NORTHERN TRUST 2030 INFLATION-LINKED DISTRIBUTING LADDER ETF

Ticker: TIPA - NYSE Arca, Inc.

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Northern Trust 2030 Inflation-Linked Distributing Ladder ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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 six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Northern Trust 2030 Inflation-Linked Distributing Ladder ETF	$5	0.10%

Footnote	Description
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$18,017,131
Number of Portfolio Holdings	5
Portfolio Turnover Rate	61.96%

YEARS TO MATURITY (% of Net Assets)

Table Summary
1-3 years	40.2%
3-5 years	37.2%
0-1 year	22.0%
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.

An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/NorthernTrust

You can also request this information by contacting us at 1-855-353-9383.

NORTHERN TRUST 2030 INFLATION-LINKED DISTRIBUTING LADDER ETF

NORTHERN TRUST 2030 TAX-EXEMPT DISTRIBUTING LADDER ETF

Ticker: MUNA - NYSE Arca, Inc.

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Northern Trust 2030 Tax-Exempt Distributing Ladder ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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 six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Northern Trust 2030 Tax-Exempt Distributing Ladder ETF	$9	0.18%

Footnote	Description
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$9,036,055
Number of Portfolio Holdings	228
Portfolio Turnover Rate	47.42%

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

Table Summary
Florida	12.7%
Washington	10.1%
Texas	9.3%
Wisconsin	7.7%
Tennessee	6.9%
Indiana	5.6%
Utah	4.9%
Kansas	4.7%
Illinois	4.0%
Ohio	3.6%
All other states	30.5%

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

NORTHERN TRUST 2030 TAX-EXEMPT DISTRIBUTING LADDER ETF

NORTHERN TRUST 2035 INFLATION-LINKED DISTRIBUTING LADDER ETF

Ticker: TIPB - NYSE Arca, Inc.

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Northern Trust 2035 Inflation-Linked Distributing Ladder ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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 six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Northern Trust 2035 Inflation-Linked Distributing Ladder ETF	$5	0.10%

Footnote	Description
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$7,951,595
Number of Portfolio Holdings	10
Portfolio Turnover Rate	31.75%

YEARS TO MATURITY (% of Net Assets)

Table Summary
5-10 years	48.9%
1-3 years	20.4%
3-5 years	18.9%
0-1 year	11.2%
Cash	0.6%

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

NORTHERN TRUST 2035 INFLATION-LINKED DISTRIBUTING LADDER ETF

NORTHERN TRUST 2035 TAX-EXEMPT DISTRIBUTING LADDER ETF

Ticker: MUNB - NYSE Arca, Inc.

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Northern Trust 2035 Tax-Exempt Distributing Ladder ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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 six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Northern Trust 2035 Tax-Exempt Distributing Ladder ETF	$9	0.18%

Footnote	Description
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$14,137,965
Number of Portfolio Holdings	247
Portfolio Turnover Rate	-

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

Table Summary
Texas	12.5%
Florida	12.5%
Wisconsin	11.8%
Washington	9.9%
District of Columbia	5.7%
Illinois	5.6%
Michigan	4.5%
Nevada	3.7%
Indiana	2.6%
New Mexico	2.5%
All other states	28.7%

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

NORTHERN TRUST 2035 TAX-EXEMPT DISTRIBUTING LADDER ETF

NORTHERN TRUST 2045 INFLATION-LINKED DISTRIBUTING LADDER ETF

Ticker: TIPC - NYSE Arca, Inc.

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Northern Trust 2045 Inflation-Linked Distributing Ladder ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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 six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Northern Trust 2045 Inflation-Linked Distributing Ladder ETF	$5	0.10%

Footnote	Description
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$2,976,603
Number of Portfolio Holdings	16
Portfolio Turnover Rate	5.28%

YEARS TO MATURITY (% of Net Assets)

Table Summary
10-20 years	44.0%
5-10 years	31.7%
1-3 years	9.5%
3-5 years	8.8%
0-1 year	5.2%
Cash	0.8%

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

NORTHERN TRUST 2045 INFLATION-LINKED DISTRIBUTING LADDER ETF

NORTHERN TRUST 2045 TAX-EXEMPT DISTRIBUTING LADDER ETF

Ticker: MUNC - NYSE Arca, Inc.

