NPORT-P false 0000916620 XXXXXXXX S000018524 C000051415 Northern Funds 811-08236 0000916620 5493004ZY1PEJR3C0A81 50 South LaSalle Street Chicago 60603 800-595-9111 Limited Term Tax-Exempt Fund S000018524 549300PSF9YJS72IZ736 2027-03-31 2026-06-30 N 315916487.950000000000 7181661.400000000000 308734826.550000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 5734405.000000000000 0.000000000000 0.000000000000 USD N BBG Muni Bond 1-5Y Blend (Risk Basis: MUNI) BBGMUNPAO TARRANT REGIONAL WA 4.00% N/A 876448FC0 1370000 PA USD 1421972.05 0.4605803841 Long DBT MUN US N 2 2031-09-01 Fixed 4.000000000000 N N N N N N MSD OF WASH TOWNSHI 5.00% N/A 62476HCR6 1090000 PA USD 1148083.38 0.3718671433 Long DBT MUN US N 2 2035-07-15 Fixed 5.000000000000 N N N N N N CITY OF LOS ANGELES 5.00% N/A 5444457P8 1670000 PA USD 1863406.88 0.6035622546 Long DBT MUN US N 2 2033-05-15 Fixed 5.000000000000 N N N N N N KENTUCKY STATE PROP 5.00% N/A 49151F5Z9 3000000 PA USD 3219862.2 1.0429216023 Long DBT MUN US N 2 2029-09-01 Fixed 5.000000000000 N N N N N N CALIFORNIA INFRA. & 5.00% 549300C1OG9RDIM8ET06 13034A7D6 500000 PA USD 552082.2 0.1788208367 Long DBT MUN US N 2 2031-11-01 Fixed 5.000000000000 N N N N N N COUNTY OF BROWARD F 5.00% N/A 11506KHL8 1265000 PA USD 1382018.57 0.4476393497 Long DBT MUN US N 2 2033-09-01 Fixed 5.000000000000 N N N N N N MICHIGAN STATE HOSP 5.00% 54930011MIBQ2P7ZNM19 59465HYA8 1500000 PA USD 1593334.65 0.5160851686 Long DBT MUN US N 2 2029-11-15 Fixed 5.000000000000 N N N N N N STATE OF OHIO 5.00% 5493005LEB5E170OMX59 677523HD7 1500000 PA USD 1679358.3 0.5439484488 Long DBT MUN US N 2 2032-03-01 Fixed 5.000000000000 N N N N N N COLORADO HEALTH FACIL VAR 5493002JB6DRFRZPEQ21 19648FYN8 3660000 PA USD 3908455.81 1.2659588339 Long DBT MUN US N 2 2059-11-15 Variable 5.000000000000 N N N N N N METROPOLITAN WASHIN 5.00% 7HERAVJJLN8J1DZ6AZ19 592647NR8 1000000 PA USD 1113718.2 0.3607361736 Long DBT MUN US N 2 2034-10-01 Fixed 5.000000000000 N N N N N N PORT AUTHORITY OF H 5.00% N/A 7342605F5 1000000 PA USD 1046980.6 0.3391196943 Long DBT MUN US N 2 2029-10-01 Fixed 5.000000000000 N N N N N N COUNTY OF HARRIS TX 5.00% 549300G9BRP25M0W1S40 41423PCM7 1635000 PA USD 1806352.25 0.5850821141 Long DBT MUN US N 2 2031-08-15 Fixed 5.000000000000 N N N N N N UNIVERSITY OF NORTH 5.00% TEHUYFNKZR6XVWLGEU86 914729VK1 1000000 PA USD 1077037.6 0.3488552335 Long DBT MUN US N 2 2032-04-15 Fixed 5.000000000000 N N N N N N ENERGY SOUTHEAST A CO VAR 2549001SMMZ81MXBXZ89 292723BN2 2500000 PA USD 2691847.5 0.8718962904 Long DBT MUN US N 2 2054-07-01 Variable 5.250000000000 N N N N N N ST JOSEPH SCHOOL DI 5.00% N/A 790790FP9 2000000 PA USD 2115284.2 0.6851459628 Long DBT MUN US N 2 2031-03-01 Fixed 5.000000000000 N N N N N N MONROE & ST CLAIR C 5.00% N/A 610253DR4 710000 PA USD 736969.28 0.2387062348 Long DBT MUN US N 2 2028-04-15 Fixed 5.000000000000 N N N N N N MICHIGAN STATE HOSP 5.00% 54930011MIBQ2P7ZNM19 59465HYF7 430000 PA USD 455380.54 0.1474989217 Long DBT MUN US N 2 2029-05-15 Fixed 5.000000000000 N N N N N N NEW YORK LIBERTY DE 1.20% N/A 649519DK8 2000000 PA USD 1865609.2 0.6042755917 Long DBT MUN US N 2 2028-11-15 Fixed 1.200000000000 N N N N N N CHANDLER INDL. DEV. A VAR N/A 158862CB6 1000000 PA USD 1011870.6 0.3277474755 Long DBT MUN US N 2 2052-09-01 Variable 5.000000000000 N N N N N N COUNTY OF BEXAR TX 5.00% N/A 0882814Z0 1250000 PA USD 1379756.75 0.4469067405 Long DBT MUN US N 2 2031-06-15 Fixed 5.000000000000 N N N N N N LOS ANGELES DEPT. O 5.00% 549300S8NXV6YU61GG95 544532QW7 1000000 PA USD 1060409.8 0.3434694465 Long DBT MUN US N 2 2029-07-01 Fixed 5.000000000000 N N N N N N COOK COUNTY TOWNSHI 5.00% N/A 215457CB6 300000 PA USD 312871.2 0.1013397819 Long DBT MUN US N 2 2028-06-01 Fixed 5.000000000000 N N N N N N COUNTY OF LEE FL AIRP VAR N/A 523470JS2 1000000 PA USD 1073150.2 0.3475960947 Long DBT MUN US N 2 2056-10-01 Variable 5.000000000000 N N N N N N MAIN STREET NATURAL