Municpal Money Market Fund by k3vXw129

VIEWS: 4 PAGES: 8

									                             NORTHERN FUNDS - MUNICIPAL MONEY MARKET FUND
                                       Holdings as of March 31, 2009


                                                                                     % of
Security                                         Shares/Par       Amortized Cost Amortized Cost Maturity Date
ABAG FIN AUTH FOR NONPROFIT CORPS CALIF            600,000.0000        600,000.00          0.0%   11/01/2036
Adams Cnty CO Hsg Auth Rev                       7,230,000.0000      7,230,000.00          0.1%   09/01/2036
ALACHUA CNTY, FL HEALTH FACS&CONT CARE           7,900,000.0000      7,900,000.00          0.1%   10/01/2032
ALEXANDRIA, VA IND.DEV., 3.5%, 10/01/35          4,300,000.0000      4,300,000.00          0.0%   10/01/2035
AMERN MUN PWR-OH INC VAR-COMBUSTION              8,540,000.0000      8,540,000.00          0.1%   03/01/2023
Ann Arbor MI Econ Dev Corp Ltd Oblg Rev         12,760,000.0000     12,760,000.00          0.1%   11/01/2025
Ann Arbor Michigan Eco. Dev                      5,180,000.0000      5,180,000.00          0.1%   11/01/2019
Anne Arundel Cnty MD Rev (144A)                  9,300,000.0000      9,300,000.00          0.1%   12/01/2033
Arapahoe Cnty CO Multifamily Rev                 9,355,000.0000      9,355,000.00          0.1%   08/01/2031
Arden Hills, MN Hlthcare & Hsng Rev                800,000.0000        800,000.00          0.0%
Arizona Brd Regents Ariz St Univ Sys Rv          4,200,000.0000      4,200,000.00          0.0%   07/01/2034
Arizona Hlth Facs Auth Rev                      10,170,000.0000     10,170,000.00          0.1%   01/01/2035
Arizona Hlth Facs Auth Rev                         885,000.0000        885,000.00          0.0%   01/01/2035
Arizona Hlth Facs Auth Rev                       1,695,000.0000      1,695,000.00          0.0%   11/15/2033
Arizona Sch Dist Tax Antic Nt Fin Prog          15,000,000.0000     15,066,662.79          0.1%   07/30/2009
Ascension Parish LA Indl Dev Brd Rev            31,000,000.0000     31,000,000.00          0.3%   06/01/2037
Atlanta GA Dev Auth Rev                         10,000,000.0000     10,000,000.00          0.1%   10/01/2033
Atlanta GA Water and Elect.                     14,430,000.0000     14,430,000.00          0.1%   11/01/2034
Austin TX Wtr & Wastewater Sys Rev              15,400,000.0000     15,400,000.00          0.2%   05/15/2031
Austin, MN Hsng & Redevlpmnt Auth                4,320,000.0000      4,320,000.00          0.0%   04/01/2029
Baltimore Cnty MD Rev                            4,050,000.0000      4,050,000.00          0.0%   12/01/2035
Baltimore Cnty MD Rev                            6,000,000.0000      6,000,000.00          0.1%   03/01/2033
Baltimore Cnty MD Rev (144A)                     2,770,000.0000      2,770,000.00          0.0%   09/02/2025
Baltimore Cnty, MD Hsng Rev                     10,355,000.0000     10,355,000.00          0.1%   09/20/2028
BALTIMORE CNTY, MD, 3.82%, 03/01/2031            5,165,000.0000      5,165,000.00          0.1%   03/01/2031
Bay Area Calif Toll Auth Bridge Rev              4,500,000.0000      4,500,000.00          0.0%   04/01/2029
Bay Med Ctr FL Hosp Rev                         19,400,000.0000     19,400,000.00          0.2%   10/01/2037
BB&T MUN TR VAR STS FLOATERS-SER 1017           34,360,000.0000     34,360,000.00          0.3%   03/01/2023
BB&T MUN TR VARIOUS STS                         30,000,000.0000     30,000,000.00          0.3%   06/01/2020
BB&T MUN TR VARIOUS STS                         80,669,783.0000     80,669,783.00          0.8%   01/21/2027
Berks Cnty PA Mun Auth Rev                      10,325,000.0000     10,325,000.00          0.1%   05/01/2037
BERKS CNTY PA-READING HOSP 2008 A-1             10,000,000.0000     10,000,000.00          0.1%   11/01/2011
Bexar Cnty TX Rev Ctf Tr                        29,500,000.0000     29,500,000.00          0.3%   05/01/2012
Birmingham Alabama Med. Clinic Board            48,500,000.0000     48,500,000.00          0.5%   12/01/2026
BI-STATE DEV AGY MO ILL MET DIST REV            29,300,000.0000     29,300,000.00          0.3%   10/01/2035
Boomfield, CO Urban Renewal Auth                 9,600,000.0000      9,600,000.00          0.1%   12/01/2030
BOSTON MASS WATER AND SEW                       30,000,000.0000     30,000,000.00          0.3%   04/06/2009
Boston Mass Water and Sewer TE CP               22,000,000.0000     22,000,000.00          0.2%   05/22/2009
Bremerton Washington Rev.                        2,270,000.0000      2,270,000.00          0.0%   12/01/2028
Brevard Cnty FL Hlth Facs Auth Rev               6,600,000.0000      6,600,000.00          0.1%   09/01/2025
Broward Cnty FL Rev                              9,970,000.0000      9,970,000.00          0.1%   06/01/2037
Bucks Cnty PA Indl Dev Auth Hosp Rev             8,500,000.0000      8,500,000.00          0.1%   07/01/2034
BUNSVILLE MN HOUSING REV                        15,650,000.0000     15,650,000.00          0.2%   01/01/2045
Burke Cnty.GA.Dev.Auth.Poll Ctrl.                8,400,000.0000      8,400,000.00          0.1%   09/01/2030
CA STATEWIDE COMMUNITY DEV, 04/01/2038          11,400,000.0000     11,400,000.00          0.1%   04/01/2038
CA, METROPOLITAN WTR. DISTRICT, 7/1/2027         2,800,000.0000      2,800,000.00          0.0%   07/01/2027
Cabell Cnty W.VA-Rev.Bds. Ser.2001               3,030,000.0000      3,030,000.00          0.0%
Cal Dept of Water Resources                      7,000,000.0000      7,000,000.00          0.1%   05/01/2022
CALIF ST DEPT OF WATER, 5/1/2022                 4,450,000.0000      4,450,000.00          0.0%   05/01/2022
CALIF. STATE DEPT. OF WATER, 0.00%, 5/1/2022    24,375,000.0000     24,375,000.00          0.2%   05/01/2022
California Health Fac. Fin.                     30,500,000.0000     30,500,000.00          0.3%   07/01/2035
California Infras&Econ Dev Bk Rev               13,100,000.0000     13,100,000.00          0.1%   11/01/2038
California Poll Ctrl. Fin Auth.                  3,500,000.0000      3,500,000.00          0.0%   12/01/2012
California Polltn Ctrl Fing Auth Rev            15,200,000.0000     15,200,000.00          0.1%   01/01/2043
California Pollution Fin Auth, 11/01/2026       13,500,000.0000     13,500,000.00          0.1%   11/01/2026
CALIFORNIA ST DEPT OF WATER, 0.00%, 5/01/2022    8,950,000.0000      8,950,000.00          0.1%   05/01/2022
CALIFORNIA ST VAR RT, 3.52%, 05/01/2040          7,170,000.0000      7,170,000.00          0.1%   05/01/2040
CALIFORNIA ST, 3.95%, 07/08/2027                42,400,000.0000     42,400,000.00          0.4%   06/01/2032
California Statewide Cmntys Dev                  5,000,000.0000      5,000,000.00          0.0%   12/01/2036
California Statewide Cmntys Dev Auth Rv         22,000,000.0000     22,000,000.00          0.2%   12/01/2037
CALIFORNIA STATEWIDE CMTYS DEV AUTH REV         12,900,000.0000     12,900,000.00          0.1%   10/01/2036
Carson City NV Hosp Rev                          3,800,000.0000      3,800,000.00          0.0%   09/01/2033
Cass Cnty ND Hlth Facs Rev                       7,000,000.0000      7,000,000.00          0.1%   02/15/2037
Centerra Met Dist No 1 Colorado Rev             15,000,000.0000     15,000,000.00          0.1%   12/01/2029
Charleston SC Waterworks SWR Rev                27,200,000.0000     27,200,000.00          0.3%   01/01/2035
Charlotte Cnty, FL Util Rev                      9,000,000.0000      9,000,000.00          0.1%   10/01/2021
Charlotte NC                                    21,025,000.0000     21,025,000.00          0.2%   06/01/2027
Chatom AL Indl Dev Brd Pollution Ctl Rv          5,000,000.0000      5,000,000.00          0.0%   12/01/2024
CHATOM ALA INDL DEV BRD GULF OPPORTUNITY        40,000,000.0000     40,000,000.00          0.4%   11/15/2038
Chattanooga TN Hlth Ed&Hsg Fac Brd Rev          20,500,000.0000     20,500,000.00          0.2%   11/01/2031
CHEMUNG CNTY NY, 07/01/2038                      3,900,000.0000      3,900,000.00          0.0%   07/01/2038
Chesterfield, MO IDA Educ Facs Rev                 505,000.0000        505,000.00          0.0%   01/01/2028
Chicago IL O'Hare Intl Arpt Rev                 25,000,000.0000     25,000,000.00          0.2%   01/01/2035
Chicago IL Wastewater Transmission Rev           3,800,000.0000      3,800,000.00          0.0%   01/01/2039
Chicago IL Water Rev                             3,225,000.0000      3,225,000.00          0.0%   11/01/2031
Chicago IL Wtr Rev                              14,700,000.0000     14,700,000.00          0.1%   11/01/2030
Chicago Illinois G.O.                           31,100,000.0000     31,100,000.00          0.3%   01/01/2042
Chicago Illinois G.O.                            7,925,000.0000      7,925,000.00          0.1%   01/01/2042
CITIZENS PPTY INS CORP. FL                      80,000,000.0000     80,134,204.94          0.8%   06/01/2009
CITY OF CHICAGO, IL                             63,160,000.0000     63,160,000.00          0.6%   01/01/2040
CITY OF VALDEZ, AK MARINE TERMINAL, 7/01/2037   41,000,000.0000     41,000,000.00          0.4%   07/01/2037
CITY OF VALDEZ, AK, 3.94%, 6/1/2037             41,300,000.0000     41,300,000.00          0.4%   06/01/2037
City of Valdez, Alaska                          12,600,000.0000     12,600,000.00          0.1%   07/01/2037
Clackamas Cnty.,OR                              10,200,000.0000     10,200,000.00          0.1%   11/01/2029
Clarksville, TN Pub Building Authority           5,400,000.0000      5,400,000.00          0.1%
