# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0001145549-25-038525
**Filing Date:** 2025-6
**Character Count:** 2851969
**Document Hash:** 560bd3ec60f562c4882eb0f00549d0c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-038525.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001145549-25-038525

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**EFFECTIVENESS DATE**: 20250604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN FUNDS
- **CENTRAL INDEX KEY:** 0000916620

**ORGANIZATION NAME:**
- **EIN:** 391777365
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 251023261

**BUSINESS ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** 800-595-9111

**MAIL ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-08236

#### Northern Funds
(Exact name of registrant as specified in charter)

------

50 South LaSalle Street

Chicago, IL 60603

(Address of principal executive offices) (Zip code)

Name and Address of Agent for Service:

Michael D. Mabry

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, Pennsylvania 19103

with a copy to:

Kevin P. O'Rourke

Jose J. Del Real, Esq.

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

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

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### March 31, 2025

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

![TSR - Fund Logo - NF](images_6988.jpg)

### U.S. GOVERNMENT MONEY MARKET FUND

### SHARES/NOGXX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the U.S. Government Money Market Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883449.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| U.S. GOVERNMENT MONEY MARKET FUND (SHARES/NOGXX) | 4.72% | 2.39% | 1.63% |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$22209987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$66281 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Repurchase Agreements | 55.2% |
| U.S. Government Agencies | 31.2% |
| U.S. Government Obligations | 14.0% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

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

NF ANR-TSR NOGXX (5/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_6988.jpg)

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

### SHARES/NOSXX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the U.S. Government Select Money Market Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883466.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| U.S. GOVERNMENT SELECT MONEY MARKET FUND (SHARES/NOSXX) | 4.72% | 2.45% | 1.67% |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$4357994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$14299 |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Repurchase Agreements | 53.9% |
| U.S. Government Agencies | 33.8% |
| U.S. Government Obligations | 12.4% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

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

NF ANR-TSR NOSXX (5/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_6988.jpg)

### SMALL CAP CORE FUND

### CLASS I/NSGRX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Small Cap Core Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| SMALL CAP CORE FUND<br>(CLASS I/NSGRX) | $56 | 0.57% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened. Small cap stocks underperformed larger cap stocks during the period, as shown by the S&P 500 return of 8.25%, which outpaced both the Russell 2000<sup>®</sup> and Russell 2000<sup>®</sup> Value indices.

* The Russell 2000<sup>®</sup> Index, the Fund's benchmark (the "Index") finished the fiscal period lower by -4.01%. The Index lost gains from earlier in the period following significant uncertainty surrounding political policy. Utilities and consumer staples were among the best performing sectors in the Index, while energy and consumer discretionary sectors lagged.

* The Fund's Class I shares' return of -4.12% underperformed the Index.

**Performance contributors:**

Higher quality stocks outperformed the Index, adding to relative returns, as the Fund was overweight this group

While the smallest capitalization stocks (those with market cap less than $350 million) underperformed in the Index, strong stock selection in the Fund among these stocks resulted in modest net positive contributions

Stronger stock picking results in health care and consumer discretionary sectors

**Performance detractors:**

Weaker results in consumer staples and communication services sectors

Overall impact from our proprietary quality model detracted from relative returns

Lower quality stocks significantly outperformed, detracting from relative performance as the Fund was typically underweight

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883762.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| SMALL CAP CORE FUND (CLASS I/NSGRX) | -4.12% | 14.20% | 6.59% |
| RUSSELL 3000<sup>®</sup>INDEX<sup>1</sup> | 7.22% | 18.18% | 11.80% |
| RUSSELL 2000<sup>®</sup> INDEX | -4.01% | 13.27% | 6.30% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the Russell 2000<sup>®</sup> Index to the Russell 3000<sup>®</sup> Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$353784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17.68% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Financials | 19.1% |
| Industrials | 17.8% |
| Health Care | 16.1% |
| Information Technology | 11.3% |
| Consumer Discretionary | 8.9% |
| Real Estate | 5.6% |
| All other industries less than 5% | 21.3% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

The Board of Trustees of Northern Funds approved reductions in the Fund's contractual expense limitation amount and management fee charged by Northern Trust Investments, Inc., the Fund's investment adviser, effective January 1, 2025. Accordingly, effective January 1, 2025, the Fund's contractual expense limitation and management fee were reduced to 0.40% and 0.38%, respectively.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NSGRX (5/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_6988.jpg)

### SMALL CAP CORE FUND

### CLASS K/NSCKX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Small Cap Core Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| SMALL CAP CORE FUND<br>(CLASS K/NSCKX) | $46 | 0.47% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened. Small cap stocks underperformed larger cap stocks during the period, as shown by the S&P 500 return of 8.25%, which outpaced both the Russell 2000<sup>®</sup> and Russell 2000<sup>®</sup> Value indices.

* The Russell 2000<sup>®</sup> Index, the Fund's benchmark (the "Index") finished the fiscal period lower by -4.01%. The Index gave up gains from earlier in the period following significant uncertainty surrounding political policy. Utilities and consumer staples were among the best performing sectors in the index, while energy and consumer discretionary sectors lagged.

* The Fund's Class K shares' return of -4.00% outperformed the Index.

**Performance contributors:**

Higher quality stocks outperformed the Index, adding to relative returns, as the Fund was overweight this group

While the smallest capitalization stocks (those with market cap less than $350 million) underperformed in the Index, strong stock selection in the Fund among these stocks resulted in modest net positive contributions

Stronger stock picking results in health care and consumer discretionary sectors

**Performance detractors:**

Weaker results in consumer staples and communication services sectors

Overall impact from our proprietary quality model detracted from relative returns

Lower quality stocks significantly outperformed, detracting from relative performance as the Fund was typically underweight

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883819.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| SMALL CAP CORE FUND (CLASS K/NSCKX) | -4.00% | 14.31% | 6.65% |
| RUSSELL 3000<sup>®</sup>INDEX<sup>1</sup> | 7.22% | 18.18% | 11.80% |
| RUSSELL 2000<sup>®</sup> INDEX | -4.01% | 13.27% | 6.30% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the Russell 2000<sup>®</sup> Index to the Russell 3000<sup>®</sup> Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$353784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17.68% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Financials | 19.1% |
| Industrials | 17.8% |
| Health Care | 16.1% |
| Information Technology | 11.3% |
| Consumer Discretionary | 8.9% |
| Real Estate | 5.6% |
| All other industries less than 5% | 21.3% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

The Board of Trustees of Northern Funds approved reductions in the Fund's contractual expense limitation amount and management fee charged by Northern Trust Investments, Inc., the Fund's investment adviser, effective January 1, 2025. Accordingly, effective January 1, 2025, the Fund's contractual expense limitation and management fee were reduced to 0.40% and 0.38%, respectively.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NSCKX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### HIGH YIELD FIXED INCOME FUND

### SHARES/NHFIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the High Yield Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened. High yield spreads ended the 12-month reporting period ended March 31, 2025 wider than where they began. In aggregate, high yield tightened 0.48% to end the period at 3.47%, as represented by the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. Given the risk-on nature of the reporting period, the lower quality portions of the market generally outperformed the higher quality portions. Over the reporting period, the high yield market had $32 billion in inflows.

* The Fund returned 7.21% for the fiscal year, underperforming its style-specific benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index, which returned 7.69%.

**Performance contributors**:

Overweight to B rated securities, along with a modest overweight to CCC rated securities

Overweight positions in financials including banking and brokerage, as well as airlines

Underweights to building materials and lodging

**Performance detractors**:

Security selection in packaging and communications

Underweight to BBB bonds

Underweight to wireless

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883836.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| HIGH YIELD FIXED INCOME FUND (SHARES/NHFIX) | 7.21% | 7.87% | 4.49% |
| BLOOMBERG UNIVERSAL INDEX<sup>1</sup> | 5.24% | 0.32% | 1.83% |
| BLOOMBERG U.S. CORPORATE HIGH YIELD 2% ISSUER CAPPED INDEX | 7.69% | 7.28% | 5.01% |

---

---

| | |
|:---|:---|
| 1 | Effective July 31, 2024, the Fund changed its broad-based securities market index from the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index to the Bloomberg Universal Index in connection with new regulatory requirements. |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2633055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$14702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;45.13% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Corporate Bonds | 71.8% |
| Foreign Issuer Bonds | 13.0% |
| Futures Contracts | 13.8% |
| Other less than 5% | 1.4% |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest in U.S. Treasury futures. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NHFIX (5/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_6988.jpg)

### CORE BOND FUND

### SHARES/NOCBX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Core Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened. Investment grade credit index spreads widened by 0.04%, high yield index spreads widened by 0.48%, and the mortgage-backed securities (MBS) index spread tightened by 0.12% over this time frame.

* The Fund returned 4.95% over the fiscal year, outperforming the 4.88% return of its benchmark, the Bloomberg U.S. Aggregate Bond Index. Over the course of the year, the Fund increased its exposure to the securitized sector, and maintained exposure to investment grade corporate credit.

**Performance contributors:**

Modestly overweight duration from November 2024 through the end of the reporting period

Security selection within, and sector allocation to, investment grade credit and securitized bonds

**Performance detractors:**

Curve exposure

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2882783.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| CORE BOND FUND (SHARES/NOCBX) | 4.95% | 0.06% | 1.32% |
| BLOOMBERG U.S. AGGREGATE BOND INDEX | 4.88% | -0.40% | 1.46% |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$96385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;134.11% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| U.S. Government Agencies | 22.1% |
| Corporate Bonds | 16.3% |
| Asset-Backed Securities | 14.9% |
| U.S. Government Obligations | 11.6% |
| Foreign Issuer Bonds | 5.9% |
| Futures Contracts | 14.0% |
| Futures Contracts Sold Short | 11.3% |
| Other less than 5% | 3.9% |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest in U.S. Treasury futures and may seek exposure to mortgage-backed and mortgage-related securities through to-be-announced transactions. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOCBX (5/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_6988.jpg)

### SHORT BOND FUND

### SHARES/BSBAX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Short Bond Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened. Investment grade credit index spreads widened by 0.04%, high yield index spreads widened by 0.48%, and the mortgage-backed securities (MBS) index spread tightened by 0.12% over this time frame.

* The Fund returned 5.43% over the fiscal year, underperforming its style-specific benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index, which returned 5.61%. During the reporting period, the Fund increased its exposure to the securitized sector as well as to investment grade corporate credit. Additionally, the Fund had a small allocation to high yield.

**Performance contributors:**

Modestly overweight duration from November 2024 through the end of the reporting period

Security selection within, and sector allocation to, investment grade credit and securitized bonds

**Performance detractors:**

Curve exposure

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

#### GROWTH OF $10,000<sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_2882857.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| SHORT BOND FUND (SHARES/BSBAX) | 5.43% | 2.13% | 1.80% |
| BLOOMBERG U.S. AGGREGATE BOND INDEX<sup>2</sup> | 4.88% | -0.40% | 1.46% |
| BLOOMBERG 1-3 YEAR U.S. GOVERNMENT/CREDIT INDEX | 5.61% | 1.56% | 1.73% |

---

---

| | |
|:---|:---|
| 1 | Index returns may not be visible due to high correlation with the Fund's returns. |
| 2 | Effective July 31, 2024, the Fund changed its broad-based securities market index from the Bloomberg 1-3 Year U.S. Government/Credit Index to the Bloomberg U.S. Aggregate Bond Index in connection with new regulatory requirements. |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$292953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;134.80% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Corporate Bonds | 29.0% |
| U.S. Government Obligations | 15.5% |
| Foreign Issuer Bonds | 12.6% |
| Asset-Backed Securities | 6.9% |
| U.S. Government Agencies | 6.7% |
| Futures Contracts | 14.6% |
| Futures Contracts Sold Short | 10.4% |
| Other less than 5% | 4.3% |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest in U.S. Treasury futures. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR BSBAX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### GLOBAL TACTICAL ASSET ALLOCATION FUND

### SHARES/BBALX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Global Tactical Asset Allocation Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1,2</sup>** |
| GLOBAL TACTICAL ASSET ALLOCATION FUND (SHARES/BBALX) | $27 | 0.26% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

 *<sup>2</sup>* *Expense ratio reflects only the direct expenses of the Fund and not any expenses associated with the underlying funds.* 

#### What impacted Fund performance over the reporting period?
* During the 12-month fiscal year ended March 31, 2025, U.S. economic resilience continued with support from a solid labor market and healthy consumer backdrop. However, policy uncertainty started to emerge as a headwind for the U.S. economy in early 2025, particularly related to U.S. trade policy. A number of major developed market central banks cut interest rates over the reporting period. Overall, the supportive macro backdrop helped lead to mid-to-upper-single-digit positive returns across both equities and fixed income over this period.

* Adjustments to equity allocations included broadening the Fund's equity exposure and reducing factor-based equity strategy exposure. The Fund re-aligned its fixed income exposure, which included reducing the overall number of fixed income holdings in a manner designed to help the Fund more efficiently position its fixed income holdings across aspects such as sector and duration positioning. The Fund also began utilizing derivatives in the fourth quarter of 2024 with the use of Treasury futures for hedging purposes.

* The Fund returned 6.04% during the reporting period, underperforming the 6.30% return of its blended benchmark, the Asset Allocation Blend Index (60% MSCI All Country World Index and 40% Bloomberg U.S. Aggregate Bond Index).

**Performance contributors:**

Tactical positioning modestly benefited performance as the Fund was overweight equities and underweight fixed income throughout most of the reporting period.

**Performance detractors:**

Underperformance was primarily driven by headwinds from product fulfillment.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883392.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| GLOBAL TACTICAL ASSET ALLOCATION FUND (SHARES/BBALX) | 6.04% | 8.42% | 4.92% |
| MSCI ALL COUNTRY WORLD INDEX | 7.15% | 15.18% | 8.84% |
| BLOOMBERG U.S. AGGREGATE BOND INDEX | 4.88% | -0.40% | 1.46% |
| BLENDED INDEX (60% MSCI ALL COUNTRY WORLD INDEX AND 40% BLOOMBERG U.S. AGGREGATE BOND INDEX) | 6.30% | 8.89% | 6.06% |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$77208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;94.22% |

---

ASSET CLASS WEIGHTINGS AS A % OF INVESTMENTS

---

| | |
|:---|:---|
| U.S. Equity | 43.8% |
| U.S. Fixed Income | 15.2% |
| U.S. Bonds - Investment Grade | 13.0% |
| Non U.S. Equity - Developed | 12.9% |
| Non U.S. Equity - Emerging Markets | 6.3% |
| U.S. Bonds - High Yield | 3.1% |
| U.S. Bonds - Inflation Protected | 2.0% |
| Cash | 1.5% |
| Global Infrastructure | 1.1% |
| Global Real Estate | 1.0% |
| Cash Equivalent | 0.1% |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR BBALX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND

### SHARES/NMHYX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Multi-Manager High Yield Opportunity Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* For the 12-month reporting period ended March 31, 2025, the high yield market returned 7.60%, as measured by the ICE BofA U.S. High Yield Constrained Index (the "Index"). During the period, lower quality securities outperformed higher quality securities. CCCs & lower rated securities returned 11.37%, followed by B rated securities returning 6.76%, and BB rated securities returning 6.60%. From a sector perspective, telecommunications, financials and technology outperformed the Index, while transportation and capital goods underperformed. Loans modestly trailed the Index.

* For the 12-month reporting period, the Fund returned 6.36%, underperforming the 7.60% return for its benchmark, the ICE BofA U.S. High Yield Constrained Index.

**Performance contributors:**

Sub-adviser BlackRock Investment Management, LLC ("BlackRock")'s tactical beta adjustments, as well as underweight to BB-rated securities contributed to relative performance. Positive sector contribution came from midstream, banking and packaging

Sub-adviser Polen Capital Credit, LLC ("Polen")'s underweight to BB-rated securities, income advantage, and duration effect drove positive relative returns

Sub-adviser Nomura Corporate Research and Asset Management Inc.'s ("Nomura") underweight to BB-rated securities, as well as positive security selection within chemicals and technology, contributed to relative performance

**Performance detractors:**

BlackRock's underweight to the highest yielding and most distressed Index names, within the CCC-rated cohort and cable and satellite sector detracted from relative performance. An off-benchmark allocation to loans also detracted from relative returns

Polen's security selection in automobiles and healthcare, as well as an underweight to the highest yielding and most distressed Index names within the CCC-rated cohort, detracted from relative performance

Nomura's underweight to the highest yielding and most distressed Index names within the CCC-rated cohort detracted from performance, as did contributions from packaging and retail

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883614.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND (SHARES/NMHYX) | 6.36% | 7.72% | 4.54% |
| BLOOMBERG UNIVERSAL INDEX<sup>1</sup> | 5.24% | 0.32% | 1.83% |
| ICE BofA U.S. HIGH YIELD CONSTRAINED INDEX | 7.60% | 7.20% | 4.91% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the ICE BofA U.S. High Yield Constrained Index to the Bloomberg Universal Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$179207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;51.68% |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Corporate Bonds | 78.4% |
| Foreign Issuer Bonds | 8.6% |
| Term Loans | 5.2% |
| Other less than 5% | 7.8% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NMHYX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### SMALL CAP INDEX FUND

### SHARES/NSIDX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Small Cap Index Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, global markets were positive across all regions in the reporting period led by the U.S. market as its economy was characterized by moderating inflation and a relatively stable, low level of unemployment. Although the U.S. market saw strong gains throughout 2024, it pulled back in the first quarter of 2025, largely due to heightened political uncertainty. Volatility increased in early 2025, and credit spreads widened as investor concerns grew regarding consumer strength and the overall economic outlook. Small-cap equities in the U.S. underperformed both large-cap equities as gauged by the 8.25% return of the S&P 500<sup>®</sup> Index, and mid-cap equities as gauged by the -2.70% return of the S&P Midcap 400<sup>®</sup> Index.

* The Northern Small Cap Index Fund returned -4.06% during the 12-month reporting period ended March 31, 2025, underperforming the -4.01% return of its benchmark, the Russell 2000<sup>®</sup> Index (the "Index").

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

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

#### GROWTH OF $10,000<sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_2882504.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| SMALL CAP INDEX FUND (SHARES/NSIDX) | -4.06% | 13.14% | 6.15% |
| RUSSELL 3000<sup>®</sup>INDEX<sup>2</sup> | 7.22% | 18.18% | 11.80% |
| RUSSELL 2000<sup>®</sup> INDEX | -4.01% | 13.27% | 6.30% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns. <br> 2 Effective July 31, 2024, the Fund changed its broad-based securities market index from the Russell 2000<sup>®</sup> Index to the Russell 3000<sup>®</sup> Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1126830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;20.51% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Financials | 19.5% |
| Industrials | 17.3% |
| Health Care | 16.4% |
| Information Technology | 11.9% |
| Consumer Discretionary | 8.7% |
| Real Estate | 6.4% |
| Energy | 5.0% |
| All other industries less than 5% | 14.9% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NSIDX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### U.S. QUALITY ESG FUND

### CLASS I/NUEIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the U.S. Quality ESG Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| U.S. QUALITY ESG FUND<br>(CLASS I/NUEIX) | $50 | 0.49% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened.

* The U.S. equity market moved higher in the fiscal period, as reflected by the 7.82% return of the Russell 1000<sup>®</sup> Index (the "Index"). After a strong 2024, with the Index hitting numerous all-time highs, the market faced stronger headwinds toward end the reporting period, driven by tariff fears and concerns over an economic slowdown. During the reporting period, financials and utilities sectors were additive, while materials and health care underperformed.

* The Fund's Class I shares returned 4.91% over the fiscal year, underperforming the Fund's benchmark, the Russell 1000<sup>®</sup> Index. The Fund invests in high quality companies that Northern Trust Investments, Inc. ("NTI") believes have favorable environmental, social, and governance ("ESG") characteristics, a category NTI believes to have the potential to generate above-average returns over time.

**Performance contributors:**

While NTI's quality factor was additive, stock selection within the top quintile of NTI's quality and value scoring methodology caused the Fund to lag the benchmark

**Performance detractors:**

Stocks with ESG characteristics generally underperformed the broader market over the reporting period

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

#### GROWTH OF $10,000<sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_2883745.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **Since<br>Inception** |
| U.S. QUALITY ESG FUND (CLASS I/NUEIX) | 4.91% | 17.70% | 12.51% |
| RUSSELL 1000<sup>®</sup> INDEX | 7.82% | 18.47% | 12.84% |

---

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$492336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36.27% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 29.5% |
| Financials | 15.3% |
| Consumer Discretionary | 11.3% |
| Health Care | 10.7% |
| Industrials | 10.4% |
| Communication Services | 7.8% |
| All other industries less than 5% | 14.9% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NUEIX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### U.S. QUALITY ESG FUND

### CLASS K/NUESX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the U.S. Quality ESG Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| U.S. QUALITY ESG FUND<br>(CLASS K/NUESX) | $40 | 0.39% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened.

* The U.S. equity market moved higher in the fiscal period, as reflected by the 7.82% return of the Russell 1000<sup>®</sup> Index (the "Index"). After a strong 2024, with the Index hitting numerous all-time highs, the market faced stronger headwinds toward end the reporting period, driven by tariff fears and concerns over an economic slowdown. During the reporting period, financials and utilities sectors were additive, while materials and health care underperformed.

* The Fund's Class K shares returned 5.07% over the fiscal year, underperforming the Fund's benchmark, the Russell 1000<sup>®</sup> Index. The Fund invests in high quality companies that Northern Trust Investments, Inc. ("NTI") believes have favorable environmental, social, and governance ("ESG") characteristics, a category NTI believes to have the potential to generate above-average returns over time.

**Performance contributors**:

While NTI's quality factor was additive, stock selection within the top quintile of NTI's quality and value scoring methodology caused the Fund to lag the benchmark

**Performance detractors:**

Stocks with ESG characteristics generally underperformed the broader market over the reporting period

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

#### GROWTH OF $10,000<sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_2883688.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **Since<br>Inception** |
| U.S. QUALITY ESG FUND (CLASS K/NUESX) | 5.07% | 17.80% | 12.57% |
| RUSSELL 1000<sup>®</sup> INDEX | 7.82% | 18.47% | 12.84% |

---

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$492336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36.27% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 29.5% |
| Financials | 15.3% |
| Consumer Discretionary | 11.3% |
| Health Care | 10.7% |
| Industrials | 10.4% |
| Communication Services | 7.8% |
| All other industries less than 5% | 14.9% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NUESX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### SMALL CAP VALUE FUND

### SHARES/NOSGX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Small Cap Value Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| SMALL CAP VALUE FUND (SHARES/NOSGX) | $88 | 0.90% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened. Small cap stocks underperformed larger cap stocks during the period, as shown by the S&P 500 return of 8.25%, which outpaced both the Russell 2000<sup>®</sup> and Russell 2000<sup>®</sup> Value indices.

* The Russell 2000<sup>®</sup> Value Index (the "Index") finished the fiscal period lower by -3.12%. The Index lost gains from earlier in the period following significant uncertainty surrounding political policy. Utilities and financials were among the best performing sectors in the Index, while energy and health care sectors lagged. The Fund's return of -3.98% underperformed the Index.

**Performance contributors:**

The Fund was positively impacted by and overweight to companies that have higher profit margins and return on equity, those companies outperformed companies with lower profitability

**Performance detractors:**

Positive stock selection in health care and financials sectors was outweighed by weaker results in the materials and consumer discretionary sectors

Overweight to higher momentum stocks

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2882726.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| SMALL CAP VALUE FUND (SHARES/NOSGX) | -3.98% | 14.06% | 5.42% |
| RUSSELL 3000<sup>®</sup>INDEX<sup>1</sup> | 7.22% | 18.18% | 11.80% |
| RUSSELL 2000<sup>®</sup> VALUE INDEX | -3.12% | 15.31% | 6.07% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the Russell 2000<sup>®</sup> Value Index to the Russell 3000<sup>®</sup> Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$782738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$6927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26.80% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Financials | 30.4% |
| Industrials | 13.0% |
| Real Estate | 9.9% |
| Health Care | 9.6% |
| Consumer Discretionary | 8.6% |
| Energy | 6.5% |
| Information Technology | 6.4% |
| All other industries less than 5% | 15.4% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

The Board of Trustees of Northern Funds approved reductions in the Fund's contractual expense limitation amount and management fee charged by Northern Trust Investments, Inc., the Fund's investment adviser, effective January 1, 2025. Accordingly, effective January 1, 2025, the Fund's contractual expense limitation amount and management fee were reduced to 0.50% and 0.45%, respectively.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOSGX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### INTERMEDIATE TAX-EXEMPT FUND

### SHARES/NOITX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Intermediate Tax-Exempt Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| INTERMEDIATE TAX-EXEMPT FUND (SHARES/NOITX) | $45 | 0.45% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the 12-month fiscal period ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve (the "Fed") began a cutting cycle bringing the Fed Funds Overnight Rate down 100 basis points. These cuts drove a steepening in the AAA municipal yield curve with the 2-year yield lower by 34 basis points and the 10-year higher by 64 basis points over the period. Additionally, municipal credit spreads tightened over the period reflecting the continuation of a strong economy which underlies credit conditions.

* For the fiscal year ended March 31, 2025, the Fund returned 2.14%, outperforming the 1.57% return for its style-specific benchmark, the Bloomberg Municipal 1-15 Year Blend Index. The Fund is actively managed and seeks to provide a high level of current income exempt from regular federal income tax by investing in municipal instruments.

**Performance contributors:**

Duration positioning and security selection

Overweight to A-rated bonds

**Performance detractors:**

Curve positioning

Underweight to BBB bonds

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883301.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| INTERMEDIATE TAX-EXEMPT FUND (SHARES/NOITX) | 2.14% | 0.72% | 1.65% |
| BLOOMBERG U.S. MUNICIPAL BOND INDEX<sup>1</sup> | 1.22% | 1.07% | 2.13% |
| BLOOMBERG MUNICIPAL 1-15 YEAR INDEX | 1.57% | 1.26% | 1.99% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the Bloomberg Municipal 1-15 Year Index to the Bloomberg U.S. Municipal Bond Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1056990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$4465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37.09% |

---

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| New York | 14.2% |
| Florida | 7.9% |
| Texas | 6.2% |
| California | 5.7% |
| Illinois | 5.6% |
| Colorado | 5.1% |
| All other states less than 5% | 55.3% |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest to a greater degree in certain derivative instruments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOITX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND

### SHARES/NMFIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Multi-Manager Global Listed Infrastructure Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND (SHARES/NMFIX) | $101 | 0.96% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* For the 12-month fiscal year ended March 31, 2025, the global listed infrastructure market, as measured by the S&P Global Infrastructure<sup>®</sup> Index (the "Index") posted a positive return of 17.76%. Oil & gas storage and transportation sectors were the largest contributors to the Index in the period. Renewable infrastructure and railroad sectors lagged considerably, as these names fell out of favor in the higher interest rate environment. Once again, North America was the top performing region for the period, driven by its exposure to oil and gas infrastructure.

* The Fund posted a return of 9.47% for the fiscal year, underperforming the Index's return of 17.76%.

**Performance contributors:**

Underweight to airports, and underweight positioning in Mexico and New Zealand, as well as stock selection in France

**Performance detractors:**

Underweight to oil and gas infrastructure, overweight to communications towers and railroads, and exposure to renewable infrastructure

Industry and stock selection in the U.S., as well as an overweight to, and stock selection in, the U.K.

Sub-adviser Lazard Asset Management, LLC's underweight in oil and gas infrastructure, as well as an overweight to railroads and toll roads

Sub-adviser KBI Global Investors (North America), Ltd. was negatively impacted by an overweight in renewable infrastructure, as well as an underweight to the traditional energy infrastructure sector

Sub-adviser First Sentier Investors (Australia) IM Ltd. underperformed due to its overweight to railroads and toll roads, as well as an underweight to oil and gas infrastructure

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883540.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND (SHARES/NMFIX) | 9.47% | 8.43% | 5.09% |
| MSCI ACWI INDEX<sup>1</sup> | 7.15% | 15.18% | 8.84% |
| S&P GLOBAL INFRASTRUCTURE INDEX | 17.76% | 12.87% | 5.55% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the S&P Global Infrastructure Index to the MSCI ACWI Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$854743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$8156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;70.72% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 44.3% |
| Euro | 21.6% |
| British Pound | 9.3% |
| Australian Dollar | 5.8% |
| Canadian Dollar | 5.3% |
| All other currencies less than 5% | 13.2% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

The Board of Trustees of Northern Funds approved the appointment of Cohen & Steers Capital Management, Inc. and Eagle Global Advisors, LLC as sub-advisers to the Fund effective March 24, 2025.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NMFIX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### INCOME EQUITY FUND

### SHARES/NOIEX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Income Equity Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| INCOME EQUITY FUND (SHARES/NOIEX) | $51 | 0.49% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened. The U.S. equity market moved higher in the fiscal period, as reflected by the 8.25% return of the S&P 500<sup>®</sup> Index (the "Index"). Dividend yield comprised 1.42% of the Index's total return for the period. Among the top-performing sectors in the Index were financials and utilities – both known for higher dividend yields. In contrast, the materials and health care sectors underperformed the Index.

* The Fund returned 9.82% during the fiscal year, outperforming the 8.25% return of the Index. The Fund invests in high-quality, income-producing stocks, which NTI believes may generate above-market returns over time.

**Performance contributors:**

Emphasis on higher dividend-yielding securities contributed positively to performance, as higher dividend-paying stocks outperformed lower and non-dividend paying securities

Overweight to high-quality stocks and underweight to low-quality stocks

Stock selection within the health care and consumer staples sectors

The number of firms in the Index paying dividends increased during the fiscal year, offering more opportunities for the Fund to invest in income-producing stocks

**Performance detractors:**

Stock selection within the consumer discretionary and financials sectors

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2882578.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| INCOME EQUITY FUND (SHARES/NOIEX) | 9.82% | 18.24% | 10.87% |
| S&P 500<sup>®</sup> INDEX | 8.25% | 18.59% | 12.50% |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$226382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21.52% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 30.5% |
| Financials | 12.2% |
| Health Care | 10.5% |
| Communication Services | 10.2% |
| Consumer Discretionary | 8.8% |
| Industrials | 7.3% |
| Consumer Staples | 6.5% |
| All other industries less than 5% | 13.8% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOIEX (5/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_6988.jpg)

### INTERNATIONAL EQUITY FUND

### SHARES/NOIGX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the International Equity Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| INTERNATIONAL EQUITY FUND (SHARES/NOIGX) | $53 | 0.51% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, global markets were positive across all regions in the reporting period led by the U.S. market. While non-U.S. markets underperformed the U.S in the first three quarters of the reporting period, they regained ground in early 2025 posting positive returns for the fiscal period, highlighted by a massive fiscal reform announcement by Germany and central bank rate cuts. Developed international market equities underperformed their U.S. counterparts, as gauged by the 8.25% return of the S&P 500<sup>®</sup> Index.

* The MSCI World ex USA Index, the Fund's benchmark (the "Index"), posted a return of 5.30% for the fiscal period. Financials and communication services sectors were among the best performing sectors in the Index, while information technology and consumer discretionary stocks trailed. The Fund returned 8.62%, outperforming its Index over the fiscal period. The Fund invests in attractively valued, high quality stocks with positive sentiment.

**Performance contributors:**

Strong performance of inexpensive stocks across various regions and sectors

A tilt toward high momentum stocks also provided a modest boost to performance

Stock selection was most effective in financials and consumer staples sectors

Regionally, stock selection added value in all geographies except North America

**Performance detractors:**

Emphasis on high quality stocks

Stock selection lagged in communication services and energy

Stock selection in North America detracted

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2882635.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| INTERNATIONAL EQUITY FUND (SHARES/NOIGX) | 8.62% | 13.17% | 4.67% |
| MSCI WORLD EX USA INDEX | 5.30% | 12.16% | 5.50% |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$138111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;49.68% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Euro | 29.6% |
| Japanese Yen | 19.4% |
| British Pound | 13.3% |
| Canadian Dollar | 10.6% |
| Swiss Franc | 7.8% |
| All other currencies less than 5% | 17.7% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOIGX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### FIXED INCOME FUND

### SHARES/NOFIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened. Investment grade credit index spreads widened by 0.04%, high yield index spreads widened by 0.48%, and the mortgage-backed securities (MBS) index spread tightened by 0.12% over this time frame.

* The Fund returned 5.14% over the fiscal year, outperforming the 4.88% return of its benchmark, the Bloomberg U.S. Aggregate Bond Index. Over the course of the year, the Fund increased its exposure to the securitized sector, and maintained exposure to investment grade corporate credit.

**Performance contributors:**

Modestly overweight duration from November 2024 through the end of the reporting period

Security selection within, and sector allocation to, investment grade credit and securitized bonds

**Performance detractors:**

Curve exposure

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2882800.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| FIXED INCOME FUND (SHARES/NOFIX) | 5.14% | 0.73% | 1.61% |
| BLOOMBERG U.S. AGGREGATE BOND INDEX | 4.88% | -0.40% | 1.46% |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$328357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;119.29% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| U.S. Government Agencies | 26.0% |
| Corporate Bonds | 22.5% |
| Asset-Backed Securities | 10.5% |
| U.S. Government Obligations | 8.0% |
| Foreign Issuer Bonds | 5.8% |
| Futures Contracts | 11.1% |
| Futures Contracts Sold Short | 11.8% |
| Other less than 5% | 4.3% |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest in U.S. Treasury futures and may seek exposure to mortgage-backed and mortgage-related securities through to-be-announced transactions. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOFIX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### U.S. GOVERNMENT FUND

### SHARES/NOUGX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the U.S. Government Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| U.S. GOVERNMENT FUND (SHARES/NOUGX) | $46 | 0.45% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened. Investment grade credit index spreads widened by 0.04%, high yield index spreads widened by 0.48%, and the mortgage-backed securities (MBS) index spread tightened by 0.12% over this time frame.

* Short U.S. Treasury yields plunged to end the reporting period, and the curve twisted around the 10-year maturity. The spread between 2-year and 30-year yields ended the fiscal year at +0.69%. Generic 2-year yields fell 0.74% to 3.89%, while 5-year yields fell 0.26% to 3.95%. Generic 10-year yields were unchanged at 4.20%, and 30-year bond yields rose 0.23% to 4.57%.

* The Fund returned 4.26% for the fiscal year, underperforming its style-specific benchmark, the Bloomberg Intermediate U.S. Government Bond Index, which returned 5.35%.

**Performance contributors:**

Allocation to U.S. MBS

Tactical positioning in yield curve

Duration

**Performance detractors:**

Allocation to U.S. Treasury inflation-protected securities

Underweight to U.S. Agency securities

Pricing methodology differences between the Fund and the style-specific benchmark

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2882948.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| U.S. GOVERNMENT FUND (SHARES/NOUGX) | 4.26% | -0.43% | 0.95% |
| BLOOMBERG U.S. AGGREGATE BOND INDEX<sup>1</sup> | 4.88% | -0.40% | 1.46% |
| BLOOMBERG INTERMEDIATE U.S. GOVERNMENT BOND INDEX | 5.35% | -0.03% | 1.36% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the Bloomberg Intermediate U.S. Government Bond Index to the Bloomberg U.S. Aggregate Bond Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$27350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;60.41% |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| U.S. Government Obligations | 91.1% |
| U.S. Government Agencies | 5.6% |
| Other less than 5% | 2.7% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest in U.S. Treasury futures and may seek exposure to mortgage-backed and mortgage-related securities through to-be-announced transactions. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOUGX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### STOCK INDEX FUND

### SHARES/NOSIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Stock Index Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* Global markets were positive across all regions in the reporting period led by the U.S. market as its economy was characterized by moderating inflation and a relatively stable, low level of unemployment. Although the U.S. market saw strong gains throughout 2024, it pulled back in the first quarter of 2025, largely due to heightened political uncertainty. Volatility increased in early 2025, and credit spreads widened as investor concerns grew regarding consumer strength and the overall economic outlook. In the U.S. market, large-cap stocks as measured by the Index notably outperformed mid-cap stocks, as gauged by the -2.70% return of the S&P Midcap 400<sup>®</sup> Index, and outperformed small caps, as gauged by the -4.01% return of the Russell 2000<sup>®</sup> Index. 

* The Fund returned 8.16% during the 12-month reporting period ended March 31, 2025, underperforming the 8.25% return of its benchmark, the S&P 500<sup>®</sup> Index (the "Index").

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

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

#### GROWTH OF $10,000<sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_2882561.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| STOCK INDEX FUND (SHARES/NOSIX) | 8.16% | 18.49% | 12.40% |
| S&P 500<sup>®</sup> INDEX | 8.25% | 18.59% | 12.50% |

---

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$14536266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;3.43% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 29.4% |
| Financials | 14.5% |
| Health Care | 11.1% |
| Consumer Discretionary | 10.2% |
| Communication Services | 9.2% |
| Industrials | 8.3% |
| Consumer Staples | 6.0% |
| All other industries less than 5% | 11.2% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOSIX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### TAX-EXEMPT FUND

### SHARES/NOTEX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Tax-Exempt Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| TAX-EXEMPT FUND (SHARES/NOTEX) | $45 | 0.45% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the 12-month fiscal period ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve (the "Fed") began a cutting cycle bringing the Fed Funds Overnight Rate down 100 basis points. These cuts drove a steepening in the AAA municipal yield curve with the 2-year yield lower by 34 basis points and the 10-year higher by 64 basis points over the period. Additionally, municipal credit spreads tightened over the period reflecting the continuation of a strong economy which underlies credit conditions.

* For the fiscal year ended March 31, 2025, the Fund returned 1.71%, outperforming the 1.22% return for its benchmark, the Bloomberg U.S. Municipal Index. The Fund is actively managed and seeks to provide a high level of current income exempt from regular federal income tax by investing in municipal instruments.

**Performance contributors:**

Duration positioning

Security selection

Overweight to A-rated bonds

**Performance detractors:**

Sector allocation

Security selection

Underweight to BBB bonds

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883318.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| TAX-EXEMPT FUND (SHARES/NOTEX) | 1.71% | 0.35% | 1.74% |
| BLOOMBERG U.S. MUNICIPAL INDEX | 1.22% | 1.07% | 2.13% |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$770691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;39.45% |

---

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| New York | 13.5% |
| Florida | 8.5% |
| California | 7.4% |
| Colorado | 7.0% |
| Texas | 6.6% |
| Illinois | 6.6% |
| All other states less than 5% | 50.4% |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest to a greater degree in certain derivative instruments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOTEX (5/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_6988.jpg)

### CALIFORNIA TAX-EXEMPT FUND

### SHARES/NCATX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the California Tax-Exempt Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| CALIFORNIA TAX-EXEMPT FUND (SHARES/NCATX) | $46 | 0.46% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the 12-month fiscal period ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve (the "Fed") began a cutting cycle bringing the Fed Funds Overnight Rate down 100 basis points. These cuts drove a steepening in the AAA municipal yield curve with the 2-year yield lower by 34 basis points and the 10-year higher by 64 basis points over the period. Additionally, municipal credit spreads tightened over the period reflecting the continuation of a strong economy which underlies credit conditions.

* For the fiscal year ended March 31, 2025, the Fund returned 1.53%, outperforming its style-specific benchmark, the Bloomberg California Municipal Bond Index, which returned 0.96%. The Fund is actively managed and seeks to provide high current income exempt from regular federal income tax and California state personal income tax. The Fund began the reporting period with short duration as compared to its benchmark.

**Performance contributors:**

Security selection

Duration

**Performance detractors:**

Credit allocation

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

#### GROWTH OF $10,000<sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_2883227.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| CALIFORNIA TAX-EXEMPT FUND (SHARES/NCATX) | 1.53% | 0.48% | 1.83% |
| BLOOMBERG U.S. MUNICIPAL BOND INDEX<sup>2</sup> | 1.22% | 1.07% | 2.13% |
| BLOOMBERG CALIFORNIA MUNICIPAL BOND INDEX | 0.96% | 0.96% | 2.07% |

---

---

| | |
|:---|:---|
| 1 | Index returns may not be visible due to high correlation with the Fund's returns. |
| 2 | Effective July 31, 2024, the Fund changed its broad-based securities market index from the Bloomberg California Municipal Bond Index to the Bloomberg U.S. Municipal Bond Index in connection with new regulatory requirements. |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$143387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;38.88% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Revenue Bonds | 59.5% |
| General Obligation Unlimited Bonds | 30.1% |
| All other issuers less than 5% | 10.4% |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest to a greater degree in certain derivative instruments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NCATX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### ARIZONA TAX-EXEMPT FUND

### SHARES/NOAZX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Arizona Tax-Exempt Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| ARIZONA TAX-EXEMPT FUND (SHARES/NOAZX) | $47 | 0.47% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the 12-month fiscal period ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve (the "Fed") began a cutting cycle bringing the Fed Funds Overnight Rate down 100 basis points. These cuts drove a steepening in the AAA municipal yield curve with the 2-year yield lower by 34 basis points and the 10-year higher by 64 basis points over the period. Additionally, municipal credit spreads tightened over the period reflecting the continuation of a strong economy which underlies credit conditions.

* For the fiscal year ended March 31, 2025, the Fund returned 1.19%, underperforming its style-specific benchmark, the Bloomberg Arizona Municipal Bond Index, which returned 1.62%. The Fund seeks to provide high current income exempt from regular federal income tax and Arizona state personal income tax by investing in municipal instruments. The Fund began the reporting period with short duration and underweight BBB bonds as compared to its benchmark.

**Performance contributors:**

Duration

**Performance detractors:**

Security selection

Credit allocation

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883153.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| ARIZONA TAX-EXEMPT FUND (SHARES/NOAZX) | 1.19% | 0.24% | 1.59% |
| BLOOMBERG U.S. MUNICIPAL BOND INDEX<sup>1</sup> | 1.22% | 1.07% | 2.13% |
| BLOOMBERG ARIZONA MUNICIPAL BOND INDEX | 1.62% | 1.04% | 1.98% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the Bloomberg Arizona Municipal Bond Index to the Bloomberg U.S. Municipal Bond Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$52040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;38.27% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Revenue Bonds | 68.9% |
| General Obligation Unlimited Bonds | 24.8% |
| All other issuers less than 5% | 6.3% |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest to a greater degree in certain derivative instruments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOAZX (5/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_6988.jpg)

### CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND

### SHARES/NCITX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the California Intermediate Tax-Exempt Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND (SHARES/NCITX) | $45 | 0.45% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the 12-month fiscal period ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve (the "Fed") began a cutting cycle bringing the Fed Funds Overnight Rate down 100 basis points. These cuts drove a steepening in the AAA municipal yield curve with the 2-year yield lower by 34 basis points and the 10-year higher by 64 basis points over the period. Additionally, municipal credit spreads tightened over the period reflecting the continuation of a strong economy which underlies credit conditions.

* For the fiscal year ended March 31, 2025, the Fund returned 1.98%, outperforming its style-specific benchmark, the Bloomberg California Intermediate Municipal Bond Index, which returned 1.17%. The Fund is actively managed and seeks to provide high current income exempt from regular federal income tax and California state personal income tax by investing in municipal instruments. The Fund began the reporting period with short duration as compared to its benchmark.

**Performance contributors:**

Duration

Security selection

**Performance detractors:**

Credit allocation

Negative convexity from lower coupon structures

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883170.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND (SHARES/NCITX) | 1.98% | 0.54% | 1.53% |
| BLOOMBERG U.S. MUNICIPAL BOND INDEX<sup>1</sup> | 1.22% | 1.07% | 2.13% |
| BLOOMBERG CALIFORNIA INTERMEDIATE MUNICIPAL BOND INDEX | 1.17% | 0.92% | 1.78% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the Bloomberg California Intermediate Municipal Bond Index to the Bloomberg U.S. Municipal Bond Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$221469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37.65% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Revenue Bonds | 58.8% |
| General Obligation Unlimited Bonds | 31.8% |
| All other issuers less than 5% | 9.4% |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest to a greater degree in certain derivative instruments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NCITX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### ULTRA-SHORT FIXED INCOME FUND

### SHARES/NUSFX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Ultra-Short Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened. 1-year, 2-year and 3-year Treasury rates increased by 1.00%, 0.74% and 0.53%, respectively. Year over year, 1-3 Year Corporate Option Adjusted Spreads (measurement of the spread of a fixed-income security rate and the risk-free rate of return) were largely unchanged, widening from 0.56% to 0.58% by March 31, 2025, despite some mid-year volatility.

* The Fund returned 5.67%, outperforming the 4.98% return of its style-specific benchmark, the ICE BofA 1-Year U.S. Treasury Note Index (the "Index"), for the fiscal year. The Fund's overall credit quality remained relatively constant throughout the course of the year.

**Performance contributors**:

Sector allocation - During the reporting period, the Fund was heavily overweight to corporate bonds as compared to the Index. As of March 31, 2025, the Fund was allocated more than 80% to corporate bonds, and less than 10% to each of the categories of securitized investments, Treasury and cash securities, compared with its all-Treasury Index (0.58%).

Financial institutions account for a majority of the Fund's corporate bond exposure, and the banking sector contributed the most to the outperformance vs. the Index

**Performance detractors:**

The Fund's short-to-duration positioning, as compared to that of the Index, detracted from its relative outperformance as front-end yields fell over the course of the year

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| ULTRA-SHORT FIXED INCOME FUND (SHARES/NUSFX) | 5.67% | 3.14% | 2.29% |
| BLOOMBERG GLOBAL AGGREGATE BOND INDEX<sup>1</sup> | 3.03% | -1.38% | 0.60% |
| ICE BofA 1-YEAR U.S. TREASURY NOTE INDEX | 4.98% | 1.88% | 1.73% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the ICE BofA 1-Year U.S. Treasury Note Index to the Bloomberg Global Aggregate Bond Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1670320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$3154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;64.34% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Corporate Bonds | 45.2% |
| Foreign Issuer Bonds | 35.7% |
| Asset-Backed Securities | 8.4% |
| U.S. Government Obligations | 5.6% |
| Other less than 5% | 5.1% |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest in U.S. Treasury futures. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NUSFX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### ULTRA-SHORT FIXED INCOME FUND

### SIEBERT WILLIAMS SHANK SHARES/SWSFX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Ultra-Short Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened. 1-year, 2-year and 3-year Treasury rates increased by 1.00%, 0.74% and 0.53%, respectively. Year over year, 1-3 Year Corporate Option Adjusted Spreads (measurement of the spread of a fixed-income security rate and the risk-free rate of return) were largely unchanged, widening from 0.56% to 0.58% by March 31, 2025, despite some mid-year volatility.

* The Fund's Siebert Williams Shank shares returned 5.67%, outperforming the 4.98% return of its style-specific benchmark, the ICE BofA 1-Year U.S. Treasury Note Index (the "Index"), for the fiscal year. The Fund's overall credit quality remained relatively constant throughout the course of the year.

**Performance contributors:**

Sector allocation - During the reporting period, the Fund was heavily overweight to corporate bonds as compared to the Index. As of March 31, 2025, the Fund was allocated more than 80% to corporate bonds, and less than 10% to each of the categories of securitized investments, Treasury and cash securities, compared with its all-Treasury Index (0.58%).

Financial institutions account for a majority of the Fund's corporate bond exposure, and the banking sector contributed the most to the outperformance vs. the Index

**Performance detractors:**

The Fund's short-to-duration positioning, as compared to that of the Index, detracted from its relative outperformance as front-end yields fell over the course of the year

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883022.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| ULTRA-SHORT FIXED INCOME FUND (SIEBERT WILLIAMS SHANK SHARES/SWSFX) | 5.67% | 3.14% | 2.29% |
| BLOOMBERG GLOBAL AGGREGATE BOND INDEX<sup>1</sup> | 3.03% | -1.38% | 0.60% |
| ICE BofA 1-YEAR U.S. TREASURY NOTE INDEX | 4.98% | 1.88% | 1.73% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the ICE BofA 1-Year U.S. Treasury Note Index to the Bloomberg Global Aggregate Bond Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1670320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$3154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;64.34% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Corporate Bonds | 45.2% |
| Foreign Issuer Bonds | 35.7% |
| Asset-Backed Securities | 8.4% |
| U.S. Government Obligations | 5.6% |
| Other less than 5% | 5.1% |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest in U.S. Treasury futures. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR SWSFX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

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

### SHARES/NTAUX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Tax-Advantaged Ultra-Short Fixed Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the 12-month fiscal period ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve (the "Fed") began a cutting cycle bringing the Fed Funds Overnight Rate down 100 basis points. These cuts drove a steepening in the AAA municipal yield curve with the 2-year yield lower by 34 basis points and the 10-year higher by 64 basis points over the period. Additionally, municipal credit spreads tightened over the period reflecting the continuation of a strong economy which underlies credit conditions. Investment grade credit index spreads widened by 0.04%, high yield index spreads widened by 0.48%, and the mortgage-backed securities (MBS) index spread tightened by 0.12% over this time frame.

* For the fiscal year ended March 31, 2025, the Fund returned 4.02%, outperforming the 3.58% return for its style-specific benchmark, the 75% ICE BofA 6-12 Month Municipal Securities Index/25% ICE BofA 1-3 Year Municipal Securities Index. The Fund is actively managed and seeks to maximize total return (capital appreciation and income), adjusted for the federal maximum tax rate, to the extent consistent with preservation of principal.

**Performance contributors:**

Duration positioning

Sector allocation

**Performance detractors:**

Curve positioning

Security selection

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

#### GROWTH OF $10,000<sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_2882931.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND (SHARES/NTAUX) | 4.02% | 1.98% | 1.55% |
| BLOOMBERG U.S. MUNICIPAL BOND INDEX<sup>2</sup> | 1.22% | 1.07% | 2.13% |
| ICE BofA 6-12 MONTH MUNICIPAL SECURITIES INDEX | 3.57% | 1.78% | 1.38% |
| ICE BofA 1-3 YEAR US MUNICIPAL SECURITIES INDEX | 3.58% | 1.48% | 1.37% |
| 75% ICE BofA 6-12 MONTH MUNICIPAL SECURITIES INDEX AND 25% ICE BofA 1-3 YEAR U.S. MUNICIPAL SECURITIES INDEX | 3.58% | 1.70% | 1.38% |

---

---

| | |
|:---|:---|
| 1 | Index returns may not be visible due to high correlation with the Fund's returns. |
| 2 | Effective July 31, 2024, the Fund changed its broad-based securities market index from the 75% ICE BofA 6-12 Month Municipal Securities Index and 25% ICE BofA 1-3 Year US Municipal Securities Index to the Bloomberg U.S. Municipal Bond Index in connection with new regulatory requirements. |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2753285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$5003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;52.69% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Municipal Bonds | 70.0% |
| Short-Term Investments | 9.2% |
| Corporate Bonds | 9.1% |
| Foreign Issuer Bonds | 8.6% |
| Other less than 5% | 3.1% |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest in U.S. Treasury futures. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NTAUX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### MULTI-MANAGER GLOBAL REAL ESTATE FUND

### SHARES/NMMGX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Multi-Manager Global Real Estate Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| MULTI-MANAGER GLOBAL REAL ESTATE FUND (SHARES/NMMGX) | $93 | 0.93% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* For the 12-month fiscal year ended March 31, 2025, the FTSE<sup>®</sup> EPRA<sup>®</sup>/NAREIT<sup>®</sup> Developed<sup>®</sup> Index, the Fund's benchmark (the "Index"), returned 3.90%. Healthcare, multifamily, and retail REITs outperformed, as did securities in the United States from a country perspective. Hotels and the industrial sector lagged the Index, as did Australia and the United Kingdom from a country perspective.

* The Fund returned -0.94% for the fiscal year, underperforming the 3.90% return of the Index.

**Performance contributors:**

Underweight to hotels, and stock selection outside of Index

Positive stock selection in the United States contributed to sub-adviser Janus Capital Management, LLC ("Janus")'s results in the reporting period

**Performance detractors:**

Sub-adviser Massachusetts Financial Services Company underperformed the Index, and the most substantial detractors were an underweight to healthcare REITs and stock selection in the United States

Janus also underperformed the Index with poor stock selection in the real estate operating company and multifamily sectors, as well as in Mexico

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883597.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| MULTI-MANAGER GLOBAL REAL ESTATE FUND (SHARES/NMMGX) | -0.94% | 5.62% | 2.43% |
| MSCI ACWI INDEX<sup>1</sup> | 7.15% | 15.18% | 8.84% |
| FTSE EPRA NAREIT DEVELOPED INDEX | 3.90% | 6.22% | 1.99% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the FTSE EPRA NAREIT Developed Index to the MSCI ACWI Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$95034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;57.69% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 68.9% |
| Australian Dollar | 6.6% |
| Japanese Yen | 6.4% |
| British Pound | 6.4% |
| Euro | 6.3% |
| All other currencies less than 5% | 4.5% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NMMGX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### ACTIVE M EMERGING MARKETS EQUITY FUND

### SHARES/NMMEX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Active M Emerging Markets Equity Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| ACTIVE M EMERGING MARKETS EQUITY FUND (SHARES/NMMEX) | $113 | 1.11% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* For the 12-month fiscal year ended March 31, 2025, emerging markets, as measured by the 8.09% return of the MSCI Emerging Markets Index, the Fund's benchmark (the "Index"), moved higher. Stimulus announcements, a renewed support for technology companies by the Chinese government, and advancements in artificial intelligence helped the MSCI China Index perform well ahead of the majority of markets.

* The Fund returned 4.40% over the period, underperforming the 8.09% return of the Index.

**Performance contributors:**

Holdings in Brazil, South Korea and the United Arab Emirates outperformed the Index returns for such markets

Sub-adviser Axiom Investors, LLC outperformed by offsetting the negative contribution from an underweight to China through strong stock selection in Brazil, India, China, South Korea and the United Arab Emirates

FIAM LLC ("FIAM") was added as a sub-adviser in September 2024. Since the end of September 2024, the Fund benefited from FIAM's overweight to China as well as an underweight to India. Additionally, strong stock selection in Brazil, China, India, and South Korea contributed to FIAM's outperformance.

**Performance detractors:**

Underweight allocation to China, including to internet-related companies in the communication services, consumer discretionary and information technology sectors

Holdings in Taiwan, Thailand and Mexico underperformed the country returns of such markets

Sub-adviser Westwood Global Investments, LLC underperformed largely due to the underweight to China, but stock selection was also a detractor in China, South Korea, Mexico, South Africa and Thailand

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883523.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| ACTIVE M EMERGING MARKETS EQUITY FUND (SHARES/NMMEX) | 4.40% | 8.34% | 3.36% |
| MSCI EMERGING MARKETS INDEX | 8.09% | 7.94% | 3.71% |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$153282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;121.70% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 21.1% |
| Hong Kong Dollar | 17.2% |
| Indian Rupee | 12.7% |
| Taiwan Dollar | 10.1% |
| Korean Won | 9.2% |
| South African Rand | 5.8% |
| All other currencies less than 5% | 23.5% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

The Board of Trustees of Northern Funds approved the termination of Ashmore Investment Management Limited as a sub-adviser to the Fund effective September 17, 2024, and the appointment of FIAM LLC as a sub-adviser to the Fund effective September 30, 2024.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NMMEX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### WORLD SELECTION INDEX FUND

### CLASS I/NSRIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the World Selection Index Fund (formerly known as Global Sustainability Index Fund) (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| WORLD SELECTION INDEX FUND<br>(CLASS I/NSRIX) | $29 | 0.29% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, global markets were positive across all regions in the reporting period led by the U.S. market as its economy was characterized by moderating inflation and a relatively stable, low level of unemployment. Although the U.S. market saw strong gains throughout 2024, it pulled back in the first quarter of 2025, largely due to heightened political uncertainty. While non-U.S. markets underperformed the U.S in the first three quarters of the reporting period, they regained ground in early 2025 posting positive returns for the 12-month reporting period, highlighted by a massive fiscal reform announcement by Germany and central bank rate cuts. The Fund's benchmark, the MSCI World Selection Index (the "Index"), underperformed the broad developed market during the reporting period, as gauged by the 7.04% return of the MSCI World Index.

* Class I shares of the Fund returned 2.91% during the 12-month reporting period ended March 31, 2025, outperforming the 2.66% return of the Index.

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

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

#### GROWTH OF $10,000<sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_2882356.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| WORLD SELECTION INDEX FUND (CLASS I/NSRIX) | 2.91% | 15.35% | 9.37% |
| MSCI WORLD INDEX<sup>2</sup> | 7.04% | 16.13% | 9.50% |
| MSCI WORLD SELECTION INDEX (FORMERLY MSCI WORLD ESG LEADERS INDEX) | 2.66% | 15.26% | 9.25% |

---

---

| | |
|:---|:---|
| 1 | Index returns may not be visible due to high correlation with the Fund's returns. |
| 2 | Effective July 31, 2024, the Fund changed its broad-based securities market index from the MSCI World Selection Index (Formerly MSCI World ESG Leaders Index) to the MSCI World Index in connection with new regulatory requirements. |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1866489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$3623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13.38% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 73.0% |
| Euro | 7.6% |
| Japanese Yen | 5.8% |
| All other currencies less than 5% | 13.1% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's underlying index changed its name from the MSCI World ESG Leaders Index to the MSCI World Selection Index.

The Board of Trustees of the Northern Funds approved a change in the Fund's name from the Global Sustainability Index Fund to the World Selection Index Fund effective February 3, 2025.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NSRIX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### WORLD SELECTION INDEX FUND

### CLASS K/NSRKX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the World Selection Index Fund (formerly known as Global Sustainability Index Fund) (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| WORLD SELECTION INDEX FUND<br>(CLASS K/NSRKX) | $24 | 0.24% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, global markets were positive across all regions in the reporting period led by the U.S. market as its economy was characterized by moderating inflation and a relatively stable, low level of unemployment. Although the U.S. market saw strong gains throughout 2024, it pulled back in the first quarter of 2025, largely due to heightened political uncertainty. While non-U.S. markets underperformed the U.S in the first three quarters of the reporting period, they regained ground in early 2025 posting positive returns for the 12-month reporting period, highlighted by a massive fiscal reform announcement by Germany and central bank rate cuts. The Fund's benchmark, the MSCI World Selection Index (the "Index"), underperformed the broad developed market during the reporting period, as gauged by the 7.04% return of the MSCI World Index.

* Class K shares of the Fund returned 2.92% during the 12-month reporting period ended March 31, 2025, outperforming the 2.66% return of the Index.

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

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

#### GROWTH OF $10,000<sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_2882413.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| WORLD SELECTION INDEX FUND (CLASS K/NSRKX) | 2.92% | 15.41% | 9.40% |
| MSCI WORLD INDEX<sup>2</sup> | 7.04% | 16.13% | 9.50% |
| MSCI WORLD SELECTION INDEX (FORMERLY MSCI WORLD ESG LEADERS INDEX) | 2.66% | 15.26% | 9.25% |

---

---

| | |
|:---|:---|
| 1 | Index returns may not be visible due to high correlation with the Fund's returns. |
| 2 | Effective July 31, 2024, the Fund changed its broad-based securities market index from the MSCI World Selection Index (Formerly MSCI World ESG Leaders Index) to the MSCI World Index in connection with new regulatory requirements. |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1866489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$3623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13.38% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 73.0% |
| Euro | 7.6% |
| Japanese Yen | 5.8% |
| All other currencies less than 5% | 13.1% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's underlying index changed its name from the MSCI World ESG Leaders Index to the MSCI World Selection Index.

The Board of Trustees of the Northern Funds approved a change in the Fund's name from the Global Sustainability Index Fund to the World Selection Index Fund effective February 3, 2025.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NSRKX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### LIMITED TERM TAX-EXEMPT FUND

### SHARES/NSITX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Limited Term Tax-Exempt Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the 12-month fiscal period ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve (the "Fed") began a cutting cycle bringing the Fed Funds Overnight Rate down 100 basis points. These cuts drove a steepening in the AAA municipal yield curve with the 2-year yield lower by 34 basis points and the 10-year higher by 64 basis points over the period. Additionally, municipal credit spreads tightened over the period reflecting the continuation of a strong economy which underlies credit conditions.

* For the fiscal year ended March 31, 2025, the Fund returned 2.98%, underperforming the 3.08% return for its style-specific benchmark, the Bloomberg Municipal Bond 1-5 Year Blend Index. The Fund is actively managed and seeks to provide a high level of current income exempt from regular federal income tax by investing in municipal instruments.

**Performance contributors:**

Duration positioning

Security selection

**Performance detractors:**

Curve positioning

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883375.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| LIMITED TERM TAX-EXEMPT FUND (SHARES/NSITX) | 2.98% | 1.31% | 1.33% |
| BLOOMBERG U.S. MUNICIPAL BOND INDEX<sup>1</sup> | 1.22% | 1.07% | 2.13% |
| BLOOMBERG 1-5 YEAR BLEND MUNICIPAL BOND INDEX | 3.08% | 1.38% | 1.50% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the Bloomberg 1-5 Year Blend Municipal Bond Index to the Bloomberg U.S. Municipal Bond Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$351101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;32.24% |

---

STATE ALLOCATION AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| Texas | 15.8% |
| New York | 8.8% |
| Alabama | 6.2% |
| Florida | 5.8% |
| Oklahoma | 5.1% |
| All other states less than 5% | 58.3% |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest to a greater degree in certain derivative instruments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NSITX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### LIMITED TERM U.S. GOVERNMENT FUND

### SHARES/NSIUX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Limited Term U.S. Government Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened. Investment grade credit index spreads widened by 0.04%, high yield index spreads widened by 0.48%, and the mortgage-backed securities (MBS) index spread tightened by 0.12% over this time frame.

* Short U.S. Treasury yields plunged to end the reporting period, and the curve twisted around the 10-year maturity. The spread between 2-year and 30-year yields ended the fiscal year at +0.69%. Generic 2-year yields fell 0.74% to 3.89%, while 5-year yields fell 0.26% to 3.95%. Generic 10-year yields were unchanged at 4.20%, and 30-year bond yields rose 0.23% to 4.57%.

* The Fund returned 5.21% for the fiscal year, underperforming its style-specific benchmark, the Bloomberg 1-5 Year U.S. Government Index, which returned 5.47%.

**Performance contributors:**

Allocation to U.S. MBS

Tactical positioning in yield curve

Duration

**Performance detractors:**

Allocation to U.S. Treasury inflation-protected securities

Underweight to U.S. Agency securities

Pricing methodology differences between the Fund and the style-specific benchmark

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2882874.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| LIMITED TERM U.S. GOVERNMENT FUND (SHARES/NSIUX) | 5.21% | 0.36% | 1.05% |
| BLOOMBERG U.S. AGGREGATE BOND INDEX<sup>1</sup> | 4.88% | -0.40% | 1.46% |
| BLOOMBERG 1-5 YEAR U.S. GOVERNMENT INDEX | 5.47% | 0.67% | 1.45% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the Bloomberg 1-5 Year U.S. Government Index to the Bloomberg U.S. Aggregate Bond Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$23491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;55.53% |

---

TYPE OF SECURITY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| U.S. Government Obligations | 93.5% |
| Other less than 5% | 7.5% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's principal investment strategies were updated to reflect that the Fund may invest in U.S. Treasury futures. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NSIUX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### BOND INDEX FUND

### SHARES/NOBOX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Bond Index Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened. Investment grade credit index spreads widened by 0.04%, high yield index spreads widened by 0.48%, and the mortgage-backed securities (MBS) index spread tightened by 0.12% over this time frame.

* The Fund returned 4.78% during the 12-month reporting period ended March 31, 2025. The Bloomberg U.S. Aggregate Bond Index (the "Index"), the Fund's benchmark, returned 4.88%.

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

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

#### GROWTH OF $10,000<sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_2883079.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| BOND INDEX FUND (SHARES/NOBOX) | 4.78% | -0.51% | 1.35% |
| BLOOMBERG U.S. AGGREGATE BOND INDEX | 4.88% | -0.40% | 1.46% |

---

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$2144016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;3481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;43.36% |

---

TYPE OF SECURITY AS A % OF TOTAL EXPOSURE

---

| | |
|:---|:---|
| U.S. Government Obligations | 43.5% |
| U.S. Government Agencies | 26.1% |
| Corporate Bonds | 20.6% |
| Foreign Issuer Bonds | 6.3% |
| Other less than 5% | 3.5% |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

Effective February 3, 2025, the Fund's investment strategies were updated to reflect that the Fund may invest in U.S. Treasury futures and may seek exposure to mortgage-backed and mortgage-related securities through to-be-announced transactions. The Fund's investment risks were updated to reflect the corresponding risks associated with such investments.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOBOX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### ACTIVE M INTERNATIONAL EQUITY FUND

### SHARES/NMIEX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Active M International Equity Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| ACTIVE M INTERNATIONAL EQUITY FUND (SHARES/NMIEX) | $88 | 0.85% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, international equity markets advanced higher, as stocks in the industrials, communication services and financials sectors contributed the most to the return of the MSCI World ex USA IMI Index, the Fund's benchmark (the "Index"). For the fiscal period, value stocks outperformed growth stocks.

* The Fund returned 6.13% over the period, outperforming the 5.08% return of the Index.

**Performance contributors:**

Strong stock selection across sectors helped the Fund outperform the Index, in particular selection in internet companies within communication services contributed, as did exposure to transportation and aerospace within industrials

Overweight to the U.K. proved beneficial as the U.K. was one of the top performing markets for the period, and an underweight to Japan, one of the lagging markets for the period, was also beneficial

Value oriented sub-advisors Causeway Capital Management, LLC and Wellington Management Company, LLP's performance was supported by that style tailwind

Victory Capital Management, which provides a smaller cap profile to the Fund, outperformed the Index, though smaller capitalization stocks in general lagged for the period

**Performance detractors:**

Healthcare stocks in aggregate were a drag on the Fund's performance, while an underweight to financials and an overweight to information technology also detracted

Holdings in Denmark, Germany and Ireland detracted from returns

WCM Investment Management, LLC and Polen Capital Management, LLC's growth orientation was more challenged

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2883671.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| ACTIVE M INTERNATIONAL EQUITY FUND (SHARES/NMIEX) | 6.13% | 14.57% | 6.03% |
| MSCI WORLD EX USA IMI INDEX | 5.08% | 11.95% | 5.48% |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$468536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$3553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;39.23% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Euro | 29.3% |
| British Pound | 20.0% |
| United States Dollar | 19.5% |
| Japanese Yen | 12.1% |
| All other currencies less than 5% | 18.4% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

#### How has the Fund changed?
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at https://northerntrust.com/funds#literature or upon request at 800-595-9111.

The Board of Trustees of Northern Funds approved the termination of Polen Capital Management, LLC as a sub-adviser to the Fund effective on April 1, 2025, and the appointment of AllianceBernstein L.P. as a sub-adviser to the Fund effective on April 10, 2025.

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NMIEX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### EMERGING MARKETS EQUITY INDEX FUND

### SHARES/NOEMX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Emerging Markets Equity Index Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| EMERGING MARKETS EQUITY INDEX FUND (SHARES/NOEMX) | $16 | 0.15% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* For the 12-month reporting period ended March 31, 2025, emerging markets, as measured by the 8.09% return of the MSCI Emerging Markets Index, moved higher. Stimulus announcements, a renewed support for technology companies by the Chinese government and advancements in artificial intelligence helped the MSCI China Index perform well ahead of the majority of markets.

* The Fund returned 8.41% during the 12-month reporting period ended March 31, 2025, outperforming the 8.09% return of its benchmark, the MSCI Emerging Markets Index (the "Index").

* Tracking difference between the Fund's returns and the Index's total return for the 12-month reporting period was primarily due to fair value pricing of international securities included in the Fund's portfolio, as well as the impact of foreign exchange differential and dividend withholding taxes, which were partially offset by tax accruals in India, and Fund fees and expenses.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2882282.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| EMERGING MARKETS EQUITY INDEX FUND (SHARES/NOEMX) | 8.41% | 7.60% | 3.33% |
| MSCI EMERGING MARKETS INDEX | 8.09% | 7.94% | 3.71% |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1847827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12.17% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Hong Kong Dollar | 26.7% |
| Indian Rupee | 17.9% |
| Taiwan Dollar | 16.7% |
| Korean Won | 8.8% |
| United States Dollar | 5.7% |
| All other currencies less than 5% | 24.4% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOEMX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### LARGE CAP CORE FUND

### SHARES/NOLCX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Large Cap Core Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| LARGE CAP CORE FUND (SHARES/NOLCX) | $47 | 0.45% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened.

* The S&P 500<sup>®</sup> Index, the Fund's benchmark (the "Index") returned 8.25% for the fiscal period. Although the Index saw strong gains throughout 2024, it pulled back in the most recent quarter, largely due to heightened political uncertainty. Volatility increased in early 2025, and credit spreads widened as investor concerns grew regarding consumer strength and the overall economic outlook. Among the sectors, utilities and financials outperformed during the fiscal year, while materials, health care and energy lagged. The Fund returned 8.21% for the reporting period, underperforming the Index, which returned 8.25%. The Fund targets undervalued stocks with high quality fundamentals and a positive market sentiment.

