Philadelphia

Series

2019B,

G.O.

Unlimited,

5.00%,

2/1/2027

80,000

82,009

City

of

Philadelphia

Series

2021A,

G.O.

Unlimited,

5.00%,

5/1/2030

90,000

98,757

City

of

Philadelphia

Series

2025C,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2026

105,000

106,408

Commonwealth

of

Pennsylvania

Series

2019-1,

G.O.

Unlimited,

Refunding,

5.00%,

7/15/2026

75,000

75,998

Commonwealth

of

Pennsylvania

Series

2021-

1,

G.O.

Unlimited,

5.00%,

5/15/2030

100,000

110,376

Commonwealth

of

Pennsylvania

Series

2022-

1,

G.O.

Unlimited,

5.00%,

10/1/2026

100,000

101,857

Commonwealth

of

Pennsylvania

Series

2023-

1,

G.O.

Unlimited,

5.00%,

9/1/2030

100,000

111,018

Delaware

Valley

Regional

Financing

Authority

Series

1998A,

Revenue,

AMBAC

Insured,

5.50%,

8/1/2028

65,000

69,408

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

100

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Pennsylvania

-

3.0%

continued

Montgomery

County

Industrial

Development

Authority

Constellation

Energy

Generation

LLC,

Series

2023A,

Revenue,

Refunding,

Mandatory

Put,

4.10%,

4/1/2053

(a)(b)

$

65,000

$

66,671

Pennsylvania

State

University

Series

B,

Revenue,

Refunding,

4.00%,

9/1/2027

60,000

60,522

Pennsylvania

Turnpike

Commission

Registration

Fee,

Series

2005A,

Revenue,

AG

Insured,

ETM,

5.25%,

7/15/2028

(c)

10,000

10,661

Pennsylvania

Turnpike

Commission

Registration

Fee,

Series

2005A,

Revenue,

AG

Insured,

5.25%,

7/15/2028

105,000

112,081

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax,

Series

2016A,

Revenue,

Refunding,

5.00%,

12/1/2028

25,000

25,570

5.00%,

12/1/2029

140,000

143,175

Pennsylvania

Turnpike

Commission

Turnpike,

Series

2016A3,

Revenue,

Refunding,

5.00%,

12/1/2027

85,000

86,750

Pennsylvania

Turnpike

Commission

Motor

Licence

Fund

Enhanced,

Series

2017,

Revenue,

Refunding,

5.00%,

12/1/2028

25,000

26,161

Pennsylvania

Turnpike

Commission

Series

2017-

2,

Revenue,

Refunding,

5.00%,

12/1/2029

105,000

109,810

Pennsylvania

Turnpike

Commission

Series

2017B2,

Revenue,

Refunding,

5.00%,

6/1/2026

35,000

35,338

Pennsylvania

Turnpike

Commission

Oil

Franchise,

Series

A,

Revenue,

Refunding,

5.00%,

12/1/2026

70,000

71,569

Philadelphia

Authority

for

Industrial

Development

City

of

Philadelphia,

Series

2019,

Revenue,

Refunding,

5.00%,

10/1/2028

110,000

116,997

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Pennsylvania

-

3.0%

continued

5.00%,

10/1/2029

$

150,000

$

162,669

Southeastern

Pennsylvania

Transportation

Authority

Series

2017,

Revenue,

Refunding,

5.00%,

6/1/2029

10,000

10,320

5.00%,

6/1/2028

25,000

25,841

Southeastern

Pennsylvania

Transportation

Authority

Asset

Improvement

Program,

Series

2022,

Revenue,

5.00%,

6/1/2027

255,000

263,662

2,140,703

Rhode

Island

-

0

.7

%

Rhode

Island

Commerce

Corp.

Series

2016B,

Revenue,

5.00%,

6/15/2028

155,000

156,348

5.00%,

6/15/2026

50,000

50,495

5.00%,

6/15/2029

80,000

80,714

Rhode

Island

Commerce

Corp.

Garvee,

Series

2020A,

Revenue,

5.00%,

5/15/2030

100,000

109,772

Rhode

Island

Health

and

Educational

Building

Corp.

Brown

University,

Series

2017A,

Revenue,

Refunding,

5.00%,

9/1/2029

55,000

57,113

454,442

South

Carolina

-

0

.6

%

Beaufort

County

School

District

Series

2025B,

G.O.

Unlimited,

State

School

District

Credit

Enhancement

Program,

5.00%,

3/1/2028

55,000

57,918

South

Carolina

Public

Service

Authority

Series

2025B,

Revenue,

Refunding,

5.00%,

12/1/2027

50,000

52,223

5.00%,

12/1/2026

50,000

51,021

South

Carolina

Transportation

Infrastructure

Bank

Series

2016A,

Revenue,

Refunding,

3.00%,

10/1/2029

80,000

80,004

South

Carolina

Transportation

Infrastructure

Bank

Series

2019A,

Revenue,

5.00%,

10/1/2026

135,000

137,498

378,664

NORTHERN

FUNDS

ANNUAL

REPORT

101

EXCHANGE

TRADED

FUNDS

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Tennessee

-

1

.4

%

County

of

Hamilton

Series

2018A,

G.O.

Unlimited,

5.00%,

4/1/2028

$

55,000

$

58,128

Metropolitan

Government

of

Nashville

&

Davidson

County

Series

2017,

G.O.

Unlimited,

4.75%,

7/1/2026

105,000

106,176

Metropolitan

Government

of

Nashville

&

Davidson

County

Series

2018,

G.O.

Unlimited,

5.00%,

7/1/2026

115,000

116,428

Metropolitan

Government

of

Nashville

&

Davidson

County

Series

2022A,

G.O.

Unlimited,

4.00%,

1/1/2028

50,000

51,444

Metropolitan

Government

of

Nashville

&

Davidson

County

Series

2024A,

G.O.

Unlimited,

5.00%,

1/1/2030

45,000

49,357

State

of

Tennessee

Series

2021A,

G.O.

Unlimited,

Refunding,

5.00%,

11/1/2030

65,000

72,748

5.00%,

11/1/2026

125,000

127,636

State

of

Tennessee

Series

2023A,

G.O.

Unlimited,

5.00%,

5/1/2030

160,000

177,243

Tennessee

Energy

Acquisition

Corp.

Gas

Project,

Series

2023A1,

Revenue,

Refunding,

Mandatory

Put,

5.00%,

5/1/2053

(a)(b)

130,000

133,653

Tennessee

State

School

Bond

Authority

Higher

Education

Facilities

Project,

Series

B,

Revenue,

Refunding,

State

Aid

Intercept,

5.00%,

11/1/2026

75,000

76,525

969,338

Texas

-

20

.2

%

Aldine

Independent

School

District

Series

2017A,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2027

65,000

66,830

Aldine

Independent

School

District

Series

2024B,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2030

65,000

71,256

5.00%,

2/15/2028

75,000

78,836

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

20.2%

continued

Arlington

Independent

School

District

Series

2020,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2028

$

55,000

$

57,754

Austin

Independent

School

District

Series

2016B,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/1/2026

75,000

76,041

Austin

Independent

School

District

Series

2020,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/1/2030

85,000

94,294

5.00%,

8/1/2029

60,000

65,214

Austin

Independent

School

District

Series

2021,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/1/2030

95,000

105,387

Austin

Independent

School

District

Series

2022B,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/1/2028

115,000

122,296

Bexar

County

Hospital

District

Ltd.

Series

2019,

G.O.

Limited,

Refunding,

5.00%,

2/15/2030

20,000

20,954

Board

of

Regents

of

the

University

of

Texas

System

University

of

Texas

System,

Series

2014B,

Revenue,

Refunding,

5.00%,

8/15/2026

180,000

182,754

Board

of

Regents

of

the

University

of

Texas

System

University

of

Texas

System,

Series

2016D,

Revenue,

5.00%,

8/15/2026

100,000

101,530

Board

of

Regents

of

the

University

of

Texas

System

University

of

Texas

System,

Series

2016H,

Revenue,

Refunding,

5.00%,

8/15/2026

55,000

55,842

Board

of

Regents

of

the

University

of

Texas

System

Series

2020C,

Revenue,

Refunding,

5.00%,

8/15/2028

95,000

100,997

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

102

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

20.2%

continued

Board

of

Regents

of

the

University

of

Texas

System

University

of

Texas

System,

Series

2024A,

Revenue,

Refunding,

5.00%,

8/15/2026

$

70,000

$

71,071

Board

of

Regents

of

the

University

of

Texas

System

University

of

Texas

System,

Series

2025A,

Revenue,

5.00%,

8/15/2026

140,000

142,142

Central

Texas

Regional

Mobility

Authority

Series

2021D,

Revenue,

Refunding,

5.00%,

1/1/2029

150,000

160,007

City

of

Austin

Public

Improvement,

Series

2024,

G.O.

Limited,

Refunding,

5.00%,

9/1/2026

140,000

142,289

City

of

Austin

Water

&

Wastewater

System,

Series

2016,

Revenue,

5.00%,

11/15/2029

15,000

15,301

City

of

Austin

Water

&

Wastewater

System,

Series

2017,

Revenue,

5.00%,

11/15/2028

(c)

5,000

5,212

5.00%,

11/15/2028

95,000

99,340

City

of

Austin

Electric

Utility,

Series

2023,

Revenue,

Refunding,

5.00%,

11/15/2028

50,000

53,421

City

of

Austin

Electric

Utility,

Series

2025,

Revenue,

Refunding,

5.00%,

11/15/2026

70,000

71,461

City

of

Dallas

Series

2017,

G.O.

Limited,

Refunding,

5.00%,

2/15/2029

110,000

112,939

City

of

Dallas

Series

2019A,

G.O.

Limited,

Refunding,

5.00%,

2/15/2030

95,000

101,854

City

of

Dallas

Series

2024A,

G.O.

Limited,

5.00%,

2/15/2029

80,000

85,822

City

of

Dallas

Series

2024C,

G.O.

Limited,

Refunding,

5.00%,

2/15/2027

115,000

118,148

City

of

Denton

Independent

School

Disctrict,

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/15/2029

75,000

81,505

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

20.2%

continued

City

of

Fort

Worth

Series

2025,

G.O.

Limited,

5.00%,

3/1/2027

$

190,000

$

195,297

City

of

Houston

Independent

School

Disctrict,

Series

2017,

G.O.

Limited,

PSF

Guaranty,

5.00%,

2/15/2030

190,000

195,271

City

of

Houston

Independent

School

Disctrict,

Series

2017,

G.O.

Limited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2027

75,000

77,104

City

of

Houston

Series

2017A,

G.O.

Limited,

Refunding,

5.00%,

3/1/2028

80,000

82,254

5.00%,

3/1/2030

115,000

118,222

City

of

Houston

Series

2019A,

G.O.

Limited,

Refunding,

5.00%,

3/1/2030

85,000

91,346

City

of

Houston

Series

2025,

G.O.

Unlimited,

Refunding,

5.00%,

3/1/2029

50,000

53,752

City

of

Houston

Combined

Utility

System,

Series

2002C,

Revenue,

Refunding,

5.00%,

11/15/2028

50,000

53,407

City

of

Houston

Combined

Utility

System,

Series

2016B,

Revenue,

Refunding,

5.00%,

11/15/2029

85,000

86,743

City

of

Houston

Combined

Utility

System,

Series

2017B,

Revenue,

Refunding,

5.00%,

11/15/2028

25,000

26,133

5.00%,

11/15/2026

110,000

112,335

City

of

Houston

Airport

System,

Series

2018B,

Revenue,

Refunding,

5.00%,

7/1/2030

120,000

126,626

5.00%,

7/1/2027

215,000

222,613

5.00%,

7/1/2029

105,000

110,899

City

of

Houston

Airport

System,

Series

2018D,

Revenue,

Refunding,

5.00%,

7/1/2028

50,000

52,924

City

of

Houston

Airport

System,

Series

2020B,

Revenue,

Refunding,

5.00%,

7/1/2028

95,000

100,672

NORTHERN

FUNDS

ANNUAL

REPORT

103

EXCHANGE

TRADED

FUNDS

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

20.2%

continued

City

of

Houston

Combined

Utility

System,

Series

2020C,

Revenue,

Refunding,

5.00%,

11/15/2030

$

55,000

$

61,197

City

of

Houston

Airport

System,

Series

2023B,

Revenue,

Refunding,

AG

Insured,

5.00%,

7/1/2028

90,000

95,285

City

of

Laredo

Series

2025,

G.O.

Limited,

Refunding,

5.00%,

2/15/2027

90,000

92,343

City

of

San

Antonio

Series

2019,

G.O.

Limited,

Refunding,

5.00%,

8/1/2027

55,000

57,188

City

of

San

Antonio

Electric

&

Gas

Systems,

Series

2016,

Revenue,

Refunding,

5.00%,

2/1/2029

20,000

20,272

City

of

San

Antonio

Electric

&

Gas

Systems,

Series

2019,

Revenue,

Refunding,

4.00%,

2/1/2027

95,000

96,534

4.00%,

2/1/2028

210,000

216,634

City

of

San

Antonio

Water

System,

Series

2020A,

Revenue,

Refunding,

5.00%,

5/15/2028

105,000

111,093

City

of

San

Antonio

Water

System,

Series

2023A,

Revenue,

Refunding,

5.00%,

5/15/2027

190,000

196,403

Collin

County

Community

College

District

Series

2018,

G.O.

Limited,

4.00%,

8/15/2030

85,000

86,703

Collin

County

Community

College

District

Series

2020A,

G.O.

Limited,

5.00%,

8/15/2026

185,000

187,683

Comal

Independent

School

District

Series

2024,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2030

75,000

82,157

Conroe

Independent

School

District

Series

2024,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2028

150,000

157,798

Corpus

Christi

Independent

School

District

Series

2019,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2028

145,000

154,145

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

20.2%

continued

County

of

Harris

Series

2022A,

G.O.

Limited,

Refunding,

5.00%,

8/15/2026

$

100,000

$

101,531

County

of

Harris

Series

2007C,

G.O.

Unlimited,

Refunding,

AG

Insured,

5.25%,

8/15/2029

80,000

87,711

5.25%,

8/15/2030

185,000

207,383

County

of

Harris

Toll

Road,

Series

2016A,

Revenue,

Refunding,

5.00%,

8/15/2027

115,000

116,599

County

of

Harris

Metropolitan

Transit

Authority,

Series

2018,

Revenue,

5.00%,

11/1/2027

60,000

62,671

County

of

Harris

Toll

Road,

Series

2018A,

Revenue,

Refunding,

5.00%,

8/15/2028

110,000

115,785

County

of

Harris

Toll

Road,

Series

2021,

Revenue,

Refunding,

5.00%,

8/15/2028

140,000

148,571

County

of

Harris

Toll

Road,

Series

2022A,

Revenue,

Refunding,

5.00%,

8/15/2027

80,000

83,118

5.00%,

8/15/2026

135,000

137,041

County

of

Harris

Houston

Sports

Authority,

Series

2024A,

Revenue,

Refunding,

AG

Insured,

5.00%,

11/15/2027

40,000

41,641

County

of

North

Harris

Regional

Water

Authority,

Series

2016,

Revenue,

Refunding,

5.00%,

12/15/2027

70,000

71,538

5.00%,

12/15/2029

80,000

81,766

Dallas

Area

Rapid

Transit

Series

2007,

Revenue,

Refunding,

AMBAC

Insured,

5.25%,

12/1/2029

75,000

82,422

Dallas

County

Utility

&

Reclamation

District

Series

2016,

G.O.