G VAR 549300NY5M0QVZ6X4U26 56035DDH2 1535000 PA USD 1554682.23 0.5035655509 Long DBT MUN US N 2 2052-07-01 Variable 4.000000000000 N N N N N N MAIN STREET NATURAL G VAR 549300NY5M0QVZ6X4U26 56035DHT2 2715000 PA USD 2873908.14 0.9308661974 Long DBT MUN US N 2 2054-12-01 Variable 5.000000000000 N N N N N N SOUTH CAROLINA JOBS 5.00% 5493006X47I9VG3DL112 83704MEU6 1000000 PA USD 1005135.9 0.3255660889 Long DBT MUN US N 2 2026-10-01 Fixed 5.000000000000 N N N N N N HARRIS COUNTY CULTU 5.00% N/A 414009UA6 1500000 PA USD 1605548.7 0.5200413306 Long DBT MUN US N 2 2029-12-01 Fixed 5.000000000000 N N N N N N COOK COUNTY TOWNSHI 5.00% N/A 215457CC4 225000 PA USD 238973.54 0.0774041409 Long DBT MUN US N 2 2029-06-01 Fixed 5.000000000000 N N N N N N PUBLIC FIN. AUTHORI 5.00% 5493004S6D3NA627K012 74442PV51 425000 PA USD 448408.66 0.1452407119 Long DBT MUN US N 2 2030-12-01 Fixed 5.000000000000 N N N N N N ROGERS COUNTY EDUCA 5.00% N/A 77514RCD7 585000 PA USD 622515.41 0.2016343336 Long DBT MUN US N 2 2031-09-01 Fixed 5.000000000000 N N N N N N METROPOLITAN GOV. N 5.00% N/A 592041A49 1000000 PA USD 1058578.3 0.3428762190 Long DBT MUN US N 2 2029-07-01 Fixed 5.000000000000 N N N N N N COLORADO HEALTH FACIL VAR 5493002JB6DRFRZPEQ21 19648FXD1 1220000 PA USD 1276201.01 0.4133647714 Long DBT MUN US N 2 2058-11-15 Variable 5.000000000000 N N N N N N KLEIN INDEPENDENT S 5.00% N/A 498531PH9 1575000 PA USD 1705654.91 0.5524659881 Long DBT MUN US N 2 2032-08-01 Fixed 5.000000000000 N N N N N N NORTH RIDGEVILLE CI 5.00% N/A 661870LF0 870000 PA USD 919049.56 0.2976825032 Long DBT MUN US N 2 2033-12-01 Fixed 5.000000000000 N N N N N N COMMONWEALTH OF MAS 5.00% 5493001N1YCXNI1O7K10 57582R7H3 595000 PA USD 648347.4 0.2100013812 Long DBT MUN US N 2 2030-05-01 Fixed 5.000000000000 N N N N N N STATE OF ILLINOIS 5.00% 54930048FV8RWPR02D67 452153KL2 2100000 PA USD 2127213.69 0.6890099552 Long DBT MUN US N 2 2027-02-01 Fixed 5.000000000000 N N N N N N METROPOLITAN NASHVI 5.00% 549300IC0HNF8TDXEE63 592190TV4 555000 PA USD 587052.58 0.1901478322 Long DBT MUN US N 2 2029-07-01 Fixed 5.000000000000 N N N N N N GUTHRIE COUNTY HOSP 4.50% N/A 40341HAA4 500000 PA USD 500616.65 0.1621510134 Long DBT MUN US N 2 2029-02-01 Fixed 4.500000000000 N N N N N N IOWA FIN. AUTHORITY VAR 549300NQVL49BTHOW391 46247SJU9 950000 PA USD 950000 0.3077074299 Long DBT MUN US N 2 2056-05-15 Fixed 3.950000000000 N N N N N N HARLINGEN CONSOLIDA 5.00% N/A 413000QQ6 1105000 PA USD 1107891.12 0.3588487675 Long DBT MUN US N 2 2026-08-15 Fixed 5.000000000000 N N N N N N MARICOPA COUNTY INDL. VAR N/A 56682HDV8 2400000 PA USD 2482628.4 0.8041296888 Long DBT MUN US N 2 2053-01-01 Variable 5.000000000000 N N N N N N CITY OF CHARLOTTE N 5.00% 5493001QNY6JJFWHQ568 161045SN0 225000 PA USD 246001.28 0.0796804438 Long DBT MUN US N 2 2030-07-01 Fixed 5.000000000000 N N N N N N NEW YORK STATE DORM 5.25% 549300C8XO7EXTX2XU71 65000B4J4 400000 PA USD 432852.6 0.1402020643 Long DBT MUN US N 2 2031-05-01 Fixed 5.250000000000 N N N N N N PENNSYLVANIA TURNPI 5.00% 549300J8LLBYEYEXZJ24 709224C31 860000 PA USD 886978.89 0.2872947312 Long DBT MUN US N 2 2030-12-01 Fixed 5.000000000000 N N N N N N TARRANT COUNTY CULTUR VAR 549300ROY505NVTMMI25 87638TJT1 1000000 PA USD 1065328.1 0.3450624965 Long DBT MUN US N 2 2064-11-15 Variable 5.000000000000 N N N N N N METROPOLITAN NASHVI 5.00% 549300IC0HNF8TDXEE63 592190TT9 400000 PA USD 408384.88 0.1322769072 Long DBT MUN US N 2 2027-07-01 Fixed 5.000000000000 N N N N N N SCHOOL BOARD OF MIA 5.00% N/A 59333MX91 1500000 PA USD 1636391.7 0.5300314572 Long DBT MUN US N 2 2031-02-01 Fixed 5.000000000000 N N N N N N DELAWARE VALLEY REG 5.50% 549300HGYP3NW885TT18 246579ER3 2505000 PA USD 2639740.69 0.8550187614 Long DBT MUN US N 2 2028-08-01 Fixed 5.500000000000 N N N N N N CLARK COUNTY SCHOOL 4.00% N/A 181059J72 3000000 PA USD 3076332 0.9964318034 Long DBT MUN US N 2 2032-06-15 Fixed 4.000000000000 N N N N N N CITY