Clayton Cnty.Hsng.Auth.of Georiga                6,000,000.0000      6,000,000.00          0.1%   07/01/2032
                              NORTHERN FUNDS - MUNICIPAL MONEY MARKET FUND
                                        Holdings as of March 31, 2009


                                                                                        % of
Security                                            Shares/Par       Amortized Cost Amortized Cost Maturity Date
Cleveland-Cuyahoga Cnty Ohio Port Auth              3,000,000.0000      3,000,000.00          0.0%   06/01/2039
CO Health Facilities Authority                     14,780,000.0000     14,780,000.00          0.1%   11/15/2034
Cobb County, GA Hsg Auth Multi Fam                    500,000.0000        500,000.00          0.0%   06/01/2025
Colorado Edl & Cultural Facs Auth Rev               7,250,000.0000      7,250,000.00          0.1%   04/01/2038
Colorado Edl & Cultural Facs Auth Rev                 195,000.0000        195,000.00          0.0%   10/01/2032
Colorado Edl&Cultural Facs Auth Rev                 3,650,000.0000      3,650,000.00          0.0%   11/01/2038
Colorado Edl&Cultural Facs Rev                     13,740,000.0000     13,740,000.00          0.1%   03/01/2037
Colorado Edl&CulturalFacs Auth Rev                  4,385,000.0000      4,385,000.00          0.0%   06/01/2033
Colorado Educational & Cultural Edl.                  360,000.0000        360,000.00          0.0%   02/01/2037
Colorado Educational Cultural Fac Auth              7,880,000.0000      7,880,000.00          0.1%   12/01/2035
COLORADO HEALTH FAC AUTH                           14,890,000.0000     14,890,000.00          0.1%   08/01/2038
Colorado Health Fac Auth.                          11,930,000.0000     11,930,000.00          0.1%   12/01/2025
Colorado Health Fac.Auth.Rev.                       1,485,000.0000      1,485,000.00          0.0%   01/01/2037
Colorado Housing & Fin Auth Rev                     5,310,000.0000      5,310,000.00          0.1%   05/01/2034
COLUMBUS OHIO, 3.66%, 09/01/2015                    2,920,000.0000      2,920,000.00          0.0%   09/01/2020
COMMONWEALTH OF MASSACHUSETTS, 4.03%, 3/1/202664,305,000.0000          64,305,000.00          0.6%   03/01/2026
COMMONWEALTH OF PUERTO RICO                        13,000,000.0000     13,058,223.62          0.1%   07/30/2009
COMMONWEALTH OF PUERTO RICO                        10,000,000.0000     10,044,787.40          0.1%   07/30/2009
Connecticut Health & Ed Rev, Ser E                  6,900,000.0000      6,900,000.00          0.1%   07/01/2038
CONNECTICUT HEALTH AND EDUCATION YALE UNIVERSITY T  9,890,000.0000      9,890,000.00          0.1%   08/27/2009
Connecticut St Hlth & Edl Facs Auth Rev             5,555,000.0000      5,555,000.00          0.1%   07/01/2030
Cook County Illinois G.O.                          17,500,000.0000     17,582,833.94          0.2%   08/03/2009
COUNTY OF PLATTE, WY, 4.05%, 7/1/2014              24,400,000.0000     24,400,000.00          0.2%   07/01/2014
Crawford Texas Ed Facs Corp Rev                     5,500,000.0000      5,500,000.00          0.1%   07/01/2028
Crawford Texas Ed Facs Corp Rev                     5,375,000.0000      5,375,000.00          0.1%   05/01/2030
Cuyahoga Cnty OH Hlth Care Facs Rev                 3,450,000.0000      3,450,000.00          0.0%   01/01/2034
Cuyahoga Cnty Ohio Rev                             11,400,000.0000     11,400,000.00          0.1%   01/01/2039
Cuyahoga Cnty,OH Health Care                       22,860,000.0000     22,860,000.00          0.2%   05/01/2042
Cuyahoga County Ohio Health Care                   18,470,000.0000     18,470,000.00          0.2%   01/01/2032
Dallas TX Performing Arts Cultr Fac Rev            11,225,000.0000     11,225,000.00          0.1%   09/01/2041
Dallas TX Wtr&Swr Rev Tr Ctf 2007-23               20,000,000.0000     20,000,000.00          0.2%   09/01/2015
DE KALB CNTY GA HSG AUTH MULTIFAMILY HSG REV 36,100,000.0000           36,100,000.00          0.4%   12/01/2038
De Kalb Cnty,GA Hospital Rev Antic Ctfs             7,800,000.0000      7,800,000.00          0.1%   09/01/2035
Dearborn Cnty, Indiana Econ Dev Rev                14,800,000.0000     14,800,000.00          0.1%   04/01/2036
DeKalb County GA Hsg. Authority                     4,300,000.0000      4,300,000.00          0.0%   06/01/2030
DeKalb County, GA Housing Auth Revenue             14,800,000.0000     14,800,000.00          0.1%   06/01/2025
Delaware Riv Port Auth PA & NJ Hwy Rev             23,000,000.0000     23,000,000.00          0.2%   01/01/2026
DISTRICT COLUMBIA REV                              10,100,000.0000     10,100,000.00          0.1%   12/31/2049
DISTRICT OF COLUMBIA                               15,500,000.0000     15,500,000.00          0.2%   07/01/2040
District of Columbia G.O.                          13,205,000.0000     13,205,000.00          0.1%   06/01/2034
District of Columbia GO                            42,000,000.0000     42,000,000.00          0.4%   06/01/2031
District of Columbia Rev                            9,275,000.0000      9,275,000.00          0.1%   09/15/2029
District of Columbia Rev                            9,015,000.0000      9,015,000.00          0.1%   09/15/2029
District of Columbia Rev                            5,380,000.0000      5,380,000.00          0.1%   06/01/2032
District of Columbia Rev                           12,220,000.0000     12,220,000.00          0.1%   08/01/2029
District of Columbia Wtr & Swr Revenue              7,590,000.0000      7,590,000.00          0.1%   10/01/2028
Durham Cnty NC Indl Facs Poll Ctl Rev               9,900,000.0000      9,900,000.00          0.1%   09/01/2037
Easley SC Util Rev                                 32,730,000.0000     32,730,000.00          0.3%   12/01/2034
East Baton Rouge Parish LA Sales Tax Rv            12,200,000.0000     12,200,000.00          0.1%   08/01/2030
East Bay CA Mun.Util.Dist.                         39,820,000.0000     39,820,000.00          0.4%   06/01/2038
East Bay CA Mun.Util.Dist.                         19,455,000.0000     19,455,000.00          0.2%   06/01/2038
Emery Cnty, UT Pollution Control                   10,000,000.0000     10,000,000.00          0.1%   11/24/2024
Energy Northwest Wash Elec Rev                     53,000,000.0000     53,000,000.00          0.5%   07/01/2018
Energy Northwest Wash Elec Rev                     30,000,000.0000     30,000,000.00          0.3%   07/01/2018
Eutaw, AL I.D.B. Poll Cntl                          6,550,000.0000      6,550,000.00          0.1%   12/01/2020
EVERETT PUBLIC FACS DISTRICT, 4.03%, 4/1/2036       1,400,000.0000      1,400,000.00          0.0%   04/01/2036
Fairfax Cnty VA Indl Dev Auth Rev                  49,980,000.0000     49,980,000.00          0.5%   04/15/2035
Fairfax County, VA Ed Facs Rev Bds                 20,000,000.0000     20,000,000.00          0.2%   08/01/2033
Farmington Hills MI Hosp Fin Rev                    7,905,000.0000      7,905,000.00          0.1%   02/15/2038
Federal Home Loan Bank                            200,000,000.0000    200,000,000.00          2.0%   04/01/2009
FL GAS UTIL REV VAR-GAS SUP PROJN0 2-A-2            8,100,000.0000      8,100,000.00          0.1%   06/15/2025
FLORIDA HOUSING FINANCE CORP.                       5,815,000.0000      5,815,000.00          0.1%   07/01/2035
Florida Housing Finance Corporation                 1,940,000.0000      1,940,000.00          0.0%   07/01/2031
Florida Hsg Fin Corp Multifam Rev                   8,050,000.0000      8,050,000.00          0.1%   07/01/2031
Florida St Mun Pwr Agy Rev                         15,000,000.0000     15,000,000.00          0.1%   10/01/2035
Florida St Mun Pwr Agy Rev                         14,000,000.0000     14,000,000.00          0.1%   10/01/2030
Florida St.Brd.Ed.Pub.Ed.                           7,000,000.0000      7,000,000.00          0.1%   06/01/2027
Florissant MO Indl Dev Auth Rev                     6,845,000.0000      6,845,000.00          0.1%   09/01/2028
FORSYTH MONT POLLUTION CLTL REV RFDG                5,515,000.0000      5,515,000.00          0.1%   01/01/2018
Fort Mitchell, KY KY League of Cities              10,150,000.0000     10,150,000.00          0.1%   10/01/2032
Franklin Cnty Ohio Hosp Rev                        16,480,000.0000     16,480,000.00          0.2%   11/15/2033
Franklin Cnty, OH Health Care Fac.                 17,400,000.0000     17,400,000.00          0.2%   03/01/2036
Franklin County, OH Hosp Fac Rev Ref Bd            11,540,000.0000     11,540,000.00          0.1%   12/01/2020
Fredericksburg VA Econ Dev-Student Hsg             10,670,000.0000     10,670,000.00          0.1%   04/01/2029
Fridley Minn Sr Hsg Rev                             8,700,000.0000      8,700,000.00          0.1%   12/15/2037
FULCO GA HOSPITAL AUTHORITY REV. ANTIC CTFS.       10,030,000.0000     10,030,000.00          0.1%   03/01/2024
Fulton Cnty GA Dev Auth Rev                         3,500,000.0000      3,500,000.00          0.0%   05/01/2037
Fulton Cnty GA Dev Auth Rev                         3,400,000.0000      3,400,000.00          0.0%   06/01/2032
Fulton Cnty Ga Dev Auth Rev                         1,550,000.0000      1,550,000.00          0.0%   10/01/2027
Fulton Cnty.GA dev.Auth.Rev.                       10,000,000.0000     10,000,000.00          0.1%   08/01/2024
Fulton County GA Residential                       19,400,000.0000     19,400,000.00          0.2%   07/01/2017
Fulton County, GA Dev Auth Rev                      7,600,000.0000      7,600,000.00          0.1%   05/01/2027