Unlimited,

Refunding,

5.00%,

2/15/2027

35,000

35,888

Dallas

Fort

Worth

International

Airport

Series

2020A,

Revenue,

Refunding,

5.00%,

11/1/2028

50,000

53,321

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

104

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

20.2%

continued

Dallas

Fort

Worth

International

Airport

Series

2020B,

Revenue,

Refunding,

5.00%,

11/1/2028

$

55,000

$

58,653

Dallas

Independent

School

District

Series

2021A,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2028

95,000

99,959

Ector

County

Independent

School

District

Series

2024A,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/15/2026

225,000

228,431

Fort

Bend

Independent

School

District

Series

2018,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2029

60,000

62,291

5.00%,

8/15/2030

55,000

57,095

Fort

Bend

Independent

School

District

Series

2019B,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2030

70,000

73,560

5.00%,

2/15/2028

165,000

173,438

Fort

Bend

Independent

School

District

Series

2025A,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2026

105,000

106,601

Garland

Independent

School

District

Series

2023A,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2030

90,000

98,773

Gregory-Portland

Independent

School

District

Series

2025,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2027

90,000

92,504

Hurst-Euless-Bedford

Independent

School

District

Series

2024,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/15/2029

55,000

59,730

5.00%,

8/15/2030

175,000

193,718

5.00%,

8/15/2026

65,000

66,003

Lamar

Consolidated

Independent

School

District

Series

2024A,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2028

250,000

263,050

5.00%,

2/15/2029

120,000

129,031

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

20.2%

continued

Lewisville

Independent

School

District

Series

2020,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2029

$

145,000

$

157,734

5.00%,

8/15/2030

90,000

97,734

5.00%,

8/15/2026

165,000

167,443

Lower

Colorado

River

Authority

LCRA

Transmission

Services

Corp.,

Series

2019,

Revenue,

Refunding,

5.00%,

5/15/2030

50,000

53,768

5.00%,

5/15/2029

65,000

69,926

Lower

Colorado

River

Authority

LCRA

Transmission

Services

Corp.,

Series

2023,

Revenue,

Refunding,

AG

Insured,

5.00%,

5/15/2028

85,000

89,772

5.00%,

5/15/2029

85,000

91,640

Lower

Colorado

River

Authority

LCRA

Transmission

Services

Corp.,

Series

2023A,

Revenue,

Refunding,

AG

Insured,

5.00%,

5/15/2029

185,000

199,452

Lower

Colorado

River

Authority

Series

2025A,

Revenue,

Refunding,

5.00%,

5/15/2027

125,000

129,092

Metropolitan

Transit

Authority

of

Harris

County

Sales

&

Use

Tax,

Series

2016A,

Revenue,

Refunding,

5.00%,

11/1/2029

30,000

30,563

North

East

Independent

School

District

Series

2007,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.25%,

2/1/2028

75,000

79,191

North

East

Independent

School

District

Series

2025,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/1/2026

195,000

197,820

5.00%,

8/1/2027

215,000

223,552

North

Texas

Tollway

Authority

Tollway

System,

Series

2017B,

Revenue,

Refunding,

5.00%,

1/1/2028

20,000

20,000

North

Texas

Tollway

Authority

Series

2025A,

Revenue,

Refunding,

5.00%,

1/1/2029

80,000

85,717

NORTHERN

FUNDS

ANNUAL

REPORT

105

EXCHANGE

TRADED

FUNDS

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

20.2%

continued

Northside

Independent

School

District

Series

2018,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2029

$

85,000

$

88,342

Pecos

Barstow

Toyah

Independent

School

District

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2030

75,000

78,798

5.00%,

2/15/2027

125,000

128,394

Permanent

University

Fund

-

University

of

Texas

System

Series

2006B,

Revenue,

Refunding,

5.25%,

7/1/2026

175,000

177,382

Permanent

University

Fund

-

University

of

Texas

System

Series

2022A,

Revenue,

5.00%,

7/1/2026

105,000

106,300

Permanent

University

Fund

-

University

of

Texas

System

Series

2023,

Revenue,

5.00%,

7/1/2030

55,000

60,820

5.00%,

7/1/2029

50,000

54,198

Permanent

University

Fund

-

University

of

Texas

System

Series

2025A,

Revenue,

Refunding,

5.00%,

7/1/2030

150,000

166,008

Plano

Independent

School

District

Series

2025,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2027

130,000

133,647

Port

Authority

of

Houston

Series

2020A2,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2029

15,000

16,284

State

of

Texas

Series

2018A,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2026

90,000

91,665

5.00%,

10/1/2027

75,000

78,275

Tarrant

County

College

District

Series

2020,

G.O.

Limited,

5.00%,

8/15/2027

75,000

77,996

Tarrant

Regional

Water

District

Water

Supply

System,

Series

2024,

Revenue,

Refunding,

5.00%,

3/1/2030

50,000

54,837

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Gas

Supply,

Series

2021,

Revenue,

Refunding,

5.00%,

12/15/2029

150,000

159,018

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

20.2%

continued

Texas

Public

Finance

Authority

Texas

Facilities

Commission,

Series

2019,

Revenue,

Refunding,

5.00%,

2/1/2030

$

85,000

$

91,349

Texas

State

University

System

Series

2017A,

Revenue,

Refunding,

5.00%,

3/15/2028

210,000

216,092

5.00%,

3/15/2029

110,000

113,174

Texas

Transportation

Commission

Series

2024,

G.O.

Unlimited,

Refunding,

5.00%,

4/1/2028

65,000

68,654

5.00%,

4/1/2027

215,000

221,723

Texas

Water

Development

Board

State

Revolving

Fund,

Series

2018,

Revenue,

5.00%,

8/1/2029

25,000

25,928

Texas

Water

Development

Board

State

Water

Implementation

Fund,

Series

2018A,

Revenue,

5.00%,

10/15/2029

100,000

105,689

Texas

Water

Development

Board

State

Revolving

Fund,

Series

2019,

Revenue,

5.00%,

8/1/2029

70,000

76,130

Texas

Water

Development

Board

State

Revolving

Fund,

Series

2020,

Revenue,

5.00%,

8/1/2028

75,000

79,834

5.00%,

8/1/2029

105,000

114,196

Texas

Water

Development

Board

State

Revolving

Fund,

Series

2021,

Revenue,

5.00%,

8/1/2028

205,000

218,212

Texas

Water

Development

Board

Master

Trust,

Series

2022,

Revenue,

5.00%,

10/15/2029

60,000

65,550

Texas

Water

Development

Board

Master

Trust,

Series

2024A,

Revenue,

5.00%,

10/15/2030

145,000

161,427

Texas

Water

Development

Board

Master

Trust,

Series

2025,

Revenue,

5.00%,

10/15/2027

55,000

57,378

Trinity

River

Authority

Regional

Wastewater

System,

Series

2018,

Revenue,

Refunding,

5.00%,

8/1/2029

100,000

106,192

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

106

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Texas

-

20.2%

continued

Trinity

River

Authority

Regional

Wastewater

System,

Series

2019,

Revenue,

Refunding,

5.00%,

8/1/2029

$

180,000

$

195,185

University

of

Houston

Series

2020A,

Revenue,

Refunding,

5.00%,

2/15/2027

100,000

102,759

University

of

Houston

Series

2022A,

Revenue,

Refunding,

5.00%,

2/15/2029

115,000

123,304

5.00%,

2/15/2030

60,000

65,657

5.00%,

2/15/2028

90,000

94,435

University

of

North

Texas

Series

2017A,

Revenue,

Refunding,

5.00%,

4/15/2029

15,000

15,455

University

of

North

Texas

Series

2025A,

Revenue,

Refunding,

5.00%,

4/15/2030

25,000

27,466

14,482,510

Utah

-

1

.6

%

Intermountain

Power

Agency

Power

Supply,

Series

2023A,

Revenue,

5.00%,

7/1/2029

10,000

10,786

5.00%,

7/1/2028

100,000

105,717

5.00%,

7/1/2026

100,000

101,189

Nebo

School

District

Series

2022,

G.O.

Unlimited,

Refunding,

School

Bond

Guaranty,

5.00%,

7/1/2027

80,000

82,954

5.00%,

7/1/2026

125,000

126,517

State

of

Utah

Series

2017,

G.O.

Unlimited,

5.00%,

7/1/2026

85,000

86,069

State

of

Utah

Series

2018,

G.O.

Unlimited,

5.00%,

7/1/2027

130,000

134,897

State

of

Utah

Series

2020,

G.O.

Unlimited,

5.00%,

7/1/2029

55,000

59,133

5.00%,

7/1/2026

215,000

217,705

Utah

State

Transit

Authority

Series

2016,

Revenue,

Refunding,

3.00%,

12/15/2027

220,000

220,233

1,145,200

Virginia

-

2

.0

%

City

of

Alexandria

Series

2023,

G.O.

Unlimited,

State

Aid

Withholding,

5.00%,

12/15/2029

70,000

76,811

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Virginia

-

2.0%

continued

County

of

Fairfax

Series

2021A,

G.O.

Unlimited,

State

Aid

Withholding,

4.00%,

10/1/2026

$

130,000

$

131,469

Hampton

Roads

Sanitation

District

Wastewater,

Series

2016A,

Revenue,

5.00%,

8/1/2030

(c)

105,000

106,520

Virginia

College

Building

Authority

21st

Century

College

Program,

Series

2017E,

Revenue,

Refunding,

5.00%,

2/1/2029

65,000

68,384

5.00%,

2/1/2030

55,000

57,868

Virginia

College

Building

Authority

21st

Century

College

Program,

Series

2019A,

Revenue,

5.00%,

2/1/2030

30,000

32,262

Virginia

College

Building

Authority

21st

Century

College

&

Equipment

Project,

Series

2021A,

Revenue,

5.00%,

2/1/2030

50,000

54,938

Virginia

College

Building

Authority

21st

Century

College

&

Equipment

Project,

Series

2024A,

Revenue,

5.00%,

2/1/2027

130,000

133,516

Virginia

Commonwealth

Transportation

Board

Transportation

Capital

Project,

Series

2024,

Revenue,

Refunding,

5.00%,

5/15/2027

175,000

181,018

Virginia

Public

Building

Authority

Public

Facilities,

Series

2021A1,

Revenue,

5.00%,

8/1/2029

125,000

135,992

5.00%,

8/1/2030

55,000

61,087

Virginia

Public

School

Authority

School

Financing

1997

Resolution,

Series

2025B,

Revenue,

Refunding,

State

Aid

Withholding,

5.00%,

8/1/2026

115,000

116,630

Wise

County

Industrial

Development

Authority

Electric

&

Power

Co.

Project,

Series

2009A,

Revenue,

Mandatory

Put,

3.13%,

10/1/2040

(a)(b)

125,000

125,441

1,281,936

NORTHERN

FUNDS

ANNUAL

REPORT

107

EXCHANGE

TRADED

FUNDS

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Washington

-

7

.6

%

Central

Puget

Sound

Regional

Transit

Authority

Sales

Motor

Vehicle

&

Rental

Car

Tax,

Series

2021S1,

Revenue,

Refunding,

5.00%,

11/1/2029

$

160,000

$

175,339

City

of

Seattle

Series

2021A,

G.O.

Limited,

Refunding,

5.00%,

12/1/2027

50,000

52,416

City

of

Seattle

Series

2022A,

G.O.

Limited,

Refunding,

4.00%,

9/1/2027

50,000

51,285

City

of

Seattle

Municipal

Light

&

Power,

Series

2017C,

Revenue,

Refunding,

5.00%,

9/1/2029

105,000

109,329

City

of

Seattle

Municipal

Light

&

Power,

Series

2020A,

Revenue,

5.00%,

7/1/2027

135,000

140,085

City

of

Seattle

Drain

&

Wastewater,

Series

2021,

Revenue,

Refunding,

5.00%,

9/1/2029

100,000

108,920

City

of

Seattle

Drain

&

Wastewater,

Series

2022,

Revenue,

Refunding,

5.00%,

9/1/2027

55,000

57,304

City

of

Seattle

Water

System,

Series

2025,

Revenue,

Refunding,

5.00%,

5/1/2027

125,000

129,174

County

of

King

Series

2017,

G.O.

Limited,

Refunding,

5.00%,

7/1/2027

65,000

67,429

County

of

King

Series

2019,

G.O.

Limited,

5.00%,

1/1/2030

10,000

10,728

County

of

King

Sewer,

Series

2016B,

Revenue,

Refunding,

4.00%,

7/1/2030

50,000

50,293

5.00%,

7/1/2027

10,000

10,114

5.00%,

7/1/2026

215,000

217,662

County

of

King

Sewer,

Series

2018B,

Revenue,

5.00%,

7/1/2028

140,000

148,702

5.00%,

7/1/2027

75,000

77,825

Energy

Northwest

Project

3

Electric,

Series

2016A,

Revenue,

Refunding,

5.00%,

7/1/2028

85,000

86,051

5.00%,

7/1/2026

100,000

101,238

Energy

Northwest

Project

1,

Series

2017A,

Revenue,

Refunding,

5.00%,

7/1/2028

40,000

41,490

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Washington

-

7.6%

continued

5.00%,

7/1/2028

$

120,000

$

124,470

Energy

Northwest

Project

3

Electric,

Series

2018C,

Revenue,

Refunding,

5.00%,

7/1/2027

125,000

129,709

Energy

Northwest

Project

1

Electric,

Series

2021A,

Revenue,

Refunding,

5.00%,

7/1/2026

95,000

96,176

Energy

Northwest

Project

1

Electric,

Series

2022A,

Revenue,

Refunding,

5.00%,

7/1/2028

125,000

132,707

5.00%,

7/1/2026

90,000

91,114

Energy

Northwest

Columbia

Generating

Station

Electric,

Series

2024A,

Revenue,

Refunding,

5.00%,

7/1/2030

100,000

110,928

Energy

Northwest

Project

1

Electric,

Series

2024B,

Revenue,

Refunding,

5.00%,

7/1/2028

160,000

169,866

5.00%,

7/1/2026

100,000

101,238

Energy

Northwest

Project

1

Electric,

Series

2025A,

Revenue,

Refunding,

5.00%,

7/1/2027

60,000

62,260

King

County

School

District

No.

401

Highline,

Series

2017,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2027

60,000

61,274

King

County

School

District

No.

401

Highline

Series

2017,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2028

50,000

51,052

King

County

School

District

No.

405

Bellevue,

Series

2016,

G.O.

Unlimited,

Refunding,

School

Bond

Guaranty,

5.00%,

12/1/2026

155,000

158,519

King

County

School

District

No.

412

Shoreline,

Series

2021A,

G.O.

Unlimited,

Refunding,

School

Bond

Guaranty,

4.00%,

12/1/2027

75,000

77,087

4.00%,

12/1/2026

215,000

217,892

Pierce

County

School

District

No.

10

Tacoma,

Series

2024,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2027

70,000

73,248

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

108

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Washington

-

7.6%

continued

Pierce

County

School

District

No.

3

Puyallup,

Series

2017,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2028

$

65,000

$

67,211

Port

of

Seattle

Series

2022A,

Revenue,

Refunding,

5.00%,

8/1/2029

125,000

135,868

Spokane

County

School

District

No.

81

Spokane,

Series

2021,

G.O.

Unlimited,

Refunding,

School

Bond

Guaranty,

4.00%,

12/1/2029

75,000

79,125

Spokane

County

School

District

No.

81

Spokane

Series

2021,

G.O.

Unlimited,

Refunding,

School

Bond

Guaranty,

4.00%,

12/1/2028

210,000

218,906

State

of

Washington

Series

2017D,

G.O.

Unlimited,

5.00%,

2/1/2030

30,000

30,785

State

of

Washington

Series

2018A,

G.O.

Unlimited,

5.00%,

8/1/2026

85,000

86,239

5.00%,

8/1/2030

75,000

77,866

State

of

Washington

Series

2022D,

G.O.

Unlimited,

Refunding,

4.00%,

7/1/2029

120,000

126,149

State

of

Washington

Series

2025A,

G.O.

Unlimited,

5.00%,

8/1/2030

25,000

27,744

State

of

Washington

Series

E-2017A,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2030

105,000

106,360

State

of

Washington

Series

R-2017B,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2030

105,000

106,360

State

of

Washington

Series

R-2018D,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2026

50,000

50,729

State

of

Washington

Series

R-2020D,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2026

60,000

60,749

State

of

Washington

Series

R-2022C,

G.O.

Unlimited,

Refunding,

4.00%,

7/1/2027

105,000

107,452

State

of

Washington

Series

R-2023B,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2030

65,000

72,015

5.00%,

7/1/2026

75,000

75,936

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Washington

-

7.6%

continued

State

of

Washington

Series

R-2024C,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2026

$

120,000

$

121,749

State

of

Washington

Series

R-2025A,

G.O.

Unlimited,

Refunding,

4.00%,

7/1/2026

75,000

75,568

State

of

Washington

Series

R-2025D,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2026

125,000

126,822

University

of

Washington

Series

2024A,

Revenue,

5.00%,

4/1/2029

55,000

59,274

5.00%,

4/1/2028

105,000

110,694

University

of

Washington

Series

2025A,

Revenue,

Refunding,

5.00%,

4/1/2030

125,000

137,597

5.00%,

4/1/2028

130,000

137,050

5,491,172

West

Virginia

-

0

.6

%

State

of

West

Virginia

Series

2018A,

G.O.

Unlimited,

5.00%,

6/1/2029

40,000

42,457

5.00%,

12/1/2028

120,000

127,332

State

of

West

Virginia

Series

2018B,

G.O.

Unlimited,

5.00%,

6/1/2030

25,000

26,520

State

of

West

Virginia

Series

2019A,

G.O.

Unlimited,

5.00%,

12/1/2029

80,000

86,820

5.00%,

6/1/2030

115,000

124,672

407,801

Wisconsin

-

3

.4

%

City

of

Madison

Series

2025D,

G.O.

Unlimited,

5.00%,

10/1/2026

50,000

50,894

Green

Bay

Area

Public

School

District

G.O.

Unlimited,

5.00%,

4/1/2027

190,000

195,700

State

of

Wisconsin

Series

2017-1,

G.O.

Unlimited,

Refunding,

5.00%,

11/1/2028

70,000

72,376

5.00%,

11/1/2027

70,000

72,344

State

of

Wisconsin

Series

2017-2,

G.O.

Unlimited,

Refunding,

5.00%,

11/1/2026

150,000

153,126

State

of

Wisconsin

Series

2017-3,

G.O.

Unlimited,

Refunding,

5.00%,

11/1/2028

20,000

20,679

5.00%,

11/1/2029

50,000

51,716

5.00%,

11/1/2030

165,000

170,627

5.00%,

11/1/2026

125,000

127,605

NORTHERN

FUNDS

ANNUAL

REPORT

109

EXCHANGE

TRADED

FUNDS

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.5%

continued

Wisconsin

-

3.4%

continued

State

of

Wisconsin

Series

2019B,

G.O.

Unlimited,

5.00%,

5/1/2027

$

110,000

$

113,688

State

of

Wisconsin

Series

2020-1,

G.O.

Unlimited,

Refunding,

5.00%,

5/1/2029

75,000

81,224

State

of

Wisconsin

Series

2020B,

G.O.

Unlimited,

5.00%,

5/1/2030

110,000

119,238

State

of

Wisconsin

Series

2021-2,

G.O.

Unlimited,

Refunding,

5.00%,

5/1/2028

85,000

89,957

State

of

Wisconsin

Series

2024-1,

G.O.