OF PHILADELPHI 5.00% 549300IVFOPB4AG7UL47 717813TA7 3535000 PA USD 3540509.65 1.1467801315 Long DBT MUN US N 2 2026-08-01 Fixed 5.000000000000 N N N N N N ILLINOIS FIN. AUTHO 5.00% 549300ZG6UBPNNNRN315 45204FS89 2500000 PA USD 2662260.5 0.8623129855 Long DBT MUN US N 2 2030-11-15 Fixed 5.000000000000 N N N N N N COUNTY OF HAYS TX 5.00% N/A 4210202H0 655000 PA USD 694403.29 0.2249190018 Long DBT MUN US N 2 2029-02-15 Fixed 5.000000000000 N N N N N N PUBLIC FIN. AUTHORI 5.00% 5493004S6D3NA627K012 74443DMS7 225000 PA USD 232657.09 0.0753582265 Long DBT MUN US N 2 2029-06-01 Fixed 5.000000000000 N N N N N N BLACK BELT ENERGY G 5.00% 549300I8V0Z68JQCB679 09182THD2 285000 PA USD 294010.62 0.0952307918 Long DBT MUN US N 2 2028-07-01 Fixed 5.000000000000 N N N N N N STATE OF ILLINOIS 5.00% 54930048FV8RWPR02D67 452153JJ9 1500000 PA USD 1527961.8 0.4949107352 Long DBT MUN US N 2 2027-05-01 Fixed 5.000000000000 N N N N N N CHICAGO MIDWAY INTL 5.00% N/A 167562SY4 2000000 PA USD 2021045.2 0.6546217097 Long DBT MUN US N 2 2027-01-01 Fixed 5.000000000000 N N N N N N CALIFORNIA COMMUNITY VAR 549300X8VKJ215S2R571 13013JAP1 3150000 PA USD 3197846.93 1.0357908001 Long DBT MUN US N 2 2052-02-01 Variable 4.000000000000 N N N N N N NEW YORK STATE HOUSIN VAR 5493000LS7KCDB02O506 64987JXS5 1225000 PA USD 1225713.69 0.3970117993 Long DBT MUN US N 2 2062-05-01 Variable 3.850000000000 N N N N N N ST JOHNS COUNTY SCH 5.00% N/A 790409HD1 1270000 PA USD 1404209.28 0.4548269775 Long DBT MUN US N 2 2031-07-01 Fixed 5.000000000000 N N N N N N CITY & COUNTY OF DE 5.25% MMTY7HA2MSCBUO4F7J71 249182SV9 1750000 PA USD 1810060 0.5862830638 Long DBT MUN US N 2 2027-11-15 Fixed 5.250000000000 N N N N N N COUNTY OF MIAMI-DAD 5.00% 549300QG0NBD9HULR263 59333P7D4 3000000 PA USD 3078082.2 0.9969986977 Long DBT MUN US N 2 2027-10-01 Fixed 5.000000000000 N N N N N N ILLINOIS FIN. AUTHORI VAR 549300ZG6UBPNNNRN315 45204FM77 1000000 PA USD 1063345.4 0.3444202949 Long DBT MUN US N 2 2043-08-15 Variable 5.000000000000 N N N N N N HARRIS COUNTY CULTURA VAR N/A 414008CZ3 1000000 PA USD 1080411.6 0.3499480807 Long DBT MUN US N 2 2054-11-15 Variable 5.000000000000 N N N N N N NI US GOV T PORTFOLIO 549300Y178DO5JBR1S04 665278404 2163143.86 NS USD 2163143.86 0.7006478291 Long STIV RF US N 1 N N N BLACK BELT ENERGY GAS VAR 549300I8V0Z68JQCB679 09182TCG0 3000000 PA USD 3152772.3 1.0211910121 Long DBT MUN US N 2 2053-02-01 Variable 5.250000000000 N N N N N N CITY OF TULSA OK 3.00% N/A 899645G90 4865000 PA USD 4876635.13 1.5795545920 Long DBT MUN US N 2 2028-10-01 Fixed 3.000000000000 N N N N N N SOUTH CAROLINA JOBS-E VAR 5493006X47I9VG3DL112 83703EMU6 1000000 PA USD 1102719.3 0.3571736018 Long DBT MUN US N 2 2049-11-01 Variable 5.000000000000 N N N N N N NEBRASKA PUBLIC POW 5.00% 5493001J0BLQRMOJKP23 63968CBD2 1500000 PA USD 1553941.95 0.5033257723 Long DBT MUN US N 2 2028-07-01 Fixed 5.000000000000 N N N N N N NORTH CAROLINA MUNI 5.00% 549300N3Q65G1ODRFX75 6582036F6 1150000 PA USD 1233432.73 0.3995120161 Long DBT MUN US N 2 2030-01-01 Fixed 5.000000000000 N N N N N N CITY OF NEW YORK NY 5.00% 549300ABYZD2SFD5JB29 64966QQZ6 605000 PA USD 606125.06 0.1963254573 Long DBT MUN US N 2 2026-08-01 Fixed 5.000000000000 N N N N N N BLACK BELT ENERGY GAS VAR 549300I8V0Z68JQCB679 09182TAM9 2500000 PA USD 2507605.25 0.8122197544 Long DBT MUN US N 2 2052-10-01 Variable 4.000000000000 N N N N N N COLORADO HEALTH FACIL VAR 5493002JB6DRFRZPEQ21 19648FXC3 905000 PA USD 912812.23 0.2956622161 Long DBT MUN US N 2 2049-11-15 Variable 5.000000000000 N N N N N N MASSACHUSETTS DEV. FI VAR 549300UZSVMFXJK08K70 57585BKC1 1000000 PA USD 1071042.3 0.3469133405 Long DBT MUN US N 2 2055-08-15 Variable 5.000000000000 N N N N N N BLACK BELT ENERGY G 5.00% 549300I8V0Z68JQCB679 09182TKK2 1500000 PA USD 1573099.8 0.5095310489 Long DBT MUN US N 2 2031-12-01 Fixed 5.000000000000 N N N N N N CALIFORNIA COMMUNIT 4.00% 549300X8VKJ215S2R571 13013JAD8 1125000 