GAITHERSBURG, MD, 0.0%, 01/01/2036                  4,900,000.0000      4,900,000.00          0.0%   01/01/2036
Georgia Muni.Ele.Auth.                             57,050,000.0000     57,050,000.00          0.6%   01/01/2048
Gordon Cnty, GA Hospital Auth VRDB                    690,000.0000        690,000.00          0.0%   11/15/2026
GRAND PRAIRIE TEX INDPT SCH DIST, 3.82%, 02/01/31 28,600,000.0000      28,600,000.00          0.3%   02/01/2031
                            NORTHERN FUNDS - MUNICIPAL MONEY MARKET FUND
                                      Holdings as of March 31, 2009


                                                                                    % of
Security                                        Shares/Par       Amortized Cost Amortized Cost Maturity Date
Grand Prairie TX Indpt Sch Dist G.O.           18,950,000.0000     18,950,000.00          0.2%   08/01/2033
GRAND RAPIDS MICH ECONOMIC DEV CORP.            1,100,000.0000      1,100,000.00          0.0%   08/01/2017
Guilford Cnty NC G.O.                           4,700,000.0000      4,700,000.00          0.0%   03/01/2025
GULF COAST WASTE DISP AUTH                     31,600,000.0000     31,600,000.00          0.3%   10/01/2017
Gulf Coast Waste Disp. Auth.                   12,725,000.0000     12,725,000.00          0.1%   10/01/2024
Gulf Coast, TX Wast Disp Auth                  18,000,000.0000     18,000,000.00          0.2%   06/01/2020
Gwinett County, GA Mulitfam Hsg                25,800,000.0000     25,800,000.00          0.3%   07/01/2027
Gwinett County, GA Mulitfam Hsg                 7,360,000.0000      7,360,000.00          0.1%   06/01/2025
Hampton VA RDV HSG Authority                   14,510,000.0000     14,510,000.00          0.1%   10/01/2035
Hanover Cnty VA Econ Dev Auth Rev               6,900,000.0000      6,900,000.00          0.1%   11/01/2025
HARRIS CNTY TEX CULTIRAL ED FACS FIN CORP REV 58,100,000.0000      58,100,000.00          0.6%   12/01/2024
Harris Cnty TX Cultural Ed-Med Facs Rev        16,000,000.0000     16,000,000.00          0.2%   11/15/2035
Harris Cnty TX Hlth Facs Dev Corp Rev           1,000,000.0000      1,000,000.00          0.0%   12/01/2026
Harris Cnty TX Hlth Facs Dev Hosp Rev          29,500,000.0000     29,500,000.00          0.3%   11/15/2047
Harris Cnty TX Hlth Facs Dev Hosp Rev          13,100,000.0000     13,100,000.00          0.1%   11/15/2047
Harris County TX Ind Dev Corp PCR               9,000,000.0000      9,000,000.00          0.1%   03/01/2024
HARRISONBURG VA, 3.65%, 04/01/2036             11,490,000.0000     11,490,000.00          0.1%   04/01/2036
Haverford Twp PA Sch Dist G.O.                  8,000,000.0000      8,000,000.00          0.1%   03/01/2030
Health Care Auth AL - Baptist Hlth Rev         15,545,000.0000     15,545,000.00          0.2%   11/01/2036
Henderson County, KY Revenue Bond               4,085,000.0000      4,085,000.00          0.0%   07/01/2012
HFDC Cent Tex Inc Retirement Fac Rev            6,450,000.0000      6,450,000.00          0.1%   02/15/2037
HFDC Cent TX Inc Retirement Fac Rev             3,275,000.0000      3,275,000.00          0.0%   11/01/2037
Highlands Cnty FL Health Facs Rev               6,629,000.0000      6,629,000.00          0.1%   11/15/2031
Highlands Cnty FL Hlth Facs Auth Rev           10,860,000.0000     10,860,000.00          0.1%   11/15/2037
Highlands Cnty FL Hlth Facs Auth Rev           35,505,000.0000     35,505,000.00          0.4%   11/15/2037
Highlands Cnty FL Hlth Facs Auth Rev              885,000.0000        885,000.00          0.0%   11/15/2009
Highlands Cnty FL Hlth Facs Auth Rev           10,725,000.0000     10,725,000.00          0.1%   11/15/2027
Highlands Cnty FL Hlth Facs Auth Rev            7,500,000.0000      7,500,000.00          0.1%   11/15/2034
Highlands Cnty FL Hlth Facs Auth Rev           11,875,000.0000     11,875,000.00          0.1%   11/15/2035
Highlands Cnty FL Hlth Facs Auth Rev           34,400,000.0000     34,400,000.00          0.3%   11/15/2037
Highlands Cnty FL Hlth Facs Auth Rev           67,000,000.0000     67,000,000.00          0.7%   11/15/2038
Highlands Cnty Florida VRDNs                    5,000,000.0000      5,000,000.00          0.0%   11/15/2035
Highlands Cnty, FL Health Facs Auth Rev        10,805,000.0000     10,805,000.00          0.1%   11/15/2012
Highlands Co.Hlth.Fac.Auth.-FL                 18,980,000.0000     18,980,000.00          0.2%   11/15/2027
HIGHLANDS CTY FL HEALTH FAC, 11/15/2026        27,025,000.0000     27,025,000.00          0.3%   11/15/2026
Hillsborough Cnty FL Ind Dev Auth Rev           9,600,000.0000      9,600,000.00          0.1%   08/15/2032
Hillsborough Cnty FL Indl Dev Hlth Care         5,500,000.0000      5,500,000.00          0.1%   02/01/2035
Horizon Hosp Sys Auth PA Hlth Rev               7,800,000.0000      7,800,000.00          0.1%   07/01/2037
HOUSTON, TX INDPT SCHOOL DIST.                 45,375,000.0000     45,375,000.00          0.4%   06/15/2031
Hudson Yds Infrastructure Corp NY Rev          75,000,000.0000     75,000,000.00          0.7%   02/15/2047
HUNTSVILLE RANDOLPH DUE 2/1/38                  8,500,000.0000      8,500,000.00          0.1%   02/01/2038
Hurley New Mexico Poll.Ctrl.                   23,300,000.0000     23,300,000.00          0.2%   12/01/2015
Idaho Health Facs Auth Rev                     10,000,000.0000     10,000,000.00          0.1%   11/01/2043
Idaho Health Facs Auth Rev                     13,000,000.0000     13,000,000.00          0.1%   11/01/2043
IL Ed Facs Auth Revs                           10,000,000.0000     10,000,000.00          0.1%   10/01/2031
IL Ed Facs Auth (AMT)                          13,200,000.0000     13,200,000.00          0.1%   03/01/2032
IL Fin.Dev.Auth.Rev.                           10,075,000.0000     10,075,000.00          0.1%   06/01/2040
IL Health Fac Auth Rev Bds                      9,425,000.0000      9,425,000.00          0.1%   11/15/2022
Illinois Dev Fin Auth Indl Dev Rev              1,700,000.0000      1,700,000.00          0.0%   09/01/2024
Illinois Dev Fin Auth Rev                       9,000,000.0000      9,000,000.00          0.1%   10/01/2028
Illinois Dev Fin Auth Rev                       2,655,000.0000      2,655,000.00          0.0%   09/01/2028
Illinois Dev Fin Auth Rev                       2,830,000.0000      2,830,000.00          0.0%   09/01/2033
Illinois Dev.Fin.Auth.Rev                       5,685,000.0000      5,685,000.00          0.1%   09/01/2028
Illinois Dev.Fin.Auth.Rev.                      6,200,000.0000      6,200,000.00          0.1%   07/01/2038
Illinois Ed. Fac.Auth.Student Housing          19,195,000.0000     19,195,000.00          0.2%   06/01/2033
Illinois Ed.Fac.-Northwestern U                 7,005,000.0000      7,005,000.00          0.1%   12/01/2038
Illinois Educational Facs Auth Rev              8,265,000.0000      8,265,000.00          0.1%   07/01/2036
Illinois Fin Auth Multifam                      5,400,000.0000      5,400,000.00          0.1%   05/01/2035
Illinois Fin Auth Rev                           2,695,000.0000      2,695,000.00          0.0%   02/15/2035
Illinois Fin Auth Rev                          21,545,000.0000     21,545,000.00          0.2%   11/01/2039
Illinois Fin Auth Rev                          12,500,000.0000     12,500,000.00          0.1%   08/15/2042
Illinois Fin Auth Rev                          12,800,000.0000     12,800,000.00          0.1%   11/01/2038
Illinois Fin Auth Rev                          22,800,000.0000     22,800,000.00          0.2%   11/01/2022
Illinois Fin Auth Rev                           9,430,000.0000      9,430,000.00          0.1%   06/30/2009
Illinois Fin Auth Rev                           9,440,000.0000      9,440,000.00          0.1%   09/01/2038
Illinois Fin Auth Rev                           5,700,000.0000      5,700,000.00          0.1%   07/01/2032
Illinois Fin Auth Rev                           8,270,000.0000      8,270,000.00          0.1%   06/30/2009
Illinois Fin Auth Rev                           4,200,000.0000      4,200,000.00          0.0%   08/15/2026
Illinois Fin Auth Rev                           6,100,000.0000      6,100,000.00          0.1%   02/15/2033
Illinois Fin Auth Rev                           5,650,000.0000      5,650,000.00          0.1%   03/01/2039
Illinois Fin Auth Rev Mand Put 4/1/09          17,055,000.0000     17,055,000.00          0.2%   04/01/2009
ILLINOIS FIN AUTH REV, 04/01/2041              40,700,000.0000     40,700,000.00          0.4%   04/01/2041
Illinois Fin.Auth.Rev.                          2,000,000.0000      2,000,000.00          0.0%   07/01/2034
Illinois Fin.Auth.Rev.                         10,800,000.0000     10,800,000.00          0.1%   08/15/2038
Illinois Fin.Auth.Rev.                         14,450,000.0000     14,450,000.00          0.1%   02/15/2037
Illinois Fin.Auth.Rev.                         17,700,000.0000     17,700,000.00          0.2%   05/15/2037
Illinois Fin.Auth.Rev.                         11,200,000.0000     11,200,000.00          0.1%   06/01/2030
ILLINOIS FINANCE AUTHORITY                     16,725,000.0000     16,725,000.00          0.2%   05/15/2037
Illinois Finance Authority Rev                 35,700,000.0000     35,700,000.00          0.4%   05/15/2038
ILLINOIS FINANCE AUTHORITY REV                 21,500,000.0000     21,500,000.00          0.2%   10/01/2040
Illinois Housing Authority VRDNs               15,125,000.0000     15,125,000.00          0.1%   10/01/2040
Illinois Housing Dev Auth Multifam Rev         12,560,000.0000     12,560,000.00          0.1%   07/01/2027