Unlimited,

Refunding,

5.00%,

5/1/2028

105,000

111,124

5.00%,

5/1/2029

70,000

75,809

State

of

Wisconsin

Transportation,

Series

2017-1,

Revenue,

Refunding,

5.00%,

7/1/2028

145,000

150,400

5.00%,

7/1/2026

110,000

111,319

State

of

Wisconsin

Transportation,

Series

2017-2,

Revenue,

Refunding,

5.00%,

7/1/2027

150,000

155,470

5.00%,

7/1/2030

115,000

119,341

5.00%,

7/1/2029

210,000

217,875

Wisconsin

Department

of

Transportation

Vehicle

Fee,

Series

2017-2,

Revenue,

Refunding,

5.00%,

7/1/2026

120,000

121,439

2,381,951

Total

Municipal

Bonds

(Cost

$70,117,739)

70,292,191

Total

Investments

-

98.5%

(Cost

$70,117,739)

70,292,191

Other

assets

less

liabilities

-

1.5%

1,058,670

NET

ASSETS

-

100.0%

$71,350,861

(a)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

December

31,

2025.

(b)

Maturity

date

represents

the

puttable

date.

(c)

Pre-refunded

security.

Maturity

date

disclosed

is

earliest

of

the

next

put

date

or

final

maturity

date.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

CWA

Clean

Water

Act

ETM

Escrowed

to

Maturity

G.O.

General

Obligation

LCRA

Lower

Colorado

River

Authority

PSF

Permanent

School

Fund

As

of

December

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

of

investments

based

on

the

aggregate

cost

of

investments

(including

derivative

instruments,

if

applicable)

for

federal

income

tax

purposes

was

as

follows:

Aggregate

gross

unrealized

appreciation

$

184,527

Aggregate

gross

unrealized

depreciation

(

10,057

)

Net

unrealized

appreciation

$

174,470

Federal

income

tax

cost

$

70,117,721

Security

Type

%

of

Net

Assets

Municipal

Bonds

98

.5

%

Others

(1)

1

.5

100

.0

%

(1)

Includes

any

other

net

assets/(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

December

31,

2025:

Level

1

(000s)

Level

2

(000s)

Level

3

(000s)

Total

(000s)

Investments

Municipal

Bonds

(1)

$

—

$

70,292

$

—

$

70,292

Total

Investments

$

—

$70,292

$

—

$70,292

(1)

Classifications

as

defined

in

the

Schedule

of

Investments.

Northern

Trust

Tax-Exempt

Bond

ETF

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

110

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98

.6

%

Alabama

-

3

.3

%

Alabama

Public

School

and

College

Authority

Series

2020A,

Revenue,

Refunding,

5.00%,

11/1/2034

$

75,000

$

82,246

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2023C,

Revenue,

Mandatory

Put,

5.50%,

10/1/2054

(a)(b)

50,000

54,946

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2025D,

Revenue,

Refunding,

Mandatory

Put,

5.00%,

12/1/2055

(a)(b)

70,000

75,138

Black

Belt

Energy

Gas

District

Gas

Project,

Series

2025E,

Revenue,

Mandatory

Put,

5.00%,

12/1/2055

(a)(b)

100,000

106,940

County

of

Jefferson

Sales

&

Use

Tax,

Series

2017,

Revenue,

Refunding,

5.00%,

9/15/2027

65,000

66,705

Energy

Southeast

A

Cooperative

District

Series

2023A1,

Revenue,

Mandatory

Put,

5.50%,

11/1/2053

(a)(b)

90,000

98,322

Lower

Alabama

Gas

District

Gas

Project,

Series

2025A,

Revenue,

Refunding,

5.00%,

12/1/2033

(a)

70,000

73,993

Southeast

Energy

Authority

A

Cooperative

District

Series

2024C,

Revenue,

Mandatory

Put,

5.00%,

10/1/2055

(a)(b)

50,000

54,019

Southeast

Energy

Authority

A

Cooperative

District

Series

2025A,

Revenue,

Mandatory

Put,

5.00%,

1/1/2056

(a)(b)

75,000

78,145

Southeast

Energy

Authority

A

Cooperative

District

Gas

Supply,

Series

2025F,

Revenue,

5.25%,

11/1/2030

70,000

76,035

Southeast

Energy

Authority

A

Cooperative

District

Gas

Supply,

Series

2025F,

Revenue,

Mandatory

Put,

5.25%,

11/1/2055

(a)(b)

70,000

76,962

843,451

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Alaska

-

0

.2

%

State

of

Alaska

International

Airports

System,

Series

2025A,

Revenue,

Refunding,

5.00%,

10/1/2034

$

40,000

$

45,857

Arizona

-

1

.0

%

Arizona

Transportation

Board

Highway

Series

2023,

Revenue,

Refunding,

5.00%,

7/1/2026

20,000

20,255

City

of

Mesa

Utility

System,

Series

2017,

Revenue,

3.25%,

7/1/2041

80,000

73,311

City

of

Mesa

Utility

System,

Series

2023,

Revenue,

5.00%,

7/1/2046

80,000

83,871

Maricopa

County

Special

Health

Care

District

Integrated

Health

Serivces,

Series

2018C,

G.O.

Unlimited,

5.00%,

7/1/2031

60,000

63,355

240,792

Arkansas

-

0

.4

%

University

of

Arkansas

Medical

Sciences,

Series

2021A,

Revenue,

5.00%,

12/1/2045

85,000

88,324

California

-

7

.6

%

California

State

Public

Works

Board

Various

Capital

Projects,

Series

2022A,

Revenue,

Refunding,

5.00%,

8/1/2034

40,000

45,010

California

State

Public

Works

Board

Various

Capital

Projects,

Series

2023C,

Revenue,

Refunding,

5.00%,

9/1/2027

10,000

10,437

California

State

Public

Works

Board

Various

Capital

Projects,

Series

2023D,

Revenue,

5.00%,

11/1/2044

85,000

91,800

California

State

Public

Works

Board

May

Lee

State

Office

Complex,

Series

2024A,

Revenue,

5.00%,

4/1/2045

55,000

59,167

California

State

University

Series

2024A,

Revenue,

5.50%,

11/1/2046

180,000

200,871

Central

Valley

Energy

Authority

Series

2025,

Revenue,

Mandatory

Put,

5.00%,

12/1/2055

(a)(b)

70,000

76,250

NORTHERN

FUNDS

ANNUAL

REPORT

111

EXCHANGE

TRADED

FUNDS

Northern

Trust

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

California

-

7.6%

continued

City

&

County

of

San

Francisco

Earthquack

Safety

and

Emergency

Response,

Series

2025B1,

G.O.

Unlimited,

5.00%,

6/15/2045

$

45,000

$

48,460

City

of

San

Francisco

Public

Utilities

Commission

Water,

Series

2025D,

Revenue,

5.00%,

11/1/2051

195,000

206,837

Coast

Community

College

District

Series

2019F,

G.O.

Unlimited,

3.00%,

8/1/2038

30,000

28,421

Desert

Community

College

District

Election

of

2016,

Series

2024,

G.O.

Unlimited,

4.00%,

8/1/2045

155,000

152,201

Elk

Grove

Unified

School

District

Election

of

2016,

Series

2023,

G.O.

Unlimited,

4.00%,

8/1/2043

45,000

45,060

Foothill-De

Anza

Community

College

District

Series

2021A,

G.O.

Unlimited,

Refunding,

3.00%,

8/1/2037

45,000

43,498

3.00%,

8/1/2038

50,000

47,464

Long

Beach

Bond

Finance

Authority

Natural

Gas

Purchase,

Series

2007A,

Revenue,

5.50%,

11/15/2030

30,000

33,469

5.50%,

11/15/2032

40,000

46,036

Los

Angeles

County

Public

Works

Financing

Authority

County

of

Los

Angeles,

Series

2022G,

Revenue,

Refunding,

5.00%,

12/1/2037

25,000

27,987

Los

Angeles

Department

of

Water

&

Power

Power

System,

Series

2023D,

Revenue,

Refunding,

5.00%,

7/1/2042

70,000

75,005

Los

Angeles

Department

of

Water

&

Power

Water

System,

Series

2024A,

Revenue,

5.00%,

7/1/2039

75,000

83,473

San

Diego

County

Regional

Transportation

Commission

Series

2023A,

Revenue,

Refunding,

5.00%,

4/1/2035

30,000

35,341

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

California

-

7.6%

continued

San

Francisco

City

&

County

San

Francisco

International

Airport

Commission,

Series

2023B,

Revenue,

Refunding,

5.00%,

5/1/2043

$

45,000

$

48,946

San

Francisco

City

&

County

San

Francisco

International

Airport

Commission,

Series

2024B,

Revenue,

Refunding,

5.00%,

5/1/2044

30,000

32,578

San

Jose

Redevelopment

Agency

Successor

Agency

Series

2017A,

Tax

Allocation,

Refunding,

5.00%,

8/1/2035

75,000

77,542

Southern

California

Public

Power

Authority

Southern

Tansmission

Systme

Renewal

Project,

Series

2024-1,

Revenue,

5.00%,

7/1/2042

115,000

124,152

State

of

California

G.O.

Unlimited,

5.00%,

10/1/2026

25,000

25,157

University

of

California

Series

2022BK,

Revenue,

5.00%,

5/15/2052

280,000

291,642

1,956,804

Colorado

-

1

.0

%

City

of

Colorado

Springs

Utilities

System

Improvement,

Series

2025A,

Revenue,

5.25%,

11/15/2050

70,000

75,309

State

of

Colorado

Series

2020A,

Certificate

of

Participation,

5.00%,

12/15/2033

35,000

38,539

State

of

Colorado

Series

2021A,

Certificate

of

Participation,

5.00%,

12/15/2033

30,000

33,597

State

of

Colorado

Series

2022,

Certificate

of

Participation,

6.00%,

12/15/2041

25,000

28,752

Weld

County

School

District

No.

6

Greeley

Series

2020,

G.O.

Unlimited,

State

Aid

Withholding,

5.00%,

12/1/2037

60,000

64,064

240,261

Northern

Trust

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

112

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Connecticut

-

0

.3

%

State

of

Connecticut

Transportation

Infrastructure,

Series

2024A2,

Special

Tax,

5.00%,

7/1/2032

$

40,000

$

45,706

5.00%,

7/1/2038

25,000

28,507

74,213

Delaware

-

0

.6

%

Delaware

Transportation

Authority

Transportation

System,

Series

2016,

Revenue,

Refunding,

5.00%,

7/1/2027

30,000

30,365

Delaware

Transportation

Authority

Transportation

System,

Series

2020,

Revenue,

Refunding,

5.00%,

7/1/2027

85,000

88,266

5.00%,

9/1/2027

45,000

46,885

165,516

District

of

Columbia

-

3

.1

%

District

of

Columbia

Series

2018B,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2029

45,000

47,657

District

of

Columbia

Series

2021D,

G.O.

Unlimited,

5.00%,

2/1/2038

65,000

70,537

5.00%,

2/1/2046

45,000

46,482

District

of

Columbia

Series

2024A,

G.O.

Unlimited,

5.00%,

8/1/2036

65,000

74,926

District

of

Columbia

Income

Tax,

Series

2019A,

Revenue,

5.00%,

3/1/2036

70,000

74,893

District

of

Columbia

Federal

Highway

Grant

Anticipation

Note,

Series

2020,

Revenue,

5.00%,

12/1/2031

120,000

130,540

District

of

Columbia

Series

2020C,

Revenue,

5.00%,

5/1/2035

45,000

48,942

Washington

Metropolitan

Area

Transit

Authority

Series

2017B,

Revenue,

5.00%,

7/1/2027

45,000

46,648

5.00%,

7/1/2037

30,000

30,738

Washington

Metropolitan

Area

Transit

Authority

Washington

Metropolitan

Area

Transit

Authority,

Series

2018,

Revenue,

5.00%,

7/1/2034

105,000

108,037

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

District

of

Columbia

-

3.1%

continued

Washington

Metropolitan

Area

Transit

Authority

Dedicated,

Series

2020A,

Revenue,

5.00%,

7/15/2034

$

25,000

$

27,212

5.00%,

7/15/2036

25,000

26,989

Washington

Metropolitan

Area

Transit

Authority

Series

2021A,

Revenue,

4.00%,

7/15/2034

55,000

57,659

791,260

Florida

-

6

.3

%

Central

Florida

Expressway

Authority

Series

2018,

Revenue,

5.00%,

7/1/2048

45,000

45,804

Central

Florida

Expressway

Authority

Series

2024A,

Revenue,

AG

Insured,

5.00%,

7/1/2049

85,000

89,484

Central

Florida

Expressway

Authority

Series

2025A,

Revenue,

5.00%,

7/1/2039

65,000

73,786

City

of

Jacksonville

Series

2022A,

Revenue,

Refunding,

5.00%,

10/1/2028

60,000

63,899

City

of

Orlando

Camping

World

Stadium,

Series

2025,

Revenue,

AG

Insured,

5.50%,

11/1/2050

75,000

81,845

County

of

Broward

Water

&

Sewer

Utility,

Series

2025,

Revenue,

Refunding,

5.00%,

10/1/2032

60,000

69,055

County

of

Miami-Dade

Series

2016A,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2036

50,000

50,439

County

of

Miami-Dade

Water

&

Sewer

System,

Series

2025A,

Revenue,

4.50%,

10/1/2051

45,000

43,818

Florida

State

of

Education

Public

Education

Capital

Outlay,

Series

2020A,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2028

45,000

47,726

Florida

State

of

Education

Public

Education

Capital

Outlay,

Series

2022A,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2031

55,000

62,199

NORTHERN

FUNDS

ANNUAL

REPORT

113

EXCHANGE

TRADED

FUNDS

Northern

Trust

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Florida

-

6.3%

continued

Jacksonville

Electric

Authority

Electric

System,

Series

2020A3,

Revenue,

Refunding,

5.00%,

10/1/2034

$

110,000

$

119,442

Palm

Beach

County

School

Board

Series

2020A,

Certificate

of

Participation,

5.00%,

8/1/2034

30,000

32,618

Palm

Beach

County

School

District

Series

2020A,

Certificate

of

Participation,

5.00%,

8/1/2033

80,000

87,226

Palm

Beach

County

School

District

Series

2021A,

Certificate

of

Participation,

5.00%,

8/1/2036

60,000

65,827

Polk

County

School

District

Sales

Tax,

Series

2019,

Revenue,

5.00%,

10/1/2032

40,000

43,159

School

District

of

Broward

County

Series

2020A,

Certificate

of

Participation,

5.00%,

7/1/2032

50,000

54,592

State

of

Florida

Department

of

Transportation,

Series

2017A,

G.O.

Unlimited,

3.13%,

7/1/2035

55,000

54,619

State

of

Florida

Board

of

Public

Education,

Series

2022C,

G.O.

Unlimited,

Refunding,

5.00%,

6/1/2027

45,000

46,599

State

of

Florida

Department

of

Transportation

Financing

Corp.,

Series

2018,

Revenue,

5.00%,

7/1/2032

45,000

47,571

State

of

Florida

Department

of

Transportation

Turnpike

System,

Series

2019A,

Revenue,

Refunding,

5.00%,

7/1/2028

25,000

26,529

5.00%,

7/1/2031

70,000

74,368

5.00%,

7/1/2032

45,000

47,717

State

of

Florida

Department

of

Transportation,

Series

2021A,

Revenue,

5.00%,

7/1/2027

50,000

51,793

State

of

Florida

Department

of

Transportation

Turnpike

System,

Series

2025B,

Revenue,

5.00%,

7/1/2055

75,000

78,705

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Florida

-

6.3%

continued

State

of

Florida

Department

of

Transportation

Turnpike

System,

Series

2025D,

Revenue,

4.25%,

7/1/2055

$

100,000

$

96,428

Town

of

Davie

Educational

Facilities

Nova

Southeastern

University

Project,

Series

2018,

Revenue,

Refunding,

5.00%,

4/1/2048

50,000

50,501

1,605,749

Georgia

-

2

.0

%

County

of

Fulton

Water

&

Sewerage,

Series

2025,

Revenue,

Refunding,

5.00%,

1/1/2033

65,000

74,982

Main

Street

Natural

Gas,

Inc.

Gas

Supply,

Series

2024C,

Revenue,

Mandatory

Put,

5.00%,

12/1/2054

(a)(b)

130,000

139,245

Metropolitan

Atlanta

Rapid

Transit

Authority

Sales

Tax,

Series

2017C,

Revenue,

Refunding,

3.25%,

7/1/2039

175,000

162,326

State

of

Georgia

Series

2016C,

G.O.

Unlimited,

Refunding,

5.00%,

7/1/2026

15,000

15,188

State

of

Georgia

Series

2016E,

G.O.

Unlimited,

Refunding,

5.00%,

12/1/2026

45,000

46,030

State

of

Georgia

Ports

Authority,

Series

2021,

Revenue,

5.00%,

7/1/2033

50,000

55,999

493,770

Hawaii

-

0

.4

%

City

&

County

of

Honolulu

Rail

Transit

Project,

Series

2021E,

G.O.

Unlimited,

5.00%,

3/1/2027

60,000

61,750

State

of

Hawaii

Series

2016FG,

G.O.