**Performance contributors:**

The Fund's focus on high quality stocks contributed to returns, as higher quality stocks outperformed those with average or lower quality fundamentals

Stock selection was most effective in consumer staples and information technology sectors

**Performance detractors:**

While value stocks experienced a reversal recently, over the past twelve months, they underperformed their more expensive counterparts

A tilt towards higher momentum names modestly weighed on results

Sector stock selection gains were offset by weaker results in energy and materials

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2882652.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| LARGE CAP CORE FUND (SHARES/NOLCX) | 8.21% | 19.26% | 11.43% |
| S&P 500<sup>®</sup> INDEX | 8.25% | 18.59% | 12.50% |

---

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$281331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;35.20% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Information Technology | 29.8% |
| Financials | 14.6% |
| Health Care | 11.7% |
| Consumer Discretionary | 9.9% |
| Communication Services | 9.4% |
| Industrials | 8.1% |
| Consumer Staples | 6.1% |
| All other industries less than 5% | 10.4% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOLCX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### MID CAP INDEX FUND

### SHARES/NOMIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Mid Cap Index Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* Global markets were positive across all regions in the reporting period led by the U.S. market as its economy was characterized by moderating inflation and a relatively stable, low level of unemployment. Although the U.S. market saw strong gains throughout 2024, it pulled back in the first quarter of 2025, largely due to heightened political uncertainty. Volatility increased in early 2025, and credit spreads widened as investor concerns grew regarding consumer strength and the overall economic outlook. Mid-cap equities in the U.S. underperformed large cap stocks, as gauged by the 8.25% return of the S&P 500<sup>®</sup> Index, and outperformed small cap stocks, as gauged by the -4.01% return of the Russell 2000<sup>®</sup> Index.

* The Fund returned -2.78% during the 12-month reporting period ended March 31, 2025, underperforming the -2.70% return of its benchmark, the S&P Midcap 400<sup>®</sup> Index (the "Index").

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

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

#### GROWTH OF $10,000<sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_2882487.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| MID CAP INDEX FUND (SHARES/NOMIX) | -2.78% | 16.79% | 8.29% |
| RUSSELL 3000<sup>®</sup>INDEX<sup>2</sup> | 7.22% | 18.18% | 11.80% |
| S&P MIDCAP 400<sup>®</sup> INDEX | -2.70% | 16.91% | 8.43% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns. <br> 2 Effective July 31, 2024, the Fund changed its broad-based securities market index from the S&P MidCap 400<sup>®</sup> Index to the Russell 3000<sup>®</sup> Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1918728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;16.94% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Industrials | 20.8% |
| Financials | 18.5% |
| Consumer Discretionary | 13.1% |
| Information Technology | 9.9% |
| Health Care | 9.0% |
| Real Estate | 7.5% |
| Materials | 6.4% |
| Consumer Staples | 5.3% |
| All other industries less than 5% | 9.5% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOMIX (5/25) NORTHERN FUNDS

![TSR - Fund Logo - NF](images_6988.jpg)

### INTERNATIONAL EQUITY INDEX FUND

### SHARES/NOINX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the International Equity Index Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

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

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, global markets were positive across all regions in the reporting period led by the U.S. market as its economy was characterized by moderating inflation and a relatively stable, low level of unemployment. While non-U.S. markets underperformed the U.S in the first three quarters of the reporting period, they regained ground in early 2025 posting positive returns for the 12-month reporting period, highlighted by a massive fiscal reform announcement by Germany and central bank rate cuts. Overall, for the fiscal year, developed international market equities underperformed their U.S. counterparts, as gauged by the 8.25% return of the S&P 500<sup>®</sup> Index.

* The Fund returned 5.55% during the 12-month reporting period ended March 31, 2025, outperforming the 4.88% return of its benchmark, the MSCI EAFE<sup>®</sup> Index (the "Index").

* Tracking difference between the Fund's returns and the Index's total return for the reporting period was primarily due to fair value pricing of international securities included in the Fund's portfolio, as well as the impact of foreign exchange differential and dividend withholding taxes, which was partially offset by Fund fees and expenses.

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

#### GROWTH OF $10,000<sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_2882430.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| INTERNATIONAL EQUITY INDEX FUND (SHARES/NOINX) | 5.55% | 11.93% | 5.47% |
| MSCI EAFE INDEX | 4.88% | 11.77% | 5.40% |

---

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$5007172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19.42% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Euro | 33.7% |
| Japanese Yen | 21.2% |
| British Pound | 14.9% |
| Swiss Franc | 9.8% |
| Australian Dollar | 6.5% |
| All other currencies less than 5% | 12.5% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOINX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### LARGE CAP VALUE FUND

### SHARES/NOLVX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Large Cap Value Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| LARGE CAP VALUE FUND (SHARES/NOLVX) | $58 | 0.57% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The U.S. Federal Reserve cut interest rates by 100 basis points during the period and the yield curve steepened. The U.S. equity market moved higher in the fiscal period, as reflected by the 8.25% return of the S&P 500<sup>®</sup> Index. U.S. stocks extended gains in 2024, but saw reversal in the first quarter of 2025 on the backdrop of uncertainty arising from global trade policies and international relations.

* The Fund posted a return of 4.75% for the reporting period, underperforming the Fund's style-specific benchmark, the Russell 1000<sup>®</sup> Value Index, which returned 7.18%. The Fund invest in stocks that Northern Trust Investments, Inc. believes are inexpensive, well-managed, highly profitable with sustainable and efficient cash flow. During the reporting period, high quality stocks in the Russell 1000<sup>®</sup> Value Index outperformed the low quality stocks.

**Performance contributors:**

Positive exposure to the high quality stocks

**Performance detractors:**

Stocks that fit in the Fund's definition of value, which includes both contemporaneous as well as normalized valuation measures, underperformed, detracting from relative performance

Stock selection within materials and consumer staples sectors

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_2882709.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| LARGE CAP VALUE FUND (SHARES/NOLVX) | 4.75% | 16.95% | 8.22% |
| RUSSELL 1000®INDEX<sup>1</sup> | 7.82% | 18.47% | 12.18% |
| RUSSELL 1000<sup>®</sup> VALUE INDEX | 7.18% | 16.15% | 8.79% |

---

1 Effective July 31, 2024, the Fund changed its broad-based securities market index from the Russell 1000<sup>®</sup> Value Index to the Russell 1000<sup>®</sup> Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$62580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;60.87% |

---

INDUSTRY SECTOR AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Financials | 23.9% |
| Health Care | 13.5% |
| Industrials | 12.9% |
| Information Technology | 10.0% |
| Consumer Discretionary | 7.2% |
| Utilities | 6.3% |
| Energy | 6.1% |
| Communication Services | 5.9% |
| Consumer Staples | 5.9% |
| All other industries less than 5% | 8.3% |
| Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NOLVX (5/25) NORTHERN FUNDS

![FC - Northern Funds - Dark Green](images_6990.jpg)

### GLOBAL REAL ESTATE INDEX FUND

### SHARES/NGREX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Global Real Estate Index Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at northerntrust.com/funds#literature. You can also request this information by contacting us at 800-595-9111.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>1</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>1</sup>** |
| GLOBAL REAL ESTATE INDEX FUND (SHARES/NGREX) | $48 | 0.47% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### What impacted Fund performance over the reporting period?
* During the fiscal year ended March 31, 2025, global real estate equity securities were positive, but underperformed the broader global equity market during the reporting period, as gauged by the 7.15% return of the MSCI All Country World Index.

* The Fund returned 4.37% during the 12-month reporting period ended March 31, 2025, outperforming the 3.89% return of its benchmark, the MSCI<sup>®</sup> ACWI<sup>®</sup> IMI Core Real Estate Index (the "Index").

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

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

#### GROWTH OF $10,000<sup>1</sup>
![Fund Performance - Growth of 10K](chartimages_2882339.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 years** | **10 years** |
| GLOBAL REAL ESTATE INDEX FUND (SHARES/NGREX) | 4.37% | 6.06% | 2.41% |
| MSCI WORLD INDEX<sup>2</sup> | 7.04% | 16.13% | 9.50% |
| MSCI ACWI IMI CORE REAL ESTATE INDEX | 3.89% | 5.58% | 2.16% |

---

1 Index returns may not be visible due to high correlation with the Fund's returns. <br> 2 Effective July 31, 2024, the Fund changed its broad-based securities market index from the MSCI ACWI IMI Core Real Estate Index to the MSCI World Index in connection with new regulatory requirements.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$1116774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$4099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;8.98% |

---

CONCENTRATION BY CURRENCY AS A % OF NET ASSETS

---

| | |
|:---|:---|
| United States Dollar | 58.7% |
| Japanese Yen | 9.3% |
| All other currencies less than 5% | 31.2% |
| Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. | Figures in the above table may not sum to 100% due to the exclusions of other asset and liabilities. |

---

Where can I find more information?

![TSR - QR Code - NF](images_6989.jpg)

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

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

NF ANR-TSR NGREX (5/25) NORTHERN FUNDS

------

(b) Copy of notice transmitted to stockholders in reliance on Rule 30e-3 under the 1940 Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(c) The registrant has not amended its Code of Ethics during the period covered by this report.

(d) The registrant has not granted any waivers, including an implicit waiver, from any provisions of its Code of Ethics during the period covered by this report.

(e) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR), serving on its audit committee. David R. Martin and Therese M. Bobek each are an "audit committee financial expert" and are "independent" (as each term is defined in Item 3 of Form N-CSR).

Under applicable securities laws and regulations, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the registrant's Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the registrant's Audit Committee or Board of Trustees.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Principal Accountant Fees and Services.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Items 4(a) – 4(d): Audit, Audit-Related, Tax and All Other Fees*

Fees for the fiscal year ended March 31, 2025 were billed by the principal accountant related to the registrant. The principal accountant billed the registrant aggregate fees for services rendered to the registrant for the fiscal years ended March 31, 2025 and March 31, 2024, respectively, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;2025 |  | &nbsp;&nbsp;2024 |
|  | &nbsp;&nbsp;All fees and services to the Trust that were pre-approved | &nbsp;&nbsp;All fees and services to service affiliates that were pre-approved | &nbsp;&nbsp;All fees and services to the Trust that were pre-approved | &nbsp;&nbsp;All fees and services to service affiliates that were pre-approved |
| (a) Audit Fees | &nbsp;&nbsp;$804750 | &nbsp;&nbsp;$0&nbsp;&nbsp;$5039618<sup>(3)</sup> | &nbsp;&nbsp;$823485 | &nbsp;&nbsp;$0&nbsp;&nbsp;$4562752<sup>(3)</sup> |
| (b) Audit-Related Fees | &nbsp;&nbsp;$165983<sup>(1)</sup> | &nbsp;&nbsp;$0&nbsp;&nbsp;$26205<sup>(1)</sup> | &nbsp;&nbsp;$168000<sup>(1)</sup> | &nbsp;&nbsp;$0&nbsp;&nbsp;$22460<sup>(1)</sup> |
| (c) Tax Fees | &nbsp;&nbsp;$232884<sup>(2)</sup> | &nbsp;&nbsp;$0&nbsp;&nbsp;$3520990<sup>(4)</sup> | &nbsp;&nbsp;$151700<sup>(2)</sup> | &nbsp;&nbsp;$0&nbsp;&nbsp;$2484232<sup>(4)</sup> |
| (d) All Other Fees | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0&nbsp;&nbsp;$1679158<sup>(5)</sup> | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0&nbsp;&nbsp;$2066930<sup>(5)</sup> |

---

(1) Amount relates to 17f-2 procedures.

(2) Amounts relate to excise tax return review and registered investment company tax return review.

(3) Amounts relate to audit fees on The Northern Trust Company sponsored funds.

(4) Amounts relate to international tax compliance and consulting, tax fees on various Northern sponsored funds, and general tax consultations for The Northern Trust Company.

(5) Amounts relate to enterprise risk and remediation management related services provided to The Northern Trust Company.

"Service affiliates" as it relates to the aggregate "Audit Fees," "Audit-Related Fees," "Tax Fees" and "All Other Fees" that were billed by the principal accountant for the fiscal years ended March 31, 2025 and March 31, 2024, respectively, are Northern Trust Investments, Inc.

("NTI") and entities controlling, controlled by or under common control with NTI that provide ongoing services to the registrant for assurance and related services that relate directly to the operations and financial reporting of the registrant. "Audit-Related Fees" are fees that are reasonably related to the performance of the audit or review of the registrant's financial statements, but not reported as "Audit Fees." "Tax Fees" are fees for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning. "All Other Fees" are for products and services provided by the principal accountant other than those reported as Audit, Audit-Related or Tax Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 4(e)(1): Pre-Approval Policies and Procedures*

Pursuant to the Northern Funds' Amended and Restated Audit Committee Charter adopted on August 3, 2006, as amended, to the extent required by applicable regulations, all audit and non-audit services provided by the independent registered public accountants shall either be: (a) pre-approved by the Audit Committee as a whole; or (b) between meetings of the Audit Committee by either the Chairman of the Audit Committee, the designated Audit Committee Financial Expert (if any), or another member of the Audit Committee, provided that, in each case, such pre-approvals must be reported to the full Audit Committee at its next meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 4(e)(2): Percentage of Fees Pre-Approved Pursuant to Waiver Provision of Paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X*

No percentage of the principal accountant's fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 4(f): Work Performed by Persons Other than the Principal Accountant*

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 4(g): Aggregate Non-Audit Fees Disclosure*

The aggregate non-audit fees and services billed by the principal accountant for services rendered to the registrant and service affiliates for the last two fiscal years were $5,433,032 and $4,702,862 for 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 4(h): Non-Audit Services and Independent Accountant's Independence*

The registrant's Audit Committee has considered whether the provision of non-audit services to service affiliates, not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the registered public accountant's independence in performing audit services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 4(i)*

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Item 4(j)*

Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) The registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the Financial Statements filed under Item 7 of this report on Form N-CSR.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

------

**NORTHERN FUNDS EQUITY FUNDS**

**ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION** 

March 31, 2025

![](img92ea60661.gif)

---

| | |
|:---|:---|
| ![](imgcd508f672.gif)<br>| &nbsp;&nbsp;&nbsp;&nbsp; ![](img551dadf13.gif)<br>|

---

------

**EQUITY FUNDS** <br>

**TABLE OF CONTENTS**<br>

---

| | |
|:---|:---|
| **2** | **[STATEMENTS OF ASSETS AND LIABILITIES](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_FS-FundBookHeader_1)** |
| **6** | **[STATEMENTS OF OPERATIONS](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_FS-FundBookHeader_5)** |
| **10** | **[STATEMENTS OF CHANGES IN NET ASSETS](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_FS-FundBookHeader_9)** |
| **16** | **[FINANCIAL HIGHLIGHTS](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_FS-FundBookHeader_15)** |
| **38** | **[SCHEDULES OF INVESTMENTS](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_1)** |
| **38** | **[ACTIVE M EMERGING MARKETS EQUITY FUND (Ticker Symbol: NMMEX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_1)** |
| **43** | **[ACTIVE M INTERNATIONAL EQUITY FUND (Ticker Symbol: NMIEX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_6)** |
| **51** | **[EMERGING MARKETS EQUITY INDEX FUND (Ticker Symbol: NOEMX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_14)** |
| **71** | **[GLOBAL REAL ESTATE INDEX FUND (Ticker Symbol: NGREX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_34)** |
| **80** | **[GLOBAL TACTICAL ASSET ALLOCATION FUND (Ticker Symbol: BBALX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_43)** |
| **82** | **[INCOME EQUITY FUND (Ticker Symbol: NOIEX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_45)** |
| **87** | **[INTERNATIONAL EQUITY FUND (Ticker Symbol: NOIGX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_50)** |
| **92** | **[INTERNATIONAL EQUITY INDEX FUND (Ticker Symbol: NOINX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_55)** |
| **103** | **[LARGE CAP CORE FUND (Ticker Symbol: NOLCX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_66)** |
| **107** | **[LARGE CAP VALUE FUND (Ticker Symbol: NOLVX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_70)** |
| **111** | **[MID CAP INDEX FUND (Ticker Symbol: NOMIX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_74)** |
| **119** | **[MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND (Ticker Symbol: NMFIX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_82)** |
| **123** | **[MULTI-MANAGER GLOBAL REAL ESTATE FUND (Ticker Symbol: NMMGX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_86)** |
| **125** | **[SMALL CAP CORE FUND](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_88)[(](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_88)[Ticker Symbols:](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_88)[Class I](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_88)[:](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_88)[NSGRX](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_88)[, Class K:](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_88)[NSCKX](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_88)[)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_88)**  |
| **147** | **[SMALL CAP INDEX FUND (Ticker Symbol: NSIDX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_110)** |
| **173** | **[SMALL CAP VALUE FUND (Ticker Symbol: NOSGX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_136)** |
| **181** | **[STOCK INDEX FUND (Ticker Symbol: NOSIX)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_144)** |
| **190** | **[U.S. QUALITY ESG FUND](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_153)[(](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_153)[Ticker Symbols:](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_153)[Class I](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_153)[:](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_153)[NUEIX](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_153)[, Class K:](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_153)[NUESX](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_153)[)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_153)**  |
| **195** | **[WORLD SELECTION INDEX FUND](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_158)[(](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_158)[Ticker Symbols:](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_158)[Class I](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_158)[:](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_158)[NSRIX](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_158)[, Class K:](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_158)[NSRKX](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_158)[)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_158)[(formerly known as the Global Sustainability Index Fund)](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_SOI-TOC-SOI_158)** |
| **206** | **[NOTES TO THE FINANCIAL STATEMENTS](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_NTF-NotestoFinancialStatements_1)** |
| **230** | **[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_RPA2-TOC-RPA_1)** |
| **232** | **[TAX AND DISTRIBUTION INFORMATION](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_TI-TOC-TaxInfo_1)** |
| **234** | **[FORM N-CSR - ITEMS 8-11](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_NCSR811-FormNCSRTOC_1)** |
| **235** | **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_04c5c897-cdc3-4ef8-9fe4-f98dc5e4e5d0_BFA-TOC-BasisforApproval_1)** |

---

NORTHERN FUNDS ANNUAL REPORT **1** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**STATEMENTS OF ASSETS AND LIABILITIES** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands, except per share data* | Active M<br> Emerging Markets<br> Equity Fund<br>| Active M<br> International<br> Equity Fund<br>| Emerging Markets<br> Equity<br> Index Fund<br>| Global Real<br> Estate Index<br> Fund<br>|
| ASSETS: |  |  |  |  |
| Investments, at value  | &nbsp;&nbsp; $147919 | &nbsp;&nbsp; $447807 | &nbsp;&nbsp; $1804251 | &nbsp;&nbsp; $1097847 |
| Investments in affiliates, at value | &nbsp;&nbsp; 4733 | &nbsp;&nbsp; 17420 | &nbsp;&nbsp; 48840 | &nbsp;&nbsp; 10255 |
| Cash | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 65 |
| Cash held at broker for future contracts  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1831 | &nbsp;&nbsp; 922 |
| Foreign currencies, at value  | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 1179 | &nbsp;&nbsp; 3257 | &nbsp;&nbsp; 2360 |
| Dividend income receivable | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 1677 | &nbsp;&nbsp; 4503 | &nbsp;&nbsp; 4418 |
| Receivable for capital gains tax | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for foreign tax reclaims | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 1772 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 877 |
| Receivable for securities sold | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37 |
| Receivable for fund shares sold | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 983 | &nbsp;&nbsp; 994 |
| Receivable from investment adviser | &nbsp;&nbsp; — | &nbsp;&nbsp; 19 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 28 |
| Prepaid and other assets | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 8 |
| Total Assets | &nbsp;&nbsp; 153662 | &nbsp;&nbsp; 470202 | &nbsp;&nbsp; 1863985 | &nbsp;&nbsp; 1117819 |
| LIABILITIES: |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 12 |
| Payable for securities purchased | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for variation margin on futures contracts | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 57 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 284 |
| Payable to affiliates: |  |  |  |  |
| Management fees | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 86 |
| Custody fees | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 13 |
| Shareholder servicing fees | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 23 |
| Transfer agent fees | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 35 |
| Accrued Trustee fees and expenses | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 6 |
| Outstanding options written, at value (premiums received $(37)) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deferred foreign capital gains tax payable | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 15107 | &nbsp;&nbsp; 480 |
| Accrued other liabilities | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 49 |
| Total Liabilities | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 1666 | &nbsp;&nbsp; 16158 | &nbsp;&nbsp; 1045 |
| Net Assets | &nbsp;&nbsp; $153282 | &nbsp;&nbsp; $468536 | &nbsp;&nbsp; $1847827 | &nbsp;&nbsp; $1116774 |
| ANALYSIS OF NET ASSETS: |  |  |  |  |
| Capital stock | &nbsp;&nbsp; $151194 | &nbsp;&nbsp; $371870 | &nbsp;&nbsp; $1758273 | &nbsp;&nbsp; $1082732 |
| Distributable earnings (loss) | &nbsp;&nbsp; 2088 | &nbsp;&nbsp; 96666 | &nbsp;&nbsp; 89554 | &nbsp;&nbsp; 34042 |
| Net Assets | &nbsp;&nbsp; $153282 | &nbsp;&nbsp; $468536 | &nbsp;&nbsp; $1847827 | &nbsp;&nbsp; $1116774 |
| **Net Assets:** |  |  |  |  |
| Shares | &nbsp;&nbsp; $153282 | &nbsp;&nbsp; $468536 | &nbsp;&nbsp; $1847827 | &nbsp;&nbsp; $1116774 |
| **Total Shares Outstanding ($.001 par value, unlimited authorization):** |  |  |  |  |
| Shares | &nbsp;&nbsp; 10157 | &nbsp;&nbsp; 40888 | &nbsp;&nbsp; 159955 | &nbsp;&nbsp; 115877 |
| **Net Asset Value, Redemption and Offering Price Per Share:** |  |  |  |  |
| Shares | &nbsp;&nbsp; $15.09 | &nbsp;&nbsp; $11.46 | &nbsp;&nbsp; $11.55 | &nbsp;&nbsp; $9.64 |
| Investments, at cost | &nbsp;&nbsp; $128739 | &nbsp;&nbsp; $363014 | &nbsp;&nbsp; $1205003 | &nbsp;&nbsp; $829282 |
| Investments in affiliates, at cost | &nbsp;&nbsp; 4733 | &nbsp;&nbsp; 17420 | &nbsp;&nbsp; 48840 | &nbsp;&nbsp; 10255 |
| Foreign currencies, at cost | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 3252 | &nbsp;&nbsp; 2367 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **2** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Global Tactical<br> Asset Allocation<br> Fund<br>| Income<br> Equity<br> Fund<br>| International<br> Equity<br> Fund<br>| International<br> Equity<br> Index Fund<br>| Large Cap<br> Core<br> Fund<br>| Large Cap<br> Value<br> Fund<br>|
| $10132 | &nbsp;&nbsp; $223452 | &nbsp;&nbsp; $135804 | &nbsp;&nbsp; $4937648 | &nbsp;&nbsp; $278205 | &nbsp;&nbsp; $62087 |
| 67089 | &nbsp;&nbsp; 2565 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 1914 | &nbsp;&nbsp; 3105 | &nbsp;&nbsp; 502 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 3583 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; 999 | &nbsp;&nbsp; 20413 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 17 | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 627 | &nbsp;&nbsp; 20731 | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 64 |
|  — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 22129 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 4 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 3 |
| 1 | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6124 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — |
| 2 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 4 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 5 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 |
| 77250 | &nbsp;&nbsp; 226611 | &nbsp;&nbsp; 138430 | &nbsp;&nbsp; 5014143 | &nbsp;&nbsp; 281534 | &nbsp;&nbsp; 62668 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 143 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4545 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 1236 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 6 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 531 | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 48 |
| 3 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 7 |
|  — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 |
| 10 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 6 |
| 3 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2 |
| 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 7 |
|  — | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 16 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 17 |
| 42 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 6971 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 88 |
| $77208 | &nbsp;&nbsp; $226382 | &nbsp;&nbsp; $138111 | &nbsp;&nbsp; $5007172 | &nbsp;&nbsp; $281331 | &nbsp;&nbsp; $62580 |
| $71628 | &nbsp;&nbsp; $156148 | &nbsp;&nbsp; $158033 | &nbsp;&nbsp; $3725702 | &nbsp;&nbsp; $154420 | &nbsp;&nbsp; $52809 |
| 5580 | &nbsp;&nbsp; 70234 | &nbsp;&nbsp; (19922)<br>| &nbsp;&nbsp; 1281470 | &nbsp;&nbsp; 126911 | &nbsp;&nbsp; 9771 |
| $77208 | &nbsp;&nbsp; $226382 | &nbsp;&nbsp; $138111 | &nbsp;&nbsp; $5007172 | &nbsp;&nbsp; $281331 | &nbsp;&nbsp; $62580 |
| $77208 | &nbsp;&nbsp; $226382 | &nbsp;&nbsp; $138111 | &nbsp;&nbsp; $5007172 | &nbsp;&nbsp; $281331 | &nbsp;&nbsp; $62580 |
| 5949 | &nbsp;&nbsp; 13953 | &nbsp;&nbsp; 12984 | &nbsp;&nbsp; 335877 | &nbsp;&nbsp; 10323 | &nbsp;&nbsp; 3021 |
| $12.98 | &nbsp;&nbsp; $16.22 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $14.91 | &nbsp;&nbsp; $27.25 | &nbsp;&nbsp; $20.71 |
| $10041 | &nbsp;&nbsp; $156012 | &nbsp;&nbsp; $114808 | &nbsp;&nbsp; $2884461 | &nbsp;&nbsp; $160726 | &nbsp;&nbsp; $52881 |
| 59914 | &nbsp;&nbsp; 2565 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 1914 | &nbsp;&nbsp; 3105 | &nbsp;&nbsp; 502 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 20348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **3** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**STATEMENTS OF ASSETS AND LIABILITIES continued**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands, except per share data* | &nbsp;&nbsp;&nbsp; Mid Cap<br> Index<br> Fund<br>| &nbsp;&nbsp;&nbsp; Multi-Manager<br> Global Listed<br> Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp; Multi-Manager<br> Global Real Estate<br> Fund<br>| &nbsp;&nbsp;&nbsp; Small Cap<br> Core<br> Fund<br>|
| ASSETS: |  |  |  |  |
| Investments, at value  | &nbsp;&nbsp;&nbsp;&nbsp; $1897423 | &nbsp;&nbsp;&nbsp;&nbsp; $824522 | &nbsp;&nbsp;&nbsp;&nbsp; $91167 | &nbsp;&nbsp;&nbsp;&nbsp; $343213 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp; 21363 | &nbsp;&nbsp;&nbsp;&nbsp; 25814 | &nbsp;&nbsp;&nbsp;&nbsp; 2984 | &nbsp;&nbsp;&nbsp;&nbsp; 10930 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp; 4835 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash held at broker for future contracts  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign currencies, at value  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 929 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividend income receivable | &nbsp;&nbsp;&nbsp;&nbsp; 2083 | &nbsp;&nbsp;&nbsp;&nbsp; 1756 | &nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp; 353 |
| Receivable for foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1442 | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7177 | &nbsp;&nbsp;&nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44 |
| Receivable from investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Prepaid and other assets | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 1926407 | &nbsp;&nbsp;&nbsp;&nbsp; 861846 | &nbsp;&nbsp;&nbsp;&nbsp; 95329 | &nbsp;&nbsp;&nbsp;&nbsp; 354554 |
| LIABILITIES: |  |  |  |  |
| Cash overdraft | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp; 4835 | &nbsp;&nbsp;&nbsp;&nbsp; 5609 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Payable for variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; 2613 | &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 568 |
| Payable to affiliates: |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| Shareholder servicing fees | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| Accrued Trustee fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| Accrued other liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 7679 | &nbsp;&nbsp;&nbsp;&nbsp; 7103 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp; 770 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $1918728 | &nbsp;&nbsp;&nbsp;&nbsp; $854743 | &nbsp;&nbsp;&nbsp;&nbsp; $95034 | &nbsp;&nbsp;&nbsp;&nbsp; $353784 |
| ANALYSIS OF NET ASSETS: |  |  |  |  |
| Capital stock | &nbsp;&nbsp;&nbsp;&nbsp; $1310641 | &nbsp;&nbsp;&nbsp;&nbsp; $800343 | &nbsp;&nbsp;&nbsp;&nbsp; $95272 | &nbsp;&nbsp;&nbsp;&nbsp; $230049 |
| Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 608087 | &nbsp;&nbsp;&nbsp;&nbsp; 54400 | &nbsp;&nbsp;&nbsp;&nbsp; (238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 123735 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $1918728 | &nbsp;&nbsp;&nbsp;&nbsp; $854743 | &nbsp;&nbsp;&nbsp;&nbsp; $95034 | &nbsp;&nbsp;&nbsp;&nbsp; $353784 |
| **Net Assets:** |  |  |  |  |
| Shares | &nbsp;&nbsp;&nbsp;&nbsp; $1918728 | &nbsp;&nbsp;&nbsp;&nbsp; $854743 | &nbsp;&nbsp;&nbsp;&nbsp; $95034 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 159816 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 193968 |
| &nbsp;&nbsp; **Total Shares Outstanding ($.001 par value, unlimited** <br> **authorization):**<br>|  |  |  |  |
| Shares | &nbsp;&nbsp;&nbsp;&nbsp; 98724 | &nbsp;&nbsp;&nbsp;&nbsp; 68177 | &nbsp;&nbsp;&nbsp;&nbsp; 9308 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6856 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8327 |
| **Net Asset Value, Redemption and Offering Price Per Share:** |  |  |  |  |
| Shares | &nbsp;&nbsp;&nbsp;&nbsp; $19.44 | &nbsp;&nbsp;&nbsp;&nbsp; $12.54 | &nbsp;&nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;23.31 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;23.29 |
| Investments, at cost | &nbsp;&nbsp;&nbsp;&nbsp; $1346381 | &nbsp;&nbsp;&nbsp;&nbsp; $757318 | &nbsp;&nbsp;&nbsp;&nbsp; $85201 | &nbsp;&nbsp;&nbsp;&nbsp; $229991 |
| Investments in affiliates, at cost | &nbsp;&nbsp;&nbsp;&nbsp; 21363 | &nbsp;&nbsp;&nbsp;&nbsp; 25814 | &nbsp;&nbsp;&nbsp;&nbsp; 2984 | &nbsp;&nbsp;&nbsp;&nbsp; 10974 |
| Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

<br> <sup>(1)</sup> *Formerly known as the Global Sustainability Index Fund.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **4** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small Cap<br> Index<br> Fund<br>| &nbsp;&nbsp;&nbsp; Small Cap<br> Value<br> Fund<br>| &nbsp;&nbsp;&nbsp; Stock<br> Index<br> Fund<br>| &nbsp;&nbsp;&nbsp; U.S. Quality<br> ESG<br> Fund<br>| &nbsp;&nbsp;&nbsp; World<br> Selection<br> Index Fund<sup>(1)</sup> <br>|
| $1104877 | &nbsp;&nbsp;&nbsp;&nbsp; $766546 | &nbsp;&nbsp;&nbsp;&nbsp; $14382899 | &nbsp;&nbsp;&nbsp;&nbsp; $486677 | &nbsp;&nbsp;&nbsp;&nbsp; $1819622 |
| 23033 | &nbsp;&nbsp;&nbsp;&nbsp; 14658 | &nbsp;&nbsp;&nbsp;&nbsp; 145398 | &nbsp;&nbsp;&nbsp;&nbsp; 5176 | &nbsp;&nbsp;&nbsp;&nbsp; 36754 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4329 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3152 |
| 1163 | &nbsp;&nbsp;&nbsp;&nbsp; 1265 | &nbsp;&nbsp;&nbsp;&nbsp; 8304 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 2924 |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2435 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 757 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 194 |
| 361 | &nbsp;&nbsp;&nbsp;&nbsp; 1617 | &nbsp;&nbsp;&nbsp;&nbsp; 3314 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 2871 |
| 21 | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| 21 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| 1129479 | &nbsp;&nbsp;&nbsp;&nbsp; 784160 | &nbsp;&nbsp;&nbsp;&nbsp; 14541025 | &nbsp;&nbsp;&nbsp;&nbsp; 492476 | &nbsp;&nbsp;&nbsp;&nbsp; 1872343 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| 2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 123 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
| 2368 | &nbsp;&nbsp;&nbsp;&nbsp; 886 | &nbsp;&nbsp;&nbsp;&nbsp; 3562 | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 5094 |
| 20 | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| 20 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| 31 | &nbsp;&nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 107 |
| 36 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 60 |
| 7 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| 37 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| 2649 | &nbsp;&nbsp;&nbsp;&nbsp; 1422 | &nbsp;&nbsp;&nbsp;&nbsp; 4759 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 5854 |
| $1126830 | &nbsp;&nbsp;&nbsp;&nbsp; $782738 | &nbsp;&nbsp;&nbsp;&nbsp; $14536266 | &nbsp;&nbsp;&nbsp;&nbsp; $492336 | &nbsp;&nbsp;&nbsp;&nbsp; $1866489 |
| $836510 | &nbsp;&nbsp;&nbsp;&nbsp; $448409 | &nbsp;&nbsp;&nbsp;&nbsp; $4083837 | &nbsp;&nbsp;&nbsp;&nbsp; $354442 | &nbsp;&nbsp;&nbsp;&nbsp; $1202648 |
| 290320 | &nbsp;&nbsp;&nbsp;&nbsp; 334329 | &nbsp;&nbsp;&nbsp;&nbsp; 10452429 | &nbsp;&nbsp;&nbsp;&nbsp; 137894 | &nbsp;&nbsp;&nbsp;&nbsp; 663841 |
| $1126830 | &nbsp;&nbsp;&nbsp;&nbsp; $782738 | &nbsp;&nbsp;&nbsp;&nbsp; $14536266 | &nbsp;&nbsp;&nbsp;&nbsp; $492336 | &nbsp;&nbsp;&nbsp;&nbsp; $1866489 |
| $1126830 | &nbsp;&nbsp;&nbsp;&nbsp; $782738 | &nbsp;&nbsp;&nbsp;&nbsp; $14536266 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 441622 | &nbsp;&nbsp;&nbsp;&nbsp; 973823 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50714 | &nbsp;&nbsp;&nbsp;&nbsp; 892666 |
| 89406 | &nbsp;&nbsp;&nbsp;&nbsp; 64003 | &nbsp;&nbsp;&nbsp;&nbsp; 255592 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22058 | &nbsp;&nbsp;&nbsp;&nbsp; 44554 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2538 | &nbsp;&nbsp;&nbsp;&nbsp; 40864 |
| $12.60 | &nbsp;&nbsp;&nbsp;&nbsp; $12.23 | &nbsp;&nbsp;&nbsp;&nbsp; $56.87 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;20.02 | &nbsp;&nbsp;&nbsp;&nbsp;21.86 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;19.98 | &nbsp;&nbsp;&nbsp;&nbsp;21.85 |
| $754996 | &nbsp;&nbsp;&nbsp;&nbsp; $478761 | &nbsp;&nbsp;&nbsp;&nbsp; $3959296 | &nbsp;&nbsp;&nbsp;&nbsp; $357067 | &nbsp;&nbsp;&nbsp;&nbsp; $1133833 |
| 23080 | &nbsp;&nbsp;&nbsp;&nbsp; 14658 | &nbsp;&nbsp;&nbsp;&nbsp; 135926 | &nbsp;&nbsp;&nbsp;&nbsp; 5176 | &nbsp;&nbsp;&nbsp;&nbsp; 35660 |
|  — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3137 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **5** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**STATEMENTS OF OPERATIONS** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands* | Active M<br> Emerging Markets<br> Equity Fund<br>| Active M<br> International<br> Equity Fund<br>| Emerging Markets<br> Equity<br> Index Fund<br>| Global Real<br> Estate Index<br> Fund<br>|
| INVESTMENT INCOME: |  |  |  |  |
| Dividend income | &nbsp;&nbsp; $3480 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $11829 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $45740 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $32312 <br><sup>(1)</sup><br>|
| Non-cash dividend income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2516 |
| Dividend income from investments in affiliates | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 823 | &nbsp;&nbsp; 2336 | &nbsp;&nbsp; 536 |
| Interest income (Note 6) | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 782 | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 77 |
| Total Investment Income | &nbsp;&nbsp; 3768 | &nbsp;&nbsp; 13434 | &nbsp;&nbsp; 48229 | &nbsp;&nbsp; 35441 |
| EXPENSES: |  |  |  |  |
| Management fees | &nbsp;&nbsp; 1739 | &nbsp;&nbsp; 3949 | &nbsp;&nbsp; 2505 | &nbsp;&nbsp; 4221 |
| Custody fees | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 1358 | &nbsp;&nbsp; 211 |
| Transfer agent fees | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 689 | &nbsp;&nbsp; 406 |
| Blue sky fees | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 22 |
| Printing fees | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 41 |
| Audit fees | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 31 |
| Legal fees | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 |
| Shareholder servicing fees (Shares) | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 113 |
| Trustee fees and expenses | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 22 |
| Total Expenses | &nbsp;&nbsp; 2136 | &nbsp;&nbsp; 4508 | &nbsp;&nbsp; 4829 | &nbsp;&nbsp; 5103 |
| Less expenses reimbursed by investment adviser | &nbsp;&nbsp; (353)<br>| &nbsp;&nbsp; (396)<br>| &nbsp;&nbsp; (2192)<br>| &nbsp;&nbsp; (122)<br>|
| Less custodian credits | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — |
| Net Expenses | &nbsp;&nbsp; 1782 | &nbsp;&nbsp; 4111 | &nbsp;&nbsp; 2636 | &nbsp;&nbsp; 4981 |
| **Net Investment Income** | &nbsp;&nbsp; **1986** | &nbsp;&nbsp; **9323** | &nbsp;&nbsp; **45593** | &nbsp;&nbsp; **30460** |
| NET REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |
| Investments | &nbsp;&nbsp; 14680 <br><sup>(2)</sup><br>| &nbsp;&nbsp; 50747 <br><sup>(2)</sup><br>| &nbsp;&nbsp; (53141 )<sup>(2)</sup><br>| &nbsp;&nbsp; (11286 )<sup>(2)</sup><br>|
| Investments in affiliates | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; 236 | &nbsp;&nbsp; (62)<br>| &nbsp;&nbsp; 1593 | &nbsp;&nbsp; 793 |
| Foreign currency transactions | &nbsp;&nbsp; (220)<br>| &nbsp;&nbsp; (37)<br>| &nbsp;&nbsp; (889)<br>| &nbsp;&nbsp; (117)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 3 |
| Net changes in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp; (8908 )<sup>(3)</sup><br>| &nbsp;&nbsp; (32811 )<sup>(3)</sup><br>| &nbsp;&nbsp; 147239 <br><sup>(3)</sup><br>| &nbsp;&nbsp; 13838 <br><sup>(3)</sup><br>|
| Investments in affiliates | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; (50)<br>| &nbsp;&nbsp; (264)<br>| &nbsp;&nbsp; (1606)<br>| &nbsp;&nbsp; (400)<br>|
| Foreign currency translations | &nbsp;&nbsp; (44)<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 35 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (63)<br>| &nbsp;&nbsp; (34)<br>|
| Net Gains | &nbsp;&nbsp; 5694 | &nbsp;&nbsp; 17608 | &nbsp;&nbsp; 93513 | &nbsp;&nbsp; 2832 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; **$7680** | &nbsp;&nbsp; **$26931** | &nbsp;&nbsp; **$139106** | &nbsp;&nbsp; **$33292** |

---

<sup>(1)</sup> *Net of $438, $930, $5,666, $1,608, $8, $431 and $11,090, respectively, in foreign withholding taxes.*

<sup>(2)</sup> *Net of foreign capital gains tax paid of $807, $32, $567 and $72, respectively.*

<sup>(3)</sup> *Net change in unrealized of deferred foreign capital gains tax of $599, $(25), $(4284) and $172, respectively.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **6** NORTHERN FUNDS ANNUAL REPORT

------

**For the Fiscal Year Ended March 31, 2025** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Global Tactical<br> Asset Allocation<br> Fund<br>| Income<br> Equity<br> Fund<br>| International<br> Equity<br> Fund<br>| International<br> Equity<br> Index Fund<br>| Large Cap<br> Core<br> Fund<br>| Large Cap<br> Value<br> Fund<br>|
| &nbsp;&nbsp;&nbsp; $450 | &nbsp;&nbsp; $4371 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $4633 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $146241 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $4252 | &nbsp;&nbsp; $1427 |
| &nbsp;&nbsp;&nbsp; 2368 | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; 2824 | &nbsp;&nbsp; 4537 | &nbsp;&nbsp; 4680 | &nbsp;&nbsp; 147178 | &nbsp;&nbsp; 4379 | &nbsp;&nbsp; 1461 |
| &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp; 921 | &nbsp;&nbsp; 656 | &nbsp;&nbsp; 4497 | &nbsp;&nbsp; 1293 | &nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 1924 | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 473 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; 356 | &nbsp;&nbsp; 1286 | &nbsp;&nbsp; 906 | &nbsp;&nbsp; 7954 | &nbsp;&nbsp; 1625 | &nbsp;&nbsp; 492 |
| &nbsp;&nbsp;&nbsp; (137)<br>| &nbsp;&nbsp; (314)<br>| &nbsp;&nbsp; (200)<br>| &nbsp;&nbsp; (2778)<br>| &nbsp;&nbsp; (292)<br>| &nbsp;&nbsp; (129)<br>|
| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp; 972 | &nbsp;&nbsp; 706 | &nbsp;&nbsp; 5174 | &nbsp;&nbsp; 1333 | &nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp; **2606** | &nbsp;&nbsp; **3565** | &nbsp;&nbsp; **3974** | &nbsp;&nbsp; **142004** | &nbsp;&nbsp; **3046** | &nbsp;&nbsp; **1098** |
| &nbsp;&nbsp;&nbsp; (367)<br>| &nbsp;&nbsp; 11366 | &nbsp;&nbsp; 7309 | &nbsp;&nbsp; 50752 | &nbsp;&nbsp; 25225 | &nbsp;&nbsp; 4066 |
| &nbsp;&nbsp;&nbsp; 5175 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; (43)<br>| &nbsp;&nbsp; 213 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; (280)<br>| &nbsp;&nbsp; 156 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; (66)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (119)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 632 | &nbsp;&nbsp; 1685 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 70566 | &nbsp;&nbsp; (5253)<br>| &nbsp;&nbsp; (2200)<br>|
| &nbsp;&nbsp;&nbsp; (3236)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (105)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp; (85)<br>| &nbsp;&nbsp; (144)<br>| &nbsp;&nbsp; (3037)<br>| &nbsp;&nbsp; (42)<br>| &nbsp;&nbsp; (5)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 354 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 2187 | &nbsp;&nbsp; 13017 | &nbsp;&nbsp; 7243 | &nbsp;&nbsp; 118225 | &nbsp;&nbsp; 20086 | &nbsp;&nbsp; 1866 |
| &nbsp;&nbsp;&nbsp; **$4793** | &nbsp;&nbsp; **$16582** | &nbsp;&nbsp; **$11217** | &nbsp;&nbsp; **$260229** | &nbsp;&nbsp; **$23132** | &nbsp;&nbsp; **$2964** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **7** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**STATEMENTS OF OPERATIONS continued**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands* | &nbsp;&nbsp;&nbsp; Mid Cap<br> Index<br> Fund<br>| &nbsp;&nbsp;&nbsp; Multi-Manager<br> Global Listed<br> Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp; Multi-Manager<br> Global Real Estate<br> Fund<br>| &nbsp;&nbsp;&nbsp; Small Cap<br> Core<br> Fund<br>|
| INVESTMENT INCOME: |  |  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp;&nbsp; $30360 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $33811 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $3240 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $5352 <br><sup>(2)</sup><br>|
| Non-cash dividend income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividend income from investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp;&nbsp; 1347 | &nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp; 688 |
| Interest income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 31501 | &nbsp;&nbsp;&nbsp;&nbsp; 35220 | &nbsp;&nbsp;&nbsp;&nbsp; 3448 | &nbsp;&nbsp;&nbsp;&nbsp; 6091 |
| EXPENSES: |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 1884 | &nbsp;&nbsp;&nbsp;&nbsp; 8608 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 | &nbsp;&nbsp;&nbsp;&nbsp; 1853 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 806 | &nbsp;&nbsp;&nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 159 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| Shareholder servicing fees (Shares) | &nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shareholder servicing fees (Class I) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 222 |
| Trustee fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 3349 | &nbsp;&nbsp;&nbsp;&nbsp; 9671 | &nbsp;&nbsp;&nbsp;&nbsp; 1256 | &nbsp;&nbsp;&nbsp;&nbsp; 2402 |
| Less expenses reimbursed by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; (1209)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (452)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (233)<br>|
| Less custodian credits | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 2139 | &nbsp;&nbsp;&nbsp;&nbsp; 9211 | &nbsp;&nbsp;&nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp;&nbsp; 2169 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **29362** | &nbsp;&nbsp;&nbsp;&nbsp; **26009** | &nbsp;&nbsp;&nbsp;&nbsp; **2368** | &nbsp;&nbsp;&nbsp;&nbsp; **3922** |
| NET REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 140445 | &nbsp;&nbsp;&nbsp;&nbsp; 27444 | &nbsp;&nbsp;&nbsp;&nbsp; 4371 | &nbsp;&nbsp;&nbsp;&nbsp; 70899 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1698)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1211 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net changes in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; (221088)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26300 | &nbsp;&nbsp;&nbsp;&nbsp; (7074)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92446)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1214)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (213)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (243)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp; (83555)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53583 | &nbsp;&nbsp;&nbsp;&nbsp; (2715)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20618)<br>|
| &nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from** <br> **Operations**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$(54193)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$79592** | &nbsp;&nbsp;&nbsp;&nbsp; **$(347)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$(16696)**<br>|

---

<sup>(1)</sup> *Formerly known as the Global Sustainability Index Fund.*

<sup>(2)</sup> *Net of $29, $1,651, $103, $9, $50, $41, $46, $10 and $1,762, respectively, in foreign withholding taxes.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **8** NORTHERN FUNDS ANNUAL REPORT

------

**For the Fiscal Year Ended March 31, 2025** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap<br> Index<br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap<br> Value<br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Stock<br> Index<br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Quality<br> ESG<br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; World<br> Selection<br> Index Fund<sup>(1)</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13773 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15368 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $190412 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6774 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33705 <br><sup>(2)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (758)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1453)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6491)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (235)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **14766** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **11164** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **192425** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **29472** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4181)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (730)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (171)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (163)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104141)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (287176)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1988)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34829)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1074)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (555)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2896)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (927)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62764)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35593)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 916103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$(47998)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$(24429)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$1108528** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$23647** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$70447** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **9** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Active M<br> Emerging Markets<br> Equity Fund | &nbsp;&nbsp;&nbsp; Active M<br> Emerging Markets<br> Equity Fund | &nbsp;&nbsp;&nbsp; Active M<br> International<br> Equity Fund | &nbsp;&nbsp;&nbsp; Active M<br> International<br> Equity Fund | &nbsp;&nbsp;&nbsp; Emerging Markets<br> Equity<br> Index Fund | &nbsp;&nbsp;&nbsp; Emerging Markets<br> Equity<br> Index Fund |
| Amounts in thousands | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $1986 | &nbsp;&nbsp;&nbsp;&nbsp; $2145 | &nbsp;&nbsp;&nbsp;&nbsp; $9323 | &nbsp;&nbsp;&nbsp;&nbsp; $8319 | &nbsp;&nbsp;&nbsp;&nbsp; $45593 | &nbsp;&nbsp;&nbsp;&nbsp; $37872 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 14696 | &nbsp;&nbsp;&nbsp;&nbsp; 1316 | &nbsp;&nbsp;&nbsp;&nbsp; 50648 | &nbsp;&nbsp;&nbsp;&nbsp; 35765 | &nbsp;&nbsp;&nbsp;&nbsp; (52098)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8825 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (9002)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11911 | &nbsp;&nbsp;&nbsp;&nbsp; (33040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28539 | &nbsp;&nbsp;&nbsp;&nbsp; 145611 | &nbsp;&nbsp;&nbsp;&nbsp; 60538 |
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from <br> Operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7680 | &nbsp;&nbsp;&nbsp;&nbsp; 15372 | &nbsp;&nbsp;&nbsp;&nbsp; 26931 | &nbsp;&nbsp;&nbsp;&nbsp; 72623 | &nbsp;&nbsp;&nbsp;&nbsp; 139106 | &nbsp;&nbsp;&nbsp;&nbsp; 107235 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Shares <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12139)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27162)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14286 | &nbsp;&nbsp;&nbsp;&nbsp; (34797)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 142200 | &nbsp;&nbsp;&nbsp;&nbsp; 51387 |
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital <br> Share Transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12139)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27162)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14286 | &nbsp;&nbsp;&nbsp;&nbsp; (34797)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 142200 | &nbsp;&nbsp;&nbsp;&nbsp; 51387 |
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; (1199)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2577)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52272)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55030)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (1199)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2577)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52272)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55030)<br>|
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(5658)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(14367)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(18127)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7485** | &nbsp;&nbsp;&nbsp;&nbsp; **229034** | &nbsp;&nbsp;&nbsp;&nbsp; **103592** |
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 158940 | &nbsp;&nbsp;&nbsp;&nbsp; 173307 | &nbsp;&nbsp;&nbsp;&nbsp; 486663 | &nbsp;&nbsp;&nbsp;&nbsp; 479178 | &nbsp;&nbsp;&nbsp;&nbsp; 1618793 | &nbsp;&nbsp;&nbsp;&nbsp; 1515201 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp; $153282 | &nbsp;&nbsp;&nbsp;&nbsp; $158940 | &nbsp;&nbsp;&nbsp;&nbsp; $468536 | &nbsp;&nbsp;&nbsp;&nbsp; $486663 | &nbsp;&nbsp;&nbsp;&nbsp; $1847827 | &nbsp;&nbsp;&nbsp;&nbsp; $1618793 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **10** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Global Real<br> Estate Index<br> Fund | &nbsp;&nbsp;&nbsp; Global Real<br> Estate Index<br> Fund | &nbsp;&nbsp; Global Tactical<br> Asset Allocation<br> Fund | &nbsp;&nbsp; Global Tactical<br> Asset Allocation<br> Fund | &nbsp;&nbsp; Income<br> Equity<br> Fund | &nbsp;&nbsp; Income<br> Equity<br> Fund | &nbsp;&nbsp; International<br> Equity<br> Fund | &nbsp;&nbsp; International<br> Equity<br> Fund |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; $30460 | &nbsp;&nbsp;&nbsp; $30524 | &nbsp;&nbsp;&nbsp; $2606 | &nbsp;&nbsp;&nbsp; $3593 | &nbsp;&nbsp;&nbsp; $3565 | &nbsp;&nbsp;&nbsp; $3169 | &nbsp;&nbsp;&nbsp; $3974 | &nbsp;&nbsp;&nbsp; $3914 |
| &nbsp;&nbsp;&nbsp; (10607)<br>| &nbsp;&nbsp;&nbsp; (15443)<br>| &nbsp;&nbsp;&nbsp; 4765 | &nbsp;&nbsp;&nbsp; (3160)<br>| &nbsp;&nbsp;&nbsp; 11522 | &nbsp;&nbsp;&nbsp; 5613 | &nbsp;&nbsp;&nbsp; 7346 | &nbsp;&nbsp;&nbsp; 2154 |
| &nbsp;&nbsp;&nbsp; 13439 | &nbsp;&nbsp;&nbsp; 65683 | &nbsp;&nbsp;&nbsp; (2578)<br>| &nbsp;&nbsp;&nbsp; 9024 | &nbsp;&nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp; 26857 | &nbsp;&nbsp;&nbsp; (103)<br>| &nbsp;&nbsp;&nbsp; 12733 |
| &nbsp;&nbsp;&nbsp; 33292 | &nbsp;&nbsp;&nbsp; 80764 | &nbsp;&nbsp;&nbsp; 4793 | &nbsp;&nbsp;&nbsp; 9457 | &nbsp;&nbsp;&nbsp; 16582 | &nbsp;&nbsp;&nbsp; 35639 | &nbsp;&nbsp;&nbsp; 11217 | &nbsp;&nbsp;&nbsp; 18801 |
| &nbsp;&nbsp;&nbsp; 125930 | &nbsp;&nbsp;&nbsp; (66200)<br>| &nbsp;&nbsp;&nbsp; (16403)<br>| &nbsp;&nbsp;&nbsp; (16243)<br>| &nbsp;&nbsp;&nbsp; 52023 | &nbsp;&nbsp;&nbsp; 5851 | &nbsp;&nbsp;&nbsp; (6908)<br>| &nbsp;&nbsp;&nbsp; 4435 |
| &nbsp;&nbsp;&nbsp; 125930 | &nbsp;&nbsp;&nbsp; (66200)<br>| &nbsp;&nbsp;&nbsp; (16403)<br>| &nbsp;&nbsp;&nbsp; (16243)<br>| &nbsp;&nbsp;&nbsp; 52023 | &nbsp;&nbsp;&nbsp; 5851 | &nbsp;&nbsp;&nbsp; (6908)<br>| &nbsp;&nbsp;&nbsp; 4435 |
| &nbsp;&nbsp;&nbsp; (30797)<br>| &nbsp;&nbsp;&nbsp; (25125)<br>| &nbsp;&nbsp;&nbsp; (2614)<br>| &nbsp;&nbsp;&nbsp; (3617)<br>| &nbsp;&nbsp;&nbsp; (12043)<br>| &nbsp;&nbsp;&nbsp; (10213)<br>| &nbsp;&nbsp;&nbsp; (5867)<br>| &nbsp;&nbsp;&nbsp; (7629)<br>|
| &nbsp;&nbsp;&nbsp; (30797)<br>| &nbsp;&nbsp;&nbsp; (25125)<br>| &nbsp;&nbsp;&nbsp; (2614)<br>| &nbsp;&nbsp;&nbsp; (3617)<br>| &nbsp;&nbsp;&nbsp; (12043)<br>| &nbsp;&nbsp;&nbsp; (10213)<br>| &nbsp;&nbsp;&nbsp; (5867)<br>| &nbsp;&nbsp;&nbsp; (7629)<br>|
| &nbsp;&nbsp;&nbsp; **128425** | &nbsp;&nbsp;&nbsp; **(10561)**<br>| &nbsp;&nbsp;&nbsp; **(14224)**<br>| &nbsp;&nbsp;&nbsp; **(10403)**<br>| &nbsp;&nbsp;&nbsp; **56562** | &nbsp;&nbsp;&nbsp; **31277** | &nbsp;&nbsp;&nbsp; **(1558)**<br>| &nbsp;&nbsp;&nbsp; **15607** |
| &nbsp;&nbsp;&nbsp; 988349 | &nbsp;&nbsp;&nbsp; 998910 | &nbsp;&nbsp;&nbsp; 91432 | &nbsp;&nbsp;&nbsp; 101835 | &nbsp;&nbsp;&nbsp; 169820 | &nbsp;&nbsp;&nbsp; 138543 | &nbsp;&nbsp;&nbsp; 139669 | &nbsp;&nbsp;&nbsp; 124062 |
| &nbsp;&nbsp;&nbsp; $1116774 | &nbsp;&nbsp;&nbsp; $988349 | &nbsp;&nbsp;&nbsp; $77208 | &nbsp;&nbsp;&nbsp; $91432 | &nbsp;&nbsp;&nbsp; $226382 | &nbsp;&nbsp;&nbsp; $169820 | &nbsp;&nbsp;&nbsp; $138111 | &nbsp;&nbsp;&nbsp; $139669 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **11** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**STATEMENTS OF CHANGES IN NET ASSETS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; International<br> Equity<br> Index Fund | &nbsp;&nbsp;&nbsp; International<br> Equity<br> Index Fund | &nbsp;&nbsp;&nbsp; Large Cap<br> Core<br> Fund | &nbsp;&nbsp;&nbsp; Large Cap<br> Core<br> Fund | &nbsp;&nbsp;&nbsp; Large Cap<br> Value<br> Fund | &nbsp;&nbsp;&nbsp; Large Cap<br> Value<br> Fund |
| Amounts in thousands | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $142004 | &nbsp;&nbsp;&nbsp;&nbsp; $134217 | &nbsp;&nbsp;&nbsp;&nbsp; $3046 | &nbsp;&nbsp;&nbsp;&nbsp; $3229 | &nbsp;&nbsp;&nbsp;&nbsp; $1098 | &nbsp;&nbsp;&nbsp;&nbsp; $1184 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 50287 | &nbsp;&nbsp;&nbsp;&nbsp; 20896 | &nbsp;&nbsp;&nbsp;&nbsp; 25381 | &nbsp;&nbsp;&nbsp;&nbsp; 22651 | &nbsp;&nbsp;&nbsp;&nbsp; 4071 | &nbsp;&nbsp;&nbsp;&nbsp; 1486 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 67938 | &nbsp;&nbsp;&nbsp;&nbsp; 485921 | &nbsp;&nbsp;&nbsp;&nbsp; (5295)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45120 | &nbsp;&nbsp;&nbsp;&nbsp; (2205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8928 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp; 260229 | &nbsp;&nbsp;&nbsp;&nbsp; 641034 | &nbsp;&nbsp;&nbsp;&nbsp; 23132 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 2964 | &nbsp;&nbsp;&nbsp;&nbsp; 11598 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Shares <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23887 | &nbsp;&nbsp;&nbsp;&nbsp; (78971)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (894)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2270)<br>|
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Class K <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Class I <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital <br> Share Transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23887 | &nbsp;&nbsp;&nbsp;&nbsp; (78971)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (894)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2270)<br>|
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; (171276)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (147537)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21567)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4617)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3208)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (171276)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (147537)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21567)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4617)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3208)<br>|
| DISTRIBUTIONS TO CLASS K SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Distributions to Class K Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| DISTRIBUTIONS TO CLASS I SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Distributions to Class I Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **112840** | &nbsp;&nbsp;&nbsp;&nbsp; **414526** | &nbsp;&nbsp;&nbsp;&nbsp; **(4599)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **43324** | &nbsp;&nbsp;&nbsp;&nbsp; **(2547)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6120** |
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 4894332 | &nbsp;&nbsp;&nbsp;&nbsp; 4479806 | &nbsp;&nbsp;&nbsp;&nbsp; 285930 | &nbsp;&nbsp;&nbsp;&nbsp; 242606 | &nbsp;&nbsp;&nbsp;&nbsp; 65127 | &nbsp;&nbsp;&nbsp;&nbsp; 59007 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp; $5007172 | &nbsp;&nbsp;&nbsp;&nbsp; $4894332 | &nbsp;&nbsp;&nbsp;&nbsp; $281331 | &nbsp;&nbsp;&nbsp;&nbsp; $285930 | &nbsp;&nbsp;&nbsp;&nbsp; $62580 | &nbsp;&nbsp;&nbsp;&nbsp; $65127 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **12** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Mid Cap<br> Index<br> Fund | &nbsp;&nbsp;&nbsp; Mid Cap<br> Index<br> Fund | &nbsp;&nbsp; Multi-Manager<br> Global Listed<br> Infrastructure Fund | &nbsp;&nbsp; Multi-Manager<br> Global Listed<br> Infrastructure Fund | &nbsp;&nbsp; Multi-Manager<br> Global Real Estate<br> Fund | &nbsp;&nbsp; Multi-Manager<br> Global Real Estate<br> Fund | &nbsp;&nbsp; Small Cap<br> Core<br> Fund | &nbsp;&nbsp; Small Cap<br> Core<br> Fund |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; $29362 | &nbsp;&nbsp;&nbsp; $29183 | &nbsp;&nbsp;&nbsp; $26009 | &nbsp;&nbsp;&nbsp; $27056 | &nbsp;&nbsp;&nbsp; $2368 | &nbsp;&nbsp;&nbsp; $2591 | &nbsp;&nbsp;&nbsp; $3922 | &nbsp;&nbsp;&nbsp; $4734 |
| &nbsp;&nbsp;&nbsp; 138747 | &nbsp;&nbsp;&nbsp; 169030 | &nbsp;&nbsp;&nbsp; 27493 | &nbsp;&nbsp;&nbsp; (22728)<br>| &nbsp;&nbsp;&nbsp; 4356 | &nbsp;&nbsp;&nbsp; (3498)<br>| &nbsp;&nbsp;&nbsp; 72060 | &nbsp;&nbsp;&nbsp; 14670 |
| &nbsp;&nbsp;&nbsp; (222302)<br>| &nbsp;&nbsp;&nbsp; 205903 | &nbsp;&nbsp;&nbsp; 26090 | &nbsp;&nbsp;&nbsp; 10094 | &nbsp;&nbsp;&nbsp; (7071)<br>| &nbsp;&nbsp;&nbsp; 9665 | &nbsp;&nbsp;&nbsp; (92678)<br>| &nbsp;&nbsp;&nbsp; 65443 |
| &nbsp;&nbsp;&nbsp; (54193)<br>| &nbsp;&nbsp;&nbsp; 404116 | &nbsp;&nbsp;&nbsp; 79592 | &nbsp;&nbsp;&nbsp; 14422 | &nbsp;&nbsp;&nbsp; (347)<br>| &nbsp;&nbsp;&nbsp; 8758 | &nbsp;&nbsp;&nbsp; (16696)<br>| &nbsp;&nbsp;&nbsp; 84847 |
| &nbsp;&nbsp;&nbsp; 19356 | &nbsp;&nbsp;&nbsp; (119177)<br>| &nbsp;&nbsp;&nbsp; (160188)<br>| &nbsp;&nbsp;&nbsp; (4123)<br>| &nbsp;&nbsp;&nbsp; (28234)<br>| &nbsp;&nbsp;&nbsp; (1118)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (68595)<br>| &nbsp;&nbsp;&nbsp; (5606)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16662 | &nbsp;&nbsp;&nbsp; 1244 |
| &nbsp;&nbsp;&nbsp; 19356 | &nbsp;&nbsp;&nbsp; (119177)<br>| &nbsp;&nbsp;&nbsp; (160188)<br>| &nbsp;&nbsp;&nbsp; (4123)<br>| &nbsp;&nbsp;&nbsp; (28234)<br>| &nbsp;&nbsp;&nbsp; (1118)<br>| &nbsp;&nbsp;&nbsp; (51933)<br>| &nbsp;&nbsp;&nbsp; (4362)<br>|
| &nbsp;&nbsp;&nbsp; (186532)<br>| &nbsp;&nbsp;&nbsp; (144393)<br>| &nbsp;&nbsp;&nbsp; (33377)<br>| &nbsp;&nbsp;&nbsp; (29059)<br>| &nbsp;&nbsp;&nbsp; (2738)<br>| &nbsp;&nbsp;&nbsp; (2460)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; (186532)<br>| &nbsp;&nbsp;&nbsp; (144393)<br>| &nbsp;&nbsp;&nbsp; (33377)<br>| &nbsp;&nbsp;&nbsp; (29059)<br>| &nbsp;&nbsp;&nbsp; (2738)<br>| &nbsp;&nbsp;&nbsp; (2460)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (27569)<br>| &nbsp;&nbsp;&nbsp; (16654)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (27569)<br>| &nbsp;&nbsp;&nbsp; (16654)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (34616)<br>| &nbsp;&nbsp;&nbsp; (13625)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (34616)<br>| &nbsp;&nbsp;&nbsp; (13625)<br>|
| &nbsp;&nbsp;&nbsp; **(221369)**<br>| &nbsp;&nbsp;&nbsp; **140546** | &nbsp;&nbsp;&nbsp; **(113973)**<br>| &nbsp;&nbsp;&nbsp; **(18760)**<br>| &nbsp;&nbsp;&nbsp; **(31319)**<br>| &nbsp;&nbsp;&nbsp; **5180** | &nbsp;&nbsp;&nbsp; **(130814)**<br>| &nbsp;&nbsp;&nbsp; **50206** |
| &nbsp;&nbsp;&nbsp; 2140097 | &nbsp;&nbsp;&nbsp; 1999551 | &nbsp;&nbsp;&nbsp; 968716 | &nbsp;&nbsp;&nbsp; 987476 | &nbsp;&nbsp;&nbsp; 126353 | &nbsp;&nbsp;&nbsp; 121173 | &nbsp;&nbsp;&nbsp; 484598 | &nbsp;&nbsp;&nbsp; 434392 |
| &nbsp;&nbsp;&nbsp; $1918728 | &nbsp;&nbsp;&nbsp; $2140097 | &nbsp;&nbsp;&nbsp; $854743 | &nbsp;&nbsp;&nbsp; $968716 | &nbsp;&nbsp;&nbsp; $95034 | &nbsp;&nbsp;&nbsp; $126353 | &nbsp;&nbsp;&nbsp; $353784 | &nbsp;&nbsp;&nbsp; $484598 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **13** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**STATEMENTS OF CHANGES IN NET ASSETS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Small Cap<br> Index<br> Fund | &nbsp;&nbsp; Small Cap<br> Index<br> Fund | &nbsp;&nbsp; Small Cap<br> Value<br> Fund | &nbsp;&nbsp; Small Cap<br> Value<br> Fund | &nbsp;&nbsp; Stock<br> Index<br> Fund | &nbsp;&nbsp; Stock<br> Index<br> Fund |
| Amounts in thousands | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp; $14766 | &nbsp;&nbsp;&nbsp; $14686 | &nbsp;&nbsp;&nbsp; $11164 | &nbsp;&nbsp;&nbsp; $17095 | &nbsp;&nbsp;&nbsp; $192425 | &nbsp;&nbsp;&nbsp; $179041 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp; 42539 | &nbsp;&nbsp;&nbsp; 11239 | &nbsp;&nbsp;&nbsp; 252138 | &nbsp;&nbsp;&nbsp; 277250 | &nbsp;&nbsp;&nbsp; 204847 | &nbsp;&nbsp;&nbsp; 379364 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (105303)<br>| &nbsp;&nbsp;&nbsp; 174803 | &nbsp;&nbsp;&nbsp; (287731)<br>| &nbsp;&nbsp;&nbsp; (51175)<br>| &nbsp;&nbsp;&nbsp; 711256 | &nbsp;&nbsp;&nbsp; 2533592 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp; (47998)<br>| &nbsp;&nbsp;&nbsp; 200728 | &nbsp;&nbsp;&nbsp; (24429)<br>| &nbsp;&nbsp;&nbsp; 243170 | &nbsp;&nbsp;&nbsp; 1108528 | &nbsp;&nbsp;&nbsp; 3091997 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Shares <br> transactions<br>| &nbsp;&nbsp;&nbsp; 72629 | &nbsp;&nbsp;&nbsp; (158056)<br>| &nbsp;&nbsp;&nbsp; 51967 | &nbsp;&nbsp;&nbsp; (646827)<br>| &nbsp;&nbsp;&nbsp; 526653 | &nbsp;&nbsp;&nbsp; 55774 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Class K <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Class I <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital Share <br> Transactions<br>| &nbsp;&nbsp;&nbsp; 72629 | &nbsp;&nbsp;&nbsp; (158056)<br>| &nbsp;&nbsp;&nbsp; 51967 | &nbsp;&nbsp;&nbsp; (646827)<br>| &nbsp;&nbsp;&nbsp; 526653 | &nbsp;&nbsp;&nbsp; 55774 |
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp; (81260)<br>| &nbsp;&nbsp;&nbsp; (22290)<br>| &nbsp;&nbsp;&nbsp; (349822)<br>| &nbsp;&nbsp;&nbsp; (108991)<br>| &nbsp;&nbsp;&nbsp; (389612)<br>| &nbsp;&nbsp;&nbsp; (586855)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp; (81260)<br>| &nbsp;&nbsp;&nbsp; (22290)<br>| &nbsp;&nbsp;&nbsp; (349822)<br>| &nbsp;&nbsp;&nbsp; (108991)<br>| &nbsp;&nbsp;&nbsp; (389612)<br>| &nbsp;&nbsp;&nbsp; (586855)<br>|
| DISTRIBUTIONS TO CLASS K SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Distributions to Class K Shareholders | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| DISTRIBUTIONS TO CLASS I SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Distributions to Class I Shareholders | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp; **(56629)**<br>| &nbsp;&nbsp;&nbsp; **20382** | &nbsp;&nbsp;&nbsp; **(322284)**<br>| &nbsp;&nbsp;&nbsp; **(512648)**<br>| &nbsp;&nbsp;&nbsp; **1245569** | &nbsp;&nbsp;&nbsp; **2560916** |
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp; 1183459 | &nbsp;&nbsp;&nbsp; 1163077 | &nbsp;&nbsp;&nbsp; 1105022 | &nbsp;&nbsp;&nbsp; 1617670 | &nbsp;&nbsp;&nbsp; 13290697 | &nbsp;&nbsp;&nbsp; 10729781 |
| End of year | &nbsp;&nbsp;&nbsp; $1126830 | &nbsp;&nbsp;&nbsp; $1183459 | &nbsp;&nbsp;&nbsp; $782738 | &nbsp;&nbsp;&nbsp; $1105022 | &nbsp;&nbsp;&nbsp; $14536266 | &nbsp;&nbsp;&nbsp; $13290697 |