Illinois Hsg Dev Multifamily Hsg Rev            7,570,000.0000      7,570,000.00          0.1%   09/01/2043
Illinois St Toll Hwy Auth Hwr Rev              21,500,000.0000     21,500,000.00          0.2%   07/01/2030
Illinois St Toll Hwy Auth Toll Hwy Rev         50,000,000.0000     50,000,000.00          0.5%   01/01/2031
Illinois St Toll Hwy Auth Toll Hwy Rev        148,600,000.0000    148,600,000.00          1.5%   01/01/2031
                           NORTHERN FUNDS - MUNICIPAL MONEY MARKET FUND
                                     Holdings as of March 31, 2009


                                                                                    % of
Security                                        Shares/Par       Amortized Cost Amortized Cost Maturity Date
Illinois State Sales Tax                        3,500,000.0000      3,500,000.00          0.0%   06/15/2022
IN Hlth Fac Auth Rev                           10,489,000.0000     10,489,000.00          0.1%   09/01/2030
Indiana Bd Bk Rev                              24,900,000.0000     25,069,297.36          0.2%   01/05/2010
Indiana Bond Bank Rev                          24,005,000.0000     24,048,194.09          0.2%   05/28/2009
Indiana Fin Auth Health Sys Rev                23,400,000.0000     23,400,000.00          0.2%   09/01/2048
Indiana Fin Auth Hosp Rev                      12,200,000.0000     12,200,000.00          0.1%   03/01/2033
Indiana Fin Auth Hosp Rev                       6,800,000.0000      6,800,000.00          0.1%   08/01/2029
Indiana Health & Ed Fac Fin Auth Rev            6,000,000.0000      6,000,000.00          0.1%   08/01/2028
Indiana Health&Ed Fac Fing Auth Rev             6,915,000.0000      6,915,000.00          0.1%   08/01/2036
Indiana Hlth & Edl Fac Fing Auth Rev            7,950,000.0000      7,950,000.00          0.1%   02/15/2030
Indiana Hlth Fac fin Auth                       1,400,000.0000      1,400,000.00          0.0%   12/01/2029
Indiana Mun Pwr Supply Sys Agy Rev             15,435,000.0000     15,435,000.00          0.2%   01/01/2015
Indiana St Dev Fin Auth PCR                    11,550,000.0000     11,550,000.00          0.1%   03/01/2025
Indiana St Fin Auth Rev                        21,400,000.0000     21,400,000.00          0.2%   12/01/2033
Indiana St Fin Auth Rev                        11,450,000.0000     11,450,000.00          0.1%   12/01/2033
Indiana State Dev. Auth Indl Rev Bonds          1,400,000.0000      1,400,000.00          0.0%
Indianapolis IN Multifamily Hsg Rev            10,600,000.0000     10,600,000.00          0.1%   05/15/2038
Intermountain Pwr Agency UT                     8,780,000.0000      8,780,000.00          0.1%   07/01/2014
Iowa Fin Auth Economic Dev Rev                    955,000.0000        955,000.00          0.0%   01/01/2032
Iowa Fin Auth Health Facs Rev                   4,900,000.0000      4,900,000.00          0.0%   02/15/2035
Iowa Fin Auth Health Facs Rev                   9,000,000.0000      9,000,000.00          0.1%   02/15/2035
Iowa Fin Auth Hlth Facs Rev                    15,420,000.0000     15,420,000.00          0.2%   02/15/2035
IOWA FINANCE AUTHORITY, 4.03%, 11/1/2032        1,235,000.0000      1,235,000.00          0.0%   11/01/2032
Iowa Higher Ed Ln Auth Rev                     15,050,000.0000     15,050,000.00          0.1%   11/01/2030
Iowa St Sch Cash Antic Prog                    14,500,000.0000     14,558,069.71          0.1%   06/25/2009
Iowa St Sch Cash Antic Program Rev Nts         14,000,000.0000     14,246,894.79          0.1%   01/21/2010
Irving, TX ISD Schl Dist                       15,850,000.0000     15,850,000.00          0.2%   02/01/2033
JACKSON CNTY MISS POLLUTN CTL REV               5,200,000.0000      5,200,000.00          0.1%   12/01/2016
JACKSON CNTY, MI, ECON DEV, 11/01/2031          9,540,000.0000      9,540,000.00          0.1%   11/01/2031
Jacksonville Elec.Pwr, FL Rev                  12,100,000.0000     12,100,000.00          0.1%   10/01/2040
Jacksonville FL Trans Rev                      36,000,000.0000     36,000,000.00          0.4%   10/01/2027
JEA FL Elec Sys Rev                            60,000,000.0000     60,000,000.00          0.6%   10/01/2036
Jea Florida Wtr & Swr Sys Rev                   9,800,000.0000      9,800,000.00          0.1%   10/01/2036
Kane Cty, IL Adj Demand Rev Bds                 5,700,000.0000      5,700,000.00          0.1%   02/01/2028
Kansas City, MO Industrial Dev Auth            10,100,000.0000     10,100,000.00          0.1%   11/01/2030
Kansas St Dept Transn Hwy Rev                   8,400,000.0000      8,400,000.00          0.1%   09/01/2022
KANSAS ST. FEV FIN AUTH, 11/15/2028             4,710,000.0000      4,710,000.00          0.0%   11/15/2028
Kansas State Dept Transport.                    8,675,000.0000      8,675,000.00          0.1%   09/01/2023
Katy, TX Indpt.Schl.Dist.                      14,200,000.0000     14,200,000.00          0.1%   08/15/2036
Kent State Univ Ohio-Univ Rev                   9,100,000.0000      9,100,000.00          0.1%   05/01/2028
Kentucky Asset/Liab Commn Gen Fd Rev           15,000,000.0000     15,041,872.56          0.1%   06/25/2009
Kentucky Econ Dev Fin Auth Hosp Facs Rv        15,000,000.0000     15,000,000.00          0.1%   08/15/2038
Kentucky Econ Dev Fin Auth Hosp Facs Rv         7,655,000.0000      7,655,000.00          0.1%   08/15/2038
Kentucky Econ Dev Fin Auth Med Ctr Rev          1,900,000.0000      1,900,000.00          0.0%   01/01/2038
Kentucky Econ Dev Fin Auth Rev                  4,015,000.0000      4,015,000.00          0.0%   09/01/2021
Kentucky Economic Dev Rev Fin Auth Rev          7,705,000.0000      7,705,000.00          0.1%   09/01/2028
KENTWOOD, MI ECONOMIC DEV CORP., 11/01/2032     9,685,000.0000      9,685,000.00          0.1%   11/01/2032
Knox Cnty Tenn Hlth Edl &Hsg Hosp Rev           5,000,000.0000      5,000,000.00          0.0%   01/01/2046
Knox County, TN Hlth, Ed,&Hsng(Taxable)         2,235,000.0000      2,235,000.00          0.0%   11/01/2010
KS Developemnt Finance Authority                1,800,000.0000      1,800,000.00          0.0%   11/15/2030
L.A. Dept. of Water & Power, 1.15%, 4/3/2003    2,800,000.0000      2,800,000.00          0.0%   07/01/2035
Lafayette LA Econ Dev Auth Gulf Opp Rev         7,350,000.0000      7,350,000.00          0.1%   02/01/2038
Lake Cnty FL Cap Impt Rev                      20,290,000.0000     20,290,000.00          0.2%   06/01/2037
Lancaster Port Auth Ohio Gas Rev               29,700,000.0000     29,700,000.00          0.3%   05/01/2038
Las Vegas, NV Water District                    8,200,000.0000      8,200,000.00          0.1%   06/01/2036
LasVegas, NV Economic Dev.                     41,300,000.0000     41,300,000.00          0.4%   05/01/2037
LEE COUNTY INDUSTRIAL DEVELOPMENT              21,990,000.0000     21,990,000.00          0.2%   11/01/2029
Lee Memorial Hlth Sys FL Hosp Rev               5,000,000.0000      5,000,000.00          0.0%   04/01/2027
Lincoln Cnty WY Pollution Control              14,690,000.0000     14,690,000.00          0.1%   11/01/2014
LINCOLN COUNTY WYO POLLUTION CTL REV BONDS     15,950,000.0000     15,950,000.00          0.2%   11/01/2014
LOUDOUN CO, VA IDA MES RES ORG, 2/15/38        41,330,000.0000     41,330,000.00          0.4%   02/15/2038
Louisiana Loc Govt Envir Facs Cmnty Dev         1,000,000.0000      1,000,000.00          0.0%
Louisiana Pub Facs Auth Rev                    10,000,000.0000     10,000,000.00          0.1%   06/01/2037
Louisiana Pub Facs Auth Rev                    16,000,000.0000     16,000,000.00          0.2%   03/01/2040
Louisiana Pub Facs Auth Rev                    15,000,000.0000     15,000,000.00          0.1%   08/01/2023
Louisiana Pub Facs Auth Rev                    15,000,000.0000     15,000,000.00          0.1%   10/01/2033
Louisiana Pub Facs Auth Rev                     7,900,000.0000      7,900,000.00          0.1%   07/01/2031
Louisiana Public Facilities Authority          20,150,000.0000     20,150,000.00          0.2%   12/01/2010
LOUISIANA ST OFFSHORE, 3.44%, 09/01/2027       54,020,000.0000     54,020,000.00          0.5%   09/01/2027
Louisiana State Muni                           42,644,000.0000     42,644,000.00          0.4%   03/15/2014
Louisiana State Offshore Term Deepwtr           5,700,000.0000      5,700,000.00          0.1%   09/01/2014
Lower CO Riv Auth TX Transm Contract            2,705,000.0000      2,705,000.00          0.0%   05/15/2013
Lower Merion PA Sch Dist G.O.                   4,000,000.0000      4,000,000.00          0.0%   04/01/2027
Lower Merion PA Sch Dist G.O.                   9,000,000.0000      9,000,000.00          0.1%   04/01/2027
Lower Neches, TX Valley Auth IDR                8,450,000.0000      8,450,000.00          0.1%   11/01/2029
Lowry Economic Redev Auth Colo Rev              7,000,000.0000      7,000,000.00          0.1%   12/01/2020
Lubbock TX Hlth Facs Dev Corp Rev              66,160,000.0000     66,160,000.00          0.7%   07/01/2023
Lynchburg VA Indl Dev Auth Hosp Rev             5,900,000.0000      5,900,000.00          0.1%   01/01/2028
MA St. Dev Fin Auth                             4,600,000.0000      4,600,000.00          0.0%   07/01/2033
MA State Dev Fin Agy Rev                        7,500,000.0000      7,500,000.00          0.1%
Macon,GA Water Authority                        8,700,000.0000      8,700,000.00          0.1%   10/01/2021
Mankato, MN Multifam                            7,285,000.0000      7,285,000.00          0.1%
Manor Texas Indpt Sch Dist G.O.                11,235,000.0000     11,235,000.00          0.1%   08/01/2036