Unlimited,

5.00%,

10/1/2026

55,000

56,026

117,776

Idaho

-

0

.5

%

Idaho

Housing

&

Finance

Association

Federal

Highway

Trust,

Series

2019A,

Revenue,

Refunding,

5.00%,

7/15/2033

50,000

53,721

Northern

Trust

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

114

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Idaho

-

0.5%

continued

5.00%,

7/15/2036

$

75,000

$

79,824

133,545

Illinois

-

4

.5

%

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax,

Series

2023,

Revenue,

5.25%,

4/1/2033

130,000

143,996

Chicago

Midway

International

Airport

Series

2025B,

Revenue,

Refunding,

5.00%,

1/1/2043

70,000

75,211

Chicago

O'Hare

International

Airport

Series

2022D,

Revenue,

Refunding,

5.00%,

1/1/2041

70,000

74,455

Chicago

O'Hare

International

Airport

Series

2024B,

Revenue,

5.25%,

1/1/2053

75,000

77,991

City

of

Chicago

Series

2024A,

G.O.

Unlimited,

5.00%,

1/1/2041

75,000

75,274

City

of

Chicago

Series

2024B,

G.O.

Unlimited,

Refunding,

5.00%,

1/1/2033

30,000

31,895

Cook

Kane

Lake

&

McHenry

Counties

Community

College

District

No.

512,

Series

2020,

G.O.

Unlimited,

4.00%,

12/15/2031

30,000

31,025

County

of

Cook

Sales

Tax,

Series

2022A,

Revenue,

Refunding,

5.00%,

11/15/2042

55,000

58,435

DuPage

County

School

District

No.

58

Downers

Grove,

Series

2022,

G.O.

Unlimited,

5.25%,

12/15/2039

65,000

72,510

Illinois

Finance

Authority

Clean

Water

Initiative,

Series

2017,

Revenue,

5.00%,

1/1/2029

30,000

30,750

Sales

Tax

Securitization

Corp.

Series

2024A,

Revenue,

Refunding,

5.00%,

1/1/2037

35,000

38,849

State

of

Illinois

Series

2017A,

G.O.

Unlimited,

5.00%,

12/1/2032

55,000

56,808

State

of

Illinois

Series

2018A,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2032

50,000

52,445

State

of

Illinois

Series

2020B,

G.O.

Unlimited,

5.00%,

10/1/2026

105,000

106,744

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Illinois

-

4.5%

continued

State

of

Illinois

Series

2021A,

G.O.

Unlimited,

5.00%,

3/1/2037

$

60,000

$

64,011

State

of

Illinois

Series

2023B,

G.O.

Unlimited,

5.00%,

5/1/2036

75,000

81,607

5.00%,

5/1/2037

70,000

75,863

1,147,869

Indiana

-

2

.5

%

Allen

County

Building

Corp.

Lease

Rent,

Series

2024,

Revenue,

State

Aid

Intercept,

5.00%,

7/15/2041

65,000

70,437

City

of

Indianapolis

Water

System,

Series

2016B,

Revenue,

Refunding,

5.00%,

10/1/2028

65,000

66,078

Indiana

Finance

Authority

Highway,

Series

2016C,

Revenue,

Refunding,

5.00%,

6/1/2027

85,000

86,808

Indiana

Finance

Authority

CWA

Authority

Project,

Series

2021-1,

Revenue,

Refunding,

5.00%,

10/1/2033

35,000

39,187

Indiana

Finance

Authority

Wastewater

Utility

CWA

Authority

Project,

Series

2021-1,

Revenue,

Refunding,

5.00%,

10/1/2028

45,000

47,976

Indianapolis

Local

Public

Improvement

Bond

Bank

Courthouse

and

Jail

Project,

Series

2019A,

Revenue,

5.00%,

2/1/2033

150,000

159,825

Merrillville

Multi

School

Building

Corp.

Series

2022,

Revenue,

State

Aid

Intercept,

5.00%,

7/15/2037

40,000

44,251

5.00%,

7/15/2039

40,000

43,634

Westfield-Washington

Multi-

School

Building

Corp.

Westfield-Washington

Schools,

Series

2024A,

Revenue,

BAM

Insured,

5.00%,

7/15/2036

65,000

74,071

632,267

Iowa

-

0

.4

%

Iowa

Finance

Authority

State

Revolving

Fund,

Series

2021A,

Revenue,

5.00%,

8/1/2036

40,000

44,448

NORTHERN

FUNDS

ANNUAL

REPORT

115

EXCHANGE

TRADED

FUNDS

Northern

Trust

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Iowa

-

0.4%

continued

State

of

Iowa

Series

2019A,

Revenue,

Refunding,

5.00%,

6/1/2032

$

55,000

$

59,129

103,577

Kentucky

-

0

.7

%

Kentucky

Public

Energy

Authority

Gas

Supply,

Series

2024B,

Revenue,

Refunding,

Mandatory

Put,

5.00%,

1/1/2055

(a)(b)

130,000

139,846

Kentucky

State

Property

&

Buildings

Commission

Project

No.

112,

Series

B,

Revenue,

Refunding,

State

Appropriation,

5.00%,

11/1/2028

50,000

51,029

190,875

Louisiana

-

0

.8

%

Louisiana

Public

Facilities

Authority

Tulane

University,

Series

2023A,

Revenue,

Refunding,

5.00%,

10/15/2036

45,000

49,808

Louisiana

Stadium

&

Exposition

District

Series

2023A,

Revenue,

Refunding,

5.00%,

7/1/2040

65,000

70,387

State

of

Louisiana

Garvee,

Series

2019A,

Revenue,

5.00%,

9/1/2027

25,000

26,014

State

of

Louisiana

Garvee,

Series

2023,

Revenue,

5.00%,

9/1/2034

40,000

46,117

192,326

Maryland

-

1

.0

%

Maryland

Stadium

Authority

Baltimore

City

Public

School

Construction

Financing

Fund,

Series

2020A,

Revenue,

State

Aid

Intercept,

5.00%,

5/1/2050

60,000

64,328

State

of

Maryland

Series

2017A,

G.O.

Unlimited,

5.00%,

8/1/2027

25,000

25,995

State

of

Maryland

Series

2018-2,

G.O.

Unlimited,

5.00%,

8/1/2027

80,000

83,182

State

of

Maryland

Department

of

Transportation,

Series

2025B,

Revenue,

5.00%,

10/1/2034

70,000

80,713

254,218

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Massachusetts

-

0

.8

%

Commonwealth

of

Massachusetts

Series

2019C,

G.O.

Limited,

5.00%,

5/1/2039

$

25,000

$

26,386

Commonwealth

of

Massachusetts

Series

2021D,

G.O.

Limited,

5.00%,

9/1/2049

105,000

108,258

Commonwealth

of

Massachusetts

Series

2024B,

G.O.

Limited,

5.00%,

5/1/2054

55,000

57,017

191,661

Michigan

-

1

.1

%

Green

Lake

Township

Economic

Development

Corp.

Interlochen

Center

for

the

Arts

Project,

Series

2004,

Revenue,

Refunding,

PNC

Bank

NA,

Daily

VRDN

and

Put,

2.55%,

6/1/2034

(a)(b)

200,000

200,000

Michigan

State

Building

Authority

State

of

Michigan,

Series

2016I,

Revenue,

Refunding,

5.00%,

10/15/2029

60,000

61,164

State

of

Michigan

Garvee,

Series

2016,

Revenue,

Refunding,

5.00%,

3/15/2027

25,000

25,705

286,869

Minnesota

-

1

.5

%

State

of

Minnesota

State

Office

Building

Project,

Series

2023,

Certificate

of

Participation,

5.00%,

11/1/2034

50,000

58,143

State

of

Minnesota

Series

2019A,

G.O.

Unlimited,

5.00%,

8/1/2033

85,000

92,129

5.00%,

8/1/2035

30,000

32,332

State

of

Minnesota

Series

2020A,

G.O.

Unlimited,

5.00%,

8/1/2035

45,000

49,343

State

of

Minnesota

Series

2021A,

G.O.

Unlimited,

5.00%,

9/1/2028

10,000

10,655

State

of

Minnesota

Series

2021B,

G.O.

Unlimited,

5.00%,

9/1/2027

55,000

57,332

State

of

Minnesota

Series

2022A,

G.O.

Unlimited,

5.00%,

8/1/2027

40,000

41,610

Northern

Trust

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

116

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Minnesota

-

1.5%

continued

State

of

Minnesota

Series

2022D,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2031

$

40,000

$

45,262

386,806

Mississippi

-

0

.6

%

State

of

Mississippi

Series

2021A,

G.O.

Unlimited,

5.00%,

6/1/2032

65,000

71,455

State

of

Mississippi

Series

2021C,

G.O.

Unlimited,

5.00%,

10/1/2034

40,000

42,258

State

of

Mississippi

Gaming

Tax,

Series

2019A,

Revenue,

5.00%,

10/15/2030

45,000

47,605

161,318

Missouri

-

0

.5

%

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

Series

2019,

Revenue,

Refunding,

4.00%,

10/1/2034

30,000

30,883

Missouri

Highway

&

Transportation

Commission

State

Road,

Series

2022A,

Revenue,

5.00%,

5/1/2027

30,000

31,010

Springfield

School

District

No.

R-12

Series

2019,

G.O.

Unlimited,

4.00%,

3/1/2034

40,000

41,525

St.

Louis

Community

College

District

Series

2024,

Certificate

of

Participation,

4.00%,

4/1/2042

30,000

29,795

133,213

Nebraska

-

0

.2

%

Nebraska

Public

Power

District

Series

2016A,

Revenue,

Refunding,

5.00%,

1/1/2026

30,000

30,000

Nebraska

Public

Power

District

Series

2016B,

Revenue,

Refunding,

5.00%,

1/1/2031

30,000

30,047

60,047

Nevada

-

2

.2

%

Clark

County

School

District

Building,

Series

2020A,

G.O.

Limited,

AG

Insured,

5.00%,

6/15/2035

40,000

43,424

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Nevada

-

2.2%

continued

Clark

County

School

District

Series

2024A,

G.O.

Limited,

5.00%,

6/15/2037

$

65,000

$

73,467

Clark

County

School

District

Series

2025A,

G.O.

Limited,

5.00%,

6/15/2037

60,000

68,737

County

of

Clark

Series

2016B,

G.O.

Limited,

Refunding,

5.00%,

11/1/2029

80,000

81,563

County

of

Clark

Transportation

Improvement,

Series

2018B,

G.O.

Limited,

5.00%,

12/1/2032

75,000

80,186

County

of

Clark

Las

Vegas-

Mccarran

International

Airport

Passenger

Facility,

Series

2019E,

Revenue,

Refunding,

5.00%,

7/1/2033

50,000

53,624

County

of

Clark

Highway

Improvement,

Series

2023,

Revenue,

4.00%,

7/1/2043

185,000

181,775

582,776

New

Hampshire

-

0

.4

%

New

Hampshire

Health

and

Education

Facilities

Authority

University

of

New

Hampshire,

Series

2015,

Revenue,

Refunding,

5.00%,

7/1/2045

100,000

100,025

New

Jersey

-

1

.6

%

New

Jersey

Economic

Development

Authority

Transit

Transportation

Project,

Series

2020A,

Revenue,

5.00%,

11/1/2033

35,000

37,661

5.00%,

11/1/2034

30,000

32,186

New

Jersey

Economic

Development

Authority

State

of

New

Jersey,

Series

2024SSS,

Revenue,

Refunding,

5.25%,

6/15/2038

65,000

74,276

New

Jersey

Educational

Facilities

Authority

Princeton

University,

Series

2021C,

Revenue,

Refunding,

3.00%,

3/1/2034

40,000

39,809

NORTHERN

FUNDS

ANNUAL

REPORT

117

EXCHANGE

TRADED

FUNDS

Northern

Trust

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

New

Jersey

-

1.6%

continued

New

Jersey

Transportation

Trust

Fund

Authority

Fedral

Highway

Reimbursement,

Series

2016A1,

Revenue,

5.00%,

6/15/2029

$

100,000

$

100,925

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

System,

Series

2018A,

Revenue,

Refunding,

5.00%,

12/15/2032

35,000

37,118

New

Jersey

Transportation

Trust

Fund

Authority

State

of

New

Jersey,

Series

2024A,

Revenue,

Refunding,

5.00%,

6/15/2035

65,000

74,963

396,938

New

York

-

10

.4

%

City

of

New

York

Series

2019E,

G.O.

Unlimited,

Refunding,

3.13%,

8/1/2035

60,000

59,192

City

of

New

York

Series

2021F1,

G.O.

Unlimited,

5.00%,

3/1/2037

70,000

75,774

City

of

New

York

Series

2024D,

G.O.

Unlimited,

4.00%,

4/1/2050

55,000

50,209

5.25%,

4/1/2047

135,000

142,132

City

of

New

York

Series

2025F,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2043

35,000

37,342

Erie

County

Fiscal

Stability

Authority

Sales

Tax,

Series

2017D,

Revenue,

5.00%,

9/1/2039

90,000

92,567

Long

Island

Power

Authority

Electric

System,

Series

2020A,

Revenue,

Refunding,

4.00%,

9/1/2039

105,000

106,755

5.00%,

9/1/2038

40,000

43,207

Metropolitan

Transportation

Authority

Series

2024A,

Special

Tax,

5.00%,

11/15/2049

70,000

72,974

Monroe

County

Industrial

Development

Corp.

University

of

Rochester

Project,

Series

2020A,

Revenue,

4.00%,

7/1/2050

180,000

163,607

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

New

York

-

10.4%

continued

Nassau

County

Interim

Finance

Authority

Sales

Tax,

Series

2021A,

Revenue,

Refunding,

4.00%,

11/15/2032

$

35,000

$

37,852

New

York

City

Educational

Construction

Fund

Series

2021B,

Revenue,

State

Aid

Intercept,

5.00%,

4/1/2052

75,000

76,241

New

York

City

Municipal

Water

Finance

Authority

Water

&

Sewer

System,

Series

2013BB,

Revenue,

3.25%,

6/15/2047

110,000

87,179

New

York

City

Municipal

Water

Finance

Authority

Water

&

Sewer

System,

Series

2018EE,

Revenue,

Refunding,

5.00%,

6/15/2034

30,000

30,000

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2017E1,

Revenue,

5.00%,

2/1/2039

50,000

50,950

New

York

City

Transitional

Finance

Authority

Building

Aid,

Series

2020S1B,

Revenue,

State

Aid

Withholding,

4.00%,

7/15/2044

45,000

43,145

New

York

City

Transitional

Finance

Authority

Series

2022D1,

Revenue,

Refunding,

5.00%,

11/1/2033

50,000

56,413

New

York

City

Transitional

Finance

Authority

Series

2023B1,

Revenue,

Refunding,

5.25%,

11/1/2037

45,000

50,460

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2024F1,

Revenue,

5.00%,

2/1/2049

90,000

92,825

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured,

Series

2024G1,

Revenue,

5.00%,

5/1/2052

65,000

66,732

5.25%,

5/1/2048

80,000

84,229

New

York

City

Transitional

Finance

Authority

Series

2025C1,

Revenue,

5.00%,

5/1/2041

70,000

76,320

Northern

Trust

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

118

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

New

York

-

10.4%

continued

New

York

Liberty

Development

Corp.

Goldman

Sachs

Headquarters

LLC,

Series

2005,

Revenue,

Refunding,

5.25%,

10/1/2035

$

25,000

$

29,228

New

York

State

Dormitory

Authority

The

New

School

Project,

Series

2016A,

Revenue,

Refunding,

3.25%,

7/1/2034

35,000

34,221

New

York

State

Dormitory

Authority

Sales

Tax,

Series

2017A,

Revenue,

5.00%,

3/15/2042

30,000

30,451

5.00%,

3/15/2043

30,000

30,404

New

York

State

Dormitory

Authority

Sales

Tax,

Series

2018A,

Revenue,

5.00%,

3/15/2044

75,000

76,646

New

York

State

Environmental

Facilities

Corp.

New

York

City

Water

Finaning

Authority

Project,

Series

2024A,

Revenue,

Refunding,

5.00%,

6/15/2037

50,000

57,654

5.00%,

6/15/2038

35,000

40,050

New

York

State

Thruway

Authority

Personal

Income

Tax,

Series

2025A,

Revenue,

5.00%,

3/15/2049

265,000

275,428

New

York

Urban

Development

Corp.

Personal

Income

Tax,

Series

2017C,

Revenue,

Refunding,

5.00%,

3/15/2042

275,000

280,448

State

of

New

York

Series

2023A,

G.O.

Unlimited,

5.00%,

3/15/2037

55,000

62,932

Town

of

Hempstead

Series

2025A,

G.O.

Limited,

4.00%,

6/1/2039

75,000

79,004

Triborough

Bridge

&

Tunnel

Authority

Series

2024A1,

Revenue,

5.25%,

11/15/2051

75,000

79,441

2,672,012

North

Carolina

-

1

.6

%

County

of

Mecklenburg

Public

Improvement,

Series

2017A,

G.O.

Unlimited,

3.00%,

4/1/2037

70,000

67,473

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

North

Carolina

-

1.6%

continued

County

of

Mecklenburg

Series

2021,

G.O.

Unlimited,

5.00%,

3/1/2029

$

50,000

$

54,005

County

of

Wake

Series

2021,

Revenue,

3.00%,

3/1/2036

45,000

44,104

North

Carolina

Municipal

Power

Agency

No.