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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 six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	$9	0.18%

Footnote	Description
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$8,238,553
Number of Portfolio Holdings	150
Portfolio Turnover Rate	1.29%

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

Table Summary
Texas	14.8%
New York	9.6%
Illinois	8.1%
Florida	7.4%
Washington	7.3%
Michigan	6.9%
Wisconsin	4.3%
New Jersey	3.4%
California	3.3%
Iowa	3.2%
All other states	31.7%

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

NORTHERN TRUST 2045 TAX-EXEMPT DISTRIBUTING LADDER ETF

NORTHERN TRUST 2055 INFLATION-LINKED DISTRIBUTING LADDER ETF

Ticker: TIPD - NYSE Arca, Inc.

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Northern Trust 2055 Inflation-Linked Distributing Ladder ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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 six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Northern Trust 2055 Inflation-Linked Distributing Ladder ETF	$5	0.10%

Footnote	Description
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$1,980,368
Number of Portfolio Holdings	26
Portfolio Turnover Rate	35.48%

YEARS TO MATURITY (% of Net Assets)

Table Summary
10-20 years	34.7%
20+ years	23.6%
5-10 years	22.7%
1-3 years	6.8%
3-5 years	6.3%
0-1 year	3.7%
Cash	2.2%

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

NORTHERN TRUST 2055 INFLATION-LINKED DISTRIBUTING LADDER ETF

NORTHERN TRUST 2055 TAX-EXEMPT DISTRIBUTING LADDER ETF

Ticker: MUND - NYSE Arca, Inc.

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Northern Trust 2055 Tax-Exempt Distributing Ladder ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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 six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Northern Trust 2055 Tax-Exempt Distributing Ladder ETF	$9	0.18%

Footnote	Description
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$4,151,960
Number of Portfolio Holdings	98
Portfolio Turnover Rate	-

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

Table Summary
New York	14.5%
Texas	11.0%
Washington	10.2%
Massachusetts	9.3%
Florida	8.7%
Illinois	8.3%
Maryland	6.7%
Wisconsin	4.4%
Michigan	4.1%
Georgia	2.5%
All other states	20.3%

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

NORTHERN TRUST 2055 TAX-EXEMPT DISTRIBUTING LADDER ETF

NORTHERN TRUST INTERMEDIATE TAX-EXEMPT BOND ETF

Ticker: TAXI - The Nasdaq Stock Market LLC

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Northern Trust Intermediate Tax-Exempt Bond ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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 six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Northern Trust Intermediate Tax-Exempt Bond ETF	$3	0.05%

Footnote	Description
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$160,136,647
Number of Portfolio Holdings	2,398
Portfolio Turnover Rate	11.97%

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

Table Summary
Texas	14.7%
Florida	10.5%
California	6.4%
Illinois	6.1%
Washington	5.1%
Alabama	5.0%
New York	5.0%
Nevada	4.1%
Indiana	3.6%
Pennsylvania	3.0%
All other states	36.5%

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

NORTHERN TRUST INTERMEDIATE TAX-EXEMPT BOND ETF

NORTHERN TRUST SHORT-TERM TAX-EXEMPT BOND ETF

Ticker: TAXS - The Nasdaq Stock Market LLC

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Northern Trust Short-Term Tax-Exempt Bond ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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 six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Northern Trust Short-Term Tax-Exempt Bond ETF	$3	0.05%

Footnote	Description
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$117,757,492
Number of Portfolio Holdings	1,531
Portfolio Turnover Rate	5.89%

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

Table Summary
Texas	24.6%
Illinois	6.3%
Washington	4.8%
Florida	4.6%
Nevada	4.1%
Alabama	3.6%
California	3.1%
Ohio	3.1%
Pennsylvania	2.9%
District of Columbia	2.8%
All other states	40.1%

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

NORTHERN TRUST SHORT-TERM TAX-EXEMPT BOND ETF

NORTHERN TRUST TAX-EXEMPT BOND ETF

Ticker: TAXT - The Nasdaq Stock Market LLC

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Northern Trust Tax-Exempt Bond ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. 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 six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Northern Trust Tax-Exempt Bond ETF	$3	0.05%