Maple Grove, MN Econ Dev                        5,435,000.0000      5,435,000.00          0.1%   07/01/2029
Marshall Cnounty Econ Dev Rev Bds, IN          22,700,000.0000     22,700,000.00          0.2%   01/01/2035
Maryland Health & Higher Ed                     3,200,000.0000      3,200,000.00          0.0%   04/01/2035
                            NORTHERN FUNDS - MUNICIPAL MONEY MARKET FUND
                                      Holdings as of March 31, 2009


                                                                                     % of
Security                                         Shares/Par       Amortized Cost Amortized Cost Maturity Date
MARYLAND SATE HEALTH & HIGHER ED. FACS. AUTH REV11,900,000.0000     11,900,000.00          0.1%   01/01/2032
Maryland St Econ Dev Corp Rev                    3,075,000.0000      3,075,000.00          0.0%   11/01/2022
Maryland St Economic Dev Corp Rev                6,260,000.0000      6,260,000.00          0.1%   09/01/2038
Maryland St Economic Dev Corp Rev                7,500,000.0000      7,500,000.00          0.1%   02/15/2043
Maryland St Hlth&Hghr Ed Facs Auth Rev           9,000,000.0000      9,000,000.00          0.1%   07/01/2036
Maryland St Hlth&Hghr Ed Facs Auth Rev          13,600,000.0000     13,600,000.00          0.1%   07/01/2041
Maryland St Hlth&Hghr Ed Facs Auth Rev          10,800,000.0000     10,800,000.00          0.1%   07/01/2035
Maryland St Hlth&Hghr Ed Facs Auth Rev           8,325,000.0000      8,325,000.00          0.1%   07/01/2032
Maryland St Hlth&Hghr Ed Facs Auth Rev           8,800,000.0000      8,800,000.00          0.1%   01/01/2033
Maryland St. Hlth & Higher Ed                   13,800,000.0000     13,800,000.00          0.1%   01/01/2021
MASSACHUSETTS BAY TRANS AUTH MASS SALES          6,000,000.0000      6,000,000.00          0.1%   05/14/2009
Massachusetts Hlth&Edl Facs Auth Rev            14,615,000.0000     14,615,000.00          0.1%   10/01/2028
Massachusetts St Dev Fin Agy Rev                19,200,000.0000     19,200,000.00          0.2%   09/01/2033
Massachusetts St Dev Fin Agy Rev                45,000,000.0000     45,000,000.00          0.4%   10/01/2042
Massachusetts St Dev Fin Agy Rev                 4,900,000.0000      4,900,000.00          0.0%   09/01/2038
Massachusetts St Dev Fin Agy Rev                 4,000,000.0000      4,000,000.00          0.0%   09/01/2038
Massachusetts St Dev Fin Agy Rev                10,000,000.0000     10,000,000.00          0.1%   10/01/2040
Massachusetts St Dev Fin Agy Rev                20,540,000.0000     20,540,000.00          0.2%   05/15/2039
Massachusetts St Dev Fin Agy Rev                 6,000,000.0000      6,000,000.00          0.1%   03/01/2027
Massachusetts St Dev Fin Agy Rev                 5,000,000.0000      5,000,000.00          0.0%   06/01/2037
MASSACHUSETTS ST DEV FIN AGY REV VAR RT          3,465,000.0000      3,465,000.00          0.0%   06/01/2034
Massachusetts St Hlth&Ed Facs Auth Rev           8,000,000.0000      8,000,000.00          0.1%   07/01/2027
Massachusetts St Wtr Res Auth Rev               15,200,000.0000     15,200,000.00          0.1%   08/01/2029
Massachusetts St Wtr Res Auth Rev               61,000,000.0000     61,000,000.00          0.6%   08/01/2037
McLean County, IL G.O. Demand Notes              4,750,000.0000      4,750,000.00          0.0%   06/01/2023
Mecklenburg Cnty NC Ctfs Partn                  39,825,000.0000     39,825,000.00          0.4%   02/01/2028
Met Gov., TN Nashville & Davidson                2,155,000.0000      2,155,000.00          0.0%   12/01/2027
Met Govt Nashville&Davidson Tenn Rev             1,150,000.0000      1,150,000.00          0.0%   08/15/2032
Met Govt,TN, Nashville & Davidson Cnty          12,155,000.0000     12,155,000.00          0.1%
Met Nashville & Nashville Health & Ed.           1,780,000.0000      1,780,000.00          0.0%   11/15/2026
Met Water District of Southern CAL              15,000,000.0000     15,000,000.00          0.1%   04/01/2031
Met Water District of Southern CAL              26,100,000.0000     26,100,000.00          0.3%
Met.Gov.Nashville&Davidson,TN                    1,000,000.0000      1,000,000.00          0.0%   05/01/2023
Metro Govt Nashville-Davidson TN Rev             1,500,000.0000      1,500,000.00          0.0%   11/15/2027
Metro Govt TN Nashville&Davidson Rev             5,525,000.0000      5,525,000.00          0.1%   09/01/2034
Metro NY Transn Dedicated Tax Fd Rev            10,225,000.0000     10,225,000.00          0.1%   11/01/2034
Metro Transit Authority of New York              2,150,000.0000      2,150,000.00          0.0%   11/01/2022
Metro Transn Auth NY Transn Rev TECP            70,000,000.0000     70,000,000.00          0.7%   05/05/2009
Metro Transn Auth NY Transn Rev TECP            41,000,000.0000     41,000,000.00          0.4%   05/05/2009
Metropolitan Trans Auth.                        88,975,000.0000     88,975,000.00          0.9%   11/01/2031
Metropolitan Transn Auth NY Rev                  8,330,000.0000      8,330,000.00          0.1%   11/01/2026
Metropolitan Water District of SO Cal            3,700,000.0000      3,700,000.00          0.0%   07/01/2036
MFO AIM SHORT TERM INVESTMENT                            0.8000              0.80          0.0%
Michigan St Dtrategic Fund                      13,625,000.0000     13,625,000.00          0.1%
Michigan St Hosp Fin Auth Rev                    7,500,000.0000      7,500,000.00          0.1%   10/15/2038
Michigan St Hosp Fin Auth Rev                   16,000,000.0000     16,000,000.00          0.2%   06/01/2022
Michigan St Strategic Fd Ltd Oblig Rev           9,200,000.0000      9,200,000.00          0.1%   04/15/2018
Michigan St Strategic Fd Ltd Oblig Rev           2,475,000.0000      2,475,000.00          0.0%   08/01/2029
Michigan St.Strat. Fd LTD.                       2,295,000.0000      2,295,000.00          0.0%
Michigan State Strategic Rev                     3,115,000.0000      3,115,000.00          0.0%   08/01/2028
Milwaukee WI Redev Auth Rev                      9,225,000.0000      9,225,000.00          0.1%   10/01/2036
Mineapolis, MN                                   1,960,000.0000      1,960,000.00          0.0%   10/01/2021
Minneapolis MN Hlth Care Sys Rev                 5,800,000.0000      5,800,000.00          0.1%   11/15/2047
Minneapolis MN Hlth Care Sys Rev                 2,300,000.0000      2,300,000.00          0.0%   11/15/2047
Minnesota Agric&Econ Dev Brd Rev                 6,900,000.0000      6,900,000.00          0.1%   02/15/2030
Minnesota St Higher Ed Facs Auth Rev             9,915,000.0000      9,915,000.00          0.1%   04/01/2037
Mississippi Bus Fin Corp Gulf Opp Zone          27,000,000.0000     27,000,000.00          0.3%   12/01/2030
Mississippi Bus Fin Corp Gulf Opp Zone          10,000,000.0000     10,000,000.00          0.1%   12/01/2030
Mississippi Bus Fin Gulf Opp Zone Rev           25,600,000.0000     25,600,000.00          0.3%   12/01/2030
Mississippi Business Fin Corp Miss Rev           7,570,000.0000      7,570,000.00          0.1%   01/01/2033
Mississippi Business Fin Corp Miss Rev          13,180,000.0000     13,180,000.00          0.1%   11/01/2037
Mississippi Business Fin Corp Rev               48,800,000.0000     48,800,000.00          0.5%   11/01/2032
Mississippi Business Finance Corp               17,000,000.0000     17,000,000.00          0.2%   12/01/2036
Mississippi Dev.Bank                            33,800,000.0000     33,800,000.00          0.3%   03/01/2023
MISSOURI HEALTH & EDUCATIONAL, 4.01%, 10/1/2024  2,200,000.0000      2,200,000.00          0.0%   10/01/2024
Missouri Jt Mun Elec Util Pwr Proj Rev          20,610,000.0000     20,610,000.00          0.2%   01/01/2032
Missouri St Health&Ed Facs Rev                   7,400,000.0000      7,400,000.00          0.1%   05/15/2032
Missouri St Hlth&Ed Facs Auth Ed Rev            21,740,000.0000     21,740,000.00          0.2%   07/01/2029
Missouri St Hlth&Ed Facs Auth Hlth Rev           8,600,000.0000      8,600,000.00          0.1%   06/01/2033
Missouri St Hlth&Edl Facs Auth Hlth Rev         10,300,000.0000     10,300,000.00          0.1%   06/01/2039
Missouri St Hlth&Edl Facs Auth Rev               3,300,000.0000      3,300,000.00          0.0%   02/01/2033
Missouri St. Hlth&Ed. Auth. Rev.                24,115,000.0000     24,115,000.00          0.2%   02/01/2031
MO St. Dev Fin Brd Infrastructure Facs           8,200,000.0000      8,200,000.00          0.1%   12/01/2020
MO ST. HEALTH & ED FACS                          9,525,000.0000      9,525,000.00          0.1%
Mobile, AL Spring Hill College                  13,000,000.0000     13,000,000.00          0.1%   09/01/2024
Monongalia Cnty W.VA Bldng.Comm.                12,775,000.0000     12,775,000.00          0.1%   07/01/2036
Monroe Cnty GA Dev Auth Pollutn Ctl Rev         10,000,000.0000     10,000,000.00          0.1%   12/01/2041
Monroe Cnty NY Indl Dev Civic Fac Rev            2,000,000.0000      2,000,000.00          0.0%   01/01/2033
                                                REV
MONROE COUNTY GA DEV AUTH POLLUTION CONTROL 25,315,000.0000         25,315,000.00          0.2%   11/01/2048
Montgomery Cnty.Tenn.Pub.Bldg.Auth.              7,050,000.0000      7,050,000.00          0.1%   07/01/2034
Montgomery Cntyu, MD Econ Dev Rev               32,510,000.0000     32,510,000.00          0.3%   03/01/2034
Morehead, KY League of Cities                    9,939,000.0000      9,939,000.00          0.1%   06/01/2034