1

Catawba

Electric,

Series

2015A,

Revenue,

Refunding,

5.00%,

1/1/2028

30,000

30,091

State

of

North

Carolina

Series

2019,

Revenue,

5.00%,

3/1/2033

80,000

85,514

State

of

North

Carolina

Highway

Trust

Fund,

Series

2020B,

Revenue,

3.00%,

5/1/2033

40,000

39,670

State

of

North

Carolina

Series

2021,

Revenue,

4.00%,

3/1/2034

50,000

52,513

State

of

North

Carolina

Series

2025A,

Revenue,

5.00%,

5/1/2027

30,000

31,002

404,372

Ohio

-

0

.4

%

Ohio

Higher

Educational

Facility

Commission

Case

Western

Reserve

University,

Series

2016,

Revenue,

Refunding,

3.25%,

12/1/2035

75,000

74,002

State

of

Ohio

Garvee,

Series

2018-1,

Revenue,

5.00%,

12/15/2028

35,000

35,373

109,375

Oklahoma

-

1

.3

%

Canadian

County

Educational

Facilities

Authority

Mustang

Public

Schools

Project,

Series

2023A,

Revenue,

5.25%,

9/1/2034

50,000

57,535

Oklahoma

Capitol

Improvement

Authority

Department

of

Transportation,

Series

2025A,

Revenue,

5.25%,

7/1/2055

75,000

79,742

Oklahoma

State

Turnpike

Authority

Series

2017C,

Revenue,

5.00%,

1/1/2035

75,000

76,607

NORTHERN

FUNDS

ANNUAL

REPORT

119

EXCHANGE

TRADED

FUNDS

Northern

Trust

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Oklahoma

-

1.3%

continued

Oklahoma

State

Turnpike

Authority

Series

2020A,

Revenue,

Refunding,

5.00%,

1/1/2027

$

50,000

$

51,239

Oklahoma

Water

Resources

Board

Clean

Water,

Series

2025A,

Revenue,

5.25%,

4/1/2050

70,000

74,605

339,728

Oregon

-

0

.4

%

City

of

Portland

Sewer

System,

Series

2018A,

Revenue,

4.50%,

5/1/2030

10,000

10,054

Multnomah

County

School

District

No.

1J

Portland

Series

2020B,

G.O.

Unlimited,

School

Bond

Guaranty,

3.00%,

6/15/2033

40,000

39,639

State

of

Oregon

Department

of

Transportation,

Series

2020A,

Revenue,

5.00%,

11/15/2039

50,000

53,617

Tri-County

Metropolitan

Transportation

District

of

Oregon

Garvee,

Series

2018A,

Revenue,

5.00%,

10/1/2028

10,000

10,486

113,796

Pennsylvania

-

3

.7

%

Allegheny

County

Sanitary

Authority

Sewer,

Series

2025,

Revenue,

Refunding,

5.00%,

12/1/2050

70,000

73,233

Commonwealth

of

Pennsylvania

Series

2016-

2,

G.O.

Unlimited,

5.00%,

9/15/2026

65,000

66,135

County

of

Allegheny

Series

C-75,

G.O.

Unlimited,

Refunding,

5.00%,

11/1/2027

55,000

56,050

Delaware

Valley

Regional

Finance

Authority

Series

2002,

Revenue,

5.75%,

7/1/2032

40,000

46,910

Delaware

Valley

Regional

Finance

Authority

Series

2023A,

Revenue,

Refunding,

4.00%,

3/1/2034

75,000

79,680

Pennsylvania

Turnpike

Commission

Turnpike,

Series

2016,

Revenue,

Refunding,

5.00%,

12/1/2030

75,000

76,680

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Pennsylvania

-

3.7%

continued

Pennsylvania

Turnpike

Commission

Motor

Licence

Fund

Enhanced,

Series

2017,

Revenue,

Refunding,

4.00%,

12/1/2037

$

110,000

$

111,385

5.00%,

12/1/2029

50,000

52,319

Pennsylvania

Turnpike

Commission

Series

2021B,

Revenue,

5.00%,

12/1/2035

25,000

27,770

Pennsylvania

Turnpike

Commission

Oil

Franchise,

Series

2022B,

Revenue,

5.00%,

12/1/2053

45,000

46,606

Pennsylvania

Turnpike

Commission

Turnpike,

Series

2023A,

Revenue,

Refunding,

5.00%,

12/1/2053

75,000

78,088

Pennsylvania

Turnpike

Commission

Turnpike,

Series

2024,

Revenue,

Refunding,

5.00%,

12/1/2040

50,000

55,739

Southeastern

Pennsylvania

Transportation

Authority

Asset

Improvement

Program,

Series

2022,

Revenue,

5.25%,

6/1/2040

75,000

82,551

Westmoreland

County

Municipal

Authority

Series

2025A,

Revenue,

Refunding,

BAM

Insured,

5.00%,

8/15/2039

75,000

84,034

937,180

Rhode

Island

-

0

.8

%

Rhode

Island

Commerce

Corp.

Series

2016B,

Revenue,

5.00%,

6/15/2029

80,000

80,714

Rhode

Island

Commerce

Corp.

Series

2020A,

Revenue,

5.00%,

5/15/2033

50,000

54,433

State

of

Rhode

Island

Series

2022A,

G.O.

Unlimited,

4.13%,

8/1/2042

75,000

75,453

210,600

South

Carolina

-

0

.4

%

South

Carolina

Public

Service

Authority

Series

2014C,

Revenue,

Refunding,

4.00%,

12/1/2045

80,000

73,637

Northern

Trust

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

120

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

South

Carolina

-

0.4%

continued

South

Carolina

Transportation

Infrastructure

Bank

Series

2017A,

Revenue,

Refunding,

5.00%,

10/1/2036

$

20,000

$

20,658

94,295

South

Dakota

-

0

.6

%

South

Dakota

Conservancy

District

State

Revolving

Fund,

Series

2025A,

Revenue,

Refunding,

5.00%,

8/1/2055

140,000

147,073

Tennessee

-

1

.0

%

City

of

Chattanooga

The

Electric

Power

Board,

Series

2023,

Revenue,

5.00%,

9/1/2041

55,000

58,929

City

of

Memphis

Series

2018,

G.O.

Unlimited,

3.55%,

6/1/2038

115,000

113,540

4.00%,

6/1/2046

45,000

42,231

Metropolitan

Knoxville

Airport

Authority

Airport,

Series

2024A,

Revenue,

5.25%,

6/1/2054

60,000

62,919

277,619

Texas

-

20

.3

%

Aldine

Independent

School

District

Series

2024A,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2038

100,000

112,593

Aldine

Independent

School

District

Series

2024B,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2041

50,000

54,711

Alvin

Independent

School

District

Series

2019,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

3.38%,

2/15/2040

95,000

90,791

Austin

Independent

School

District

School

Building,

Series

2019,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/1/2031

70,000

74,182

Austin

Independent

School

District

Series

2024,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/1/2041

50,000

53,752

Board

of

Regents

of

the

University

of

Texas

System

Series

2019B,

Revenue,

5.00%,

8/15/2049

100,000

111,373

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Texas

-

20.3%

continued

City

of

Austin

Series

2023,

G.O.

Limited,

Refunding,

5.00%,

9/1/2028

$

60,000

$

63,880

City

of

Austin

Public

Improvement,

Series

2024,

G.O.

Limited,

Refunding,

5.00%,

9/1/2041

45,000

49,735

City

of

Austin

Water

&

Wastewater

System,

Series

2017,

Revenue,

5.00%,

11/15/2027

75,000

78,355

5.00%,

11/15/2028

50,000

52,268

City

of

Austin

Water

&

Wastewater

System,

Series

2022,

Revenue,

Refunding,

5.00%,

11/15/2026

115,000

117,371

City

of

Austin

Water

&

Wastewater

System,

Series

2024,

Revenue,

Refunding,

5.00%,

11/15/2049

35,000

36,931

City

of

Dallas

Series

2017,

G.O.

Limited,

Refunding,

5.00%,

2/15/2031

75,000

76,975

City

of

Dallas

Series

2023A,

G.O.

Limited,

Refunding,

5.00%,

2/15/2039

70,000

77,304

City

of

Dallas

Series

2024C,

G.O.

Limited,

Refunding,

5.00%,

2/15/2027

75,000

77,053

5.00%,

2/15/2034

45,000

51,996

City

of

Denton

Utility

System,

Series

2017,

Revenue,

5.00%,

12/1/2028

80,000

81,744

5.00%,

12/1/2031

75,000

76,545

City

of

Fort

Worth

Water

&

Sewer

System,

Series

2020A,

Revenue,

Refunding,

5.00%,

2/15/2027

45,000

46,237

City

of

San

Antonio

Water

System,

Series

2020A,

Revenue,

Refunding,

5.00%,

5/15/2031

50,000

54,931

City

of

San

Antonio

Electric

&

Gas

Systems,

Series

2024A,

Revenue,

Refunding,

5.00%,

2/1/2037

50,000

56,864

City

of

Seguin

Series

2025,

G.O.

Limited,

5.50%,

9/1/2059

60,000

64,519

Conroe

Independent

School

District

Series

2024,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2039

75,000

84,019

NORTHERN

FUNDS

ANNUAL

REPORT

121

EXCHANGE

TRADED

FUNDS

Northern

Trust

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Texas

-

20.3%

continued

Corpus

Christi

Utility

System

Utility

System,

Series

2024,

Revenue,

Refunding,

5.00%,

7/15/2049

$

55,000

$

56,552

County

of

Fort

Bend

Series

2023,

G.O.

Unlimited,

5.25%,

3/1/2053

100,000

105,800

County

of

Harris

Series

2024,

G.O.

Limited,

5.00%,

9/15/2054

70,000

73,081

County

of

Harris

Toll

Road,

Series

2022A,

Revenue,

Refunding,

5.00%,

8/15/2027

15,000

15,585

County

of

Harris

Toll

Road,

Series

2025A,

Revenue,

Refunding,

4.50%,

8/15/2055

75,000

72,542

County

of

Travis

Series

2016A,

G.O.

Limited,

Refunding,

5.00%,

3/1/2028

35,000

35,134

Crowley

Independent

School

District

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/1/2048

60,000

62,590

Dallas

Area

Rapid

Transit

Series

2007,

Revenue,

Refunding,

AMBAC

Insured,

5.25%,

12/1/2028

50,000

53,750

Dallas

Fort

Worth

International

Airport

Series

2025B,

Revenue,

Refunding,

5.00%,

11/1/2041

60,000

65,718

Dallas

Independent

School

District

Series

2019B,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2030

75,000

80,744

Dallas

Independent

School

District

Series

2024,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

2/15/2034

55,000

62,813

5.00%,

2/15/2039

50,000

55,222

5.00%,

2/15/2042

50,000

53,603

Forney

Independent

School

District

School

Building,

Series

2022B,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/15/2036

55,000

60,453

Forney

Independent

School

District

School

Building,

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/15/2048

70,000

72,874

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Texas

-

20.3%

continued

Grand

Parkway

Transportation

Corp.

System

Toll

Tela

Supported,

Series

2018A,

Revenue,

5.00%,

10/1/2043

$

50,000

$

51,208

Gregory-Portland

Independent

School

District

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2038

45,000

49,351

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Thermal

Utility

Teco

Project,

Series

2017,

Revenue,

Refunding,

5.00%,

11/15/2029

65,000

67,846

5.00%,

11/15/2028

60,000

62,651

Hays

Consolidated

Independent

School

District

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2037

30,000

32,988

Katy

Independent

School

District

School

Building,

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2048

75,000

77,806

Killeen

Independent

School

District

School

Building,

Series

2018,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2028

45,000

47,301

Lamar

Consolidated

Independent

School

District

Series

2023A,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2039

125,000

138,054

5.00%,

2/15/2042

80,000

85,969

Lewisville

Independent

School

District

Series

2020,

G.O.

Unlimited,

Refunding,

PSF

Guaranty,

5.00%,

8/15/2033

35,000

37,673

Lewisville

Independent

School

District

Series

2024,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

8/15/2028

45,000

48,051

5.00%,

8/15/2040

65,000

71,360

Lone

Star

College

System

Series

2016,

G.O.

Limited,

Refunding,

5.00%,

2/15/2029

35,000

35,090

Northern

Trust

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

122

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Texas

-

20.3%

continued

Lower

Colorado

River

Authority

LCRA

Transmission

Services

Corp.,

Series

2021,

Revenue,

Refunding,

5.00%,

5/15/2051

$

50,000

$

50,797

Lower

Colorado

River

Authority

LCRA

Transmission

Services

Corp.,

Series

2023A,

Revenue,

Refunding,

5.25%,

5/15/2048

80,000

83,802

Lower

Colorado

River

Authority

Series

2024,

Revenue,

Refunding,

5.00%,

5/15/2034

30,000

34,000

5.00%,

5/15/2039

100,000

109,154

Lower

Colorado

River

Authority

LCRA

Transmission

Services

Corp.,

Series

2025,

Revenue,

Refunding,

BAM

Insured,

5.00%,

5/15/2055

55,000

56,591

Northwest

Independent

School

District

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2037

100,000

110,253

5.00%,

2/15/2048

75,000

77,765

Pflugerville

Independent

School

District

Series

2023A,

G.O.

Unlimited,

4.00%,

2/15/2044

110,000

106,668

Port

Authority

of

Houston

Series

2020A2,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2027

30,000

31,284

Prosper

Independent

School

District

Series

2024,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2041

50,000

54,748

Royse

City

Independent

School

District

Series

2023,

G.O.

Unlimited,

PSF

Guaranty,

5.00%,

2/15/2048

65,000

67,692

San

Antonio

Water

System

Series

2024B,

Revenue,

5.00%,

5/15/2044

100,000

106,945

5.00%,

5/15/2047

30,000

31,636

State

of

Texas

Series

2025,

G.O.

Unlimited,

Refunding,

5.00%,

10/1/2040

65,000

73,229

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Texas

-

20.3%

continued

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Gas

Supply,

Series

2021,

Revenue,

Refunding,

5.00%,

12/15/2029

$

130,000

$

137,816

Texas

State

University

System

Series

2024,

Revenue,

Refunding,

5.00%,

3/15/2042

45,000

48,730

Texas

Transportation

Finance

Corp.

SH

288

System

Toll,

Series

2025A,

Revenue,

Refunding,

5.25%,

10/1/2055

70,000

74,049

5.50%,

10/1/2055

70,000

75,703

Texas

Water

Development

Board

State

Water

Implementation,

Series

2015A,

Revenue,

5.00%,

10/15/2045

65,000

65,003

Texas

Water

Development

Board

State

Water

Implementation,

Series

2017A,

Revenue,

5.00%,

4/15/2027

50,000

51,562

Texas

Water

Development

Board

State

Water

Implementation

Fund,

Series

2018A,

Revenue,

5.00%,

10/15/2029

70,000

73,982

Texas

Water

Development

Board

State

Revolving

Fund,

Series

2022,

Revenue,

5.00%,

8/1/2037

60,000

66,634

5.00%,

8/1/2033

60,000

68,290

Texas

Water

Development

Board

Master

Trust,

Series

2025,

Revenue,

4.80%,

10/15/2056

75,000

75,466

University

of

Houston

Series

2022A,

Revenue,

Refunding,

5.00%,

2/15/2041

65,000

69,323

University

of

North

Texas

Series

2022,

Revenue,

Refunding,

5.00%,

4/15/2047

50,000

50,640

5,227,700

Utah

-

1

.5

%

Intermountain

Power

Agency

Power

Supply,

Series

2022A,

Revenue,

Refunding,

5.00%,

7/1/2042

40,000

42,169

NORTHERN

FUNDS

ANNUAL

REPORT

123

EXCHANGE

TRADED

FUNDS

Northern

Trust

Tax-Exempt

Bond

ETF

December

31,

2025

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Utah

-

1.5%

continued

Intermountain

Power

Agency

Power

Supply,

Series

2023A,

Revenue,

5.00%,

7/1/2038

$

40,000

$

43,810

5.00%,

7/1/2041

75,000

80,281

State

of

Utah

Series

2020,

G.O.

Unlimited,

5.00%,

7/1/2028

10,000

10,629

State

of

Utah

Series

2020B,

G.O.

Unlimited,

5.00%,

7/1/2029

45,000

48,382

University

of

Utah

Series

2022A,

Revenue,

5.00%,

8/1/2046

80,000

83,222

University

of

Utah

Series

2023B,

Revenue,

5.25%,

8/1/2048

75,000

79,679

388,172

Virginia

-

1

.7

%

Loudoun

County

Economic

Development

Authority

Public

Facilities

Lease,

Series

2020A,

Revenue,

Refunding,

5.00%,

12/1/2026

55,000

56,259

Loudoun

County

Economic

Development

Authority

Howard

Hughes

Medical

Institute,

Series

2022A,

Revenue,

Refunding,

4.00%,

10/1/2052

60,000

56,029

Virginia

College

Building

Authority

21st

Century

College

Program,

Series

2021A,

Revenue,

4.00%,

2/1/2032

115,000

121,434

Virginia

Commonwealth

Transportation

Board

Capital

Project,

Series

2019,

Revenue,

3.00%,

5/15/2037

65,000

61,626

Virginia

Public

Building

Authority

Commonwealth

of

Virginia,

Series

2020A,

Revenue,

5.00%,

8/1/2033

140,000

154,035

449,383

Washington

-

6

.4

%

Central

Puget

Sound

Regional

Transit

Authority

Central

Puget

Sound

Regional

Transit

Auth

Sales

Motor

Vehicle

&

Rental

Car

Tax,

Series

2021S1,

Revenue,

Refunding,

4.00%,

11/1/2041

55,000

55,877

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Washington

-

6.4%

continued

City

of

Seattle

Series

2021A,

G.O.

Limited,

Refunding,

5.00%,

12/1/2027

$

25,000

$

26,208

Clark

County

School

District

No.