PA USD 1129728.83 0.3659220577 Long DBT MUN US N 2 2027-02-01 Fixed 4.000000000000 N N N N N N BLACK BELT ENERGY GAS VAR 549300I8V0Z68JQCB679 09182NCB4 440000 PA USD 443969.46 0.1438028437 Long DBT MUN US N 2 2052-07-01 Variable 4.000000000000 N N N N N N OMAHA AIRPORT AUTHO 5.00% N/A 681725MV6 1275000 PA USD 1394886.34 0.4518072534 Long DBT MUN US N 2 2031-12-15 Fixed 5.000000000000 N N N N N N METROPOLITAN TRANSP 5.00% 5493000TKYODLXADQD60 59261A5X1 1500000 PA USD 1683520.05 0.5452964503 Long DBT MUN US N 2 2032-11-15 Fixed 5.000000000000 N N N N N N SOUTHEAST ENERGY AU 5.00% 25490090A3RLJHITY273 84136HCT8 1000000 PA USD 1068127.5 0.3459692293 Long DBT MUN US N 2 2030-10-01 Fixed 5.000000000000 N N N N N N TEXAS TRANSPORTATIO 5.00% 5493006JSGNPGVJS7691 882830CH3 1500000 PA USD 1599480.6 0.5180758575 Long DBT MUN US N 2 2029-04-01 Fixed 5.000000000000 N N N N N N SALT RIVER PROJECT 5.00% SHB8HO6GKXJ83RX5OV39 79574CCS0 2700000 PA USD 2790891.45 0.9039768792 Long DBT MUN US N 2 2033-01-01 Fixed 5.000000000000 N N N N N N NEW YORK STATE HOUSIN VAR 5493000LS7KCDB02O506 64987JD99 1500000 PA USD 1500668.4 0.4860703332 Long DBT MUN US N 2 2062-11-01 Variable 3.600000000000 N N N N N N NORTH TEXAS TOLLWAY 5.00% PQGZGRE0F2WPMYQQ1B78 66285WN36 595000 PA USD 651784.66 0.2111147185 Long DBT MUN US N 2 2031-01-01 Fixed 5.000000000000 N N N N N N MAINE GOVERNMENTAL 4.00% N/A 56041MSQ8 2640000 PA USD 2689162.87 0.8710267319 Long DBT MUN US N 2 2033-10-01 Fixed 4.000000000000 N N N N N N PASCO COUNTY SCHOOL 5.00% N/A 70253QBD0 2500000 PA USD 2803239.25 0.9079763632 Long DBT MUN US N 2 2032-10-01 Fixed 5.000000000000 N N N N N N WASHINGTON HEALTH C 5.00% 549300ZVPWQIL3N5TL85 93978HC86 1525000 PA USD 1642832.79 0.5321177427 Long DBT MUN US N 2 2030-10-01 Fixed 5.000000000000 N N N N N N PENNSYLVANIA HIGHER 5.00% N/A 70917TVC2 1000000 PA USD 1067856.1 0.3458813221 Long DBT MUN US N 2 2031-05-01 Fixed 5.000000000000 N N N N N N MARICOPA COUNTY IND 4.00% N/A 56681NJL2 750000 PA USD 739005.6 0.2393658041 Long DBT MUN US N 2 2034-07-01 Fixed 4.000000000000 N N N N N N NEW YORK STATE ENERGY VAR N/A 649845JF2 1500000 PA USD 1506091.5 0.4878268891 Long DBT MUN US N 2 2045-05-15 Variable 3.450000000000 N N N N N N MINNESOTA MUNICIPAL G VAR 549300SISI6N1C6S3136 60406UAM9 2000000 PA USD 2026963.4 0.6565386298 Long DBT MUN US N 2 2052-12-01 Variable 4.000000000000 N N N N N N SOUTHEAST ENERGY AU 5.00% 25490090A3RLJHITY273 84136GAJ4 500000 PA USD 527225.6 0.1707697204 Long DBT MUN US N 2 2030-06-01 Fixed 5.000000000000 N N N N N N COUNTY OF WAUSHARA 5.50% N/A 943445CP9 450000 PA USD 501723 0.1625093630 Long DBT MUN US N 2 2031-06-01 Fixed 5.500000000000 N N N N N N BLACK BELT ENERGY GAS VAR 549300I8V0Z68JQCB679 09182TBL0 8000000 PA USD 8272429.6 2.6794611066 Long DBT MUN US N 2 2053-05-01 Variable 5.000000000000 N N N N N N NEW YORK STATE DORM 5.25% 549300C8XO7EXTX2XU71 65000B4K1 600000 PA USD 656376.6 0.2126020596 Long DBT MUN US N 2 2032-05-01 Fixed 5.250000000000 N N N N N N CITY OF CHICAGO IL 5.00% T5UYO5SYLC8K73MJQX30 167736X85 3640000 PA USD 3747678.48 1.2138826455 Long DBT MUN US N 2 2027-11-01 Fixed 5.000000000000 N N N N N N MAIN STREET NATURAL G VAR 549300NY5M0QVZ6X4U26 56035DJJ2 1000000 PA USD 1066567.7 0.3454640061 Long DBT MUN US N 2 2055-05-01 Variable 5.000000000000 N N N N N N REDEVELOPMENT AUTHO 5.00% N/A 717868JL8 1000000 PA USD 1092685 0.3539234664 Long DBT MUN US N 2 2031-04-15 Fixed 5.000000000000 N N N N N N MASSACHUSETTS DEV. 5.00% 549300UZSVMFXJK08K70 57585BJJ8 1000000 PA USD 1048626.5 0.3396528055 Long DBT MUN US N 2 2029-07-01 Fixed 5.000000000000 N N N N N N CITY OF MCCOOK NE 4.50% N/A 579729EW0 1000000 PA USD 1003125.8 0.3249150124 Long DBT MUN US N 2 2027-09-01 Fixed 4.500000000000 N N N N N N DOUGLAS COUNTY SCHO 5.00% N/A 259030RF3 825000 PA USD 937559.95 0.3036780659 Long DBT MUN US N 2 2033-04-01 Fixed 5.000000000000 N N N N N N STATE OF OHIO 5.00% 