---

<br> <sup>(1)</sup> *Formerly known as the Global Sustainability Index Fund.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **14** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | |
|:---|:---|:---|:---|
| U.S. Quality<br> ESG<br> Fund | U.S. Quality<br> ESG<br> Fund | &nbsp;&nbsp;&nbsp; World<br> Selection<br> Index Fund<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp; World<br> Selection<br> Index Fund<sup>(1)</sup>  |
| **2025** | **2024** | **2025** | **2024** |
| $5000 | &nbsp;&nbsp;&nbsp;&nbsp; $5034 | &nbsp;&nbsp;&nbsp;&nbsp; $29472 | &nbsp;&nbsp;&nbsp;&nbsp; $29660 |
| 20733 | &nbsp;&nbsp;&nbsp;&nbsp; 14932 | &nbsp;&nbsp;&nbsp;&nbsp; 76219 | &nbsp;&nbsp;&nbsp;&nbsp; 11021 |
| (2086)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78890 | &nbsp;&nbsp;&nbsp;&nbsp; (35244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 416537 |
| 23647 | &nbsp;&nbsp;&nbsp;&nbsp; 98856 | &nbsp;&nbsp;&nbsp;&nbsp; 70447 | &nbsp;&nbsp;&nbsp;&nbsp; 457218 |
| (6584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36580)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 142748 | &nbsp;&nbsp;&nbsp;&nbsp; (67589)<br>|
| 27432 | &nbsp;&nbsp;&nbsp;&nbsp; 4434 | &nbsp;&nbsp;&nbsp;&nbsp; (389092)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 258671 |
| 20848 | &nbsp;&nbsp;&nbsp;&nbsp; (32146)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (246344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 191082 |
| (7161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4771)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51868)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13913)<br>|
| (7161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4771)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51868)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13913)<br>|
| (670)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (285)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52300)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17062)<br>|
| (670)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (285)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52300)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17062)<br>|
| **36664** | &nbsp;&nbsp;&nbsp;&nbsp; **61654** | &nbsp;&nbsp;&nbsp;&nbsp; **(280065)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **617325** |
| 455672 | &nbsp;&nbsp;&nbsp;&nbsp; 394018 | &nbsp;&nbsp;&nbsp;&nbsp; 2146554 | &nbsp;&nbsp;&nbsp;&nbsp; 1529229 |
| $492336 | &nbsp;&nbsp;&nbsp;&nbsp; $455672 | &nbsp;&nbsp;&nbsp;&nbsp; $1866489 | &nbsp;&nbsp;&nbsp;&nbsp; $2146554 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **15** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Active M Emerging** <br> **Markets Equity Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$14.57** | &nbsp;&nbsp; **$13.40** | &nbsp;&nbsp; **$15.38** | &nbsp;&nbsp; **$22.17** | &nbsp;&nbsp; **$14.61** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.19 | 0.20 | 0.22 | 0.24 <br><sup>(1)</sup><br>| 0.15 <br><sup>(2)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.45 | 1.22 | &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (2.11)<br>| 8.93 <br><sup>(3)</sup><br>|
| Total from Investment Operations | 0.64 | 1.42 | &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (1.87)<br>| 9.08 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(4)</sup> <br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.20)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.56)<br>| &nbsp;&nbsp; (1.32)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (4.92)<br>| &nbsp;&nbsp; (1.52)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $15.09 | &nbsp;&nbsp; $14.57 | &nbsp;&nbsp; $13.40 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp; $22.17 |
| **Total Return**<sup>(5)</sup> <br>| **4.40%**<br>| **10.74%**<br>| &nbsp;&nbsp; **(12.09)%** <br><sup>(6)</sup><br>| &nbsp;&nbsp; **(9.64)%**<br>| **62.55%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $153282 | &nbsp;&nbsp; $158940 | &nbsp;&nbsp; $173307 | &nbsp;&nbsp; $313365 | &nbsp;&nbsp; $438809 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(7)</sup> <br>| 1.11 %<sup>(8)</sup><br>| 1.11 %<sup>(8)</sup><br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 1.33<br> %<br>| 1.41<br> %<br>| 1.30<br> %<br>| 1.26<br> %<br>| 1.25<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(7)</sup> <br>| 1.23 %<sup>(8)</sup><br>| 1.45 %<sup>(8)</sup><br>| 1.45<br> %<br>| 1.01<br> %<br>| 0.72<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.01<br> %<br>| 1.15<br> %<br>| 1.25<br> %<br>| 0.85<br> %<br>| 0.57<br> %<br>|
| Portfolio Turnover Rate | 121.70<br> %<br>| 97.82<br> %<br>| 115.02<br> %<br>| 99.51<br> %<br>| 134.29<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $14,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *The Northern Trust Company reimbursed the Fund approximately $41,000. The reimbursements represent less than $0.01 per share. Without these* *reimbursements, the total return would have been 62.53%.* 

<sup>(3)</sup> *The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $3,000. The reimbursements represents less than $0.01 per share and* *had no effect on the Fund's total return.* 

<sup>(4)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(5)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(6)</sup> *The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund's* *total return.* 

<sup>(7)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $13,000, $10,000, $10,000, less than $1,000 and approximately $10,000, which represent less than* *0.01 percent of average net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense* *limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been* *increased by a corresponding amount.* 

<sup>(8)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **16** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Active M International** <br> **Equity Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$12.41** | &nbsp;&nbsp; **$11.34** | &nbsp;&nbsp; **$11.45** | &nbsp;&nbsp; **$12.81** | &nbsp;&nbsp; **$8.09** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.25 | 0.24 | 0.21 | 0.16 <br><sup>(1)</sup><br>| 0.13 <br><sup>(2)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.38 | 1.63 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.21)<br>| 4.69 <br><sup>(3)</sup><br>|
| Total from Investment Operations | 0.63 | 1.87 | 0.05 | &nbsp;&nbsp; (0.05)<br>| 4.82 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(4)</sup> <br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.10)<br>|
| From net realized gains | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; — |
| Total Distributions Paid | &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (0.10)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $11.46 | &nbsp;&nbsp; $12.41 | &nbsp;&nbsp; $11.34 | &nbsp;&nbsp; $11.45 | &nbsp;&nbsp; $12.81 |
| **Total Return**<sup>(5)</sup> <br>| **6.13%**<br>| **17.10%**<br>| **0.55%**<br>| &nbsp;&nbsp; **(1.04)%**<br>| **59.61%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $468536 | &nbsp;&nbsp; $486663 | &nbsp;&nbsp; $479178 | &nbsp;&nbsp; $584015 | &nbsp;&nbsp; $683128 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(6)</sup> <br>| 0.85 %<sup>(7)</sup><br>| 0.85 %<sup>(7)</sup><br>| 0.85<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.94<br> %<br>| 0.93<br> %<br>| 0.93<br> %<br>| 0.90<br> %<br>| 0.92<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(6)</sup> <br>| 1.94 %<sup>(7)</sup><br>| 1.81 %<sup>(7)</sup><br>| 1.66<br> %<br>| 1.10<br> %<br>| 0.93<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.85<br> %<br>| 1.73<br> %<br>| 1.58<br> %<br>| 1.04<br> %<br>| 0.86<br> %<br>|
| Portfolio Turnover Rate | 39.23<br> %<br>| 37.54<br> %<br>| 51.69<br> %<br>| 41.19<br> %<br>| 51.34<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $20,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *The Northern Trust Company reimbursed the Fund approximately $26,000. The reimbursements represent less than $0.01 per share. Without these* *reimbursements, the total return would have been 59.59%.* 

<sup>(3)</sup> *The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $6,000. The reimbursements represents less than $0.01 per share and* *had no effect on the Fund's total return.* 

<sup>(4)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(5)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(6)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $39,000, $34,000, $23,000, less than $1,000 and approximately $17,000, which represent less than* *0.01 percent of average net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense* *limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been* *increased by a corresponding amount.* 

<sup>(7)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **17** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Emerging Markets Equity** <br> **Index Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$10.97** | &nbsp;&nbsp; **$10.64** | &nbsp;&nbsp; **$12.15** | &nbsp;&nbsp; **$14.32** | &nbsp;&nbsp; **$9.25** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.30 | 0.30 | 0.34 | 0.29 <br><sup>(1)</sup><br>| 0.20 <br><sup>(2)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.61 | 0.44 | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (2.08)<br>| 5.20 |
| Total from Investment Operations | 0.91 | 0.74 | &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.79)<br>| 5.40 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(3)</sup> <br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $11.55 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $12.15 | &nbsp;&nbsp; $14.32 |
| **Total Return**<sup>(4)</sup> <br>| **8.41%**<br>| **7.17%**<br>| &nbsp;&nbsp; **(10.30)%** <br><sup>(5)</sup><br>| &nbsp;&nbsp; **(12.69)%**<br>| **58.51%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $1847827 | &nbsp;&nbsp; $1618793 | &nbsp;&nbsp; $1515201 | &nbsp;&nbsp; $1949107 | &nbsp;&nbsp; $2412779 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.15 %<sup>(6)</sup><br>| 0.14 %<sup>(6)</sup><br>| 0.22 %<sup>(7)</sup><br>| 0.30 %<sup>(7)</sup><br>| 0.30 %<sup>(7)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.27<br> %<br>| 0.29<br> %<br>| 0.33<br> %<br>| 0.34<br> %<br>| 0.34<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 2.54 %<sup>(6)</sup><br>| 2.67 %<sup>(6)</sup><br>| 3.10 %<sup>(7)</sup><br>| 2.18 %<sup>(7)</sup><br>| 1.76 %<sup>(7)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.42<br> %<br>| 2.52<br> %<br>| 2.99<br> %<br>| 2.14<br> %<br>| 1.72<br> %<br>|
| Portfolio Turnover Rate | 12.17<br> %<br>| 44.18<br> %<br>| 57.68<br> %<br>| 20.35<br> %<br>| 74.68<br> %<br>|

---

<sup>(1)</sup> *The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $10,000. The reimbursements represents less than $0.01 per share and* *had no effect on the Fund's total return.* 

<sup>(2)</sup> *The Northern Trust Company reimbursed the Fund approximately $151,000. The reimbursements represent less than $0.01 per share. Without these* *reimbursements, the total return would have been 58.44%.* 

<sup>(3)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(4)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(5)</sup> *The Northern Trust Company reimbursed the Fund approximately $5,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(6)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(7)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $15,000, $1,000 and $21,000, which represent less than 0.01 percent of average net assets for the fiscal* *years ended March 31, 2023, 2022 and 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net* *investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **18** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Global Real Estate** <br> **Index Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.51** | &nbsp;&nbsp; **$8.97** | &nbsp;&nbsp; **$11.62** | &nbsp;&nbsp; **$10.67** | &nbsp;&nbsp; **$8.22** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.29 | 0.28 | 0.26 | 0.24 <br><sup>(1)</sup><br>| 0.04 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.12 | 0.50 | &nbsp;&nbsp; (2.67)<br>| 1.03 | 2.64 |
| Total from Investment Operations | 0.41 | 0.78 | &nbsp;&nbsp; (2.41)<br>| 1.27 | 2.68 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup> <br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.23)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Distributions Paid | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $11.62 | &nbsp;&nbsp; $10.67 |
| **Total Return**<sup>(3)</sup> <br>| **4.37%**<br>| **8.85%**<br>| &nbsp;&nbsp; **(20.74)%** <br><sup>(4)</sup><br>| **11.84%**<br>| **33.25%** <br><sup>(5)</sup><br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $1116774 | &nbsp;&nbsp; $988349 | &nbsp;&nbsp; $998910 | &nbsp;&nbsp; $1492882 | &nbsp;&nbsp; $1432173 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(6)</sup> <br>| 0.47 %<sup>(7)</sup><br>| 0.47 %<sup>(7)</sup><br>| 0.47<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.49<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(6)</sup> <br>| 2.89 %<sup>(7)</sup><br>| 3.18 %<sup>(7)</sup><br>| 2.96<br> %<br>| 2.23<br> %<br>| 2.55<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.88<br> %<br>| 3.17<br> %<br>| 2.94<br> %<br>| 2.23<br> %<br>| 2.55<br> %<br>|
| Portfolio Turnover Rate | 8.98<br> %<br>| 5.96<br> %<br>| 7.48<br> %<br>| 5.75<br> %<br>| 7.27<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $7,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The Northern Trust Company reimbursed the Fund approximately $10,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(5)</sup> *During the fiscal year ended March 31, 2021, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the* *total return would have been 33.11%.* 

<sup>(6)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $26,000, $30,000, $18,000, $1,000 and $8,000, which represent less than 0.01 percent of average* *net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(7)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **19** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Global Tactical Asset** <br> **Allocation Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$12.64** | &nbsp;&nbsp; **$11.92** | &nbsp;&nbsp; **$13.68** | &nbsp;&nbsp; **$13.74** | &nbsp;&nbsp; **$11.11** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.42 | 0.44 | 0.38 | 0.33 <br><sup>(1)</sup><br>| 0.31 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.34 | 0.72 | &nbsp;&nbsp; (1.26)<br>| 0.22 | 3.18 |
| Total from Investment Operations | 0.76 | 1.16 | &nbsp;&nbsp; (0.88)<br>| 0.55 | 3.49 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.32)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.54)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.86)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp; $12.64 | &nbsp;&nbsp; $11.92 | &nbsp;&nbsp; $13.68 | &nbsp;&nbsp; $13.74 |
| **Total Return**<sup>(2)</sup> <br>| **6.04%**<br>| **9.95%**<br>| &nbsp;&nbsp; **(6.27)%**<br>| **3.92%**<br>| **31.94%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $77208 | &nbsp;&nbsp; $91432 | &nbsp;&nbsp; $101835 | &nbsp;&nbsp; $128119 | &nbsp;&nbsp; $120727 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(3)</sup> <br>| 0.26 %<sup>(4)(5)</sup><br>| 0.27 %<sup>(4)(5)</sup><br>| 0.26 %<sup>(5)</sup><br>| 0.26<br> %<br>| 0.26 %<sup>(5)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<sup>(3)</sup> <br>| 0.43<br> %<br>| 0.40<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.40<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.16 %<sup>(4)(5)</sup><br>| 3.58 %<sup>(4)(5)</sup><br>| 3.01 %<sup>(5)</sup><br>| 2.45<br> %<br>| 2.32 %<sup>(5)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.99<br> %<br>| 3.45<br> %<br>| 2.88<br> %<br>| 2.32<br> %<br>| 2.18<br> %<br>|
| Portfolio Turnover Rate | 94.22<br> %<br>| 38.30<br> %<br>| 34.86<br> %<br>| 60.88<br> %<br>| 50.89<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund's* *total return.* 

<sup>(2)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(3)</sup> *Expense ratios reflect only the direct expenses of the Fund and not any expenses associated with the underlying funds.*

<sup>(4)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $3,000, $1,000, less than $1,000 and approximately $1,000, which represent less than 0.01 percent of* *average net assets for the fiscal years ended March 31, 2025, 2024, 2023 and 2021, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **20** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Income Equity Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$15.67** | &nbsp;&nbsp; **$13.26** | &nbsp;&nbsp; **$15.07** | &nbsp;&nbsp; **$14.81** | &nbsp;&nbsp; **$10.42** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.29 | 0.30 | 0.28 | 0.19 | 0.20 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 1.26 | 3.10 | &nbsp;&nbsp; (1.33)<br>| 2.24 | 5.28 |
| Total from Investment Operations | 1.55 | 3.40 | &nbsp;&nbsp; (1.05)<br>| 2.43 | 5.48 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.25)<br>|
| From net realized gains | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (0.84)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (1.09)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $16.22 | &nbsp;&nbsp; $15.67 | &nbsp;&nbsp; $13.26 | &nbsp;&nbsp; $15.07 | &nbsp;&nbsp; $14.81 |
| **Total Return**<sup>(1)</sup> <br>| **9.82%**<br>| **26.54%**<br>| &nbsp;&nbsp; **(6.78)%**<br>| **16.31%**<br>| **53.57%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $226382 | &nbsp;&nbsp; $169820 | &nbsp;&nbsp; $138543 | &nbsp;&nbsp; $164466 | &nbsp;&nbsp; $149908 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.49 %<sup>(3)</sup><br>| 0.49 %<sup>(3)</sup><br>| 0.66<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.64<br> %<br>| 0.63<br> %<br>| 0.80<br> %<br>| 1.16<br> %<br>| 1.18<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 1.78 %<sup>(3)</sup><br>| 2.14 %<sup>(3)</sup><br>| 2.10<br> %<br>| 1.18<br> %<br>| 1.51<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.63<br> %<br>| 2.00<br> %<br>| 1.96<br> %<br>| 1.03<br> %<br>| 1.34<br> %<br>|
| Portfolio Turnover Rate | 21.52<br> %<br>| 25.40<br> %<br>| 34.87<br> %<br>| 30.55<br> %<br>| 27.94<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $8,000, $3,000, $1,000, $1,000 and $1,000, which represent less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **21** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **International Equity** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$10.24** | &nbsp;&nbsp; **$9.42** | &nbsp;&nbsp; **$9.70** | &nbsp;&nbsp; **$9.68** | &nbsp;&nbsp; **$7.14** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.30 | 0.29 | 0.29 | 0.25 <br><sup>(1)</sup><br>| 0.45 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.54 | 1.10 | &nbsp;&nbsp; (0.31)<br>| 0.10 | 2.63 |
| Total from Investment Operations | 0.84 | 1.39 | &nbsp;&nbsp; (0.02)<br>| 0.35 | 3.08 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup> <br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.54)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.54)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.70 | &nbsp;&nbsp; $9.68 |
| **Total Return**<sup>(3)</sup> <br>| **8.62%**<br>| **15.07%**<br>| &nbsp;&nbsp; **(0.02)%**<br>| **3.49%**<br>| **43.53%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $138111 | &nbsp;&nbsp; $139669 | &nbsp;&nbsp; $124062 | &nbsp;&nbsp; $124543 | &nbsp;&nbsp; $106032 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.51 %<sup>(4)(5)</sup><br>| 0.51 %<sup>(4)(5)</sup><br>| 0.51 %<sup>(5)</sup><br>| 0.51<br> %<br>| 0.52 %<sup>(5)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.75<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 2.85 %<sup>(4)(5)</sup><br>| 3.01 %<sup>(4)(5)</sup><br>| 3.28 %<sup>(5)</sup><br>| 2.91<br> %<br>| 2.73 %<sup>(5)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.71<br> %<br>| 2.87<br> %<br>| 3.14<br> %<br>| 2.77<br> %<br>| 2.50<br> %<br>|
| Portfolio Turnover Rate | 49.68<br> %<br>| 47.19<br> %<br>| 46.55<br> %<br>| 41.96<br> %<br>| 63.81<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $5,000. The reimbursements represent less than $0.01 per share. Without these* *reimbursements, the total return would have been 3.48%.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $1,000, $2,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for* *the fiscal years ended March 31, 2025, 2024, 2023 and 2021, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **22** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **International Equity** <br> **Index Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$14.65** | &nbsp;&nbsp; **$13.13** | &nbsp;&nbsp; **$13.50** | &nbsp;&nbsp; **$13.92** | &nbsp;&nbsp; **$9.84** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.42 | 0.43 | 0.40 | 0.37 <br><sup>(1)</sup><br>| 0.28 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.35 | 1.56 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.33)<br>| 4.08 |
| Total from Investment Operations | 0.77 | 1.99 | &nbsp;&nbsp; (0.04)<br>| 0.04 | 4.36 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup> <br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.28)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.28)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $14.91 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $13.13 | &nbsp;&nbsp; $13.50 | &nbsp;&nbsp; $13.92 |
| **Total Return**<sup>(3)</sup> <br>| **5.55%**<br>| **15.38%**<br>| &nbsp;&nbsp; **(0.11)%**<br>| **0.13%**<br>| **44.22%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $5007172 | &nbsp;&nbsp; $4894332 | &nbsp;&nbsp; $4479806 | &nbsp;&nbsp; $4851381 | &nbsp;&nbsp; $5379675 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.10 %<sup>(4)</sup><br>| 0.10 %<sup>(4)</sup><br>| 0.17 %<sup>(5)</sup><br>| 0.24<br> %<br>| 0.24 %<sup>(5)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.16<br> %<br>| 0.16<br> %<br>| 0.20<br> %<br>| 0.24<br> %<br>| 0.24<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 2.85 %<sup>(4)</sup><br>| 3.06 %<sup>(4)</sup><br>| 3.20 %<sup>(5)</sup><br>| 2.61<br> %<br>| 2.26 %<sup>(5)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.79<br> %<br>| 3.00<br> %<br>| 3.17<br> %<br>| 2.61<br> %<br>| 2.26<br> %<br>|
| Portfolio Turnover Rate | 19.42<br> %<br>| 21.42<br> %<br>| 20.88<br> %<br>| 20.76<br> %<br>| 21.26<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $6,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $6,000 and $12,000, which represent less than 0.01 percent of average net assets for the fiscal years* *ended March 31, 2023 and 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income* *and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **23** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Large Cap Core Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$27.48** | &nbsp;&nbsp; **$22.78** | &nbsp;&nbsp; **$25.71** | &nbsp;&nbsp; **$25.24** | &nbsp;&nbsp; **$16.46** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.30 | 0.32 | 0.31 | 0.30 | 0.31 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 2.03 | 6.56 | &nbsp;&nbsp; (2.16)<br>| 4.09 | 8.79 |
| Total from Investment Operations | 2.33 | 6.88 | &nbsp;&nbsp; (1.85)<br>| 4.39 | 9.10 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.32)<br>|
| From net realized gains | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; — |
| Total Distributions Paid | &nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (3.92)<br>| &nbsp;&nbsp; (0.32)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $27.25 | &nbsp;&nbsp; $27.48 | &nbsp;&nbsp; $22.78 | &nbsp;&nbsp; $25.71 | &nbsp;&nbsp; $25.24 |
| **Total Return**<sup>(1)</sup> <br>| **8.21%**<br>| **31.46%**<br>| &nbsp;&nbsp; **(7.00)%**<br>| **17.18%**<br>| **55.62%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $281331 | &nbsp;&nbsp; $285930 | &nbsp;&nbsp; $242606 | &nbsp;&nbsp; $289337 | &nbsp;&nbsp; $270545 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.45 %<sup>(3)</sup><br>| 0.45 %<sup>(3)</sup><br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.56<br> %<br>| 0.55<br> %<br>| 0.57<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 1.04 %<sup>(3)</sup><br>| 1.27 %<sup>(3)</sup><br>| 1.35<br> %<br>| 1.10<br> %<br>| 1.47<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 0.94<br> %<br>| 1.17<br> %<br>| 1.24<br> %<br>| 1.00<br> %<br>| 1.35<br> %<br>|
| Portfolio Turnover Rate | 35.20<br> %<br>| 44.46<br> %<br>| 38.46<br> %<br>| 44.93<br> %<br>| 38.54<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $6,000, $3,000, $3,000, less than $1,000 and approximately $2,000, which represent less than 0.01* *percent of average net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense* *limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been* *increased by a corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **24** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Large Cap Value Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$21.33** | &nbsp;&nbsp; **$18.61** | &nbsp;&nbsp; **$21.27** | &nbsp;&nbsp; **$20.39** | &nbsp;&nbsp; **$12.85** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.38 | 0.42 | 0.39 | 0.35 | 0.38 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.59 | 3.38 | &nbsp;&nbsp; (1.49)<br>| 2.28 | 7.42 |
| Total from Investment Operations | 0.97 | 3.80 | &nbsp;&nbsp; (1.10)<br>| 2.63 | 7.80 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.26)<br>|
| From net realized gains | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; — |
| Total Distributions Paid | &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $20.71 | &nbsp;&nbsp; $21.33 | &nbsp;&nbsp; $18.61 | &nbsp;&nbsp; $21.27 | &nbsp;&nbsp; $20.39 |
| **Total Return**<sup>(1)</sup> <br>| **4.75%**<br>| **21.04%**<br>| &nbsp;&nbsp; **(5.18)%**<br>| **13.00%**<br>| **61.02%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $62580 | &nbsp;&nbsp; $65127 | &nbsp;&nbsp; $59007 | &nbsp;&nbsp; $67714 | &nbsp;&nbsp; $63821 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.57 %<sup>(2)(3)</sup><br>| 0.57 %<sup>(2)(3)</sup><br>| 0.56 %<sup>(3)</sup><br>| 0.57<br> %<br>| 0.57 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.77<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.80<br> %<br>| 0.89<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 1.71 %<sup>(2)(3)</sup><br>| 1.99 %<sup>(2)(3)</sup><br>| 1.99 %<sup>(3)</sup><br>| 1.55<br> %<br>| 2.05 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.51<br> %<br>| 1.80<br> %<br>| 1.80<br> %<br>| 1.32<br> %<br>| 1.73<br> %<br>|
| Portfolio Turnover Rate | 60.87<br> %<br>| 38.42<br> %<br>| 78.33<br> %<br>| 75.05<br> %<br>| 74.86<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $2,000, $1,000, less than $1,000 and $1,000, which represent less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2025, 2024, 2023 and 2021, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **25** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mid Cap Index Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$21.94** | &nbsp;&nbsp; **$19.23** | &nbsp;&nbsp; **$22.41** | &nbsp;&nbsp; **$23.76** | &nbsp;&nbsp; **$13.59** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.31 | 0.33 | 0.32 | 0.28 | 0.26 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; (0.80)<br>| 3.98 | &nbsp;&nbsp; (1.57)<br>| 0.80 | 10.91 |
| Total from Investment Operations | &nbsp;&nbsp; (0.49)<br>| 4.31 | &nbsp;&nbsp; (1.25)<br>| 1.08 | 11.17 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.26)<br>|
| From net realized gains | &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (0.74)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; (2.43)<br>| &nbsp;&nbsp; (1.00)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $19.44 | &nbsp;&nbsp; $21.94 | &nbsp;&nbsp; $19.23 | &nbsp;&nbsp; $22.41 | &nbsp;&nbsp; $23.76 |
| **Total Return**<sup>(1)</sup> <br>| &nbsp;&nbsp; **(2.78)%**<br>| **23.25%**<br>| &nbsp;&nbsp; **(5.28)%**<br>| **4.44%**<br>| **83.26%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $1918728 | &nbsp;&nbsp; $2140097 | &nbsp;&nbsp; $1999551 | &nbsp;&nbsp; $2439401 | &nbsp;&nbsp; $2523727 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.10 %<sup>(2)</sup><br>| 0.10 %<sup>(2)</sup><br>| 0.12 %<sup>(3)</sup><br>| 0.15 %<sup>(3)</sup><br>| 0.15 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.16<br> %<br>| 0.16<br> %<br>| 0.18<br> %<br>| 0.19<br> %<br>| 0.19<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 1.40 %<sup>(2)</sup><br>| 1.54 %<sup>(2)</sup><br>| 1.48 %<sup>(3)</sup><br>| 1.13 %<sup>(3)</sup><br>| 1.25 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.34<br> %<br>| 1.48<br> %<br>| 1.42<br> %<br>| 1.09<br> %<br>| 1.21<br> %<br>|
| Portfolio Turnover Rate | 16.94<br> %<br>| 21.60<br> %<br>| 13.39<br> %<br>| 15.17<br> %<br>| 18.73<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $15,000, $2,000 and $17,000, which represent less than 0.01 percent of average net assets for the fiscal* *years ended March 31, 2023, 2022 and 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net* *investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **26** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Multi-Manager Global** <br> **Listed Infrastructure** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$11.87** | &nbsp;&nbsp; **$11.96** | &nbsp;&nbsp; **$13.02** | &nbsp;&nbsp; **$12.92** | &nbsp;&nbsp; **$10.48** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.39 | 0.32 | 0.26 | 0.32 <br><sup>(1)</sup><br>| 0.21 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.71 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.85)<br>| 1.10 | 2.47 <br><sup>(2)</sup><br>|
| Total from Investment Operations | 1.10 | 0.25 | &nbsp;&nbsp; (0.59)<br>| 1.42 | 2.68 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(3)</sup> <br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.20)<br>|
| From net realized gains | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $12.54 | &nbsp;&nbsp; $11.87 | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $13.02 | &nbsp;&nbsp; $12.92 |
| **Total Return**<sup>(4)</sup> <br>| **9.47%**<br>| **2.17%**<br>| &nbsp;&nbsp; **(4.43)%**<br>| **11.46%**<br>| **25.81%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $854743 | &nbsp;&nbsp; $968716 | &nbsp;&nbsp; $987476 | &nbsp;&nbsp; $1103323 | &nbsp;&nbsp; $1167594 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(5)</sup> <br>| 0.96 %<sup>(6)</sup><br>| 0.96 %<sup>(6)</sup><br>| 0.96<br> %<br>| 0.97<br> %<br>| 0.96<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 1.01<br> %<br>| 1.01<br> %<br>| 0.99<br> %<br>| 0.97<br> %<br>| 0.96<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(5)</sup> <br>| 2.72 %<sup>(6)</sup><br>| 2.72 %<sup>(6)</sup><br>| 2.27<br> %<br>| 2.38<br> %<br>| 1.78<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.67<br> %<br>| 2.67<br> %<br>| 2.24<br> %<br>| 2.38<br> %<br>| 1.78<br> %<br>|
| Portfolio Turnover Rate | 70.72<br> %<br>| 48.35<br> %<br>| 57.83<br> %<br>| 62.31<br> %<br>| 60.11<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $13,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $5,000. The reimbursements represents less than $0.01 per share and* *had no effect on the Fund's total return.* 

<sup>(3)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(4)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $65,000, $72,000, $57,000, $1,000 and $41,000, which represent less than 0.01 percent of average* *net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(6)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **27** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Multi-Manager Global** <br> **Real Estate Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$10.55** | &nbsp;&nbsp; **$10.02** | &nbsp;&nbsp; **$12.72** | &nbsp;&nbsp; **$11.37** | &nbsp;&nbsp; **$8.67** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.23 | 0.22 | 0.24 | 0.15 <br><sup>(1)</sup><br>| 0.21 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; (0.32)<br>| 0.52 | &nbsp;&nbsp; (2.74)<br>| 1.56 | 2.68 <br><sup>(2)</sup><br>|
| Total from Investment Operations | &nbsp;&nbsp; (0.09)<br>| 0.74 | &nbsp;&nbsp; (2.50)<br>| 1.71 | 2.89 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(3)</sup> <br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.19)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — |
| Total Distributions Paid | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.19)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.55 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $12.72 | &nbsp;&nbsp; $11.37 |
| **Total Return**<sup>(4)</sup> <br>| &nbsp;&nbsp; **(0.94)%**<br>| **7.47%**<br>| &nbsp;&nbsp; **(19.64)%**<br>| **15.03%** <br><sup>(5)</sup><br>| **33.59%** <br><sup>(6)</sup><br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $95034 | &nbsp;&nbsp; $126353 | &nbsp;&nbsp; $121173 | &nbsp;&nbsp; $204893 | &nbsp;&nbsp; $181192 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(7)</sup> <br>| 0.93 %<sup>(8)</sup><br>| 0.92 %<sup>(8)</sup><br>| 0.92<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 1.08<br> %<br>| 1.08<br> %<br>| 1.06<br> %<br>| 1.00<br> %<br>| 1.04<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(7)</sup> <br>| 2.03 %<sup>(8)</sup><br>| 2.17 %<sup>(8)</sup><br>| 2.06<br> %<br>| 1.20<br> %<br>| 1.73<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.88<br> %<br>| 2.01<br> %<br>| 1.92<br> %<br>| 1.11<br> %<br>| 1.61<br> %<br>|
| Portfolio Turnover Rate | 57.69<br> %<br>| 56.04<br> %<br>| 59.41<br> %<br>| 42.01<br> %<br>| 81.36<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $1,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $1,000. The reimbursements represents less than $0.01 per share and* *had no effect on the Fund's total return.* 

<sup>(3)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(4)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(5)</sup> *During the fiscal year ended March 31, 2022, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the* *total return would have been 14.55%.* 

<sup>(6)</sup> *During the fiscal year ended March 31, 2021, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the* *total return would have been 33.09%.* 

<sup>(7)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $10,000, $9,000, $7,000, less than $1,000 and approximately $6,000, which represent less than 0.01* *percent of average net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense* *limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been* *increased by a corresponding amount.* 

<sup>(8)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **28** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Cap Core Fund** | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
| **Selected per share data** | **YEAR**<br> **ENDED**<br> **March 31,**<br> **2025**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2024**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2023**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2022**<br>| **PERIOD**<br> **ENDED**<br> **March 31,**<br> **2021**<sup>(1)</sup> <br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$28.67** | &nbsp;&nbsp; **$25.40** | &nbsp;&nbsp; **$27.82** | &nbsp;&nbsp; **$32.58** | &nbsp;&nbsp; **$23.46** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income | 0.20 | 0.31 | 0.28 | 0.24 | 0.13 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (1.00)<br>| 4.84 | &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp; (0.33)<br>| 10.42 |
| Total from Investment Operations | &nbsp;&nbsp; (0.80)<br>| 5.15 | &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (0.09)<br>| 10.55 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.21)<br>|
| From net realized gains | &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (1.22)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (4.56)<br>| &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (4.67)<br>| &nbsp;&nbsp; (1.43)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $23.31 | &nbsp;&nbsp; $28.67 | &nbsp;&nbsp; $25.40 | &nbsp;&nbsp; $27.82 | &nbsp;&nbsp; $32.58 |
| **Total Return**<sup>(2)</sup> <br>| &nbsp;&nbsp; **(4.00)%**<br>| **20.74%**<br>| &nbsp;&nbsp; **(8.08)%**<br>| &nbsp;&nbsp; **(0.54)%**<br>| **45.82%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of period | &nbsp;&nbsp; $159816 | &nbsp;&nbsp; $264729 | &nbsp;&nbsp; $240538 | &nbsp;&nbsp; $279376 | &nbsp;&nbsp; $287618 |
| Ratio to average net assets of:<sup>(3)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements and <br> credits<sup>(4)</sup> <br>| 0.47 %<sup>(5)</sup><br>| 0.49 %<sup>(5)</sup><br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>|
| Expenses, before reimbursements and credits | 0.53<br> %<br>| 0.54<br> %<br>| 0.54<br> %<br>| 0.54<br> %<br>| 0.57<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of reimbursements <br> and credits<sup>(4)</sup> <br>| 0.99 %<sup>(5)</sup><br>| 1.12 %<sup>(5)</sup><br>| 1.13<br> %<br>| 0.70<br> %<br>| 0.67 %<sup>(6)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 0.93<br> %<br>| 1.07<br> %<br>| 1.08<br> %<br>| 0.65<br> %<br>| 0.59 %<sup>(6)</sup><br>|
| Portfolio Turnover Rate | 17.68<br> %<br>| 15.33<br> %<br>| 13.01<br> %<br>| 15.47<br> %<br>| 26.59<br> %<br>|

---

<sup>(1)</sup> *For the period from* July 30, 2020 *(commencement of class operations) through March 31, 2021.*

<sup>(2)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment* *at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(3)</sup> *Annualized for periods less than one year.*

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $15,000, $12,000, $12,000, $1,000 and $1,000, which represent less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021,* *respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been* *decreased and net expenses would have been increased by a corresponding amount.* 

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(6)</sup> *As the Fund commenced operation of Class K shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might* *obtain in a full year of operation.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **29** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Cap Core Fund** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| **Selected per share data** | **YEAR**<br> **ENDED**<br> **March 31,**<br> **2025**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2024**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2023**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2022**<br>| **PERIOD**<br> **ENDED**<br> **March 31,**<br> **2021**<sup>(1)</sup> <br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$28.62** | &nbsp;&nbsp; **$25.37** | &nbsp;&nbsp; **$27.77** | &nbsp;&nbsp; **$32.56** | &nbsp;&nbsp; **$23.46** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income | 0.23 | 0.29 | 0.30 | 0.17 | 0.12 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (1.07)<br>| 4.83 | &nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp; (0.30)<br>| 10.41 |
| Total from Investment Operations | &nbsp;&nbsp; (0.84)<br>| 5.12 | &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (0.13)<br>| 10.53 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.21)<br>|
| From net realized gains | &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (1.22)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (4.66)<br>| &nbsp;&nbsp; (1.43)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $23.29 | &nbsp;&nbsp; $28.62 | &nbsp;&nbsp; $25.37 | &nbsp;&nbsp; $27.77 | &nbsp;&nbsp; $32.56 |
| **Total Return**<sup>(2)</sup> <br>| &nbsp;&nbsp; **(4.12)%**<br>| **20.62%**<br>| &nbsp;&nbsp; **(8.18)%**<br>| &nbsp;&nbsp; **(0.63)%**<br>| **45.72%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of period | &nbsp;&nbsp; $193968 | &nbsp;&nbsp; $219869 | &nbsp;&nbsp; $193854 | &nbsp;&nbsp; $226545 | &nbsp;&nbsp; $254387 |
| Ratio to average net assets of:<sup>(3)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements and <br> credits<sup>(4)</sup> <br>| 0.57 %<sup>(5)</sup><br>| 0.59 %<sup>(5)</sup><br>| 0.59<br> %<br>| 0.59<br> %<br>| 0.59<br> %<br>|
| Expenses, before reimbursements and credits | 0.63<br> %<br>| 0.64<br> %<br>| 0.64<br> %<br>| 0.64<br> %<br>| 0.67<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of reimbursements <br> and credits<sup>(4)</sup> <br>| 0.91 %<sup>(5)</sup><br>| 1.02 %<sup>(5)</sup><br>| 1.03<br> %<br>| 0.59<br> %<br>| 0.57 %<sup>(6)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 0.85<br> %<br>| 0.97<br> %<br>| 0.98<br> %<br>| 0.54<br> %<br>| 0.49 %<sup>(6)</sup><br>|
| Portfolio Turnover Rate | 17.68<br> %<br>| 15.33<br> %<br>| 13.01<br> %<br>| 15.47<br> %<br>| 26.59<br> %<br>|

---

<sup>(1)</sup> *For the period from* July 30, 2020 *(commencement of class operations) through March 31, 2021.*

<sup>(2)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment* *at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(3)</sup> *Annualized for periods less than one year.*

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $17,000, $10,000, $10,000, $1,000 and $1,000 which represent less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021,* *respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been* *decreased and net expenses would have been increased by a corresponding amount.* 

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(6)</sup> *As the Fund commenced operation of Class I shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might* *obtain in a full year of operation.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **30** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Cap Index Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$14.02** | &nbsp;&nbsp; **$11.96** | &nbsp;&nbsp; **$14.40** | &nbsp;&nbsp; **$17.24** | &nbsp;&nbsp; **$9.18** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.17 | 0.18 | 0.18 | 0.15 | 0.12 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; (0.65)<br>| 2.15 | &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (1.10)<br>| 8.48 |
| Total from Investment Operations | &nbsp;&nbsp; (0.48)<br>| 2.33 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (0.95)<br>| 8.60 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>|
| From net realized gains | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (0.39)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (0.54)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $12.60 | &nbsp;&nbsp; $14.02 | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $14.40 | &nbsp;&nbsp; $17.24 |
| **Total Return**<sup>(1)</sup> <br>| &nbsp;&nbsp; **(4.06)%**<br>| **19.59%**<br>| &nbsp;&nbsp; **(11.68)%**<br>| &nbsp;&nbsp; **(5.88)%**<br>| **94.41%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $1126830 | &nbsp;&nbsp; $1183459 | &nbsp;&nbsp; $1163077 | &nbsp;&nbsp; $1535414 | &nbsp;&nbsp; $1606895 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.10 %<sup>(2)</sup><br>| 0.10 %<sup>(2)</sup><br>| 0.12 %<sup>(3)</sup><br>| 0.15 %<sup>(3)</sup><br>| 0.15 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.16<br> %<br>| 0.16<br> %<br>| 0.18<br> %<br>| 0.19<br> %<br>| 0.19<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 1.21 %<sup>(2)</sup><br>| 1.34 %<sup>(2)</sup><br>| 1.38 %<sup>(3)</sup><br>| 0.88 %<sup>(3)</sup><br>| 0.93 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.15<br> %<br>| 1.28<br> %<br>| 1.32<br> %<br>| 0.84<br> %<br>| 0.89<br> %<br>|
| Portfolio Turnover Rate | 20.51<br> %<br>| 11.87<br> %<br>| 13.66<br> %<br>| 25.57<br> %<br>| 20.62<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $4,000, $1,000 and $14,000, which represent less than 0.01 percent of average net assets for the fiscal* *years ended March 31, 2023, 2022 and 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net* *investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **31** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Cap Value Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$20.09** | &nbsp;&nbsp; **$18.10** | &nbsp;&nbsp; **$20.71** | &nbsp;&nbsp; **$23.46** | &nbsp;&nbsp; **$13.49** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.22 | 0.22 | 0.22 | 0.18 | 0.20 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; (0.59)<br>| 3.13 | &nbsp;&nbsp; (1.78)<br>| 0.56 | 10.15 |
| Total from Investment Operations | &nbsp;&nbsp; (0.37)<br>| 3.35 | &nbsp;&nbsp; (1.56)<br>| 0.74 | 10.35 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.22)<br>|
| From net realized gains | &nbsp;&nbsp; (7.31)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (3.30)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (7.49)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (3.49)<br>| &nbsp;&nbsp; (0.38)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $12.23 | &nbsp;&nbsp; $20.09 | &nbsp;&nbsp; $18.10 | &nbsp;&nbsp; $20.71 | &nbsp;&nbsp; $23.46 |
| **Total Return**<sup>(1)</sup> <br>| &nbsp;&nbsp; **(3.98)%**<br>| **18.78%**<br>| &nbsp;&nbsp; **(7.50)%**<br>| **3.29%**<br>| **77.32%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $782738 | &nbsp;&nbsp; $1105022 | &nbsp;&nbsp; $1617670 | &nbsp;&nbsp; $2293215 | &nbsp;&nbsp; $2974261 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.90 %<sup>(3)</sup><br>| 1.00 %<sup>(3)</sup><br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 1.04<br> %<br>| 1.15<br> %<br>| 1.13<br> %<br>| 1.15<br> %<br>| 1.13<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 1.12 %<sup>(3)</sup><br>| 1.14 %<sup>(3)</sup><br>| 1.08<br> %<br>| 0.69<br> %<br>| 1.05<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 0.98<br> %<br>| 0.99<br> %<br>| 0.95<br> %<br>| 0.54<br> %<br>| 0.92<br> %<br>|
| Portfolio Turnover Rate | 26.80<br> %<br>| 18.61<br> %<br>| 13.25<br> %<br>| 20.41<br> %<br>| 27.79<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $58,000, $85,000, $63,000, $3,000 and $59,000, which represent less than 0.01 percent of average* *net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **32** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Stock Index Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$53.98** | &nbsp;&nbsp; **$43.69** | &nbsp;&nbsp; **$49.65** | &nbsp;&nbsp; **$44.44** | &nbsp;&nbsp; **$29.61** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.77 | 0.75 | 0.71 | 0.62 | 0.61 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 3.68 | 11.99 | &nbsp;&nbsp; (4.72)<br>| 6.29 | 15.87 |
| Total from Investment Operations | 4.45 | 12.74 | &nbsp;&nbsp; (4.01)<br>| 6.91 | 16.48 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.61)<br>|
| From net realized gains | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (1.04)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.65)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $56.87 | &nbsp;&nbsp; $53.98 | &nbsp;&nbsp; $43.69 | &nbsp;&nbsp; $49.65 | &nbsp;&nbsp; $44.44 |
| **Total Return**<sup>(1)</sup> <br>| **8.16%**<br>| **29.82%**<br>| &nbsp;&nbsp; **(7.82)%**<br>| **15.51%** <br><sup>(2)</sup><br>| **56.22%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $14536266 | &nbsp;&nbsp; $13290697 | &nbsp;&nbsp; $10729781 | &nbsp;&nbsp; $12467719 | &nbsp;&nbsp; $11225431 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.05 %<sup>(3)</sup><br>| 0.05 %<sup>(3)</sup><br>| 0.07 %<sup>(4)</sup><br>| 0.10 %<sup>(4)</sup><br>| 0.10 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.10<br> %<br>| 0.09<br> %<br>| 0.11<br> %<br>| 0.13<br> %<br>| 0.13<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 1.33 %<sup>(3)</sup><br>| 1.55 %<sup>(3)</sup><br>| 1.62 %<sup>(4)</sup><br>| 1.26 %<sup>(4)</sup><br>| 1.54 %<sup>(4)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.28<br> %<br>| 1.51<br> %<br>| 1.58<br> %<br>| 1.23<br> %<br>| 1.51<br> %<br>|
| Portfolio Turnover Rate | 3.43<br> %<br>| 2.74<br> %<br>| 2.96<br> %<br>| 3.11<br> %<br>| 4.66<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The Northern Trust Company reimbursed the Fund approximately $2,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $39,000, $7,000 and $85,000, which represent less than 0.01 percent of average net assets for the* *fiscal years ended March 31, 2023, 2022 and 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net* *investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **33** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Quality ESG Fund** | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
| **Selected per share data** | **YEAR**<br> **ENDED**<br> **March 31,**<br> **2025**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2024**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2023**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2022**<br>| **PERIOD**<br> **ENDED**<br> **March 31,**<br> **2021**<sup>(1)</sup> <br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$19.35** | &nbsp;&nbsp; **$15.30** | &nbsp;&nbsp; **$17.26** | &nbsp;&nbsp; **$16.12** | &nbsp;&nbsp; **$13.00** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income | 0.21 | 0.22 | 0.22 | 0.16 | 0.10 |
| Net realized and unrealized gains (losses) | 0.79 | 4.05 | &nbsp;&nbsp; (1.58)<br>| 2.09 | 3.21 |
| Total from Investment Operations | 1.00 | 4.27 | &nbsp;&nbsp; (1.36)<br>| 2.25 | 3.31 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.11)<br>|
| From net realized gains | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.08)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.19)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $20.02 | &nbsp;&nbsp; $19.35 | &nbsp;&nbsp; $15.30 | &nbsp;&nbsp; $17.26 | &nbsp;&nbsp; $16.12 |
| **Total Return**<sup>(2)</sup> <br>| **5.07%**<br>| **28.06%**<br>| &nbsp;&nbsp; **(7.70)%**<br>| **13.71%**<br>| **25.59%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of period | &nbsp;&nbsp; $441622 | &nbsp;&nbsp; $427431 | &nbsp;&nbsp; $375837 | &nbsp;&nbsp; $482259 | &nbsp;&nbsp; $298204 |
| Ratio to average net assets of:<sup>(3)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements and <br> credits<sup>(4)</sup> <br>| 0.39 %<sup>(5)</sup><br>| 0.39 %<sup>(5)</sup><br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Expenses, before reimbursements and credits | 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.44<br> %<br>| 0.51<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of reimbursements <br> and credits<sup>(4)</sup> <br>| 1.02 %<sup>(5)</sup><br>| 1.27 %<sup>(5)</sup><br>| 1.37<br> %<br>| 0.95<br> %<br>| 1.06 %<sup>(6)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 0.97<br> %<br>| 1.22<br> %<br>| 1.32<br> %<br>| 0.90<br> %<br>| 0.94 %<sup>(6)</sup><br>|
| Portfolio Turnover Rate | 36.27<br> %<br>| 36.53<br> %<br>| 45.72<br> %<br>| 29.11<br> %<br>| 28.66<br> %<br>|

---

<sup>(1)</sup> *For the period from* July 30, 2020 *(commencement of class operations) through March 31, 2021.*

<sup>(2)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment* *at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(3)</sup> *Annualized for periods less than one year.*

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $9,000, $6,000, $7,000, $3,000 and $3,000, which represent less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021,* *respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been* *decreased and net expenses would have been increased by a corresponding amount.* 

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(6)</sup> *As the Fund commenced operation of Class K shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might* *obtain in a full year of operation.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **34** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Quality ESG Fund** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| **Selected per share data** | **YEAR**<br> **ENDED**<br> **March 31,**<br> **2025**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2024**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2023**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2022**<br>| **PERIOD**<br> **ENDED**<br> **March 31,**<br> **2021**<sup>(1)</sup> <br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$19.33** | &nbsp;&nbsp; **$15.28** | &nbsp;&nbsp; **$17.25** | &nbsp;&nbsp; **$16.12** | &nbsp;&nbsp; **$13.66** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income | 0.21 | 0.21 | 0.18 | 0.15 | 0.08 |
| Net realized and unrealized gains (losses) | 0.75 | 4.04 | &nbsp;&nbsp; (1.56)<br>| 2.09 | 2.56 |
| Total from Investment Operations | 0.96 | 4.25 | &nbsp;&nbsp; (1.38)<br>| 2.24 | 2.64 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.10)<br>|
| From net realized gains | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.08)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $19.98 | &nbsp;&nbsp; $19.33 | &nbsp;&nbsp; $15.28 | &nbsp;&nbsp; $17.25 | &nbsp;&nbsp; $16.12 |
| **Total Return**<sup>(2)</sup> <br>| **4.91%**<br>| **28.01%**<br>| &nbsp;&nbsp; **(7.79)%**<br>| **13.62%**<br>| **19.46%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of period | &nbsp;&nbsp; $50714 | &nbsp;&nbsp; $28241 | &nbsp;&nbsp; $18181 | &nbsp;&nbsp; $2186 | &nbsp;&nbsp; $83 |
| Ratio to average net assets of:<sup>(3)</sup> <br>|  |  |  |  |  |
| Expenses, net of reimbursements and credits | 0.49 %<sup>(4)(5)</sup><br>| 0.49 %<sup>(4)(5)</sup><br>| 0.49 %<sup>(5)</sup><br>| 0.49<br> %<br>| 0.49<br> %<br>|
| Expenses, before reimbursements and credits | 0.54<br> %<br>| 0.54<br> %<br>| 0.55<br> %<br>| 0.53<br> %<br>| 0.61<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of reimbursements <br> and credits<br>| 0.91 %<sup>(4)(5)</sup><br>| 1.17 %<sup>(4)(5)</sup><br>| 1.27 %<sup>(5)</sup><br>| 1.02<br> %<br>| 0.91 %<sup>(6)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 0.86<br> %<br>| 1.12<br> %<br>| 1.21<br> %<br>| 0.98<br> %<br>| 0.79 %<sup>(6)</sup><br>|
| Portfolio Turnover Rate | 36.27<br> %<br>| 36.53<br> %<br>| 45.72<br> %<br>| 29.11<br> %<br>| 28.66<br> %<br>|

---

<sup>(1)</sup> *For the period from* August 21, 2020 *(commencement of class operations) through March 31, 2021.*

<sup>(2)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment* *at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(3)</sup> *Annualized for periods less than one year.*

<sup>(4)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $1,000, less than $1,000 and $1,000 which represent less than 0.01 percent of average net assets for the* *fiscal years ended March 31, 2025, 2024 and 2023, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net* *investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.* 

<sup>(6)</sup> *As the Fund commenced operation of Class I shares on August 21, 2020, annualized net investment income may not be reflective of actual amounts the Fund might* *obtain in a full year of operation.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **35** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **World Selection Index** <br> **Fund**<sup>(1)</sup> <br>| **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
| **Selected per share data** | **YEAR**<br> **ENDED**<br> **March 31,**<br> **2025**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2024**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2023**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2022**<br>| **PERIOD**<br> **ENDED**<br> **March 31,**<br> **2021**<sup>(2)</sup> <br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$22.43** | &nbsp;&nbsp; **$17.92** | &nbsp;&nbsp; **$19.57** | &nbsp;&nbsp; **$18.67** | &nbsp;&nbsp; **$15.50** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income | 0.35 | 0.31 | 0.31 | 0.30 <br><sup>(3)</sup><br>| 0.19 |
| Net realized and unrealized gains (losses) | 0.36 | 4.53 | &nbsp;&nbsp; (1.64)<br>| 1.70 | 3.27 |
| Total from Investment Operations | 0.71 | 4.84 | &nbsp;&nbsp; (1.33)<br>| 2.00 | 3.46 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(4)</sup> <br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.29)<br>|
| From net realized gains | &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (— )<sup>(5)</sup><br>|
| Total Distributions Paid | &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $21.86 | &nbsp;&nbsp; $22.43 | &nbsp;&nbsp; $17.92 | &nbsp;&nbsp; $19.57 | &nbsp;&nbsp; $18.67 |
| **Total Return**<sup>(6)</sup> <br>| **2.92%**<br>| **27.20%**<br>| &nbsp;&nbsp; **(6.67)%**<br>| **10.48%**<br>| **22.44%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of period | &nbsp;&nbsp; $973823 | &nbsp;&nbsp; $857489 | &nbsp;&nbsp; $736028 | &nbsp;&nbsp; $740470 | &nbsp;&nbsp; $513860 |
| Ratio to average net assets of:<sup>(7)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements and <br> credits<sup>(8)</sup> <br>| 0.24 %<sup>(9)</sup><br>| 0.24 %<sup>(9)</sup><br>| 0.24<br> %<br>| 0.24<br> %<br>| 0.25<br> %<br>|
| Expenses, before reimbursements and credits | 0.24<br> %<br>| 0.24<br> %<br>| 0.24<br> %<br>| 0.24<br> %<br>| 0.27<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of reimbursements <br> and credits<sup>(8)</sup> <br>| 1.46 %<sup>(9)</sup><br>| 1.67 %<sup>(9)</sup><br>| 1.86<br> %<br>| 1.49<br> %<br>| 1.62 %<sup>(10)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.46<br> %<br>| 1.67<br> %<br>| 1.86<br> %<br>| 1.49<br> %<br>| 1.60 %<sup>(10)</sup><br>|
| Portfolio Turnover Rate | 13.38<br> %<br>| 15.57<br> %<br>| 19.49<br> %<br>| 8.31<br> %<br>| 29.04<br> %<br>|

---

<sup>(1)</sup> *Formerly known as the Global Sustainability Index Fund.*

<sup>(2)</sup> *For the period from* July 30, 2020 *(commencement of class operations) through March 31, 2021.*

<sup>(3)</sup> *The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund's* *total return.* 

<sup>(4)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for* *federal income tax purposes.* 

<sup>(5)</sup> *Per share amounts were less than $0.01 per share.*

<sup>(6)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment* *at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(7)</sup> *Annualized for periods less than one year.*

<sup>(8)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $21,000, $28,000, $12,000, $1,000 and $2,000, which represent less than 0.01 percent of average* *net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31,* *2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have* *been decreased and net expenses would have been increased by a corresponding amount.* 

<sup>(9)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(10)</sup> *As the Fund commenced operation of Class K shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might* *obtain in a full year of operation.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **36** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **World Selection Index** <br> **Fund**<sup>(1)</sup> <br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| **Selected per share data** | **YEAR**<br> **ENDED**<br> **March 31,**<br> **2025**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2024**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2023**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2022**<br>| **PERIOD**<br> **ENDED**<br> **March 31,**<br> **2021**<sup>(2)</sup> <br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$22.41** | &nbsp;&nbsp; **$17.91** | &nbsp;&nbsp; **$19.56** | &nbsp;&nbsp; **$18.66** | &nbsp;&nbsp; **$15.50** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income | 0.44 | 0.24 | 0.29 | 0.23 <br><sup>(3)</sup><br>| 0.19 |
| Net realized and unrealized gains (losses) | 0.26 | 4.58 | &nbsp;&nbsp; (1.62)<br>| 1.77 | 3.26 |
| Total from Investment Operations | 0.70 | 4.82 | &nbsp;&nbsp; (1.33)<br>| 2.00 | 3.45 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(4)</sup> <br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.29)<br>|
| From net realized gains | &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (— )<sup>(5)</sup><br>|
| Total Distributions Paid | &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $21.85 | &nbsp;&nbsp; $22.41 | &nbsp;&nbsp; $17.91 | &nbsp;&nbsp; $19.56 | &nbsp;&nbsp; $18.66 |
| **Total Return**<sup>(6)</sup> <br>| **2.91%**<br>| **27.11%**<br>| &nbsp;&nbsp; **(6.72)%**<br>| **10.47%**<br>| **22.35%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of period | &nbsp;&nbsp; $892666 | &nbsp;&nbsp; $1289065 | &nbsp;&nbsp; $793201 | &nbsp;&nbsp; $732245 | &nbsp;&nbsp; $474771 |
| Ratio to average net assets of:<sup>(7)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements and <br> credits<sup>(8)</sup> <br>| 0.29 %<sup>(9)</sup><br>| 0.29 %<sup>(9)</sup><br>| 0.29<br> %<br>| 0.29<br> %<br>| 0.30<br> %<br>|
| Expenses, before reimbursements and credits | 0.29<br> %<br>| 0.29<br> %<br>| 0.29<br> %<br>| 0.29<br> %<br>| 0.31<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of reimbursements <br> and credits<sup>(8)</sup> <br>| 1.43 %<sup>(9)</sup><br>| 1.62 %<sup>(9)</sup><br>| 1.83<br> %<br>| 1.48<br> %<br>| 1.57 %<sup>(10)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 1.43<br> %<br>| 1.62<br> %<br>| 1.83<br> %<br>| 1.48<br> %<br>| 1.56 %<sup>(10)</sup><br>|
| Portfolio Turnover Rate | 13.38<br> %<br>| 15.57<br> %<br>| 19.49<br> %<br>| 8.31<br> %<br>| 29.04<br> %<br>|

---

<sup>(1)</sup> *Formerly known as the Global Sustainability Index Fund.*

<sup>(2)</sup> *For the period from* July 30, 2020 *(commencement of class operations) through March 31, 2021.*

<sup>(3)</sup> *The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund's* *total return.* 

<sup>(4)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for* *federal income tax purposes.* 

<sup>(5)</sup> *Per share amounts were less than $0.01 per share.*

<sup>(6)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment* *at net asset value at the end of the period. The total return is not annualized for periods less than one year.* 

<sup>(7)</sup> *Annualized for periods less than one year.*

<sup>(8)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $25,000, $34,000, $12,000, $1,000 and $2,000, which represent less than 0.01 percent of average* *net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31,* *2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have* *been decreased and net expenses would have been increased by a corresponding amount.* 

<sup>(9)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(10)</sup> *As the Fund commenced operation of Class I shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might* *obtain in a full year of operation.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **37** EQUITY FUNDS

------

**Schedule of Investments** <br>

**ACTIVE M EMERGING MARKETS EQUITY FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 92.3%** <sup>(1)</sup> | **COMMON STOCKS – 92.3%** <sup>(1)</sup> | **COMMON STOCKS – 92.3%** <sup>(1)</sup> |
| **Argentina – 0.4%** | **Argentina – 0.4%** | **Argentina – 0.4%** |
| Banco Macro S.A. ADR\* | 992 | $75 |
| Grupo Financiero Galicia S.A. ADR\* | 8928 | 486 |
| Vista Energy S.A.B. de C.V. ADR\* | 351 | 16 |
| YPF S.A. ADR\* | 1360 | 48 |
|  |  | **625** |
| **Austria – 0.4%** | **Austria – 0.4%** | **Austria – 0.4%** |
| Erste Group Bank A.G. | 8168 | **567** |
| **Brazil – 5.0%** | **Brazil – 5.0%** | **Brazil – 5.0%** |
| Ambev S.A. ADR | 685301 | 1597 |
| Azzas 2154 S.A. | 106488 | 455 |
| Embraer S.A.\* | 122400 | 1412 |
| Embraer S.A. ADR\* | 2850 | 132 |
| Localiza Rent a Car S.A.\* | 113800 | 670 |
| MercadoLibre, Inc.\* | 158 | 308 |
| Petroleo Brasileiro S.A. ADR | 70100 | 1005 |
| TOTVS S.A.\* | 150000 | 882 |
| Vale S.A. ADR | 88300 | 881 |
| WEG S.A. | 35600 | 283 |
|  |  | **7625** |
| **Chile – 0.5%** | **Chile – 0.5%** | **Chile – 0.5%** |
| Antofagasta PLC | 38700 | **845** |
| **China – 23.2%** | **China – 23.2%** | **China – 23.2%** |
| Alibaba Group Holding Ltd. | 150900 | 2502 |
| Alibaba Group Holding Ltd. ADR | 14000 | 1851 |
| Bosideng International Holdings Ltd. | 538000 | 277 |
| BYD Co. Ltd., Class H | 18640 | 942 |
| &nbsp;&nbsp; China Construction Bank Corp., <br> Class H<br>| 2497000 | 2215 |
| China Life Insurance Co. Ltd., Class H | 831000 | 1611 |
| &nbsp;&nbsp; China Merchants Bank Co. Ltd., <br> Class H<br>| 33500 | 197 |
| &nbsp;&nbsp; Eastroc Beverage Group Co. Ltd., <br> Class A<br>| 15800 | 543 |
| Full Truck Alliance Co. Ltd. ADR | 72800 | 930 |
| Gambol Pet Group Co. Ltd., Class A | 32200 | 394 |
| Giant Biogene Holding Co. Ltd. | 92600 | 843 |
| Haier Smart Home Co. Ltd., Class A | 415353 | 1567 |
| Hansoh Pharmaceutical Group Co. Ltd. | 330000 | 1039 |
| &nbsp;&nbsp; Henan Pinggao Electric Co. Ltd., <br> Class A<br>| 190500 | 458 |
| JD.com, Inc. ADR | 8220 | 338 |
| KE Holdings, Inc. ADR | 9850 | 198 |
| Laopu Gold Co. Ltd., Class H\* | 3310 | 310 |
| Meituan, Class B\* | 98220 | 1986 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  |
| **China – 23.2%continued** | **China – 23.2%continued** | **China – 23.2%continued** |
| PDD Holdings, Inc. ADR\* | 12800 | $1515 |
| &nbsp;&nbsp; PICC Property & Casualty Co. Ltd., <br> Class H<br>| 374000 | 693 |
| Pop Mart International Group Ltd. | 62800 | 1269 |
| Shangri-La Asia Ltd. | 554000 | 322 |
| &nbsp;&nbsp; Shenzhen Envicool Technology Co. Ltd., <br> Class A<br>| 16800 | 91 |
| TAL Education Group ADR\* | 49600 | 655 |
| Tencent Holdings Ltd. | 137200 | 8744 |
| Topsports International Holdings Ltd. | 662956 | 292 |
| Trip.com Group Ltd. ADR | 13720 | 872 |
| Want Want China Holdings Ltd. | 1072740 | 677 |
| WuXi AppTec Co. Ltd., Class H | 93100 | 835 |
| Xiaomi Corp., Class B\* | 219400 | 1393 |
|  |  | **35559** |
| **Egypt – 0.7%** | **Egypt – 0.7%** | **Egypt – 0.7%** |
| Commercial International Bank - Egypt <br> (CIB)<br>| 662469 | **1080** |
| **France – 0.0%** | **France – 0.0%** | **France – 0.0%** |
| LVMH Moet Hennessy Louis Vuitton S.E. | 81 | **51** |
| **Greece – 2.0%** | **Greece – 2.0%** | **Greece – 2.0%** |
| &nbsp;&nbsp; Eurobank Ergasias Services and <br> Holdings S.A.<br>| 620900 | 1672 |
| National Bank of Greece S.A. | 56641 | 584 |
| OPAP S.A. | 26032 | 518 |
| Piraeus Financial Holdings S.A. | 57671 | 317 |
|  |  | **3091** |
| **Hong Kong – 0.1%** | **Hong Kong – 0.1%** | **Hong Kong – 0.1%** |
| AIA Group Ltd. | 28400 | **215** |
| **Hungary – 1.0%** | **Hungary – 1.0%** | **Hungary – 1.0%** |
| OTP Bank Nyrt. | 21407 | 1443 |
| Richter Gedeon Nyrt. | 1900 | 52 |
|  |  | **1495** |
| **India – 13.2%** | **India – 13.2%** | **India – 13.2%** |
| ABB India Ltd. | 778 | 50 |
| Bajaj Finance Ltd. | 10043 | 1048 |
| Bharat Electronics Ltd. | 198831 | 695 |
| Bharti Airtel Ltd. | 20689 | 419 |
| Central Depository Services India Ltd. | 3144 | 44 |
| Cipla Ltd. | 2832 | 48 |
| Dixon Technologies India Ltd. | 1706 | 261 |
| DLF Ltd. | 66656 | 528 |
| GE Vernova T&D India Ltd. | 2177 | 39 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **38** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  |
| **India – 13.2%continued** | **India – 13.2%continued** | **India – 13.2%continued** |
| HDFC Bank Ltd. | 175533 | $3739 |
| Hero MotoCorp Ltd. | 45601 | 1984 |
| ICICI Bank Ltd. | 140223 | 2209 |
| Indian Hotels (The) Co. Ltd. | 98992 | 910 |
| JK Cement Ltd. | 11400 | 656 |
| Kfin Technologies Ltd. | 2644 | 32 |
| Larsen & Toubro Ltd. | 18300 | 744 |
| Macrotech Developers Ltd. | 19454 | 271 |
| Mahindra & Mahindra Ltd. | 20668 | 643 |
| MakeMyTrip Ltd.\* | 7332 | 718 |
| Max Healthcare Institute Ltd. | 50796 | 653 |
| PB Fintech Ltd.\* | 5741 | 106 |
| Power Finance Corp. Ltd. | 20918 | 101 |
| Reliance Industries Ltd. | 7739 | 115 |
| Siemens Ltd. | 671 | 41 |
| Sun Pharmaceutical Industries Ltd. | 2736 | 55 |
| Tata Consultancy Services Ltd. | 85179 | 3580 |
| TVS Motor Co. Ltd. | 6235 | 176 |
| Varun Beverages Ltd. | 58459 | 369 |
|  |  | **20234** |
| **Indonesia – 1.4%** | **Indonesia – 1.4%** | **Indonesia – 1.4%** |
| Astra International Tbk PT | 3966554 | 1175 |
| Bank Central Asia Tbk PT | 307800 | 157 |
| Telkom Indonesia Persero Tbk PT | 5092200 | 743 |
|  |  | **2075** |
| **Italy – 0.6%** | **Italy – 0.6%** | **Italy – 0.6%** |
| Coca-Cola HBC A.G. - CDI\* | 12399 | 561 |
| Ferrari N.V. | 291 | 124 |
| PRADA S.p.A. | 23300 | 165 |
|  |  | **850** |
| **Malaysia – 0.1%** | **Malaysia – 0.1%** | **Malaysia – 0.1%** |
| Public Bank Bhd. | 184700 | **184** |
| **Mexico – 4.8%** | **Mexico – 4.8%** | **Mexico – 4.8%** |
| America Movil S.A.B. de C.V. ADR | 77870 | 1107 |
| BBB Foods, Inc., Class A\* | 1631 | 44 |
| Cemex S.A.B. de C.V. ADR | 85200 | 478 |
| &nbsp;&nbsp; Fomento Economico Mexicano S.A.B. <br> de C.V. ADR<br>| 9200 | 898 |
| &nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de <br> C.V., Class O<br>| 138122 | 959 |
| Southern Copper Corp. | 945 | 88 |
| Wal-Mart de Mexico S.A.B. de C.V. | 1359275 | 3757 |
|  |  | **7331** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  |
| **Peru – 2.9%** | **Peru – 2.9%** | **Peru – 2.9%** |
| &nbsp;&nbsp; Cia de Minas Buenaventura S.A.A. <br> ADR<br>| 72283 | $1130 |
| Credicorp Ltd. | 17691 | 3293 |
|  |  | **4423** |
| **Philippines – 0.3%** | **Philippines – 0.3%** | **Philippines – 0.3%** |
| BDO Unibank, Inc. | 97100 | 260 |
| International Container Terminal <br> Services, Inc.<br>| 34580 | 215 |
|  |  | **475** |
| **Poland – 1.1%** | **Poland – 1.1%** | **Poland – 1.1%** |
| Dino Polska S.A.\* | 1198 | 140 |
| Powszechna Kasa Oszczednosci Bank <br> Polski S.A.<br>| 82957 | 1621 |
|  |  | **1761** |
| **Saudi Arabia – 1.1%** | **Saudi Arabia – 1.1%** | **Saudi Arabia – 1.1%** |
| Al Rajhi Bank | 28141 | 765 |
| &nbsp;&nbsp; Dr. Sulaiman Al Habib Medical <br> Services Group Co.<br>| 3837 | 285 |
| Elm Co. | 1337 | 345 |
| Etihad Etisalat Co. | 9472 | 154 |
| Riyadh Cables Group Co. | 3668 | 124 |
|  |  | **1673** |
| **Singapore – 0.7%** | **Singapore – 0.7%** | **Singapore – 0.7%** |
| DBS Group Holdings Ltd. | 4400 | 151 |
| Grab Holdings Ltd., Class A\* | 26700 | 121 |
| Sea Ltd. ADR\* | 5845 | 763 |
|  |  | **1035** |
| **South Africa – 5.8%** | **South Africa – 5.8%** | **South Africa – 5.8%** |
| Anglo American Platinum Ltd. | 61506 | 2470 |
| Bid Corp. Ltd. | 45912 | 1101 |
| Bidvest Group Ltd. | 129403 | 1668 |
| Clicks Group Ltd. | 7802 | 145 |
| FirstRand Ltd. | 132800 | 521 |
| Impala Platinum Holdings Ltd.\* | 10680 | 74 |
| MTN Group Ltd. | 124700 | 840 |
| Standard Bank Group Ltd. | 98298 | 1286 |
| Truworths International Ltd. | 184742 | 727 |
|  |  | **8832** |
| **South Korea – 9.2%** | **South Korea – 9.2%** | **South Korea – 9.2%** |
| Amorepacific Corp. | 8346 | 580 |
| Hanwha Aerospace Co. Ltd. | 1593 | 678 |
| HD Hyundai Electric Co. Ltd. | 428 | 86 |
| HD Hyundai Heavy Industries Co. Ltd.\* | 1359 | 260 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **39** EQUITY FUNDS