114

Evergreen,

Series

2019,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2030

75,000

81,337

County

of

King

Sewer,

Series

2016B,

Revenue,

Refunding,

5.00%,

7/1/2027

40,000

40,457

County

of

King

Sewer,

Series

2024A,

Revenue,

Refunding,

5.00%,

1/1/2049

85,000

89,314

Energy

Northwest

Bonneville

Power

Administration,

Series

2016A,

Revenue,

Refunding,

5.00%,

7/1/2028

120,000

121,483

Energy

Northwest

Columbia

Generating

Station,

Series

2019A,

Revenue,

Refunding,

5.00%,

7/1/2038

30,000

31,767

Energy

Northwest

Columbia

Generating

Station

Electric,

Series

2020A,

Revenue,

Refunding,

5.00%,

7/1/2039

50,000

53,497

Energy

Northwest

Columbia

Generating

Station

Electric,

Series

2021A,

Revenue,

Refunding,

5.00%,

7/1/2041

75,000

80,029

Energy

Northwest

Columbia

Generating

Station

Electric,

Series

2022A,

Revenue,

Refunding,

5.00%,

7/1/2037

70,000

77,673

King

County

Public

Hospital

District

No.

1

Valley

Medical

Center,

Series

2016,

G.O.

Limited,

Refunding,

5.00%,

12/1/2028

135,000

137,534

King

County

School

District

No.

210

Federal

Way,

Series

2018,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2030

65,000

67,914

King

County

School

District

No.

403

Renton,

Series

2023,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2036

60,000

67,397

Northern

Trust

Tax-Exempt

Bond

ETF

continued

SCHEDULE

OF

INVESTMENTS

EXCHANGE

TRADED

FUNDS

124

NORTHERN

FUNDS

ANNUAL

REPORT

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Washington

-

6.4%

continued

King

County

School

District

No.

405

Bellevue,

Series

2016,

G.O.

Unlimited,

Refunding,

School

Bond

Guaranty,

5.00%,

12/1/2030

$

60,000

$

61,256

King

County

School

District

No.

412

Shoreline,

Series

2018,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2031

70,000

74,832

Pierce

County

School

District

No.

3

Puyallup,

Series

2017,

G.O.

Unlimited,

School

Bond

Guaranty,

5.00%,

12/1/2030

50,000

51,679

State

of

Washington

Series

2016C,

G.O.

Unlimited,

Refunding,

5.00%,

2/1/2029

45,000

45,086

State

of

Washington

Series

2017A,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2028

45,000

45,577

State

of

Washington

Series

2017B,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2031

55,000

55,709

State

of

Washington

Series

2017D,

G.O.

Unlimited,

5.00%,

2/1/2031

70,000

71,824

State

of

Washington

Series

2018C,

G.O.

Unlimited,

5.00%,

2/1/2032

70,000

73,439

5.00%,

2/1/2035

65,000

67,896

State

of

Washington

Series

2019A,

G.O.

Unlimited,

5.00%,

8/1/2042

40,000

41,222

State

of

Washington

Series

2022A,

G.O.

Unlimited,

5.00%,

8/1/2046

60,000

62,347

State

of

Washington

Series

2024C,

G.O.

Unlimited,

Refunding,

5.00%,

8/1/2027

25,000

26,002

University

of

Washington

Series

2021A,

Revenue,

Refunding,

5.00%,

4/1/2046

55,000

57,180

1,664,536

West

Virginia

-

0

.6

%

State

of

West

Virginia

Series

2018B,

G.O.

Unlimited,

5.00%,

6/1/2037

145,000

151,431

State

of

West

Virginia

Series

2019A,

G.O.

Unlimited,

5.00%,

12/1/2036

10,000

10,654

162,085

Investments

Principal

Amount

Value

MUNICIPAL

BONDS

-

98.6%

continued

Wisconsin

-

2

.0

%

Middleton-Cross

Plains

Area

School

District

School

Building

and

Improvement,

Series

2019A,

G.O.

Unlimited,

3.25%,

3/1/2036

$

50,000

$

50,066

State

of

Wisconsin

Series

2020B,

G.O.

Unlimited,

5.00%,

5/1/2028

55,000

58,208

State

of

Wisconsin

Series

2021-1,

G.O.

Unlimited,

Refunding,

5.00%,

5/1/2027

25,000

25,838

State

of

Wisconsin

Series

2023-1,

G.O.

Unlimited,

Refunding,

5.00%,

5/1/2028

60,000

63,499

State

of

Wisconsin

Series

2024-1,

G.O.

Unlimited,

Refunding,

5.00%,

5/1/2027

70,000

72,347

State

of

Wisconsin

Series

2025B,

G.O.

Unlimited,

5.00%,

5/1/2036

55,000

63,990

State

of

Wisconsin

Transportation,

Series

2024-2,

Revenue,

Refunding,

5.00%,

7/1/2031

65,000

73,414

5.00%,

7/1/2032

50,000

57,362

State

of

Wisconsin

Environmental

Improvement

Fund,

Series

2024A,

Revenue,

5.00%,

6/1/2033

45,000

51,998

516,722

Total

Municipal

Bonds

(Cost

$24,960,356)

25,332,751

Total

Investments

-

98.6%

(Cost

$24,960,356)

25,332,751

Other

assets

less

liabilities

-

1.4%

356,881

NET

ASSETS

-

100.0%

$25,689,632

(a)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

is

the

rate

in

effect

as

of

December

31,

2025.

(b)

Maturity

date

represents

the

puttable

date.

Percentages

shown

are

based

on

Net

Assets.

Abbreviations

BAM

Build

America

Mutual

CWA

Clean

Water

Act

G.O.

General

Obligation

LCRA

Lower

Colorado

River

Authority

PSF

Permanent

School

Fund

NORTHERN

FUNDS

ANNUAL

REPORT

125

EXCHANGE

TRADED

FUNDS

Northern

Trust

Tax-Exempt

Bond

ETF

December

31,

2025

As

of

December

31,

2025,

the

gross

unrealized

appreciation

(depreciation)

of

investments

based

on

the

aggregate

cost

of

investments

(including

derivative

instruments,

if

applicable)

for

federal

income

tax

purposes

was

as

follows:

Aggregate

gross

unrealized

appreciation

$

385,056

Aggregate

gross

unrealized

depreciation

(

12,659

)

Net

unrealized

appreciation

$

372,397

Federal

income

tax

cost

$

24,960,354

Security

Type

%

of

Net

Assets

Municipal

Bonds

98

.6

%

Others

(1)

1

.4

100

.0

%

(1)

Includes

any

other

net

assets/(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

December

31,

2025:

Level

1

(000s)

Level

2

(000s)

Level

3

(000s)

Total

(000s)

Investments

Municipal

Bonds

(1)

$

—

$

25,333

$

—

$

25,333

Total

Investments

$

—

$25,333

$

—

$25,333

(1)

Classifications

as

defined

in

the

Schedule

of

Investments.

EXCHANGE

TRADED

FUNDS

126

NORTHERN

FUNDS

ANNUAL

REPORT

Notes

to

the

Financial

Statements

EXCHANGE

TRADED

FUNDS

EXCHANGE

TRADED

FUNDS

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.

On

February

13,

2025,

the

Board

of

Trustees

(“Board”)

of

the

Trust

unanimously

voted

to

amend

the

Declaration

of

Trust

to

permit

the

issuance

of

a

series

or

a

class

of

the

Trust

to

operate

as

an

exchange-traded

fund

(“ETF”).

The

Trust

offers

48

funds

as

of

December

31,

2025.

The

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF,

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF,

Northern

Trust

Tax-Exempt

Bond

ETF,

(the

"Tax-Exempt

Bond

ETFs"),

Northern

Trust

2030

Inflation-Linked

Distributing

Ladder

ETF,

Northern

Trust

2035

Inflation-Linked

Distributing

Ladder

ETF,

Northern

Trust

2045

Inflation-Linked

Distributing

Ladder

ETF,

Northern

Trust

2055

Inflation-Linked

Distributing

Ladder

ETF,

(the

"Inflation-Linked

Distributing

Ladder

ETFs"),

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF,

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF,

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF,

and

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF,

 (the

"Tax-

Exempt

Distributing

Ladder

ETFs"),

(each

an

“ETF”

or

“Fund”

and

collectively,

the

“ETFs”

or

“Funds”)

operate

as

ETFs

and

are

each

a

non-diversified

portfolio

pursuant

to

the

1940

Act.

Non-diversified

portfolios

may

invest

a

relatively

high

percentage

of

their

net

assets

in

obligations

of

a

limited

number

of

issuers.

Each

of

the

ETFs

is

presented

herein

and

has

its

own

investment

objective.

The

investment

objective

of

the

Tax-Exempt

Bond

ETFs

is

to

provide

investment

results

that

correspond

generally

to

the

price

and

yield

performance

of

a

specified

benchmark

index.

The

investment

objective

of

the

Inflation-Linked

Distributing

Ladder

ETFs

is

to

provide

periodic

inflation-linked

distributions

through

U.S.

Treasury

Inflation

Protected

Securities

(commonly

known

as

"TIPS"),

consisting

of

income

and/or

principal).

The

investment

objective

of

the

Tax-Exempt

Distributing

Ladder

ETFs

is

to

provide

periodic

distributions

consisting

of

income

exempt

from

regular

federal

income

tax

and/or

principal.

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

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

and

disclosures.

Actual

results

could

differ

from

those

estimates. 

Investment

Valuation

Each

Fund’s

net

asset

value

(“NAV”)

is

determined

daily

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(“NYSE”),

normally

4:00

p.m.

Eastern

time,

on

each

day

the

NYSE

is

open

for

trading,

based

on

prices

at

the

time

of

closing

provided

that

any

U.S.

fixed-income

assets

may

be

valued

as

of

the

announced

closing

time

for

trading

in

fixed-

income

instruments

on

any

day

that

the

Securities

Industry

and

Financial

Markets

Association

announces

an

early

closing

time.

The

NAV

of

a

Fund

is

calculated

by

dividing

the

value

of

all

assets

of

the

Fund

(including

accrued

interest

and

dividends),

less

all

liabilities

(including

accrued

expenses

and

dividends

declared

but

unpaid),

by

the

total

number

of

shares

outstanding.

The

Board

has

designated

Northern

Trust

Investments,

Inc.

("NTI"

or

"Investment

Adviser")

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,

subject

to

oversight

by

the

Board.

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

the

Investment

Adviser

in

accordance

with

valuation

procedures

approved

by

the

Board

(the

“Valuation

Procedures”).

Circumstances

in

which

securities

may

be

fair

valued

include

periods

when

trading

in

a

security

is

suspended,

the

exchange

or

market

on

which

a

security

trades

closes

early,

the

trading

volume

in

a

security

is

limited,

corporate

actions

and

announcements

take

place,

or

regulatory

news

is

released

such

as

governmental

approvals.

The

Board

oversees

NTI

in

its

role

as

valuation

designee

in

accordance

with

the

requirements

of

Rule

2a-5

under

the

1940

Act.

The

Investment

Adviser,

in

its

discretion,

may

make

adjustments

to

the

prices

of

securities

held

by

a

Fund

if

an

event

occurs

after

the

publication

of

market

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

the

Valuation

Procedures.

This

may

occur

particularly

with

respect

to

certain

foreign

securities

held

by

a

Fund,

in

which

case

the

Investment

Adviser

may

use

adjustment

factors

obtained

from

an

independent

fair

value

pricing

service

that

are

intended

to

reflect

more

accurately

the

value

of

those

securities

as

of

the

time

the

Fund’s

NAV

is

calculated.

Other

events

that

can

trigger

fair

valuing

of

foreign

securities

include,

for

example,

significant

fluctuations

in

general

market

indicators,

governmental

actions,

or

natural

disasters. 

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

investment

companies

and

investors

to

price

the

same

investments.

Fair

value

pricing

involves

subjective

judgments

and

it

is

possible

that

a

fair

value

determination

for

a

portfolio

security

may

be

materially

different

than

the

value

that

could

be

realized

upon

the

sale

NORTHERN

FUNDS

ANNUAL

REPORT

127

EXCHANGE

TRADED

FUNDS

Notes

to

the

Financial

Statements

EXCHANGE

TRADED

FUNDS

December

31,

2025

of

such

security.

In

addition,

fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

the

Tax-

Exempt

Bond

ETF’s

NAV

and

the

prices

used

by

those

Funds'

benchmark

indexes.

This

difference

may

adversely

affect

a

Fund’s

ability

to

track

its

benchmark

index.

Fixed-income

securities

may

be

valued

using

prices

provided

directly

from

one

or

more

broker-dealers,

market

makers,

or

independent

third-party

pricing

services

which

may

use

matrix

pricing

and

valuation

models,

as

well

as

recent

market

transactions

for

the

same

or

similar

assets,

to

derive

values

when

such

prices

are

believed

to

reflect

fair

market

values

of

such

securities.

Such

prices

may

be

determined

by

taking

into

account

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.

Fixed-income

securities

maturing

within

a

relatively

short

period,

less

than

60

days,

are

valued

at

amortized

cost

when

it

approximates

fair

value.

Each

Fund

relies

on

various

sources

to

calculate

its

NAV.

The

ability

of

the

Funds’

administrator

to

calculate

the

NAV

per

share

of

the

Funds

is

subject

to

operational

risks

associated

with

processing

or

human

errors,

systems

or

technology

failures,

and

errors

caused

by

third

party

service

providers,

data

sources,

or

trading

counterparties.

Such

failures

may

result

in

delays

in

the

calculation

of

the

Funds’

NAVs

and/

or

the

inability

to

calculate

NAV

over

extended

time

periods.

The

Funds

may

be

unable

to

recover

any

losses

associated

with

such

failures,

and

it

may

be

necessary

for

alternative

procedures

to

be

followed

to

price

portfolio

securities

when

determining

the

Funds’

NAVs.

Please

refer

to

the

Schedules

of

Investments

to

view

the

valuation

levels as

of

December

31,

2025 for

each

Fund.

Inflation-Indexed

Securities 

Certain

Funds

may

invest in

U.S.

Treasury

Inflation-Protected

Securities

(“TIPS”).

TIPS

have

varying

maturities

and

pay

interest

on

a

semiannual

basis

equal

to

a

fixed

percentage

of

the

inflation

adjusted

principal

amount.

If

the

periodic

adjustment

rate

measuring

inflation

falls,

the

principal

value

of

TIPS

will

be

adjusted

downward,

and

consequently

the

interest

payable

on

these

securities

(calculated

with

respect

to

a

smaller

principal

amount)

will

be

reduced.

Repayment

of

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

is

guaranteed

in

the

case

of

TIPS,

even

during

a

period

of

deflation.

The

value

of

TIPS

is

expected

to

change

in

response

to

changes

in

real

interest

rates.

Real

interest

rates

in

turn

are

tied

to

the

relationship

between

nominal

interest

rates

and

the

rate

of

inflation.

Therefore,

if

the

rate

of

inflation

rises

at

a

faster

rate

than

nominal

interest

rates,

real

interest

rates

might

decline,

leading

to

an

increase

in

value

of

TIPS.

In

contrast,

if

nominal

interest

rates

increase

at

a

faster

rate

than

inflation,

real

interest

rates

might

rise,

leading

to

a

decrease

in

value

of

TIPS.

Any

increase

in

the

principal

amount

of

TIPS

will

be

considered

taxable

ordinary

income,

even

though

investors

do

not

receive

their

principal

until

maturity.

While

these

securities

are

expected

to

be

protected

from

long-term

inflationary

trends,

short-term

increases

in

inflation

may

lead

to

a

decline

in

value.

If

interest

rates

rise

due

to

reasons

other

than

inflation,

investors

in

these

securities

may

not

be

protected

to

the

extent

that

the

increase

is

not

reflected

in

the

TIPS’

inflation

measure.

The

periodic

adjustment

of

TIPS

is

tied

to

the

Consumer

Price

Index

for

Urban

Consumers

(“CPI-U”),

which

is

calculated

monthly

by

the

U.S.

Bureau

of

Labor

Statistics.

The

CPI-U

is

a

measurement

of

changes

in

the

cost

of

living,

made

up

of

components

such

as

housing,

food,

transportation

and

energy.

There

can

be

no

assurance

that

the

CPI-U

will

accurately

measure

the

real

rate

of

inflation

in

the

prices

of

goods

and

services.

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.

Taxes

and

Distributions 

Each

Fund

has

qualified

and

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

requirements

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended,

which

includes

distributing

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders.

Accordingly,

no

provision

for

federal

and

state

income

taxes

is

required

in

the

financial

statements.

EXCHANGE

TRADED

FUNDS

128

NORTHERN

FUNDS

ANNUAL

REPORT

Notes

to

the

Financial

Statements

continued

EXCHANGE

TRADED

FUNDS

As

of

December

31,

2025,

management

of

the

Funds

has

reviewed

all

open

tax

years

and

major

jurisdictions

and

concluded

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

relating

to

uncertain

income

tax

positions

taken

or

expected

to

be

taken

in

future

tax

returns.

The

Funds

are

also

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

12

months.

On

an

ongoing

basis

management

will

monitor

the

tax

positions

taken

to

determine

if

adjustment

to

conclusions

are

necessary

based

on

factors

including

but

not

limited

to

further

implementation

on

guidance

expected

from

FASB

and

on-going

analysis

of

tax

law,

regulation,

and

interpretations

thereof.

Dividends

from

net

investment

income

are

generally

declared

and

paid

by

each

Fund

according

to

the

following

schedule: 

Distribution

of

net

realized

securities

gains,

if

any,

generally

are

distributed

at

least

annually.

The

Trust

reserves

the

right

to

declare

special

distributions

if,

in

its

reasonable

discretion,

such

action

is

necessary

or

advisable

to

improve

tracking

error,

to

preserve

its

status

as

a

regulated

investment

company

or

to

avoid

imposition

of

income

or

excise

taxes

on

undistributed

income

or

realized

gains.