Footnote	Description
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$61,078,682
Number of Portfolio Holdings	1,292
Portfolio Turnover Rate	16.74%

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

Table Summary
Texas	17.9%
New York	10.3%
California	9.2%
Illinois	6.1%
Washington	4.8%
Florida	4.5%
Alabama	4.5%
Pennsylvania	3.6%
Georgia	3.0%
Colorado	2.3%
All other states	33.8%

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

NORTHERN TRUST TAX-EXEMPT BOND ETF

NORTHERN TRUST US EQUITY ETF

Ticker: NOEQ - NYSE Arca, Inc.

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Northern Trust US Equity ETF (the "Fund") for the period of March 20, 2026 (commencement of investment operations) to June 30, 2026. 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 six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Northern Trust US Equity ETF	$2	0.08%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from March 20, 2026 through June 30, 2026. Expenses would be higher if the Fund had been in operations for a full reporting period.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$875,699,707
Number of Portfolio Holdings	409
Portfolio Turnover Rate	0.20%

ASSET MARKET SECTOR (% of Net Assets^{)^{Footnote Reference1}}

Table Summary
Health Care	18.2%
Industrials	10.6%
Energy	9.3%
Communication Services	8.4%
Information Technology	6.7%
Consumer Discretionary	5.8%
Financials	4.0%
Consumer Staples	0.7%
Materials	0.4%
Utilities	0.3%
Other	35.5%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

NORTHERN TRUST US EQUITY ETF

Notes

the

Financial

Statements

NORTHERN

FUNDS

SEMI-ANNUAL

REPORT

233

EXCHANGE

TRADED

FUNDS

EXCHANGE

TRADED

FUNDS

June

30,

2026

(UNAUDITED)

Organization

Northern

Funds

(the

“Trust”)

Delaware

statutory

trust

and

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company.

February

13,

2025,

the

Board

Trustees

(“Board”)

the

Trust

unanimously

voted

amend

the

Declaration

Trust

permit

the

issuance

series

class

the

Trust

operate

exchange-traded

fund

(“ETF”).

The

Trust

offers

funds

June

30,

2026.

The

Northern

Trust

Equity

ETF

commenced

operations

March

20,

2026.

such

date,

connection

with

the

Fund’s

launch,

in-kind contribution

securities

was

made

certain

investors

(the

“Initial

Investors”)

the

newly

formed

ETF

tax-free

contribution

under

Section

351(a)

the

Internal

Revenue

Code

1986,

amended

(the

"Contribution

Date").

Each

Initial

Investor,

simultaneously

and

separately,

transferred

pool

diversified

securities

(“Contributed

Assets”)

the

Fund

exchange

for

Fund

with

net

asset

value

equal

the

market

value

the

Contributed

Assets

the Contribution

Date (the

“Contribution”).

Each

the

Initial

Investors’

basis

the

ETF

received,

with

respect

the

Contribution,

equal

each

the

Initial

Investors’

basis

the

Contributed

Assets.

The

Initial

Investors

contributed

total

fair

market

value

$756,904,525

Contribution

Assets on

the

Contribution

Date,

with

cost

basis

$130,502,295

and

unrealized

appreciation

$626,402,230.

The

Contribution

resulted

the

issuance

30,273,181

the

Initial

Investors

$25

per

net

asset

value.

The

Fund

experienced

unrealized

gain

$75,007,283

for

the

period

from

March

20,

2026

(commencement

operations)

June

30,

2026

(the

“Period”).

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")

and

Northern

Trust

Equity

ETF,

(each

“ETF”

“Fund”

and

collectively,

the

“ETFs”

“Funds”)

operate

ETFs

and

are

each

non-

diversified

portfolio

pursuant

the

1940

Act.

Non-diversified

portfolios

may

invest

relatively

high

percentage

their

net

assets

obligations

limited

number

issuers.

Each

the

ETFs

presented

herein

and

has

its

own

investment

objective.