5493005LEB5E170OMX59 677581KG4 1500000 PA USD 1648461.75 0.5339409773 Long DBT MUN US N 2 2030-12-15 Fixed 5.000000000000 N N N N N N E-470 PUBLIC HIGHWAY FRN 549300164ZV2301BC703 26822LND2 1000000 PA USD 998910.2 0.3235495688 Long DBT MUN US N 2 2039-09-01 Floating .00001095 N N N N N N CITY OF NEW YORK NY 5.00% 549300ABYZD2SFD5JB29 64966MSV2 1795000 PA USD 1845127.35 0.5976414681 Long DBT MUN US N 2 2027-08-01 Fixed 5.000000000000 N N N N N N CITY OF LOS ANGELES 5.00% N/A 544445SM2 615000 PA USD 668916.5 0.2166637653 Long DBT MUN US N 2 2032-05-15 Fixed 5.000000000000 N N N N N N CAPITAL TST. AUTHOR 5.00% N/A 14055GAE9 1000000 PA USD 1102631.8 0.3571452603 Long DBT MUN US N 2 2032-12-01 Fixed 5.000000000000 N N N N N N PIERCE COUNTY SCHOO 4.00% N/A 720526WQ1 650000 PA USD 650232.64 0.2106120153 Long DBT MUN US N 2 2028-12-01 Fixed 4.000000000000 N N N N N N GRAND PRAIRIE INDEP 4.00% N/A 386155CX1 5420000 PA USD 5422646.59 1.7564091005 Long DBT MUN US N 2 2033-02-15 Fixed 4.000000000000 N N N N N N INDIANAPOLIS LOCAL 5.00% 549300LX8ESJHDSESB87 45528VHE2 2000000 PA USD 2152216 0.6971082673 Long DBT MUN US N 2 2030-01-15 Fixed 5.000000000000 N N N N N N INDIANA FIN. AUTHOR 5.00% 549300PS0PAS7NDSSI20 45505KEE6 1500000 PA USD 1641751.05 0.5317673644 Long DBT MUN US N 2 2030-10-01 Fixed 5.000000000000 N N N N N N CITY OF WHITING IN VAR N/A 96634RBB7 750000 PA USD 764029.05 0.2474709635 Long DBT MUN US N 2 2044-12-01 Variable 4.000000000000 N N N N N N NEW JERSEY ECONOMIC 5.25% 5493006JS6QWDVU4R678 64577B6K5 3000000 PA USD 3012538.8 0.9757690228 Long DBT MUN US N 2 2026-09-01 Fixed 5.250000000000 N N N N N N MSD OF WASH TOWNSHI 5.00% N/A 62476HDF1 1075000 PA USD 1101640.76 0.3568242599 Long DBT MUN US N 2 2027-07-15 Fixed 5.000000000000 N N N N N N CITY OF PHOENIX CIV 5.00% N/A 71883MQP2 1095000 PA USD 1189470.8 0.3852726345 Long DBT MUN US N 2 2031-07-01 Fixed 5.000000000000 N N N N N N CITY OF FARGO ND 5.00% N/A 30748FBU3 1010000 PA USD 1125552.48 0.3645693272 Long DBT MUN US N 2 2032-12-01 Fixed 5.000000000000 N N N N N N COUNTY OF BROWARD F 5.00% N/A 114894YH5 1315000 PA USD 1387295.41 0.4493485317 Long DBT MUN US N 2 2032-10-01 Fixed 5.000000000000 N N N N N N CITY OF SAN ANTONIO 5.00% N/A 79625GMK6 3000000 PA USD 3242885.7 1.0503789729 Long DBT MUN US N 2 2030-02-01 Fixed 5.000000000000 N N N N N N UNIVERSITY OF MASSA 5.00% 6ILE2573NPR1XO2TR556 914437RV2 840000 PA USD 841511.08 0.2725675912 Long DBT MUN US N 2 2029-11-01 Fixed 5.000000000000 N N N N N N BENTON COUNTY SCHOO 4.00% N/A 082887PD6 1000000 PA USD 1001038.8 0.3242390278 Long DBT MUN US N 2 2028-12-01 Fixed 4.000000000000 N N N N N N COUNTY OF MONTGOMER 4.00% 549300GNX5SDUEBKPK13 6133406U7 2925000 PA USD 2974787.01 0.9635411214 Long DBT MUN US N 2 2029-11-01 Fixed 4.000000000000 N N N N N N DAVIS SCHOOL DISTRI 3.00% N/A 239019Q47 4095000 PA USD 4091973.39 1.3254006475 Long DBT MUN US N 2 2028-06-01 Fixed 3.000000000000 N N N N N N METROPOLITAN WASHIN 5.00% 7HERAVJJLN8J1DZ6AZ19 592647HM6 3150000 PA USD 3376894.5 1.0937847660 Long DBT MUN US N 2 2032-10-01 Fixed 5.000000000000 N N N N N N WAYNE COUNTY AIRPOR 5.00% N/A 9445142U1 1000000 PA USD 1076749 0.3487617552 Long DBT MUN US N 2 2030-12-01 Fixed 5.000000000000 N N N N N N TEXAS MUNICIPAL GAS 5.00% 0UDITKOYW0YKG3BBP242 88256HBB3 1400000 PA USD 1412228.86 0.4574245399 Long DBT MUN US N 2 2026-12-15 Fixed 5.000000000000 N N N N N N DUVAL COUNTY PUBLIC 5.00% 254900RS6MO5WEO2WC42 267169GZ7 1750000 PA USD 1750000 0.5668294761 Long DBT MUN US N 2 2026-07-01 Fixed 5.000000000000 N N N N N N MICHIGAN STATE HOU 3.375% 549300NSWW1HVXE93T03 59465PDM7 465000 PA USD 465277.05 0.1507044266 Long DBT MUN US N 2 2026-10-01 Fixed 3.375000000000 N N N N N N GREATER ORLANDO AVI 5.00% 549300CP6PUG5S184F61 392275DY6 700000 PA USD 772344.58 0.2501643850 Long DBT MUN US N 2 2032-10-01 Fixed 5.000000000000 N N N N N N CITY OF CHICAGO IL 5.00% T5UYO5SYLC8K73MJQX30 1677362S5 1500000 PA