------

**Schedule of Investments** <br>

**ACTIVE M EMERGING MARKETS EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  |
| **South Korea – 9.2%continued** | **South Korea – 9.2%continued** | **South Korea – 9.2%continued** |
| HD Hyundai Marine Solution Co. Ltd. | 1250 | $114 |
| Hyundai Mobis Co. Ltd. | 4140 | 736 |
| Hyundai Motor Co. | 16074 | 2169 |
| Hyundai Rotem Co. Ltd. | 18381 | 1323 |
| KB Financial Group, Inc. | 808 | 43 |
| KT Corp. | 854 | 29 |
| NAVER Corp. | 1784 | 233 |
| NCSoft Corp. | 6806 | 695 |
| Samsung Biologics Co. Ltd.\* | 1115 | 770 |
| Samsung Electronics Co. Ltd. | 145343 | 5756 |
| Samyang Foods Co. Ltd. | 97 | 57 |
| SK Hynix, Inc. | 4809 | 638 |
|  |  | **14167** |
| **Switzerland – 0.0%** | **Switzerland – 0.0%** | **Switzerland – 0.0%** |
| Cie Financiere Richemont S.A., Class A <br> (Registered)<br>| 407 | **71** |
| **Taiwan – 10.1%** | **Taiwan – 10.1%** | **Taiwan – 10.1%** |
| Accton Technology Corp. | 15700 | 278 |
| E Ink Holdings, Inc. | 6500 | 52 |
| Eclat Textile Co. Ltd. | 65000 | 867 |
| Fubon Financial Holding Co. Ltd. | 205500 | 530 |
| Globalwafers Co. Ltd. | 43000 | 417 |
| Hiwin Technologies Corp. | 87000 | 639 |
| Hon Hai Precision Industry Co. Ltd. | 505996 | 2261 |
| MediaTek, Inc. | 29100 | 1227 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 315100 | 8784 |
| Yageo Corp. | 31000 | 454 |
|  |  | **15509** |
| **Thailand – 0.9%** | **Thailand – 0.9%** | **Thailand – 0.9%** |
| Advanced Info Service PCL NVDR | 63300 | 514 |
| CP ALL PCL (Registered) | 564600 | 824 |
|  |  | **1338** |
| **Turkey – 0.5%** | **Turkey – 0.5%** | **Turkey – 0.5%** |
| &nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret <br> A.S.<br>| 33963 | 107 |
| &nbsp;&nbsp; Astor Transformator Enerji Turizm Insaat <br> Ve Petrol Sanayi Ticaret A.S.<br>| 182546 | 546 |
| BIM Birlesik Magazalar A.S. | 3989 | 48 |
|  |  | **701** |
| **United Arab Emirates – 4.3%** | **United Arab Emirates – 4.3%** | **United Arab Emirates – 4.3%** |
| Adnoc Gas PLC | 950200 | 828 |
| Aldar Properties PJSC | 237136 | 544 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 92.3%** <sup>(1)</sup>**continued**  |
| **United Arab Emirates – 4.3%continued** | **United Arab Emirates – 4.3%continued** | **United Arab Emirates – 4.3%continued** |
| Emaar Properties PJSC | 1292478 | $4709 |
| Salik Co. PJSC | 358722 | 491 |
|  |  | **6572** |
| **United Kingdom – 0.4%** | **United Kingdom – 0.4%** | **United Kingdom – 0.4%** |
| Coca-Cola Europacific Partners PLC | 4133 | 360 |
| HSBC Holdings PLC | 27527 | 312 |
|  |  | **672** |
| **United States – 1.6%** | **United States – 1.6%** | **United States – 1.6%** |
| Meta Platforms, Inc., Class A | 174 | 100 |
| Netflix, Inc.\* | 156 | 146 |
| Spotify Technology S.A.\* | 375 | 206 |
| Tenaris S.A. ADR | 49369 | 1931 |
|  |  | **2383** |
| **Total Common Stocks** |  |  |
| **(Cost $122,467)** |  | **141439** |
| **PREFERRED STOCKS – 2.8%** <sup>(1)</sup> | **PREFERRED STOCKS – 2.8%** <sup>(1)</sup> | **PREFERRED STOCKS – 2.8%** <sup>(1)</sup> |
| **Brazil – 2.8%** | **Brazil – 2.8%** | **Brazil – 2.8%** |
| Gerdau S.A. ADR, 2.45%<sup>(2)</sup> <br>| 277800 | 789 |
| Itau Unibanco Holding S.A., 3.62%<sup>(2)</sup> <br>| 239580 | 1319 |
| Itau Unibanco Holding S.A. ADR, <br> 4.52%<sup>(2)</sup> <br>| 395917 | 2178 |
|  |  | **4286** |
| **Total Preferred Stocks** |  |  |
| **(Cost $3,993)** |  | **4286** |
| **INVESTMENT COMPANIES – 4.4%**  | **INVESTMENT COMPANIES – 4.4%**  | **INVESTMENT COMPANIES – 4.4%**  |
| iShares Core S&P 500 ETF | 2600 | 1461 |
| iShares MSCI Malaysia ETF | 27400 | 632 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(3) (4)</sup> <br>| 4732800 | 4733 |
| **Total Investment Companies** |  |  |
| **(Cost $6,911)** |  | **6826** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **40** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| U.S. Treasury Bill, |  |  |
| 4.11%, 9/11/25<sup>(5) (6)</sup> <br>| $103 | $101 |
| **Total Short-Term Investments** |  |  |
| **(Cost $101)** |  | **101** |
| **Total Investments – 99.6%** |  |  |
| **(Cost $133,472)** |  | **152652** |
| Other Assets less Liabilities – 0.4% |  | 630 |
| **Net Assets – 100.0%** |  | **$153282** |

---

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Current yield is disclosed. Dividends are calculated based on a percentage* *of the issuer's net income.* 

<sup>(3)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(4)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(5)</sup> *Discount rate at the time of purchase.*

<sup>(6)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| CDI – CREST Depository Interest |
| ETF – Exchange-Traded Fund |
| MSCI – Morgan Stanley Capital International |
| NVDR – Non-Voting Depositary Receipt |
| S&P – Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; MSCI <br> Emerging <br> Markets Index <br> (United States <br> Dollar)<br>| 40 | $2222 | Long | 6/25 | $(50)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Argentina | &nbsp;&nbsp; $625 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $625 |
| Brazil | &nbsp;&nbsp; 7625 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7625 |
| China | &nbsp;&nbsp; 6359 | &nbsp;&nbsp; 29200 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35559 |
| Egypt | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1080 |
| India | &nbsp;&nbsp; 718 | &nbsp;&nbsp; 19516 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20234 |
| Italy | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 726 | &nbsp;&nbsp; — | &nbsp;&nbsp; 850 |
| Mexico | &nbsp;&nbsp; 7331 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7331 |
| Peru | &nbsp;&nbsp; 4423 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4423 |
| Singapore | &nbsp;&nbsp; 884 | &nbsp;&nbsp; 151 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1035 |
| United Kingdom | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 312 | &nbsp;&nbsp; — | &nbsp;&nbsp; 672 |
| United States | &nbsp;&nbsp; 2383 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2383 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 59622 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59622 |
| Total Common Stocks | &nbsp;&nbsp; 31912 | &nbsp;&nbsp; 109527 | &nbsp;&nbsp; — | &nbsp;&nbsp; 141439 |
| Preferred Stocks | &nbsp;&nbsp; 4286 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4286 |
| Investment Companies | &nbsp;&nbsp; 6826 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6826 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 101 |
| Total Investments | &nbsp;&nbsp; $43024 | &nbsp;&nbsp; $109628 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $152652 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **41** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ACTIVE M EMERGING MARKETS EQUITY FUND continued**  | **March 31, 2025**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(50)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(50)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **42** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ACTIVE M INTERNATIONAL EQUITY FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.6%** <sup>(1)</sup> | **COMMON STOCKS – 94.6%** <sup>(1)</sup> | **COMMON STOCKS – 94.6%** <sup>(1)</sup> |
| **Australia – 0.8%** | **Australia – 0.8%** | **Australia – 0.8%** |
| AGL Energy Ltd. | 31024 | $204 |
| AMP Ltd. | 286113 | 222 |
| Bendigo & Adelaide Bank Ltd. | 35350 | 236 |
| Champion Iron Ltd. | 39345 | 120 |
| Charter Hall Group | 25595 | 261 |
| Corporate Travel Management Ltd. | 19579 | 171 |
| JB Hi-Fi Ltd. | 6786 | 396 |
| Magellan Financial Group Ltd. | 43071 | 208 |
| OceanaGold Corp. | 123662 | 413 |
| Paladin Energy Ltd.\* | 41583 | 135 |
| Ramelius Resources Ltd. | 306007 | 455 |
| Sandfire Resources Ltd.\* | 26775 | 175 |
| Technology One Ltd. | 18694 | 328 |
| Ventia Services Group Pty. Ltd. | 102816 | 260 |
|  |  | **3584** |
| **Austria – 0.6%** | **Austria – 0.6%** | **Austria – 0.6%** |
| ams-OSRAM A.G.\* | 17705 | 157 |
| Erste Group Bank A.G. | 22252 | 1546 |
| Mondi PLC | 60903 | 908 |
|  |  | **2611** |
| **Belgium – 0.9%** | **Belgium – 0.9%** | **Belgium – 0.9%** |
| Ageas S.A./N.V. | 18580 | 1116 |
| Anheuser-Busch InBev S.A./N.V. | 33095 | 2038 |
| Colruyt Group N.V | 5765 | 237 |
| Proximus S.A.DP | 40258 | 299 |
| Syensqo S.A. | 7267 | 497 |
|  |  | **4187** |
| **Brazil – 2.4%** | **Brazil – 2.4%** | **Brazil – 2.4%** |
| Ambev S.A. | 443000 | 1053 |
| Atacadao S.A.\* | 244510 | 310 |
| Lojas Renner S.A.\* | 234147 | 505 |
| MercadoLibre, Inc.\* | 2475 | 4828 |
| Natura & Co. Holding S.A.\* | 181322 | 320 |
| NU Holdings Ltd., Class A\* | 286100 | 2930 |
| Telefonica Brasil S.A.\* | 117747 | 1032 |
| Ultrapar Participacoes S.A. | 124590 | 379 |
|  |  | **11357** |
| **Canada – 3.5%** | **Canada – 3.5%** | **Canada – 3.5%** |
| Alamos Gold, Inc., Class A | 7856 | 210 |
| AtkinsRealis Group, Inc. | 4964 | 236 |
| Barrick Gold Corp. | 81219 | 1577 |
| Boardwalk Real Estate Investment Trust | 7078 | 330 |
| Bombardier, Inc., Class B\* | 3806 | 214 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  |
| **Canada – 3.5%continued** | **Canada – 3.5%continued** | **Canada – 3.5%continued** |
| Boralex, Inc., Class A | 10430 | $210 |
| Canadian Natural Resources Ltd. | 67825 | 2087 |
| Canadian Pacific Kansas City Ltd. | 49037 | 3443 |
| Canadian Pacific Kansas City Ltd. | 38627 | 2711 |
| Celestica, Inc.\* | 8746 | 690 |
| Dundee Precious Metals, Inc. | 45477 | 603 |
| EQB, Inc. | 3748 | 254 |
| Finning International, Inc. | 12199 | 343 |
| Gildan Activewear, Inc. | 4810 | 213 |
| Headwater Exploration, Inc. | 56892 | 255 |
| Lightspeed Commerce, Inc.\* | 15908 | 139 |
| Lundin Gold, Inc. | 6333 | 196 |
| Methanex Corp. | 6226 | 218 |
| NuVista Energy Ltd.\* | 26232 | 248 |
| Secure Waste Infrastructure Corp. | 23784 | 259 |
| Shopify, Inc., Class A\* | 15206 | 1452 |
| Vermilion Energy, Inc. | 22371 | 181 |
| Whitecap Resources, Inc. | 35610 | 229 |
|  |  | **16298** |
| **China – 2.2%** | **China – 2.2%** | **China – 2.2%** |
| Alibaba Group Holding Ltd. | 33435 | 554 |
| Baidu, Inc., Class A\* | 65512 | 756 |
| China Mengniu Dairy Co. Ltd. | 202404 | 505 |
| Li Ning Co. Ltd. | 86500 | 178 |
| Meituan, Class B\* | 193900 | 3920 |
| Tencent Holdings Ltd. | 64300 | 4098 |
| Tencent Music Entertainment Group <br> ADR<br>| 30808 | 444 |
|  |  | **10455** |
| **Denmark – 1.6%** | **Denmark – 1.6%** | **Denmark – 1.6%** |
| Ascendis Pharma A/S ADR\* | 1527 | 238 |
| Bavarian Nordic A/S\* | 10139 | 221 |
| ISS A/S | 9082 | 209 |
| Jyske Bank A/S (Registered) | 3662 | 294 |
| Netcompany Group A/S\* | 4865 | 182 |
| Novo Nordisk A/S, Class B | 79049 | 5479 |
| Pandora A/S | 2393 | 366 |
| ROCKWOOL A/S, Class B | 748 | 310 |
|  |  | **7299** |
| **Finland – 0.4%** | **Finland – 0.4%** | **Finland – 0.4%** |
| Konecranes OYJ | 6683 | 426 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **43** EQUITY FUNDS

------

**Schedule of Investments** <br>

**ACTIVE M INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  |
| **Finland – 0.4%continued** | **Finland – 0.4%continued** | **Finland – 0.4%continued** |
| Nokia OYJ | 234961 | $1239 |
| Orion OYJ, Class B | 5645 | 336 |
|  |  | **2001** |
| **France – 9.2%** | **France – 9.2%** | **France – 9.2%** |
| Accor S.A. | 6805 | 311 |
| Alstom S.A.\* | 165490 | 3664 |
| Arkema S.A. | 4387 | 335 |
| AXA S.A. | 72393 | 3090 |
| BNP Paribas S.A. | 49377 | 4112 |
| Capgemini S.E. | 4813 | 720 |
| Carrefour S.A. | 68818 | 987 |
| Cie de Saint-Gobain S.A. | 31479 | 3129 |
| Dassault Systemes S.E. | 27277 | 1039 |
| Eiffage S.A. | 3677 | 429 |
| Elis S.A. | 16588 | 372 |
| Engie S.A. | 97109 | 1892 |
| FDJ UNITED | 7707 | 242 |
| Ipsen S.A. | 1933 | 223 |
| Kering S.A. | 17997 | 3738 |
| Klepierre S.A. | 14144 | 473 |
| Orange S.A. | 128002 | 1660 |
| Renault S.A. | 25480 | 1295 |
| Rexel S.A. | 6506 | 175 |
| Safran S.A. | 19325 | 5098 |
| Societe Generale S.A. | 81489 | 3679 |
| Sodexo S.A. | 7675 | 493 |
| Sopra Steria Group | 1783 | 332 |
| SPIE S.A. | 10838 | 462 |
| Technip Energies N.V. | 11103 | 361 |
| Teleperformance S.E. | 13832 | 1394 |
| TotalEnergies S.E. | 36202 | 2340 |
| Valeo S.E. | 44106 | 416 |
| Vallourec SACA\* | 15615 | 294 |
| Virbac S.A.CA | 507 | 162 |
|  |  | **42917** |
| **Germany – 7.3%** | **Germany – 7.3%** | **Germany – 7.3%** |
| adidas A.G. | 6529 | 1529 |
| Allianz S.E. (Registered) | 1352 | 515 |
| BASF S.E. | 24308 | 1208 |
| Bechtle A.G. | 5649 | 210 |
| Continental A.G. | 9777 | 683 |
| CTS Eventim A.G. & Co. KGaA | 3654 | 365 |
| Daimler Truck Holding A.G. | 31208 | 1255 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  |
| **Germany – 7.3%continued** | **Germany – 7.3%continued** | **Germany – 7.3%continued** |
| Deutsche Bank A.G. (Registered) | 3818 | $90 |
| Deutsche Telekom A.G. (Registered) | 45996 | 1703 |
| E.ON S.E. | 49967 | 754 |
| Evonik Industries A.G. | 53561 | 1156 |
| Freenet A.G. | 11410 | 435 |
| Fresenius S.E. & Co. KGaA\* | 33443 | 1426 |
| GEA Group A.G. | 4565 | 276 |
| Heidelberg Materials A.G. | 8056 | 1378 |
| Infineon Technologies A.G. | 56845 | 1877 |
| Mercedes-Benz Group A.G. | 8672 | 509 |
| Nordex S.E.\* | 12244 | 189 |
| RTL Group S.A. | 8659 | 327 |
| SAP S.E. | 37829 | 10043 |
| Scout24 S.E. | 3964 | 413 |
| Siemens Energy A.G.\* | 81749 | 4773 |
| Siemens Healthineers A.G. | 36757 | 1972 |
| SUSS MicroTec S.E. | 4978 | 185 |
| TAG Immobilien A.G.\* | 27397 | 374 |
| TeamViewer S.E.\* | 18941 | 246 |
| TUI A.G.\* | 38541 | 263 |
| Zalando S.E.\* | 5901 | 204 |
|  |  | **34358** |
| **Guatemala – 0.1%** | **Guatemala – 0.1%** | **Guatemala – 0.1%** |
| Millicom International Cellular S.A. | 9450 | **286** |
| **Hong Kong – 1.5%** | **Hong Kong – 1.5%** | **Hong Kong – 1.5%** |
| ASMPT Ltd. | 39388 | 276 |
| CK Asset Holdings Ltd. | 171850 | 698 |
| Kerry Properties Ltd. | 69500 | 164 |
| Link REIT | 22700 | 107 |
| Prudential PLC | 388549 | 4192 |
| &nbsp;&nbsp; United Laboratories International <br> Holdings (The) Ltd.<br>| 218000 | 413 |
| WH Group Ltd.<sup>(2)</sup> <br>| 925922 | 851 |
| Yue Yuen Industrial Holdings Ltd. | 115500 | 186 |
|  |  | **6887** |
| **India – 1.1%** | **India – 1.1%** | **India – 1.1%** |
| Canara Bank | 380384 | 393 |
| HDFC Bank Ltd. | 85408 | 1819 |
| ICICI Bank Ltd. ADR | 100188 | 3158 |
|  |  | **5370** |
| **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** |
| Bank Negara Indonesia Persero Tbk PT | 1639098 | **415** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **44** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  |
| **Ireland – 0.5%** | **Ireland – 0.5%** | **Ireland – 0.5%** |
| AIB Group PLC | 451 | $3 |
| AIB Group PLC | 11099 | 69 |
| AIB Group PLC (London Exchange) | 139802 | 907 |
| Bank of Ireland Group PLC | 98721 | 1145 |
| Dalata Hotel Group PLC | 36754 | 207 |
|  |  | **2331** |
| **Italy – 4.0%** | **Italy – 4.0%** | **Italy – 4.0%** |
| Azimut Holding S.p.A. | 9431 | 264 |
| Banca Monte dei Paschi di Siena S.p.A. | 43644 | 347 |
| BPER Banca SPA | 208253 | 1634 |
| Brunello Cucinelli S.p.A. | 1688 | 193 |
| Buzzi S.p.A. | 11002 | 531 |
| Coca-Cola HBC A.G. - CDI\* | 11981 | 543 |
| De' Longhi S.p.A. | 6909 | 229 |
| DiaSorin S.p.A. | 1909 | 189 |
| Enel S.p.A. | 253953 | 2060 |
| Eni S.p.A. | 123496 | 1907 |
| Ferrari N.V. | 11483 | 4898 |
| Iren S.p.A. | 88952 | 227 |
| Iveco Group N.V. | 14177 | 234 |
| Lottomatica Group Spa | 9732 | 196 |
| Reply S.p.A. | 2128 | 349 |
| UniCredit S.p.A. | 89873 | 5044 |
|  |  | **18845** |
| **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** | **Ivory Coast – 0.1%** |
| Endeavour Mining PLC | 27292 | **656** |
| **Japan – 12.1%** | **Japan – 12.1%** | **Japan – 12.1%** |
| ABC-Mart, Inc. | 12400 | 231 |
| Adastria Co. Ltd. | 8200 | 156 |
| Alfresa Holdings Corp. | 26593 | 376 |
| Alps Alpine Co. Ltd. | 21389 | 218 |
| Amada Co. Ltd. | 31260 | 303 |
| Anycolor, Inc. | 8500 | 184 |
| Azbil Corp. | 28600 | 221 |
| Chiba Bank (The) Ltd. | 86590 | 813 |
| Credit Saison Co. Ltd. | 19100 | 452 |
| Daicel Corp. | 32500 | 282 |
| Daido Steel Co. Ltd. | 23100 | 184 |
| Dai-ichi Life Holdings, Inc. | 45236 | 344 |
| Dentsu Group, Inc. | 41460 | 913 |
| Dentsu Soken, Inc. | 4800 | 195 |
| Dexerials Corp. | 13300 | 164 |
| Ebara Corp. | 17000 | 258 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  |
| **Japan – 12.1%continued** | **Japan – 12.1%continued** | **Japan – 12.1%continued** |
| Eisai Co. Ltd. | 4896 | $136 |
| FANUC Corp. | 77700 | 2121 |
| Fujitsu Ltd. | 69500 | 1382 |
| Fuyo General Lease Co. Ltd. | 7800 | 201 |
| GS Yuasa Corp. | 11300 | 181 |
| Hakuhodo DY Holdings, Inc. | 48580 | 351 |
| Hino Motors Ltd.\* | 65364 | 184 |
| Honda Motor Co. Ltd. | 89782 | 815 |
| Horiba Ltd. | 9040 | 604 |
| INFRONEER Holdings, Inc. | 26700 | 215 |
| Invincible Investment Corp. | 584 | 246 |
| Isuzu Motors Ltd. | 9751 | 132 |
| Japan Airlines Co. Ltd. | 26683 | 456 |
| Japan Post Insurance Co. Ltd. | 47370 | 961 |
| Jeol Ltd. | 7600 | 235 |
| JGC Holdings Corp. | 44410 | 349 |
| Kanadevia Corp. | 25600 | 157 |
| Kandenko Co. Ltd. | 10900 | 195 |
| Kaneka Corp. | 5900 | 150 |
| KDX Realty Investment Corp. | 136 | 134 |
| Kinden Corp. | 9200 | 206 |
| Kirin Holdings Co. Ltd. | 22583 | 313 |
| Koito Manufacturing Co. Ltd. | 62650 | 771 |
| Kubota Corp. | 100120 | 1229 |
| Lion Corp. | 15600 | 185 |
| Makita Corp. | 1977 | 66 |
| Mebuki Financial Group, Inc. | 94800 | 462 |
| Meidensha Corp. | 6100 | 178 |
| Mitsubishi Estate Co. Ltd. | 74740 | 1220 |
| Mitsubishi Gas Chemical Co., Inc. | 39030 | 609 |
| Mitsubishi Heavy Industries Ltd. | 267700 | 4575 |
| Mitsui Mining & Smelting Co. Ltd. | 7300 | 213 |
| Morinaga Milk Industry Co. Ltd. | 10400 | 216 |
| Murata Manufacturing Co. Ltd. | 73100 | 1137 |
| NHK Spring Co. Ltd. | 25800 | 279 |
| Nikon Corp. | 33036 | 328 |
| Nintendo Co. Ltd. | 54200 | 3697 |
| Nippon Accommodations Fund, Inc. | 190 | 138 |
| Nippon Electric Glass Co. Ltd. | 10000 | 234 |
| NIPPON EXPRESS HOLDINGS, Inc. | 13600 | 247 |
| Nippon Television Holdings, Inc. | 29082 | 596 |
| Nissan Motor Co. Ltd.\* | 223708 | 568 |
| Nissui Corp. | 50000 | 301 |
| Nitto Boseki Co. Ltd. | 6000 | 169 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **45** EQUITY FUNDS

------

**Schedule of Investments** <br>

**ACTIVE M INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  |
| **Japan – 12.1%continued** | **Japan – 12.1%continued** | **Japan – 12.1%continued** |
| Ono Pharmaceutical Co. Ltd. | 34698 | $373 |
| Park24 Co. Ltd. | 19700 | 271 |
| Persol Holdings Co. Ltd. | 330280 | 548 |
| Renesas Electronics Corp. | 208300 | 2829 |
| Rengo Co. Ltd. | 18000 | 95 |
| Resona Holdings, Inc. | 107777 | 933 |
| Resorttrust, Inc. | 24000 | 233 |
| Rinnai Corp. | 21708 | 502 |
| Rohm Co. Ltd. | 77718 | 746 |
| Round One Corp. | 48400 | 320 |
| Sankyo Co. Ltd. | 29300 | 428 |
| Santen Pharmaceutical Co. Ltd. | 29100 | 276 |
| Sanwa Holdings Corp. | 20300 | 649 |
| Sawai Group Holdings Co. Ltd. | 19700 | 260 |
| Sega Sammy Holdings, Inc. | 24030 | 464 |
| Senko Group Holdings Co. Ltd. | 20600 | 207 |
| SMC Corp. | 4900 | 1744 |
| Sompo Holdings, Inc. | 15600 | 473 |
| Stanley Electric Co. Ltd. | 26249 | 493 |
| Subaru Corp. | 44882 | 799 |
| Sumitomo Bakelite Co. Ltd. | 8000 | 179 |
| Sumitomo Forestry Co. Ltd. | 5800 | 176 |
| Sumitomo Heavy Industries Ltd. | 19093 | 390 |
| Sumitomo Mitsui Trust Group, Inc. | 61244 | 1528 |
| Sumitomo Rubber Industries Ltd. | 34527 | 436 |
| SWCC Corp. | 5500 | 229 |
| T&D Holdings, Inc. | 88521 | 1886 |
| Taiheiyo Cement Corp. | 16331 | 427 |
| Takashimaya Co. Ltd. | 29000 | 234 |
| Takeda Pharmaceutical Co. Ltd. | 26872 | 798 |
| Takeuchi Manufacturing Co. Ltd. | 6500 | 222 |
| TechnoPro Holdings, Inc. | 11800 | 262 |
| THK Co. Ltd. | 14586 | 356 |
| Tohoku Electric Power Co., Inc. | 24700 | 170 |
| Tokyo Electron Ltd. | 5681 | 775 |
| Tokyo Seimitsu Co. Ltd. | 5500 | 298 |
| Tokyo Tatemono Co. Ltd. | 15600 | 265 |
| Tokyu Fudosan Holdings Corp. | 45500 | 303 |
| Toyo Suisan Kaisha Ltd. | 5200 | 306 |
| Toyo Tire Corp. | 15900 | 291 |
| Toyoda Gosei Co. Ltd. | 14300 | 258 |
| Tsumura & Co. | 8300 | 239 |
| Tsuruha Holdings, Inc. | 9227 | 574 |
| Ulvac, Inc. | 4000 | 137 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  |
| **Japan – 12.1%continued** | **Japan – 12.1%continued** | **Japan – 12.1%continued** |
| Yamaguchi Financial Group, Inc. | 32500 | $383 |
| Yamato Holdings Co. Ltd. | 49660 | 652 |
|  |  | **56853** |
| **Jordan – 0.1%** | **Jordan – 0.1%** | **Jordan – 0.1%** |
| Hikma Pharmaceuticals PLC | 13470 | **339** |
| **Luxembourg – 0.3%** | **Luxembourg – 0.3%** | **Luxembourg – 0.3%** |
| ArcelorMittal S.A. | 43136 | **1246** |
| **Mexico – 0.3%** | **Mexico – 0.3%** | **Mexico – 0.3%** |
| America Movil S.A.B. de C.V., Class B | 1299273 | 926 |
| Fresnillo PLC | 47199 | 575 |
|  |  | **1501** |
| **Netherlands – 5.3%** | **Netherlands – 5.3%** | **Netherlands – 5.3%** |
| ABN AMRO Bank N.V. - C.V.A. | 71633 | 1509 |
| Adyen N.V.\* | 2461 | 3762 |
| Akzo Nobel N.V. | 37715 | 2325 |
| ASM International N.V. | 4424 | 2027 |
| ASML Holding N.V. | 2236 | 1479 |
| ASML Holding N.V. (Registered) | 4405 | 2919 |
| ASR Nederland N.V. | 6510 | 375 |
| BE Semiconductor Industries N.V. | 2398 | 249 |
| Euronext N.V. | 3433 | 497 |
| Fugro N.V. | 17710 | 255 |
| Heineken N.V. | 14901 | 1217 |
| ING Groep N.V. | 152254 | 2981 |
| Koninklijke Philips N.V.\* | 124400 | 3161 |
| NN Group N.V. | 25466 | 1417 |
| Randstad N.V. | 20030 | 833 |
|  |  | **25006** |
| **Norway – 0.1%** | **Norway – 0.1%** | **Norway – 0.1%** |
| Norsk Hydro ASA | 18882 | 110 |
| Wallenius Wilhelmsen ASA | 15720 | 110 |
|  |  | **220** |
| **Pakistan – 0.1%** | **Pakistan – 0.1%** | **Pakistan – 0.1%** |
| VEON Ltd. ADR\* | 6771 | **295** |
| **Russia – 0.0%** | **Russia – 0.0%** | **Russia – 0.0%** |
| Gazprom PJSC ADR<sup>(3) (4) \*</sup> <br>| 54380 |  |
| LUKOIL PJSC ADR<sup>(3) (4) \*</sup> <br>| 4766 |  |
| Mobile TeleSystems PJSC ADR<sup>(3) (4) \*</sup> <br>| 64508 |  |
| Sberbank of Russia PJSC<sup>(3) (4)</sup> <br>| 186456 |  |
|  |  | **—** |
| **Singapore – 1.7%** | **Singapore – 1.7%** | **Singapore – 1.7%** |
| Keppel DC REIT | 179200 | 286 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **46** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  |
| **Singapore – 1.7%continued** | **Singapore – 1.7%continued** | **Singapore – 1.7%continued** |
| Sea Ltd. ADR\* | 47651 | $6218 |
| Sembcorp Industries Ltd. | 85500 | 399 |
| United Overseas Bank Ltd. | 38200 | 1076 |
|  |  | **7979** |
| **South Africa – 0.4%** | **South Africa – 0.4%** | **South Africa – 0.4%** |
| Anglo American PLC | 22861 | 642 |
| MTN Group Ltd. | 134286 | 904 |
| Old Mutual Ltd. | 698655 | 454 |
|  |  | **2000** |
| **South Korea – 3.3%** | **South Korea – 3.3%** | **South Korea – 3.3%** |
| Classys, Inc. | 8993 | 346 |
| Coupang, Inc.\* | 139868 | 3067 |
| Coway Co. Ltd. | 8302 | 458 |
| Hankook Tire & Technology Co. Ltd. | 9002 | 243 |
| HD Hyundai Electric Co. Ltd. | 668 | 135 |
| Hugel, Inc.\* | 1030 | 235 |
| Hyosung Heavy Industries Corp. | 700 | 206 |
| Hyundai Mobis Co. Ltd. | 5354 | 952 |
| Hyundai Rotem Co. Ltd. | 5844 | 421 |
| IsuPetasys Co. Ltd. | 6420 | 160 |
| KB Financial Group, Inc. | 17802 | 957 |
| Kolmar Korea Co. Ltd.\* | 3804 | 163 |
| KT Corp. ADR | 66923 | 1185 |
| LEENO Industrial, Inc. | 1251 | 163 |
| LOTTE Fine Chemical Co. Ltd. | 4034 | 102 |
| PharmaResearch Co. Ltd. | 1632 | 370 |
| Poongsan Corp. | 6633 | 282 |
| Samsung E&A Co. Ltd. | 10743 | 146 |
| Samsung Electronics Co. Ltd. | 85387 | 3381 |
| &nbsp;&nbsp; Samsung Fire & Marine Insurance Co. <br> Ltd.<br>| 1119 | 274 |
| Shinhan Financial Group Co. Ltd. | 60600 | 1935 |
| SOOP Co. Ltd. | 2966 | 165 |
|  |  | **15346** |
| **Spain – 0.7%** | **Spain – 0.7%** | **Spain – 0.7%** |
| Amadeus IT Group S.A. | 16008 | 1227 |
| Bankinter S.A. | 55430 | 617 |
| Indra Sistemas S.A. | 14626 | 425 |
| Logista Integral S.A. | 8374 | 266 |
| Mapfre S.A. | 119822 | 369 |
| Merlin Properties Socimi S.A. | 34003 | 365 |
|  |  | **3269** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  |
| **Sweden – 1.0%** | **Sweden – 1.0%** | **Sweden – 1.0%** |
| Avanza Bank Holding AB | 13286 | $406 |
| Billerud Aktiebolag | 22533 | 233 |
| Evolution AB | 13147 | 981 |
| Loomis AB | 6653 | 270 |
| NCC AB, Class B | 13218 | 251 |
| SKF AB, Class B | 44949 | 913 |
| Storskogen Group AB, Class B | 176859 | 230 |
| &nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, <br> Class B<br>| 136343 | 1057 |
| Wihlborgs Fastigheter AB | 30763 | 302 |
|  |  | **4643** |
| **Switzerland – 2.3%** | **Switzerland – 2.3%** | **Switzerland – 2.3%** |
| Accelleron Industries A.G. | 6186 | 286 |
| Adecco Group A.G. (Registered) | 22832 | 687 |
| Avolta A.G.\* | 5127 | 224 |
| BKW A.G. | 1077 | 189 |
| Bucher Industries A.G. (Registered) | 206 | 86 |
| Clariant A.G. (Registered)\* | 28496 | 310 |
| DKSH Holding A.G. | 3252 | 247 |
| Flughafen Zurich A.G. (Registered) | 793 | 188 |
| Galenica A.G. | 4014 | 361 |
| Julius Baer Group Ltd. | 9597 | 663 |
| Logitech International S.A. (Registered) | 1963 | 167 |
| Lonza Group A.G. (Registered) | 626 | 385 |
| On Holding A.G., Class A\* | 7684 | 338 |
| PSP Swiss Property A.G. (Registered) | 3184 | 498 |
| Siegfried Holding A.G. (Registered)\* | 285 | 293 |
| Sulzer A.G. (Registered) | 2894 | 492 |
| Swatch Group (The) A.G. (Bearer) | 5025 | 868 |
| &nbsp;&nbsp; Swissquote Group Holding S.A. <br> (Registered)<br>| 1504 | 649 |
| Temenos A.G. (Registered) | 3037 | 236 |
| UBS Group A.G. (Registered) | 123962 | 3798 |
|  |  | **10965** |
| **Taiwan – 1.2%** | **Taiwan – 1.2%** | **Taiwan – 1.2%** |
| Catcher Technology Co. Ltd. | 22835 | 144 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 190000 | 5297 |
|  |  | **5441** |
| **Thailand – 0.3%** | **Thailand – 0.3%** | **Thailand – 0.3%** |
| Kasikornbank PCL (Registered) | 165455 | 789 |
| Kasikornbank PCL NVDR | 160874 | 769 |
|  |  | **1558** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **47** EQUITY FUNDS

------

**Schedule of Investments** <br>

**ACTIVE M INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 15.4%** | **United Kingdom – 15.4%** | **United Kingdom – 15.4%** |
| 3i Group PLC | 87321 | $4091 |
| AstraZeneca PLC | 51972 | 7595 |
| Babcock International Group PLC | 68005 | 635 |
| BAE Systems PLC | 280820 | 5682 |
| Balfour Beatty PLC | 54968 | 310 |
| Barclays PLC | 857547 | 3220 |
| Barratt Redrow PLC | 45352 | 249 |
| Beazley PLC | 44086 | 530 |
| Berkeley Group Holdings PLC | 14822 | 689 |
| British American Tobacco PLC | 99541 | 4104 |
| British Land (The) Co. PLC | 176502 | 842 |
| BT Group PLC | 574105 | 1233 |
| Bunzl PLC | 20480 | 785 |
| Burberry Group PLC | 48048 | 486 |
| CK Hutchison Holdings Ltd. | 139036 | 786 |
| Compass Group PLC | 94905 | 3133 |
| Computacenter PLC | 7652 | 243 |
| ConvaTec Group PLC | 73381 | 245 |
| Cranswick PLC | 3970 | 253 |
| Currys PLC\* | 158696 | 179 |
| DCC PLC | 2340 | 156 |
| Deliveroo PLC\* | 105777 | 164 |
| Diageo PLC | 72186 | 1883 |
| Drax Group PLC | 27990 | 212 |
| easyJet PLC | 184734 | 1060 |
| Harbour Energy PLC | 87957 | 239 |
| IMI PLC | 9678 | 238 |
| Inchcape PLC | 19544 | 170 |
| Intermediate Capital Group PLC | 11572 | 295 |
| Investec PLC | 39964 | 248 |
| J Sainsbury PLC | 121543 | 370 |
| JET2 PLC | 12062 | 193 |
| Kingfisher PLC | 474336 | 1561 |
| Land Securities Group PLC | 96645 | 687 |
| Legal & General Group PLC | 308039 | 972 |
| LondonMetric Property PLC | 102649 | 243 |
| Marks & Spencer Group PLC | 39451 | 182 |
| NatWest Group PLC | 55799 | 327 |
| Nomad Foods Ltd. | 12747 | 250 |
| OSB Group PLC | 39191 | 218 |
| Playtech PLC\* | 20441 | 184 |
| Reckitt Benckiser Group PLC | 72787 | 4919 |
| RELX PLC | 19221 | 963 |
| Rightmove PLC | 22486 | 199 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 94.6%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 15.4%continued** | **United Kingdom – 15.4%continued** | **United Kingdom – 15.4%continued** |
| Rolls-Royce Holdings PLC\* | 1017043 | $9833 |
| Sage Group (The) PLC | 190044 | 2969 |
| Segro PLC | 96938 | 865 |
| Smith & Nephew PLC | 57905 | 814 |
| Smiths Group PLC | 2656 | 67 |
| Softcat PLC | 6516 | 133 |
| Spectris PLC | 4314 | 130 |
| St. James's Place PLC | 27026 | 344 |
| Standard Chartered PLC | 246735 | 3657 |
| Tate & Lyle PLC | 76945 | 515 |
| Trainline PLC\* | 47818 | 168 |
| Tritax Big Box REIT PLC | 145701 | 264 |
| Weir Group (The) PLC | 6999 | 211 |
| WPP PLC | 149823 | 1132 |
|  |  | **72325** |
| **United States – 13.7%** | **United States – 13.7%** | **United States – 13.7%** |
| Aon PLC, Class A | 14005 | 5589 |
| Arch Capital Group Ltd. | 38485 | 3701 |
| Atlassian Corp., Class A\* | 10174 | 2159 |
| BP PLC | 837353 | 4723 |
| Carnival Corp.\* | 69124 | 1350 |
| Experian PLC | 71116 | 3296 |
| Globant S.A.\* | 7851 | 924 |
| GSK PLC | 236128 | 4510 |
| ICON PLC\* | 26655 | 4664 |
| IMAX Corp.\* | 13270 | 350 |
| Linde PLC | 5889 | 2742 |
| MDA Space Ltd.\* | 9710 | 186 |
| Medtronic PLC | 20565 | 1848 |
| Monday.com Ltd.\* | 13411 | 3261 |
| Novartis A.G. (Registered) | 19818 | 2205 |
| Roche Holding A.G. (Genusschein) | 8378 | 2755 |
| Sanofi S.A. | 17871 | 1980 |
| Schneider Electric S.E. | 5691 | 1317 |
| Shell PLC | 96458 | 3511 |
| Smurfit WestRock PLC | 7285 | 328 |
| Spotify Technology S.A.\* | 10480 | 5764 |
| STERIS PLC | 12874 | 2918 |
| Waste Connections, Inc. | 12054 | 2353 |
| Willis Towers Watson PLC | 5634 | 1904 |
|  |  | **64338** |
| **Total Common Stocks** |  |  |
| **(Cost $357,799)** |  | **443181** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **48** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **PREFERRED STOCKS – 0.7%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.7%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.7%** <sup>(1)</sup> |
| **Brazil – 0.3%** | **Brazil – 0.3%** | **Brazil – 0.3%** |
| Banco Bradesco S.A. ADR\* | 594510 | $1326 |
| Raizen S.A., 0.54%<sup>(5)</sup> <br>| 962971 | 312 |
|  |  | **1638** |
| **Germany – 0.4%** | **Germany – 0.4%** | **Germany – 0.4%** |
| Henkel A.G. & Co. KGaA, 2.78%<sup>(5)</sup> <br>| 6083 | 484 |
| Volkswagen A.G., 6.80%<sup>(5)</sup> <br>| 13697 | 1387 |
|  |  | **1871** |
| **Total Preferred Stocks** |  |  |
| **(Cost $4,120)** |  | **3509** |
| **INVESTMENT COMPANIES – 3.9%**  | **INVESTMENT COMPANIES – 3.9%**  | **INVESTMENT COMPANIES – 3.9%**  |
| iShares Core MSCI EAFE ETF | 4987 | 377 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(6) (7)</sup> <br>| 17419715 | 17420 |
| Vanguard FTSE Developed Markets ETF | 7204 | 366 |
| **Total Investment Companies** |  |  |
| **(Cost $18,141)** |  | **18163** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| U.S. Treasury Bill, |  |  |
| 4.11%, 9/11/25<sup>(8) (9)</sup> <br>| $381 | $374 |
| **Total Short-Term Investments** |  |  |
| **(Cost $374)** |  | **374** |
| **Total Investments – 99.3%** |  |  |
| **(Cost $380,434)** |  | **465227** |
| Other Assets less Liabilities – 0.7% |  | 3309 |
| **Net Assets – 100.0%** |  | **$468536** |

---

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2025, the value of this security amounted to approximately $851,000 or* *0.2% of net assets.* 

<sup>(3)</sup> *Restricted security. At March 31, 2025, the value of these restricted securities* *amounted to $0 or 0.0% of net assets. Additional information on these* *restricted securities are as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| Gazprom PJSC ADR | 9/27/17-12/29/21 | &nbsp;&nbsp; $242 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| LUKOIL PJSC ADR | 9/27/17-2/9/22 | &nbsp;&nbsp; $254 |
| Mobile TeleSystems PJSC ADR | 1/28/22-2/11/22 | &nbsp;&nbsp; 498 |
| Sberbank of Russia PJSC | 1/3/19-11/25/20 | &nbsp;&nbsp; 625 |

---

<sup>(4)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(5)</sup> *Current yield is disclosed. Dividends are calculated based on a percentage* *of the issuer's net income.* 

<sup>(6)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(7)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(8)</sup> *Discount rate at the time of purchase.*

<sup>(9)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| CDI – CREST Depository Interest |
| EAFE – Europe, Australasia and the Far East |
| ETF – Exchange-Traded Fund |
| FTSE – Financial Times Stock Exchange |
| MSCI – Morgan Stanley Capital International |
| NVDR – Non-Voting Depositary Receipt |
| REIT – Real Estate Investment Trust |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 81 | $9786 | Long | 6/25 | $(209)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **49** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ACTIVE M INTERNATIONAL EQUITY FUND continued**  | **March 31, 2025**  |