The

investment

objective

the

Tax-Exempt

Bond

ETFs

provide

investment

results

that

correspond

generally

the

price

and

yield

performance,

before

fees

and

expenses,

specified

benchmark

index.

The

investment

objective

the

Inflation-Linked

Distributing

Ladder

ETFs

provide

periodic

inflation-linked

distributions

through

U.S.

Treasury

Inflation

Protected

Securities

(commonly

known

"TIPS"),

consisting

income

and/or

principal

through

each

Fund's

respective

terminal

year.

The

investment

objective

the

Tax-Exempt

Distributing

Ladder

ETFs

provide

periodic

distributions

consisting

income

exempt

from

regular

federal

income

tax

and/or

principal

through

each

Fund's

respective

terminal

year.

The

investment

objective

the

Northern

Trust

Equity

ETF

long-term

capital

appreciation.

Significant

Accounting

Policies

The

Trust,

which

investment

company,

follows

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

Topic

946,

“Financial

Services-

Investment

Companies.”

The

following

summary

significant

accounting

policies

followed

the

Funds

the

preparation

their

financial

statements.

These

policies

are

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”).

The

preparation

financial

statements

conformity

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

and

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Investment

Valuation

Each

Fund’s

net

asset

value

(“NAV”)

determined

daily

the

regular

trading

the

New

York

Stock

Exchange

(“NYSE”),

normally

4:00

p.m.

Eastern

time,

each

day

the

NYSE

open

for

trading,

based

prices

the

time

closing

provided

that

any

U.S.

fixed-income

assets

may

valued

the

announced

closing

time

for

trading

fixed-

income

instruments

any

day

that

the

Securities

Industry

and

Financial

Markets

Association

announces

early

closing

time.

The

NAV

Fund

calculated

dividing

the

value

all

assets

the

Fund

(including

accrued

interest

and

dividends),

less

all

liabilities

(including

accrued

expenses

and

dividends

declared

but

unpaid),

the

total

number

outstanding.

The

Board

has

designated

Northern

Trust

Investments,

Inc.

("NTI"

"Investment

Adviser")

the

valuation

designee

pursuant

Rule

2a-5

under

the

1940

Act

perform

fair

value

determinations

relating

any

all

Fund

investments,

subject

oversight

the

Board.

Accordingly,

any

securities

for

which

market

quotations

are

not

readily

available,

for

which

the

available

price

has

been

determined

not

represent

reliable,

current

market

value,

are

valued

fair

value

determined

good

faith

the

Investment

Adviser

EXCHANGE

TRADED

FUNDS

234

NORTHERN

FUNDS

SEMI-ANNUAL

REPORT

Notes

the

Financial

Statements

continued

EXCHANGE

TRADED

FUNDS

accordance

with

valuation

procedures

approved

the

Board

(the

“Valuation

Procedures”).

Circumstances

which

securities

may

fair

valued

include

periods

when

trading

security

suspended,

the

exchange

market

which

security

trades

closes

early,

the

trading

volume

security

limited,

corporate

actions

and

announcements

take

place,

regulatory

news

released

such

governmental

approvals.

The

Board

oversees

NTI

its

role

valuation

designee

accordance

with

the

requirements

Rule

2a-5

under

the

1940

Act.

The

Investment

Adviser,

its

discretion,

may

make

adjustments

the

prices

securities

held

Fund

event

occurs

after

the

publication

fair

market

values

normally

used

behalf

Fund

but

before

the

time

which

the

Fund

calculates

its

NAV,

depending

the

nature

and

significance

the

event,

consistent

with

applicable

regulatory

guidance

and

the

Valuation

Procedures.

This

may

occur

particularly

with

respect

certain

foreign

equity

securities

held

Fund,

which

case

the

Investment

Adviser

may

use

adjustment

factors

obtained

from

independent

fair

value

pricing

service

that

are

intended

reflect

accurately

the

value

those

securities

the

time

the

Fund’s

NAV

calculated.

Other

events

that

can

trigger

fair

valuing

foreign

securities

include,

for

example,

significant

fluctuations

general

market

indicators,

governmental

actions,

natural

disasters.