USD 1616524.05 0.5235962745 Long DBT MUN US N 2 2030-11-01 Fixed 5.000000000000 N N N N N N CITY OF LAREDO TX 5.00% N/A 516824JT7 800000 PA USD 811275.12 0.2627740864 Long DBT MUN US N 2 2027-02-15 Fixed 5.000000000000 N N N N N N STATE OF WASHINGTON 5.00% 549300X3TODFMUKLQ364 93974ED60 2000000 PA USD 2000000 0.6478051156 Long DBT MUN US N 2 2026-07-01 Fixed 5.000000000000 N N N N N N MUNICIPALITY OF ANC 5.50% N/A 033252BF3 1900000 PA USD 2075792.56 0.6723545196 Long DBT MUN US N 2 2031-02-01 Fixed 5.500000000000 N N N N N N PENNSYLVANIA TURNPI 5.00% 549300J8LLBYEYEXZJ24 709225RS7 2500000 PA USD 2709695.5 0.8776773033 Long DBT MUN US N 2 2030-06-01 Fixed 5.000000000000 N N N N N N WHATCOM COUNTY PUBL 5.00% N/A 962468FD1 450000 PA USD 461038.32 0.1493314911 Long DBT MUN US N 2 2027-12-01 Fixed 5.000000000000 N N N N N N CITY & COUNTY OF HO 5.00% N/A 438687ML6 725000 PA USD 725000 0.2348293544 Long DBT MUN US N 2 2026-07-01 Fixed 5.000000000000 N N N N N N MSD OF WASH TOWNSHI 5.00% N/A 62476HEV5 2195000 PA USD 2249396.71 0.7285853479 Long DBT MUN US N 2 2027-07-15 Fixed 5.000000000000 N N N N N N INDIANAPOLIS LOCAL 5.00% 549300LX8ESJHDSESB87 45528UZ38 1040000 PA USD 1147212.56 0.3715850825 Long DBT MUN US N 2 2032-02-01 Fixed 5.000000000000 N N N N N N CALIFORNIA COMMUNIT 5.00% 549300X8VKJ215S2R571 13013JCJ3 650000 PA USD 674106.49 0.2183448163 Long DBT MUN US N 2 2029-10-01 Fixed 5.000000000000 N N N N N N WHATCOM COUNTY PUBL 5.00% N/A 962468FE9 450000 PA USD 468463.95 0.1517366716 Long DBT MUN US N 2 2028-12-01 Fixed 5.000000000000 N N N N N N WASHINGTON HEALTH C 5.00% 549300ZVPWQIL3N5TL85 93978HD69 1750000 PA USD 1878861.78 0.6085681363 Long DBT MUN US N 2 2030-09-01 Fixed 5.000000000000 N N N N N N WEST VIRGINIA ECONOMI VAR 549300WW88TKKF5H1220 95648VCB3 1750000 PA USD 1754710.83 0.5683553260 Long DBT MUN US N 2 2036-04-01 Variable 3.750000000000 N N N N N N CLIFTON BOARD OF ED 2.00% N/A 187099HQ2 1200000 PA USD 1197168.84 0.3877660494 Long DBT MUN US N 2 2026-08-15 Fixed 2.000000000000 N N N N N N LOCAL PUBLIC SCHOOL 3.00% N/A 53957RCK6 805000 PA USD 805039.85 0.2607544665 Long DBT MUN US N 2 2026-08-01 Fixed 3.000000000000 N N N N N N NEW HAMPSHIRE HEALT 5.00% 549300CNCK7OT82W5653 64461XJR7 1000000 PA USD 1121289.1 0.3631884075 Long DBT MUN US N 2 2034-01-01 Fixed 5.000000000000 N N N N N N COUNTY OF POLK IA 5.00% N/A 731197Z85 2280000 PA USD 2473756.68 0.8012561160 Long DBT MUN US N 2 2031-06-01 Fixed 5.000000000000 N N N N N N KENTUCKY PUBLIC ENERG VAR 549300XEJZWHYSY4SL55 74440DFN9 2570000 PA USD 2722949.44 0.8819702884 Long DBT MUN US N 2 2055-06-01 Variable 5.250000000000 N N N N N N WISCONSIN HEALTH & 5.00% 549300ISNGXS0VHGVD41 97712JNQ2 1000000 PA USD 1078642.3 0.3493749999 Long DBT MUN US N 2 2030-08-15 Fixed 5.000000000000 N N N N N N ALASKA RAILROAD COR 5.50% 549300SM5ZU2HV31E004 01176AAE3 200000 PA USD 224491.3 0.0727133063 Long DBT MUN US N 2 2032-10-01 Fixed 5.500000000000 N N N N N N WISCONSIN HEALTH & ED VAR 549300ISNGXS0VHGVD41 97712JRB1 1500000 PA USD 1642018.8 0.5318540893 Long DBT MUN US N 2 2046-12-01 Variable 5.000000000000 N N N N N N DALLAS AREA RAPID T 5.00% 75YWM81F2R6UQGJIEW47 235241TF3 3395000 PA USD 3615800.95 1.1711671762 Long DBT MUN US N 2 2032-12-01 Fixed 5.000000000000 N N N N N N ARIZONA INDL. DEV. 5.00% N/A 04052EBJ6 600000 PA USD 663771.96 0.2149974356 Long DBT MUN US N 2 2032-02-01 Fixed 5.000000000000 N N N N N N JEFFERSON PARISH CO 4.00% N/A 474502EH0 1800000 PA USD 1852680.6 0.6000879851 Long DBT MUN US N 2 2029-02-01 Fixed 4.000000000000 N N N N N N CITY OF AUSTIN TX W 5.00% IW10PQVTU7HKS3JMW253 052477PH3 1000000 PA USD 1008777.4 0.3267455801 Long DBT MUN US N 2 2026-11-15 Fixed 5.000000000000 N N N N N N CALIFORNIA COMMUNIT 5.00% 549300X8VKJ215S2R571 13013JCF1 630000 PA USD 631884.33 0.2046689507 Long DBT MUN US N 2 2026-10-01 Fixed 5.000000000000 N N N N N N MONTANA FACILITY FIN. VAR N/A 61204KPV7 1390000 PA USD 