MT.VERNON IND. POLL CNTRL AND SOLID WASTE        6,215,000.0000      6,215,000.00          0.1%   12/01/2014
Municipal Energy Acquistn Tenn Gas Rev          46,550,000.0000     46,550,000.00          0.5%   06/01/2009
Nebraska Edl Fin Auth Rev                        4,000,000.0000      4,000,000.00          0.0%   07/01/2035
NEW HAMPSHIRE HEALTH & ED                        5,225,000.0000      5,225,000.00          0.1%   01/01/2030
                             NORTHERN FUNDS - MUNICIPAL MONEY MARKET FUND
                                       Holdings as of March 31, 2009


                                                                                      % of
Security                                           Shares/Par      Amortized Cost Amortized Cost Maturity Date
New Hampshire Hlth&Ed Facs Auth Rev              22,500,000.0000     22,500,000.00          0.2%   09/01/2042
New Hampshire Hlth&Ed Facs Auth Rev               3,000,000.0000      3,000,000.00          0.0%   06/01/2038
New Hanover County, NC                            2,250,000.0000      2,250,000.00          0.0%   03/01/2013
New Jersey Economic Dev Auth Rev                  6,500,000.0000      6,500,000.00          0.1%   08/01/2037
New Mexico Fin Auth St Transn Rev                 2,800,000.0000      2,800,000.00          0.0%   12/15/2026
New Mexico Fin Auth St Transn Rev                 8,800,000.0000      8,800,000.00          0.1%   12/15/2026
New Mexico St Hosp Equip Ln Council Rev          18,000,000.0000     18,000,000.00          0.2%   08/01/2034
New York City NY (Daily)                         14,240,000.0000     14,240,000.00          0.1%   01/01/2036
New York City, NY Hsng.Dev.Corp.                  2,100,000.0000      2,100,000.00          0.0%   11/15/2019
New York NY City Mun Fin Wtr&Swr Rev             34,000,000.0000     34,000,000.00          0.3%   06/15/2035
New York NY City Mun Fin Wtr&Swr Rev              3,400,000.0000      3,400,000.00          0.0%   06/15/2024
New York NY City Mun Wtr&Swr Rev                  3,300,000.0000      3,300,000.00          0.0%   06/15/2024
New York NY City Tr Cultural Res Rev              3,750,000.0000      3,750,000.00          0.0%   11/01/2038
New York NY G.O.                                  2,000,000.0000      2,000,000.00          0.0%   04/01/2038
New York NYC Muni Water Finance                   2,600,000.0000      2,600,000.00          0.0%   06/15/2032
New York St Dorm Auth Rev                         8,000,000.0000      8,000,000.00          0.1%   07/01/2037
New York St Dorm Auth Rev St Supp Debt            5,000,000.0000      5,000,000.00          0.0%   07/01/2031
NEW YORK ST HSG FIN AGY REV BDS                  11,900,000.0000     11,900,000.00          0.1%   05/15/2034
New York St Urban Dev Corp Rev                    4,000,000.0000      4,000,000.00          0.0%   03/15/2033
NEW YORK ST URBAN DEV CORP., 1.78%, 03/15/2033   19,500,000.0000     19,500,000.00          0.2%   03/15/2033
New York State Dorm Auth VRDNs                    3,600,000.0000      3,600,000.00          0.0%   07/01/2028
NEWPORT NEWS VA REDEV & HSG AUTH                 13,200,000.0000     13,200,000.00          0.1%   09/01/2026
North Broward FL Hosp Dist Rev                   17,100,000.0000     17,100,000.00          0.2%   01/15/2031
North Carolina Cap Facs Fin Agy Edl Rev           6,500,000.0000      6,500,000.00          0.1%   10/01/2028
North Carolina Cap Recreational Fac Rev          14,600,000.0000     14,600,000.00          0.1%   04/01/2029
North Carolina Cap.Fac.-Duke U.                  12,000,000.0000     12,000,000.00          0.1%   10/01/2041
North Carolina Med Care Commn Hlth Rev            4,900,000.0000      4,900,000.00          0.0%   12/01/2036
North Carolina Med Care Commn Hlth Rev            7,600,000.0000      7,600,000.00          0.1%   12/01/2028
North Carolina Med Care Commn Hosp Rev           11,000,000.0000     11,000,000.00          0.1%   12/01/2025
NORTH CAROLINA MED CARE, 01/01/2037               6,500,000.0000      6,500,000.00          0.1%   01/01/2037
North Carolina Med Center HealthCare              9,100,000.0000      9,100,000.00          0.1%   10/01/2035
North Carolina Medical Care Cmnty                50,000,000.0000     50,000,000.00          0.5%   06/01/2028
NORTH CENT TEX HEALTH FAC DEV CORP               60,990,000.0000     60,990,000.00          0.6%   08/15/2013
NORTHWEST TEX INDPT SCH DIST., 3.85%, 02/15/2015  3,970,000.0000      3,970,000.00          0.0%   02/15/2015
NY City Ind.Dev.Agy.Civic Ctr.                    2,000,000.0000      2,000,000.00          0.0%   06/01/2028
Oakbend Med Ctr.                                  7,000,000.0000      7,000,000.00          0.1%   12/01/2038
Oconee Cnty SC, Pol.Ctr.Rev.                     42,250,000.0000     42,250,000.00          0.4%   02/01/2017
Ohio Hsng. Fin.Agy.Multi.Fam.                     6,351,000.0000      6,351,000.00          0.1%   11/15/2032
OHIO ST AIR QUALITY DEV AUTH, 0.0%, 12/01/2023   60,900,000.0000     60,900,000.00          0.6%   12/01/2023
Ohio St Hghr Ed Fac Commn Rev                     3,550,000.0000      3,550,000.00          0.0%   01/01/2043
Ohio St Higher Edl Fac Rev                       13,300,000.0000     13,300,000.00          0.1%   12/01/2037
Ohio St Higher Edl Fac Rev                       29,500,000.0000     29,500,000.00          0.3%   06/01/2032
Ohio St Univ Gen Rcpts Rev                       22,000,000.0000     22,000,000.00          0.2%   12/01/2028
Olathe KS SR Living Fac Rev                       6,300,000.0000      6,300,000.00          0.1%   11/15/2038
Omaha Pub Pwr Dist Neb Separate Elec Rv          27,760,000.0000     27,760,000.00          0.3%   02/01/2046
Onondaga Cnty, NY Ind Dev Agy                     7,435,000.0000      7,435,000.00          0.1%   12/01/2031
Orange Cnty FL Hlth Fac Auth Rev                  9,700,000.0000      9,700,000.00          0.1%   11/15/2036
Orange Cnty FL Hlth Facs Auth Rev                 5,000,000.0000      5,000,000.00          0.0%   10/01/2026
Orange Cnty FL Hlth Facs Auth Rev                 5,500,000.0000      5,500,000.00          0.1%   10/01/2026
Orange Cnty FL Hlth Facs Auth Rev                14,100,000.0000     14,100,000.00          0.1%   10/01/2026
Orange Cnty FL Hsg Fin Auth Multifam Rv          10,000,000.0000     10,000,000.00          0.1%   08/15/2031
Orange Cnty FL Sch Brd Ctfs Partn                60,400,000.0000     60,400,000.00          0.6%   08/01/2032
Orange Cnty FL Sch Brd Ctfs Partn                11,700,000.0000     11,700,000.00          0.1%   08/01/2025
Orange Cnty, CA Sanitation Dist 2000-A           13,875,000.0000     13,875,000.00          0.1%   08/01/2029
Orange Cnty, FL Health Fac Auth VRDB             14,200,000.0000     14,200,000.00          0.1%   11/15/2026
Orange Cnty, FL Hsng Fin Auth                    20,650,000.0000     20,650,000.00          0.2%   06/01/2025
Orange County, CA Housing Authority               4,200,000.0000      4,200,000.00          0.0%   06/15/2028
Oregon Hlth Hsg Ed & Cult Fac Auth                2,500,000.0000      2,500,000.00          0.0%   03/01/2020
Oregon St Facs Auth Rev                          13,100,000.0000     13,100,000.00          0.1%   08/01/2034
Oregon State Fac.Auth.                           19,900,000.0000     19,900,000.00          0.2%   07/15/2035
Orlando FL Utils Commn Wtr & Elec Rev            25,400,000.0000     25,400,000.00          0.3%   10/01/2022
PALM BEACH CNTY, FL SCHOOL BRD CERTS              1,150,000.0000      1,150,000.00          0.0%   08/01/2027
Palm Beach County, FL Health Facs                 2,400,000.0000      2,400,000.00          0.0%   12/01/2031
PARK CITY UTAH REV, 0%, 04/01/2027                3,380,000.0000      3,380,000.00          0.0%   04/01/2027
Pembroke Pines FL Charter School Rev             10,000,000.0000     10,000,000.00          0.1%   07/01/2038
Pennsylvania Hsg Fin Agy Multifam Rev             4,300,000.0000      4,300,000.00          0.0%   05/01/2046
Pennsylvania St. Tpk Comm.Rev                    10,000,000.0000     10,000,000.00          0.1%   12/01/2012
Philadelphia PA Hosps&Hghr Ed Fac Rev            15,000,000.0000     15,000,000.00          0.1%   07/01/2032
Phoenix, AZ IDA Multifam Hsg Rev                  5,900,000.0000      5,900,000.00          0.1%   05/15/2029
Piedmont SC Mun Pwr Agy Elec Rev                 20,900,000.0000     20,900,000.00          0.2%   01/01/2034
Pima Cnty, AZ IDA                                 8,855,000.0000      8,855,000.00          0.1%   05/01/2032
Pima County, AZ Dev Auth Multifam                 6,790,000.0000      6,790,000.00          0.1%   02/15/2031
Pinellas Cnty Florida Facs Authority              5,000,000.0000      5,000,000.00          0.0%   07/01/2036
Pinellas County Health, 0.00%, 7/1/2034          34,640,000.0000     34,640,000.00          0.3%   07/01/2034
PLANO HEALTH FAC DEV CORP., TX                    7,975,000.0000      7,975,000.00          0.1%   01/01/2020
Platte Cnty MO Indl Dev Multifam Rev              7,730,000.0000      7,730,000.00          0.1%   04/01/2028
Polk Cnty, FL Ind Dev Auth Ind Dev Rev            2,300,000.0000      2,300,000.00          0.0%   08/01/2028
Prince Williams Cnty VA Ctfs Partn                6,350,000.0000      6,350,000.00          0.1%   09/01/2026
Private Colleges & Univs Auth GA Rev             20,100,000.0000     20,100,000.00          0.2%   09/01/2024
PRIVATE COLLEGES & UNIVS AUTH GA REV              7,000,000.0000      7,000,000.00          0.1%   09/01/2043
                                                 3