The

use

fair

valuation

involves

the

risk

that

the

values

used

NTI

price

Fund’s

investments

may

higher

lower

than

the

values

used

other

investment

companies

and

investors

price

the

same

investments.

Fair

value

pricing

involves

subjective

judgments

and

possible

that

fair

value

determination

for

portfolio

security

may

materially

different

than

the

value

that

could

realized

upon

the

sale

such

security.

addition,

fair

value

pricing

could

result

difference

between

the

prices

used

calculate

the

Tax-

Exempt

Bond

ETF’s

NAV

and

the

prices

used

those

Funds'

benchmark

indexes.

This

difference

may

adversely

affect

Fund’s

ability

track

its

benchmark

index.

Security

prices

are

generally

provided

independent

pricing

services.

Portfolio

securities

listed

traded

domestic

securities

exchanges

the

NASDAQ/NMS,

including

dollar-

denominated

foreign

securities

American

Depositary

Receipts

(“ADRs”),

are

valued

the

closing

price,

last

sale

price,

reported

the

exchange

system

where

the

security

principally

traded.

The

closing

price

for

securities

traded

the

NASDAQ/NMS

the

Nasdaq

Official

Closing

Price

(“NOCP”).

there

have

been

sales

for

that

day

the

exchange

system

where

the

security

principally

traded,

then

the

value

determined

with

reference

the

last

sale

price,

the

NOCP,

applicable,

any

other

exchange

system.

there

have

been

sales

the

security

for

that

day

any

exchange

system,

the

security

valued

fair

value

pursuant

the

Trust’s

fair

value

procedures.

Securities

that

are

traded

regularly

the

over-the-

counter

market

(other

than

the

NASDAQ/NMS),

including

securities

listed

exchanges

but

primarily

traded

over-the-counter,

are

valued

the

basis

bid

quotes

the

mean

between

the

bid

and

asked

quotes

based

upon

quotes

furnished

one

broker-dealers

market

makers

for

those

securities.

Securities

that

may

traded

over-the-counter

include

equity

securities,

fixed-income

securities,

non-

exchange-listed

foreign

securities,

and

certain

derivative

instruments.

Fixed-income

securities

may

valued

using

prices

provided

directly

from

one

broker-dealers,

market

makers,

independent

third-party

pricing

services

which

may

use

matrix

pricing

and

valuation

models,

well

recent

market

transactions

for

the

same

similar

assets,

derive

values

when

such

prices

are

believed

reflect

fair

market

values

such

securities.

Such

prices

may

determined

taking

into

account

securities

prices,

yields,

maturities,

call

features,

ratings,

prepayment

speeds,

credit

risks,

cash

flows,

institutional

size

trading

similar

groups

securities

and

developments

specific

securities.

Fixed-income

securities

maturing

within

relatively

short

period,

less

than

days,

are

valued

amortized

cost

when

approximates

fair

value.

Exchange-traded

financial

futures

and

options

thereon

are

valued

the

settlement

price

established

the

exchange

which

they

are

traded.

Over-the-counter

options

are

valued

broker

provided

bid

prices,

are

swaps.

The

foregoing

prices

may

obtained

from

one

independent

pricing

services

or,

needed

applicable,

independent

broker-dealers.

there

was

sale

that

day,

and

for

other

non-exchange

traded

derivatives,

the

contract

valued

fair

value

pursuant

the

Trust’s

fair

value

procedures.

Each

Fund

relies

various

sources

calculate

its

NAV.

The

ability

the

Funds’

administrator

calculate

the

NAV

per

the

Funds

subject

operational

risks

associated

with

processing

human

errors,

systems

technology

failures,

and

errors

caused

third

party

service

providers,

data

sources,

trading

counterparties.

Such

failures

may

result

delays

the

calculation

the

Funds’

NAVs

and/

the

inability

calculate

NAV

over

extended

time

periods.

The

Funds

may

unable

recover

any

losses

associated

with

such

failures,

and

may

necessary

for

alternative

procedures

followed

price

portfolio

securities

when

determining

the

Funds’

NAVs.

Please

refer

the

Schedules

Investments

view

the

valuation

levels as

June

30,

2026 for

each

Fund.