1478674.36 0.4789464074 Long DBT MUN US N 2 2065-02-15 Variable 5.000000000000 N N N N N N PORT AUTHORITY OF N 5.00% 54930006MR4KZ4W74Z83 73358XQZ8 2850000 PA USD 2867302.64 0.9287266591 Long DBT MUN US N 2 2026-10-15 Fixed 5.000000000000 N N N N N N METROPOLITAN NASHVI 5.00% 549300IC0HNF8TDXEE63 592190TU6 400000 PA USD 416751.76 0.1349869610 Long DBT MUN US N 2 2028-07-01 Fixed 5.000000000000 N N N N N N WASHINGTON & MULTNOMA STP N/A 938429U88 2500000 PA USD 2548622.75 0.8255054276 Long DBT MUN US N 2 2035-06-15 Variable 5.000000000000 N N N N N N ARAPAHOE COUNTY SCH 5.50% N/A 038699UF9 3825000 PA USD 4008503.99 1.2983646953 Long DBT MUN US N 2 2043-12-01 Fixed 5.500000000000 N N N N N N COLORADO HEALTH FACIL VAR 5493002JB6DRFRZPEQ21 19648FXB5 95000 PA USD 95851.63 0.0310465881 Long DBT MUN US N 2 2049-11-15 Fixed 5.000000000000 N N N N N N LOUISIANA LOCAL GOV 5.00% 5493004WIZ1HV87IVF85 546275AB4 1500000 PA USD 1504146.75 0.4871969796 Long DBT MUN US N 2 2026-08-15 Fixed 5.000000000000 N N N N N N CITY OF TALLAHASSEE 5.00% 549300MPY4HDPK8B1G15 874461MA1 535000 PA USD 603483.53 0.1954698590 Long DBT MUN US N 2 2032-10-01 Fixed 5.000000000000 N N N N N N WARREN CONS. SCHOOL 5.00% N/A 935341T98 900000 PA USD 938953.71 0.3041295083 Long DBT MUN US N 2 2028-05-01 Fixed 5.000000000000 N N N N N N PUBLIC FIN. AUTHORI 5.00% 5493004S6D3NA627K012 74443DMT5 800000 PA USD 833870.48 0.2700927813 Long DBT MUN US N 2 2030-06-01 Fixed 5.000000000000 N N N N N N PUBLIC FIN. AUTHORI 5.00% 5493004S6D3NA627K012 74442PV44 375000 PA USD 391756.58 0.1268909583 Long DBT MUN US N 2 2029-12-01 Fixed 5.000000000000 N N N N N N PENNSYLVANIA TURNPI 5.00% 549300J8LLBYEYEXZJ24 709224XG9 1875000 PA USD 1912003.69 0.6193028857 Long DBT MUN US N 2 2032-06-01 Fixed 5.000000000000 N N N N N N SOUTHEAST ENERGY AUTH VAR 25490090A3RLJHITY273 84136HCF8 1500000 PA USD 1597617 0.5174722327 Long DBT MUN US N 2 2055-05-01 Variable 5.000000000000 N N N N N N AMERICAN MUNICIPAL 5.00% EARKGGZJJEMVD66XQ486 02765UTX2 500000 PA USD 537895.85 0.1742258416 Long DBT MUN US N 2 2030-02-15 Fixed 5.000000000000 N N N N N N PORT AUTHORITY OF N 5.00% 54930006MR4KZ4W74Z83 73358WS54 1500000 PA USD 1544626.65 0.5003085228 Long DBT MUN US N 2 2032-09-15 Fixed 5.000000000000 N N N N N N CALIFORNIA COMMUNIT 5.00% 549300X8VKJ215S2R571 13013JFT8 500000 PA USD 535638.95 0.1734948260 Long DBT MUN US N 2 2031-08-01 Fixed 5.000000000000 N N N N N N ILLINOIS FIN. AUTHO 4.10% 549300ZG6UBPNNNRN315 45204FT54 1600000 PA USD 1600579.36 0.5184317487 Long DBT MUN US N 2 2031-05-01 Fixed 4.100000000000 N N N N N N WARREN CONS. SCHOOL 5.00% N/A 935341U21 750000 PA USD 795868.95 0.2577839886 Long DBT MUN US N 2 2029-05-01 Fixed 5.000000000000 N N N N N N CITY OF WATERLOO IA 4.50% N/A 941647V97 1700000 PA USD 1702375.24 0.5514036946 Long DBT MUN US N 2 2027-06-01 Fixed 4.500000000000 N N N N N N CALIFORNIA HEALTH FAC VAR 5493007RI8BUDOGHZ546 13032U4Q8 1000000 PA USD 1113035 0.3605148834 Long DBT MUN US N 2 2050-10-01 Variable 5.000000000000 N N N N N N NEW YORK CITY TRANS 5.00% 5493003476LG35QAKM08 64972JE38 750000 PA USD 856180.13 0.2773189340 Long DBT MUN US N 2 2034-11-01 Fixed 5.000000000000 N N N N N N CALIFORNIA COMMUNIT 5.00% 549300X8VKJ215S2R571 13013JCH7 475000 PA USD 488650.88 0.1582752699 Long DBT MUN US N 2 2028-10-01 Fixed 5.000000000000 N N N N N N MICHIGAN FIN. AUTHO 5.00% 54930022O46HOX5J1D14 59447TME0 3840000 PA USD 3868608.77 1.2530522757 Long DBT MUN US N 2 2029-11-15 Fixed 5.000000000000 N N N N N N CITY OF CHICAGO IL 5.00% T5UYO5SYLC8K73MJQX30 167486U98 1000000 PA USD 1045963.2 0.3387901558 Long DBT MUN US N 2 2033-01-01 Fixed 5.000000000000 N N N N N N LE MARS COMMUNITY S 5.00% N/A 521282EP4 1000000 PA USD 1104173.2 0.3576445237 Long DBT MUN US N 2 2033-06-01 Fixed 5.000000000000 N N N N N N ALASKA RAILROAD COR 5.50% 549300SM5ZU2HV31E004 01176AAF0 460000 PA USD 522170.89 0.1691324869 Long DBT MUN US N 2 2033-10-01 Fixed 