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Australia | &nbsp;&nbsp; $413 | &nbsp;&nbsp; $3171 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3584 |
| Brazil | &nbsp;&nbsp; 11357 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11357 |
| Canada | &nbsp;&nbsp; 16298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16298 |
| China | &nbsp;&nbsp; 444 | &nbsp;&nbsp; 10011 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10455 |
| Denmark | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 7061 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7299 |
| Guatemala | &nbsp;&nbsp; 286 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 286 |
| India | &nbsp;&nbsp; 3158 | &nbsp;&nbsp; 2212 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5370 |
| Ireland | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 2262 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2331 |
| Ivory Coast | &nbsp;&nbsp; 656 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 656 |
| Mexico | &nbsp;&nbsp; 926 | &nbsp;&nbsp; 575 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1501 |
| Netherlands | &nbsp;&nbsp; 2919 | &nbsp;&nbsp; 22087 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25006 |
| Pakistan | &nbsp;&nbsp; 295 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 295 |
| Singapore | &nbsp;&nbsp; 6218 | &nbsp;&nbsp; 1761 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7979 |
| South Korea | &nbsp;&nbsp; 4252 | &nbsp;&nbsp; 11094 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15346 |
| Switzerland | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 10627 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10965 |
| United Kingdom | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 72075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72325 |
| United States | &nbsp;&nbsp; 40041 | &nbsp;&nbsp; 24297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64338 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 187790 | &nbsp;&nbsp; — | &nbsp;&nbsp; 187790 |
| Total Common Stocks | &nbsp;&nbsp; 88158 | &nbsp;&nbsp; 355023 | &nbsp;&nbsp; — | &nbsp;&nbsp; 443181 |
| Preferred Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; 1638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1638 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 1871 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1871 |
| Total Preferred Stocks | &nbsp;&nbsp; 1638 | &nbsp;&nbsp; 1871 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3509 |
| Investment Companies | &nbsp;&nbsp; 18163 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18163 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 374 | &nbsp;&nbsp; — | &nbsp;&nbsp; 374 |
| Total Investments | &nbsp;&nbsp; $107959 | &nbsp;&nbsp; $357268 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $465227 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(209)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(209)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **50** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **EMERGING MARKETS EQUITY INDEX FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup> | **COMMON STOCKS – 95.8%** <sup>(1)</sup> | **COMMON STOCKS – 95.8%** <sup>(1)</sup> |
| **Brazil – 3.1%** | **Brazil – 3.1%** | **Brazil – 3.1%** |
| Ambev S.A. | 1067960 | $2538 |
| B3 S.A. - Brasil Bolsa Balcao | 1238095 | 2645 |
| Banco Bradesco S.A.\* | 371177 | 741 |
| Banco BTG Pactual S.A.\* | 269100 | 1598 |
| Banco do Brasil S.A. | 388488 | 1921 |
| BB Seguridade Participacoes S.A. | 161401 | 1141 |
| BRF S.A.\* | 112600 | 391 |
| Caixa Seguridade Participacoes S/A | 130500 | 343 |
| CCR S.A. | 224000 | 458 |
| Centrais Eletricas Brasileiras S.A. | 276700 | 1975 |
| &nbsp;&nbsp; Cia de Saneamento Basico do Estado <br> de Sao Paulo S.A.B.ESP<br>| 107871 | 1931 |
| CPFL Energia S.A. | 50400 | 335 |
| Embraer S.A.\* | 157300 | 1815 |
| Energisa S/A | 71100 | 498 |
| Engie Brasil Energia S.A. | 58047 | 393 |
| Equatorial Energia S.A. | 284855 | 1592 |
| Klabin S.A. | 193575 | 639 |
| Localiza Rent a Car S.A.\* | 210684 | 1241 |
| Natura & Co. Holding S.A.\* | 205501 | 363 |
| NU Holdings Ltd., Class A\* | 730353 | 7479 |
| Petroleo Brasileiro S.A. | 845834 | 6071 |
| PRIO S.A.\* | 182800 | 1280 |
| Raia Drogasil S.A. | 296627 | 995 |
| Rede D'Or Sao Luiz S.A.\* | 179100 | 885 |
| Rumo S.A. | 283794 | 810 |
| Suzano S.A.\* | 155085 | 1444 |
| Telefonica Brasil S.A.\* | 93873 | 823 |
| TIM S.A. | 192895 | 607 |
| TOTVS S.A.\* | 134055 | 788 |
| Ultrapar Participacoes S.A. | 165248 | 502 |
| Vale S.A. | 831513 | 8294 |
| Vibra Energia S.A. | 222100 | 695 |
| WEG S.A. | 379948 | 3015 |
| XP, Inc., Class A | 82658 | 1136 |
|  |  | **57382** |
| **Chile – 0.4%** | **Chile – 0.4%** | **Chile – 0.4%** |
| Banco de Chile | 10508939 | 1389 |
| Banco de Credito e Inversiones S.A. | 19954 | 737 |
| Banco Santander Chile | 15405744 | 876 |
| Cencosud S.A. | 297862 | 910 |
| Empresas CMPC S.A. | 264204 | 434 |
| Empresas Copec S.A. | 88849 | 613 |
| Enel Americas S.A. | 4777703 | 465 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **Chile – 0.4%continued** | **Chile – 0.4%continued** | **Chile – 0.4%continued** |
| Enel Chile S.A. | 5939190 | $391 |
| Falabella S.A. | 145182 | 606 |
| Latam Airlines Group S.A. | 50239840 | 787 |
|  |  | **7208** |
| **China – 30.4%** | **China – 30.4%** | **China – 30.4%** |
| 360 Security Technology, Inc., Class A | 89800 | 129 |
| &nbsp;&nbsp; 37 Interactive Entertainment Network <br> Technology Group Co. Ltd., Class A<br>| 24100 | 50 |
| AAC Technologies Holdings, Inc. | 178500 | 1088 |
| Accelink Technologies Co. Ltd., Class A | 11600 | 74 |
| ACM Research Shanghai, Inc., Class A | 3200 | 45 |
| &nbsp;&nbsp; Advanced Micro-Fabrication <br> Equipment, Inc. China, Class A<br>| 7398 | 189 |
| &nbsp;&nbsp; AECC Aero-Engine Control Co. Ltd., <br> Class A<br>| 19700 | 52 |
| AECC Aviation Power Co. Ltd., Class A | 36300 | 181 |
| Agricultural Bank of China Ltd., Class A | 1136900 | 813 |
| Agricultural Bank of China Ltd., Class H | 6299367 | 3782 |
| &nbsp;&nbsp; Aier Eye Hospital Group Co. Ltd., <br> Class A<br>| 124676 | 229 |
| Air China Ltd., Class A\* | 182100 | 179 |
| Airtac International Group | 31765 | 805 |
| Akeso, Inc.\* | 140000 | 1379 |
| Alibaba Group Holding Ltd. | 3696880 | 61297 |
| &nbsp;&nbsp; Alibaba Health Information Technology <br> Ltd.\*<br>| 1260000 | 771 |
| Aluminum Corp. of China Ltd., Class A | 145900 | 150 |
| Aluminum Corp. of China Ltd., Class H | 949435 | 597 |
| Amlogic Shanghai Co. Ltd., Class A\* | 6175 | 71 |
| Angel Yeast Co. Ltd., Class A | 9100 | 43 |
| Anhui Conch Cement Co. Ltd., Class A | 47700 | 160 |
| Anhui Conch Cement Co. Ltd., Class H | 276075 | 781 |
| Anhui Gujing Distillery Co. Ltd., Class A | 5400 | 127 |
| Anhui Gujing Distillery Co. Ltd., Class B | 25100 | 396 |
| &nbsp;&nbsp; Anhui Jianghuai Automobile Group <br> Corp. Ltd., Class A<br>| 31500 | 157 |
| Anhui Yingjia Distillery Co. Ltd., Class A | 9500 | 71 |
| &nbsp;&nbsp; Anker Innovations Technology Co. Ltd., <br> Class A<br>| 5330 | 76 |
| ANTA Sports Products Ltd. | 289232 | 3193 |
| Autohome, Inc. ADR | 15629 | 433 |
| &nbsp;&nbsp; Avary Holding Shenzhen Co. Ltd., <br> Class A<br>| 25000 | 126 |
| &nbsp;&nbsp; AviChina Industry & Technology Co. <br> Ltd., Class H<br>| 554313 | 279 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **51** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| AVICOPTER PLC, Class A | 9300 | $47 |
| &nbsp;&nbsp; BAIC BluePark New Energy Technology <br> Co. Ltd., Class A\*<br>| 115700 | 138 |
| Baidu, Inc., Class A\* | 525982 | 6070 |
| Bank of Beijing Co. Ltd., Class A | 267900 | 223 |
| Bank of Changsha Co. Ltd., Class A | 50200 | 64 |
| Bank of Chengdu Co. Ltd., Class A | 57700 | 137 |
| Bank of China Ltd., Class A | 427900 | 331 |
| Bank of China Ltd., Class H | 16368652 | 9905 |
| &nbsp;&nbsp; Bank of Communications Co. Ltd., <br> Class A<br>| 545100 | 560 |
| &nbsp;&nbsp; Bank of Communications Co. Ltd., <br> Class H<br>| 1981117 | 1778 |
| Bank of Hangzhou Co. Ltd., Class A | 81220 | 162 |
| Bank of Jiangsu Co. Ltd., Class A | 235544 | 309 |
| Bank of Nanjing Co. Ltd., Class A | 129396 | 184 |
| Bank of Ningbo Co. Ltd., Class A | 95350 | 340 |
| Bank of Shanghai Co. Ltd., Class A | 207971 | 283 |
| Bank of Suzhou Co. Ltd., Class A | 26200 | 28 |
| Baoshan Iron & Steel Co. Ltd., Class A | 326396 | 324 |
| BeiGene Ltd.\* | 175834 | 3711 |
| Beijing Enterprises Holdings Ltd. | 109771 | 415 |
| Beijing Enterprises Water Group Ltd. | 833886 | 240 |
| &nbsp;&nbsp; Beijing Kingsoft Office Software, Inc., <br> Class A<br>| 5789 | 241 |
| &nbsp;&nbsp; Beijing New Building Materials PLC, <br> Class A<br>| 19900 | 80 |
| &nbsp;&nbsp; Beijing Oriental Yuhong Waterproof <br> Technology Co. Ltd., Class A<br>| 15500 | 29 |
| &nbsp;&nbsp; Beijing Roborock Technology Co. Ltd., <br> Class A<br>| 1894 | 64 |
| &nbsp;&nbsp; Beijing Tiantan Biological Products <br> Corp. Ltd., Class A<br>| 30000 | 84 |
| Beijing Tong Ren Tang Co. Ltd., Class A | 17800 | 90 |
| &nbsp;&nbsp; Beijing Wantai Biological Pharmacy <br> Enterprise Co. Ltd., Class A<br>| 11158 | 99 |
| &nbsp;&nbsp; Beijing Yanjing Brewery Co. Ltd., <br> Class A<br>| 31300 | 53 |
| &nbsp;&nbsp; Beijing-Shanghai High Speed Railway <br> Co. Ltd., Class A<br>| 633500 | 487 |
| Bestechnic Shanghai Co. Ltd., Class A | 2792 | 157 |
| &nbsp;&nbsp; Bethel Automotive Safety Systems Co. <br> Ltd., Class A<br>| 8120 | 70 |
| Bilibili, Inc., Class Z\* | 53691 | 1030 |
| BOC Aviation Ltd. | 45100 | 353 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| &nbsp;&nbsp; BOC International China Co. Ltd., <br> Class A<br>| 28600 | $41 |
| &nbsp;&nbsp; BOE Technology Group Co. Ltd., <br> Class A<br>| 535700 | 307 |
| Bosideng International Holdings Ltd. | 1172000 | 603 |
| BYD Co. Ltd., Class A | 24100 | 1256 |
| BYD Co. Ltd., Class H | 281199 | 14214 |
| BYD Electronic International Co. Ltd. | 180500 | 944 |
| &nbsp;&nbsp; C&D International Investment Group <br> Ltd.<br>| 150814 | 317 |
| Caitong Securities Co. Ltd., Class A | 58910 | 64 |
| &nbsp;&nbsp; Cambricon Technologies Corp. Ltd., <br> Class A\*<br>| 5731 | 494 |
| Capital Securities Co. Ltd., Class A | 24400 | 72 |
| CCOOP Group Co. Ltd., Class A\* | 302000 | 112 |
| CGN Power Co. Ltd., Class A | 261900 | 131 |
| CGN Power Co. Ltd., Class H | 2339000 | 733 |
| &nbsp;&nbsp; Changchun High-Tech Industry Group <br> Co. Ltd., Class A<br>| 5100 | 69 |
| Changjiang Securities Co. Ltd., Class A | 97000 | 85 |
| &nbsp;&nbsp; Changzhou Xingyu Automotive Lighting <br> Systems Co. Ltd., Class A<br>| 4000 | 76 |
| &nbsp;&nbsp; Chaozhou Three-Circle Group Co. Ltd., <br> Class A<br>| 27200 | 149 |
| &nbsp;&nbsp; Chifeng Jilong Gold Mining Co. Ltd., <br> Class A<br>| 25500 | 81 |
| China CITIC Bank Corp. Ltd., Class H | 2033286 | 1594 |
| China Coal Energy Co. Ltd., Class H | 469000 | 478 |
| &nbsp;&nbsp; China Communications Services Corp. <br> Ltd., Class H<br>| 527035 | 291 |
| China Construction Bank Corp., Class A | 102900 | 125 |
| &nbsp;&nbsp; China Construction Bank Corp., <br> Class H<br>| 22052693 | 19566 |
| China CSSC Holdings Ltd., Class A | 67300 | 283 |
| &nbsp;&nbsp; China Eastern Airlines Corp. Ltd., <br> Class A\*<br>| 279200 | 140 |
| &nbsp;&nbsp; China Energy Engineering Corp. Ltd., <br> Class A<br>| 430300 | 135 |
| China Everbright Bank Co. Ltd., Class A | 663400 | 346 |
| China Everbright Bank Co. Ltd., Class H | 712000 | 290 |
| China Feihe Ltd. | 788000 | 595 |
| &nbsp;&nbsp; China Galaxy Securities Co. Ltd., <br> Class A<br>| 101300 | 234 |
| &nbsp;&nbsp; China Galaxy Securities Co. Ltd., <br> Class H<br>| 782000 | 780 |
| China Gas Holdings Ltd. | 600895 | 548 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **52** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| &nbsp;&nbsp; China Great Wall Securities Co. Ltd., <br> Class A<br>| 123000 | $137 |
| &nbsp;&nbsp; China Greatwall Technology Group <br> Co. Ltd., Class A\*<br>| 49800 | 97 |
| China Hongqiao Group Ltd. | 657500 | 1359 |
| &nbsp;&nbsp; China Huishan Dairy Holdings Co. <br> Ltd.<sup>(2) \*</sup> <br>| 1922380 |  |
| &nbsp;&nbsp; China International Capital Corp. Ltd., <br> Class A<br>| 32300 | 155 |
| &nbsp;&nbsp; China International Capital Corp. Ltd., <br> Class H<br>| 355600 | 667 |
| China Jushi Co. Ltd., Class A | 52822 | 94 |
| China Life Insurance Co. Ltd., Class A | 35600 | 185 |
| China Life Insurance Co. Ltd., Class H | 1698544 | 3292 |
| China Literature Ltd.\* | 87600 | 292 |
| &nbsp;&nbsp; China Longyuan Power Group Corp. <br> Ltd., Class H<br>| 703473 | 563 |
| China Mengniu Dairy Co. Ltd. | 706870 | 1762 |
| China Merchants Bank Co. Ltd., Class A | 278679 | 1664 |
| &nbsp;&nbsp; China Merchants Bank Co. Ltd., <br> Class H<br>| 903933 | 5319 |
| &nbsp;&nbsp; China Merchants Energy Shipping Co. <br> Ltd., Class A<br>| 109700 | 99 |
| &nbsp;&nbsp; China Merchants Expressway Network <br> & Technology Holdings Co. Ltd., <br> Class A<br>| 84400 | 154 |
| China Merchants Port Holdings Co. Ltd. | 288067 | 495 |
| &nbsp;&nbsp; China Merchants Securities Co. Ltd., <br> Class A<br>| 88110 | 217 |
| &nbsp;&nbsp; China Merchants Shekou Industrial <br> Zone Holdings Co. Ltd., Class A<br>| 136000 | 172 |
| &nbsp;&nbsp; China Minsheng Banking Corp. Ltd., <br> Class A<br>| 466840 | 251 |
| &nbsp;&nbsp; China Minsheng Banking Corp. Ltd., <br> Class H<br>| 1549154 | 697 |
| &nbsp;&nbsp; China National Building Material Co. <br> Ltd., Class H<br>| 971943 | 502 |
| &nbsp;&nbsp; China National Chemical Engineering <br> Co. Ltd., Class A<br>| 73800 | 73 |
| &nbsp;&nbsp; China National Nuclear Power Co. <br> Ltd., Class A<br>| 271098 | 345 |
| &nbsp;&nbsp; China National Software & Service Co. <br> Ltd., Class A\*<br>| 10400 | 62 |
| &nbsp;&nbsp; China Northern Rare Earth Group <br> High-Tech Co. Ltd., Class A<br>| 46900 | 147 |
| China Oilfield Services Ltd., Class H | 408757 | 337 |
| China Overseas Land & Investment Ltd. | 870695 | 1567 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| &nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., <br> Class A<br>| 96400 | $428 |
| &nbsp;&nbsp; China Pacific Insurance Group Co. Ltd., <br> Class H<br>| 595337 | 1879 |
| &nbsp;&nbsp; China Petroleum & Chemical Corp., <br> Class A<br>| 446800 | 353 |
| &nbsp;&nbsp; China Petroleum & Chemical Corp., <br> Class H<br>| 5548628 | 2924 |
| &nbsp;&nbsp; China Power International Development <br> Ltd.<br>| 947000 | 357 |
| China Railway Group Ltd., Class A | 257500 | 197 |
| China Railway Group Ltd., Class H | 1004827 | 444 |
| &nbsp;&nbsp; China Railway Signal & <br> Communication Corp. Ltd., Class A<br>| 110341 | 86 |
| &nbsp;&nbsp; China Rare Earth Resources And <br> Technology Co. Ltd., Class A<br>| 14300 | 62 |
| China Resources Beer Holdings Co. Ltd. | 371948 | 1353 |
| China Resources Gas Group Ltd. | 222358 | 663 |
| China Resources Land Ltd. | 728932 | 2435 |
| &nbsp;&nbsp; China Resources Microelectronics Ltd., <br> Class A<br>| 19967 | 124 |
| &nbsp;&nbsp; China Resources Mixc Lifestyle Services <br> Ltd.<br>| 155200 | 687 |
| &nbsp;&nbsp; China Resources Pharmaceutical Group <br> Ltd.<br>| 448500 | 292 |
| &nbsp;&nbsp; China Resources Power Holdings Co. <br> Ltd.<br>| 493735 | 1174 |
| &nbsp;&nbsp; China Resources Sanjiu Medical & <br> Pharmaceutical Co. Ltd., Class A<br>| 19110 | 111 |
| China Ruyi Holdings Ltd.\* | 1488000 | 458 |
| &nbsp;&nbsp; China Shenhua Energy Co. Ltd., <br> Class A<br>| 89300 | 473 |
| &nbsp;&nbsp; China Shenhua Energy Co. Ltd., <br> Class H<br>| 764136 | 3101 |
| &nbsp;&nbsp; China Southern Airlines Co. Ltd., <br> Class A\*<br>| 149900 | 117 |
| &nbsp;&nbsp; China State Construction Engineering <br> Corp. Ltd., Class A<br>| 534280 | 388 |
| &nbsp;&nbsp; China State Construction International <br> Holdings Ltd.<br>| 469600 | 610 |
| &nbsp;&nbsp; China Taiping Insurance Holdings Co. <br> Ltd.<br>| 334304 | 509 |
| &nbsp;&nbsp; China Three Gorges Renewables <br> Group Co. Ltd., Class A<br>| 420000 | 245 |
| &nbsp;&nbsp; China Tourism Group Duty Free Corp. <br> Ltd., Class A<br>| 28100 | 234 |
| China Tower Corp. Ltd., Class H | 1008800 | 1359 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **53** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| &nbsp;&nbsp; China United Network Communications <br> Ltd., Class A<br>| 436900 | $336 |
| China Vanke Co. Ltd., Class A\* | 108300 | 106 |
| China Vanke Co. Ltd., Class H\* | 501372 | 358 |
| China XD Electric Co. Ltd., Class A | 84400 | 77 |
| China Yangtze Power Co. Ltd., Class A | 335900 | 1289 |
| China Zheshang Bank Co. Ltd., Class A | 252330 | 102 |
| Chongqing Brewery Co. Ltd., Class A | 5300 | 43 |
| &nbsp;&nbsp; Chongqing Changan Automobile Co. <br> Ltd., Class A<br>| 104368 | 188 |
| &nbsp;&nbsp; Chongqing Rural Commercial Bank Co. <br> Ltd., Class A<br>| 121400 | 102 |
| &nbsp;&nbsp; Chongqing Zhifei Biological Products <br> Co. Ltd., Class A<br>| 31950 | 107 |
| Chow Tai Fook Jewellery Group Ltd. | 467200 | 529 |
| CITIC Ltd. | 991803 | 1223 |
| &nbsp;&nbsp; Citic Pacific Special Steel Group Co. <br> Ltd., Class A<br>| 58700 | 100 |
| CITIC Securities Co. Ltd., Class A | 186945 | 687 |
| CITIC Securities Co. Ltd., Class H | 353900 | 925 |
| CMOC Group Ltd., Class A | 236400 | 249 |
| CMOC Group Ltd., Class H | 930000 | 768 |
| &nbsp;&nbsp; CNGR Advanced Material Co. Ltd., <br> Class A<br>| 10502 | 51 |
| &nbsp;&nbsp; CNOOC Energy Technology & <br> Services Ltd., Class A<br>| 116600 | 65 |
| CNPC Capital Co. Ltd., Class A | 123100 | 108 |
| &nbsp;&nbsp; Contemporary Amperex Technology <br> Co. Ltd., Class A<br>| 60240 | 2111 |
| &nbsp;&nbsp; COSCO SHIPPING Energy <br> Transportation Co. Ltd., Class A<br>| 67700 | 105 |
| &nbsp;&nbsp; COSCO SHIPPING Energy <br> Transportation Co. Ltd., Class H<br>| 266000 | 216 |
| &nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd., <br> Class A<br>| 191780 | 385 |
| &nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd., <br> Class H<br>| 622150 | 981 |
| CRRC Corp. Ltd., Class A | 356700 | 348 |
| CRRC Corp. Ltd., Class H | 956000 | 595 |
| CSC Financial Co. Ltd., Class A | 53600 | 179 |
| CSI Solar Co. Ltd., Class A | 101932 | 137 |
| &nbsp;&nbsp; CSPC Innovation Pharmaceutical Co. <br> Ltd., Class A<br>| 15120 | 78 |
| CSPC Pharmaceutical Group Ltd. | 1829360 | 1167 |
| Daqin Railway Co. Ltd., Class A | 196100 | 177 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| &nbsp;&nbsp; Datang International Power Generation <br> Co. Ltd., Class A<br>| 170500 | $69 |
| Dong-E-E-Jiao Co. Ltd., Class A | 10100 | 84 |
| Dongfang Electric Corp. Ltd., Class A | 33800 | 70 |
| Dongxing Securities Co. Ltd., Class A | 50400 | 80 |
| &nbsp;&nbsp; East Money Information Co. Ltd., <br> Class A<br>| 214324 | 671 |
| &nbsp;&nbsp; Eastroc Beverage Group Co. Ltd., <br> Class A<br>| 9420 | 323 |
| Ecovacs Robotics Co. Ltd., Class A | 8100 | 69 |
| Empyrean Technology Co. Ltd., Class A | 6300 | 101 |
| ENN Energy Holdings Ltd. | 179579 | 1496 |
| ENN Natural Gas Co. Ltd., Class A | 31600 | 85 |
| Eoptolink Technology, Inc. Ltd., Class A | 10800 | 149 |
| Eve Energy Co. Ltd., Class A | 27496 | 179 |
| Everbright Securities Co. Ltd., Class A | 49998 | 118 |
| &nbsp;&nbsp; Everdisplay Optronics Shanghai Co. <br> Ltd., Class A\*<br>| 140978 | 43 |
| Far East Horizon Ltd. | 415000 | 340 |
| FAW Jiefang Group Co. Ltd., Class A | 48500 | 54 |
| Flat Glass Group Co. Ltd., Class A | 23600 | 58 |
| &nbsp;&nbsp; Focus Media Information Technology <br> Co. Ltd., Class A<br>| 282800 | 274 |
| &nbsp;&nbsp; Foshan Haitian Flavouring & Food Co. <br> Ltd., Class A<br>| 61158 | 343 |
| Fosun International Ltd. | 546865 | 293 |
| Founder Securities Co. Ltd., Class A | 128200 | 138 |
| &nbsp;&nbsp; Foxconn Industrial Internet Co. Ltd., <br> Class A<br>| 172600 | 479 |
| &nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., <br> Class A<br>| 24792 | 201 |
| &nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd., <br> Class H<br>| 138400 | 990 |
| GalaxyCore, Inc., Class A | 36539 | 76 |
| &nbsp;&nbsp; Ganfeng Lithium Group Co. Ltd., <br> Class A<br>| 17840 | 83 |
| GCL Technology Holdings Ltd.\* | 4868000 | 616 |
| &nbsp;&nbsp; GD Power Development Co. Ltd., <br> Class A<br>| 242200 | 148 |
| Geely Automobile Holdings Ltd. | 1368641 | 2955 |
| GEM Co. Ltd., Class A | 131300 | 118 |
| Genscript Biotech Corp.\* | 260000 | 417 |
| GF Securities Co. Ltd., Class A | 72793 | 162 |
| Giant Biogene Holding Co. Ltd. | 68000 | 619 |
| &nbsp;&nbsp; GigaDevice Semiconductor, Inc., <br> Class A\*<br>| 8880 | 144 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **54** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| GoerTek, Inc., Class A | 41300 | $150 |
| &nbsp;&nbsp; Goldwind Science & Technology Co. <br> Ltd., Class A<br>| 42100 | 52 |
| Goneo Group Co. Ltd., Class A | 15885 | 158 |
| Gotion High-tech Co. Ltd., Class A | 24200 | 73 |
| Great Wall Motor Co. Ltd., Class A | 35500 | 128 |
| Great Wall Motor Co. Ltd., Class H | 524296 | 919 |
| &nbsp;&nbsp; Gree Electric Appliances, Inc. of <br> Zhuhai, Class A<br>| 38800 | 243 |
| &nbsp;&nbsp; GRG Banking Equipment Co. Ltd., <br> Class A<br>| 43100 | 79 |
| &nbsp;&nbsp; Guangdong Haid Group Co. Ltd., <br> Class A<br>| 22400 | 155 |
| Guangdong Investment Ltd. | 646514 | 475 |
| Guanghui Energy Co. Ltd., Class A | 80900 | 68 |
| &nbsp;&nbsp; Guangzhou Automobile Group Co. <br> Ltd., Class A<br>| 68100 | 80 |
| &nbsp;&nbsp; Guangzhou Baiyunshan <br> Pharmaceutical Holdings Co. Ltd., <br> Class A<br>| 39100 | 143 |
| &nbsp;&nbsp; Guangzhou Haige Communications <br> Group, Inc. Co., Class A<br>| 40500 | 63 |
| &nbsp;&nbsp; Guangzhou Tinci Materials Technology <br> Co. Ltd., Class A<br>| 22180 | 57 |
| &nbsp;&nbsp; Guolian Minsheng Securities Co. Ltd., <br> Class A<br>| 28400 | 40 |
| Guosen Securities Co. Ltd., Class A | 81200 | 115 |
| &nbsp;&nbsp; Guotai Junan Securities Co. Ltd., <br> Class A<br>| 179838 | 428 |
| &nbsp;&nbsp; Guotai Junan Securities Co. Ltd., <br> Class H<br>| 496148 | 719 |
| Guoyuan Securities Co. Ltd., Class A | 47460 | 51 |
| H World Group Ltd. ADR | 46794 | 1732 |
| Haidilao International Holding Ltd. | 381000 | 865 |
| Haier Smart Home Co. Ltd., Class A | 89097 | 337 |
| Haier Smart Home Co. Ltd., Class H | 546400 | 1769 |
| &nbsp;&nbsp; Hainan Airlines Holding Co. Ltd., <br> Class A\*<br>| 575800 | 111 |
| &nbsp;&nbsp; Hainan Airport Infrastructure Co. Ltd., <br> Class A\*<br>| 122100 | 61 |
| Haitian International Holdings Ltd. | 171000 | 453 |
| &nbsp;&nbsp; Hangzhou First Applied Material Co. <br> Ltd., Class A<br>| 34659 | 67 |
| Hangzhou GreatStar Industrial Co. Ltd. | 15800 | 65 |
| &nbsp;&nbsp; Hangzhou Silan Microelectronics Co. <br> Ltd., Class A\*<br>| 17200 | 57 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| &nbsp;&nbsp; Hangzhou Tigermed Consulting Co. <br> Ltd., Class A<br>| 6500 | $46 |
| Hansoh Pharmaceutical Group Co. Ltd. | 270000 | 850 |
| &nbsp;&nbsp; Hebei Yangyuan Zhihui Beverage Co. <br> Ltd., Class A<br>| 10500 | 33 |
| &nbsp;&nbsp; Henan Shenhuo Coal Industry & <br> Electricity Power Co. Ltd., Class A<br>| 34200 | 89 |
| &nbsp;&nbsp; Henan Shuanghui Investment & <br> Development Co. Ltd., Class A<br>| 47600 | 177 |
| Hengan International Group Co. Ltd. | 141398 | 396 |
| Hengli Petrochemical Co. Ltd., Class A | 104160 | 221 |
| &nbsp;&nbsp; Hengtong Optic-electric Co. Ltd., <br> Class A<br>| 37800 | 87 |
| &nbsp;&nbsp; Hisense Home Appliances Group Co. <br> Ltd., Class A<br>| 14300 | 59 |
| &nbsp;&nbsp; Hisense Home Appliances Group Co. <br> Ltd., Class H<br>| 79000 | 265 |
| &nbsp;&nbsp; Hithink RoyalFlush Information Network <br> Co. Ltd., Class A<br>| 7500 | 298 |
| HLA Group Corp. Ltd., Class A | 53800 | 59 |
| &nbsp;&nbsp; Hoshine Silicon Industry Co. Ltd., <br> Class A<br>| 10900 | 83 |
| Hua Hong Semiconductor Ltd. | 155000 | 621 |
| &nbsp;&nbsp; Huadian Power International Corp. Ltd., <br> Class A<br>| 84100 | 67 |
| Huadong Medicine Co. Ltd., Class A | 22720 | 115 |
| Huafon Chemical Co. Ltd., Class A | 50400 | 54 |
| Huagong Tech Co. Ltd., Class A | 10600 | 61 |
| &nbsp;&nbsp; Huaibei Mining Holdings Co. Ltd., <br> Class A<br>| 33900 | 61 |
| &nbsp;&nbsp; Hualan Biological Engineering, Inc., <br> Class A<br>| 26070 | 56 |
| &nbsp;&nbsp; Huaneng Lancang River Hydropower, <br> Inc., Class A<br>| 76100 | 96 |
| &nbsp;&nbsp; Huaneng Power International, Inc., <br> Class A<br>| 85800 | 82 |
| &nbsp;&nbsp; Huaneng Power International, Inc., <br> Class H<br>| 998501 | 579 |
| Huaqin Technology Co. Ltd., Class A | 11000 | 122 |
| Huatai Securities Co. Ltd., Class A | 101600 | 233 |
| Huatai Securities Co. Ltd., Class H | 299600 | 485 |
| Huaxia Bank Co. Ltd., Class A | 156390 | 169 |
| &nbsp;&nbsp; Huayu Automotive Systems Co. Ltd., <br> Class A<br>| 42200 | 105 |
| &nbsp;&nbsp; Hubei Jumpcan Pharmaceutical Co. <br> Ltd., Class A<br>| 13900 | 53 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **55** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| &nbsp;&nbsp; Huizhou Desay Sv Automotive Co. Ltd., <br> Class A<br>| 8300 | $130 |
| &nbsp;&nbsp; Humanwell Healthcare Group Co. Ltd., <br> Class A<br>| 22400 | 64 |
| Hunan Valin Steel Co. Ltd., Class A | 101900 | 70 |
| Hundsun Technologies, Inc., Class A | 26145 | 102 |
| Hwatsing Technology Co. Ltd., Class A | 2541 | 58 |
| &nbsp;&nbsp; Hygon Information Technology Co. Ltd., <br> Class A<br>| 33132 | 650 |
| IEIT Systems Co. Ltd., Class A | 17856 | 133 |
| Iflytek Co. Ltd., Class A | 33700 | 222 |
| &nbsp;&nbsp; Imeik Technology Development Co. <br> Ltd., Class A<br>| 4200 | 104 |
| &nbsp;&nbsp; Industrial & Commercial Bank of China <br> Ltd., Class A<br>| 869400 | 827 |
| &nbsp;&nbsp; Industrial & Commercial Bank of China <br> Ltd., Class H<br>| 15910023 | 11367 |
| Industrial Bank Co. Ltd., Class A | 275200 | 820 |
| Industrial Securities Co. Ltd., Class A | 126400 | 103 |
| Ingenic Semiconductor Co. Ltd., Class A | 4200 | 42 |
| &nbsp;&nbsp; Inner Mongolia BaoTou Steel Union <br> Co. Ltd., Class A\*<br>| 580400 | 144 |
| &nbsp;&nbsp; Inner Mongolia Dian Tou Energy Corp. <br> Ltd., Class A<br>| 29200 | 78 |
| &nbsp;&nbsp; Inner Mongolia Junzheng Energy & <br> Chemical Industry Group Co. Ltd., <br> Class A<br>| 145100 | 110 |
| &nbsp;&nbsp; Inner Mongolia Yili Industrial Group <br> Co. Ltd., Class A<br>| 92100 | 357 |
| &nbsp;&nbsp; Inner Mongolia Yitai Coal Co. Ltd., <br> Class B<br>| 234900 | 512 |
| Innovent Biologics, Inc.\* | 275500 | 1663 |
| &nbsp;&nbsp; Isoftstone Information Technology <br> Group Co. Ltd., Class A<br>| 10100 | 80 |
| JA Solar Technology Co. Ltd., Class A | 41916 | 67 |
| JCET Group Co. Ltd., Class A | 21700 | 105 |
| &nbsp;&nbsp; JCHX Mining Management Co. Ltd., <br> Class A<br>| 11400 | 63 |
| JD Health International, Inc.\* | 251900 | 1076 |
| JD Logistics, Inc.\* | 442100 | 720 |
| JD.com, Inc., Class A | 557966 | 11514 |
| &nbsp;&nbsp; Jiangsu Eastern Shenghong Co. Ltd., <br> Class A<br>| 89900 | 103 |
| Jiangsu Expressway Co. Ltd., Class H | 260000 | 309 |
| &nbsp;&nbsp; Jiangsu Hengli Hydraulic Co. Ltd., <br> Class A<br>| 16468 | 182 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| &nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. <br> Ltd., Class A<br>| 84285 | $573 |
| &nbsp;&nbsp; Jiangsu Hoperun Software Co. Ltd., <br> Class A\*<br>| 13800 | 99 |
| &nbsp;&nbsp; Jiangsu King's Luck Brewery JSC Ltd., <br> Class A<br>| 21600 | 158 |
| &nbsp;&nbsp; Jiangsu Phoenix Publishing & Media <br> Corp. Ltd., Class A<br>| 34400 | 52 |
| &nbsp;&nbsp; Jiangsu Yanghe Distillery Co. Ltd., <br> Class A<br>| 22900 | 241 |
| &nbsp;&nbsp; Jiangsu Yoke Technology Co. Ltd., <br> Class A<br>| 7700 | 66 |
| &nbsp;&nbsp; Jiangsu Yuyue Medical Equipment & <br> Supply Co. Ltd., Class A<br>| 10000 | 48 |
| &nbsp;&nbsp; Jiangsu Zhongtian Technology Co. Ltd., <br> Class A<br>| 40200 | 81 |
| Jiangxi Copper Co. Ltd., Class A | 33099 | 105 |
| Jiangxi Copper Co. Ltd., Class H | 240000 | 423 |
| &nbsp;&nbsp; Jinduicheng Molybdenum Co. Ltd., <br> Class A<br>| 33100 | 48 |
| Jinko Solar Co. Ltd., Class A | 139783 | 125 |
| Juneyao Airlines Co. Ltd., Class A | 25900 | 47 |
| Kangmei Pharmaceutical Co. Ltd.<sup>(2) \*</sup> <br>| 4749 |  |
| Kanzhun Ltd. ADR\* | 60285 | 1156 |
| KE Holdings, Inc. ADR | 160619 | 3227 |
| &nbsp;&nbsp; Kingdee International Software Group <br> Co. Ltd.\*<br>| 705000 | 1205 |
| Kingsoft Corp. Ltd. | 213703 | 1037 |
| Kuaishou Technology\* | 615600 | 4350 |
| &nbsp;&nbsp; Kuang-Chi Technologies Co. Ltd., <br> Class A<br>| 32000 | 167 |
| Kunlun Energy Co. Ltd. | 891230 | 870 |
| Kunlun Tech Co. Ltd., Class A | 13900 | 66 |
| Kweichow Moutai Co. Ltd., Class A | 17495 | 3768 |
| LB Group Co. Ltd., Class A | 29400 | 72 |
| Lenovo Group Ltd. | 1824000 | 2476 |
| Lens Technology Co. Ltd., Class A | 60300 | 212 |
| Li Auto, Inc., Class A\* | 281430 | 3581 |
| Li Ning Co. Ltd. | 538500 | 1106 |
| Liaoning Port Co. Ltd., Class A | 253500 | 52 |
| Lingyi iTech Guangdong Co., Class A | 107200 | 135 |
| Longfor Group Holdings Ltd. | 481669 | 613 |
| &nbsp;&nbsp; LONGi Green Energy Technology Co. <br> Ltd., Class A<br>| 97669 | 214 |
| &nbsp;&nbsp; Loongson Technology Corp. Ltd., <br> Class A\*<br>| 4400 | 76 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **56** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| &nbsp;&nbsp; Luxshare Precision Industry Co. Ltd., <br> Class A<br>| 102605 | $581 |
| Luzhou Laojiao Co. Ltd., Class A | 20800 | 374 |
| &nbsp;&nbsp; Mango Excellent Media Co. Ltd., <br> Class A<br>| 22070 | 84 |
| &nbsp;&nbsp; Maxscend Microelectronics Co. Ltd., <br> Class A<br>| 6780 | 75 |
| &nbsp;&nbsp; Meihua Holdings Group Co. Ltd., <br> Class A<br>| 45200 | 64 |
| Meituan, Class B\* | 1125318 | 22752 |
| &nbsp;&nbsp; Metallurgical Corp. of China Ltd., <br> Class A<br>| 198300 | 83 |
| Midea Group Co. Ltd., Class A | 45700 | 496 |
| Midea Group Co. Ltd., Class H\* | 65200 | 664 |
| MINISO Group Holding Ltd., Class A | 103836 | 483 |
| MMG Ltd.\* | 936000 | 325 |
| Montage Technology Co. Ltd., Class A | 13959 | 152 |
| Muyuan Foods Co. Ltd., Class A | 77678 | 415 |
| Nanjing Iron & Steel Co. Ltd., Class A | 19400 | 12 |
| Nanjing Securities Co. Ltd., Class A | 49300 | 56 |
| NARI Technology Co. Ltd., Class A | 98506 | 298 |
| &nbsp;&nbsp; National Silicon Industry Group Co. <br> Ltd., Class A<br>| 24987 | 64 |
| &nbsp;&nbsp; NAURA Technology Group Co. Ltd., <br> Class A<br>| 7500 | 432 |
| NetEase, Inc. | 442875 | 9127 |
| &nbsp;&nbsp; New China Life Insurance Co. Ltd., <br> Class A<br>| 34900 | 248 |
| &nbsp;&nbsp; New China Life Insurance Co. Ltd., <br> Class H<br>| 193052 | 738 |
| New Hope Liuhe Co. Ltd., Class A\* | 63200 | 81 |
| &nbsp;&nbsp; New Oriental Education & Technology <br> Group, Inc.<br>| 330720 | 1576 |
| &nbsp;&nbsp; Nexchip Semiconductor Corp., <br> Class A\*<br>| 45470 | 137 |
| Ninestar Corp., Class A\* | 19800 | 66 |
| &nbsp;&nbsp; Ningbo Deye Technology Co. Ltd., <br> Class A<br>| 7096 | 90 |
| &nbsp;&nbsp; Ningbo Orient Wires & Cables Co. <br> Ltd., Class A<br>| 9200 | 62 |
| &nbsp;&nbsp; Ningbo Sanxing Medical Electric Co. <br> Ltd., Class A<br>| 23000 | 94 |
| Ningbo Tuopu Group Co. Ltd., Class A | 21795 | 174 |
| &nbsp;&nbsp; Ningxia Baofeng Energy Group Co. <br> Ltd., Class A<br>| 85100 | 171 |
| NIO, Inc., Class A\* | 333876 | 1276 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| Nongfu Spring Co. Ltd., Class H | 456800 | $1987 |
| OFILM Group Co. Ltd., Class A\* | 59900 | 101 |
| Oppein Home Group, Inc., Class A | 6220 | 54 |
| Orient Securities Co. Ltd., Class A | 102839 | 134 |
| &nbsp;&nbsp; Pangang Group Vanadium Titanium & <br> Resources Co. Ltd., Class A\*<br>| 82300 | 32 |
| PDD Holdings, Inc. ADR\* | 158789 | 18793 |
| &nbsp;&nbsp; People's Insurance Co. Group of China <br> (The) Ltd., Class A<br>| 152500 | 144 |
| &nbsp;&nbsp; People's Insurance Co. Group of China <br> (The) Ltd., Class H<br>| 1931535 | 999 |
| PetroChina Co. Ltd., Class A | 303100 | 344 |
| PetroChina Co. Ltd., Class H | 4791438 | 3883 |
| Pharmaron Beijing Co. Ltd., Class A | 19125 | 71 |
| &nbsp;&nbsp; PICC Property & Casualty Co. Ltd., <br> Class H<br>| 1559359 | 2887 |
| Ping An Bank Co. Ltd., Class A | 252400 | 392 |
| &nbsp;&nbsp; Ping An Insurance Group Co. of China <br> Ltd., Class A<br>| 147335 | 1050 |
| &nbsp;&nbsp; Ping An Insurance Group Co. of China <br> Ltd., Class H<br>| 1543406 | 9208 |
| Piotech, Inc., Class A | 4201 | 92 |
| &nbsp;&nbsp; Poly Developments and Holdings <br> Group Co. Ltd., Class A<br>| 158200 | 181 |
| Pop Mart International Group Ltd. | 120600 | 2436 |
| &nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., <br> Class A<br>| 443200 | 319 |
| &nbsp;&nbsp; Postal Savings Bank of China Co. Ltd., <br> Class H<br>| 2071000 | 1282 |
| &nbsp;&nbsp; Power Construction Corp. of China Ltd., <br> Class A<br>| 233100 | 154 |
| Qifu Technology, Inc. ADR | 27804 | 1249 |
| &nbsp;&nbsp; Qinghai Salt Lake Industry Co. Ltd., <br> Class A\*<br>| 69700 | 159 |
| &nbsp;&nbsp; Range Intelligent Computing <br> Technology Group Co. Ltd., Class A<br>| 13700 | 108 |
| Rockchip Electronics Co. Ltd., Class A | 5300 | 127 |
| &nbsp;&nbsp; Rongsheng Petrochemical Co. Ltd., <br> Class A<br>| 129100 | 153 |
| SAIC Motor Corp. Ltd., Class A | 97593 | 213 |
| Sailun Group Co. Ltd., Class A | 48300 | 96 |
| &nbsp;&nbsp; Sanan Optoelectronics Co. Ltd., <br> Class A<br>| 83600 | 137 |
| Sany Heavy Industry Co. Ltd., Class A | 116800 | 307 |
| Satellite Chemical Co. Ltd., Class A | 43761 | 139 |
| SDIC Capital Co. Ltd., Class A | 83900 | 82 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **57** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| SDIC Power Holdings Co. Ltd., Class A | 107000 | $213 |
| Seres Group Co. Ltd., Class A | 20700 | 360 |
| SF Holding Co. Ltd., Class A | 64900 | 387 |
| SG Micro Corp., Class A | 5850 | 71 |
| Shaanxi Coal Industry Co. Ltd., Class A | 128700 | 352 |
| &nbsp;&nbsp; Shandong Gold Mining Co. Ltd., <br> Class A<br>| 60037 | 224 |
| &nbsp;&nbsp; Shandong Gold Mining Co. Ltd., <br> Class H<br>| 160500 | 384 |
| &nbsp;&nbsp; Shandong Himile Mechanical Science <br> & Technology Co. Ltd., Class A<br>| 11800 | 96 |
| &nbsp;&nbsp; Shandong Hualu Hengsheng Chemical <br> Co. Ltd., Class A<br>| 27340 | 83 |
| &nbsp;&nbsp; Shandong Linglong Tyre Co. Ltd., <br> Class A<br>| 17500 | 43 |
| &nbsp;&nbsp; Shandong Nanshan Aluminum Co. Ltd., <br> Class A<br>| 175400 | 92 |
| &nbsp;&nbsp; Shandong Sun Paper Industry JSC Ltd., <br> Class A<br>| 32500 | 66 |
| &nbsp;&nbsp; Shandong Weigao Group Medical <br> Polymer Co. Ltd., Class H<br>| 577716 | 442 |
| &nbsp;&nbsp; Shanghai Baosight Software Co. Ltd., <br> Class A<br>| 24480 | 104 |
| &nbsp;&nbsp; Shanghai Baosight Software Co. Ltd., <br> Class B<br>| 162433 | 289 |
| &nbsp;&nbsp; Shanghai BOCHU Electronic <br> Technology Corp. Ltd., Class A<br>| 3026 | 76 |
| &nbsp;&nbsp; Shanghai Electric Group Co. Ltd., <br> Class A\*<br>| 161200 | 170 |
| &nbsp;&nbsp; Shanghai Fosun Pharmaceutical Group <br> Co. Ltd., Class A<br>| 25300 | 87 |
| &nbsp;&nbsp; Shanghai International Airport Co. Ltd., <br> Class A<br>| 17200 | 77 |
| &nbsp;&nbsp; Shanghai M&G Stationery, Inc., <br> Class A<br>| 10400 | 44 |
| &nbsp;&nbsp; Shanghai Pharmaceuticals Holding Co. <br> Ltd., Class A<br>| 37200 | 95 |
| &nbsp;&nbsp; Shanghai Pharmaceuticals Holding Co. <br> Ltd., Class H<br>| 135947 | 196 |
| &nbsp;&nbsp; Shanghai Pudong Development Bank <br> Co. Ltd., Class A<br>| 418692 | 603 |
| &nbsp;&nbsp; Shanghai Putailai New Energy <br> Technology Co. Ltd., Class A<br>| 25752 | 65 |
| &nbsp;&nbsp; Shanghai RAAS Blood Products Co. <br> Ltd., Class A<br>| 94600 | 90 |
| &nbsp;&nbsp; Shanghai Rural Commercial Bank Co. <br> Ltd., Class A<br>| 113200 | 130 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| &nbsp;&nbsp; Shanghai United Imaging Healthcare <br> Co. Ltd., Class A<br>| 10770 | $182 |
| &nbsp;&nbsp; Shanghai Zhangjiang High-Tech Park <br> Development Co. Ltd., Class A<br>| 16700 | 57 |
| &nbsp;&nbsp; Shanjin International Gold Co. Ltd., <br> Class A<br>| 38800 | 103 |
| &nbsp;&nbsp; Shanxi Coking Coal Energy Group Co. <br> Ltd., Class A<br>| 79120 | 75 |
| &nbsp;&nbsp; Shanxi Lu'an Environmental Energy <br> Development Co. Ltd., Class A<br>| 36200 | 60 |
| &nbsp;&nbsp; Shanxi Xinghuacun Fen Wine Factory <br> Co. Ltd., Class A<br>| 16960 | 502 |
| Shenergy Co. Ltd., Class A | 41700 | 51 |
| Shengyi Technology Co. Ltd., Class A | 26300 | 100 |
| Shennan Circuits Co. Ltd., Class A | 7480 | 131 |
| &nbsp;&nbsp; Shenwan Hongyuan Group Co. Ltd., <br> Class A<br>| 312200 | 213 |
| &nbsp;&nbsp; Shenzhen Energy Group Co. Ltd., <br> Class A<br>| 58255 | 51 |
| &nbsp;&nbsp; Shenzhen Goodix Technology Co. Ltd., <br> Class A<br>| 12100 | 125 |
| &nbsp;&nbsp; Shenzhen Inovance Technology Co. <br> Ltd., Class A<br>| 18900 | 178 |
| &nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co. Ltd., Class A<br>| 17100 | 554 |
| &nbsp;&nbsp; Shenzhen New Industries Biomedical <br> Engineering Co. Ltd., Class A<br>| 9800 | 79 |
| &nbsp;&nbsp; Shenzhen Salubris Pharmaceuticals Co. <br> Ltd., Class A<br>| 17700 | 80 |
| &nbsp;&nbsp; Shenzhen Transsion Holdings Co. Ltd., <br> Class A<br>| 14547 | 182 |
| &nbsp;&nbsp; Shenzhou International Group Holdings <br> Ltd.<br>| 189200 | 1427 |
| &nbsp;&nbsp; Shijiazhuang Yiling Pharmaceutical Co. <br> Ltd., Class A<br>| 18940 | 37 |
| &nbsp;&nbsp; Sichuan Changhong Electric Co. Ltd., <br> Class A<br>| 78900 | 112 |
| &nbsp;&nbsp; Sichuan Chuantou Energy Co. Ltd., <br> Class A<br>| 56000 | 124 |
| &nbsp;&nbsp; Sichuan Kelun Pharmaceutical Co. Ltd., <br> Class A<br>| 23200 | 103 |
| &nbsp;&nbsp; Sichuan Road and Bridge Group Co. <br> Ltd., Class A<br>| 101600 | 111 |
| Sieyuan Electric Co. Ltd., Class A | 11000 | 115 |
| Silergy Corp. | 74000 | 847 |
| Sinolink Securities Co. Ltd., Class A | 95600 | 110 |
| Sinopharm Group Co. Ltd., Class H | 307114 | 715 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **58** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| Sinotruk Hong Kong Ltd. | 148500 | $403 |
| Smoore International Holdings Ltd. | 414000 | 707 |
| SooChow Securities Co. Ltd., Class A | 136643 | 148 |
| Southwest Securities Co. Ltd., Class A | 103600 | 62 |
| Spring Airlines Co. Ltd., Class A | 15800 | 113 |
| &nbsp;&nbsp; Sungrow Power Supply Co. Ltd., <br> Class A<br>| 28000 | 269 |
| &nbsp;&nbsp; Sunny Optical Technology Group Co. <br> Ltd.<br>| 163125 | 1508 |
| Sunwoda Electronic Co. Ltd., Class A | 17800 | 55 |
| SUPCON Technology Co. Ltd., Class A | 8381 | 62 |
| &nbsp;&nbsp; Suzhou Dongshan Precision <br> Manufacturing Co. Ltd., Class A<br>| 25700 | 117 |
| &nbsp;&nbsp; Suzhou Maxwell Technologies Co. Ltd., <br> Class A<br>| 3648 | 41 |
| &nbsp;&nbsp; Suzhou TFC Optical Communication <br> Co. Ltd., Class A<br>| 6300 | 75 |
| TAL Education Group ADR\* | 91847 | 1213 |
| TBEA Co. Ltd., Class A | 68490 | 114 |
| TCL Technology Group Corp., Class A | 266410 | 164 |
| &nbsp;&nbsp; TCL Zhonghuan Renewable Energy <br> Technology Co. Ltd., Class A<br>| 52750 | 65 |
| Tencent Holdings Ltd. | 1475689 | 94049 |
| &nbsp;&nbsp; Tencent Music Entertainment Group <br> ADR<br>| 170125 | 2451 |
| Tianfeng Securities Co. Ltd., Class A\* | 117500 | 69 |
| Tianqi Lithium Corp., Class A | 19000 | 80 |
| &nbsp;&nbsp; Tianshan Aluminum Group Co. Ltd., <br> Class A<br>| 77200 | 95 |
| &nbsp;&nbsp; Tianshui Huatian Technology Co. Ltd., <br> Class A<br>| 46700 | 69 |
| Tingyi Cayman Islands Holding Corp. | 466435 | 783 |
| Tongcheng Travel Holdings Ltd. | 284400 | 768 |
| &nbsp;&nbsp; TongFu Microelectronics Co. Ltd., <br> Class A<br>| 22400 | 83 |
| Tongkun Group Co. Ltd., Class A | 24900 | 40 |
| &nbsp;&nbsp; Tongling Nonferrous Metals Group Co. <br> Ltd., Class A<br>| 159700 | 76 |
| Tongwei Co. Ltd., Class A | 62300 | 165 |
| TravelSky Technology Ltd., Class H | 200000 | 297 |
| Trina Solar Co. Ltd., Class A | 28251 | 66 |
| Trip.com Group Ltd. | 142223 | 9078 |
| Tsingtao Brewery Co. Ltd., Class A | 8300 | 87 |
| Tsingtao Brewery Co. Ltd., Class H | 145767 | 1051 |
| &nbsp;&nbsp; Unigroup Guoxin Microelectronics Co. <br> Ltd., Class A<br>| 10479 | 95 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| Unisplendour Corp. Ltd., Class A | 32948 | $125 |
| &nbsp;&nbsp; Universal Scientific Industrial Shanghai <br> Co. Ltd., Class A<br>| 23900 | 58 |
| &nbsp;&nbsp; Victory Giant Technology Huizhou Co. <br> Ltd., Class A<br>| 13100 | 147 |
| Vipshop Holdings Ltd. ADR | 75913 | 1190 |
| &nbsp;&nbsp; Wanhua Chemical Group Co. Ltd., <br> Class A<br>| 40800 | 378 |
| Want Want China Holdings Ltd. | 1087870 | 687 |
| Weichai Power Co. Ltd., Class A | 93300 | 212 |
| Weichai Power Co. Ltd., Class H | 441812 | 931 |
| &nbsp;&nbsp; Weihai Guangwei Composites Co. Ltd., <br> Class A<br>| 12640 | 54 |
| Wens Foodstuff Group Co. Ltd., Class A | 82200 | 189 |
| Western Mining Co. Ltd., Class A | 37500 | 88 |
| Western Securities Co. Ltd., Class A | 61100 | 66 |
| &nbsp;&nbsp; Western Superconducting Technologies <br> Co. Ltd., Class A<br>| 8653 | 55 |
| &nbsp;&nbsp; Will Semiconductor Co. Ltd. Shanghai, <br> Class A<br>| 17635 | 324 |
| Wingtech Technology Co. Ltd., Class A | 14600 | 66 |
| &nbsp;&nbsp; Wintime Energy Group Co. Ltd., <br> Class A<br>| 307400 | 61 |
| Wuhan Guide Infrared Co. Ltd., Class A | 42825 | 47 |
| Wuliangye Yibin Co. Ltd., Class A | 53400 | 969 |
| &nbsp;&nbsp; WUS Printed Circuit Kunshan Co. Ltd., <br> Class A<br>| 28180 | 129 |
| WuXi AppTec Co. Ltd., Class A | 33892 | 317 |
| WuXi AppTec Co. Ltd., Class H | 69211 | 621 |
| Wuxi Biologics Cayman, Inc.\* | 786000 | 2737 |
| &nbsp;&nbsp; XCMG Construction Machinery Co. <br> Ltd., Class A<br>| 159500 | 190 |
| Xiamen C & D, Inc., Class A | 40800 | 58 |
| Xiamen Tungsten Co. Ltd., Class A | 21200 | 57 |
| Xiaomi Corp., Class B\* | 3769200 | 23937 |
| &nbsp;&nbsp; Xinjiang Daqo New Energy Co. Ltd., <br> Class A<br>| 19509 | 52 |
| Xinyi Solar Holdings Ltd. | 1112318 | 426 |
| XPeng, Inc., Class A\* | 282858 | 2938 |
| Yadea Group Holdings Ltd. | 264000 | 514 |
| &nbsp;&nbsp; Yankuang Energy Group Co. Ltd., <br> Class A<br>| 72215 | 133 |
| &nbsp;&nbsp; Yankuang Energy Group Co. Ltd., <br> Class H<br>| 726919 | 754 |
| &nbsp;&nbsp; Yantai Jereh Oilfield Services Group <br> Co. Ltd., Class A<br>| 15500 | 78 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **59** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| &nbsp;&nbsp; Yealink Network Technology Corp. Ltd., <br> Class A<br>| 18440 | $104 |
| &nbsp;&nbsp; Yifeng Pharmacy Chain Co. Ltd., <br> Class A<br>| 16029 | 55 |
| &nbsp;&nbsp; Yihai Kerry Arawana Holdings Co. Ltd., <br> Class A<br>| 20200 | 88 |
| Yonghui Superstores Co. Ltd., Class A\* | 154400 | 102 |
| &nbsp;&nbsp; Yonyou Network Technology Co. Ltd., <br> Class A\*<br>| 42835 | 90 |
| Youngor Fashion Co. Ltd., Class A | 47400 | 53 |
| YTO Express Group Co. Ltd., Class A | 41800 | 73 |
| Yum China Holdings, Inc. | 86090 | 4482 |
| Yunnan Aluminium Co. Ltd., Class A | 34600 | 83 |
| Yunnan Baiyao Group Co. Ltd., Class A | 29200 | 229 |
| &nbsp;&nbsp; Yunnan Chihong Zinc&Germanium Co. <br> Ltd., Class A<br>| 68200 | 51 |
| &nbsp;&nbsp; Yunnan Energy New Material Co. Ltd., <br> Class A<br>| 11400 | 48 |
| Yunnan Yuntianhua Co. Ltd., Class A | 22300 | 70 |
| Yutong Bus Co. Ltd., Class A | 28500 | 104 |
| Zangge Mining Co. Ltd., Class A | 18500 | 92 |
| &nbsp;&nbsp; Zhangzhou Pientzehuang <br> Pharmaceutical Co. Ltd., Class A<br>| 7493 | 209 |
| &nbsp;&nbsp; Zhaojin Mining Industry Co. Ltd., <br> Class H<br>| 343000 | 687 |
| &nbsp;&nbsp; Zhejiang China Commodities City <br> Group Co. Ltd., Class A<br>| 86100 | 182 |
| &nbsp;&nbsp; Zhejiang Chint Electrics Co. Ltd., <br> Class A<br>| 28994 | 94 |
| &nbsp;&nbsp; Zhejiang Dahua Technology Co. Ltd., <br> Class A<br>| 50900 | 120 |
| &nbsp;&nbsp; Zhejiang Dingli Machinery Co. Ltd., <br> Class A<br>| 8340 | 68 |
| Zhejiang Expressway Co. Ltd., Class H | 380625 | 311 |
| &nbsp;&nbsp; Zhejiang Huayou Cobalt Co. Ltd., <br> Class A<br>| 21715 | 102 |
| &nbsp;&nbsp; Zhejiang Jingsheng Mechanical & <br> Electrical Co. Ltd., Class A<br>| 17200 | 76 |
| Zhejiang Juhua Co. Ltd., Class A | 32100 | 110 |
| &nbsp;&nbsp; Zhejiang Leapmotor Technology Co. <br> Ltd.\*<br>| 115400 | 747 |
| &nbsp;&nbsp; Zhejiang Longsheng Group Co. Ltd., <br> Class A<br>| 50300 | 65 |
| Zhejiang NHU Co. Ltd., Class A | 42448 | 131 |
| &nbsp;&nbsp; Zhejiang Sanhua Intelligent Controls <br> Co. Ltd., Class A<br>| 18600 | 74 |
| Zhejiang Supor Co. Ltd., Class A | 4700 | 38 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **China – 30.4%continued** | **China – 30.4%continued** | **China – 30.4%continued** |
| &nbsp;&nbsp; Zhejiang Wanfeng Auto Wheel Co. <br> Ltd., Class A<br>| 31300 | $77 |
| &nbsp;&nbsp; Zhejiang Weiming Environment <br> Protection Co. Ltd., Class A<br>| 19250 | 57 |
| &nbsp;&nbsp; Zhejiang Zheneng Electric Power Co. <br> Ltd., Class A<br>| 164900 | 130 |
| Zheshang Securities Co. Ltd., Class A | 108100 | 170 |
| Zhongji Innolight Co. Ltd., Class A | 16540 | 229 |
| Zhongjin Gold Corp. Ltd., Class A | 73900 | 144 |
| Zhongsheng Group Holdings Ltd. | 181500 | 319 |
| Zhongtai Securities Co. Ltd., Class A | 129100 | 115 |
| &nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., <br> Class A<br>| 17880 | 117 |
| &nbsp;&nbsp; Zhuzhou CRRC Times Electric Co. Ltd., <br> Class H<br>| 103174 | 428 |
| Zijin Mining Group Co. Ltd., Class A | 282200 | 710 |
| Zijin Mining Group Co. Ltd., Class H | 1296162 | 2961 |
| &nbsp;&nbsp; Zoomlion Heavy Industry Science and <br> Technology Co. Ltd., Class A<br>| 111600 | 116 |
| ZTE Corp., Class A | 60800 | 288 |
| ZTE Corp., Class H | 165317 | 510 |
| ZTO Express Cayman, Inc. | 94734 | 1885 |
|  |  | **562151** |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| Bancolombia S.A. | 58538 | 657 |
| Interconexion Electrica S.A. ESP | 102011 | 466 |
|  |  | **1123** |
| **Czech Republic – 0.2%** | **Czech Republic – 0.2%** | **Czech Republic – 0.2%** |
| CEZ A.S. | 35560 | 1762 |
| Komercni Banka A.S. | 17268 | 838 |
| Moneta Money Bank A.S. | 64623 | 410 |
|  |  | **3010** |
| **Egypt – 0.1%** | **Egypt – 0.1%** | **Egypt – 0.1%** |
| &nbsp;&nbsp; Commercial International Bank - Egypt <br> (CIB)<br>| 528860 | 862 |
| Eastern Co. S.A.E. | 280302 | 185 |
| Talaat Moustafa Group | 174611 | 183 |
|  |  | **1230** |
| **Greece – 0.5%** | **Greece – 0.5%** | **Greece – 0.5%** |
| Alpha Services and Holdings S.A. | 481403 | 1158 |
| &nbsp;&nbsp; Eurobank Ergasias Services and <br> Holdings S.A.<br>| 592201 | 1595 |
| FF Group<sup>(2) \*</sup> <br>| 18664 |  |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **60** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **Greece – 0.5%continued** | **Greece – 0.5%continued** | **Greece – 0.5%continued** |
| &nbsp;&nbsp; Hellenic Telecommunications <br> Organization S.A.<br>| 39303 | $638 |
| JUMBO S.A. | 26421 | 722 |
| Metlen Energy & Metals S.A. | 25056 | 1107 |
| National Bank of Greece S.A. | 196092 | 2020 |
| OPAP S.A. | 43166 | 859 |
| Piraeus Financial Holdings S.A. | 248169 | 1366 |
| Public Power Corp. S.A. | 45475 | 683 |
|  |  | **10148** |
| **Hong Kong – 0.1%** | **Hong Kong – 0.1%** | **Hong Kong – 0.1%** |
| J&T Global Express Ltd.\* | 572200 | 419 |
| Orient Overseas International Ltd. | 29000 | 430 |
| Sino Biopharmaceutical Ltd. | 2359750 | 1145 |
|  |  | **1994** |
| **Hungary – 0.3%** | **Hungary – 0.3%** | **Hungary – 0.3%** |
| MOL Hungarian Oil & Gas PLC | 100114 | 789 |
| OTP Bank Nyrt. | 50749 | 3419 |
| Richter Gedeon Nyrt. | 31789 | 876 |
|  |  | **5084** |
| **India – 17.9%** | **India – 17.9%** | **India – 17.9%** |
| ABB India Ltd. | 11770 | 759 |
| Adani Enterprises Ltd. | 38527 | 1039 |
| &nbsp;&nbsp; Adani Ports & Special Economic Zone <br> Ltd.<br>| 123987 | 1705 |
| Adani Power Ltd.\* | 128252 | 759 |
| Alkem Laboratories Ltd. | 8933 | 509 |
| Ambuja Cements Ltd. | 137375 | 862 |
| APL Apollo Tubes Ltd. | 43387 | 773 |
| Apollo Hospitals Enterprise Ltd. | 22803 | 1761 |
| Ashok Leyland Ltd. | 336115 | 797 |
| Asian Paints Ltd. | 87025 | 2381 |
| Astral Ltd. | 30683 | 463 |
| AU Small Finance Bank Ltd. | 84300 | 527 |
| Aurobindo Pharma Ltd.\* | 57876 | 782 |
| Avenue Supermarts Ltd.\* | 36771 | 1760 |
| Axis Bank Ltd. | 520964 | 6708 |
| Bajaj Auto Ltd. | 15606 | 1437 |
| Bajaj Finance Ltd. | 63363 | 6610 |
| Bajaj Finserv Ltd. | 87353 | 2046 |
| Bajaj Holdings & Investment Ltd. | 6093 | 885 |
| Balkrishna Industries Ltd. | 17798 | 530 |
| Bank of Baroda | 225154 | 599 |
| Bharat Electronics Ltd. | 826346 | 2888 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **India – 17.9%continued** | **India – 17.9%continued** | **India – 17.9%continued** |
| Bharat Forge Ltd. | 58270 | $792 |
| Bharat Heavy Electricals Ltd. | 237748 | 596 |
| Bharat Petroleum Corp. Ltd. | 343230 | 1111 |
| Bharti Airtel Ltd. | 587170 | 11879 |
| Bosch Ltd. | 1711 | 567 |
| Britannia Industries Ltd. | 24544 | 1416 |
| BSE Ltd. | 14875 | 949 |
| Canara Bank | 419043 | 433 |
| CG Power & Industrial Solutions Ltd. | 138543 | 1028 |
| &nbsp;&nbsp; Cholamandalam Investment and <br> Finance Co. Ltd.<br>| 95118 | 1688 |
| Cipla Ltd. | 118704 | 1998 |
| Coal India Ltd. | 426357 | 1976 |
| Colgate-Palmolive India Ltd. | 30768 | 860 |
| Container Corp. of India Ltd. | 57008 | 459 |
| Cummins India Ltd. | 31404 | 1113 |
| Dabur India Ltd. | 115672 | 685 |
| Divi's Laboratories Ltd. | 27914 | 1882 |
| Dixon Technologies India Ltd. | 8439 | 1293 |
| DLF Ltd. | 169075 | 1339 |
| Dr. Reddy's Laboratories Ltd. | 131955 | 1758 |
| Eicher Motors Ltd. | 31262 | 1956 |
| GAIL India Ltd. | 537801 | 1146 |
| GMR Airports Ltd.\* | 586926 | 518 |
| Godrej Consumer Products Ltd. | 96114 | 1302 |
| Godrej Properties Ltd.\* | 34362 | 852 |
| Grasim Industries Ltd. | 60422 | 1831 |
| Havells India Ltd. | 56844 | 1015 |
| HCL Technologies Ltd. | 217034 | 4023 |
| HDFC Asset Management Co. Ltd. | 21867 | 1025 |
| HDFC Bank Ltd. | 1294673 | 27576 |
| HDFC Life Insurance Co. Ltd. | 219106 | 1747 |
| Hero MotoCorp Ltd. | 27202 | 1183 |
| Hindalco Industries Ltd. | 304824 | 2430 |
| Hindustan Aeronautics Ltd. | 45445 | 2212 |
| Hindustan Petroleum Corp. Ltd. | 213965 | 894 |
| Hindustan Unilever Ltd. | 187236 | 4946 |
| Hyundai Motor India Ltd.\* | 38315 | 767 |
| ICICI Bank Ltd. | 1197309 | 18865 |
| &nbsp;&nbsp; ICICI Lombard General Insurance Co. <br> Ltd.<br>| 55697 | 1167 |
| ICICI Prudential Life Insurance Co. Ltd. | 81811 | 539 |
| IDFC First Bank Ltd.\* | 787813 | 503 |
| Indian Hotels (The) Co. Ltd. | 194202 | 1786 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **61** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **India – 17.9%continued** | **India – 17.9%continued** | **India – 17.9%continued** |
| Indian Oil Corp. Ltd. | 638566 | $948 |
| &nbsp;&nbsp; Indian Railway Catering & Tourism <br> Corp. Ltd.<br>| 56301 | 476 |
| Indus Towers Ltd.\* | 267530 | 1040 |
| IndusInd Bank Ltd. | 134208 | 1013 |
| Info Edge India Ltd. | 16229 | 1356 |
| Infosys Ltd. | 760038 | 13901 |
| InterGlobe Aviation Ltd.\* | 43312 | 2587 |
| ITC Ltd. | 688331 | 3297 |
| Jindal Stainless Ltd. | 76688 | 518 |
| Jindal Steel & Power Ltd. | 97534 | 1034 |
| Jio Financial Services Ltd.\* | 646456 | 1712 |
| JSW Energy Ltd. | 96742 | 607 |
| JSW Steel Ltd. | 139336 | 1730 |
| Jubilant Foodworks Ltd. | 84046 | 652 |
| Kalyan Jewellers India Ltd. | 91196 | 495 |
| Kotak Mahindra Bank Ltd. | 250933 | 6366 |
| Larsen & Toubro Ltd. | 155870 | 6335 |
| LTIMindtree Ltd. | 16271 | 850 |
| Lupin Ltd. | 51753 | 1228 |
| Macrotech Developers Ltd. | 68936 | 962 |
| Mahindra & Mahindra Ltd. | 214184 | 6660 |
| Mankind Pharma Ltd.\* | 29576 | 836 |
| Marico Ltd. | 119253 | 908 |
| Maruti Suzuki India Ltd. | 28540 | 3844 |
| Max Healthcare Institute Ltd. | 175814 | 2260 |
| Mphasis Ltd. | 23897 | 693 |
| MRF Ltd. | 544 | 716 |
| Muthoot Finance Ltd. | 26992 | 751 |
| Nestle India Ltd. | 76334 | 2007 |
| NHPC Ltd. | 698732 | 669 |
| NMDC Ltd. | 700209 | 562 |
| NTPC Ltd. | 994446 | 4132 |
| Oberoi Realty Ltd. | 28065 | 535 |
| Oil & Natural Gas Corp. Ltd. | 710398 | 2037 |
| Oil India Ltd. | 109215 | 492 |
| Oracle Financial Services Software Ltd. | 4834 | 442 |
| Page Industries Ltd. | 1453 | 725 |
| PB Fintech Ltd.\* | 80072 | 1479 |
| Persistent Systems Ltd. | 24778 | 1582 |
| Petronet LNG Ltd. | 169720 | 581 |
| Phoenix Mills (The) Ltd. | 47292 | 909 |
| PI Industries Ltd. | 16489 | 660 |
| Pidilite Industries Ltd. | 34684 | 1155 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **India – 17.9%continued** | **India – 17.9%continued** | **India – 17.9%continued** |
| Polycab India Ltd. | 12228 | $731 |
| Power Finance Corp. Ltd. | 335583 | 1613 |
| Power Grid Corp. of India Ltd. | 1058281 | 3577 |
| Prestige Estates Projects Ltd. | 38989 | 540 |
| Punjab National Bank | 499223 | 558 |
| Rail Vikas Nigam Ltd. | 116259 | 476 |
| REC Ltd. | 297520 | 1487 |
| Reliance Industries Ltd. | 1394806 | 20746 |
| &nbsp;&nbsp; Samvardhana Motherson International <br> Ltd.<br>| 702236 | 1072 |
| SBI Cards & Payment Services Ltd. | 63831 | 658 |
| SBI Life Insurance Co. Ltd. | 102027 | 1840 |
| Shree Cement Ltd. | 2065 | 735 |
| Shriram Finance Ltd. | 320850 | 2450 |
| Siemens Ltd. | 20188 | 1239 |
| Solar Industries India Ltd. | 6250 | 816 |
| Sona Blw Precision Forgings Ltd. | 101262 | 545 |
| SRF Ltd. | 29093 | 999 |
| State Bank of India | 406530 | 3655 |
| Sun Pharmaceutical Industries Ltd. | 218801 | 4435 |
| Sundaram Finance Ltd. | 15455 | 825 |
| Supreme Industries Ltd. | 14292 | 568 |
| Suzlon Energy Ltd.\* | 2125776 | 1397 |
| Tata Communications Ltd. | 25879 | 476 |
| Tata Consultancy Services Ltd. | 207070 | 8702 |
| Tata Consumer Products Ltd. | 135220 | 1582 |
| Tata Elxsi Ltd. | 7695 | 469 |
| Tata Motors Ltd. | 459206 | 3615 |
| Tata Power (The) Co. Ltd. | 380796 | 1665 |
| Tata Steel Ltd. | 1714653 | 3075 |
| Tech Mahindra Ltd. | 121487 | 2003 |
| Thermax Ltd. | 9661 | 411 |
| Titan Co. Ltd. | 80323 | 2875 |
| Torrent Pharmaceuticals Ltd. | 28912 | 1087 |
| Torrent Power Ltd. | 38777 | 670 |
| Trent Ltd. | 40703 | 2526 |
| Tube Investments of India Ltd. | 24441 | 786 |
| TVS Motor Co. Ltd. | 54668 | 1543 |
| UltraTech Cement Ltd. | 26943 | 3611 |
| Union Bank of India Ltd. | 351645 | 516 |
| United Spirits Ltd. | 69901 | 1146 |
| UPL Ltd. | 104022 | 771 |
| Varun Beverages Ltd. | 318603 | 2009 |
| Vedanta Ltd. | 315245 | 1698 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **62** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **India – 17.9%continued** | **India – 17.9%continued** | **India – 17.9%continued** |
| Vodafone Idea Ltd.\* | 5292580 | $419 |
| Voltas Ltd. | 56482 | 963 |
| Wipro Ltd. | 591564 | 1803 |
| Yes Bank Ltd.\* | 3086595 | 607 |
| Zomato Ltd.\* | 1658192 | 3897 |
| Zydus Lifesciences Ltd. | 55848 | 578 |
|  |  | **330892** |
| **Indonesia – 1.2%** | **Indonesia – 1.2%** | **Indonesia – 1.2%** |
| Alamtri Resources Indonesia Tbk PT | 3293020 | 365 |
| Amman Mineral Internasional PT\* | 1474300 | 478 |
| Astra International Tbk PT | 4803060 | 1423 |
| Bank Central Asia Tbk PT | 12760960 | 6499 |
| Bank Mandiri Persero Tbk PT | 8530320 | 2671 |
| Bank Negara Indonesia Persero Tbk PT | 3257718 | 826 |
| Bank Rakyat Indonesia Persero Tbk PT | 15749265 | 3809 |
| Barito Pacific Tbk PT | 5141815 | 219 |
| Chandra Asri Pacific Tbk PT | 1808200 | 781 |
| Charoen Pokphand Indonesia Tbk PT | 1651435 | 437 |
| GoTo Gojek Tokopedia Tbk PT\* | 207197600 | 1028 |
| Indofood CBP Sukses Makmur Tbk PT | 496300 | 304 |
| Indofood Sukses Makmur Tbk PT | 927771 | 396 |
| Kalbe Farma Tbk PT | 4953980 | 338 |
| Sumber Alfaria Trijaya Tbk PT | 4112300 | 507 |
| Telkom Indonesia Persero Tbk PT | 11335362 | 1654 |
| United Tractors Tbk PT | 352071 | 499 |
|  |  | **22234** |
| **Kazakhstan – 0.0%** | **Kazakhstan – 0.0%** | **Kazakhstan – 0.0%** |
| Solidcore Resources PLC<sup>(2) \*</sup> <br>| 97434 | **—** |
| **Kuwait – 0.8%** | **Kuwait – 0.8%** | **Kuwait – 0.8%** |
| Boubyan Bank K.S.C.P. | 326561 | 727 |
| Gulf Bank K.S.C.P. | 413830 | 476 |
| Kuwait Finance House K.S.C.P. | 2367376 | 6094 |
| Mabanee Co. KPSC | 158640 | 424 |
| &nbsp;&nbsp; Mobile Telecommunications Co. <br> K.S.C.P.<br>| 463759 | 722 |
| National Bank of Kuwait S.A.K.P. | 1802109 | 6127 |
|  |  | **14570** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| Reinet Investments S.C.A. | 31266 | 760 |
| Zabka Group S.A.\* | 74344 | 398 |
|  |  | **1158** |
| **Malaysia – 1.3%** | **Malaysia – 1.3%** | **Malaysia – 1.3%** |
| AMMB Holdings Bhd. | 577837 | 727 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **Malaysia – 1.3%continued** | **Malaysia – 1.3%continued** | **Malaysia – 1.3%continued** |
| Axiata Group Bhd. | 597503 | $240 |
| CELCOMDIGI Bhd. | 761100 | 596 |
| CIMB Group Holdings Bhd. | 1866917 | 2938 |
| Gamuda Bhd. | 1112100 | 1047 |
| Genting Bhd. | 474000 | 345 |
| Hong Leong Bank Bhd. | 148898 | 675 |
| IHH Healthcare Bhd. | 518300 | 808 |
| IOI Corp. Bhd. | 584640 | 480 |
| Kuala Lumpur Kepong Bhd. | 105329 | 491 |
| Malayan Banking Bhd. | 1229776 | 2803 |
| Maxis Bhd. | 541051 | 413 |
| MISC Bhd. | 310560 | 500 |
| MR DIY Group M Bhd. | 781600 | 248 |
| Nestle Malaysia Bhd. | 14600 | 244 |
| Petronas Chemicals Group Bhd. | 647100 | 526 |
| Petronas Dagangan Bhd. | 70500 | 289 |
| Petronas Gas Bhd. | 182900 | 695 |
| PPB Group Bhd. | 138700 | 358 |
| Press Metal Aluminium Holdings Bhd. | 860100 | 975 |
| Public Bank Bhd. | 3318305 | 3299 |
| QL Resources Bhd. | 375775 | 395 |
| RHB Bank Bhd. | 328349 | 506 |
| SD Guthrie Bhd. | 445265 | 492 |
| Sime Darby Bhd. | 635628 | 316 |
| Sunway Bhd. | 540400 | 551 |
| Telekom Malaysia Bhd. | 276286 | 407 |
| Tenaga Nasional Bhd. | 687550 | 2074 |
| YTL Corp. Bhd. | 708500 | 316 |
| YTL Power International Bhd. | 563500 | 419 |
|  |  | **24173** |
| **Mexico – 1.9%** | **Mexico – 1.9%** | **Mexico – 1.9%** |
| Alfa S.A.B. de C.V., Class A\* | 826413 | 644 |
| America Movil S.A.B. de C.V., Class B | 4228149 | 3012 |
| Arca Continental S.A.B. de C.V. | 118341 | 1238 |
| Cemex S.A.B. de C.V., Class CPO | 3438752 | 1931 |
| Coca-Cola Femsa S.A.B. de C.V. | 121122 | 1112 |
| Fibra Uno Administracion S.A. de C.V. | 641501 | 749 |
| &nbsp;&nbsp; Fomento Economico Mexicano S.A.B. <br> de C.V.<br>| 407506 | 3966 |
| Gruma S.A.B. de C.V., Class B | 42060 | 756 |
| &nbsp;&nbsp; Grupo Aeroportuario del Centro Norte <br> S.A.B. de C.V.<br>| 62500 | 614 |
| &nbsp;&nbsp; Grupo Aeroportuario del Pacifico <br> S.A.B. de C.V., Class B\*<br>| 88797 | 1640 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **63** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **Mexico – 1.9%continued** | **Mexico – 1.9%continued** | **Mexico – 1.9%continued** |
| &nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. <br> de C.V., Class B<br>| 40856 | $1116 |
| Grupo Bimbo S.A.B. de C.V., Class A | 301454 | 817 |
| Grupo Carso S.A.B. de C.V., Class A1 | 128506 | 749 |
| &nbsp;&nbsp; Grupo Comercial Chedraui S.A. de <br> C.V.<br>| 63800 | 359 |
| &nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de <br> C.V., Class O<br>| 591204 | 4105 |
| &nbsp;&nbsp; Grupo Financiero Inbursa S.A.B. de <br> C.V., Class O\*<br>| 432641 | 973 |
| Grupo Mexico S.A.B. de C.V., Class B | 707839 | 3536 |
| Industrias Penoles S.A.B. de C.V.\* | 45294 | 842 |
| &nbsp;&nbsp; Kimberly-Clark de Mexico S.A.B. de <br> C.V., Class A<br>| 336427 | 551 |
| Prologis Property Mexico S.A. de C.V. | 228672 | 734 |
| &nbsp;&nbsp; Promotora y Operadora de <br> Infraestructura S.A.B. de C.V.<br>| 42200 | 425 |
| Qualitas Controladora S.A.B. de C.V. | 47730 | 415 |
| Southern Copper Corp. | 19822 | 1853 |
| Wal-Mart de Mexico S.A.B. de C.V. | 1188527 | 3285 |
|  |  | **35422** |
| **Netherlands – 0.0%** | **Netherlands – 0.0%** | **Netherlands – 0.0%** |
| Nebius Group N.V.<sup>(2) \*</sup> <br>| 83223 | **—** |
| **Peru – 0.2%** | **Peru – 0.2%** | **Peru – 0.2%** |
| &nbsp;&nbsp; Cia de Minas Buenaventura S.A.A. <br> ADR<br>| 38001 | 594 |
| Credicorp Ltd. | 15463 | 2879 |
|  |  | **3473** |
| **Philippines – 0.5%** | **Philippines – 0.5%** | **Philippines – 0.5%** |
| Ayala Corp. | 52377 | 541 |
| Ayala Land, Inc. | 1555260 | 625 |
| Bank of the Philippine Islands | 505765 | 1167 |
| BDO Unibank, Inc. | 540946 | 1449 |
| &nbsp;&nbsp; International Container Terminal <br> Services, Inc.<br>| 226240 | 1404 |
| Jollibee Foods Corp. | 102693 | 430 |
| Manila Electric Co. | 69590 | 668 |
| Metropolitan Bank & Trust Co. | 428529 | 547 |
| PLDT, Inc. | 16935 | 376 |
| SM Investments Corp. | 52072 | 717 |
| SM Prime Holdings, Inc. | 2209913 | 927 |
|  |  | **8851** |
| **Poland – 1.0%** | **Poland – 1.0%** | **Poland – 1.0%** |
| Allegro.eu S.A.\* | 132218 | 1076 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **Poland – 1.0%continued** | **Poland – 1.0%continued** | **Poland – 1.0%continued** |
| Bank Polska Kasa Opieki S.A. | 41851 | $1915 |
| CD Projekt S.A. | 14880 | 818 |
| Dino Polska S.A.\* | 11355 | 1326 |
| KGHM Polska Miedz S.A. | 31856 | 1046 |
| LPP S.A. | 253 | 1156 |
| mBank S.A.\* | 3279 | 688 |
| ORLEN S.A. | 133380 | 2360 |
| PGE Polska Grupa Energetyczna S.A.\* | 185380 | 380 |
| &nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank <br> Polski S.A.<br>| 198617 | 3882 |
| Powszechny Zaklad Ubezpieczen S.A. | 139277 | 2025 |
| Santander Bank Polska S.A. | 9476 | 1365 |
|  |  | **18037** |
| **Qatar – 0.8%** | **Qatar – 0.8%** | **Qatar – 0.8%** |
| Al Rayan Bank | 1394853 | 861 |
| Barwa Real Estate Co. | 506468 | 366 |
| Commercial Bank PSQC (The) | 740191 | 849 |
| Dukhan Bank | 413701 | 400 |
| Industries Qatar QSC | 343398 | 1215 |
| Mesaieed Petrochemical Holding Co. | 1281626 | 506 |
| Ooredoo QPSC | 181848 | 588 |
| Qatar Electricity & Water Co. QSC | 102123 | 417 |
| Qatar Fuel QSC | 131058 | 534 |
| Qatar Gas Transport Co. Ltd. | 638867 | 815 |
| Qatar International Islamic Bank QSC | 227399 | 636 |
| Qatar Islamic Bank QPSC | 401719 | 2275 |
| Qatar National Bank QPSC | 1068648 | 4696 |
|  |  | **14158** |
| **Romania – 0.0%** | **Romania – 0.0%** | **Romania – 0.0%** |
| NEPI Rockcastle N.V.\* | 135601 | **982** |
| **Russia – 0.0%** | **Russia – 0.0%** | **Russia – 0.0%** |
| Alrosa PJSC<sup>(2) (3)</sup> <br>| 695290 |  |
| Gazprom PJSC ADR<sup>(2) \*</sup> <br>| 134 |  |
| Mobile TeleSystems PJSC ADR<sup>(2) \*</sup> <br>| 121420 |  |
| Novatek PJSC GDR (Registered)<sup>(2) \*</sup> <br>| 24702 |  |
| PhosAgro PJSC<sup>(2) (3) \*</sup> <br>| 224 |  |
| Polyus PJSC<sup>(2) (3) \*</sup> <br>| 93590 |  |
| Rosneft Oil Co. PJSC<sup>(2)</sup> <br>| 318005 |  |
| Sberbank of Russia PJSC<sup>(2) (3)</sup> <br>| 2882082 |  |
| &nbsp;&nbsp; Sberbank of Russia PJSC (Moscow <br> Exchange)<sup>(2) (3)</sup> <br>| 56000 |  |
| Severstal PAO<sup>(2) (3)</sup> <br>| 55330 |  |
| Severstal PAO GDR (Registered)<sup>(2) (3) \*</sup> <br>| 1839 |  |
| Surgutneftegas PAO ADR<sup>(2) (3) \*</sup> <br>| 4629 |  |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **64** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **Russia – 0.0%continued** | **Russia – 0.0%continued** | **Russia – 0.0%continued** |
| VK CO Ltd. GDR<sup>(2) (3) \*</sup> <br>| 30900 | $— |
| VTB Bank PJSC<sup>(2) (3) \*</sup> <br>| 160113 |  |
| VTB Bank PJSC GDR<sup>(2) (4) \*</sup> <br>| 11036 |  |
| VTB Bank PJSC GDR (Registered)<sup>(2) (3) \*</sup> <br>| 43343 |  |
| X5 Retail Group N.V. GDR <br> (Registered)<sup>(2) (3) \*</sup> <br>| 32705 |  |
|  |  | **—** |
| **Saudi Arabia – 3.9%** | **Saudi Arabia – 3.9%** | **Saudi Arabia – 3.9%** |
| ACWA Power Co. | 33448 | 3044 |
| Ades Holding Co. | 73467 | 319 |
| Al Rajhi Bank | 448829 | 12197 |
| &nbsp;&nbsp; Al Rajhi Co. for Co-operative <br> Insurance\*<br>| 8952 | 336 |
| Alinma Bank | 277391 | 2265 |
| Almarai Co. JSC | 115692 | 1711 |
| Arab National Bank | 204206 | 1257 |
| &nbsp;&nbsp; Arabian Internet & Communications <br> Services Co.<br>| 5525 | 446 |
| Bank AlBilad | 139299 | 1367 |
| Bank Al-Jazira\* | 114628 | 532 |
| Banque Saudi Fransi | 278419 | 1375 |
| &nbsp;&nbsp; Bupa Arabia for Cooperative Insurance <br> Co.<br>| 18681 | 880 |
| Co for Cooperative Insurance (The) | 16155 | 614 |
| Dallah Healthcare Co. | 7196 | 241 |
| &nbsp;&nbsp; Dar Al Arkan Real Estate Development <br> Co.\*<br>| 115654 | 659 |
| &nbsp;&nbsp; Dr. Sulaiman Al Habib Medical <br> Services Group Co.<br>| 19800 | 1473 |
| Elm Co. | 5439 | 1403 |
| Etihad Etisalat Co. | 88334 | 1435 |
| Jarir Marketing Co. | 129200 | 447 |
| Mouwasat Medical Services Co. | 22718 | 456 |
| Nahdi Medical Co. | 8295 | 255 |
| Riyad Bank | 333082 | 2918 |
| SABIC Agri-Nutrients Co. | 53056 | 1494 |
| Sahara International Petrochemical Co. | 79921 | 442 |
| SAL Saudi Logistics Services | 5595 | 295 |
| Saudi Arabian Mining Co.\* | 307409 | 3783 |
| Saudi Arabian Oil Co. | 1328950 | 9462 |
| Saudi Aramco Base Oil Co. | 11293 | 315 |
| Saudi Awwal Bank | 228226 | 2271 |
| Saudi Basic Industries Corp. | 204246 | 3459 |
| Saudi Electricity Co. | 191949 | 813 |
| Saudi Industrial Investment Group | 99846 | 411 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **Saudi Arabia – 3.9%continued** | **Saudi Arabia – 3.9%continued** | **Saudi Arabia – 3.9%continued** |
| Saudi Investment Bank (The) | 144849 | $562 |
| Saudi Kayan Petrochemical Co.\* | 154954 | 252 |
| Saudi National Bank (The) | 669388 | 6392 |
| Saudi Research & Media Group\* | 8608 | 395 |
| Saudi Tadawul Group Holding Co. | 10919 | 593 |
| Saudi Telecom Co. | 455911 | 5494 |
| Yanbu National Petrochemical Co. | 63193 | 584 |
|  |  | **72647** |
| **South Africa – 2.8%** | **South Africa – 2.8%** | **South Africa – 2.8%** |
| Absa Group Ltd. | 193074 | 1855 |
| Anglo American Platinum Ltd. | 22336 | 897 |
| Aspen Pharmacare Holdings Ltd. | 89715 | 803 |
| Bid Corp. Ltd. | 76369 | 1831 |
| Bidvest Group Ltd. | 75305 | 971 |
| Capitec Bank Holdings Ltd. | 19867 | 3375 |
| Clicks Group Ltd. | 54646 | 1012 |
| Discovery Ltd. | 124365 | 1354 |
| FirstRand Ltd. | 1148485 | 4509 |
| Gold Fields Ltd. | 202699 | 4477 |
| Harmony Gold Mining Co. Ltd. | 128494 | 1883 |
| Impala Platinum Holdings Ltd.\* | 205268 | 1415 |
| Kumba Iron Ore Ltd. | 15092 | 257 |
| MTN Group Ltd. | 384252 | 2588 |
| Naspers Ltd., Class N | 38817 | 9642 |
| Nedbank Group Ltd. | 104576 | 1471 |
| Old Mutual Ltd. | 1109559 | 721 |
| OUTsurance Group Ltd. | 203506 | 775 |
| Pepkor Holdings Ltd. | 576694 | 806 |
| Remgro Ltd. | 114841 | 989 |
| Sanlam Ltd. | 402609 | 1812 |
| Sasol Ltd.\* | 133061 | 556 |
| Shoprite Holdings Ltd. | 112174 | 1669 |
| Standard Bank Group Ltd. | 305051 | 3991 |
| Vodacom Group Ltd. | 143260 | 979 |
| Woolworths Holdings Ltd. | 206381 | 575 |
|  |  | **51213** |
| **South Korea – 8.4%** | **South Korea – 8.4%** | **South Korea – 8.4%** |
| Alteogen, Inc.\* | 8936 | 2186 |
| Amorepacific Corp. | 6722 | 467 |
| Celltrion, Inc. | 36295 | 4193 |
| CJ CheilJedang Corp. | 1760 | 296 |
| Coway Co. Ltd. | 12355 | 682 |
| DB Insurance Co. Ltd. | 10259 | 619 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **65** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **South Korea – 8.4%continued** | **South Korea – 8.4%continued** | **South Korea – 8.4%continued** |
| Doosan Bobcat, Inc. | 12912 | $442 |
| Doosan Enerbility Co. Ltd.\* | 100236 | 1616 |
| Ecopro B.M. Co. Ltd.\* | 11061 | 734 |
| Ecopro Co. Ltd. | 23038 | 787 |
| Ecopro Materials Co. Ltd.\* | 5851 | 233 |
| Hana Financial Group, Inc. | 64251 | 2615 |
| Hanjin Kal Corp. | 5741 | 318 |
| Hankook Tire & Technology Co. Ltd. | 17155 | 462 |
| Hanmi Semiconductor Co. Ltd. | 9653 | 460 |
| Hanwha Aerospace Co. Ltd. | 7222 | 3075 |
| Hanwha Ocean Co. Ltd.\* | 21332 | 977 |
| HD Hyundai Co. Ltd. | 9577 | 473 |
| HD Hyundai Electric Co. Ltd. | 5245 | 1058 |
| HD Hyundai Heavy Industries Co. Ltd.\* | 4987 | 954 |
| &nbsp;&nbsp; HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd.<br>| 9667 | 1327 |
| HLB, Inc.\* | 26508 | 996 |
| HMM Co. Ltd. | 60901 | 812 |
| HYBE Co. Ltd.\* | 5196 | 836 |
| Hyundai Glovis Co. Ltd. | 8616 | 661 |
| Hyundai Mobis Co. Ltd. | 14036 | 2497 |
| Hyundai Motor Co. | 31565 | 4259 |
| Hyundai Rotem Co. Ltd. | 17031 | 1225 |
| Industrial Bank of Korea | 68979 | 668 |
| Kakao Corp. | 70581 | 1878 |
| KakaoBank Corp. | 36797 | 555 |
| KB Financial Group, Inc. | 85740 | 4609 |
| Kia Corp. | 55038 | 3475 |
| Korea Aerospace Industries Ltd. | 16214 | 833 |
| Korea Electric Power Corp. | 58294 | 864 |
| Korea Investment Holdings Co. Ltd. | 9317 | 465 |
| Korea Zinc Co. Ltd. | 966 | 512 |
| Korean Air Lines Co. Ltd. | 42998 | 625 |
| Krafton, Inc.\* | 6657 | 1519 |
| KT&G Corp. | 21809 | 1504 |
| LG Chem Ltd. | 11292 | 1902 |
| LG Corp. | 19948 | 882 |
| LG Display Co. Ltd.\* | 65190 | 393 |
| LG Electronics, Inc. | 24190 | 1280 |
| LG Energy Solution Ltd.\* | 10689 | 2449 |
| LG H&H Co. Ltd. | 2140 | 455 |
| LG Innotek Co. Ltd. | 3399 | 374 |
| LG Uplus Corp. | 47600 | 334 |
| LS Electric Co. Ltd. | 3345 | 408 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **South Korea – 8.4%continued** | **South Korea – 8.4%continued** | **South Korea – 8.4%continued** |
| Meritz Financial Group, Inc. | 21326 | $1777 |
| Mirae Asset Securities Co. Ltd. | 55751 | 349 |
| NAVER Corp. | 32573 | 4249 |
| NCSoft Corp. | 3324 | 339 |
| NH Investment & Securities Co. Ltd. | 31852 | 305 |
| Orion Corp. | 5064 | 406 |
| POSCO Future M Co. Ltd.\* | 7017 | 581 |
| POSCO Holdings, Inc. | 16215 | 3096 |
| Posco International Corp. | 11613 | 391 |
| Samsung Biologics Co. Ltd.\* | 4051 | 2798 |
| Samsung C&T Corp. | 19796 | 1582 |
| Samsung Electro-Mechanics Co. Ltd. | 12968 | 1147 |
| Samsung Electronics Co. Ltd. | 1092770 | 43276 |
| &nbsp;&nbsp; Samsung Fire & Marine Insurance Co. <br> Ltd.<br>| 6966 | 1704 |
| Samsung Heavy Industries Co. Ltd.\* | 150073 | 1386 |
| Samsung Life Insurance Co. Ltd. | 18106 | 1026 |
| Samsung SDI Co. Ltd. | 12446 | 1611 |
| Samsung SDS Co. Ltd. | 10044 | 796 |
| Shinhan Financial Group Co. Ltd. | 98944 | 3159 |
| SK Biopharmaceuticals Co. Ltd.\* | 7224 | 491 |
| SK Hynix, Inc. | 125093 | 16589 |
| SK Innovation Co. Ltd. | 16065 | 1236 |
| SK Square Co. Ltd.\* | 21064 | 1357 |
| SK Telecom Co. Ltd. | 12357 | 466 |
| SK, Inc. | 8355 | 741 |
| SKC Co. Ltd.\* | 4204 | 297 |
| S-Oil Corp. | 10710 | 410 |
| Woori Financial Group, Inc. | 147092 | 1647 |
| Yuhan Corp. | 13100 | 978 |
|  |  | **155434** |
| **Taiwan – 16.5%** | **Taiwan – 16.5%** | **Taiwan – 16.5%** |
| Accton Technology Corp. | 114000 | 2015 |
| Acer, Inc. | 664800 | 714 |
| Advantech Co. Ltd. | 109661 | 1242 |
| Alchip Technologies Ltd. | 17873 | 1507 |
| ASE Technology Holding Co. Ltd. | 753928 | 3304 |
| Asia Cement Corp. | 517567 | 730 |
| Asia Vital Components Co. Ltd. | 76000 | 1059 |
| Asustek Computer, Inc. | 160546 | 2964 |
| AUO Corp.\* | 1496172 | 610 |
| Catcher Technology Co. Ltd. | 137111 | 868 |
| Cathay Financial Holding Co. Ltd. | 2202621 | 4089 |
| Chailease Holding Co. Ltd. | 346704 | 1218 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **66** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **Taiwan – 16.5%continued** | **Taiwan – 16.5%continued** | **Taiwan – 16.5%continued** |
| Chang Hwa Commercial Bank Ltd. | 1427051 | $765 |
| Cheng Shin Rubber Industry Co. Ltd. | 421184 | 639 |
| China Airlines Ltd. | 713000 | 485 |
| China Steel Corp. | 2692156 | 1823 |
| Chunghwa Telecom Co. Ltd. | 866260 | 3356 |
| Compal Electronics, Inc. | 977759 | 945 |
| CTBC Financial Holding Co. Ltd. | 3817248 | 4552 |
| Delta Electronics, Inc. | 443343 | 4887 |
| E Ink Holdings, Inc. | 195000 | 1569 |
| E.Sun Financial Holding Co. Ltd. | 3255185 | 2826 |
| Eclat Textile Co. Ltd. | 47512 | 634 |
| Elite Material Co. Ltd. | 68071 | 1141 |
| eMemory Technology, Inc. | 14000 | 977 |
| Eva Airways Corp. | 590996 | 725 |
| Evergreen Marine Corp. Taiwan Ltd. | 249544 | 1665 |
| Far Eastern New Century Corp. | 741272 | 736 |
| &nbsp;&nbsp; Far EasTone Telecommunications Co. <br> Ltd.<br>| 403345 | 1123 |
| Feng TAY Enterprise Co. Ltd. | 105199 | 381 |
| First Financial Holding Co. Ltd. | 2582506 | 2110 |
| Formosa Chemicals & Fibre Corp. | 809499 | 637 |
| Formosa Plastics Corp. | 1002201 | 1116 |
| Fortune Electric Co. Ltd. | 33700 | 461 |
| Fubon Financial Holding Co. Ltd. | 1884927 | 4857 |
| Gigabyte Technology Co. Ltd. | 125000 | 924 |
| Global Unichip Corp. | 20000 | 646 |
| Globalwafers Co. Ltd. | 56709 | 549 |
| Hon Hai Precision Industry Co. Ltd. | 2861239 | 12785 |
| Hotai Motor Co. Ltd. | 73361 | 1335 |
| Hua Nan Financial Holdings Co. Ltd. | 2078352 | 1745 |
| Innolux Corp.\* | 1727283 | 790 |
| International Games System Co. Ltd. | 58187 | 1361 |
| Inventec Corp. | 617314 | 789 |
| Jentech Precision Industrial Co. Ltd. | 18752 | 563 |
| KGI Financial Holding Co. Ltd. | 3672143 | 1909 |
| Largan Precision Co. Ltd. | 22835 | 1634 |
| Lite-On Technology Corp. | 475964 | 1312 |
| Lotes Co. Ltd. | 19906 | 839 |
| MediaTek, Inc. | 348836 | 14709 |
| Mega Financial Holding Co. Ltd. | 2687100 | 3234 |
| Micro-Star International Co. Ltd. | 164000 | 807 |
| Nan Ya Plastics Corp. | 1161951 | 1054 |
| Nien Made Enterprise Co. Ltd. | 40000 | 479 |
| Novatek Microelectronics Corp. | 130850 | 2159 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **Taiwan – 16.5%continued** | **Taiwan – 16.5%continued** | **Taiwan – 16.5%continued** |
| Pegatron Corp. | 454594 | $1155 |
| PharmaEssentia Corp.\* | 56000 | 883 |
| Pou Chen Corp. | 477093 | 510 |
| President Chain Store Corp. | 128220 | 971 |
| Quanta Computer, Inc. | 616576 | 4231 |
| Realtek Semiconductor Corp. | 110457 | 1752 |
| Ruentex Development Co. Ltd. | 410153 | 435 |
| &nbsp;&nbsp; Shanghai Commercial & Savings Bank <br> (The) Ltd.<br>| 898904 | 1221 |
| Shin Kong Financial Holding Co. Ltd.\* | 3444756 | 1269 |
| SinoPac Financial Holdings Co. Ltd. | 2442872 | 1642 |
| Synnex Technology International Corp. | 267554 | 576 |
| Taishin Financial Holding Co. Ltd. | 2639954 | 1373 |
| Taiwan Business Bank | 1550296 | 684 |
| &nbsp;&nbsp; Taiwan Cooperative Financial Holding <br> Co. Ltd.<br>| 2409143 | 1748 |
| Taiwan High Speed Rail Corp. | 459000 | 370 |
| Taiwan Mobile Co. Ltd. | 412076 | 1449 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| 5629686 | 156943 |
| TCC Group Holdings Co. Ltd. | 1623576 | 1571 |
| Unimicron Technology Corp. | 317000 | 896 |
| Uni-President Enterprises Corp. | 1093150 | 2660 |
| United Microelectronics Corp. | 2570043 | 3584 |
| &nbsp;&nbsp; Vanguard International Semiconductor <br> Corp.<br>| 218033 | 620 |
| Voltronic Power Technology Corp. | 15000 | 694 |
| Wan Hai Lines Ltd. | 148005 | 349 |
| Wistron Corp. | 619000 | 1805 |
| Wiwynn Corp. | 25000 | 1254 |
| WPG Holdings Ltd. | 352290 | 661 |
| Ya Hsin Industrial Co. Ltd.<sup>(2) \*</sup> <br>| 121548 |  |
| Yageo Corp. | 94629 | 1385 |
| Yang Ming Marine Transport Corp. | 397000 | 892 |
| Yuanta Financial Holding Co. Ltd. | 2351210 | 2376 |
| Zhen Ding Technology Holding Ltd. | 141850 | 447 |
|  |  | **304759** |
| **Thailand – 1.1%** | **Thailand – 1.1%** | **Thailand – 1.1%** |
| Advanced Info Service PCL (Registered) | 194000 | 1573 |
| Advanced Info Service PCL NVDR | 73099 | 594 |
| Airports of Thailand PCL NVDR | 986400 | 1105 |
| &nbsp;&nbsp; Bangkok Dusit Medical Services PCL <br> NVDR<br>| 2521300 | 1626 |
| &nbsp;&nbsp; Bangkok Expressway & Metro PCL <br> NVDR (Registered)<br>| 1952598 | 312 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **67** EQUITY FUNDS