Inflation-Indexed

Securities

Certain

Funds

may

invest in

U.S.

Treasury

Inflation-Protected

Securities

(“TIPS”).

NORTHERN

FUNDS

SEMI-ANNUAL

REPORT

235

EXCHANGE

TRADED

FUNDS

Notes

the

Financial

Statements

EXCHANGE

TRADED

FUNDS

June

30,

2026

(UNAUDITED)

TIPS

have

varying

maturities

and

pay

interest

semiannual

basis

equal

fixed

percentage

the

inflation

adjusted

principal

amount.

the

periodic

adjustment

rate

measuring

inflation

falls,

the

principal

value

TIPS

will

adjusted

downward,

and

consequently

the

interest

payable

these

securities

(calculated

with

respect

smaller

principal

amount)

will

reduced.

Repayment

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

guaranteed

the

case

TIPS,

even

during

period

deflation.

The

value

TIPS

expected

change

response

changes

real

interest

rates.

Real

interest

rates

turn

are

tied

the

relationship

between

nominal

interest

rates

and

the

rate

inflation.

Therefore,

the

rate

inflation

rises

faster

rate

than

nominal

interest

rates,

real

interest

rates

might

decline,

leading

increase

value

TIPS.

contrast,

nominal

interest

rates

increase

faster

rate

than

inflation,

real

interest

rates

might

rise,

leading

decrease

value

TIPS.

Any

increase

the

principal

amount

TIPS

will

considered

taxable

ordinary

income,

even

though

investors

not

receive

their

principal

until

maturity.

While

these

securities

are

expected

protected

from

long-term

inflationary

trends,

short-term

increases

inflation

may

lead

decline

value.

interest

rates

rise

due

reasons

other

than

inflation,

investors

these

securities

may

not

protected

the

extent

that

the

increase

not

reflected

the

TIPS’

inflation

measure.

The

periodic

adjustment

TIPS

tied

the

Consumer

Price

Index

for

Urban

Consumers

(“CPI-U”),

which

calculated

monthly

the

U.S.

Bureau

Labor

Statistics.

The

CPI-U

measurement

changes

the

cost

living,

made

components

such

housing,

food,

transportation

and

energy.

There

can

assurance

that

the

CPI-U

will

accurately

measure

the

real

rate

inflation

the

prices

goods

and

services.

Credit

Enhancements

Certain

investments

owned

the

Funds

are

covered

insurance

issued

private

insurers,

are

backed

escrow

trust

containing

U.S.

government

securities

U.S.

government

agency

securities,

are

otherwise

supported

letters

credit,

standby

purchase

agreements

other

liquidity

facilities.

Such

enhancements

may

ensure

the

timely

payment

the

security’s

principal

and

interest

may

shorten

the

security’s

maturity.

However,

such

enhancements

not

guarantee

the

market

value

the

securities

the

value

Fund’s

shares.

Additionally,

there

guarantee

that

insurer

will

meet

its

obligations.

For

example,

exposure

securities

involving

sub-prime

mortgages

may

cause

municipal

bond

insurer’s

rating

downgraded

may

cause

the

bond

insurer

become

insolvent,

which

may

affect

the

prices

and

liquidity

municipal

obligations

insured

the

insurer.

Taxes

and

Distributions

Each

Fund

has

qualified

and

intends

continue

qualify

regulated

investment

company

complying

with

the

requirements

under

Subchapter

the

Internal

Revenue

Code

1986,

amended,

which

includes

distributing

substantially

all

its

net

investment

income

and

net

capital

gains

shareholders.

Accordingly,

provision

for

federal

and

state

income

taxes

required

the

financial

statements.

June

30,

2026,

management

the

Funds

has

reviewed

all

open

tax

years

and

major

jurisdictions

and

concluded

that

there

tax

liability

resulting

from

unrecognized

tax

benefits

relating

uncertain

income

tax

positions

taken

expected

taken

future

tax

returns.

The

Funds

are

also

not

aware

any

tax

positions

for

which

reasonably

possible

that

the

total

amounts

unrecognized

tax

benefits

will

significantly

change

the

months.

ongoing

basis

management

will

monitor

the

tax

positions

taken

determine

adjustment

conclusions

are

necessary

based

factors

including

but

not

limited

further

implementation

guidance

expected

from

FASB

and

on-going

analysis

tax

law,

regulation,

and

interpretations

thereof.