Tracking

error

is

a

measurement

of

how

much

the

return

on

a

portfolio

deviates

from

the

return

on

its

benchmark

index.

Dividends

and

securities

gains

distributions

are

distributed

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

The

amount

of

distributions

from

net

investment

income

and

net

realized

gains

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

These

“book/tax”

differences

are

either

considered

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature,

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment.

The

Funds

may

utilize

equalization

accounting

for

tax

purposes

and

designate

earnings

and

profits,

including

net

realized

gains

distributed

to

shareholders

on

redemption

of

shares,

as

a

part

of

the

dividends

paid

deduction

for

income

tax

purposes.

The

Funds’

tax

year

end

is December

31st

and

the

tax

character

of

current

year

distributions

and

current

components

of

accumulated

earnings

(deficit)

will

be

determined

at

the

end

of

the

current

tax

year.

Temporary

differences

are

generally

due

to

different

book

and

tax

treatments

for

the

timing

of

the

recognition

of

gains

and

losses

on

certain

investment

transactions,

non-taxable

special

dividends,

wash

sale

loss

deferrals

and

capital

loss

carryforward.

Permanent

differences,

primarily

due

to

gain

(loss)

on

in-kind

redemptions,

paydown

loss

reclassification, non-

taxable

special

dividends,

investments

in

partnerships,

taxable

over-distributions,

perpetual

bonds

and

equalization

as

of

December

31,

2025

(the

Funds’

tax

year

end),

among

the

Funds’

components

of

net

assets

are

as

follows:

Fund

Declared

And

Paid

Monthly

Northern

Trust

2030

Inflation-Linked

Distributing

Ladder

ETF

x

Northern

Trust

2035

Inflation-Linked

Distributing

Ladder

ETF

x

Northern

Trust

2045

Inflation-Linked

Distributing

Ladder

ETF

x

Northern

Trust

2055

Inflation-Linked

Distributing

Ladder

ETF

x

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF

x

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF

x

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

x

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

x

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

x

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

x

Northern

Trust

Tax-Exempt

Bond

ETF

x

Fund

Accumulated

undistributed

net

investment

income

(loss)

Accumulated

net

realized

gain

(loss)

on

investments

Paid

in

capital

Northern

Trust

2030

Inflation-Linked

Distributing

Ladder

ETF

$

206

$

—

$

(206)

Northern

Trust

2035

Inflation-Linked

Distributing

Ladder

ETF

281

—

(281)

Northern

Trust

2045

Inflation-Linked

Distributing

Ladder

ETF

199

(55)

(144)

Northern

Trust

2055

Inflation-Linked

Distributing

Ladder

ETF

249

(67)

(182)

Northern

Trust

Tax-Exempt

Bond

ETF

(53)

53

—

NORTHERN

FUNDS

ANNUAL

REPORT

129

EXCHANGE

TRADED

FUNDS

Notes

to

the

Financial

Statements

EXCHANGE

TRADED

FUNDS

December

31,

2025

The

tax

character

of

distributions

paid

for

the

tax

period ended

December

31,

2025,

were

as

follows:

As

of

December

31,

2025,

the

components

of

accumulated

earnings

(deficit)

on

a

tax

basis

were

as

follows: 

Capital

loss

carry

forwards

will

retain

their

character

as

either

short-term

or

long-term

capital

losses

rather

than

being

considered

all

short-term

as

permitted

under

previous

law

and

may

be

carried

forward

indefinitely

to

offset

future

gains.

For

the

tax

year

ended

December

31,

2025,

the

following

Funds

had

available

post-enactment

capital

loss

carryforwards

to

offset

future

net

capital

gains

to

the

extent

provided

by

regulations:

3.

Investment

Transactions

and

Related

Income

and

Expenses

Throughout

the

reporting

period,

investment

transactions

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

investment

transactions

are

accounted

for

on

the

trade

date

on

the

last

business

day

of

the

reporting

period.

Interest

income

is

recognized

on

an

accrual

basis.

Bond

discount

is

accreted

and

premium

is

amortized

using

the

effective

yield

method.

Gains

or

losses

realized

on

sales

of

For

the

period

ended

December

31,

2025

Fund

Distributions

paid

from

tax

exempt

income

Distributions

paid

from

ordinary

income

Distributions

paid

from

net

long

term

capital

gains

Tax

Return

of

Capital

Total

Distributions

Northern

Trust

2030

Inflation-Linked

Distributing

Ladder

ETF

$

—

$

50,021

$

—

$

—

$

50,021

Northern

Trust

2035

Inflation-Linked

Distributing

Ladder

ETF

—

44,638

—

—

44,638

Northern

Trust

2045

Inflation-Linked

Distributing

Ladder

ETF

—

41,940

—

—

41,940

Northern

Trust

2055

Inflation-Linked

Distributing

Ladder

ETF

—

45,703

—

—

45,703

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF

39,670

—

—

—

39,670

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF

45,541

—

—

—

45,541

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

118,494

—

—

—

118,494

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

123,467

3

—

—

123,470

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

119,623

2,136

—

—

121,759

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

210,265

44

—

—

210,309

Northern

Trust

Tax-Exempt

Bond

ETF

195,844

4,924

—

—

200,768

Fund

Undistributed

Tax-Exempt

Income

Undistributed

Ordinary

Income

Undistributed

Long-

Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciated/

(Depreciated)

Northern

Trust

2030

Inflation-Linked

Distributing

Ladder

ETF

$

–

$

–

$

–

$

(88)

$

(30,955)

Northern

Trust

2035

Inflation-Linked

Distributing

Ladder

ETF

–

–

–

(105)

(12,924)

Northern

Trust

2045

Inflation-Linked

Distributing

Ladder

ETF

–

–

–

–

256

Northern

Trust

2055

Inflation-Linked

Distributing

Ladder

ETF

–

–

–

–

(3,263)

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF

1,624

–

–

–

(2,500)

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF

9

–

–

–

52,937

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

11

–

–

–

275,022

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

24

55,682

–

–

234,930

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

46,281

–

–

(982)

277,354

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

20,463

–

–

(850)

174,470

Northern

Trust

Tax-Exempt

Bond

ETF

13,182

–

–

(176)

372,397

Fund

Short-Term

Long-Term

Total

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

$

982

$

—

$

982

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

850

—

850

Northern

Trust

Tax-Exempt

Bond

ETF

176

—

176

EXCHANGE

TRADED

FUNDS

130

NORTHERN

FUNDS

ANNUAL

REPORT

Notes

to

the

Financial

Statements

continued

EXCHANGE

TRADED

FUNDS

securities

are

determined

using

the

specific

identification

method

by

comparing

the

identified

cost

of

the

security

lot

sold

with

the

net

sales

proceeds.

Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund,

while

expenses

which

are

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

another

reasonable

basis.

4.

Investment

Advisory

Fees 

NTI

serves

as

the

Investment

Adviser

of

the

Funds

pursuant

to

the

Investment

Advisory

Agreement.

The

Investment

Adviser

is

responsible

for

making

investment

decisions

for

the

Funds

and

for

placing

purchase

and

sale

orders

for

portfolio

securities,

subject

to

the

general

supervision

of

the

Board.

As

compensation

for

its

advisory

services

and

assumption

of

certain

Fund

expenses,

NTI

is

entitled

to

a

unitary

management

fee

(“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).

From

the

Management

Fee,

NTI

pays

most

of

the

expenses

of

the

Fund,

including

the

cost

of

transfer

agency,

custody,

fund

administration,

legal,

audit

and

other

services

(“Covered

Expenses”).

Covered

Expenses

do

not

include

the

following

fees

under

the

Investment

Advisory

Agreement:

(i)

its

advisory

fees

payable

under

the

Investment

Advisory

Agreement;

(ii)

distribution

fees

and

expenses

paid

by

a

Fund

under

any

distribution

plan

adopted

pursuant

to

Rule

12b-1

under

the

1940

Act;

(iii)

interest

expenses;

(iv)

brokerage

expenses

and

other

expenses

(such

as

stamp

taxes)

in

connection

with

the

execution

of

portfolio

transactions

or

in

connection

with

creation

and

redemption

transactions;

(v)

tax

expenses;

and

(vi)

extraordinary

expenses,

as

determined

under

generally

accepted

accounting

principles.

The

Management

Fee

rate

payable

by

each

Fund

is

set

forth

in

the

following

table:

The

Investment

Adviser

may

voluntarily

waive

or

reimburse

additional

management

fees

or

expenses.

Any

such

additional

voluntary

expense

reimbursement

or

fee

waiver

could

be

implemented,

increased

or

decreased,

or

discontinued

at

any

time.

Amounts

waived

or

reimbursed

by

the

Investment

Adviser

pursuant

to

voluntary

or

contractual

agreements

discussed

above

may

not

be

recouped

by

the

Investment

Adviser.

These

waivers

and/or

reimbursements

are

shown

as

“Investment

advisory

fees

reimbursed”

on

the

Statements

of

Operations,

if

any.

5.

Administration

Fees 

Per

terms

of a

Fund

Servicing

Agreement

with

the

Trust,

JPMorgan

Chase

Bank,

N.A.

(the

“Administrator”)

serves

as

administrator

of

the

Funds.

The

Administrator

provides

certain

administrative

services

to

the

Funds.

For

these

services,

the

Administrator

is

entitled

to

certain

fees

and

reasonable

out-of-pocket

expenses.

These

fees

and

expenses

are

Covered

Expenses

as

defined

above. 

6.

Custodian

Fees 

JPMorgan

Chase

Bank,

N.A.

(the

“Custodian”)

acts

as

custodian

for

the

Funds

in

accordance

with

a

Global

Custody

Agreement.

The

Custodian

holds

cash,

securities

and

other

assets

of

the

Funds

as

required

by

the

1940

Act.

As

compensation

for

the

services

rendered

under

the

agreement,

the

Custodian

is

entitled

to

fees

and

reasonable

out-of-pocket

expenses.

These

fees

and

expenses

are

Covered

Expenses

as

defined

above. 

7.

Trustees

Fees 

The

Trust

compensates

each

Trustee

who

is

not

an

officer,

director

or

employee

of

Northern

Trust

Corporation,

or

its

subsidiaries,

for

his

or

her

services

as

a

Trustee

of

the

Trust

and

as

a

member

of

Board

committees.

8.

Distribution

and

Service

Plan 

Northern

Funds

Distributors,

LLC

(the

“Distributor”),

a

wholly

owned

subsidiary

of

Foreside

Financial

Group,

LLC

(dba

ACA

Group)

serves

as

the

Funds’

distributor

and

distributes

Creation

Units

(as

described

in

Note

9)

for

each

Fund

on

an

agency

basis.

The

Distributor

does

not

receive

a

fee

from

the

Funds

for

its

distribution

services.

However,

it

receives

Fund

Unitary

Management

Fee

Northern

Trust

2030

Inflation-Linked

Distributing

Ladder

ETF

0.10%

Northern

Trust

2035

Inflation-Linked

Distributing

Ladder

ETF

0.10%

Northern

Trust

2045

Inflation-Linked

Distributing

Ladder

ETF

0.10%

Northern

Trust

2055

Inflation-Linked

Distributing

Ladder

ETF

0.10%

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF

0.18%

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF

0.18%

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

0.18%

Fund

Unitary

Management

Fee

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

0.18%

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

0.05%

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

0.05%

Northern

Trust

Tax-Exempt

Bond

ETF

0.05%

NORTHERN

FUNDS

ANNUAL

REPORT

131

EXCHANGE

TRADED

FUNDS

Notes

to

the

Financial

Statements

EXCHANGE

TRADED

FUNDS

December

31,

2025

compensation

from

NTI

for

its

services

as

distributor

pursuant

to

a

separate

letter

agreement

between

it

and

NTI.

Each

Fund has

adopted

a

Distribution

and

Service

Plan

(“the

Plan”)

pursuant

to

Rule

12b-1

under

the

1940

Act.

Payments

to

financial

intermediaries

under

the

Plan

are

tied

directly

to

their

own

out-of-pocket

expenses.

The

Plan

has

not

been

implemented

with

respect

to

the

Funds.

The

Plan

may

not

be

implemented

without

further

Board

approval.

The

maximum

distribution

fee

is

0.25%

of

each

Fund’s

respective

average

daily

net

assets

under

the

Plan.

The

Funds

did

not

pay

any

12b-1

fees

during

the

fiscal

year.

9.

Issuance

and

Redemption

of

Fund

Shares 

Each

Fund

only

issues

and

redeems

shares

to

Authorized

Participants

in

exchange

for

the

deposit

or

delivery

of

a

basket

of

assets

(securities

and/or

cash),

in

large

blocks

known

as

Creation

Units,

each

of

which

is

comprised

of

a

specified

number

of

shares.

Retail

investors

may

only

purchase

and

sell

fund

shares

in

the

secondary

market

through

a

broker-dealer

and

such

transactions

may

be

subject

to

customary

commission

and

fee

rates

imposed

by

the

broker-dealer.

Authorized

Participants

may

pay

transaction

fees

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units.

The

transaction

fees

are

paid

directly

to

the

Fund

and

used

to

offset

Fund

custody

fees.

Certain

fees

or

costs

associated

with

Creation

Unit

purchases

may

be

paid

by

NTI

in

certain

circumstances.

In

addition,

the

Trust

may

from

time

to

time

waive

the

standard

transaction

fee.

The

net

custody

fees

charged

to

the

Fund

are

paid

for

by

the

Investment

Adviser

through

the

Fund’s

Unitary

Fee.

Transaction

fees

remaining

in

the

Funds

were

as

follows:

10.

Investment

Transactions 

For

the period

ended

December

31,

2025,

the

Northern

Trust

2030

Inflation-Linked

Distributing

Ladder

ETF,

Northern

Trust

2035

Inflation-Linked

Distributing

Ladder

ETF,

Northern

Trust

2045

Inflation-Linked

Distributing

Ladder

ETF

and

Northern

Trust

2055

Inflation-Linked

Distributing

Ladder

ETF

invested

solely

in

U.S.

Government,

including

U.S.

government

agency,

securities.

The

cost

of

securities

purchased

by

each

Fund

and

proceeds

from

sales

of

securities,

excluding

short-

term

securities

and

in-kind

transactions

for

the period

ended

December

31,

2025,

were

as

follows: 

11.

In-Kind

Transactions 

During

the

period

ended

December

31,

2025,

certain

Funds

received

securities

in

exchange

for

subscriptions

of

shares

(subscriptions-in-kind).

For

the period

ended

December

31,

2025,

the

fair

value

of

the

securities

received

for

subscriptions

for

these

Funds

were

as

follows: 

Certain

Funds

may

deliver

securities

in

exchange

for

redemption

of

shares

(redemptions-in-kind).

For

financial

reporting

purposes,

these

Funds

may

record

net

realized

gains

and

losses

in

connection

with

each

transaction.

For

the period

ended

December

31,

2025,

there

were

no

redemptions-in-kind.

Fund

As

of

December

31,

2025

Northern

Trust

2030

Inflation-Linked

Distributing

Ladder

ETF

$

250

Northern

Trust

2035

Inflation-Linked

Distributing

Ladder

ETF

250

Northern

Trust

2045

Inflation-Linked

Distributing

Ladder

ETF

500

Northern

Trust

2055

Inflation-Linked

Distributing

Ladder

ETF

500

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF

500

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

500

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

4,750

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

3,000

Northern

Trust

Tax-Exempt

Bond

ETF

2,000

Fund

Purchases

Sales

Northern

Trust

2030

Inflation-

Linked

Distributing

Ladder

ETF

$

1,984,823

$

14,532

Northern

Trust

2035

Inflation-

Linked

Distributing

Ladder

ETF

1,986,753

32,519

Northern

Trust

2045

Inflation-

Linked

Distributing

Ladder

ETF

1,987,245

28,381

Northern

Trust

2055

Inflation-

Linked

Distributing

Ladder

ETF

2,970,083

42,275

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF

5,194,511

—

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF

4,586,860

—

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

9,654,319

—

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

9,727,964

1,968,485

Northern

Trust

Intermediate

Tax-

Exempt

Bond

ETF

52,120,672

1,477,673

Northern

Trust

Short-Term

Tax-

Exempt

Bond

ETF

62,207,158

4,495,108

Northern

Trust

Tax-Exempt

Bond

ETF

25,381,171

662,953

Fund

Fair

Value

Northern

Trust

2030

Inflation-Linked

Distributing

Ladder

ETF

$

2,997,222

Northern

Trust

2035

Inflation-Linked

Distributing

Ladder

ETF

1,997,311

Northern

Trust

2045

Inflation-Linked

Distributing

Ladder

ETF

1,002,604

EXCHANGE

TRADED

FUNDS

132

NORTHERN

FUNDS

ANNUAL

REPORT

Notes

to

the

Financial

Statements

continued

EXCHANGE

TRADED

FUNDS

12.

Guarantees

and

Indemnifications 

In

the

normal

course

of

business

each

Fund

enters

into

contracts

with

third-party

service

providers

that

contain

a

variety

of

representations

and

warranties

and

that

provide

general

indemnifications.

Additionally,

under

the

Funds’

organizational

documents,

the

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown,

as

it

involves

possible

future

claims

that

may

or

may

not

be

made

against

the

Funds.

13.

Operating

Segments

During

the

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

(ASU)

2023-07,

Segment

Reporting

(Topic

280)

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”).

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund’s

financial

position

or

the

results

of

its

operations.

An

operating

segment

is

defined

in

ASU

2023-07

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.

14.