5.500000000000 N N N N N N SCAGO EDUCATIONAL F 5.00% N/A 80585TCU3 1500000 PA USD 1666455.9 0.5397693285 Long DBT MUN US N 2 2031-12-01 Fixed 5.000000000000 N N N N N N NEW YORK CITY TRANS 5.00% 5493003476LG35QAKM08 64971W6U9 1000000 PA USD 1018549.6 0.3299108207 Long DBT MUN US N 2 2031-05-01 Fixed 5.000000000000 N N N N N N CITY OF SALT LAKE C 5.00% 549300CRGKV67DRSGT85 795576JR9 1500000 PA USD 1624033.05 0.5260284588 Long DBT MUN US N 2 2032-07-01 Fixed 5.000000000000 N N N N N N CITY OF HOUSTON TX 5.00% 549300C64URYS0WQQY42 442332CU4 2200000 PA USD 2410465.2 0.7807558438 Long DBT MUN US N 2 2031-03-01 Fixed 5.000000000000 N N N N N N PRIVATE COLLEGES & 5.00% N/A 74265L3A4 975000 PA USD 1107599.03 0.3587541588 Long DBT MUN US N 2 2033-09-01 Fixed 5.000000000000 N N N N N N CHICAGO MIDWAY INTL 5.00% T5UYO5SYLC8K73MJQX30 167562TT4 1755000 PA USD 1862636.61 0.6033127622 Long DBT MUN US N 2 2030-01-01 Fixed 5.000000000000 N N N N N N GREATER CLARK COUNT 5.00% N/A 39168AET6 1100000 PA USD 1222540 0.3959838330 Long DBT MUN US N 2 2032-07-15 Fixed 5.000000000000 N N N N N N CHANDLER INDL. DEV. A VAR N/A 158862CE0 700000 PA USD 710930.43 0.2302721847 Long DBT MUN US N 2 2049-06-01 Variable 4.000000000000 N N N N N N CHICAGO MIDWAY INTL 5.00% T5UYO5SYLC8K73MJQX30 167562UP0 2000000 PA USD 2122662.8 0.6875359103 Long DBT MUN US N 2 2030-01-01 Fixed 5.000000000000 N N N N N N CITY OF HOUSTON TX 5.25% 549300C64URYS0WQQY42 442349KD7 1500000 PA USD 1603105.05 0.5192498261 Long DBT MUN US N 2 2032-07-15 Fixed 5.250000000000 N N N N N N BLACK BELT ENERGY G 5.00% 549300I8V0Z68JQCB679 09182TGP6 500000 PA USD 518391.15 0.1679082194 Long DBT MUN US N 2 2028-12-01 Fixed 5.000000000000 N N N N N N DELAWARE VALLEY REG 2.00% 549300HGYP3NW885TT18 246579LK0 2275000 PA USD 2175266.5 0.7045743832 Long DBT MUN US N 2 2029-10-01 Fixed 2.000000000000 N N N N N N CALIFORNIA COMMUNIT 5.00% 549300X8VKJ215S2R571 13013JCG9 675000 PA USD 686554.85 0.2223768720 Long DBT MUN US N 2 2027-10-01 Fixed 5.000000000000 N N N N N N DELAWARE STATE HEAL 5.00% 549300RXU7M05ZYSJG42 246388UX8 480000 PA USD 505460.54 0.1637199618 Long DBT MUN US N 2 2028-10-01 Fixed 5.000000000000 N N N N N N COMMONWEALTH OF MAS 5.00% 5493001N1YCXNI1O7K10 57582RTH9 1040000 PA USD 1040000 0.3368586601 Long DBT MUN US N 2 2026-07-01 Fixed 5.000000000000 N N N N N N COLLIER COUNTY INDL. VAR N/A 194641BE5 2000000 PA USD 2138575 0.6926899125 Long DBT MUN US N 2 2054-10-01 Variable 5.000000000000 N N N N N N CITY OF WICHITA KS 3.00% 549300Y20JVN3VP2V718 9672444P6 1185000 PA USD 1185204.65 0.3838908176 Long DBT MUN US N 2 2027-06-01 Fixed 3.000000000000 N N N N N N COLUMBUS REGIONAL A 5.00% N/A 199546CP5 1000000 PA USD 1094439.9 0.3544918830 Long DBT MUN US N 2 2033-01-01 Fixed 5.000000000000 N N N N N N SAN FRANCISCO CITY 5.00% 54930055TIDYHNDP4F84 79766DXG9 2000000 PA USD 2152683.2 0.6972595946 Long DBT MUN US N 2 2030-05-01 Fixed 5.000000000000 N N N N N N CHANDLER INDUSTRIAL D VAR N/A 158862CA8 2575000 PA USD 2605007.25 0.8437685114 Long DBT MUN US N 2 2042-09-01 Variable 5.000000000000 N N N N N N PENNSYLVANIA TURNPI 5.00% 549300J8LLBYEYEXZJ24 709225FS0 275000 PA USD 277765.48 0.0899689494 Long DBT MUN US N 2 2026-12-01 Fixed 5.000000000000 N N N N N N CITY OF SAN ANTONIO T VAR N/A 79625GDH3 3500000 PA USD 3463690.65 1.1218982609 Long DBT MUN US N 2 2045-12-01 Variable 1.125000000000 N N N N N N STATE OF TEXAS 4.00% 549300X9CH74QB747L76 882724VT1 2135000 PA USD 2137712.73 0.6924106211 Long DBT MUN US N 2 2027-08-01 Fixed 4.000000000000 N N N N N N CITY OF SAN ANTONIO T VAR N/A 79625GEY5 3150000 PA USD 3091478.67 1.0013378486 Long DBT MUN US N 2 2049-02-01 Variable 2.000000000000 N N N N N N TRINITY RIVER AUTHO 5.00% N/A 89658HVG2 1000000 PA USD 1021803.4 0.3309647348 Long DBT MUN US N 2 2032-08-01 Fixed 5.000000000000 N N N N N N 2026-07-30 Northern Funds Randal E. Rein Randal E. Rein Treasurer and Principal Financial Officer XXXX