Investment

Transactions

and

Income

and

Expenses

Throughout

the

reporting

period,

investment

transactions

are

accounted

for

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

investment

transactions

are

accounted

for

the

trade

date

the

last

business

day

the

reporting

period.

Interest

income

recognized

accrual

basis.

Bond

discount

accreted

and

premium

amortized

using

the

effective

yield

method.

Gains

losses

realized

sales

securities

are

determined

using

the

specific

identification

method

comparing

the

identified

cost

the

security

lot

sold

with

the

net

sales

proceeds.

Expenses

directly

attributable

Fund

are

charged

that

Fund,

while

expenses

which

are

attributable

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

another

reasonable

basis.

Expenses

included

the

accompanying

financial

statements

reflect

the

expenses

Fund

and

not

include

any

expenses

associated

with

underlying

funds,

applicable.

Expenses

are

recognized

accrual

basis.

Investment

Advisory

Fees

NTI

serves

the

Investment

Adviser

the

Funds

pursuant

the

Investment

Advisory

Agreement.

The

Investment

Adviser

responsible

for

making

investment

decisions

for

the

Funds

and

for

placing

purchase

and

sale

orders

for

EXCHANGE

TRADED

FUNDS

240

NORTHERN

FUNDS

SEMI-ANNUAL

REPORT

APPROVAL

ADVISORY

AGREEMENT

EXCHANGE

TRADED

FUNDS

{Unaudited}

15(c)

Considerations

for

Northern

Trust

Equity

ETF

in-person

meeting

held

February

18-19,

2026

(the

“

Meeting”),

the

Board

Trustees

(the

“Board”

the

“Trustees”)

Northern

Funds

(the

“Trust”),

including

all

the

Trustees

who

are

not

“interested

persons”

(“Independent

Trustees”)

defined

the

Investment

Company

Act

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,

behalf

Northern

Trust

Equity

ETF

(the

“Fund”).

the

Meeting,

the

Trustees

received,

considered

and

discussed

variety

information

relating

the

Management

Agreement

and

Northern,

including

written

materials

and

verbal

presentations.

Throughout

the

process,

the

Trustees

asked

questions

Northern.

connection

with

their

deliberations,

the

Independent

Trustees

met

separately

with

and

were

advised

their

independent

legal

counsel

and

received

memorandum

from

their

independent

legal

counsel

regarding

their

responsibilities

under

applicable

law.

They

met

executive

session

the

Meeting

with

their

independent

legal

counsel

and

without

employees

Northern

the

interested

Trustee

present.

evaluating

the

Management

Agreement,

the

Independent

Trustees

discussed

with

independent

legal

counsel

Northern’s

reports,

presentations

and

other

information

that

had

been

provided

them

the

Meeting.

The

Trustees

reviewed

and

assessed,

among

other

things,

information

relating

to:

(a)

the

nature,

extent

and

quality

the

services

provided

Northern;

(b)

the

proposed

contractual

management

fee

rate

and

estimated

total

expense

ratio

the

Fund,

including

comparison

those

borne

group

comparable

peer

funds

(“Expense

Group”)

selected

independent

third-party

provider

fund

data

(“Data

Provider”);

(c)

the

anticipated

cost

the

services

and

profits

realized

Northern

from

its

relationship

with

the

Fund;

(d)

the

existence

and

sharing

potential

economies

scale;

(e)

any

fall-out

benefits

Northern

that

could

result

from

Northern’s

relationship

with

the

Fund;

and

(f)

other

factors

deemed

relevant

the

Trustees.

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

Northern

provide

services

the

Fund,

including

Northern’s

proposed

staffing

for

the

Fund,

information

portfolio

managers

and

other

personnel,

well

Northern’s

ability

attract

and

retain

portfolio

management

talent;

(iv)

Northern’s

financial

resources

and

investments

technology

benefit

the

Fund;

and

(v)

information

about

Northern’s

expertise

managing

and

supporting

exchange-traded

funds

(“ETFs”).