PUERTO RICO COMWLTH TAX & REV ANTIC NTS-SUBSER1,000,000.0000         31,138,840.94          0.3%   07/30/2009
Quad Citites Regl Economic Dev.                  14,700,000.0000     14,700,000.00          0.1%   10/01/2035
Regional Transportation Authority, IL            14,510,000.0000     14,510,000.00          0.1%   07/01/2023
Reno NV Hosp Rev                                  4,100,000.0000      4,100,000.00          0.0%   06/01/2039
Revere MA Hsg Auth Multifam Mtg Rev              23,990,000.0000     23,990,000.00          0.2%   09/01/2028
Richland Cnty OH Hlth Care Facs Rev               3,695,000.0000      3,695,000.00          0.0%   11/01/2027
                            NORTHERN FUNDS - MUNICIPAL MONEY MARKET FUND
                                      Holdings as of March 31, 2009


                                                                                    % of
Security                                        Shares/Par       Amortized Cost Amortized Cost Maturity Date
Richmond Cnty GA Dev Auth Rev                  13,900,000.0000     13,900,000.00          0.1%   07/01/2037
Richmond Cnty, GA Hosp AuthRevAnticCtfs         8,000,000.0000      8,000,000.00          0.1%   01/01/2025
Richmond, VA IDA                                6,870,000.0000      6,870,000.00          0.1%
Robbinsdale Minn Rev                            5,000,000.0000      5,000,000.00          0.0%   05/01/2033
Robbinsdale Minn Rev                            4,500,000.0000      4,500,000.00          0.0%   05/01/2033
Rochester MN Hlth Care Facs Rev                16,000,000.0000     16,000,000.00          0.2%   08/15/2032
Rockford IL Rev                                15,000,000.0000     15,104,499.34          0.1%   09/30/2009
Rockwall TX Indpt Sch Dist GO                  16,000,000.0000     16,000,000.00          0.2%   08/01/2037
Rodchester,MN Health Care                      10,000,000.0000     10,000,000.00          0.1%   11/15/2038
Roswell, GA Housing Authority Multifam         10,000,000.0000     10,000,000.00          0.1%   11/15/2032
SALT RIVER PROJ., AZ POWER DIST.                8,700,000.0000      8,700,000.00          0.1%   01/01/2035
San Antonio TX Ed Facs Corp Rev                28,000,000.0000     28,000,000.00          0.3%   12/01/2028
Scotts Bluff Cnty NE Hosp Auth No 1 Rev        10,030,000.0000     10,030,000.00          0.1%   12/01/2028
Shelby Cnty Tenn Hlth Ed & Hsg Brd Rev          9,300,000.0000      9,300,000.00          0.1%   06/01/2038
Shelby Cnty Tennessee G.O.                     26,000,000.0000     26,000,000.00          0.3%   04/01/2020
Shelby County Tenn Health Authority             5,575,000.0000      5,575,000.00          0.1%   06/15/2036
Shelby County, TN Health Edl & Hsg Fac          9,800,000.0000      9,800,000.00          0.1%   08/01/2037
Shelby County, TN Health Edl & Hsg Fac          4,200,000.0000      4,200,000.00          0.0%   10/01/2022
SHELBY, TN HLTH AND EDUC AND HOUSING FACS       6,400,000.0000      6,400,000.00          0.1%   05/01/2033
Smyrna GA Hsng Auth Multifam.                   4,400,000.0000      4,400,000.00          0.0%   06/01/2025
Smyrna, GA Hsg Auth MultiFam Hsg Rev           11,200,000.0000     11,200,000.00          0.1%   06/01/2025
SMYRNA, GA MULITFAM HSG                         4,500,000.0000      4,500,000.00          0.0%   06/01/2025
South Carolina Jobs Econ Health Fac Rev        39,970,000.0000     39,970,000.00          0.4%   11/01/2037
South Carolina Jobs-Econ Dev Hosp Rev          13,200,000.0000     13,200,000.00          0.1%   07/01/2037
South Carolina Jobs-Econ Dev Hosp Rev          12,000,000.0000     12,000,000.00          0.1%   08/15/2037
South Carolina Jobs-Econ Dev Hosp Rev           9,000,000.0000      9,000,000.00          0.1%   10/01/2036
South Carolina St Hsg&Dev Multifam Rev          5,000,000.0000      5,000,000.00          0.0%   06/01/2046
South Dakota St Hlth&Edl Facs Auth Rev         12,965,000.0000     12,965,000.00          0.1%   09/01/2027
Southcentral PA Gen Auth Rev                    7,700,000.0000      7,700,000.00          0.1%   06/01/2035
SOUTHCENTRAL PA GEN AUTH REV (144A)             8,715,000.0000      8,715,000.00          0.1%   06/01/2035
Southern CA Pub Pwr Auth Pwr Proj Rev           2,440,000.0000      2,440,000.00          0.0%   07/01/2020
ST CHARLES CNTY MO INDL DEV AUTH INDL REV       6,170,000.0000      6,170,000.00          0.1%   09/01/2029
St of TX Transn Commn Mblty Fd G.O. 05A        10,165,000.0000     10,165,000.00          0.1%   04/01/2030
St Petersburg FL Hlth Facs Auth Rev             6,775,000.0000      6,775,000.00          0.1%   07/01/2027
St Tammany Parish LA Gulf Opp Zone Rev          5,000,000.0000      5,000,000.00          0.0%   05/01/2038
St. Charles Cnty, MO IDA                       19,000,000.0000     19,000,000.00          0.2%   07/15/2032
St. Charles Cnty, MO IDA                       10,700,000.0000     10,700,000.00          0.1%   02/01/2029
St. Louis County, MO IDA VRDBs, 1996-B          4,725,000.0000      4,725,000.00          0.0%   09/01/2016
St. Paul MN Housing & Redev Auth               16,100,000.0000     16,100,000.00          0.2%   05/01/2027
State of California                             7,600,000.0000      7,600,000.00          0.1%   07/01/2023
State of California, 7/01/2023                 13,065,000.0000     13,065,000.00          0.1%   07/01/2023
State of Georgia G.O.                          23,603,000.0000     23,603,000.00          0.2%   12/01/2026
State of Louisiana G.O.                        24,000,000.0000     24,000,000.00          0.2%   07/01/2026
State of Massachusetts G.O. Ltd Nts            60,000,000.0000     60,169,247.58          0.6%   05/29/2009
STATE OF MICHIGAN G.O.                         88,000,000.0000     88,409,630.40          0.9%   09/30/2009
State of Minnesota Ref G.O.                    25,900,000.0000     25,900,000.00          0.3%   08/01/2015
State of New Jersey Rev Notes                 115,000,000.0000    115,371,245.64          1.1%   06/25/2009
State of Oregon Facs Auth Rev                  10,000,000.0000     10,000,000.00          0.1%   05/01/2047
State of Oregon G.O.                           28,705,000.0000     28,795,569.10          0.3%   06/30/2009
State of Texas                                  5,500,000.0000      5,500,000.00          0.1%   12/01/2016
State of Texas G.O.                            45,000,000.0000     45,000,000.00          0.4%   12/01/2038
State of Texas GO                              51,900,000.0000     51,900,000.00          0.5%   04/01/2035
State of Washington G.O.                       14,740,000.0000     14,740,000.00          0.1%   03/01/2015
STATE OF WISCONSIN G.O. REF SER 1              25,000,000.0000     25,000,000.00          0.2%   09/01/2017
STATE PUB SCH BLDG AUTH PA REV 0%               3,900,000.0000      3,900,000.00          0.0%   10/15/2017
SUFFOLK CNTY, NY INDL DEV, 12/01/2036           6,500,000.0000      6,500,000.00          0.1%   12/01/2036
Sullivan Cnty,TN Hlth & Ed.                    35,300,000.0000     35,300,000.00          0.3%   09/01/2032
Summit Cnty, CO Recreational Facs Rev           2,245,000.0000      2,245,000.00          0.0%
Summit Cnty, CO Recreational Facs Rev             885,000.0000        885,000.00          0.0%   04/01/2017
Summit Cnty, CO Recreational Facs Rev           1,050,000.0000      1,050,000.00          0.0%   04/01/2017
Tarrant Cnty TX Cultural Ed Facs Fin Rv         6,500,000.0000      6,500,000.00          0.1%   11/15/2033
Tarrant Cnty TX Cultural Ed Facs Fin Rv        14,625,000.0000     14,625,000.00          0.1%   11/15/2033
Tarrant Cnty TX Cultural Ed Facs Fin Rv         4,500,000.0000      4,500,000.00          0.0%   11/15/2047
Tarrant Cnty TX Cultural Ed Facs Fin Rv         5,350,000.0000      5,350,000.00          0.1%   11/15/2033
Tarrant Cnty TX Cultural Ed Facs Fin Rv         8,530,000.0000      8,530,000.00          0.1%   11/15/2033
Tarrant Cnty TX Cultural Ed Facs Fin Rv        10,000,000.0000     10,000,000.00          0.1%   07/01/2031
Tarrant Cnty Tx Hsng.Fin.Corp.Rev               8,245,000.0000      8,245,000.00          0.1%   02/15/2036
Tarrant Cty TX Health Fac Authority             9,375,000.0000      9,375,000.00          0.1%   11/15/2036
TARRANT CTY TX HEALTH FAC, 11/15/2026           4,010,000.0000      4,010,000.00          0.0%   11/15/2026
Tennergy Corp., TN Gas Rev.                    34,910,000.0000     34,910,000.00          0.3%   02/25/2010
Tennergy Corp.TN Gas Rev.                      73,995,000.0000     73,995,000.00          0.7%   05/01/2016
Terre Haute IN Industrial EDA Rev Bond          2,000,000.0000      2,000,000.00          0.0%   12/01/2015
Texas Mun Gas Acq&Supply Corp II Rev           33,340,000.0000     33,340,000.00          0.3%   09/15/2018
Texas St Tpk Auth Cent TX Tpk Sys Rev          15,840,000.0000     15,840,000.00          0.2%   08/15/2042
Texas St Trans Commn Rev                       13,750,000.0000     13,750,000.00          0.1%   04/01/2021
Texas St Transn Commn First Tier Rev            6,100,000.0000      6,100,000.00          0.1%   04/01/2027
TEXAS ST. TAX & REV ANTIC NTS                 260,000,000.0000    261,477,835.06          2.6%   08/28/2009
TEXAS STATE TRANSP. COMMISION, 4/1/2026        52,850,000.0000     52,850,000.00          0.5%   04/01/2026
TEXAS WATER DEVELOPMENT BOARD, 3.99%, 7/15/201937,550,000.0000     37,550,000.00          0.4%   07/15/2019
The Commonwealth of Massachusetts              20,000,000.0000     20,000,000.00          0.2%   05/07/2009
Thomasville, GA Hosp Auth Rev Ant Certs         5,000,000.0000      5,000,000.00          0.0%