------

**Schedule of Investments** <br>

**EMERGING MARKETS EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **Thailand – 1.1%continued** | **Thailand – 1.1%continued** | **Thailand – 1.1%continued** |
| Bumrungrad Hospital PCL NVDR | 131487 | $640 |
| Central Pattana PCL NVDR | 463200 | 648 |
| &nbsp;&nbsp; Central Retail Corp. PCL NVDR <br> (Registered)<br>| 424458 | 315 |
| Charoen Pokphand Foods PCL NVDR | 869257 | 612 |
| CP ALL PCL (Registered) | 905200 | 1321 |
| CP ALL PCL NVDR | 422036 | 616 |
| CP AXTRA PCL NVDR (Registered) | 474749 | 365 |
| Delta Electronics Thailand PCL NVDR | 707500 | 1394 |
| &nbsp;&nbsp; Gulf Energy Development PCL NVDR <br> (Registered)<br>| 640450 | 939 |
| Home Product Center PCL NVDR | 1361104 | 348 |
| Intouch Holdings PCL NVDR | 227000 | 545 |
| Kasikornbank PCL NVDR | 140600 | 672 |
| Krung Thai Bank PCL (Registered) | 563250 | 400 |
| Krung Thai Bank PCL NVDR | 145793 | 104 |
| Krungthai Card PCL NVDR | 223900 | 300 |
| Minor International PCL NVDR | 722630 | 563 |
| &nbsp;&nbsp; PTT Exploration & Production PCL <br> (Registered)<br>| 242500 | 833 |
| &nbsp;&nbsp; PTT Exploration & Production PCL <br> NVDR<br>| 67143 | 231 |
| &nbsp;&nbsp; PTT Oil & Retail Business PCL NVDR <br> (Registered)<br>| 637600 | 223 |
| PTT PCL (Registered) | 1835000 | 1731 |
| PTT PCL NVDR | 427700 | 404 |
| SCB X PCL (Registered) | 145800 | 529 |
| SCB X PCL NVDR | 42376 | 154 |
| Siam Cement (The) PCL (Registered) | 51000 | 235 |
| Siam Cement (The) PCL NVDR | 128998 | 597 |
| TMBThanachart Bank PCL NVDR | 6272700 | 363 |
| True Corp. PCL NVDR (Registered)\* | 2283123 | 791 |
|  |  | **21083** |
| **Turkey – 0.5%** | **Turkey – 0.5%** | **Turkey – 0.5%** |
| Akbank T.A.S. | 705188 | 970 |
| &nbsp;&nbsp; Anadolu Efes Biracilik Ve Malt Sanayii <br> A.S.<sup>(5)</sup> <br>| 1 |  |
| &nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret <br> A.S.<br>| 312703 | 987 |
| BIM Birlesik Magazalar A.S. | 103216 | 1245 |
| Coca-Cola Icecek A.S. | 183854 | 259 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | 793498 | 470 |
| Ford Otomotiv Sanayi A.S. | 16080 | 448 |
| Haci Omer Sabanci Holding A.S. | 242992 | 538 |
| Is Gayrimenkul Yatirim Ortakligi A.S.\* | 1 |  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.8%** <sup>(1)</sup>**continued**  |
| **Turkey – 0.5%continued** | **Turkey – 0.5%continued** | **Turkey – 0.5%continued** |
| KOC Holding A.S. | 172571 | $743 |
| Pegasus Hava Tasimaciligi A.S.\* | 58840 | 399 |
| Sasa Polyester Sanayi A.S.\* | 2336384 | 230 |
| Turk Hava Yollari A.O.\* | 126828 | 1038 |
| Turkcell Iletisim Hizmetleri A.S. | 284945 | 719 |
| Turkiye Is Bankasi A.S., Class C | 1979817 | 639 |
| Turkiye Petrol Rafinerileri A.S. | 218416 | 794 |
| Turkiye Sise ve Cam Fabrikalari A.S. | 324917 | 330 |
| Yapi ve Kredi Bankasi A.S. | 741010 | 469 |
|  |  | **10278** |
| **United Arab Emirates – 1.4%** | **United Arab Emirates – 1.4%** | **United Arab Emirates – 1.4%** |
| Abu Dhabi Commercial Bank PJSC | 663901 | 1971 |
| Abu Dhabi Islamic Bank PJSC | 335094 | 1464 |
| &nbsp;&nbsp; Abu Dhabi National Oil Co. for <br> Distribution PJSC<br>| 710300 | 658 |
| ADNOC Drilling Co. PJSC | 754571 | 1055 |
| Aldar Properties PJSC | 885432 | 2031 |
| &nbsp;&nbsp; Americana Restaurants International <br> PLC - Foreign Co.<br>| 680097 | 394 |
| Dubai Islamic Bank PJSC | 667903 | 1304 |
| Emaar Development PJSC | 239122 | 798 |
| Emaar Properties PJSC | 1499972 | 5465 |
| Emirates NBD Bank PJSC | 428300 | 2358 |
| &nbsp;&nbsp; Emirates Telecommunications Group <br> Co. PJSC<br>| 787755 | 3623 |
| First Abu Dhabi Bank PJSC | 998673 | 3754 |
| Multiply Group PJSC\* | 729128 | 330 |
|  |  | **25205** |
| **United Kingdom – 0.2%** | **United Kingdom – 0.2%** | **United Kingdom – 0.2%** |
| Anglogold Ashanti PLC | 115806 | **4366** |
| **United States – 0.1%** | **United States – 0.1%** | **United States – 0.1%** |
| JBS S/A | 175736 | 1267 |
| Legend Biotech Corp. ADR\* | 16556 | 562 |
|  |  | **1829** |
| **Total Common Stocks** |  |  |
| **(Cost $1,174,841)** |  | **1770094** |
| **PREFERRED STOCKS – 1.7%** <sup>(1)</sup> | **PREFERRED STOCKS – 1.7%** <sup>(1)</sup> | **PREFERRED STOCKS – 1.7%** <sup>(1)</sup> |
| **Brazil – 1.1%** | **Brazil – 1.1%** | **Brazil – 1.1%** |
| Banco Bradesco S.A.\* | 1188894 | 2634 |
| &nbsp;&nbsp; Centrais Eletricas Brasileiras S.A., <br> Class B, 0.25%<sup>(6)</sup> <br>| 57341 | 447 |
| &nbsp;&nbsp; Cia Energetica de Minas Gerais, <br> 4.84%<sup>(6)</sup> <br>| 411221 | 739 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **68** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **PREFERRED STOCKS – 1.7%** <sup>(1)</sup>**continued**  | **PREFERRED STOCKS – 1.7%** <sup>(1)</sup>**continued**  | **PREFERRED STOCKS – 1.7%** <sup>(1)</sup>**continued**  |
| **Brazil – 1.1%continued** | **Brazil – 1.1%continued** | **Brazil – 1.1%continued** |
| &nbsp;&nbsp; Cia Paranaense de Energia - Copel, <br> Class B, 4.20%<sup>(6)</sup> <br>| 239800 | $440 |
| Gerdau S.A., 2.47%<sup>(6)</sup> <br>| 326646 | 930 |
| Itau Unibanco Holding S.A., 3.62%<sup>(6)</sup> <br>| 1221768 | 6727 |
| Itausa S.A., 0.97%<sup>(6)</sup> <br>| 1294285 | 2143 |
| Petroleo Brasileiro S.A., 3.82%<sup>(6)</sup> <br>| 1031661 | 6731 |
|  |  | **20791** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| Sociedad Quimica y Minera de Chile <br> S.A., Class B, 2.09%<sup>(6)</sup> <br>| 32526 | **1295** |
| **Colombia – 0.1%** | **Colombia – 0.1%** | **Colombia – 0.1%** |
| Bancolombia S.A., 9.25%<sup>(6)</sup> <br>| 102606 | **1036** |
| **South Korea – 0.4%** | **South Korea – 0.4%** | **South Korea – 0.4%** |
| Hyundai Motor Co., 8.18%<sup>(6)</sup> <br>| 5132 | 514 |
| &nbsp;&nbsp; Hyundai Motor Co. (2nd Preferred), <br> 8.16%<sup>(6)</sup> <br>| 7847 | 795 |
| Samsung Electronics Co. Ltd., 3.07%<sup>(6)</sup> <br>| 186945 | 6047 |
|  |  | **7356** |
| **Total Preferred Stocks** |  |  |
| **(Cost $26,580)** |  | **30478** |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Brazil – 0.0%** | **Brazil – 0.0%** | **Brazil – 0.0%** |
| Itausa S.A.\* | 17818 | **9** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **9** |
| **INVESTMENT COMPANIES – 2.8%**  | **INVESTMENT COMPANIES – 2.8%**  | **INVESTMENT COMPANIES – 2.8%**  |
| iShares Core MSCI Emerging Markets | 68000 | 3670 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(7) (8)</sup> <br>| 48840280 | 48840 |
| **Total Investment Companies** |  |  |
| **(Cost $52,422)** |  | **52510** |
| **Total Investments – 100.3%** |  |  |
| **(Cost $1,253,843)** |  | **1853091** |
| Liabilities less Other Assets – (0.3%) |  | (5264)<br>|
| **Net Assets – 100.0%** |  | **$1847827** |

---

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(3)</sup> *Restricted security. At March 31, 2025, the value of these restricted securities* *amounted to $0 or 0.0% of net assets. Additional information on these* *restricted securities are as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| Alrosa PJSC | 5/30/14-8/20/20 | &nbsp;&nbsp; $775 |
| PhosAgro PJSC | 7/12/16-1/17/19 | &nbsp;&nbsp; 3 |
| Polyus PJSC | 11/30/17-3/25/21 | &nbsp;&nbsp; 1046 |
| Sberbank of Russia PJSC | 5/7/09-6/17/21 | &nbsp;&nbsp; 5525 |
| &nbsp;&nbsp; Sberbank of Russia PJSC (Moscow <br> Exchange)<br>| 3/7/07-8/29/08 | &nbsp;&nbsp; 193 |
| Severstal PAO | 2/26/10-3/25/21 | &nbsp;&nbsp; 815 |
| Severstal PAO GDR (Registered) | 7/30/09 | &nbsp;&nbsp; 12 |
| Surgutneftegas PAO ADR | 4/21/16 | &nbsp;&nbsp; 25 |
| VK CO Ltd. GDR | 11/30/20-3/5/21 | &nbsp;&nbsp; 880 |
| VTB Bank PJSC | 4/21/16-8/20/20 | &nbsp;&nbsp; 818 |
| VTB Bank PJSC GDR (Registered) | 4/2/09-7/30/09 | &nbsp;&nbsp; 91 |
| X5 Retail Group N.V. GDR (Registered) | 5/31/18-2/18/21 | &nbsp;&nbsp; 953 |

---

<sup>(4)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2025, the value of this security amounted to $0 or 0.0% of net assets.* 

<sup>(5)</sup> *Value rounds to less than one thousand.*

<sup>(6)</sup> *Current yield is disclosed. Dividends are calculated based on a percentage* *of the issuer's net income.* 

<sup>(7)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(8)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| CPO – Certificado de Participación Ordinario |
| GDR – Global Depositary Receipt |
| MSCI – Morgan Stanley Capital International |
| NVDR – Non-Voting Depositary Receipt |

---

*Percentages shown are based on Net Assets.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **69** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **EMERGING MARKETS EQUITY INDEX FUND continued**  | **March 31, 2025**  |

---

At March 31, 2025, the Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Bank of Montreal | Hong Kong <br> Dollar<br>| 5228 | United States <br> Dollar<br>| 674 | 6/18/25 | $1 |
| Citibank | Korean Won | 1837262 | United States <br> Dollar<br>| 1271 | 6/18/25 | 19 |
| Citibank | Taiwan Dollar | 26967 | United States <br> Dollar<br>| 821 | 6/18/25 | 6 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 26 |
| Citibank | Brazilian Real | 6964 | United States <br> Dollar<br>| 1172 | 6/18/25 | (28)<br>|
| Citibank | Indian Rupee | 7237 | United States <br> Dollar<br>| 82 | 6/18/25 | (2)<br>|
| UBS | South African <br> Rand<br>| 408 | United States <br> Dollar<br>| 22 | 6/18/25 | (—)\*<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (30)<br>|
| Total |  |  |  |  |  | $(4)<br>|

---

*\** *Amount rounds to less than one thousand.*

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; MSCI <br> Emerging <br> Markets Index <br> (United States <br> Dollar)<br>| 1038 | $57651 | Long | 6/25 | $(1707)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $57382 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $57382 |
| Chile | &nbsp;&nbsp; 7208 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7208 |
| China | &nbsp;&nbsp; 36489 | &nbsp;&nbsp; 525662 | &nbsp;&nbsp; — | &nbsp;&nbsp; 562151 |
| Colombia | &nbsp;&nbsp; 1123 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1123 |
| Egypt | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1230 |
| Mexico | &nbsp;&nbsp; 35422 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35422 |
| Peru | &nbsp;&nbsp; 3473 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3473 |
| United States | &nbsp;&nbsp; 1829 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1829 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1100276 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1100276 |
| Total Common Stocks | &nbsp;&nbsp; 143971 | &nbsp;&nbsp; 1626123 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1770094 |
| Preferred Stocks: |  |  |  |  |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 7356 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7356 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; 23122 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23122 |
| Total Preferred Stocks | &nbsp;&nbsp; 23122 | &nbsp;&nbsp; 7356 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30478 |
| Rights | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 |
| Investment Companies | &nbsp;&nbsp; 52510 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52510 |
| Total Investments | &nbsp;&nbsp; $219612 | &nbsp;&nbsp; $1633479 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1853091 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (30)<br>|
| Futures Contracts | &nbsp;&nbsp; (1707)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1707)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(1707)<br>| &nbsp;&nbsp; $(4)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1711)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **70** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **GLOBAL REAL ESTATE INDEX FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup> | **COMMON STOCKS – 98.3%** <sup>(1)</sup> | **COMMON STOCKS – 98.3%** <sup>(1)</sup> |
| **Australia – 4.8%** | **Australia – 4.8%** | **Australia – 4.8%** |
| Abacus Group | 244463 | $167 |
| Abacus Storage King | 340979 | 251 |
| Arena REIT | 221880 | 481 |
| BWP Trust | 345190 | 747 |
| Centuria Industrial REIT | 327982 | 593 |
| Centuria Office REIT | 229252 | 162 |
| Charter Hall Long Wale REIT | 389199 | 902 |
| Charter Hall Retail REIT | 321248 | 719 |
| Charter Hall Social Infrastructure REIT | 205212 | 349 |
| Dexus | 641796 | 2853 |
| Dexus Industria REIT | 154798 | 251 |
| Goodman Group | 1207682 | 21719 |
| GPT Group (The) | 1144106 | 3131 |
| Growthpoint Properties Australia Ltd. | 152965 | 217 |
| HomeCo Daily Needs REIT | 1060753 | 786 |
| Ingenia Communities Group | 233078 | 795 |
| Lifestyle Communities Ltd. | 58483 | 287 |
| Mirvac Group | 2355267 | 3100 |
| National Storage REIT | 750760 | 1047 |
| Region RE Ltd. | 702964 | 914 |
| Scentre Group | 3078864 | 6462 |
| Stockland | 1428283 | 4397 |
| Vicinity Ltd. | 2277281 | 3150 |
| Waypoint REIT Ltd. | 407202 | 606 |
|  |  | **54086** |
| **Austria – 0.1%** | **Austria – 0.1%** | **Austria – 0.1%** |
| CA Immobilien Anlagen A.G. | 22647 | 550 |
| CPI Europe A.G.\* | 21280 | 389 |
|  |  | **939** |
| **Belgium – 0.8%** | **Belgium – 0.8%** | **Belgium – 0.8%** |
| Aedifica S.A. | 28545 | 1929 |
| Cofinimmo S.A. | 22984 | 1517 |
| Montea N.V. | 11127 | 795 |
| Retail Estates N.V. | 6793 | 443 |
| Shurgard Self Storage Ltd. | 20663 | 749 |
| Vastned N.V. | 3993 | 127 |
| Warehouses De Pauw - C.V.A. | 108528 | 2573 |
| Xior Student Housing N.V. | 20554 | 613 |
|  |  | **8746** |
| **Brazil – 0.2%** | **Brazil – 0.2%** | **Brazil – 0.2%** |
| Allos S.A. | 223359 | 751 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Brazil – 0.2%continued** | **Brazil – 0.2%continued** | **Brazil – 0.2%continued** |
| Iguatemi S.A. | 125500 | $409 |
| Multiplan Empreendimentos <br> Imobiliarios S.A.\*<br>| 208972 | 828 |
|  |  | **1988** |
| **Canada – 1.0%** | **Canada – 1.0%** | **Canada – 1.0%** |
| &nbsp;&nbsp; Allied Properties Real Estate Investment <br> Trust<br>| 39243 | 447 |
| Artis Real Estate Investment Trust | 32027 | 172 |
| Boardwalk Real Estate Investment Trust | 14700 | 685 |
| BSR Real Estate Investment Trust | 17149 | 223 |
| Canadian Apartment Properties REIT | 46816 | 1403 |
| &nbsp;&nbsp; Choice Properties Real Estate <br> Investment Trust<br>| 96919 | 940 |
| Crombie Real Estate Investment Trust | 29581 | 293 |
| CT Real Estate Investment Trust | 33481 | 338 |
| &nbsp;&nbsp; Dream Industrial Real Estate Investment <br> Trust<br>| 81854 | 643 |
| First Capital Real Estate Investment Trust | 64125 | 735 |
| Granite Real Estate Investment Trust | 18438 | 859 |
| H&R Real Estate Investment Trust | 71616 | 500 |
| InterRent Real Estate Investment Trust | 44658 | 350 |
| &nbsp;&nbsp; Killam Apartment Real Estate Investment <br> Trust<br>| 36742 | 447 |
| &nbsp;&nbsp; NorthWest Healthcare Properties Real <br> Estate Investment Trust<br>| 79488 | 276 |
| Primaris Real Estate Investment Trust | 31498 | 326 |
| RioCan Real Estate Investment Trust | 89940 | 1072 |
| Slate Grocery REIT, Class U | 17305 | 170 |
| &nbsp;&nbsp; SmartCentres Real Estate Investment <br> Trust<br>| 42194 | 741 |
| StorageVault Canada, Inc. | 147667 | 401 |
|  |  | **11021** |
| **Chile – 0.2%** | **Chile – 0.2%** | **Chile – 0.2%** |
| Parque Arauco S.A. | 411527 | 819 |
| Plaza S.A. | 454521 | 941 |
|  |  | **1760** |
| **China – 1.8%** | **China – 1.8%** | **China – 1.8%** |
| &nbsp;&nbsp; C&D International Investment Group <br> Ltd.<br>| 420134 | 882 |
| China Jinmao Holdings Group Ltd. | 3204042 | 520 |
| &nbsp;&nbsp; China Merchants Shekou Industrial <br> Zone Holdings Co. Ltd., Class A<br>| 332700 | 422 |
| &nbsp;&nbsp; China Overseas Grand Oceans Group <br> Ltd.<br>| 1024500 | 247 |
| China Overseas Land & Investment Ltd. | 2280042 | 4104 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **71** EQUITY FUNDS

------

**Schedule of Investments** <br>

**GLOBAL REAL ESTATE INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **China – 1.8%continued** | **China – 1.8%continued** | **China – 1.8%continued** |
| China Resources Land Ltd. | 1909898 | $6380 |
| China Vanke Co. Ltd., Class A\* | 327840 | 320 |
| China Vanke Co. Ltd., Class H\* | 1324941 | 946 |
| &nbsp;&nbsp; Gemdale Properties & Investment Corp. <br> Ltd.<br>| 3134000 | 101 |
| Greentown China Holdings Ltd. | 600500 | 851 |
| &nbsp;&nbsp; Guangzhou R&F Properties Co. Ltd., <br> Class H\*<br>| 1076000 | 145 |
| Hopson Development Holdings Ltd.\* | 651473 | 259 |
| Longfor Group Holdings Ltd. | 1229071 | 1564 |
| &nbsp;&nbsp; Poly Developments and Holdings <br> Group Co. Ltd., Class A<br>| 435700 | 498 |
| Poly Property Group Co. Ltd. | 1140000 | 213 |
| Radiance Holdings Group Co. Ltd.\* | 478000 | 136 |
| Sasseur Real Estate Investment Trust | 383700 | 192 |
| Seazen Group Ltd.\* | 1511904 | 393 |
| &nbsp;&nbsp; Shanghai Jinqiao Export Processing <br> Zone Development Co. Ltd., Class B<br>| 164916 | 130 |
| &nbsp;&nbsp; Shanghai Zhangjiang High-Tech Park <br> Development Co. Ltd., Class A<br>| 58300 | 200 |
| Shenzhen Investment Ltd. | 1597191 | 158 |
| Shimao Group Holdings Ltd.\* | 857000 | 98 |
| Shui On Land Ltd. | 2073777 | 182 |
| Sunac China Holdings Ltd.\* | 4151000 | 832 |
| Yanlord Land Group Ltd.\* | 316100 | 117 |
| Yuexiu Property Co. Ltd. | 827674 | 565 |
|  |  | **20455** |
| **Egypt – 0.0%** | **Egypt – 0.0%** | **Egypt – 0.0%** |
| Talaat Moustafa Group | 429799 | **451** |
| **Finland – 0.1%** | **Finland – 0.1%** | **Finland – 0.1%** |
| Citycon OYJ\* | 62473 | 222 |
| Kojamo OYJ\* | 81658 | 744 |
|  |  | **966** |
| **France – 1.5%** | **France – 1.5%** | **France – 1.5%** |
| Altarea S.C.A. | 3105 | 337 |
| Carmila S.A. | 32167 | 610 |
| Covivio S.A./France | 33456 | 1880 |
| Gecina S.A. | 27439 | 2585 |
| ICADE | 21189 | 481 |
| Klepierre S.A. | 128618 | 4301 |
| Mercialys S.A. | 55287 | 694 |
| Nexity S.A.\* | 20449 | 219 |
| Unibail-Rodamco-Westfield\* | 71916 | 6063 |
|  |  | **17170** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Germany – 1.7%** | **Germany – 1.7%** | **Germany – 1.7%** |
| Aroundtown S.A.\* | 456001 | $1246 |
| Grand City Properties S.A.\* | 43588 | 466 |
| Hamborner REIT A.G. | 46044 | 298 |
| LEG Immobilien S.E. | 44483 | 3149 |
| Sirius Real Estate Ltd. | 909582 | 993 |
| TAG Immobilien A.G.\* | 104916 | 1432 |
| Vonovia S.E. | 440105 | 11874 |
|  |  | **19458** |
| **Greece – 0.0%** | **Greece – 0.0%** | **Greece – 0.0%** |
| LAMDA Development S.A.\* | 44431 | **325** |
| **Hong Kong – 3.1%** | **Hong Kong – 3.1%** | **Hong Kong – 3.1%** |
| CK Asset Holdings Ltd. | 1145000 | 4650 |
| Fortune Real Estate Investment Trust | 935000 | 491 |
| Hang Lung Group Ltd. | 508000 | 747 |
| Hang Lung Properties Ltd. | 1129976 | 962 |
| Henderson Land Development Co. Ltd. | 863555 | 2493 |
| Hongkong Land Holdings Ltd. | 656418 | 2844 |
| Hysan Development Co. Ltd. | 367045 | 595 |
| Kerry Properties Ltd. | 350599 | 826 |
| Link REIT | 1546526 | 7265 |
| Sino Land Co. Ltd. | 2419144 | 2423 |
| Sun Hung Kai Properties Ltd. | 862425 | 8187 |
| Wharf Real Estate Investment Co. Ltd. | 991317 | 2414 |
| Yuexiu Real Estate Investment Trust | 1449477 | 155 |
|  |  | **34052** |
| **India – 1.7%** | **India – 1.7%** | **India – 1.7%** |
| Anant Raj Ltd. | 71850 | 412 |
| Brigade Enterprises Ltd. | 80087 | 913 |
| Brookfield India Real Estate Trust | 178258 | 604 |
| DLF Ltd. | 443587 | 3513 |
| Embassy Office Parks REIT | 504822 | 2157 |
| Godrej Properties Ltd.\* | 90370 | 2241 |
| Keystone Realtors Ltd.\* | 17792 | 111 |
| Macrotech Developers Ltd. | 177569 | 2477 |
| Mahindra Lifespace Developers Ltd. | 47268 | 164 |
| Mindspace Business Parks REIT | 126494 | 555 |
| NESCO Ltd. | 12182 | 130 |
| Oberoi Realty Ltd. | 75250 | 1436 |
| Phoenix Mills (The) Ltd. | 116629 | 2242 |
| Prestige Estates Projects Ltd. | 103349 | 1431 |
| Puravankara Ltd.\* | 30247 | 87 |
| SignatureGlobal India Ltd.\* | 17933 | 228 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **72** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **India – 1.7%continued** | **India – 1.7%continued** | **India – 1.7%continued** |
| Sunteck Realty Ltd. | 30214 | $137 |
| TARC Ltd.\* | 47673 | 69 |
|  |  | **18907** |
| **Indonesia – 0.1%** | **Indonesia – 0.1%** | **Indonesia – 0.1%** |
| Ciputra Development Tbk PT | 5245036 | 236 |
| Pakuwon Jati Tbk PT | 8427840 | 172 |
| Rimo International Lestari Tbk PT<sup>(2) \*</sup> <br>| 42545100 |  |
| Summarecon Agung Tbk PT | 6001796 | 142 |
|  |  | **550** |
| **Ireland – 0.0%** | **Ireland – 0.0%** | **Ireland – 0.0%** |
| Irish Residential Properties REIT PLC | 302464 | **308** |
| **Israel – 0.8%** | **Israel – 0.8%** | **Israel – 0.8%** |
| Africa Israel Residences Ltd. | 3583 | 216 |
| Amot Investments Ltd. | 136525 | 664 |
| Aura Investments Ltd. | 94537 | 423 |
| Azrieli Group Ltd. | 25451 | 1715 |
| Blue Square Real Estate Ltd. | 3169 | 252 |
| Electra Real Estate Ltd. | 18058 | 208 |
| Israel Canada T.R Ltd. | 92151 | 288 |
| Isras Holdings Ltd.\* | 2291 | 225 |
| Isras Investment Co. Ltd. | 759 | 161 |
| Mega Or Holdings Ltd. | 14305 | 413 |
| Melisron Ltd. | 15797 | 1236 |
| Mivne Real Estate KD Ltd. | 339624 | 911 |
| &nbsp;&nbsp; Prashkovsky Investments and <br> Construction Ltd.<br>| 5032 | 117 |
| REIT 1 Ltd. | 117081 | 562 |
| Sella Capital Real Estate Ltd. | 125426 | 282 |
| Summit Real Estate Holdings Ltd. | 25179 | 365 |
| YH Dimri Construction & Development <br> Ltd.<br>| 5691 | 460 |
|  |  | **8498** |
| **Italy – 0.0%** | **Italy – 0.0%** | **Italy – 0.0%** |
| Stoneweg European Real Estate <br> Investment Trust<br>| 191471 | **309** |
| **Japan – 9.3%** | **Japan – 9.3%** | **Japan – 9.3%** |
| Activia Properties, Inc. | 412 | 935 |
| Advance Residence Investment Corp. | 1677 | 1600 |
| Aeon Mall Co. Ltd. | 60566 | 947 |
| AEON REIT Investment Corp. | 968 | 799 |
| Comforia Residential REIT, Inc. | 422 | 743 |
| CRE Logistics REIT, Inc. | 322 | 312 |
| Daiwa House Industry Co. Ltd. | 332600 | 10995 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Japan – 9.3%continued** | **Japan – 9.3%continued** | **Japan – 9.3%continued** |
| Daiwa House REIT Investment Corp. | 1386 | $2191 |
| Daiwa Office Investment Corp. | 319 | 628 |
| &nbsp;&nbsp; Daiwa Securities Living Investments <br> Corp.<br>| 1165 | 690 |
| Frontier Real Estate Investment Corp. | 1550 | 818 |
| Fukuoka REIT Corp. | 433 | 428 |
| &nbsp;&nbsp; Global One Real Estate Investment <br> Corp.<br>| 583 | 445 |
| GLP J-REIT | 2813 | 2264 |
| Goldcrest Co. Ltd. | 8800 | 183 |
| Hankyu Hanshin REIT, Inc. | 359 | 357 |
| Heiwa Real Estate Co. Ltd. | 12200 | 383 |
| Heiwa Real Estate REIT, Inc. | 602 | 508 |
| Hoshino Resorts REIT, Inc. | 373 | 505 |
| Hulic Co. Ltd. | 274440 | 2634 |
| Hulic REIT, Inc. | 786 | 751 |
| Ichigo Office REIT Investment Corp. | 642 | 363 |
| Ichigo, Inc. | 124000 | 320 |
| &nbsp;&nbsp; Industrial & Infrastructure Fund <br> Investment Corp.<br>| 1457 | 1129 |
| Invincible Investment Corp. | 4501 | 1893 |
| Japan Excellent, Inc. | 681 | 580 |
| Japan Hotel REIT Investment Corp. | 3054 | 1479 |
| Japan Logistics Fund, Inc. | 1439 | 884 |
| Japan Metropolitan Fund Invest | 4287 | 2738 |
| Japan Prime Realty Investment Corp. | 510 | 1157 |
| Japan Real Estate Investment Corp. | 3840 | 2752 |
| Katitas Co. Ltd. | 29300 | 387 |
| KDX Realty Investment Corp. | 2468 | 2429 |
| Keihanshin Building Co. Ltd. | 17600 | 160 |
| LaSalle Logiport REIT | 1067 | 992 |
| Leopalace21 Corp. | 100600 | 393 |
| Mirai Corp. | 1084 | 308 |
| Mitsubishi Estate Co. Ltd. | 631280 | 10303 |
| &nbsp;&nbsp; Mitsubishi Estate Logistics REIT <br> Investment Corp.<br>| 867 | 664 |
| Mitsui Fudosan Co. Ltd. | 1571186 | 14027 |
| Mitsui Fudosan Logistics Park, Inc. | 1805 | 1240 |
| Mori Hills REIT Investment Corp. | 895 | 800 |
| Mori Trust REIT, Inc. | 1615 | 671 |
| Nippon Accommodations Fund, Inc. | 1360 | 987 |
| Nippon Building Fund, Inc. | 4574 | 3885 |
| Nippon Prologis REIT, Inc. | 1369 | 2114 |
| NIPPON REIT Investment Corp. | 967 | 534 |
| Nomura Real Estate Holdings, Inc. | 323500 | 1882 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **73** EQUITY FUNDS

------

**Schedule of Investments** <br>

**GLOBAL REAL ESTATE INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Japan – 9.3%continued** | **Japan – 9.3%continued** | **Japan – 9.3%continued** |
| Nomura Real Estate Master Fund, Inc. | 2383 | $2265 |
| NTT UD REIT Investment Corp. | 894 | 792 |
| Orix JREIT, Inc. | 1573 | 1851 |
| Samty Residential Investment Corp. | 194 | 121 |
| Sekisui House REIT, Inc. | 2635 | 1402 |
| SOSiLA Logistics REIT, Inc. | 397 | 288 |
| Star Asia Investment Corp. | 1573 | 567 |
| &nbsp;&nbsp; Sumitomo Realty & Development Co. <br> Ltd.<br>| 183725 | 6894 |
| Sun Frontier Fudousan Co. Ltd. | 17000 | 223 |
| &nbsp;&nbsp; Takara Leben Real Estate Investment <br> Corp.<br>| 567 | 326 |
| Tokyo Tatemono Co. Ltd. | 110800 | 1879 |
| Tokyu REIT, Inc. | 505 | 586 |
| Tosei Corp. | 16200 | 260 |
| United Urban Investment Corp. | 1768 | 1754 |
|  |  | **103395** |
| **Kuwait – 0.2%** | **Kuwait – 0.2%** | **Kuwait – 0.2%** |
| Commercial Real Estate Co. K.S.C. | 925138 | 495 |
| Kuwait Real Estate Co. K.S.C. | 445247 | 487 |
| Mabanee Co. KPSC | 415469 | 1109 |
| National Real Estate Co. KPSC\* | 648321 | 167 |
| Salhia Real Estate Co. K.S.C.P. | 232398 | 316 |
|  |  | **2574** |
| **Malaysia – 0.3%** | **Malaysia – 0.3%** | **Malaysia – 0.3%** |
| Axis Real Estate Investment Trust | 1005762 | 408 |
| Eco World Development Group Bhd. | 746100 | 330 |
| IGB Real Estate Investment Trust | 954400 | 483 |
| IOI Properties Group Bhd. | 789200 | 351 |
| Mah Sing Group Bhd. | 852600 | 240 |
| Matrix Concepts Holdings Bhd. | 612750 | 188 |
| Pavilion Real Estate Investment Trust | 863500 | 284 |
| Sime Darby Property Bhd. | 1800900 | 539 |
| SP Setia Bhd. Group | 1351169 | 358 |
| Sunway Real Estate Investment Trust | 1056700 | 433 |
| UEM Sunrise Bhd. | 990900 | 167 |
|  |  | **3781** |
| **Mauritius – 0.0%** | **Mauritius – 0.0%** | **Mauritius – 0.0%** |
| Lighthouse Properties PLC | 783278 | **339** |
| **Mexico – 0.6%** | **Mexico – 0.6%** | **Mexico – 0.6%** |
| &nbsp;&nbsp; Concentradora Fibra Danhos S.A. de <br> C.V.<br>| 165053 | 180 |
| Corp. Inmobiliaria Vesta S.A.B. de C.V. | 535100 | 1226 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Mexico – 0.6%continued** | **Mexico – 0.6%continued** | **Mexico – 0.6%continued** |
| FIBRA Macquarie Mexico<sup>(3)</sup> <br>| 473826 | $700 |
| Fibra Uno Administracion S.A. de C.V. | 1688033 | 1972 |
| Prologis Property Mexico S.A. de C.V. | 620284 | 1992 |
|  |  | **6070** |
| **Netherlands – 0.1%** | **Netherlands – 0.1%** | **Netherlands – 0.1%** |
| Eurocommercial Properties N.V. | 25306 | 688 |
| Wereldhave N.V. | 20471 | 354 |
|  |  | **1042** |
| **New Zealand – 0.1%** | **New Zealand – 0.1%** | **New Zealand – 0.1%** |
| Goodman Property Trust | 646980 | 688 |
| Kiwi Property Group Ltd. | 924592 | 458 |
|  |  | **1146** |
| **Norway – 0.0%** | **Norway – 0.0%** | **Norway – 0.0%** |
| Entra ASA\* | 32494 | **373** |
| **Philippines – 0.4%** | **Philippines – 0.4%** | **Philippines – 0.4%** |
| AREIT, Inc. | 596600 | 412 |
| Ayala Land, Inc. | 3895481 | 1566 |
| Megaworld Corp. | 5597001 | 175 |
| Robinsons Land Corp. | 801496 | 164 |
| SM Prime Holdings, Inc. | 6018453 | 2525 |
|  |  | **4842** |
| **Qatar – 0.0%** | **Qatar – 0.0%** | **Qatar – 0.0%** |
| United Development Co. QSC | 906633 | **256** |
| **Romania – 0.2%** | **Romania – 0.2%** | **Romania – 0.2%** |
| NEPI Rockcastle N.V.\* | 361058 | **2614** |
| **Saudi Arabia – 0.5%** | **Saudi Arabia – 0.5%** | **Saudi Arabia – 0.5%** |
| Al Rajhi REIT | 160957 | 356 |
| Alandalus Property Co. | 26751 | 167 |
| Arabian Centres Co. | 132784 | 728 |
| Arriyadh Development Co. | 50742 | 448 |
| &nbsp;&nbsp; Dar Al Arkan Real Estate Development <br> Co.\*<br>| 316487 | 1803 |
| Emaar Economic City\* | 111428 | 426 |
| Jadwa REIT Saudi Fund | 100892 | 272 |
| Retal Urban Development Co. | 147463 | 688 |
| Saudi Real Estate Co.\* | 90337 | 578 |
|  |  | **5466** |
| **Singapore – 2.7%** | **Singapore – 2.7%** | **Singapore – 2.7%** |
| AIMS APAC REIT | 344282 | 324 |
| CapitaLand Ascendas REIT | 2216634 | 4390 |
| CapitaLand Ascott Trust | 1593614 | 1030 |
| CapitaLand China Trust | 690227 | 361 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **74** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Singapore – 2.7%continued** | **Singapore – 2.7%continued** | **Singapore – 2.7%continued** |
| Capitaland India Trust | 621855 | $447 |
| &nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 3494814 | 5442 |
| CDL Hospitality Trusts | 452452 | 276 |
| City Developments Ltd. | 298700 | 1111 |
| Digital Core REIT Management Pte Ltd. | 511500 | 270 |
| ESR-REIT | 3699274 | 658 |
| Far East Hospitality Trust | 557503 | 233 |
| Frasers Centrepoint Trust | 756009 | 1225 |
| Frasers Hospitality Trust | 431800 | 191 |
| Frasers Logistics & Commercial Trust | 1687646 | 1146 |
| Hong Fok Corp. Ltd. | 164700 | 95 |
| Keppel DC REIT | 1114866 | 1779 |
| Keppel REIT | 1463520 | 936 |
| Lendlease Global Commercial REIT | 951822 | 360 |
| Mapletree Industrial Trust | 1261355 | 1967 |
| Mapletree Logistics Trust | 2083926 | 2025 |
| Mapletree Pan Asia Commercial Trust | 1418861 | 1320 |
| PARAGON REIT | 682000 | 492 |
| &nbsp;&nbsp; Parkway Life Real Estate Investment <br> Trust<br>| 283000 | 873 |
| Starhill Global REIT | 841290 | 313 |
| Suntec Real Estate Investment Trust | 1219091 | 1070 |
| UOL Group Ltd. | 276197 | 1215 |
|  |  | **29549** |
| **South Africa – 0.5%** | **South Africa – 0.5%** | **South Africa – 0.5%** |
| Equites Property Fund Ltd. | 479963 | 369 |
| &nbsp;&nbsp; Fortress Real Estate Investments Ltd., <br> Class B<br>| 725405 | 747 |
| Growthpoint Properties Ltd. | 2052536 | 1453 |
| Hyprop Investments Ltd. | 222385 | 507 |
| Redefine Properties Ltd. | 4072468 | 931 |
| Resilient REIT Ltd. | 189669 | 588 |
| Vukile Property Fund Ltd. | 685741 | 654 |
|  |  | **5249** |
| **South Korea – 0.1%** | **South Korea – 0.1%** | **South Korea – 0.1%** |
| ESR Kendall Square REIT Co. Ltd. | 78511 | 251 |
| LOTTE REIT Co. Ltd. | 104892 | 249 |
| SK REITs Co. Ltd. | 83820 | 280 |
|  |  | **780** |
| **Spain – 0.3%** | **Spain – 0.3%** | **Spain – 0.3%** |
| Aedas Homes S.A. | 5665 | 161 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Spain – 0.3%continued** | **Spain – 0.3%continued** | **Spain – 0.3%continued** |
| Inmobiliaria Colonial Socimi S.A. | 182151 | $1075 |
| Merlin Properties Socimi S.A. | 235192 | 2525 |
|  |  | **3761** |
| **Sweden – 1.6%** | **Sweden – 1.6%** | **Sweden – 1.6%** |
| Atrium Ljungberg AB, Class B | 31011 | 511 |
| Castellum AB\* | 234813 | 2589 |
| Catena AB | 26941 | 1166 |
| Cibus Nordic Real Estate AB publ | 38267 | 564 |
| Corem Property Group AB, Class B | 313508 | 145 |
| Dios Fastigheter AB\* | 67888 | 450 |
| Fabege AB | 134439 | 1090 |
| Fastighets AB Balder, Class B\* | 425146 | 2662 |
| FastPartner AB, Class A | 30977 | 164 |
| Hufvudstaden AB, Class A | 68568 | 773 |
| NP3 Fastigheter AB | 19020 | 445 |
| Nyfosa AB\* | 99474 | 867 |
| Pandox AB | 64217 | 1112 |
| Platzer Fastigheter Holding AB, Class B | 31141 | 232 |
| Sagax AB, Class B | 131008 | 2748 |
| &nbsp;&nbsp; Samhallsbyggnadsbolaget i Norden <br> AB<br>| 595142 | 202 |
| Wallenstam AB, Class B | 207807 | 893 |
| Wihlborgs Fastigheter AB | 161707 | 1589 |
|  |  | **18202** |
| **Switzerland – 1.4%** | **Switzerland – 1.4%** | **Switzerland – 1.4%** |
| Allreal Holding A.G. (Registered) | 8715 | 1811 |
| Hiag Immobilien Holding A.G. | 2970 | 319 |
| International Workplace Group PLC | 450219 | 1051 |
| Intershop Holding A.G. | 3147 | 482 |
| Mobimo Holding A.G. (Registered) | 4259 | 1508 |
| PSP Swiss Property A.G. (Registered) | 27142 | 4240 |
| Swiss Prime Site A.G. (Registered) | 45824 | 5627 |
|  |  | **15038** |
| **Taiwan – 0.4%** | **Taiwan – 0.4%** | **Taiwan – 0.4%** |
| Advancetek Enterprise Co. Ltd. | 128000 | 315 |
| Chong Hong Construction Co. Ltd. | 98000 | 293 |
| Crowell Development Corp. | 86000 | 104 |
| Da-Li Development Co. Ltd. | 141584 | 205 |
| Farglory Land Development Co. Ltd. | 162462 | 339 |
| Highwealth Construction Corp. | 800113 | 1050 |
| Huaku Development Co. Ltd. | 159800 | 530 |
| Huang Hsiang Construction Corp. | 55000 | 107 |
| Kindom Development Co. Ltd. | 204900 | 329 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **75** EQUITY FUNDS

------

**Schedule of Investments** <br>

**GLOBAL REAL ESTATE INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **Taiwan – 0.4%continued** | **Taiwan – 0.4%continued** | **Taiwan – 0.4%continued** |
| Prince Housing & Development Corp. | 502000 | $152 |
| Ruentex Development Co. Ltd. | 945955 | 1003 |
| Sakura Development Co. Ltd. | 175461 | 334 |
| Yungshin Construction & Development <br> Co. Ltd.<br>| 37000 | 155 |
|  |  | **4916** |
| **Thailand – 0.4%** | **Thailand – 0.4%** | **Thailand – 0.4%** |
| Amata Corp. PCL NVDR | 450835 | 272 |
| AP Thailand PCL (Registered) | 441405 | 98 |
| AP Thailand PCL NVDR | 962104 | 214 |
| Central Pattana PCL (Registered) | 581626 | 806 |
| Central Pattana PCL NVDR | 627298 | 877 |
| Land & Houses PCL NVDR | 5032200 | 633 |
| Quality Houses PCL NVDR | 4597400 | 210 |
| Sansiri PCL NVDR | 8249666 | 347 |
| Supalai PCL (Registered) | 280445 | 132 |
| Supalai PCL NVDR | 377500 | 178 |
| WHA Corp. PCL NVDR | 4897900 | 499 |
|  |  | **4266** |
| **Turkey – 0.1%** | **Turkey – 0.1%** | **Turkey – 0.1%** |
| Is Gayrimenkul Yatirim Ortakligi A.S.\* | 265974 | 114 |
| &nbsp;&nbsp; Reysas Gayrimenkul Yatirim Ortakligi <br> A.S.\*<br>| 329329 | 132 |
| &nbsp;&nbsp; Torunlar Gayrimenkul Yatirim Ortakligi <br> A.S.<br>| 119938 | 192 |
| Ziraat Gayrimenkul Yatirim Ortakligi <br> A.S.<br>| 528732 | 274 |
|  |  | **712** |
| **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** | **United Arab Emirates – 0.7%** |
| Aldar Properties PJSC | 2291540 | 5256 |
| Deyaar Development PJSC | 598845 | 148 |
| Emaar Development PJSC | 595076 | 1987 |
| RAK Properties PJSC\* | 934634 | 341 |
|  |  | **7732** |
| **United Kingdom – 3.0%** | **United Kingdom – 3.0%** | **United Kingdom – 3.0%** |
| Assura PLC | 1864104 | 1113 |
| Big Yellow Group PLC | 110356 | 1332 |
| British Land (The) Co. PLC | 595682 | 2843 |
| Derwent London PLC | 59097 | 1409 |
| Empiric Student Property PLC | 412316 | 454 |
| Grainger PLC | 426478 | 1122 |
| Great Portland Estates PLC | 207663 | 801 |
| Hammerson PLC | 283067 | 905 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 3.0%continued** | **United Kingdom – 3.0%continued** | **United Kingdom – 3.0%continued** |
| Home REIT PLC<sup>(2) \*</sup> <br>| 484349 | $147 |
| Land Securities Group PLC | 422279 | 3001 |
| LondonMetric Property PLC | 1221763 | 2895 |
| Primary Health Properties PLC | 743303 | 906 |
| PRS REIT (The) PLC | 319507 | 478 |
| Safestore Holdings PLC | 128243 | 1017 |
| Segro PLC | 761315 | 6795 |
| Shaftesbury Capital PLC | 881445 | 1427 |
| Supermarket Income REIT PLC | 722793 | 717 |
| Target Healthcare REIT PLC | 343178 | 409 |
| Tritax Big Box REIT PLC | 1340866 | 2432 |
| UNITE Group (The) PLC | 229436 | 2413 |
| Urban Logistics REIT PLC | 264098 | 444 |
| Workspace Group PLC | 84135 | 454 |
|  |  | **33514** |
| **United States – 57.5%** | **United States – 57.5%** | **United States – 57.5%** |
| Acadia Realty Trust | 70607 | 1479 |
| Agree Realty Corp. | 61465 | 4744 |
| Alexander & Baldwin, Inc. | 43615 | 751 |
| Alexander's, Inc. | 1479 | 309 |
| Alexandria Real Estate Equities, Inc. | 93425 | 8643 |
| American Assets Trust, Inc. | 29267 | 589 |
| American Healthcare REIT, Inc. | 92204 | 2794 |
| American Homes 4 Rent, Class A | 197287 | 7459 |
| Americold Realty Trust, Inc. | 161324 | 3462 |
| &nbsp;&nbsp; Apartment Investment and <br> Management Co., Class A<br>| 77881 | 685 |
| Apple Hospitality REIT, Inc. | 134148 | 1732 |
| AvalonBay Communities, Inc. | 84585 | 18154 |
| Brandywine Realty Trust | 105546 | 471 |
| Brixmor Property Group, Inc. | 180779 | 4800 |
| Broadstone Net Lease, Inc. | 112883 | 1924 |
| BXP, Inc. | 89140 | 5989 |
| Camden Property Trust | 63421 | 7756 |
| CareTrust REIT, Inc. | 111036 | 3173 |
| CBL & Associates Properties, Inc. | 8008 | 213 |
| Centerspace | 9398 | 609 |
| Community Healthcare Trust, Inc. | 16405 | 298 |
| COPT Defense Properties | 66480 | 1813 |
| Cousins Properties, Inc. | 99047 | 2922 |
| CubeSmart | 134130 | 5729 |
| DiamondRock Hospitality Co. | 126594 | 977 |
| Digital Realty Trust, Inc. | 197328 | 28275 |
| Diversified Healthcare Trust | 94588 | 227 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **76** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **United States – 57.5%continued** | **United States – 57.5%continued** | **United States – 57.5%continued** |
| Douglas Emmett, Inc. | 98843 | $1581 |
| Eagle Hospitality Trust<sup>(2) \*</sup> <br>| 496400 |  |
| Easterly Government Properties, Inc. | 59338 | 629 |
| EastGroup Properties, Inc. | 29398 | 5178 |
| Elme Communities | 52811 | 919 |
| Empire State Realty Trust, Inc., Class A | 83889 | 656 |
| Equinix, Inc. | 57398 | 46799 |
| Equity Commonwealth<sup>(2)</sup> <br>| 75000 |  |
| Equity LifeStyle Properties, Inc. | 107747 | 7187 |
| Equity Residential | 203069 | 14536 |
| Essex Property Trust, Inc. | 38218 | 11717 |
| Extra Space Storage, Inc. | 126055 | 18718 |
| Federal Realty Investment Trust | 45302 | 4431 |
| First Industrial Realty Trust, Inc. | 78589 | 4241 |
| Four Corners Property Trust, Inc. | 56464 | 1621 |
| FRP Holdings, Inc.\* | 7389 | 211 |
| Getty Realty Corp. | 30746 | 959 |
| Gladstone Commercial Corp. | 26190 | 392 |
| Global Medical REIT, Inc. | 38318 | 335 |
| Global Net Lease, Inc. | 117823 | 947 |
| Healthcare Realty Trust, Inc. | 201019 | 3397 |
| Healthpeak Properties, Inc. | 415517 | 8402 |
| Highwoods Properties, Inc. | 62568 | 1855 |
| Host Hotels & Resorts, Inc. | 414828 | 5895 |
| Howard Hughes Holdings, Inc.\* | 19824 | 1469 |
| Hudson Pacific Properties, Inc. | 88362 | 261 |
| Independence Realty Trust, Inc. | 133697 | 2838 |
| Innovative Industrial Properties, Inc. | 16969 | 918 |
| InvenTrust Properties Corp. | 45311 | 1331 |
| Invitation Homes, Inc. | 345945 | 12056 |
| Iron Mountain, Inc. | 174514 | 15015 |
| JBG SMITH Properties | 46691 | 752 |
| Kennedy-Wilson Holdings, Inc. | 66194 | 575 |
| Kilroy Realty Corp. | 67187 | 2201 |
| Kimco Realty Corp. | 400236 | 8501 |
| Kite Realty Group Trust | 131021 | 2931 |
| LTC Properties, Inc. | 25981 | 921 |
| LXP Industrial Trust | 176404 | 1526 |
| Macerich (The) Co. | 148281 | 2546 |
| Medical Properties Trust, Inc. | 320165 | 1931 |
| &nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 69520 | 11650 |
| National Health Investors, Inc. | 26973 | 1992 |
| National Storage Affiliates Trust | 43423 | 1711 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **United States – 57.5%continued** | **United States – 57.5%continued** | **United States – 57.5%continued** |
| NETSTREIT Corp. | 46614 | $739 |
| NexPoint Residential Trust, Inc. | 14203 | 561 |
| NNN REIT, Inc. | 111253 | 4745 |
| Omega Healthcare Investors, Inc. | 160364 | 6107 |
| One Liberty Properties, Inc. | 9915 | 260 |
| Paramount Group, Inc. | 106723 | 459 |
| Park Hotels & Resorts, Inc. | 125184 | 1337 |
| Pebblebrook Hotel Trust | 72559 | 735 |
| Phillips Edison & Co., Inc. | 73052 | 2666 |
| &nbsp;&nbsp; Piedmont Office Realty Trust, Inc., <br> Class A<br>| 75502 | 556 |
| Plymouth Industrial REIT, Inc. | 25316 | 413 |
| Prologis, Inc. | 550944 | 61590 |
| Public Storage | 93769 | 28064 |
| Realty Income Corp. | 520552 | 30197 |
| Regency Centers Corp. | 102434 | 7556 |
| Rexford Industrial Realty, Inc. | 131884 | 5163 |
| RLJ Lodging Trust | 92872 | 733 |
| Ryman Hospitality Properties, Inc. | 33991 | 3108 |
| Sabra Health Care REIT, Inc. | 140066 | 2447 |
| Saul Centers, Inc. | 8460 | 305 |
| Sila Realty Trust, Inc. | 32695 | 873 |
| Simon Property Group, Inc. | 193976 | 32216 |
| SITE Centers Corp. | 29416 | 378 |
| SL Green Realty Corp. | 42542 | 2455 |
| St. Joe (The) Co. | 24693 | 1159 |
| STAG Industrial, Inc. | 108895 | 3933 |
| Summit Hotel Properties, Inc. | 67358 | 364 |
| Sun Communities, Inc. | 75711 | 9739 |
| Sunstone Hotel Investors, Inc. | 112838 | 1062 |
| Tanger, Inc. | 65762 | 2222 |
| Terreno Realty Corp. | 59232 | 3745 |
| UDR, Inc. | 186306 | 8415 |
| UMH Properties, Inc. | 44723 | 836 |
| Universal Health Realty Income Trust | 8491 | 348 |
| Urban Edge Properties | 73869 | 1404 |
| Ventas, Inc. | 249516 | 17157 |
| Veris Residential, Inc. | 50056 | 847 |
| Vornado Realty Trust | 96850 | 3582 |
| Welltower, Inc. | 370451 | 56757 |
| Whitestone REIT | 25455 | 371 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **77** EQUITY FUNDS

------

**Schedule of Investments** <br>

**GLOBAL REAL ESTATE INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 98.3%** <sup>(1)</sup>**continued**  |
| **United States – 57.5%continued** | **United States – 57.5%continued** | **United States – 57.5%continued** |
| WP Carey, Inc. | 130078 | $8209 |
| Xenia Hotels & Resorts, Inc. | 61223 | 720 |
|  |  | **642241** |
| **Total Common Stocks** |  |  |
| **(Cost $829,282)** |  | **1097847** |
| **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(4) (5)</sup> <br>| 10255344 | 10255 |
| **Total Investment Companies** |  |  |
| **(Cost $10,255)** |  | **10255** |
| **Total Investments – 99.2%** |  |  |
| **(Cost $839,537)** |  | **1108102** |
| Other Assets less Liabilities – 0.8% |  | 8672 |
| **Net Assets – 100.0%** |  | **$1116774** |

---

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(3)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2025, the value of this security amounted to approximately $700,000 or* *0.1% of net assets.* 

<sup>(4)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(5)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| EAFE – Europe, Australasia and the Far East |
| MSCI – Morgan Stanley Capital International |
| NVDR – Non-Voting Depositary Receipt |
| REIT – Real Estate Investment Trust |
| S&P – Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Bank of Montreal | British Pound | 488 | United States <br> Dollar<br>| 630 | 6/18/25 | $(—)\*<br>|
| Bank of Montreal | Canadian <br> Dollar<br>| 126 | United States <br> Dollar<br>| 88 | 6/18/25 | (—)\*<br>|
| Bank of Montreal | Euro | 1219 | United States <br> Dollar<br>| 1327 | 6/18/25 | 3 |
| Citibank | Korean Won | 369053 | United States <br> Dollar<br>| 255 | 6/18/25 | 4 |
| Citibank | Swiss Franc | 786 | United States <br> Dollar<br>| 900 | 6/18/25 | 2 |
| Citibank | Taiwan Dollar | 20844 | United States <br> Dollar<br>| 637 | 6/18/25 | 7 |
| Morgan Stanley | Japanese Yen | 113028 | United States <br> Dollar<br>| 771 | 6/18/25 | 10 |
| Morgan Stanley | United States <br> Dollar<br>| 156 | Swedish Krona | 1580 | 6/18/25 | 2 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 28 |
| Bank of Montreal | Norwegian <br> Krone<br>| 860 | United States <br> Dollar<br>| 81 | 6/18/25 | (1)<br>|
| Bank of Montreal | United States <br> Dollar<br>| 307 | Australian <br> Dollar<br>| 488 | 6/18/25 | (2)<br>|
| Bank of Montreal | United States <br> Dollar<br>| 111 | Hong Kong <br> Dollar<br>| 864 | 6/18/25 | (—)\*<br>|
| BNP Paribas | United States <br> Dollar<br>| 459 | Singapore <br> Dollar<br>| 611 | 6/18/25 | (3)<br>|
| Citibank | Brazilian Real | 1400 | United States <br> Dollar<br>| 236 | 6/18/25 | (5)<br>|
| Citibank | Indian Rupee | 2221 | United States <br> Dollar<br>| 25 | 6/18/25 | (1)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (12)<br>|
| Total |  |  |  |  |  | $16 |

---

*\** *Amount rounds to less than one thousand.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **78** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini S&P <br> MidCap 400 <br> (United States <br> Dollar)<br>| 35 | $10285 | Long | 6/25 | $(45)<br>|
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 43 | 5195 | Long | 6/25 | (139)<br>|
| &nbsp;&nbsp; MSCI <br> Emerging <br> Markets Index <br> (United States <br> Dollar)<br>| 30 | 1666 | Long | 6/25 | (35)<br>|
| &nbsp;&nbsp; S&P/TSX 60 <br> Index <br> (Canadian <br> Dollar)<br>| 11 | 2290 | Long | 6/25 | 35 |
| Total |  |  |  |  | $(184)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

At March 31, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Real Estate | 98.3<br> %<br>|
| Short-Term Investments | 0.9 |
| Total Investments | 99.2 |
| Other Assets less Liabilities | 0.8 |
| Net Assets | 100.0<br> %<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $1988 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1988 |
| Canada | &nbsp;&nbsp; 11021 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11021 |
| Chile | &nbsp;&nbsp; 1760 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1760 |
| Egypt | &nbsp;&nbsp; 451 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 451 |
| Mexico | &nbsp;&nbsp; 6070 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6070 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 33367 | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 33514 |
| United States | &nbsp;&nbsp; 642241 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 642241 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 400802 | &nbsp;&nbsp; — | &nbsp;&nbsp; 400802 |
| Total Common Stocks | &nbsp;&nbsp; 663531 | &nbsp;&nbsp; 434169 | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 1097847 |
| Investment Companies | &nbsp;&nbsp; 10255 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10255 |
| Total Investments | &nbsp;&nbsp; $673786 | &nbsp;&nbsp; $434169 | &nbsp;&nbsp; $147 | &nbsp;&nbsp; $1108102 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $28 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28 |
| Futures Contracts | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12)<br>|
| Futures Contracts | &nbsp;&nbsp; (219)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (219)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(184)<br>| &nbsp;&nbsp; $16 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(168)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **79** EQUITY FUNDS