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

United

States

and

its

trading

partners,

as

well

as

the

financial

markets

generally,

may

be

adversely

impacted

by

trade

disputes

and

other

matters. 

15.

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.

NORTHERN

FUNDS

ANNUAL

REPORT

133

EXCHANGE

TRADED

FUNDS

Report

of

Independent

Registered

Public

Accounting

Firm

EXCHANGE

TRADED

FUNDS

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

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,

including

the

schedules

of

investments,

of

Northern

Trust

2030

Inflation-Linked

Distributing

Ladder

ETF,

Northern

Trust

2035

Inflation-Linked

Distributing

Ladder

ETF,

Northern

Trust

2045

Inflation-Linked

Distributing

Ladder

ETF,

Northern

Trust

2055

Inflation-Linked

Distributing

Ladder

ETF,

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF,

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF,

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF,

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF,

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF,

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF,

Northern

Trust

Tax-Exempt

Bond

ETF

(collectively,

the

“Funds”),

each

a

series

of

Northern

Funds,

as

of

December

31,

2025;

the

related

statements

of

operations,

changes

in

net

assets,

and

financial

highlights

for

the

period

from

August

18,

2025

(commencement

of

investment

operations)

to

December

31,

2025;

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

the

Funds

as

of

December

31,

2025,

and

the

results

of

their

operations,

changes

in

their

net

assets,

and

financial

highlights

the

period

from

August

18,

2025

(commencement

of

investment

operations)

to

December

31,

2025

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

December

31,

2025,

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

February

23,

2026

We

have

served

as

the

auditor

of

one

or

more

Northern

Trust

investment

companies

since

2002.

EXCHANGE

TRADED

FUNDS

134

NORTHERN

FUNDS

ANNUAL

REPORT

Form

N-CSR

-

Items

8

-

11

EXCHANGE

TRADED

FUNDS

December

31,

2025

{Unaudited}

Item

8.

Changes

in

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

There

were

no

changes

in

or

disagreements

with

accountants

on

accounting

and

financial

disclosures

required

by

Item

304

of

Regulation

S-K

[17

CFR

229.304].

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.

NORTHERN

FUNDS

ANNUAL

REPORT

135

EXCHANGE

TRADED

FUNDS

APPROVAL

OF

ADVISORY

AGREEMENT

{Unaudited}

EXCHANGE

TRADED

FUNDS

15(c)

Considerations

for

Northern

Funds

Tax-Exempt

and

Distributing

Ladder

ETFs

At

an

in-person

meeting

held

on

May

19-20,

2025

(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”)

voting

separately,

reviewed

and

unanimously

approved

the

investment

management

agreement

(the

“Management

Agreement”)

between

Northern

Trust

Investments,

Inc.

(“Northern”)

and

the

Trust,

on

behalf

of

Northern

Trust

Tax-

Exempt

Bond

ETF,

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF,

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

(collectively,

the

“Tax-Exempt

Bond

ETFs”),

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF,

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF,

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF,

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

(collectively,

the

“Tax-Exempt

Distributing

Ladder

ETFs”),

Northern

Trust

2030

Inflation-Linked

Distributing

Ladder

ETF,

Northern

Trust

2035

Inflation-Linked

Distributing

Ladder

ETF,

Northern

Trust

2045

Inflation-Linked

Distributing

Ladder

ETF

and

Northern

Trust

2055

Inflation-Linked

Distributing

Ladder

ETF

(collectively,

the

“Inflation-Linked

Distributing

Ladder

ETFs,”

and

collectively

with

the

Tax-Exempt

Bond

ETFs

and

Tax-Exempt

Distributing

Ladder

ETFs,

the

“Funds,”

and

each,

a

“Fund”).

At

the

Meeting,

the

Trustees

received,

considered

and

discussed

a

variety

of

information

relating

to

the

Management

Agreement

and

Northern,

including

written

materials

and

verbal

presentations.

Throughout

the

process,

the

Trustees

asked

questions

of

Northern.

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.

They

met

in

executive

session

at

the

Meeting

with

their

independent

legal

counsel

and

without

employees

of

Northern

or

the

interested

Trustee

present.

In

evaluating

the

Management

Agreement,

the

Independent

Trustees

discussed

with

independent

legal

counsel

Northern’s

reports,

presentations

and

other

information

that

had

been

provided

to

them

at

the

Meeting.

The

Trustees

reviewed

and

assessed,

among

other

things,

information

relating

to:

(a)

the

nature,

extent

and

quality

of

the

services

to

be

provided

by

Northern;

(b)

the

proposed

contractual

management

fee

rates

and

estimated

total

expense

ratios

of

the

Funds,

including

in

comparison

to

those

borne

by

a

group

of

comparable

peer

funds

(“Expense

Group”)

selected

by

an

independent

third-party

provider

of

fund

data

(“Data

Provider”);

(c)

the

anticipated

cost

of

the

services

and

profits

to

be

realized

by

Northern

from

its

relationship

with

the

Funds;

(d)

the

existence

and

sharing

of

potential

economies

of

scale;

(e)

any

fall-out

benefits

to

Northern

that

could

result

from

Northern’s

relationship

with

the

Funds;

and

(f)

other

factors

deemed

relevant

by

the

Trustees.

In

addition,

the

Board

reviewed,

among

other

things,

materials

relating

to:

(i)

compliance

reports;

(ii)

information

about

Northern’s

risk

management

processes,

stress

testing,

business

continuity

and

cyber-security

programs;

(iii)

the

qualifications

of

Northern

to

provide

services

to

the

Funds,

including

Northern’s

proposed

staffing

for

the

Funds,

information

on

portfolio

managers

and

other

personnel,

as

well

as

Northern’s

ability

to

attract

and

retain

portfolio

management

talent;

(iv)

Northern’s

financial

resources

and

investments

in

technology

to

benefit

the

Funds;

and

(v)

information

about

Northern’s

expertise

in

managing

and

supporting

exchange-traded

funds

(“ETFs”).

The

Trustees

were

provided

with

information

on

the

composition

of

the

Expense

Group

for

each

Fund

by

the

Data

Provider.

In

evaluating

the

Management

Agreement

for

each

of

the

Funds,

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

considered

the

information

provided

to

them

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

Nature,

Extent

and

Quality

of

Services

The

Trustees

considered

the

nature,

extent

and

quality

of

the

services

to

be

provided

by

Northern

to

the

Funds,

including

both

the

investment

advisory

services

and

ancillary services.

These

ancillary

services

include

providing

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Trustees

considered

that

the

Management

Agreement

encompassed

both

the

advisory

and

ancillary

services

being

rendered

by

Northern.

The

Trustees

considered

that

Northern

will

be

responsible

for

the

management

of

the

investment

operations

of

each

Fund

and

the

composition

of

each

Fund’s

portfolio,

including

the

day-to-day

management

of

each

Fund,

subject

to

the

supervision

of

the

Board.

The

Trustees

discussed

that,

under

the

Management

Agreement,

Northern

will

be

responsible

for,

among

other

things:

(i)

furnishing

a

continuous

investment

program

for

each

Fund;

(ii)

determining

what

investments

or

securities

will

be

purchased,

retained

or

sold

by

each

Fund,

and

what

portion

of

each

Fund’s

assets

will

be

invested

or

held

uninvested

as

cash;

(iii)

trading

the

assets

of

each

Fund

with

broker-dealers

selected

by

Northern,

including

using

Northern’s

best

judgment

to

obtain

the

best

overall

terms

available

in

executing

Fund

transactions;

(iv)

reviewing

and

preparing

Fund

regulatory

documents;

and

(v)

monitoring

for

anticipated

purchases

and

redemptions

of

creation

units

of

Fund

shares.

APPROVAL

OF

ADVISORY

AGREEMENT

EXCHANGE

TRADED

FUNDS

EXCHANGE

TRADED

FUNDS

136

NORTHERN

FUNDS

ANNUAL

REPORT

{Unaudited}

The

Trustees

considered

Northern’s

significant

commitments

to

address

regulatory

compliance

requirements

applicable

to

the

Funds.

They

considered

information

regarding

the

effectiveness

and

resources

of

the

compliance

team,

including

maintaining

and

monitoring

Northern’s

and

the

Funds’

compliance

programs.

The

Trustees

also

noted

that

on

a

regular

basis

they

will

receive

and

review

information

from

the

Trust’s

Chief

Compliance

Officer

regarding

the

Funds’

compliance

policies

and

procedures.

They

considered

the

quality

of

Northern’s

compliance

oversight

program

with

respect

to

the

Funds’

service

providers.

The

Trustees

considered

ongoing

expenditures

made

by

Northern

to

continue

improving

the

quality

and

scope

of

the

services

it

offers,

and

the

quality

of

Northern’s

communications

with

and

services

to

shareholders

of

the

other

series

of

the

Trust.

The

Trustees

noted

that

the

scope

of

services

provided

by

Northern,

and

the

undertakings

required

of

Northern

in

connection

with

those

services,

had

expanded

over

time

as

a

result

of

regulatory,

market

and

other

developments,

and

that

the

Funds

would

benefit

from

such

expanded

services.

The

Trustees

considered

Northern’s

initiatives

undertaken

in

the

past

few

years

to

address

additional

regulatory

and

reporting

requirements,

including

with

respect

to

ETFs,

and

how

those

initiatives

would

also

benefit

the

Funds.

The

Trustees

considered

the

qualifications,

background

and

responsibilities

of

Northern’s

senior

management

and

investment

personnel.

They

noted

Northern’s

recruitment

and

retention

plans

for

attracting

investment

professionals,

as

well

as

its

portfolio

management

compensation

structure.

The

Trustees

also

considered

the

financial

position

and

stability

of

The

Northern

Trust

Corporation,

the

corporate

parent

of

Northern.

Following

consideration

of

this

and

other

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

to

be

provided

by

Northern

to

the

Funds

and

their

prospective

shareholders.

Performance,

Fee

Rates,

Costs

of

Services

and

Profitability

The

Trustees

noted

that

because

the

Funds

had

not

yet

commenced

operations,

there

was

no

performance

information

to

consider.

The

Trustees

evaluated

each

Fund’s

proposed

contractual

management

fee

rate

and

each

Fund’s

estimated

total

operating

expense

ratio.

The

Trustees

considered

that

the

Management

Agreement

provided

for

a

“unitary

fee”

structure

pursuant

to

which

the

Funds’

ordinary

operating

expenses

(subject

to

customary

exclusions)

would

be

paid

from

Northern’s

management

fee.

The

Board

noted

that,

under

the

unitary

fee

arrangement,

Northern

would

likely

supplement

a

portion

of

the

cost

of

operating

the

Funds

for

some

period

of

time

and

considered

the

benefits

that

would

accrue

to

each

Fund.

The

Trustees

reviewed

information

on

the

proposed

management

fee

rate

to

be

paid

by

each

Fund

under

the

Management

Agreement

and

each

Fund’s

estimated

total

operating

expense

ratio

compared

to

each

Fund’s

respective

Expense

Group.

With

respect

to

the

Tax-Exempt

Bond

ETFs,

which

were

proposed

to

implement

index-based

investment

strategies,

the

Board

noted

that

the

Expense

Group

included

only

other

index-based

ETFs).

With

respect

to

the

Tax-

Exempt

Distributing

Ladder

ETFs

and

Inflation-Linked

Distributing

Ladder

ETFs,

which

were

proposed

to

be

actively

managed,

the

Board

noted

that

the

Expense

Group

included

both

index-based

and

actively

managed

ETFs.

Based

on

the

information

available

to

the

Board,

the

Board

believed

the

independent

analysis

conducted

by

the

Data

Provider

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Funds

were

ranked

by

the

Data

Provider

in

quintiles,

ranging

from

first

to

fifth,

where

first

is

the

best

quintile

position

and

fifth

is

the

worst.

The

Trustees

noted

that

the

estimated

total

operating

expense

ratios

of

the

Tax-Exempt

Bond

ETFs

were

either

in

the

first

or

second

quintiles

of

their

respective

Expense

Groups,

the

estimated

total

operating

expense

ratios

of

the

Tax-Exempt

Distributing

Ladder

ETFs

were

ranked

third

out

of

five

in

their

Expense

Group,

and

the

estimated

total

operating

expense

ratios

of

the

Inflation-

Linked

Distributing

Ladder

ETFs

were

ranked

second

out

of

five

in

their

Expense

Group.

The

Trustees

also

noted

that

the

proposed

contractual

management

fees

for

the

Northern

Trust

Tax-Exempt

Bond

ETF

and

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

were

below

the

average

and

median

contractual

management

fees

of

their

respective

Expense

Groups,

and

that

the

proposed

contractual

management

fees

for

the

Northern

Trust

Intermediate-Term

Tax-Exempt

Bond

ETF,

the

Tax-Exempt

Distributing

Ladder

ETFs

and

the

Inflation-Linked

Distributing

Ladder

ETFs

were

below

the

average

and

equal

to

the

median

contractual

management

fees

of

their

respective

Expense

Groups.

Following

these

comparisons

and

upon

further

consideration

and

discussion,

the

Trustees

concluded

that

the

compensation

to

be

paid

by

each

Fund

under

the

Management

Agreement

was

fair

and

reasonable

in

light

of

the

services

provided.

The

Trustees

discussed

estimated

profitability

information

provided

by

Northern.

They

considered

the

nature

of

the

Funds

and

the

high

quality

of

the

services

to

be

provided

by

Northern,

and

that

Northern

appeared

to

have

the

resources

necessary

to

fulfill

its

obligations

under

its

proposed

Management

Agreement

with

the

Funds.

Based

upon

its

consideration

of

all

these

factors,

the

Trustees

concluded

that

Northern’s

anticipated

profitability

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

to

be

provided

to

each

Fund.

APPROVAL

OF

ADVISORY

AGREEMENT

EXCHANGE

TRADED

FUNDS

NORTHERN

FUNDS

ANNUAL

REPORT

137

EXCHANGE

TRADED

FUNDS

{Unaudited}

Economies

of

Scale

The

Trustees

considered

the

extent

to

which

economies

of

scale

may

be

realized

as

the

Funds

grow

and

whether

anticipated

fee

levels

reflected

these

economies

of

scale

for

the

benefit

of

shareholders.

The

Trustees

considered

that

each

Fund

would

likely

experience

benefits

from

the

proposed

unitary

fee

arrangement

pursuant

to

which

the

Funds’

ordinary

operating

expenses

(subject

to

customary

exclusions)

would

be

paid

from

Northern’s

management

fee.

Accordingly,

the

Board

concluded

that

each

Fund’s

proposed

fee

arrangement

would

provide

benefits

through

the

unitary

fee

structure,

and

that

each

Fund’s

proposed

arrangement

with

Northern

would

therefore

be

appropriate.

Fall

Out

and

Other

Benefits

to

Northern

The

Trustees

reviewed

other

benefits

that

may

accrue

to

Northern

as

a

result

of

its

relationship

with

the

Funds

and

concluded

that

such

potential

benefits

are

immaterial

to

its

consideration

and

approval

of

the

Management

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

compensation

to

be

paid

under

the

Management

Agreement

on

behalf

of

each

Fund

is

fair

and

reasonable

in

light

of

the

services

to

be

provided

by

Northern

and

such

other

matters

as

the

Board

considered

relevant

in

the

exercise

of

its

reasonable

business

judgment.

After

full

consideration

of

the

above

factors

as

well

as

other

factors,

the

Board,

including

the

Independent

Trustees,

unanimously

approved

the

Management

Agreement

on

behalf

of

each

Fund.

EXCHANGE

TRADED

FUNDS

138

NORTHERN

FUNDS

ANNUAL

REPORT

TAX

INFORMATION

EXCHANGE

TRADED

FUNDS

December

31,

2025

{Unaudited}

Pursuant

to

Section

852

of

the

Internal

Revenue

Code,

the

following

percentages

of

distributions

paid

from

net

investment

income

are

designated

as

exempt-interest

dividends

for

the period

ended December

31,

2025:

Fund

Exempt-Interest

Dividends

Percentage

Northern

Trust

2030

Tax-Exempt

Distributing

Ladder

ETF

100.00%

Northern

Trust

2035

Tax-Exempt

Distributing

Ladder

ETF

100.00%

Northern

Trust

2045

Tax-Exempt

Distributing

Ladder

ETF

100.00%

Northern

Trust

2055

Tax-Exempt

Distributing

Ladder

ETF

100.00%

Northern

Trust

Intermediate

Tax-Exempt

Bond

ETF

98.71%

Northern

Trust

Short-Term

Tax-Exempt

Bond

ETF

99.98%

Northern

Trust

Tax-Exempt

Bond

ETF

97.70%

This

page

intentionally

left

blank

{Section

Name}

NORTHERN

FUNDS

ANNUAL

REPORT

141

EXCHANGE

TRADED

FUNDS

EXCHANGE

TRADED

FUNDS

SIGN

UP

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To

get

future

shareholder

reports

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and

to

eliminate

mailings,

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@2025

Northern

Funds

NTE0058-0226

 Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

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.

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.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) 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).

(a)(2) Not applicable.

(a)(3) Certifications of the Registrant pursuant to Rule 30a-2(a) under the 1940 Act are filed herewith.ex99cert.docx

(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.ex99906cert.docx

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.

Northern Funds

By:        

/s/Kevin O’Rourke

Kevin P. O’Rourke, President

(Principal Executive Officer)

Date: March 6, 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.

By:        

/s/Kevin O’Rourke

Kevin P. O’Rourke, President

(Principal Executive Officer)

Date: March 6, 2026

By:        

/s/Randal E. Rein

Randal E. Rein, Treasurer

(Principal Financial and Accounting Officer)

Date: March 6, 2026