Tompkins Cnty NY Indl Dev Agy Rev               8,000,000.0000      8,000,000.00          0.1%   07/01/2037
Travis Cnty.TX Hlth.Fac.RetirementFac           2,500,000.0000      2,500,000.00          0.0%   11/15/2035
Triborough Brdg&Tunl NY Auth Rev               11,950,000.0000     11,950,000.00          0.1%   11/01/2035
TRUST FOR CULTURA RES NY 4-1-26                 2,300,000.0000      2,300,000.00          0.0%   04/01/2026
Tucson, AZ Ind Dev Auth                         4,320,000.0000      4,320,000.00          0.0%   01/15/2032
                                     NORTHERN FUNDS - MUNICIPAL MONEY MARKET FUND
                                               Holdings as of March 31, 2009


                                                                                                      % of
Security                                                        Shares/Par         Amortized Cost Amortized Cost Maturity Date
Tulsa Cnty, OK Ind Auth Cap Impts Rev                          29,000,000.0000       29,000,000.00          0.3%   05/15/2017
U.S. Treasury Bill                                             40,000,000.0000       39,999,988.89          0.4%   04/02/2009
Uinta Cnty Wyoming Pollution Ctrl Rev                           9,100,000.0000        9,100,000.00          0.1%   07/01/2026
Union County North Carolina VRDNs                              20,865,000.0000       20,865,000.00          0.2%   03/01/2020
Univ Wisconsin Hosps&Clinics Auth Rev                           4,870,000.0000        4,870,000.00          0.0%   04/01/2032
Univ.of So.Florida College                                     23,530,000.0000       23,530,000.00          0.2%   07/01/2036
University Athletic-Fla Ath Prog Rev                           13,625,000.0000       13,625,000.00          0.1%   10/01/2031
University Athletic-Fla Ath Prog Rev                            7,600,000.0000        7,600,000.00          0.1%   10/01/2020
UNIVERSITY KANSAS HOSP., 3.53%, 09/01/34                        1,980,000.0000        1,980,000.00          0.0%   09/01/2034
UNIVERSITY MASS BLDG AUTH REV VAR RT                           33,900,000.0000       33,900,000.00          0.3%   11/01/2034
UNIVERSITY N C CHAPEL HILL REV                                  5,800,000.0000        5,800,000.00          0.1%   12/01/2034
University of Illinois Rev                                      8,170,000.0000        8,170,000.00          0.1%   04/01/2038
University of Illinois Rev                                     41,215,000.0000       41,215,000.00          0.4%   10/01/2026
University of Illinois Rev                                      9,500,000.0000        9,500,000.00          0.1%   01/15/2022
University of Minnesota                                        15,000,000.0000       15,000,000.00          0.1%   12/01/2036
University of Texas Perm Univ Fd Rev                           16,500,000.0000       16,500,000.00          0.2%   07/01/2038
Utah Water Finance Agency Rev                                   6,500,000.0000        6,500,000.00          0.1%   11/01/2021
Utah Wtr Fin Agy Rev                                           23,900,000.0000       23,900,000.00          0.2%   07/01/2036
Valdez, AK Marine Term Rev                                     13,400,000.0000       13,400,000.00          0.1%   12/01/2033
VALDEZ, AK MARINE TERM REV, 12/01/2033                         15,000,000.0000       15,000,000.00          0.1%   12/01/2033
Valdez, AK Marine Terminal Rev                                 10,000,000.0000       10,000,000.00          0.1%   12/01/2029
Valdez, AK Marine Terminal Rev                                 20,900,000.0000       20,900,000.00          0.2%   07/01/2037
Valdez, Alaska Marine Terminal Rev Bds                         13,700,000.0000       13,700,000.00          0.1%   12/01/2033
Vancouver Wash Hsg Auth Rev                                     4,500,000.0000        4,500,000.00          0.0%   12/01/2038
Village of Lisle, Illinois                                     26,525,000.0000       26,525,000.00          0.3%   12/15/2025
Vincennes Univ, IN Revs                                        21,930,000.0000       21,930,000.00          0.2%   10/01/2024
WA St. Hsng Fin Comm Nonprofit Rev                              3,700,000.0000        3,700,000.00          0.0%   07/01/2030
Waco Texas Edl Fin Corp Rev                                    11,300,000.0000       11,300,000.00          0.1%   02/01/2032
Washington St Hghr Ed Facs Auth Rev                             8,600,000.0000        8,600,000.00          0.1%   10/01/2030
WASHINGTON ST HIGHER ED                                         2,100,000.0000        2,100,000.00          0.0%   12/01/2033
Washington St Higher Ed Facs Auth Rev                           8,800,000.0000        8,800,000.00          0.1%   02/01/2037
WASHINGTON ST HIGHER EDUCATION                                 14,479,345.0000       14,479,345.00          0.1%   04/01/2034
WASHINGTON ST HSG FIN COMMN NONPROF                             5,000,000.0000        5,000,000.00          0.0%   07/01/2036
WASHINGTON ST HSG FIN COMMN NONPROFIT                          41,000,000.0000       41,000,000.00          0.4%   01/01/2038
Washington St, Housing, 7/01/2033                               1,500,000.0000        1,500,000.00          0.0%   07/01/2033
Washington St. Housing Fin Comm VRDB                            7,840,000.0000        7,840,000.00          0.1%   10/01/2030
Washington State Series 2003                                    1,985,000.0000        1,985,000.00          0.0%   12/01/2029
Washington State G.O. Ser 1993B                                20,600,000.0000       20,600,000.00          0.2%   05/01/2018
Washington State Housing Authority                                625,000.0000          625,000.00          0.0%   06/01/2035
WEST JEFFERSON CTY AL IND DEV, 6/01/2028                       20,000,000.0000       20,000,000.00          0.2%   06/01/2028
West Virginia Econ Dev-Poll Ctrl Rev                            6,675,000.0000        6,675,000.00          0.1%   07/01/2014
Westchester Cnty NY Indl Dev Agy Rev                           13,905,000.0000       13,905,000.00          0.1%   07/01/2038
Westchester Cnty NY Indl Dev Rev                                6,300,000.0000        6,300,000.00          0.1%   01/01/2031
Westmoreland County PA Dev Authority                           19,845,000.0000       19,845,000.00          0.2%   01/01/2036
WI ST Hlth & Ed Facs Auth                                       4,455,000.0000        4,455,000.00          0.0%   10/01/2030
WI St. Health & Ed Facs Auth Rev                                6,155,000.0000        6,155,000.00          0.1%   07/01/2028
WI State Hlth & Edl Facs Auth Rev                               8,000,000.0000        8,000,000.00          0.1%   09/01/2031
Wisconsin Hlth & Ed Fac Auth                                    6,895,000.0000        6,895,000.00          0.1%   05/01/2025
Wisconsin Sch Dists Cash Flow Ctfs Prtn                        12,500,000.0000       12,593,098.68          0.1%   10/30/2009
Wisconsin St Health&Ed Facs Auth Rev                           20,000,000.0000       20,000,000.00          0.2%   10/01/2033
Wisconsin St Hlth & Ed Facs                                     6,935,000.0000        6,935,000.00          0.1%   08/15/2023
Wisconsin St Hlth&Ed Facs Auth Rev                              9,300,000.0000        9,300,000.00          0.1%   06/01/2022
Wisconsin St Hlth&Ed Facs Auth Rev                             19,200,000.0000       19,200,000.00          0.2%   12/01/2037
Wisconsin St Hlth&Ed Facs Auth Rev                              6,490,000.0000        6,490,000.00          0.1%   03/01/2038
Wisconsin St Hlth&Ed Facs Auth Rev                                600,000.0000          600,000.00          0.0%   03/01/2038
Wisconsin St Hlth&Ed Facs Auth Rev                              3,900,000.0000        3,900,000.00          0.0%   12/01/2026
Wisconsin St Hlth&Edl Facs Auth Rev                            15,000,000.0000       15,000,000.00          0.1%   09/01/2036
Wisconsin St Hlth&Edl Facs Auth Rev                            21,665,000.0000       21,665,000.00          0.2%   04/01/2038
Wisconsin St Hlth&Edl Facs Auth Rev                            15,000,000.0000       15,000,000.00          0.1%   04/01/2035
Wisconsin St Hlth&Edl Facs Auth Rev                             4,560,000.0000        4,560,000.00          0.0%   08/01/2034
Wisconsin St Transn Rev Tr Ctf 2007-24                         21,745,000.0000       21,745,000.00          0.2%   05/01/2016
Wisconsin State Hlth & Ed Facs Rev                             30,000,000.0000       30,000,000.00          0.3%   08/15/2033
Yuma AZ Indl Dev Auth Hosp Rev                                 19,700,000.0000       19,700,000.00          0.2%   08/01/2043

Total                                                                             10,138,275,125.63


This information is unaudited, and the portfolios holdings are subject to change at any time.
This list is not intended as a recommendation or offer to buy, hold or sell any of the
securities listed. You should consider the investment objectives, risks, charges,
and expenses of Northern Funds carefully before investing.
A prospectus with this and other information may be obtained at 800/595-9111
or northernfunds.com. The prospectus should be read carefully before investing.
Northern Funds are distributed by Northern Funds Distributor, LLC,
not affiliated with Northern Trust.

								
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