------

**Schedule of Investments** <br>

**GLOBAL TACTICAL ASSET ALLOCATION FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 99.9%**  | **INVESTMENT COMPANIES – 99.9%**  | **INVESTMENT COMPANIES – 99.9%**  |
| &nbsp;&nbsp; FlexShares<sup>®</sup> Developed Markets <br> ex-U.S. Quality Low Volatility Index <br> Fund<sup>(1)</sup> <br>| 71994 | $2071 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> Global Quality Real Estate <br> Index Fund<sup>(1)</sup> <br>| 13308 | 771 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> iBoxx 5-Year Target <br> Duration TIPS Index Fund<sup>(1)</sup> <br>| 64503 | 1564 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar Developed <br> Markets ex-U.S. Factor Tilt Index <br> Fund<sup>(1)</sup> <br>| 46879 | 3507 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar Emerging <br> Markets Factor Tilt Index Fund<sup>(1)</sup> <br>| 92097 | 4834 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> Morningstar U.S. Market <br> Factor Tilt Index Fund<sup>(1)</sup> <br>| 43590 | 8968 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> STOXX Global Broad <br> Infrastructure Index Fund<sup>(1)</sup> <br>| 13996 | 807 |
| &nbsp;&nbsp; FlexShares<sup>®</sup> U.S. Quality Low Volatility <br> Index Fund<sup>(1)</sup> <br>| 72722 | 4794 |
| iShares 20+ Year Treasury Bond ETF | 17830 | 1623 |
| iShares 3-7 Year Treasury Bond ETF | 26814 | 3168 |
| iShares 7-10 Year Treasury Bond ETF | 20390 | 1945 |
| iShares MBS ETF | 35300 | 3310 |
| Northern Funds - Fixed Income Fund<sup>(1)</sup> <br>| 1316856 | 11746 |
| &nbsp;&nbsp; Northern Funds - High Yield Fixed <br> Income Fund<sup>(1)</sup> <br>| 394615 | 2364 |
| &nbsp;&nbsp; Northern Funds - International Equity <br> Index Fund<sup>(1)</sup> <br>| 293223 | 4372 |
| &nbsp;&nbsp; Northern Funds - Small Cap Core <br> Fund<sup>(1)</sup> <br>| 77155 | 1799 |
| Northern Funds - Stock Index Fund<sup>(1)</sup> <br>| 322307 | 18330 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(1) (2)</sup> <br>| 1162359 | 1162 |
| **Total Investment Companies** |  |  |
| **(Cost $69,869)** |  | **77135** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| U.S. Treasury Bill, |  |  |
| 4.12%, 9/11/25<sup>(3) (4)</sup> <br>| $88 | **$86** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $86)** | **(Cost $86)** | **86** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $69,955)** | **(Cost $69,955)** | **77221** |
| Liabilities less Other Assets – (0.0%) | Liabilities less Other Assets – (0.0%) | (13)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$77208** |

---

<sup>(1)</sup> *Investment in affiliated fund. Northern Trust Investments, Inc. is the investment* *adviser to the Fund and the investment adviser to other Northern Funds,* *Northern Institutional Funds and FlexShares Trust.* 

<sup>(2)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(3)</sup> *Discount rate at the time of purchase.*

<sup>(4)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ETF - Exchange-Traded Fund |
| MBS - Mortgage Backed Securities |
| TIPS - Treasury Inflation Protected Securities |

---

*Percentages shown are based on Net Assets.* 

*See Notes to the Financial Statements.* 

EQUITY FUNDS **80** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; U.S. Treasury <br> Long Bond<br>| 22 | $2580 | Long | 6/25 | $26 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Investment Companies | &nbsp;&nbsp; $77135 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $77135 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 86 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86 |
| Total Investments | &nbsp;&nbsp; $77135 | &nbsp;&nbsp; $86 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $77221 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **81** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INCOME EQUITY FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.6%**  | **COMMON STOCKS – 98.6%**  | **COMMON STOCKS – 98.6%**  |
| **Aerospace & Defense – 0.9%** | **Aerospace & Defense – 0.9%** | **Aerospace & Defense – 0.9%** |
| Lockheed Martin Corp. | 4342 | **$1940** |
| **Automobiles – 0.7%** | **Automobiles – 0.7%** | **Automobiles – 0.7%** |
| Tesla, Inc.<sup>(1) \*</sup> <br>| 6348 | **1645** |
| **Banks – 2.5%** | **Banks – 2.5%** | **Banks – 2.5%** |
| Bank of America Corp. | 5722 | 239 |
| Citigroup, Inc. | 39346 | 2793 |
| Comerica, Inc. | 9882 | 584 |
| JPMorgan Chase & Co. | 8202 | 2012 |
|  |  | **5628** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| PepsiCo, Inc. | 1954 | **293** |
| **Biotechnology – 3.6%** | **Biotechnology – 3.6%** | **Biotechnology – 3.6%** |
| AbbVie, Inc. | 21482 | 4501 |
| Amgen, Inc. | 1824 | 568 |
| Gilead Sciences, Inc. | 27942 | 3131 |
|  |  | **8200** |
| **Broadline Retail – 3.3%** | **Broadline Retail – 3.3%** | **Broadline Retail – 3.3%** |
| Amazon.com, Inc.<sup>(1) \*</sup> <br>| 33007 | 6280 |
| eBay, Inc. | 11600 | 786 |
| Kohl's Corp. | 37422 | 306 |
|  |  | **7372** |
| **Building Products – 0.3%** | **Building Products – 0.3%** | **Building Products – 0.3%** |
| A.O. Smith Corp. | 10466 | **684** |
| **Capital Markets – 2.8%** | **Capital Markets – 2.8%** | **Capital Markets – 2.8%** |
| Bank of New York Mellon (The) Corp. | 18206 | 1527 |
| Invesco Ltd. | 65806 | 998 |
| Janus Henderson Group PLC | 15456 | 559 |
| Lazard, Inc. | 12068 | 522 |
| Morgan Stanley | 6608 | 771 |
| State Street Corp. | 12963 | 1161 |
| Virtu Financial, Inc., Class A | 19500 | 743 |
|  |  | **6281** |
| **Chemicals – 0.5%** | **Chemicals – 0.5%** | **Chemicals – 0.5%** |
| CF Industries Holdings, Inc. | 9001 | 703 |
| NewMarket Corp. | 335 | 190 |
| Scotts Miracle-Gro (The) Co. | 4937 | 271 |
|  |  | **1164** |
| **Communications Equipment – 1.8%** | **Communications Equipment – 1.8%** | **Communications Equipment – 1.8%** |
| Cisco Systems, Inc. | 57677 | 3559 |
| Ubiquiti, Inc. | 1658 | 514 |
|  |  | **4073** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Consumer Finance – 0.5%** | **Consumer Finance – 0.5%** | **Consumer Finance – 0.5%** |
| Ally Financial, Inc. | 15370 | $560 |
| OneMain Holdings, Inc. | 12532 | 613 |
|  |  | **1173** |
| **Consumer Staples Distribution & Retail – 0.3%** | **Consumer Staples Distribution & Retail – 0.3%** | **Consumer Staples Distribution & Retail – 0.3%** |
| Costco Wholesale Corp. | 787 | **744** |
| **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** |
| Packaging Corp. of America | 5237 | **1037** |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| Pool Corp. | 26 | **8** |
| **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** |
| H&R Block, Inc. | 4785 | **263** |
| **Diversified Telecommunication Services – 1.5%** | **Diversified Telecommunication Services – 1.5%** | **Diversified Telecommunication Services – 1.5%** |
| AT&T, Inc. | 118762 | **3359** |
| **Electric Utilities – 2.2%** | **Electric Utilities – 2.2%** | **Electric Utilities – 2.2%** |
| Duke Energy Corp. | 15993 | 1951 |
| Exelon Corp. | 19981 | 921 |
| OGE Energy Corp. | 15981 | 734 |
| Southern (The) Co. | 15585 | 1433 |
|  |  | **5039** |
| **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** |
| Rockwell Automation, Inc. | 3569 | 922 |
| Vertiv Holdings Co., Class A | 5516 | 398 |
|  |  | **1320** |
| **Entertainment – 0.2%** | **Entertainment – 0.2%** | **Entertainment – 0.2%** |
| Playtika Holding Corp. | 83213 | **430** |
| **Financial Services – 2.6%** | **Financial Services – 2.6%** | **Financial Services – 2.6%** |
| Berkshire Hathaway, Inc., Class B\* | 3562 | 1897 |
| Corebridge Financial, Inc. | 19432 | 613 |
| Equitable Holdings, Inc. | 9072 | 473 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 16020 | 1196 |
| MGIC Investment Corp. | 15722 | 390 |
| UWM Holdings Corp. | 93050 | 508 |
| Visa, Inc., Class A | 169 | 59 |
| Western Union (The) Co. | 65862 | 697 |
|  |  | **5833** |
| **Food Products – 0.3%** | **Food Products – 0.3%** | **Food Products – 0.3%** |
| General Mills, Inc. | 13260 | **793** |
| **Gas Utilities – 0.4%** | **Gas Utilities – 0.4%** | **Gas Utilities – 0.4%** |
| UGI Corp. | 29215 | **966** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **82** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Ground Transportation – 0.8%** | **Ground Transportation – 0.8%** | **Ground Transportation – 0.8%** |
| Old Dominion Freight Line, Inc. | 4426 | $732 |
| Union Pacific Corp. | 4115 | 972 |
|  |  | **1704** |
| **Health Care Equipment & Supplies – 0.6%** | **Health Care Equipment & Supplies – 0.6%** | **Health Care Equipment & Supplies – 0.6%** |
| Abbott Laboratories | 8962 | 1189 |
| Baxter International, Inc. | 191 | 6 |
| ResMed, Inc. | 482 | 108 |
|  |  | **1303** |
| **Health Care Providers & Services – 1.4%** | **Health Care Providers & Services – 1.4%** | **Health Care Providers & Services – 1.4%** |
| Cardinal Health, Inc. | 9167 | 1263 |
| Cencora, Inc. | 4825 | 1342 |
| McKesson Corp. | 446 | 300 |
| UnitedHealth Group, Inc. | 515 | 270 |
|  |  | **3175** |
| **Health Care Real Estate Investment Trusts – 0.3%** | **Health Care Real Estate Investment Trusts – 0.3%** | **Health Care Real Estate Investment Trusts – 0.3%** |
| Omega Healthcare Investors, Inc. | 15524 | **591** |
| **Hotel & Resort Real Estate Investment Trusts – 0.3%** | **Hotel & Resort Real Estate Investment Trusts – 0.3%** | **Hotel & Resort Real Estate Investment Trusts – 0.3%** |
| Host Hotels & Resorts, Inc. | 20316 | 289 |
| Park Hotels & Resorts, Inc. | 46724 | 499 |
|  |  | **788** |
| **Hotels, Restaurants & Leisure – 0.9%** | **Hotels, Restaurants & Leisure – 0.9%** | **Hotels, Restaurants & Leisure – 0.9%** |
| Starbucks Corp. | 13758 | 1349 |
| Yum! Brands, Inc. | 3855 | 607 |
|  |  | **1956** |
| **Household Products – 2.4%** | **Household Products – 2.4%** | **Household Products – 2.4%** |
| Clorox (The) Co. | 5897 | 868 |
| Kimberly-Clark Corp. | 10297 | 1464 |
| Procter & Gamble (The) Co. | 18517 | 3156 |
|  |  | **5488** |
| **Independent Power & Renewable Electricity Producers – 0.6%** | **Independent Power & Renewable Electricity Producers – 0.6%** | **Independent Power & Renewable Electricity Producers – 0.6%** |
| Brookfield Renewable Corp. | 22869 | 639 |
| Clearway Energy, Inc., Class C | 25014 | 757 |
|  |  | **1396** |
| **Industrial Conglomerates – 0.8%** | **Industrial Conglomerates – 0.8%** | **Industrial Conglomerates – 0.8%** |
| 3M Co. | 12622 | **1854** |
| **Insurance – 2.8%** | **Insurance – 2.8%** | **Insurance – 2.8%** |
| Aflac, Inc. | 12684 | 1410 |
| Allstate (The) Corp. | 4665 | 966 |
| MetLife, Inc. | 15461 | 1241 |
| Old Republic International Corp. | 19663 | 771 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Insurance – 2.8%continued** | **Insurance – 2.8%continued** | **Insurance – 2.8%continued** |
| Principal Financial Group, Inc. | 10596 | $894 |
| Prudential Financial, Inc. | 10231 | 1143 |
|  |  | **6425** |
| **Interactive Media & Services – 6.7%** | **Interactive Media & Services – 6.7%** | **Interactive Media & Services – 6.7%** |
| Alphabet, Inc., Class A<sup>(1)</sup> <br>| 43931 | 6794 |
| Meta Platforms, Inc., Class A<sup>(1)</sup> <br>| 14432 | 8318 |
|  |  | **15112** |
| **IT Services – 1.7%** | **IT Services – 1.7%** | **IT Services – 1.7%** |
| Accenture PLC, Class A | 3302 | 1031 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 9884 | 756 |
| International Business Machines Corp. | 8667 | 2155 |
|  |  | **3942** |
| **Leisure Products – 0.5%** | **Leisure Products – 0.5%** | **Leisure Products – 0.5%** |
| Hasbro, Inc. | 18773 | **1154** |
| **Machinery – 1.1%** | **Machinery – 1.1%** | **Machinery – 1.1%** |
| Caterpillar, Inc. | 405 | 134 |
| Illinois Tool Works, Inc. | 6097 | 1512 |
| Otis Worldwide Corp. | 7649 | 789 |
|  |  | **2435** |
| **Media – 1.2%** | **Media – 1.2%** | **Media – 1.2%** |
| Comcast Corp., Class A | 58963 | 2176 |
| Nexstar Media Group, Inc. | 545 | 97 |
| Omnicom Group, Inc. | 6342 | 526 |
|  |  | **2799** |
| **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** |
| Southern Copper Corp. | 6725 | **629** |
| **Mortgage Real Estate Investment Trusts – 1.0%** | **Mortgage Real Estate Investment Trusts – 1.0%** | **Mortgage Real Estate Investment Trusts – 1.0%** |
| Annaly Capital Management, Inc. | 35273 | 717 |
| Rithm Capital Corp. | 64705 | 741 |
| Starwood Property Trust, Inc. | 35776 | 707 |
|  |  | **2165** |
| **Multi-Utilities – 1.5%** | **Multi-Utilities – 1.5%** | **Multi-Utilities – 1.5%** |
| Consolidated Edison, Inc. | 9808 | 1085 |
| Dominion Energy, Inc. | 23901 | 1340 |
| Public Service Enterprise Group, Inc. | 12891 | 1061 |
|  |  | **3486** |
| **Office Real Estate Investment Trusts – 0.3%** | **Office Real Estate Investment Trusts – 0.3%** | **Office Real Estate Investment Trusts – 0.3%** |
| Highwoods Properties, Inc. | 21072 | **625** |
| **Oil, Gas & Consumable Fuels – 2.5%** | **Oil, Gas & Consumable Fuels – 2.5%** | **Oil, Gas & Consumable Fuels – 2.5%** |
| Antero Midstream Corp. | 44837 | 807 |
| Chevron Corp. | 353 | 59 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **83** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INCOME EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Oil, Gas & Consumable Fuels – 2.5%continued** | **Oil, Gas & Consumable Fuels – 2.5%continued** | **Oil, Gas & Consumable Fuels – 2.5%continued** |
| DT Midstream, Inc. | 7007 | $676 |
| Exxon Mobil Corp. | 24531 | 2918 |
| Texas Pacific Land Corp. | 499 | 661 |
| Viper Energy, Inc. | 13029 | 588 |
|  |  | **5709** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| Louisiana-Pacific Corp. | 3495 | **321** |
| **Personal Care Products – 0.5%** | **Personal Care Products – 0.5%** | **Personal Care Products – 0.5%** |
| Kenvue, Inc. | 48018 | **1151** |
| **Pharmaceuticals – 4.9%** | **Pharmaceuticals – 4.9%** | **Pharmaceuticals – 4.9%** |
| Bristol-Myers Squibb Co. | 46580 | 2841 |
| Eli Lilly & Co. | 939 | 776 |
| Johnson & Johnson | 26099 | 4328 |
| Merck & Co., Inc. | 27491 | 2468 |
| Organon & Co. | 43472 | 647 |
| Royalty Pharma PLC, Class A | 457 | 14 |
|  |  | **11074** |
| **Professional Services – 2.2%** | **Professional Services – 2.2%** | **Professional Services – 2.2%** |
| Automatic Data Processing, Inc. | 9213 | 2815 |
| Broadridge Financial Solutions, Inc. | 3259 | 790 |
| Paychex, Inc. | 9232 | 1424 |
| Robert Half, Inc. | 890 | 49 |
|  |  | **5078** |
| **Residential Real Estate Investment Trusts – 1.2%** | **Residential Real Estate Investment Trusts – 1.2%** | **Residential Real Estate Investment Trusts – 1.2%** |
| Camden Property Trust | 6627 | 810 |
| Equity Residential | 15488 | 1109 |
| Mid-America Apartment Communities, <br> Inc.<br>| 4562 | 765 |
|  |  | **2684** |
| **Retail Real Estate Investment Trusts – 0.8%** | **Retail Real Estate Investment Trusts – 0.8%** | **Retail Real Estate Investment Trusts – 0.8%** |
| Brixmor Property Group, Inc. | 22890 | 608 |
| Simon Property Group, Inc. | 7836 | 1301 |
|  |  | **1909** |
| **Semiconductors & Semiconductor Equipment – 11.1%** | **Semiconductors & Semiconductor Equipment – 11.1%** | **Semiconductors & Semiconductor Equipment – 11.1%** |
| Applied Materials, Inc. | 714 | 104 |
| Broadcom, Inc. | 20920 | 3503 |
| KLA Corp. | 2464 | 1675 |
| Lam Research Corp. | 25448 | 1850 |
| NVIDIA Corp.<sup>(1)</sup> <br>| 132735 | 14386 |
| QUALCOMM, Inc. | 18973 | 2914 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Semiconductors & Semiconductor Equipment – 11.1%continued** | **Semiconductors & Semiconductor Equipment – 11.1%continued** | **Semiconductors & Semiconductor Equipment – 11.1%continued** |
| Skyworks Solutions, Inc. | 9754 | $630 |
| Texas Instruments, Inc. | 95 | 17 |
|  |  | **25079** |
| **Software – 7.5%** | **Software – 7.5%** | **Software – 7.5%** |
| Bentley Systems, Inc., Class B | 10297 | 405 |
| Intuit, Inc. | 4342 | 2666 |
| Microsoft Corp. | 31682 | 11893 |
| Oracle Corp. | 6610 | 924 |
| Salesforce, Inc. | 3909 | 1049 |
|  |  | **16937** |
| **Specialized Real Estate Investment Trusts – 1.1%** | **Specialized Real Estate Investment Trusts – 1.1%** | **Specialized Real Estate Investment Trusts – 1.1%** |
| EPR Properties | 1915 | 101 |
| Lamar Advertising Co., Class A | 5187 | 590 |
| Public Storage | 3607 | 1080 |
| VICI Properties, Inc. | 19543 | 637 |
|  |  | **2408** |
| **Specialty Retail – 2.5%** | **Specialty Retail – 2.5%** | **Specialty Retail – 2.5%** |
| Bath & Body Works, Inc. | 318 | 10 |
| Best Buy Co., Inc. | 13957 | 1027 |
| Home Depot (The), Inc. | 7413 | 2717 |
| Lowe's Cos., Inc. | 4797 | 1119 |
| Williams-Sonoma, Inc. | 5386 | 851 |
|  |  | **5724** |
| **Technology Hardware, Storage & Peripherals – 8.4%** | **Technology Hardware, Storage & Peripherals – 8.4%** | **Technology Hardware, Storage & Peripherals – 8.4%** |
| Apple, Inc.<sup>(1)</sup> <br>| 77666 | 17252 |
| HP, Inc. | 35442 | 982 |
| NetApp, Inc. | 8870 | 779 |
|  |  | **19013** |
| **Textiles, Apparel & Luxury Goods – 0.8%** | **Textiles, Apparel & Luxury Goods – 0.8%** | **Textiles, Apparel & Luxury Goods – 0.8%** |
| Carter's, Inc. | 2015 | 82 |
| Tapestry, Inc. | 23684 | 1668 |
|  |  | **1750** |
| **Tobacco – 2.9%** | **Tobacco – 2.9%** | **Tobacco – 2.9%** |
| Altria Group, Inc. | 39548 | 2374 |
| Philip Morris International, Inc. | 25805 | 4096 |
|  |  | **6470** |
| **Trading Companies & Distributors – 0.6%** | **Trading Companies & Distributors – 0.6%** | **Trading Companies & Distributors – 0.6%** |
| Fastenal Co. | 15551 | 1206 |
| MSC Industrial Direct Co., Inc., Class A | 2336 | 181 |
|  |  | **1387** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **84** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  | **COMMON STOCKS - 98.6%continued**  |
| **Wireless Telecommunication Services – 0.6%** | **Wireless Telecommunication Services – 0.6%** | **Wireless Telecommunication Services – 0.6%** |
| T-Mobile U.S., Inc. | 4979 | **$1328** |
| **Total Common Stocks** |  |  |
| **(Cost $155,864)** |  | **223294** |
| **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(2) (3)</sup> <br>| 2564533 | 2565 |
| **Total Investment Companies** |  |  |
| **(Cost $2,565)** |  | **2565** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| U.S. Treasury Bill, |  |  |
| 4.11%, 9/11/25<sup>(4) (5)</sup> <br>| $161 | **$158** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $148)** | **(Cost $148)** | **158** |
| **Total Investments – 99.8%** | **Total Investments – 99.8%** |  |
| **(Cost $158,577)** | **(Cost $158,577)** | **226017** |
| Other Assets less Liabilities – 0.2% | Other Assets less Liabilities – 0.2% | 365 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$226382** |

---

<sup>(1)</sup> *Security represents underlying investment on open written option contracts.*

<sup>(2)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(3)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(4)</sup> *Discount rate at the time of purchase.*

<sup>(5)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; Micro E-Mini <br> S&P 500 <br> Index<br>| 97 | $2742 | Long | 6/25 | $(11)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

At March 31, 2025, the Fund had open written call options as follows:

---

| | | | |
|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL**<br> **AMOUNT**<br> **(000S)**<br>| **VALUE**<br> **(000S)**<br>|
| &nbsp;&nbsp; Alphabet, Class A, Exp. Date 4/17/25, <br> Strike Price $200.00<br>| (439)<br>| $(6789)<br>| $(2)<br>|
| &nbsp;&nbsp; Amazon.com, Inc., Exp. Date 4/17/25, <br> Strike Price $235.00<br>| (330)<br>| (6279)<br>| (1)<br>|
| &nbsp;&nbsp; Apple, Inc., Exp. Date 4/17/25, Strike Price <br> $260.00<br>| (388)<br>| (8619)<br>| (2)<br>|
| &nbsp;&nbsp; Meta Platforms, Inc., Class A, Exp. Date <br> 4/17/25, Strike Price $750.00<br>| (144)<br>| (8300)<br>| (1)<br>|
| &nbsp;&nbsp; NVIDIA Corp., Exp. Date 4/17/25, Strike <br> Price $150.00<br>| (1327)<br>| (14382)<br>| (5)<br>|
| &nbsp;&nbsp; Tesla, Inc., Exp. Date 4/17/25, Strike Price <br> $400.00<br>| (63)<br>| (1633)<br>| (1)<br>|
| Total Written Options Contracts |  |  | $(12)<br>|
| (Premiums Received (000s) $37) |  |  |  |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **85** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **INCOME EQUITY FUND continued**  | **March 31, 2025**  |

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; $223294 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $223294 |
| Investment Companies | &nbsp;&nbsp; 2565 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2565 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 158 | &nbsp;&nbsp; — | &nbsp;&nbsp; 158 |
| Total Investments | &nbsp;&nbsp; $225859 | &nbsp;&nbsp; $158 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $226017 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(11)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11)<br>|
| Written Options | &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (12)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(23)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(23)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **86** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **INTERNATIONAL EQUITY FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.4%** <sup>(1)</sup> | **COMMON STOCKS – 97.4%** <sup>(1)</sup> | **COMMON STOCKS – 97.4%** <sup>(1)</sup> |
| **Australia – 5.5%** | **Australia – 5.5%** | **Australia – 5.5%** |
| ANZ Group Holdings Ltd. | 87097 | $1592 |
| Aristocrat Leisure Ltd. | 17065 | 689 |
| BlueScope Steel Ltd. | 29446 | 394 |
| Fortescue Ltd. | 128049 | 1238 |
| Glencore PLC\* | 152289 | 560 |
| National Australia Bank Ltd. | 24443 | 523 |
| Origin Energy Ltd. | 32491 | 215 |
| Pro Medicus Ltd. | 2742 | 346 |
| Qantas Airways Ltd. | 29592 | 169 |
| Rio Tinto PLC | 13158 | 787 |
| Scentre Group | 32405 | 68 |
| Stockland | 190042 | 585 |
| Telstra Group Ltd. | 158011 | 417 |
|  |  | **7583** |
| **Austria – 0.0%** | **Austria – 0.0%** | **Austria – 0.0%** |
| Verbund A.G. | 487 | **35** |
| **Belgium – 1.1%** | **Belgium – 1.1%** | **Belgium – 1.1%** |
| Ageas S.A./N.V. | 18069 | 1086 |
| D'ieteren Group | 2502 | 431 |
|  |  | **1517** |
| **Brazil – 0.4%** | **Brazil – 0.4%** | **Brazil – 0.4%** |
| Yara International ASA | 20679 | **626** |
| **Canada – 10.6%** | **Canada – 10.6%** | **Canada – 10.6%** |
| Air Canada\* | 35775 | 352 |
| AltaGas Ltd. | 8107 | 222 |
| Barrick Gold Corp. | 36953 | 717 |
| Canadian Imperial Bank of Commerce | 15255 | 858 |
| Canadian National Railway Co. | 6528 | 635 |
| Canadian Natural Resources Ltd. | 49966 | 1538 |
| Canadian Utilities Ltd., Class A | 4720 | 121 |
| CCL Industries, Inc., Class B | 12687 | 620 |
| Celestica, Inc.\* | 1478 | 117 |
| CGI, Inc. | 8495 | 848 |
| Emera, Inc. | 5787 | 244 |
| Empire Co. Ltd., Class A | 14458 | 485 |
| Fairfax Financial Holdings Ltd. | 936 | 1353 |
| Fortis, Inc. | 121 | 6 |
| Gildan Activewear, Inc. | 18612 | 823 |
| iA Financial Corp., Inc. | 10107 | 960 |
| IGM Financial, Inc. | 39211 | 1206 |
| Imperial Oil Ltd. | 4118 | 297 |
| Manulife Financial Corp. | 53819 | 1677 |
| Open Text Corp. | 988 | 25 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  |
| **Canada – 10.6%continued** | **Canada – 10.6%continued** | **Canada – 10.6%continued** |
| Shopify, Inc., Class A\* | 1827 | $174 |
| Suncor Energy, Inc. | 28753 | 1113 |
| TFI International, Inc. | 3074 | 238 |
|  |  | **14629** |
| **China – 1.0%** | **China – 1.0%** | **China – 1.0%** |
| BOC Hong Kong Holdings Ltd. | 283802 | 1149 |
| SITC International Holdings Co. Ltd. | 30702 | 83 |
| Yangzijiang Shipbuilding Holdings Ltd. | 69700 | 122 |
|  |  | **1354** |
| **Denmark – 2.7%** | **Denmark – 2.7%** | **Denmark – 2.7%** |
| AP Moller - Maersk A/S, Class B | 232 | 406 |
| Carlsberg A/S, Class B | 960 | 122 |
| Demant A/S\* | 18722 | 630 |
| Novo Nordisk A/S, Class B | 7595 | 526 |
| Pandora A/S | 7635 | 1169 |
| ROCKWOOL A/S, Class B | 1990 | 826 |
|  |  | **3679** |
| **Finland – 1.5%** | **Finland – 1.5%** | **Finland – 1.5%** |
| Fortum OYJ | 12462 | 204 |
| Kone OYJ, Class B | 6514 | 361 |
| Orion OYJ, Class B | 8007 | 476 |
| Wartsila OYJ Abp | 54574 | 974 |
|  |  | **2015** |
| **France – 8.6%** | **France – 8.6%** | **France – 8.6%** |
| Bureau Veritas S.A. | 39807 | 1204 |
| Capgemini S.E. | 6202 | 928 |
| Carrefour S.A. | 16412 | 235 |
| &nbsp;&nbsp; Cie Generale des Etablissements <br> Michelin S.C.A.<br>| 25423 | 892 |
| Danone S.A. | 7877 | 604 |
| Eiffage S.A. | 2375 | 277 |
| Engie S.A. | 20985 | 409 |
| Eurazeo S.E. | 1539 | 114 |
| FDJ UNITED | 26049 | 819 |
| Ipsen S.A. | 6303 | 726 |
| Klepierre S.A. | 20913 | 699 |
| L'Oreal S.A. | 709 | 263 |
| Publicis Groupe S.A. | 12071 | 1137 |
| Safran S.A. | 6258 | 1651 |
| Societe Generale S.A. | 21068 | 951 |
| TotalEnergies S.E. | 13443 | 869 |
| Unibail-Rodamco-Westfield\* | 1378 | 116 |
|  |  | **11894** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **87** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  |
| **Germany – 6.9%** | **Germany – 6.9%** | **Germany – 6.9%** |
| adidas A.G. | 2318 | $543 |
| Brenntag S.E. | 7240 | 468 |
| Deutsche Boerse A.G. | 1917 | 565 |
| Deutsche Post A.G. | 24629 | 1051 |
| Deutsche Telekom A.G. (Registered) | 51080 | 1891 |
| E.ON S.E. | 5565 | 84 |
| Evonik Industries A.G. | 5458 | 118 |
| Fresenius Medical Care A.G. | 22065 | 1090 |
| Fresenius S.E. & Co. KGaA\* | 3651 | 156 |
| Heidelberg Materials A.G. | 4731 | 809 |
| Knorr-Bremse A.G. | 8242 | 747 |
| Mercedes-Benz Group A.G. | 817 | 48 |
| Nemetschek S.E. | 2488 | 289 |
| RWE A.G. | 5835 | 208 |
| SAP S.E. | 2134 | 567 |
| Siemens A.G. (Registered) | 3829 | 878 |
|  |  | **9512** |
| **Hong Kong – 1.6%** | **Hong Kong – 1.6%** | **Hong Kong – 1.6%** |
| CK Asset Holdings Ltd. | 106992 | 435 |
| CK Infrastructure Holdings Ltd. | 8397 | 50 |
| CLP Holdings Ltd. | 28095 | 229 |
| Futu Holdings Ltd. ADR | 10832 | 1109 |
| Sun Hung Kai Properties Ltd. | 30486 | 289 |
| WH Group Ltd.<sup>(2)</sup> <br>| 138689 | 127 |
|  |  | **2239** |
| **Ireland – 0.3%** | **Ireland – 0.3%** | **Ireland – 0.3%** |
| AIB Group PLC | 61215 | **397** |
| **Israel – 1.8%** | **Israel – 1.8%** | **Israel – 1.8%** |
| Bank Leumi Le-Israel B.M. | 73706 | 991 |
| &nbsp;&nbsp; Check Point Software Technologies <br> Ltd.\*<br>| 4769 | 1087 |
| ICL Group Ltd. | 72786 | 412 |
|  |  | **2490** |
| **Italy – 3.2%** | **Italy – 3.2%** | **Italy – 3.2%** |
| Enel S.p.A. | 75899 | 616 |
| Intesa Sanpaolo S.p.A. | 289364 | 1490 |
| Poste Italiane S.p.A. | 69391 | 1236 |
| UniCredit S.p.A. | 16623 | 933 |
| Unipol Assicurazioni S.p.A. | 11504 | 184 |
|  |  | **4459** |
| **Japan – 19.4%** | **Japan – 19.4%** | **Japan – 19.4%** |
| Asahi Kasei Corp. | 28200 | 197 |
| Asics Corp. | 29400 | 624 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  |
| **Japan – 19.4%continued** | **Japan – 19.4%continued** | **Japan – 19.4%continued** |
| Bandai Namco Holdings, Inc. | 14100 | $473 |
| Canon, Inc. | 9700 | 302 |
| Central Japan Railway Co. | 2200 | 42 |
| Chubu Electric Power Co., Inc. | 2400 | 26 |
| Chugai Pharmaceutical Co. Ltd. | 1600 | 73 |
| Dai-ichi Life Holdings, Inc. | 54400 | 414 |
| Daito Trust Construction Co. Ltd. | 1120 | 115 |
| Daiwa House Industry Co. Ltd. | 10900 | 360 |
| Fast Retailing Co. Ltd. | 900 | 269 |
| Fujikura Ltd. | 8300 | 305 |
| Hitachi Ltd. | 10700 | 248 |
| Hoya Corp. | 5300 | 598 |
| Isuzu Motors Ltd. | 83700 | 1134 |
| ITOCHU Corp. | 32827 | 1517 |
| Japan Airlines Co. Ltd. | 19000 | 325 |
| Japan Tobacco, Inc. | 17500 | 481 |
| Kansai Electric Power (The) Co., Inc. | 4900 | 58 |
| Kao Corp. | 14600 | 631 |
| KDDI Corp. | 52038 | 821 |
| Komatsu Ltd. | 33100 | 961 |
| Konami Group Corp. | 8000 | 945 |
| LY Corp. | 184700 | 625 |
| Makita Corp. | 34800 | 1155 |
| Mitsubishi Corp. | 23100 | 406 |
| Mitsubishi UFJ Financial Group, Inc. | 81000 | 1094 |
| Mitsui OSK Lines Ltd. | 12800 | 444 |
| Mizuho Financial Group, Inc. | 5500 | 150 |
| Nintendo Co. Ltd. | 300 | 20 |
| Nitto Denko Corp. | 63100 | 1163 |
| Ono Pharmaceutical Co. Ltd. | 81500 | 875 |
| Oracle Corp. Japan | 11500 | 1209 |
| ORIX Corp. | 20900 | 432 |
| Osaka Gas Co. Ltd. | 1200 | 27 |
| Recruit Holdings Co. Ltd. | 3400 | 177 |
| SCREEN Holdings Co. Ltd. | 2200 | 143 |
| SCSK Corp. | 11800 | 291 |
| SG Holdings Co. Ltd. | 2900 | 29 |
| Sony Group Corp. | 17700 | 451 |
| Subaru Corp. | 66300 | 1180 |
| Sumitomo Corp. | 21100 | 474 |
| Sumitomo Electric Industries Ltd. | 44000 | 734 |
| Sumitomo Mitsui Financial Group, Inc. | 78400 | 2000 |
| Suntory Beverage & Food Ltd. | 21876 | 721 |
| Suzuki Motor Corp. | 4000 | 49 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **88** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  |
| **Japan – 19.4%continued** | **Japan – 19.4%continued** | **Japan – 19.4%continued** |
| TIS, Inc. | 20600 | $569 |
| Tokyo Electron Ltd. | 7700 | 1050 |
| Tokyo Gas Co. Ltd. | 600 | 19 |
| Yokogawa Electric Corp. | 16700 | 324 |
|  |  | **26730** |
| **Jordan – 0.4%** | **Jordan – 0.4%** | **Jordan – 0.4%** |
| Hikma Pharmaceuticals PLC | 22988 | **578** |
| **Netherlands – 2.9%** | **Netherlands – 2.9%** | **Netherlands – 2.9%** |
| Adyen N.V.\* | 15 | 23 |
| Akzo Nobel N.V. | 4410 | 272 |
| ASML Holding N.V. | 2313 | 1530 |
| Koninklijke Ahold Delhaize N.V. | 37975 | 1420 |
| Koninklijke KPN N.V. | 49072 | 208 |
| Wolters Kluwer N.V. | 3935 | 611 |
|  |  | **4064** |
| **Norway – 1.1%** | **Norway – 1.1%** | **Norway – 1.1%** |
| Equinor ASA | 16646 | 441 |
| Norsk Hydro ASA | 68473 | 399 |
| Salmar ASA | 13576 | 653 |
|  |  | **1493** |
| **Singapore – 1.9%** | **Singapore – 1.9%** | **Singapore – 1.9%** |
| Oversea-Chinese Banking Corp. Ltd. | 118000 | 1508 |
| Singapore Airlines Ltd. | 48700 | 245 |
| Singapore Technologies Engineering <br> Ltd.<br>| 164100 | 826 |
|  |  | **2579** |
| **Spain – 3.7%** | **Spain – 3.7%** | **Spain – 3.7%** |
| Acciona S.A. | 976 | 128 |
| &nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 6622 | 378 |
| Aena S.M.E. S.A. | 2912 | 683 |
| Amadeus IT Group S.A. | 9660 | 740 |
| Banco Bilbao Vizcaya Argentaria S.A. | 138266 | 1885 |
| Endesa S.A. | 8740 | 231 |
| Iberdrola S.A. | 32607 | 527 |
| Industria de Diseno Textil S.A. | 10479 | 523 |
|  |  | **5095** |
| **Sweden – 2.6%** | **Sweden – 2.6%** | **Sweden – 2.6%** |
| H&M Hennes & Mauritz AB, Class B | 63647 | 840 |
| Hexagon AB, Class B | 3265 | 35 |
| Investor AB, Class B | 57370 | 1712 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  |
| **Sweden – 2.6%continued** | **Sweden – 2.6%continued** | **Sweden – 2.6%continued** |
| Sandvik AB | 9326 | $197 |
| Swedbank AB, Class A | 37760 | 859 |
|  |  | **3643** |
| **Switzerland – 2.3%** | **Switzerland – 2.3%** | **Switzerland – 2.3%** |
| ABB Ltd. (Registered) | 26768 | 1385 |
| Logitech International S.A. (Registered) | 13369 | 1137 |
| Sonova Holding A.G. (Registered) | 597 | 174 |
| Temenos A.G. (Registered) | 6068 | 471 |
|  |  | **3167** |
| **United Kingdom – 8.8%** | **United Kingdom – 8.8%** | **United Kingdom – 8.8%** |
| 3i Group PLC | 23604 | 1106 |
| Associated British Foods PLC | 14314 | 354 |
| AstraZeneca PLC | 2656 | 388 |
| Barclays PLC | 464028 | 1742 |
| Centrica PLC | 119875 | 232 |
| DCC PLC | 3212 | 214 |
| HSBC Holdings PLC | 96535 | 1095 |
| Imperial Brands PLC | 38770 | 1434 |
| Marks & Spencer Group PLC | 153522 | 707 |
| National Grid PLC | 33318 | 434 |
| NatWest Group PLC | 93609 | 548 |
| Next PLC | 7072 | 1018 |
| Reckitt Benckiser Group PLC | 2981 | 201 |
| RELX PLC | 19305 | 970 |
| Rolls-Royce Holdings PLC\* | 39599 | 383 |
| Sage Group (The) PLC | 29727 | 464 |
| Smiths Group PLC | 25386 | 636 |
| SSE PLC | 76 | 2 |
| Standard Chartered PLC | 3191 | 47 |
| Unilever PLC | 1757 | 105 |
| Vodafone Group PLC | 30128 | 28 |
|  |  | **12108** |
| **United States – 9.1%** | **United States – 9.1%** | **United States – 9.1%** |
| CSL Ltd. | 164 | 25 |
| GSK PLC | 91351 | 1745 |
| Holcim A.G.\* | 7119 | 766 |
| Nestle S.A. (Registered) | 4913 | 497 |
| Novartis A.G. (Registered) | 25505 | 2837 |
| Roche Holding A.G. (Genusschein) | 7428 | 2442 |
| Sanofi S.A. | 6668 | 739 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **89** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.4%** <sup>(1)</sup>**continued**  |
| **United States – 9.1%continued** | **United States – 9.1%continued** | **United States – 9.1%continued** |
| Shell PLC | 68464 | $2492 |
| Swiss Re A.G. | 6452 | 1095 |
|  |  | **12638** |
| **Total Common Stocks** |  |  |
| **(Cost $113,559)** |  | **134524** |
| **PREFERRED STOCKS – 0.9%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.9%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.9%** <sup>(1)</sup> |
| **Germany – 0.9%** | **Germany – 0.9%** | **Germany – 0.9%** |
| Henkel A.G. & Co. KGaA, 2.78%<sup>(3)</sup> <br>| 16096 | **1280** |
| **Total Preferred Stocks** |  |  |
| **(Cost $1,249)** |  | **1280** |
| **INVESTMENT COMPANIES – 0.1%**  | **INVESTMENT COMPANIES – 0.1%**  | **INVESTMENT COMPANIES – 0.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(4) (5)</sup> <br>| 122131 | 122 |
| **Total Investment Companies** |  |  |
| **(Cost $122)** |  | **122** |
| **Total Investments – 98.4%** |  |  |
| **(Cost $114,930)** |  | **135926** |
| Other Assets less Liabilities – 1.6% |  | 2185 |
| **Net Assets – 100.0%** |  | **$138111** |

---

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2025, the value of this security amounted to approximately $127,000 or* *0.1% of net assets.* 

<sup>(3)</sup> *Current yield is disclosed. Dividends are calculated based on a percentage* *of the issuer's net income.* 

<sup>(4)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(5)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| FTSE – Financial Times Stock Exchange |
| S&P – Standard & Poor's |
| SPI – Standardized Precipitation Index |

---

TSX – Toronto Stock Exchange<br>

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; Euro Stoxx 50 <br> (Euro)<br>| 22 | $1234 | Long | 6/25 | $(34)<br>|
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 3 | 333 | Long | 6/25 | (3)<br>|
| &nbsp;&nbsp; S&P/TSX 60 <br> Index <br> (Canadian <br> Dollar)<br>| 1 | 208 | Long | 6/25 | 3 |
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 1 | 123 | Long | 6/25 | (—)\*<br>|
| &nbsp;&nbsp; Yen <br> Denominated <br> Nikkei 225 <br> (Japanese <br> Yen)<br>| 4 | 481 | Long | 6/25 | (13)<br>|
| Total |  |  |  |  | $(47)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.* 

*\** *Amount rounds to less than one thousand.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **90** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Canada | &nbsp;&nbsp; $14629 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14629 |
| Hong Kong | &nbsp;&nbsp; 1109 | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2239 |
| Israel | &nbsp;&nbsp; 1087 | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2490 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 115166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 115166 |
| Total Common Stocks | &nbsp;&nbsp; 16825 | &nbsp;&nbsp; 117699 | &nbsp;&nbsp; — | &nbsp;&nbsp; 134524 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1280 |
| Investment Companies | &nbsp;&nbsp; 122 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 122 |
| Total Investments | &nbsp;&nbsp; $16947 | &nbsp;&nbsp; $118979 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $135926 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3 |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (50)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(47)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(47)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **91** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY INDEX FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup> | **COMMON STOCKS – 97.3%** <sup>(1)</sup> | **COMMON STOCKS – 97.3%** <sup>(1)</sup> |
| **Australia – 6.5%** | **Australia – 6.5%** | **Australia – 6.5%** |
| ANZ Group Holdings Ltd. | 854752 | $15625 |
| APA Group | 394817 | 1953 |
| Aristocrat Leisure Ltd. | 162189 | 6550 |
| ASX Ltd. | 57105 | 2335 |
| BHP Group Ltd. | 1453294 | 35246 |
| BlueScope Steel Ltd. | 128657 | 1720 |
| Brambles Ltd. | 390291 | 4910 |
| CAR Group Ltd. | 109283 | 2171 |
| Cochlear Ltd. | 18193 | 2996 |
| Coles Group Ltd. | 391906 | 4792 |
| Commonwealth Bank of Australia | 480210 | 45632 |
| Computershare Ltd. | 150675 | 3707 |
| Fortescue Ltd. | 487705 | 4717 |
| Glencore PLC\* | 2969640 | 10924 |
| Goodman Group | 581589 | 10459 |
| GPT Group (The) | 559398 | 1531 |
| Insurance Australia Group Ltd. | 683685 | 3313 |
| Lottery (The) Corp. Ltd. | 667267 | 1992 |
| Macquarie Group Ltd. | 104197 | 12918 |
| Medibank Pvt Ltd. | 784945 | 2183 |
| National Australia Bank Ltd. | 883001 | 18903 |
| Northern Star Resources Ltd. | 332426 | 3838 |
| Origin Energy Ltd. | 497397 | 3290 |
| Pro Medicus Ltd. | 16906 | 2136 |
| Qantas Airways Ltd. | 235279 | 1342 |
| QBE Insurance Group Ltd. | 425555 | 5862 |
| REA Group Ltd. | 15575 | 2157 |
| Reece Ltd. | 67484 | 669 |
| Rio Tinto Ltd. | 104980 | 7634 |
| Rio Tinto PLC | 324211 | 19382 |
| Santos Ltd. | 898291 | 3754 |
| Scentre Group | 1421001 | 2982 |
| SGH Ltd. | 56559 | 1769 |
| Sonic Healthcare Ltd. | 131700 | 2124 |
| South32 Ltd. | 1307201 | 2638 |
| Stockland | 702839 | 2164 |
| Suncorp Group Ltd. | 312306 | 3782 |
| Telstra Group Ltd. | 1163944 | 3069 |
| Transurban Group | 883970 | 7428 |
| Treasury Wine Estates Ltd. | 238478 | 1459 |
| Vicinity Ltd. | 1123564 | 1554 |
| Washington H Soul Pattinson & Co. Ltd. | 64896 | 1413 |
| Wesfarmers Ltd. | 325352 | 14743 |
| Westpac Banking Corp. | 985477 | 19565 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Australia – 6.5%continued** | **Australia – 6.5%continued** | **Australia – 6.5%continued** |
| WiseTech Global Ltd. | 51584 | $2655 |
| Woodside Energy Group Ltd. | 535517 | 7748 |
| Woolworths Group Ltd. | 350458 | 6492 |
|  |  | **326226** |
| **Austria – 0.2%** | **Austria – 0.2%** | **Austria – 0.2%** |
| Erste Group Bank A.G. | 88075 | 6119 |
| Mondi PLC | 121035 | 1804 |
| OMV A.G. | 42819 | 2197 |
| Verbund A.G. | 19706 | 1398 |
|  |  | **11518** |
| **Belgium – 0.8%** | **Belgium – 0.8%** | **Belgium – 0.8%** |
| Ageas S.A./N.V. | 43380 | 2606 |
| Anheuser-Busch InBev S.A./N.V. | 257618 | 15863 |
| D'ieteren Group | 6316 | 1088 |
| Groupe Bruxelles Lambert N.V. | 24854 | 1858 |
| KBC Group N.V. | 65667 | 6006 |
| Lotus Bakeries N.V. | 119 | 1060 |
| Sofina S.A. | 4529 | 1158 |
| Syensqo S.A. | 20310 | 1390 |
| UCB S.A. | 36173 | 6380 |
|  |  | **37409** |
| **Brazil – 0.0%** | **Brazil – 0.0%** | **Brazil – 0.0%** |
| Yara International ASA | 49662 | **1504** |
| **Chile – 0.1%** | **Chile – 0.1%** | **Chile – 0.1%** |
| Antofagasta PLC | 112980 | **2468** |
| **China – 0.5%** | **China – 0.5%** | **China – 0.5%** |
| BOC Hong Kong Holdings Ltd. | 1062608 | 4302 |
| Prosus N.V.\* | 392792 | 18324 |
| SITC International Holdings Co. Ltd. | 398000 | 1082 |
| Wharf Holdings (The) Ltd. | 320000 | 762 |
| Wilmar International Ltd. | 565800 | 1404 |
| Yangzijiang Shipbuilding Holdings Ltd. | 739300 | 1291 |
|  |  | **27165** |
| **Denmark – 2.4%** | **Denmark – 2.4%** | **Denmark – 2.4%** |
| AP Moller - Maersk A/S, Class A | 880 | 1509 |
| AP Moller - Maersk A/S, Class B | 1255 | 2196 |
| Carlsberg A/S, Class B | 27462 | 3498 |
| Coloplast A/S, Class B | 35340 | 3716 |
| Danske Bank A/S | 195957 | 6425 |
| Demant A/S\* | 27804 | 935 |
| DSV A/S | 58520 | 11328 |
| Genmab A/S\* | 17932 | 3501 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **92** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Denmark – 2.4%continued** | **Denmark – 2.4%continued** | **Denmark – 2.4%continued** |
| Novo Nordisk A/S, Class B | 923567 | $64015 |
| Novonesis (Novozymes) B | 100739 | 5871 |
| Orsted A/S\* | 49182 | 2165 |
| Pandora A/S | 23591 | 3612 |
| ROCKWOOL A/S, Class B | 2794 | 1159 |
| Tryg A/S | 98679 | 2349 |
| Vestas Wind Systems A/S\* | 289494 | 3992 |
| Zealand Pharma A/S\* | 18784 | 1414 |
|  |  | **117685** |
| **Finland – 1.0%** | **Finland – 1.0%** | **Finland – 1.0%** |
| Elisa OYJ | 38372 | 1870 |
| Fortum OYJ | 131965 | 2163 |
| Kesko OYJ, Class B | 78296 | 1602 |
| Kone OYJ, Class B | 96303 | 5329 |
| Metso OYJ | 180411 | 1866 |
| Neste OYJ | 124399 | 1146 |
| Nokia OYJ | 1519691 | 8014 |
| Nordea Bank Abp | 898818 | 11494 |
| Orion OYJ, Class B | 30246 | 1798 |
| Sampo OYJ, Class A | 700246 | 6707 |
| Stora Enso OYJ (Registered) | 165953 | 1575 |
| UPM-Kymmene OYJ | 153990 | 4133 |
| Wartsila OYJ Abp | 144874 | 2586 |
|  |  | **50283** |
| **France – 9.6%** | **France – 9.6%** | **France – 9.6%** |
| Accor S.A. | 55838 | 2549 |
| Aeroports de Paris S.A. | 10000 | 1023 |
| Air Liquide S.A. | 165866 | 31565 |
| Airbus S.E. | 170383 | 30042 |
| Alstom S.A.\* | 101763 | 2253 |
| Amundi S.A. | 17965 | 1410 |
| Arkema S.A. | 15991 | 1221 |
| AXA S.A. | 506727 | 21632 |
| BioMerieux | 12245 | 1513 |
| BNP Paribas S.A. | 291647 | 24289 |
| Bollore S.E. | 207017 | 1214 |
| Bouygues S.A. | 53974 | 2128 |
| Bureau Veritas S.A. | 93128 | 2816 |
| Capgemini S.E. | 43682 | 6532 |
| Carrefour S.A. | 159402 | 2286 |
| Cie de Saint-Gobain S.A. | 127986 | 12722 |
| &nbsp;&nbsp; Cie Generale des Etablissements <br> Michelin S.C.A.<br>| 189323 | 6643 |
| Covivio S.A./France | 15543 | 873 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **France – 9.6%continued** | **France – 9.6%continued** | **France – 9.6%continued** |
| Credit Agricole S.A. | 305028 | $5545 |
| Danone S.A. | 184371 | 14128 |
| Dassault Aviation S.A. | 5804 | 1931 |
| Dassault Systemes S.E. | 192115 | 7321 |
| Edenred S.E. | 67035 | 2187 |
| Eiffage S.A. | 19813 | 2310 |
| Engie S.A. | 518070 | 10095 |
| EssilorLuxottica S.A. | 85269 | 24531 |
| Eurazeo S.E. | 12057 | 894 |
| FDJ UNITED | 30490 | 958 |
| Gecina S.A. | 13737 | 1294 |
| Getlink S.E. | 88664 | 1536 |
| Hermes International S.C.A. | 9094 | 23831 |
| Ipsen S.A. | 10248 | 1181 |
| Kering S.A. | 21320 | 4428 |
| Klepierre S.A. | 62510 | 2091 |
| Legrand S.A. | 75043 | 7946 |
| L'Oreal S.A. | 68916 | 25589 |
| LVMH Moet Hennessy Louis Vuitton S.E. | 78971 | 49303 |
| Orange S.A. | 523082 | 6782 |
| Pernod Ricard S.A. | 56796 | 5642 |
| Publicis Groupe S.A. | 65828 | 6203 |
| Renault S.A. | 56432 | 2868 |
| Rexel S.A. | 64830 | 1742 |
| Safran S.A. | 103267 | 27242 |
| Sartorius Stedim Biotech | 8476 | 1686 |
| Societe Generale S.A. | 206381 | 9318 |
| Sodexo S.A. | 26426 | 1698 |
| Teleperformance S.E. | 15701 | 1583 |
| Thales S.A. | 26912 | 7226 |
| TotalEnergies S.E. | 616673 | 39856 |
| Unibail-Rodamco-Westfield\* | 34638 | 2920 |
| Veolia Environnement S.A. | 203043 | 6979 |
| Vinci S.A. | 141553 | 17888 |
|  |  | **479443** |
| **Germany – 9.4%** | **Germany – 9.4%** | **Germany – 9.4%** |
| adidas A.G. | 49022 | 11480 |
| Allianz S.E. (Registered) | 110536 | 42143 |
| BASF S.E. | 256468 | 12747 |
| Bayer A.G. (Registered) | 282004 | 6732 |
| Bayerische Motoren Werke A.G. | 82528 | 6582 |
| Beiersdorf A.G. | 27731 | 3590 |
| Brenntag S.E. | 35636 | 2302 |
| Commerzbank A.G. | 268895 | 6104 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **93** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Germany – 9.4%continued** | **Germany – 9.4%continued** | **Germany – 9.4%continued** |
| Continental A.G. | 30546 | $2135 |
| Covestro A.G.\* | 52333 | 3361 |
| CTS Eventim A.G. & Co. KGaA | 18278 | 1826 |
| Daimler Truck Holding A.G. | 135957 | 5465 |
| Deutsche Bank A.G. (Registered) | 530108 | 12519 |
| Deutsche Boerse A.G. | 53720 | 15833 |
| Deutsche Lufthansa A.G. (Registered) | 181517 | 1314 |
| Deutsche Post A.G. | 274599 | 11721 |
| Deutsche Telekom A.G. (Registered) | 1001302 | 37077 |
| E.ON S.E. | 633801 | 9565 |
| Evonik Industries A.G. | 73633 | 1589 |
| Fresenius Medical Care A.G. | 59889 | 2958 |
| Fresenius S.E. & Co. KGaA\* | 121326 | 5172 |
| GEA Group A.G. | 45630 | 2761 |
| Hannover Rueck S.E. | 17338 | 5147 |
| Heidelberg Materials A.G. | 38800 | 6639 |
| Henkel A.G. & Co. KGaA | 30629 | 2206 |
| Infineon Technologies A.G. | 375581 | 12403 |
| Knorr-Bremse A.G. | 20347 | 1843 |
| LEG Immobilien S.E. | 21697 | 1536 |
| Mercedes-Benz Group A.G. | 206140 | 12089 |
| Merck KGaA | 36644 | 5017 |
| MTU Aero Engines A.G. | 15412 | 5338 |
| &nbsp;&nbsp; Muenchener <br> Rueckversicherungs-Gesellschaft <br> A.G. in Muenchen (Registered)<br>| 38242 | 24105 |
| Nemetschek S.E. | 16934 | 1964 |
| Puma S.E. | 29826 | 722 |
| Rational A.G. | 1462 | 1211 |
| Rheinmetall A.G. | 12459 | 17869 |
| RWE A.G. | 181034 | 6466 |
| SAP S.E. | 299565 | 79532 |
| Scout24 S.E. | 21718 | 2264 |
| Siemens A.G. (Registered) | 218026 | 50021 |
| Siemens Energy A.G.\* | 182268 | 10643 |
| Siemens Healthineers A.G. | 79185 | 4249 |
| Symrise A.G. | 38094 | 3945 |
| Talanx A.G. | 19366 | 2026 |
| Vonovia S.E. | 212706 | 5739 |
| Zalando S.E.\* | 65879 | 2273 |
|  |  | **470223** |
| **Hong Kong – 1.8%** | **Hong Kong – 1.8%** | **Hong Kong – 1.8%** |
| AIA Group Ltd. | 3104686 | 23469 |
| CK Asset Holdings Ltd. | 540638 | 2196 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Hong Kong – 1.8%continued** | **Hong Kong – 1.8%continued** | **Hong Kong – 1.8%continued** |
| CK Infrastructure Holdings Ltd. | 171353 | $1026 |
| CLP Holdings Ltd. | 470014 | 3831 |
| Futu Holdings Ltd. ADR | 16020 | 1640 |
| Hang Seng Bank Ltd. | 222779 | 3027 |
| Henderson Land Development Co. Ltd. | 419929 | 1212 |
| HKT Trust & HKT Ltd. | 1110220 | 1485 |
| Hong Kong & China Gas Co. Ltd. | 3184005 | 2742 |
| Hong Kong Exchanges & Clearing Ltd. | 344296 | 15316 |
| Hongkong Land Holdings Ltd. | 318900 | 1382 |
| Jardine Matheson Holdings Ltd. | 47000 | 1987 |
| Link REIT | 744478 | 3497 |
| MTR Corp. Ltd. | 445136 | 1461 |
| Power Assets Holdings Ltd. | 393317 | 2355 |
| Prudential PLC | 752379 | 8117 |
| Sino Land Co. Ltd. | 1118561 | 1120 |
| Sun Hung Kai Properties Ltd. | 414758 | 3937 |
| Swire Pacific Ltd., Class A | 119051 | 1050 |
| Techtronic Industries Co. Ltd. | 392833 | 4731 |
| WH Group Ltd.<sup>(2)</sup> <br>| 2375713 | 2185 |
| Wharf Real Estate Investment Co. Ltd. | 445766 | 1086 |
|  |  | **88852** |
| **Ireland – 0.4%** | **Ireland – 0.4%** | **Ireland – 0.4%** |
| AerCap Holdings N.V. | 55838 | 5705 |
| AIB Group PLC | 598273 | 3884 |
| Bank of Ireland Group PLC | 280501 | 3319 |
| Irish Bank Resolution Corp. Ltd.<sup>(3) \*</sup> <br>| 99788 |  |
| Kerry Group PLC, Class A | 43136 | 4522 |
| Kingspan Group PLC | 45195 | 3655 |
|  |  | **21085** |
| **Israel – 0.8%** | **Israel – 0.8%** | **Israel – 0.8%** |
| Azrieli Group Ltd. | 13152 | 886 |
| Bank Hapoalim B.M. | 365355 | 4949 |
| Bank Leumi Le-Israel B.M. | 425415 | 5718 |
| &nbsp;&nbsp; Check Point Software Technologies <br> Ltd.\*<br>| 24973 | 5692 |
| Elbit Systems Ltd. | 7704 | 2956 |
| Global-e Online Ltd.\* | 27250 | 972 |
| ICL Group Ltd. | 224099 | 1268 |
| Israel Discount Bank Ltd., Class A | 365397 | 2539 |
| Mizrahi Tefahot Bank Ltd. | 42949 | 1928 |
| Nice Ltd.\* | 18226 | 2804 |
| Nova Ltd.\* | 8299 | 1544 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **94** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Israel – 0.8%continued** | **Israel – 0.8%continued** | **Israel – 0.8%continued** |
| &nbsp;&nbsp; Teva Pharmaceutical Industries Ltd. <br> ADR\*<br>| 318834 | $4901 |
| Wix.com Ltd.\* | 14881 | 2431 |
|  |  | **38588** |
| **Italy – 2.9%** | **Italy – 2.9%** | **Italy – 2.9%** |
| Amplifon S.p.A. | 36249 | 733 |
| Banco BPM S.p.A. | 368378 | 3746 |
| BPER Banca SPA | 289600 | 2272 |
| Coca-Cola HBC A.G. - CDI\* | 63586 | 2879 |
| Davide Campari-Milano N.V. | 181076 | 1063 |
| DiaSorin S.p.A. | 6669 | 661 |
| Enel S.p.A. | 2332432 | 18920 |
| Eni S.p.A. | 613759 | 9479 |
| Ferrari N.V. | 36161 | 15423 |
| FinecoBank Banca Fineco S.p.A. | 176146 | 3490 |
| Generali | 270763 | 9513 |
| Infrastrutture Wireless Italiane S.p.A. | 96117 | 1018 |
| Intesa Sanpaolo S.p.A. | 4345254 | 22371 |
| Leonardo S.p.A. | 115811 | 5652 |
| &nbsp;&nbsp; Mediobanca Banca di Credito <br> Finanziario S.p.A.<br>| 147476 | 2769 |
| Moncler S.p.A. | 66265 | 4095 |
| Nexi S.p.A.\* | 129488 | 689 |
| Poste Italiane S.p.A. | 128609 | 2291 |
| Prysmian S.p.A. | 81198 | 4457 |
| &nbsp;&nbsp; Recordati Industria Chimica e <br> Farmaceutica S.p.A.<br>| 33136 | 1878 |
| Snam S.p.A. | 601338 | 3120 |
| Telecom Italia S.p.A.\* | 3038534 | 1027 |
| Terna - Rete Elettrica Nazionale | 398585 | 3608 |
| UniCredit S.p.A. | 399285 | 22411 |
| Unipol Assicurazioni S.p.A. | 102536 | 1640 |
|  |  | **145205** |
| **Japan – 21.2%** | **Japan – 21.2%** | **Japan – 21.2%** |
| Advantest Corp. | 218600 | 9723 |
| Aeon Co. Ltd. | 186000 | 4661 |
| AGC, Inc. | 56900 | 1731 |
| Aisin Corp. | 148500 | 1616 |
| Ajinomoto Co., Inc. | 264400 | 5229 |
| ANA Holdings, Inc. | 42900 | 790 |
| Asahi Group Holdings Ltd. | 411200 | 5258 |
| Asahi Kasei Corp. | 354800 | 2484 |
| Asics Corp. | 184900 | 3927 |
| Astellas Pharma, Inc. | 515000 | 4977 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Japan – 21.2%continued** | **Japan – 21.2%continued** | **Japan – 21.2%continued** |
| Bandai Namco Holdings, Inc. | 168800 | $5658 |
| Bridgestone Corp. | 165100 | 6631 |
| Canon, Inc. | 269500 | 8403 |
| Capcom Co. Ltd. | 97400 | 2402 |
| Central Japan Railway Co. | 218400 | 4160 |
| Chiba Bank (The) Ltd. | 166600 | 1564 |
| Chubu Electric Power Co., Inc. | 181500 | 1969 |
| Chugai Pharmaceutical Co. Ltd. | 191565 | 8750 |
| Concordia Financial Group Ltd. | 302700 | 1995 |
| Dai Nippon Printing Co. Ltd. | 114300 | 1622 |
| Daifuku Co. Ltd. | 91300 | 2228 |
| Dai-ichi Life Holdings, Inc. | 1032000 | 7856 |
| Daiichi Sankyo Co. Ltd. | 500000 | 11733 |
| Daikin Industries Ltd. | 75200 | 8164 |
| Daito Trust Construction Co. Ltd. | 16600 | 1698 |
| Daiwa House Industry Co. Ltd. | 161400 | 5335 |
| Daiwa Securities Group, Inc. | 378200 | 2523 |
| Denso Corp. | 538200 | 6677 |
| Dentsu Group, Inc. | 56218 | 1238 |
| Disco Corp. | 26300 | 5415 |
| East Japan Railway Co. | 257836 | 5083 |
| Eisai Co. Ltd. | 76700 | 2128 |
| ENEOS Holdings, Inc. | 791497 | 4152 |
| FANUC Corp. | 269500 | 7355 |
| Fast Retailing Co. Ltd. | 54600 | 16305 |
| Fuji Electric Co. Ltd. | 39700 | 1686 |
| FUJIFILM Holdings Corp. | 318800 | 6103 |
| Fujikura Ltd. | 71900 | 2642 |
| Fujitsu Ltd. | 503800 | 10015 |
| Hankyu Hanshin Holdings, Inc. | 67600 | 1815 |
| Hikari Tsushin, Inc. | 5100 | 1315 |
| Hitachi Ltd. | 1332000 | 30837 |
| Honda Motor Co. Ltd. | 1279000 | 11604 |
| Hoshizaki Corp. | 31400 | 1211 |
| Hoya Corp. | 100300 | 11314 |
| Hulic Co. Ltd. | 135300 | 1298 |
| Idemitsu Kosan Co. Ltd. | 255940 | 1803 |
| Inpex Corp. | 254600 | 3504 |
| Isuzu Motors Ltd. | 163200 | 2210 |
| ITOCHU Corp. | 340100 | 15712 |
| Japan Airlines Co. Ltd. | 42200 | 721 |
| Japan Exchange Group, Inc. | 286900 | 2939 |
| Japan Post Bank Co. Ltd. | 516100 | 5212 |
| Japan Post Holdings Co. Ltd. | 547200 | 5466 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **95** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Japan – 21.2%continued** | **Japan – 21.2%continued** | **Japan – 21.2%continued** |
| Japan Post Insurance Co. Ltd. | 57000 | $1156 |
| Japan Tobacco, Inc. | 347000 | 9529 |
| JFE Holdings, Inc. | 161500 | 1976 |
| Kajima Corp. | 111600 | 2279 |
| Kansai Electric Power (The) Co., Inc. | 271300 | 3208 |
| Kao Corp. | 132600 | 5730 |
| Kawasaki Kisen Kaisha Ltd. | 107900 | 1458 |
| KDDI Corp. | 885400 | 13973 |
| Keyence Corp. | 55756 | 21885 |
| Kikkoman Corp. | 196700 | 1894 |
| Kirin Holdings Co. Ltd. | 220300 | 3054 |
| Kobe Bussan Co. Ltd. | 42600 | 1001 |
| Komatsu Ltd. | 259100 | 7519 |
| Konami Group Corp. | 28500 | 3366 |
| Kubota Corp. | 285700 | 3508 |
| Kyocera Corp. | 365100 | 4114 |
| Kyowa Kirin Co. Ltd. | 73200 | 1062 |
| Lasertec Corp. | 22900 | 1964 |
| LY Corp. | 802500 | 2714 |
| M3, Inc. | 125700 | 1439 |
| Makita Corp. | 67500 | 2240 |
| Marubeni Corp. | 405800 | 6484 |
| MatsukiyoCocokara & Co. | 93900 | 1470 |
| MEIJI Holdings Co. Ltd. | 68152 | 1475 |
| MINEBEA MITSUMI, Inc. | 101100 | 1476 |
| Mitsubishi Chemical Group Corp. | 389000 | 1920 |
| Mitsubishi Corp. | 979100 | 17220 |
| Mitsubishi Electric Corp. | 542300 | 9902 |
| Mitsubishi Estate Co. Ltd. | 307600 | 5020 |
| Mitsubishi HC Capital, Inc. | 263000 | 1769 |
| Mitsubishi Heavy Industries Ltd. | 919900 | 15720 |
| Mitsubishi UFJ Financial Group, Inc. | 3291195 | 44448 |
| Mitsui & Co. Ltd. | 722600 | 13582 |
| Mitsui Fudosan Co. Ltd. | 761100 | 6795 |
| Mitsui OSK Lines Ltd. | 99800 | 3462 |
| Mizuho Financial Group, Inc. | 693718 | 18894 |
| MonotaRO Co. Ltd. | 73100 | 1365 |
| &nbsp;&nbsp; MS&AD Insurance Group Holdings, <br> Inc.<br>| 366729 | 7944 |
| Murata Manufacturing Co. Ltd. | 482273 | 7498 |
| NEC Corp. | 349500 | 7417 |
| Nexon Co. Ltd. | 101800 | 1391 |
| NIDEC CORP. | 237700 | 3980 |
| Nintendo Co. Ltd. | 317100 | 21629 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Japan – 21.2%continued** | **Japan – 21.2%continued** | **Japan – 21.2%continued** |
| Nippon Building Fund, Inc. | 2170 | $1843 |
| Nippon Paint Holdings Co. Ltd. | 278900 | 2092 |
| Nippon Sanso Holdings Corp. | 49200 | 1487 |
| Nippon Steel Corp. | 279961 | 5976 |
| Nippon Telegraph & Telephone Corp. | 8642300 | 8347 |
| Nippon Yusen K.K. | 124700 | 4106 |
| Nissan Motor Co. Ltd.\* | 643800 | 1635 |
| Nissin Foods Holdings Co. Ltd. | 59500 | 1212 |
| Nitori Holdings Co. Ltd. | 22800 | 2257 |
| Nitto Denko Corp. | 200800 | 3701 |
| Nomura Holdings, Inc. | 855700 | 5246 |
| Nomura Research Institute Ltd. | 107322 | 3483 |
| NTT Data Group Corp. | 179800 | 3250 |
| Obayashi Corp. | 188400 | 2505 |
| Obic Co. Ltd. | 92000 | 2655 |
| Olympus Corp. | 322100 | 4231 |
| Omron Corp. | 51200 | 1442 |
| Ono Pharmaceutical Co. Ltd. | 113700 | 1221 |
| Oracle Corp. Japan | 11300 | 1188 |
| Oriental Land Co. Ltd. | 310800 | 6116 |
| ORIX Corp. | 333900 | 6908 |
| Osaka Gas Co. Ltd. | 102700 | 2326 |
| Otsuka Corp. | 66500 | 1441 |
| Otsuka Holdings Co. Ltd. | 127115 | 6598 |
| Pan Pacific International Holdings Corp. | 110900 | 3036 |
| Panasonic Holdings Corp. | 665200 | 7968 |
| Rakuten Group, Inc.\* | 427500 | 2446 |
| Recruit Holdings Co. Ltd. | 402700 | 20920 |
| Renesas Electronics Corp. | 479700 | 6516 |
| Resona Holdings, Inc. | 595810 | 5157 |
| Ricoh Co. Ltd. | 152600 | 1614 |
| SBI Holdings, Inc. | 78660 | 2110 |
| SCREEN Holdings Co. Ltd. | 23600 | 1538 |
| SCSK Corp. | 45500 | 1123 |
| Secom Co. Ltd. | 119500 | 4069 |
| Seiko Epson Corp. | 81400 | 1301 |
| Sekisui Chemical Co. Ltd. | 106000 | 1806 |
| Sekisui House Ltd. | 168400 | 3766 |
| Seven & i Holdings Co. Ltd. | 631600 | 9179 |
| SG Holdings Co. Ltd. | 94000 | 938 |
| Shimadzu Corp. | 67100 | 1678 |
| Shimano, Inc. | 21600 | 3032 |
| Shin-Etsu Chemical Co. Ltd. | 513900 | 14641 |
| Shionogi & Co. Ltd. | 215200 | 3244 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **96** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Japan – 21.2%continued** | **Japan – 21.2%continued** | **Japan – 21.2%continued** |
| Shiseido Co. Ltd. | 117300 | $2218 |
| SMC Corp. | 16300 | 5800 |
| SoftBank Corp. | 8270000 | 11525 |
| SoftBank Group Corp. | 272700 | 13799 |
| Sompo Holdings, Inc. | 254235 | 7707 |
| Sony Group Corp. | 1764800 | 44952 |
| Subaru Corp. | 170900 | 3043 |
| Sumitomo Corp. | 315500 | 7088 |
| Sumitomo Electric Industries Ltd. | 204300 | 3409 |
| Sumitomo Metal Mining Co. Ltd. | 71600 | 1556 |
| Sumitomo Mitsui Financial Group, Inc. | 1070626 | 27318 |
| Sumitomo Mitsui Trust Group, Inc. | 188638 | 4707 |
| &nbsp;&nbsp; Sumitomo Realty & Development Co. <br> Ltd.<br>| 89500 | 3358 |
| Suntory Beverage & Food Ltd. | 41500 | 1367 |
| Suzuki Motor Corp. | 447000 | 5450 |
| Sysmex Corp. | 143094 | 2722 |
| T&D Holdings, Inc. | 141900 | 3023 |
| Taisei Corp. | 47800 | 2116 |
| Takeda Pharmaceutical Co. Ltd. | 457566 | 13589 |
| TDK Corp. | 554200 | 5785 |
| Terumo Corp. | 382100 | 7174 |
| TIS, Inc. | 59700 | 1649 |
| Toho Co. Ltd. | 32400 | 1609 |
| Tokio Marine Holdings, Inc. | 509100 | 19635 |
| Tokyo Electron Ltd. | 128100 | 17468 |
| Tokyo Gas Co. Ltd. | 99900 | 3176 |
| Tokyo Metro Co. Ltd. | 83800 | 1018 |
| Tokyu Corp. | 147600 | 1661 |
| TOPPAN Holdings, Inc. | 68200 | 1863 |
| Toray Industries, Inc. | 394000 | 2691 |
| Toyota Industries Corp. | 47000 | 4011 |
| Toyota Motor Corp. | 2720720 | 47989 |
| Toyota Tsusho Corp. | 180600 | 3017 |
| Trend Micro, Inc. | 37300 | 2509 |
| Unicharm Corp. | 315000 | 2506 |
| West Japan Railway Co. | 124100 | 2420 |
| Yakult Honsha Co. Ltd. | 71500 | 1358 |
| Yamaha Motor Co. Ltd. | 268200 | 2143 |
| Yaskawa Electric Corp. | 64100 | 1608 |
| Yokogawa Electric Corp. | 66700 | 1296 |
| Zensho Holdings Co. Ltd. | 28500 | 1529 |
| ZOZO, Inc. | 117900 | 1133 |
|  |  | **1062120** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Jersey – 0.0%** | **Jersey – 0.0%** | **Jersey – 0.0%** |
| CVC Capital Partners PLC\* | 60648 | **$1205** |
| **Jordan – 0.0%** | **Jordan – 0.0%** | **Jordan – 0.0%** |
| Hikma Pharmaceuticals PLC | 46136 | **1161** |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| ArcelorMittal S.A. | 133997 | 3870 |
| Eurofins Scientific S.E. | 39427 | 2101 |
|  |  | **5971** |
| **Macau – 0.1%** | **Macau – 0.1%** | **Macau – 0.1%** |
| Galaxy Entertainment Group Ltd. | 624148 | 2451 |
| Sands China Ltd.\* | 680699 | 1371 |
|  |  | **3822** |
| **Netherlands – 3.9%** | **Netherlands – 3.9%** | **Netherlands – 3.9%** |
| ABN AMRO Bank N.V. - C.V.A. | 134419 | 2831 |
| Adyen N.V.\* | 6295 | 9622 |
| Aegon Ltd. | 373582 | 2457 |
| Akzo Nobel N.V. | 49109 | 3028 |
| Argenx S.E.\* | 17244 | 10184 |
| ASM International N.V. | 13459 | 6167 |
| ASML Holding N.V. | 113003 | 74774 |
| ASR Nederland N.V. | 47143 | 2714 |
| BE Semiconductor Industries N.V. | 23301 | 2420 |
| Euronext N.V. | 22655 | 3281 |
| EXOR N.V. | 29135 | 2651 |
| Heineken Holding N.V. | 37262 | 2705 |
| Heineken N.V. | 81837 | 6683 |
| IMCD N.V. | 16380 | 2180 |
| ING Groep N.V. | 901833 | 17655 |
| JDE Peet's N.V. | 49761 | 1094 |
| Koninklijke Ahold Delhaize N.V. | 266254 | 9954 |
| Koninklijke KPN N.V. | 1087210 | 4603 |
| Koninklijke Philips N.V.\* | 226925 | 5765 |
| NN Group N.V. | 78952 | 4394 |
| Randstad N.V. | 31113 | 1294 |
| Universal Music Group N.V. | 233205 | 6428 |
| Wolters Kluwer N.V. | 68261 | 10603 |
|  |  | **193487** |
| **New Zealand – 0.3%** | **New Zealand – 0.3%** | **New Zealand – 0.3%** |
| Auckland International Airport Ltd. | 494000 | 2293 |
| Contact Energy Ltd. | 224458 | 1167 |
| Fisher & Paykel Healthcare Corp. Ltd. | 167641 | 3200 |
| Infratil Ltd. | 268195 | 1583 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **97** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **New Zealand – 0.3%continued** | **New Zealand – 0.3%continued** | **New Zealand – 0.3%continued** |
| Meridian Energy Ltd. | 388019 | $1235 |
| Xero Ltd.\* | 41431 | 4051 |
|  |  | **13529** |
| **Norway – 0.6%** | **Norway – 0.6%** | **Norway – 0.6%** |
| Aker BP ASA | 93489 | 2215 |
| DNB Bank ASA | 256806 | 6755 |
| Equinor ASA | 234354 | 6206 |
| Gjensidige Forsikring ASA | 59937 | 1379 |
| Kongsberg Gruppen ASA | 25156 | 3688 |
| Mowi ASA | 131854 | 2456 |
| Norsk Hydro ASA | 415713 | 2425 |
| Orkla ASA | 200960 | 2206 |
| Salmar ASA | 18128 | 872 |
| Telenor ASA | 176882 | 2527 |
|  |  | **30729** |
| **Poland – 0.0%** | **Poland – 0.0%** | **Poland – 0.0%** |
| InPost S.A.\* | 65589 | **965** |
| **Portugal – 0.1%** | **Portugal – 0.1%** | **Portugal – 0.1%** |
| &nbsp;&nbsp; Banco Espirito Santo S.A. <br> (Registered)<sup>(3) \*</sup> <br>| 882815 |  |
| EDP S.A. | 914454 | 3092 |
| Galp Energia SGPS S.A. | 120165 | 2113 |
| Jeronimo Martins SGPS S.A. | 81740 | 1736 |
|  |  | **6941** |
| **Singapore – 1.7%** | **Singapore – 1.7%** | **Singapore – 1.7%** |
| CapitaLand Ascendas REIT | 1062392 | 2104 |
| &nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 1685216 | 2624 |
| CapitaLand Investment Ltd. | 663662 | 1347 |
| DBS Group Holdings Ltd. | 570105 | 19566 |
| Genting Singapore Ltd. | 1704380 | 943 |
| Grab Holdings Ltd., Class A\* | 658784 | 2984 |
| Keppel Ltd. | 412350 | 2109 |
| Oversea-Chinese Banking Corp. Ltd. | 979851 | 12522 |
| Sea Ltd. ADR\* | 104576 | 13646 |
| Sembcorp Industries Ltd. | 264100 | 1234 |
| Singapore Airlines Ltd. | 418035 | 2108 |
| Singapore Exchange Ltd. | 252500 | 2514 |
| &nbsp;&nbsp; Singapore Technologies Engineering <br> Ltd.<br>| 440300 | 2216 |
| Singapore Telecommunications Ltd. | 2116825 | 5367 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Singapore – 1.7%continued** | **Singapore – 1.7%continued** | **Singapore – 1.7%continued** |
| STMicroelectronics N.V. | 194738 | $4263 |
| United Overseas Bank Ltd. | 364849 | 10276 |
|  |  | **85823** |
| **South Africa – 0.2%** | **South Africa – 0.2%** | **South Africa – 0.2%** |
| Anglo American PLC | 364257 | **10226** |
| **South Korea – 0.0%** | **South Korea – 0.0%** | **South Korea – 0.0%** |
| Delivery Hero S.E.\* | 53599 | **1272** |
| **Spain – 3.0%** | **Spain – 3.0%** | **Spain – 3.0%** |
| Acciona S.A. | 7195 | 942 |
| &nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 51532 | 2939 |
| Aena S.M.E. S.A. | 21353 | 5005 |
| Amadeus IT Group S.A. | 129672 | 9937 |
| Banco Bilbao Vizcaya Argentaria S.A. | 1652014 | 22519 |
| Banco de Sabadell S.A. | 1559010 | 4389 |
| Banco Santander S.A. | 4330059 | 29165 |
| CaixaBank S.A. | 1137701 | 8855 |
| Cellnex Telecom S.A.\* | 151760 | 5387 |
| EDP Renovaveis S.A. | 91846 | 766 |
| Endesa S.A. | 93555 | 2478 |
| Grifols S.A.\* | 90080 | 803 |
| Iberdrola S.A. | 1673403 | 27053 |
| Industria de Diseno Textil S.A. | 313195 | 15623 |
| Redeia Corp. S.A. | 115354 | 2316 |
| Repsol S.A. | 331526 | 4405 |
| Telefonica S.A. | 1107318 | 5211 |
|  |  | **147793** |
| **Sweden – 3.1%** | **Sweden – 3.1%** | **Sweden – 3.1%** |
| AddTech AB, Class B | 76422 | 2240 |
| Alfa Laval AB | 82962 | 3553 |
| Assa Abloy AB, Class B | 286192 | 8600 |
| Atlas Copco AB, Class A | 764639 | 12251 |
| Atlas Copco AB, Class B | 455359 | 6421 |
| Beijer Ref AB | 108676 | 1525 |
| Boliden AB | 80272 | 2628 |
| Epiroc AB, Class A | 188644 | 3810 |
| Epiroc AB, Class B | 116644 | 2061 |
| EQT AB | 104036 | 3181 |
| Essity AB, Class B | 172009 | 4889 |
| Evolution AB | 46298 | 3454 |
| Fastighets AB Balder, Class B\* | 200895 | 1258 |
| H&M Hennes & Mauritz AB, Class B | 164790 | 2176 |
| Hexagon AB, Class B | 596840 | 6395 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **98** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Sweden – 3.1%continued** | **Sweden – 3.1%continued** | **Sweden – 3.1%continued** |
| Holmen AB, Class B | 21263 | $843 |
| Industrivarden AB, Class A | 36171 | 1331 |
| Industrivarden AB, Class C | 41539 | 1528 |
| Indutrade AB | 79429 | 2207 |
| Investment AB Latour, Class B | 43691 | 1191 |
| Investor AB, Class B | 495669 | 14796 |
| L E Lundbergforetagen AB, Class B | 22433 | 1126 |
| Lifco AB, Class B | 63283 | 2240 |
| Nibe Industrier AB, Class B | 437307 | 1667 |
| Saab AB, Class B | 94747 | 3722 |
| Sagax AB, Class B | 62226 | 1305 |
| Sandvik AB | 310872 | 6558 |
| Securitas AB, Class B | 141031 | 1995 |
| &nbsp;&nbsp; Skandinaviska Enskilda Banken AB, <br> Class A<br>| 453071 | 7429 |
| Skanska AB, Class B | 97142 | 2147 |
| SKF AB, Class B | 100236 | 2035 |
| Svenska Cellulosa AB S.C.A., Class B | 176570 | 2327 |
| Svenska Handelsbanken AB, Class A | 414198 | 4676 |
| Swedbank AB, Class A | 240523 | 5472 |
| Swedish Orphan Biovitrum AB\* | 56242 | 1611 |
| Tele2 AB, Class B | 155872 | 2101 |
| &nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, <br> Class B<br>| 788644 | 6118 |
| Telia Co. AB | 689962 | 2490 |
| Trelleborg AB, Class B | 59706 | 2227 |
| Volvo AB, Class B | 455603 | 13399 |
|  |  | **156983** |
| **Switzerland – 4.8%** | **Switzerland – 4.8%** | **Switzerland – 4.8%** |
| ABB Ltd. (Registered) | 453682 | 23479 |
| Avolta A.G.\* | 28300 | 1238 |
| Baloise Holding A.G. (Registered) | 12015 | 2522 |
| &nbsp;&nbsp; Banque Cantonale Vaudoise <br> (Registered)<br>| 8446 | 921 |
| Barry Callebaut A.G. (Registered) | 1069 | 1418 |
| BKW A.G. | 5956 | 1045 |
| &nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Participation Certificate)<br>| 269 | 3631 |
| &nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Registered)<br>| 31 | 4062 |
| &nbsp;&nbsp; Cie Financiere Richemont S.A., Class A <br> (Registered)<br>| 154222 | 26931 |
| DSM-Firmenich A.G. | 52620 | 5215 |
| EMS-Chemie Holding A.G. (Registered) | 2113 | 1435 |
| Galderma Group A.G.\* | 27155 | 2890 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **Switzerland – 4.8%continued** | **Switzerland – 4.8%continued** | **Switzerland – 4.8%continued** |
| Geberit A.G. (Registered) | 9523 | $5946 |
| Givaudan S.A. (Registered) | 2641 | 11349 |
| Helvetia Holding A.G. (Registered) | 10934 | 2267 |
| Julius Baer Group Ltd. | 58913 | 4069 |
| &nbsp;&nbsp; Kuehne + Nagel International A.G. <br> (Registered)<br>| 14190 | 3286 |
| Logitech International S.A. (Registered) | 44110 | 3751 |
| Lonza Group A.G. (Registered) | 20684 | 12731 |
| Partners Group Holding A.G. | 6438 | 9136 |
| Sandoz Group A.G. | 119617 | 5032 |
| &nbsp;&nbsp; Schindler Holding A.G. (Participation <br> Certificate)<br>| 11802 | 3687 |
| Schindler Holding A.G. (Registered) | 6566 | 1985 |
| SGS S.A. (Registered) | 44189 | 4386 |
| SIG Group A.G.\* | 87730 | 1621 |
| Sika A.G. (Registered) | 43663 | 10576 |
| Sonova Holding A.G. (Registered) | 14232 | 4149 |
| Straumann Holding A.G. (Registered) | 32032 | 3869 |
| Swatch Group (The) A.G. (Bearer) | 7886 | 1362 |
| Swiss Life Holding A.G. (Registered) | 8204 | 7473 |
| Swiss Prime Site A.G. (Registered) | 22458 | 2758 |
| Swisscom A.G. (Registered) | 7544 | 4344 |
| Temenos A.G. (Registered) | 17485 | 1358 |
| UBS Group A.G. (Registered) | 943108 | 28898 |
| VAT Group A.G. | 7941 | 2870 |
| Zurich Insurance Group A.G. | 41825 | 29174 |
|  |  | **240864** |
| **United Kingdom – 11.1%** | **United Kingdom – 11.1%** | **United Kingdom – 11.1%** |
| 3i Group PLC | 279767 | 13106 |
| Admiral Group PLC | 72758 | 2689 |
| Ashtead Group PLC | 123945 | 6693 |
| Associated British Foods PLC | 91477 | 2263 |
| AstraZeneca PLC | 444789 | 65004 |
| Auto Trader Group PLC | 262121 | 2529 |
| Aviva PLC | 765899 | 5520 |
| BAE Systems PLC | 860784 | 17418 |
| Barclays PLC | 4128602 | 15503 |
| Barratt Redrow PLC | 376526 | 2070 |
| British American Tobacco PLC | 570401 | 23516 |
| BT Group PLC | 1807508 | 3881 |
| Bunzl PLC | 94674 | 3627 |
| Centrica PLC | 1432068 | 2767 |
| CK Hutchison Holdings Ltd. | 766638 | 4333 |
| Coca-Cola Europacific Partners PLC | 59427 | 5172 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **99** EQUITY FUNDS