The

Trustees

were

provided

with

information

the

composition

the

Expense

Group

for

the

Fund

the

Data

Provider.

evaluating

the

Management

Agreement

for

the

Fund,

the

Trustees

gave

weight

various

factors,

including

those

discussed

below,

but

did

not

identify

any

single

factor

controlling

their

decision,

and

each

Trustee

may

have

attributed

different

weight

different

factors.

Nature,

Extent

and

Quality

Services

The

Trustees

considered

the

nature,

extent

and

quality

the

services

provided

Northern

the

Fund,

including

both

the

investment

advisory

services

and

ancillary services.

These

ancillary

services

include

providing

other

services

necessary

for

the

operation

the

Fund

and

the

Trust.

The

Trustees

considered

that

the

Management

Agreement

encompassed

both

the

advisory

and

ancillary

services

being

rendered

Northern.

The

Trustees

considered

that

Northern

will

responsible

for

the

management

the

investment

operations

the

Fund

and

the

composition

the

Fund’s

portfolio,

including

the

day-to-day

management

the

Fund,

subject

the

supervision

the

Board.

The

Trustees

discussed

that,

under

the

Management

Agreement,

Northern

will

responsible

for,

among

other

things:

(i)

furnishing

continuous

investment

program

for

the

Fund;

(ii)

monitoring

for

anticipated

purchases

and

redemptions

creation

units

Fund

shares;

(iii)

determining

what

investments

securities

will

purchased,

retained

sold

the

Fund,

and

what

portion

the

Fund’s

assets

will

invested

held

uninvested

cash;

(iv)

trading

the

assets

the

Fund

with

broker-dealers

selected

Northern,

including

using

Northern’s

best

judgment

obtain

the

best

overall

terms

available

executing

Fund

transactions;

and

(v)

reviewing

and

preparing

Fund

regulatory

documents.

The

Trustees

considered

Northern’s

significant

commitments

address

regulatory

compliance

requirements

applicable

the

Fund.

They

considered

information

regarding

the

effectiveness

and

resources

the

compliance

team,

including

maintaining

and

monitoring

Northern’s

and

the

Fund’s

compliance

programs.

The

Trustees

also

noted

that

regular

basis

they

will

receive

and

review

information

from

the

Trust’s

Chief

Compliance

Officer

regarding

the

Fund’s

compliance

policies

and

procedures.

They

considered

the

quality

Northern’s

compliance

oversight

program

with

respect

the

Fund’s

service

providers.

The

Trustees

considered

ongoing

expenditures

made

Northern

continue

improving

the

quality

and

scope

the

services

offers,

and

the

quality

Northern’s

communications

with

and

services

shareholders

the

other

series

the

Trust.

The

Trustees

noted

that

the

scope

services

provided

Northern,

and

the

undertakings

required

Northern

connection

with

those

services,

had

expanded

over

time

result

regulatory,

market

Northern Funds

What were the Fund costs for the last six months?

KEY FUND STATISTICS

YEARS TO MATURITY (% of Net Assets)

What were the Fund costs for the last six months?

KEY FUND STATISTICS

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

What were the Fund costs for the last six months?

KEY FUND STATISTICS

YEARS TO MATURITY (% of Net Assets)

What were the Fund costs for the last six months?

KEY FUND STATISTICS

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

What were the Fund costs for the last six months?

KEY FUND STATISTICS

YEARS TO MATURITY (% of Net Assets)

What were the Fund costs for the last six months?

KEY FUND STATISTICS

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

What were the Fund costs for the last six months?

KEY FUND STATISTICS

YEARS TO MATURITY (% of Net Assets)

What were the Fund costs for the last six months?

KEY FUND STATISTICS

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

What were the Fund costs for the last six months?

KEY FUND STATISTICS

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

What were the Fund costs for the last six months?

KEY FUND STATISTICS

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

What were the Fund costs for the last six months?

KEY FUND STATISTICS

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

What were the Fund costs for the last six months?

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

NorthernFunds

ASSET MARKET SECTOR (% of Net Assets^{)^{Footnote Reference1}}