------

**Schedule of Investments** <br>

**INTERNATIONAL EQUITY INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 11.1%continued** | **United Kingdom – 11.1%continued** | **United Kingdom – 11.1%continued** |
| Compass Group PLC | 486745 | $16070 |
| Croda International PLC | 37662 | 1427 |
| DCC PLC | 29134 | 1945 |
| Diageo PLC | 634503 | 16552 |
| Entain PLC | 175097 | 1319 |
| Halma PLC | 106701 | 3569 |
| HSBC Holdings PLC | 5125751 | 58119 |
| Imperial Brands PLC | 229125 | 8473 |
| Informa PLC | 382178 | 3823 |
| InterContinental Hotels Group PLC | 44774 | 4819 |
| Intertek Group PLC | 46957 | 3041 |
| J Sainsbury PLC | 489546 | 1489 |
| JD Sports Fashion PLC | 779073 | 685 |
| Kingfisher PLC | 538362 | 1772 |
| Land Securities Group PLC | 205068 | 1457 |
| Legal & General Group PLC | 1702527 | 5371 |
| Lloyds Banking Group PLC | 17323227 | 16207 |
| London Stock Exchange Group PLC | 137156 | 20339 |
| M&G PLC | 659074 | 1699 |
| Marks & Spencer Group PLC | 596323 | 2744 |
| Melrose Industries PLC | 358947 | 2212 |
| National Grid PLC | 1402688 | 18275 |
| NatWest Group PLC | 2188718 | 12823 |
| Next PLC | 33002 | 4751 |
| Pearson PLC | 176835 | 2794 |
| Phoenix Group Holdings PLC | 205018 | 1520 |
| Reckitt Benckiser Group PLC | 196734 | 13294 |
| RELX PLC | 531354 | 26691 |
| Rentokil Initial PLC | 712397 | 3219 |
| Rolls-Royce Holdings PLC\* | 2438039 | 23572 |
| Sage Group (The) PLC | 285634 | 4462 |
| Schroders PLC | 246592 | 1116 |
| Segro PLC | 372138 | 3321 |
| Severn Trent PLC | 77766 | 2546 |
| Smith & Nephew PLC | 242404 | 3410 |
| Smiths Group PLC | 101269 | 2536 |
| Spirax Group PLC | 22021 | 1774 |
| SSE PLC | 315915 | 6501 |
| Standard Chartered PLC | 596989 | 8848 |
| Tesco PLC | 1930488 | 8294 |
| Unilever PLC | 708852 | 42229 |
| United Utilities Group PLC | 198126 | 2584 |
| Vodafone Group PLC | 5867588 | 5491 |
| Whitbread PLC | 52678 | 1675 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.3%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 11.1%continued** | **United Kingdom – 11.1%continued** | **United Kingdom – 11.1%continued** |
| Wise PLC, Class A\* | 196104 | $2402 |
| WPP PLC | 297964 | 2252 |
|  |  | **555603** |
| **United States – 10.7%** | **United States – 10.7%** | **United States – 10.7%** |
| Alcon A.G. | 143065 | 13506 |
| BP PLC | 4632146 | 26127 |
| CSL Ltd. | 138899 | 21730 |
| CyberArk Software Ltd.\* | 13381 | 4523 |
| Experian PLC | 263811 | 12227 |
| Ferrovial S.E. | 134295 | 6011 |
| GSK PLC | 1189674 | 22721 |
| Haleon PLC | 2596272 | 13141 |
| Holcim A.G.\* | 149255 | 16056 |
| James Hardie Industries PLC - CDI\* | 120943 | 2869 |
| Monday.com Ltd.\* | 10685 | 2598 |
| Nestle S.A. (Registered) | 750717 | 75918 |
| Novartis A.G. (Registered) | 565199 | 62871 |
| QIAGEN N.V.\* | 63466 | 2519 |
| Roche Holding A.G. (Bearer) | 9371 | 3254 |
| Roche Holding A.G. (Genusschein) | 201248 | 66171 |
| Sanofi S.A. | 326187 | 36145 |
| Schneider Electric S.E. | 156888 | 36317 |
| Shell PLC | 1751283 | 63738 |
| Spotify Technology S.A.\* | 44203 | 24313 |
| Stellantis N.V. | 579457 | 6489 |
| Swiss Re A.G. | 86140 | 14622 |
| Tenaris S.A. | 118898 | 2323 |
|  |  | **536189** |
| **Total Common Stocks** |  |  |
| **(Cost $2,817,923)** |  | **4872337** |
| **PREFERRED STOCKS – 0.3%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.3%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.3%** <sup>(1)</sup> |
| **Germany – 0.3%** | **Germany – 0.3%** | **Germany – 0.3%** |
| &nbsp;&nbsp; Bayerische Motoren Werke A.G., <br> 6.26%<sup>(4)</sup> <br>| 17118 | 1276 |
| Dr. Ing hc F Porsche A.G., 5.03%<sup>(4)</sup> <br>| 32836 | 1636 |
| Henkel A.G. & Co. KGaA, 2.78%<sup>(4)</sup> <br>| 47909 | 3809 |
| &nbsp;&nbsp; Porsche Automobil Holding S.E., <br> 5.54%<sup>(4)</sup> <br>| 44397 | 1659 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **100** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **PREFERRED STOCKS – 0.3%** <sup>(1)</sup>**continued**  | **PREFERRED STOCKS – 0.3%** <sup>(1)</sup>**continued**  | **PREFERRED STOCKS – 0.3%** <sup>(1)</sup>**continued**  |
| **Germany – 0.3%continued** | **Germany – 0.3%continued** | **Germany – 0.3%continued** |
| Sartorius A.G., 0.35%<sup>(4)</sup> <br>| 7623 | $1763 |
| Volkswagen A.G., 6.80%<sup>(4)</sup> <br>| 59199 | 5996 |
|  |  | **16139** |
| **Total Preferred Stocks** |  |  |
| **(Cost $16,967)** |  | **16139** |
| **INVESTMENT COMPANIES – 1.0%**  | **INVESTMENT COMPANIES – 1.0%**  | **INVESTMENT COMPANIES – 1.0%**  |
| iShares Core MSCI EAFE ETF | 650000 | 49172 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(5) (6)</sup> <br>| 1914146 | 1914 |
| **Total Investment Companies** |  |  |
| **(Cost $51,485)** |  | **51086** |
| **Total Investments – 98.6%** |  |  |
| **(Cost $2,886,375)** |  | **4939562** |
| Other Assets less Liabilities – 1.4% |  | 67610 |
| **Net Assets – 100.0%** |  | **$5007172** |

---

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2025, the value of this security amounted to approximately $2,185,000 or* *0.0% of net assets.* 

<sup>(3)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(4)</sup> *Current yield is disclosed. Dividends are calculated based on a percentage* *of the issuer's net income.* 

<sup>(5)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(6)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| CDI – CREST Depository Interest |
| EAFE – Europe, Australasia and the Far East |
| ETF – Exchange-Traded Fund |
| FTSE – Financial Times Stock Exchange |
| MSCI – Morgan Stanley Capital International |

---

REIT – Real Estate Investment Trust<br>

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Citibank | Swiss Franc | 3351 | United States <br> Dollar<br>| 3834 | 6/18/25 | $10 |
| Morgan Stanley | United States <br> Dollar<br>| 1185 | Swedish Krona | 11980 | 6/18/25 | 12 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 22 |
| Bank of Montreal | United States <br> Dollar<br>| 3432 | British Pound | 2655 | 6/18/25 | (2)<br>|
| Bank of Montreal | United States <br> Dollar<br>| 435 | Euro | 400 | 6/18/25 | (1)<br>|
| BNP Paribas | United States <br> Dollar<br>| 1152 | Swiss Franc | 1000 | 6/18/25 | (11)<br>|
| JPMorgan Chase | Japanese Yen | 740000 | United States <br> Dollar<br>| 4967 | 6/18/25 | (11)<br>|
| JPMorgan Chase | United States <br> Dollar<br>| 6723 | Euro | 6158 | 6/18/25 | (34)<br>|
| Morgan Stanley | United States <br> Dollar<br>| 6238 | Japanese Yen | 914900 | 6/18/25 | (84)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (143)<br>|
| Total |  |  |  |  |  | $(121)<br>|

---

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; Euro Stoxx 50 <br> (Euro)<br>| 501 | $28110 | Long | 6/25 | $(734)<br>|
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 134 | 14872 | Long | 6/25 | (109)<br>|
| &nbsp;&nbsp; Hang Seng <br> Index (Hong <br> Kong Dollar)<br>| 7 | 1042 | Long | 4/25 | (22)<br>|
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 61 | 7506 | Long | 6/25 | (44)<br>|
| &nbsp;&nbsp; Topix Index <br> (Japanese <br> Yen)<br>| 88 | 15618 | Long | 6/25 | (162)<br>|
| Total |  |  |  |  | $(1071)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **101** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **INTERNATIONAL EQUITY INDEX FUND continued**  | **March 31, 2025**  |

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Hong Kong | &nbsp;&nbsp; $1640 | &nbsp;&nbsp; $87212 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $88852 |
| Ireland | &nbsp;&nbsp; 5705 | &nbsp;&nbsp; 15380 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21085 |
| Israel | &nbsp;&nbsp; 13996 | &nbsp;&nbsp; 24592 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38588 |
| Singapore | &nbsp;&nbsp; 16630 | &nbsp;&nbsp; 69193 | &nbsp;&nbsp; — | &nbsp;&nbsp; 85823 |
| United Kingdom | &nbsp;&nbsp; 5172 | &nbsp;&nbsp; 550431 | &nbsp;&nbsp; — | &nbsp;&nbsp; 555603 |
| United States | &nbsp;&nbsp; 31434 | &nbsp;&nbsp; 504755 | &nbsp;&nbsp; — | &nbsp;&nbsp; 536189 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3546197 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3546197 |
| Total Common Stocks | &nbsp;&nbsp; 74577 | &nbsp;&nbsp; 4797760 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4872337 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 16139 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16139 |
| Investment Companies | &nbsp;&nbsp; 51086 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51086 |
| Total Investments | &nbsp;&nbsp; $125663 | &nbsp;&nbsp; $4813899 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4939562 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (143)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (143)<br>|
| Futures Contracts | &nbsp;&nbsp; (1071)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1071)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(1071)<br>| &nbsp;&nbsp; $(121)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1192)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **102** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LARGE CAP CORE FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.8%**  | **COMMON STOCKS – 98.8%**  | **COMMON STOCKS – 98.8%**  |
| **Aerospace & Defense – 1.3%** | **Aerospace & Defense – 1.3%** | **Aerospace & Defense – 1.3%** |
| General Electric Co. | 6585 | $1318 |
| Lockheed Martin Corp. | 5086 | 2272 |
|  |  | **3590** |
| **Air Freight & Logistics – 0.7%** | **Air Freight & Logistics – 0.7%** | **Air Freight & Logistics – 0.7%** |
| United Parcel Service, Inc., Class B | 16750 | **1842** |
| **Automobiles – 0.9%** | **Automobiles – 0.9%** | **Automobiles – 0.9%** |
| General Motors Co. | 847 | 40 |
| Tesla, Inc.\* | 9350 | 2423 |
| Thor Industries, Inc. | 650 | 49 |
|  |  | **2512** |
| **Banks – 3.6%** | **Banks – 3.6%** | **Banks – 3.6%** |
| Bank of America Corp. | 57281 | 2390 |
| Citigroup, Inc. | 26713 | 1897 |
| JPMorgan Chase & Co. | 21181 | 5196 |
| Truist Financial Corp. | 6424 | 264 |
| Wells Fargo & Co. | 4000 | 287 |
|  |  | **10034** |
| **Beverages – 0.5%** | **Beverages – 0.5%** | **Beverages – 0.5%** |
| Coca-Cola (The) Co. | 3293 | 236 |
| Molson Coors Beverage Co., Class B | 16000 | 974 |
| PepsiCo, Inc. | 1441 | 216 |
|  |  | **1426** |
| **Biotechnology – 1.2%** | **Biotechnology – 1.2%** | **Biotechnology – 1.2%** |
| AbbVie, Inc. | 8492 | 1779 |
| Amgen, Inc. | 5560 | 1732 |
|  |  | **3511** |
| **Broadline Retail – 4.1%** | **Broadline Retail – 4.1%** | **Broadline Retail – 4.1%** |
| Amazon.com, Inc.\* | 50462 | 9601 |
| eBay, Inc. | 30065 | 2036 |
|  |  | **11637** |
| **Building Products – 0.4%** | **Building Products – 0.4%** | **Building Products – 0.4%** |
| Masco Corp. | 16022 | **1114** |
| **Capital Markets – 3.1%** | **Capital Markets – 3.1%** | **Capital Markets – 3.1%** |
| Affiliated Managers Group, Inc. | 3425 | 575 |
| Bank of New York Mellon (The) Corp. | 25672 | 2153 |
| Goldman Sachs Group (The), Inc. | 5032 | 2749 |
| Invesco Ltd. | 22350 | 339 |
| Morgan Stanley | 8920 | 1041 |
| State Street Corp. | 21073 | 1887 |
|  |  | **8744** |
| **Chemicals – 0.6%** | **Chemicals – 0.6%** | **Chemicals – 0.6%** |
| CF Industries Holdings, Inc. | 21563 | **1685** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Communications Equipment – 1.5%** | **Communications Equipment – 1.5%** | **Communications Equipment – 1.5%** |
| Arista Networks, Inc.\* | 13189 | $1022 |
| Cisco Systems, Inc. | 48846 | 3014 |
| F5, Inc.\* | 1012 | 270 |
| Ubiquiti, Inc. | 13 | 4 |
|  |  | **4310** |
| **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** |
| EMCOR Group, Inc. | 1192 | 440 |
| Valmont Industries, Inc. | 3398 | 970 |
|  |  | **1410** |
| **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** | **Consumer Finance – 0.7%** |
| Capital One Financial Corp. | 4950 | 887 |
| SLM Corp. | 25118 | 738 |
| Synchrony Financial | 5631 | 298 |
|  |  | **1923** |
| **Consumer Staples Distribution & Retail – 1.2%** | **Consumer Staples Distribution & Retail – 1.2%** | **Consumer Staples Distribution & Retail – 1.2%** |
| Costco Wholesale Corp. | 592 | 560 |
| Kroger (The) Co. | 23021 | 1558 |
| Target Corp. | 9210 | 961 |
| Walmart, Inc. | 4463 | 392 |
|  |  | **3471** |
| **Containers & Packaging – 0.9%** | **Containers & Packaging – 0.9%** | **Containers & Packaging – 0.9%** |
| Berry Global Group, Inc. | 12745 | 890 |
| Sealed Air Corp. | 60827 | 1758 |
|  |  | **2648** |
| **Diversified Consumer Services – 0.5%** | **Diversified Consumer Services – 0.5%** | **Diversified Consumer Services – 0.5%** |
| H&R Block, Inc. | 24317 | **1335** |
| **Diversified Telecommunication Services – 1.4%** | **Diversified Telecommunication Services – 1.4%** | **Diversified Telecommunication Services – 1.4%** |
| AT&T, Inc. | 109097 | 3085 |
| Verizon Communications, Inc. | 20571 | 933 |
|  |  | **4018** |
| **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** |
| Constellation Energy Corp. | 4160 | 839 |
| Edison International | 808 | 48 |
| Entergy Corp. | 388 | 33 |
| Exelon Corp. | 31700 | 1461 |
| FirstEnergy Corp. | 17121 | 692 |
| NRG Energy, Inc. | 8952 | 854 |
| OGE Energy Corp. | 1743 | 80 |
| PPL Corp. | 40778 | 1472 |
|  |  | **5479** |
| **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** | **Electrical Equipment – 0.5%** |
| Acuity, Inc. | 5566 | **1466** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **103** EQUITY FUNDS

------

**Schedule of Investments** <br>

**LARGE CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Electronic Equipment, Instruments & Components – 0.4%** | **Electronic Equipment, Instruments & Components – 0.4%** | **Electronic Equipment, Instruments & Components – 0.4%** |
| Jabil, Inc. | 7387 | **$1005** |
| **Entertainment – 0.9%** | **Entertainment – 0.9%** | **Entertainment – 0.9%** |
| Netflix, Inc.\* | 2623 | **2446** |
| **Financial Services – 4.9%** | **Financial Services – 4.9%** | **Financial Services – 4.9%** |
| Berkshire Hathaway, Inc., Class B\* | 10673 | 5684 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 18530 | 1384 |
| Fiserv, Inc.\* | 6836 | 1510 |
| Global Payments, Inc. | 7997 | 783 |
| Mastercard, Inc., Class A | 1447 | 793 |
| MGIC Investment Corp. | 75154 | 1862 |
| PayPal Holdings, Inc.\* | 192 | 13 |
| Visa, Inc., Class A | 4822 | 1690 |
|  |  | **13719** |
| **Food Products – 1.4%** | **Food Products – 1.4%** | **Food Products – 1.4%** |
| Ingredion, Inc. | 13642 | 1845 |
| Kellanova | 6722 | 555 |
| Pilgrim's Pride Corp.\* | 29850 | 1627 |
|  |  | **4027** |
| **Ground Transportation – 0.2%** | **Ground Transportation – 0.2%** | **Ground Transportation – 0.2%** |
| Landstar System, Inc. | 3663 | **550** |
| **Health Care Equipment & Supplies – 3.2%** | **Health Care Equipment & Supplies – 3.2%** | **Health Care Equipment & Supplies – 3.2%** |
| Abbott Laboratories | 21699 | 2878 |
| GE HealthCare Technologies, Inc. | 6594 | 532 |
| Medtronic PLC | 13371 | 1202 |
| ResMed, Inc. | 8391 | 1878 |
| Solventum Corp.\* | 13609 | 1035 |
| Stryker Corp. | 4219 | 1571 |
|  |  | **9096** |
| **Health Care Providers & Services – 2.8%** | **Health Care Providers & Services – 2.8%** | **Health Care Providers & Services – 2.8%** |
| Cardinal Health, Inc. | 4899 | 675 |
| Cencora, Inc. | 4047 | 1125 |
| Cigna Group (The) | 2369 | 779 |
| DaVita, Inc.\* | 4197 | 642 |
| HCA Healthcare, Inc. | 3822 | 1321 |
| McKesson Corp. | 3322 | 2236 |
| UnitedHealth Group, Inc. | 1838 | 963 |
|  |  | **7741** |
| **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** |
| Doximity, Inc., Class A\* | 13001 | **754** |
| **Hotels, Restaurants & Leisure – 1.7%** | **Hotels, Restaurants & Leisure – 1.7%** | **Hotels, Restaurants & Leisure – 1.7%** |
| Booking Holdings, Inc. | 583 | 2686 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Hotels, Restaurants & Leisure – 1.7%continued** | **Hotels, Restaurants & Leisure – 1.7%continued** | **Hotels, Restaurants & Leisure – 1.7%continued** |
| Carnival Corp.\* | 37254 | $728 |
| Expedia Group, Inc. | 2658 | 447 |
| Las Vegas Sands Corp. | 2087 | 81 |
| Norwegian Cruise Line Holdings Ltd.\* | 18840 | 357 |
| Royal Caribbean Cruises Ltd. | 1057 | 217 |
| Travel + Leisure Co. | 8027 | 371 |
|  |  | **4887** |
| **Household Durables – 0.2%** | **Household Durables – 0.2%** | **Household Durables – 0.2%** |
| NVR, Inc.\* | 7 | 51 |
| PulteGroup, Inc. | 4216 | 433 |
| Toll Brothers, Inc. | 1944 | 205 |
|  |  | **689** |
| **Household Products – 1.5%** | **Household Products – 1.5%** | **Household Products – 1.5%** |
| Kimberly-Clark Corp. | 11349 | 1614 |
| Procter & Gamble (The) Co. | 16037 | 2733 |
|  |  | **4347** |
| **Industrial Conglomerates – 0.8%** | **Industrial Conglomerates – 0.8%** | **Industrial Conglomerates – 0.8%** |
| 3M Co. | 15070 | **2213** |
| **Insurance – 2.3%** | **Insurance – 2.3%** | **Insurance – 2.3%** |
| Aflac, Inc. | 19463 | 2164 |
| American International Group, Inc. | 1682 | 146 |
| Assured Guaranty Ltd. | 20717 | 1825 |
| Brighthouse Financial, Inc.\* | 17191 | 997 |
| Old Republic International Corp. | 4092 | 161 |
| Unum Group | 13011 | 1060 |
|  |  | **6353** |
| **Interactive Media & Services – 6.8%** | **Interactive Media & Services – 6.8%** | **Interactive Media & Services – 6.8%** |
| Alphabet, Inc., Class A | 71473 | 11053 |
| Meta Platforms, Inc., Class A | 13770 | 7936 |
|  |  | **18989** |
| **IT Services – 1.9%** | **IT Services – 1.9%** | **IT Services – 1.9%** |
| Accenture PLC, Class A | 6400 | 1997 |
| Amdocs Ltd. | 181 | 16 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 9972 | 763 |
| GoDaddy, Inc., Class A\* | 1398 | 252 |
| International Business Machines Corp. | 9024 | 2244 |
| Kyndryl Holdings, Inc.\* | 5023 | 158 |
|  |  | **5430** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **104** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** |
| Medpace Holdings, Inc.\* | 1560 | $475 |
| Waters Corp.\* | 795 | 293 |
|  |  | **768** |
| **Machinery – 2.2%** | **Machinery – 2.2%** | **Machinery – 2.2%** |
| Allison Transmission Holdings, Inc. | 17150 | 1641 |
| Caterpillar, Inc. | 7526 | 2482 |
| Snap-on, Inc. | 5756 | 1940 |
|  |  | **6063** |
| **Media – 0.3%** | **Media – 0.3%** | **Media – 0.3%** |
| Fox Corp., Class A | 9403 | 532 |
| Omnicom Group, Inc. | 2939 | 244 |
|  |  | **776** |
| **Multi-Utilities – 0.6%** | **Multi-Utilities – 0.6%** | **Multi-Utilities – 0.6%** |
| Consolidated Edison, Inc. | 7351 | 813 |
| Public Service Enterprise Group, Inc. | 12273 | 1010 |
|  |  | **1823** |
| **Office Real Estate Investment Trusts – 0.2%** | **Office Real Estate Investment Trusts – 0.2%** | **Office Real Estate Investment Trusts – 0.2%** |
| Kilroy Realty Corp. | 16064 | **526** |
| **Oil, Gas & Consumable Fuels – 3.1%** | **Oil, Gas & Consumable Fuels – 3.1%** | **Oil, Gas & Consumable Fuels – 3.1%** |
| EOG Resources, Inc. | 17753 | 2277 |
| Exxon Mobil Corp. | 21516 | 2559 |
| Marathon Petroleum Corp. | 8996 | 1311 |
| Ovintiv, Inc. | 29796 | 1275 |
| Phillips 66 | 2369 | 292 |
| Valero Energy Corp. | 7056 | 932 |
|  |  | **8646** |
| **Pharmaceuticals – 3.9%** | **Pharmaceuticals – 3.9%** | **Pharmaceuticals – 3.9%** |
| Bristol-Myers Squibb Co. | 41622 | 2539 |
| Eli Lilly & Co. | 2479 | 2047 |
| Johnson & Johnson | 20895 | 3465 |
| Merck & Co., Inc. | 10076 | 904 |
| Pfizer, Inc. | 79545 | 2016 |
|  |  | **10971** |
| **Professional Services – 1.4%** | **Professional Services – 1.4%** | **Professional Services – 1.4%** |
| Automatic Data Processing, Inc. | 4832 | 1476 |
| Genpact Ltd. | 18164 | 915 |
| Leidos Holdings, Inc. | 9844 | 1329 |
| Robert Half, Inc. | 5724 | 312 |
|  |  | **4032** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Real Estate Management & Development – 0.9%** | **Real Estate Management & Development – 0.9%** | **Real Estate Management & Development – 0.9%** |
| CBRE Group, Inc., Class A\* | 6446 | $843 |
| Jones Lang LaSalle, Inc.\* | 6678 | 1656 |
|  |  | **2499** |
| **Retail Real Estate Investment Trusts – 0.8%** | **Retail Real Estate Investment Trusts – 0.8%** | **Retail Real Estate Investment Trusts – 0.8%** |
| Brixmor Property Group, Inc. | 5205 | 138 |
| Simon Property Group, Inc. | 12630 | 2098 |
|  |  | **2236** |
| **Semiconductors & Semiconductor Equipment – 9.4%** | **Semiconductors & Semiconductor Equipment – 9.4%** | **Semiconductors & Semiconductor Equipment – 9.4%** |
| Applied Materials, Inc. | 10323 | 1498 |
| Broadcom, Inc. | 33516 | 5612 |
| KLA Corp. | 2941 | 1999 |
| Lam Research Corp. | 4572 | 332 |
| NVIDIA Corp. | 140661 | 15245 |
| QUALCOMM, Inc. | 11123 | 1709 |
|  |  | **26395** |
| **Software – 8.9%** | **Software – 8.9%** | **Software – 8.9%** |
| Adobe, Inc.\* | 6538 | 2508 |
| AppLovin Corp., Class A\* | 1725 | 457 |
| Dropbox, Inc., Class A\* | 7301 | 195 |
| Fortinet, Inc.\* | 13562 | 1305 |
| Gen Digital, Inc. | 50071 | 1329 |
| Intuit, Inc. | 782 | 480 |
| Microsoft Corp. | 47164 | 17705 |
| Oracle Corp. | 7964 | 1113 |
| Palantir Technologies, Inc., Class A\* | 175 | 15 |
| Salesforce, Inc. | 28 | 8 |
|  |  | **25115** |
| **Specialized Real Estate Investment Trusts – 0.2%** | **Specialized Real Estate Investment Trusts – 0.2%** | **Specialized Real Estate Investment Trusts – 0.2%** |
| Lamar Advertising Co., Class A | 1474 | 168 |
| Public Storage | 1112 | 333 |
| Rayonier, Inc. | 3209 | 89 |
|  |  | **590** |
| **Specialty Retail – 1.4%** | **Specialty Retail – 1.4%** | **Specialty Retail – 1.4%** |
| Bath & Body Works, Inc. | 11824 | 359 |
| Home Depot (The), Inc. | 5892 | 2159 |
| Lowe's Cos., Inc. | 2381 | 555 |
| Williams-Sonoma, Inc. | 5261 | 832 |
|  |  | **3905** |
| **Technology Hardware, Storage & Peripherals – 7.7%** | **Technology Hardware, Storage & Peripherals – 7.7%** | **Technology Hardware, Storage & Peripherals – 7.7%** |
| Apple, Inc. | 96891 | 21523 |
| NetApp, Inc. | 1688 | 148 |
|  |  | **21671** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **105** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LARGE CAP CORE FUND continued**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Textiles, Apparel & Luxury Goods – 1.1%** | **Textiles, Apparel & Luxury Goods – 1.1%** | **Textiles, Apparel & Luxury Goods – 1.1%** |
| Ralph Lauren Corp. | 7209 | $1591 |
| Tapestry, Inc. | 19945 | 1405 |
|  |  | **2996** |
| **Tobacco – 1.5%** | **Tobacco – 1.5%** | **Tobacco – 1.5%** |
| Altria Group, Inc. | 40864 | 2453 |
| Philip Morris International, Inc. | 11128 | 1766 |
|  |  | **4219** |
| **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** |
| W.W. Grainger, Inc. | 399 | **394** |
| **Total Common Stocks** |  |  |
| **(Cost $160,547)** |  | **278026** |
| **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(1) (2)</sup> <br>| 3104812 | 3105 |
| **Total Investment Companies** |  |  |
| **(Cost $3,105)** |  | **3105** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| U.S. Treasury Bill, |  |  |
| 4.11%, 9/11/25<sup>(3) (4)</sup> <br>| $182 | **$179** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $179)** | **(Cost $179)** | **179** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $163,831)** | **(Cost $163,831)** | **281310** |
| Other Assets less Liabilities – 0.0% | Other Assets less Liabilities – 0.0% | 21 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$281331** |

---

<sup>(1)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(2)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(3)</sup> *Discount rate at the time of purchase.*

<sup>(4)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 11 | $3109 | Long | 6/25 | $(18)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; $278026 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $278026 |
| Investment Companies | &nbsp;&nbsp; 3105 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3105 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 179 | &nbsp;&nbsp; — | &nbsp;&nbsp; 179 |
| Total Investments | &nbsp;&nbsp; $281131 | &nbsp;&nbsp; $179 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $281310 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(18)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **106** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LARGE CAP VALUE FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.2%**  | **COMMON STOCKS – 99.2%**  | **COMMON STOCKS – 99.2%**  |
| **Aerospace & Defense – 3.1%** | **Aerospace & Defense – 3.1%** | **Aerospace & Defense – 3.1%** |
| Curtiss-Wright Corp. | 994 | $316 |
| General Dynamics Corp. | 1695 | 462 |
| RTX Corp. | 7280 | 964 |
| Woodward, Inc. | 991 | 181 |
|  |  | **1923** |
| **Banks – 8.4%** | **Banks – 8.4%** | **Banks – 8.4%** |
| Bank of America Corp. | 17497 | 730 |
| Citigroup, Inc. | 13449 | 955 |
| Comerica, Inc. | 12 | 1 |
| East West Bancorp, Inc. | 3402 | 306 |
| Fifth Third Bancorp | 340 | 13 |
| First Hawaiian, Inc. | 9536 | 233 |
| JPMorgan Chase & Co. | 9678 | 2374 |
| Truist Financial Corp. | 2123 | 87 |
| Wells Fargo & Co. | 7803 | 560 |
|  |  | **5259** |
| **Beverages – 0.6%** | **Beverages – 0.6%** | **Beverages – 0.6%** |
| Boston Beer (The) Co., Inc., Class A\* | 1041 | 249 |
| Molson Coors Beverage Co., Class B | 2521 | 153 |
|  |  | **402** |
| **Biotechnology – 3.4%** | **Biotechnology – 3.4%** | **Biotechnology – 3.4%** |
| Biogen, Inc.\* | 2371 | 324 |
| Gilead Sciences, Inc. | 10271 | 1151 |
| Regeneron Pharmaceuticals, Inc. | 591 | 375 |
| United Therapeutics Corp.\* | 993 | 306 |
|  |  | **2156** |
| **Broadline Retail – 0.7%** | **Broadline Retail – 0.7%** | **Broadline Retail – 0.7%** |
| eBay, Inc. | 6428 | **435** |
| **Building Products – 0.5%** | **Building Products – 0.5%** | **Building Products – 0.5%** |
| A.O. Smith Corp. | 4704 | **307** |
| **Capital Markets – 5.2%** | **Capital Markets – 5.2%** | **Capital Markets – 5.2%** |
| Bank of New York Mellon (The) Corp. | 9130 | 766 |
| Charles Schwab (The) Corp. | 2536 | 199 |
| Goldman Sachs Group (The), Inc. | 726 | 397 |
| Invesco Ltd. | 8931 | 135 |
| Janus Henderson Group PLC | 7480 | 270 |
| Jefferies Financial Group, Inc. | 4616 | 247 |
| Morgan Stanley | 7452 | 869 |
| State Street Corp. | 4052 | 363 |
|  |  | **3246** |
| **Chemicals – 1.5%** | **Chemicals – 1.5%** | **Chemicals – 1.5%** |
| Ashland, Inc. | 3357 | 199 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.2%continued**  | **COMMON STOCKS - 99.2%continued**  | **COMMON STOCKS - 99.2%continued**  |
| **Chemicals – 1.5%continued** | **Chemicals – 1.5%continued** | **Chemicals – 1.5%continued** |
| CF Industries Holdings, Inc. | 4089 | $319 |
| International Flavors & Fragrances, Inc. | 1363 | 106 |
| LyondellBasell Industries N.V., Class A | 1090 | 77 |
| Olin Corp. | 9987 | 242 |
|  |  | **943** |
| **Communications Equipment – 2.7%** | **Communications Equipment – 2.7%** | **Communications Equipment – 2.7%** |
| Cisco Systems, Inc. | 21110 | 1303 |
| F5, Inc.\* | 1469 | 391 |
|  |  | **1694** |
| **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** |
| Valmont Industries, Inc. | 984 | **281** |
| **Consumer Finance – 1.2%** | **Consumer Finance – 1.2%** | **Consumer Finance – 1.2%** |
| Ally Financial, Inc. | 223 | 8 |
| Capital One Financial Corp. | 643 | 115 |
| SLM Corp. | 13670 | 402 |
| Synchrony Financial | 3894 | 206 |
|  |  | **731** |
| **Consumer Staples Distribution & Retail – 0.8%** | **Consumer Staples Distribution & Retail – 0.8%** | **Consumer Staples Distribution & Retail – 0.8%** |
| Albertsons Cos., Inc., Class A | 8116 | 179 |
| Kroger (The) Co. | 4378 | 296 |
|  |  | **475** |
| **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** |
| Silgan Holdings, Inc. | 6071 | **310** |
| **Diversified Telecommunication Services – 1.7%** | **Diversified Telecommunication Services – 1.7%** | **Diversified Telecommunication Services – 1.7%** |
| AT&T, Inc. | 37260 | **1054** |
| **Electric Utilities – 3.9%** | **Electric Utilities – 3.9%** | **Electric Utilities – 3.9%** |
| Duke Energy Corp. | 4707 | 574 |
| Evergy, Inc. | 5528 | 381 |
| Eversource Energy | 3429 | 213 |
| Exelon Corp. | 10575 | 487 |
| OGE Energy Corp. | 7876 | 362 |
| PPL Corp. | 11175 | 404 |
|  |  | **2421** |
| **Electrical Equipment – 0.8%** | **Electrical Equipment – 0.8%** | **Electrical Equipment – 0.8%** |
| Acuity, Inc. | 1060 | 279 |
| Generac Holdings, Inc.\* | 1822 | 231 |
|  |  | **510** |
| **Electronic Equipment, Instruments & Components – 1.0%** | **Electronic Equipment, Instruments & Components – 1.0%** | **Electronic Equipment, Instruments & Components – 1.0%** |
| Amphenol Corp., Class A | 3492 | 229 |
| Jabil, Inc. | 2389 | 325 |
| Vontier Corp. | 1807 | 59 |
|  |  | **613** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **107** EQUITY FUNDS

------

**Schedule of Investments** <br>

**LARGE CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.2%continued**  | **COMMON STOCKS - 99.2%continued**  | **COMMON STOCKS - 99.2%continued**  |
| **Entertainment – 1.2%** | **Entertainment – 1.2%** | **Entertainment – 1.2%** |
| Walt Disney (The) Co. | 7831 | **$773** |
| **Financial Services – 4.9%** | **Financial Services – 4.9%** | **Financial Services – 4.9%** |
| Berkshire Hathaway, Inc., Class B\* | 4084 | 2175 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 6943 | 518 |
| Global Payments, Inc. | 84 | 8 |
| MGIC Investment Corp. | 13460 | 334 |
|  |  | **3035** |
| **Food Products – 2.8%** | **Food Products – 2.8%** | **Food Products – 2.8%** |
| General Mills, Inc. | 6898 | 413 |
| Hormel Foods Corp. | 4199 | 130 |
| Ingredion, Inc. | 2451 | 331 |
| Mondelez International, Inc., Class A | 8274 | 561 |
| Pilgrim's Pride Corp.\* | 6242 | 340 |
|  |  | **1775** |
| **Gas Utilities – 0.9%** | **Gas Utilities – 0.9%** | **Gas Utilities – 0.9%** |
| MDU Resources Group, Inc. | 6097 | 103 |
| UGI Corp. | 13225 | 437 |
|  |  | **540** |
| **Ground Transportation – 1.1%** | **Ground Transportation – 1.1%** | **Ground Transportation – 1.1%** |
| CSX Corp. | 23003 | **677** |
| **Health Care Equipment & Supplies – 4.1%** | **Health Care Equipment & Supplies – 4.1%** | **Health Care Equipment & Supplies – 4.1%** |
| Becton Dickinson & Co. | 3551 | 814 |
| Edwards Lifesciences Corp.\* | 95 | 7 |
| GE HealthCare Technologies, Inc. | 5088 | 411 |
| Medtronic PLC | 10431 | 937 |
| STERIS PLC | 1709 | 387 |
|  |  | **2556** |
| **Health Care Providers & Services – 1.9%** | **Health Care Providers & Services – 1.9%** | **Health Care Providers & Services – 1.9%** |
| Centene Corp.\* | 727 | 44 |
| Cigna Group (The) | 1566 | 515 |
| Labcorp Holdings, Inc. | 875 | 204 |
| Premier, Inc., Class A | 965 | 18 |
| UnitedHealth Group, Inc. | 771 | 404 |
|  |  | **1185** |
| **Health Care Real Estate Investment Trusts – 0.4%** | **Health Care Real Estate Investment Trusts – 0.4%** | **Health Care Real Estate Investment Trusts – 0.4%** |
| Alexandria Real Estate Equities, Inc. | 2927 | **271** |
| **Hotel & Resort Real Estate Investment Trusts – 0.5%** | **Hotel & Resort Real Estate Investment Trusts – 0.5%** | **Hotel & Resort Real Estate Investment Trusts – 0.5%** |
| Host Hotels & Resorts, Inc. | 19976 | **284** |
| **Hotels, Restaurants & Leisure – 3.7%** | **Hotels, Restaurants & Leisure – 3.7%** | **Hotels, Restaurants & Leisure – 3.7%** |
| Booking Holdings, Inc. | 68 | 313 |
| Domino's Pizza, Inc. | 609 | 280 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.2%continued**  | **COMMON STOCKS - 99.2%continued**  | **COMMON STOCKS - 99.2%continued**  |
| **Hotels, Restaurants & Leisure – 3.7%continued** | **Hotels, Restaurants & Leisure – 3.7%continued** | **Hotels, Restaurants & Leisure – 3.7%continued** |
| Hilton Worldwide Holdings, Inc. | 1197 | $272 |
| Marriott International, Inc., Class A | 971 | 231 |
| McDonald's Corp. | 2019 | 631 |
| Starbucks Corp. | 2913 | 286 |
| Yum! Brands, Inc. | 2068 | 326 |
|  |  | **2339** |
| **Household Durables – 1.0%** | **Household Durables – 1.0%** | **Household Durables – 1.0%** |
| Garmin Ltd. | 795 | 173 |
| NVR, Inc.\* | 43 | 311 |
| PulteGroup, Inc. | 1339 | 138 |
|  |  | **622** |
| **Household Products – 1.1%** | **Household Products – 1.1%** | **Household Products – 1.1%** |
| Procter & Gamble (The) Co. | 1739 | 297 |
| Reynolds Consumer Products, Inc. | 11707 | 279 |
| Spectrum Brands Holdings, Inc. | 1829 | 131 |
|  |  | **707** |
| **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** |
| Brookfield Renewable Corp. | 2565 | **72** |
| **Industrial Real Estate Investment Trusts – 0.6%** | **Industrial Real Estate Investment Trusts – 0.6%** | **Industrial Real Estate Investment Trusts – 0.6%** |
| First Industrial Realty Trust, Inc. | 6365 | **343** |
| **Insurance – 3.8%** | **Insurance – 3.8%** | **Insurance – 3.8%** |
| American International Group, Inc. | 2236 | 194 |
| Assured Guaranty Ltd. | 3621 | 319 |
| Brighthouse Financial, Inc.\* | 3303 | 191 |
| Loews Corp. | 2326 | 214 |
| MetLife, Inc. | 7269 | 584 |
| Old Republic International Corp. | 9058 | 355 |
| Prudential Financial, Inc. | 4440 | 496 |
|  |  | **2353** |
| **IT Services – 3.3%** | **IT Services – 3.3%** | **IT Services – 3.3%** |
| Accenture PLC, Class A | 3354 | 1047 |
| Amdocs Ltd. | 1923 | 176 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 3063 | 234 |
| International Business Machines Corp. | 2439 | 606 |
|  |  | **2063** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| Mattel, Inc.\* | 175 | **3** |
| **Life Sciences Tools & Services – 2.8%** | **Life Sciences Tools & Services – 2.8%** | **Life Sciences Tools & Services – 2.8%** |
| Bio-Techne Corp. | 5140 | 302 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **108** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.2%continued**  | **COMMON STOCKS - 99.2%continued**  | **COMMON STOCKS - 99.2%continued**  |
| **Life Sciences Tools & Services – 2.8%continued** | **Life Sciences Tools & Services – 2.8%continued** | **Life Sciences Tools & Services – 2.8%continued** |
| IQVIA Holdings, Inc.\* | 2059 | $363 |
| Thermo Fisher Scientific, Inc. | 2213 | 1101 |
|  |  | **1766** |
| **Machinery – 4.2%** | **Machinery – 4.2%** | **Machinery – 4.2%** |
| Cummins, Inc. | 844 | 264 |
| Deere & Co. | 557 | 261 |
| Donaldson Co., Inc. | 4477 | 300 |
| Dover Corp. | 1132 | 199 |
| Esab Corp. | 735 | 86 |
| Gates Industrial Corp. PLC\* | 6905 | 127 |
| Graco, Inc. | 3939 | 329 |
| PACCAR, Inc. | 3221 | 314 |
| Snap-on, Inc. | 1017 | 343 |
| Westinghouse Air Brake Technologies <br> Corp.<br>| 2161 | 392 |
|  |  | **2615** |
| **Media – 3.0%** | **Media – 3.0%** | **Media – 3.0%** |
| Comcast Corp., Class A | 24270 | 895 |
| Fox Corp., Class A | 4379 | 248 |
| Interpublic Group of (The) Cos., Inc. | 3826 | 104 |
| New York Times (The) Co., Class A | 5684 | 282 |
| Nexstar Media Group, Inc. | 915 | 164 |
| Omnicom Group, Inc. | 2095 | 174 |
|  |  | **1867** |
| **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** | **Metals & Mining – 0.8%** |
| Nucor Corp. | 1671 | 201 |
| Reliance, Inc. | 356 | 103 |
| Steel Dynamics, Inc. | 1490 | 186 |
|  |  | **490** |
| **Mortgage Real Estate Investment Trusts – 0.4%** | **Mortgage Real Estate Investment Trusts – 0.4%** | **Mortgage Real Estate Investment Trusts – 0.4%** |
| Starwood Property Trust, Inc. | 14010 | **277** |
| **Multi-Utilities – 1.4%** | **Multi-Utilities – 1.4%** | **Multi-Utilities – 1.4%** |
| Consolidated Edison, Inc. | 4119 | 456 |
| Dominion Energy, Inc. | 7580 | 425 |
|  |  | **881** |
| **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** |
| Kilroy Realty Corp. | 8556 | **280** |
| **Oil, Gas & Consumable Fuels – 6.1%** | **Oil, Gas & Consumable Fuels – 6.1%** | **Oil, Gas & Consumable Fuels – 6.1%** |
| Chevron Corp. | 8214 | 1374 |
| Exxon Mobil Corp. | 9506 | 1131 |
| Occidental Petroleum Corp. | 3991 | 197 |
| Ovintiv, Inc. | 7053 | 302 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.2%continued**  | **COMMON STOCKS - 99.2%continued**  | **COMMON STOCKS - 99.2%continued**  |
| **Oil, Gas & Consumable Fuels – 6.1%continued** | **Oil, Gas & Consumable Fuels – 6.1%continued** | **Oil, Gas & Consumable Fuels – 6.1%continued** |
| Phillips 66 | 2485 | $307 |
| Valero Energy Corp. | 3946 | 521 |
|  |  | **3832** |
| **Personal Care Products – 0.6%** | **Personal Care Products – 0.6%** | **Personal Care Products – 0.6%** |
| Estee Lauder (The) Cos., Inc., Class A | 5288 | **349** |
| **Pharmaceuticals – 1.3%** | **Pharmaceuticals – 1.3%** | **Pharmaceuticals – 1.3%** |
| Johnson & Johnson | 2881 | 478 |
| Pfizer, Inc. | 1249 | 32 |
| Royalty Pharma PLC, Class A | 9609 | 299 |
|  |  | **809** |
| **Professional Services – 2.6%** | **Professional Services – 2.6%** | **Professional Services – 2.6%** |
| Equifax, Inc. | 244 | 59 |
| Genpact Ltd. | 3991 | 201 |
| Jacobs Solutions, Inc. | 2573 | 311 |
| Leidos Holdings, Inc. | 2322 | 313 |
| Robert Half, Inc. | 4106 | 224 |
| &nbsp;&nbsp; Science Applications International <br> Corp.<br>| 2775 | 312 |
| SS&C Technologies Holdings, Inc. | 2693 | 225 |
|  |  | **1645** |
| **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** |
| Jones Lang LaSalle, Inc.\* | 1293 | **321** |
| **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** |
| Equity Residential | 2955 | **212** |
| **Retail Real Estate Investment Trusts – 0.8%** | **Retail Real Estate Investment Trusts – 0.8%** | **Retail Real Estate Investment Trusts – 0.8%** |
| NNN REIT, Inc. | 4154 | 177 |
| Regency Centers Corp. | 4764 | 352 |
|  |  | **529** |
| **Semiconductors & Semiconductor Equipment – 2.0%** | **Semiconductors & Semiconductor Equipment – 2.0%** | **Semiconductors & Semiconductor Equipment – 2.0%** |
| Analog Devices, Inc. | 1925 | 388 |
| Applied Materials, Inc. | 2029 | 295 |
| Cirrus Logic, Inc.\* | 717 | 72 |
| Microchip Technology, Inc. | 3267 | 158 |
| QUALCOMM, Inc. | 2104 | 323 |
| Skyworks Solutions, Inc. | 454 | 29 |
|  |  | **1265** |
| **Software – 1.0%** | **Software – 1.0%** | **Software – 1.0%** |
| ANSYS, Inc.\* | 688 | 217 |
| Gen Digital, Inc. | 12201 | 324 |
| Roper Technologies, Inc. | 171 | 101 |
|  |  | **642** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **109** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LARGE CAP VALUE FUND continued**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.2%continued**  | **COMMON STOCKS - 99.2%continued**  | **COMMON STOCKS - 99.2%continued**  |
| **Specialized Real Estate Investment Trusts – 1.2%** | **Specialized Real Estate Investment Trusts – 1.2%** | **Specialized Real Estate Investment Trusts – 1.2%** |
| Rayonier, Inc. | 11411 | $318 |
| VICI Properties, Inc. | 6116 | 199 |
| Weyerhaeuser Co. | 6926 | 203 |
|  |  | **720** |
| **Specialty Retail – 0.4%** | **Specialty Retail – 0.4%** | **Specialty Retail – 0.4%** |
| Best Buy Co., Inc. | 3294 | **242** |
| **Textiles, Apparel & Luxury Goods – 1.4%** | **Textiles, Apparel & Luxury Goods – 1.4%** | **Textiles, Apparel & Luxury Goods – 1.4%** |
| Columbia Sportswear Co. | 714 | 54 |
| NIKE, Inc., Class B | 680 | 43 |
| Ralph Lauren Corp. | 1629 | 360 |
| Tapestry, Inc. | 5794 | 408 |
|  |  | **865** |
| **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** | **Trading Companies & Distributors – 0.1%** |
| MSC Industrial Direct Co., Inc., Class A | 1166 | **91** |
| **Total Common Stocks** |  |  |
| **(Cost $52,850)** |  | **62056** |
| **INVESTMENT COMPANIES – 0.8%**  | **INVESTMENT COMPANIES – 0.8%**  | **INVESTMENT COMPANIES – 0.8%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(1) (2)</sup> <br>| 501581 | 502 |
| **Total Investment Companies** |  |  |
| **(Cost $502)** |  | **502** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.0%**  | **SHORT-TERM INVESTMENTS – 0.0%**  | **SHORT-TERM INVESTMENTS – 0.0%**  |
| U.S. Treasury Bill, |  |  |
| 4.12%, 9/11/25<sup>(3) (4)</sup> <br>| $32 | **$31** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $31)** | **(Cost $31)** | **31** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $53,383)** | **(Cost $53,383)** | **62589** |
| Liabilities less Other Assets – (0.0%) | Liabilities less Other Assets – (0.0%) | (9)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$62580** |

---

<sup>(1)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(2)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(3)</sup> *Discount rate at the time of purchase.*

<sup>(4)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| REIT - Real Estate Investment Trust |
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; Micro E-Mini <br> S&P 500 <br> Index<br>| 18 | $509 | Long | 6/25 | $2 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; $62056 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62056 |
| Investment Companies | &nbsp;&nbsp; 502 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 502 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 31 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31 |
| Total Investments | &nbsp;&nbsp; $62558 | &nbsp;&nbsp; $31 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62589 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **110** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **MID CAP INDEX FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.8%**  | **COMMON STOCKS – 98.8%**  | **COMMON STOCKS – 98.8%**  |
| **Aerospace & Defense – 1.3%** | **Aerospace & Defense – 1.3%** | **Aerospace & Defense – 1.3%** |
| BWX Technologies, Inc. | 63459 | $6260 |
| Curtiss-Wright Corp. | 26167 | 8302 |
| Hexcel Corp. | 56325 | 3085 |
| Woodward, Inc. | 41237 | 7525 |
|  |  | **25172** |
| **Air Freight & Logistics – 0.2%** | **Air Freight & Logistics – 0.2%** | **Air Freight & Logistics – 0.2%** |
| GXO Logistics, Inc.\* | 82957 | **3242** |
| **Automobile Components – 0.8%** | **Automobile Components – 0.8%** | **Automobile Components – 0.8%** |
| Autoliv, Inc. | 49515 | 4380 |
| Gentex Corp. | 158052 | 3683 |
| Goodyear Tire & Rubber (The) Co.\* | 197966 | 1829 |
| Lear Corp. | 37127 | 3275 |
| Visteon Corp.\* | 19220 | 1492 |
|  |  | **14659** |
| **Automobiles – 0.2%** | **Automobiles – 0.2%** | **Automobiles – 0.2%** |
| Harley-Davidson, Inc. | 79712 | 2013 |
| Thor Industries, Inc. | 36961 | 2802 |
|  |  | **4815** |
| **Banks – 6.7%** | **Banks – 6.7%** | **Banks – 6.7%** |
| Associated Banc-Corp | 113917 | 2567 |
| Bank OZK | 73250 | 3183 |
| Cadence Bank | 127422 | 3868 |
| Columbia Banking System, Inc. | 145465 | 3628 |
| Comerica, Inc. | 91211 | 5387 |
| Commerce Bancshares, Inc. | 84731 | 5273 |
| Cullen/Frost Bankers, Inc. | 44578 | 5581 |
| East West Bancorp, Inc. | 96216 | 8636 |
| First Financial Bankshares, Inc. | 89286 | 3207 |
| First Horizon Corp. | 364201 | 7073 |
| Flagstar Financial, Inc. | 210330 | 2444 |
| FNB Corp. | 248908 | 3348 |
| Glacier Bancorp, Inc. | 78715 | 3481 |
| Hancock Whitney Corp. | 59781 | 3135 |
| Home BancShares, Inc. | 128239 | 3625 |
| International Bancshares Corp. | 37142 | 2342 |
| Old National Bancorp | 221347 | 4690 |
| Pinnacle Financial Partners, Inc. | 53112 | 5632 |
| Prosperity Bancshares, Inc. | 66104 | 4718 |
| SouthState Corp. | 68140 | 6325 |
| Synovus Financial Corp. | 97988 | 4580 |
| Texas Capital Bancshares, Inc.\* | 31808 | 2376 |
| UMB Financial Corp. | 47232 | 4775 |
| United Bankshares, Inc. | 99157 | 3438 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Banks – 6.7%continued** | **Banks – 6.7%continued** | **Banks – 6.7%continued** |
| Valley National Bancorp | 329778 | $2932 |
| Webster Financial Corp. | 118989 | 6134 |
| Western Alliance Bancorp | 75695 | 5816 |
| Wintrust Financial Corp. | 46145 | 5189 |
| Zions Bancorp N.A. | 102648 | 5118 |
|  |  | **128501** |
| **Beverages – 0.6%** | **Beverages – 0.6%** | **Beverages – 0.6%** |
| Boston Beer (The) Co., Inc., Class A\* | 5977 | 1428 |
| Celsius Holdings, Inc.\* | 109303 | 3893 |
| Coca-Cola Consolidated, Inc. | 4089 | 5520 |
|  |  | **10841** |
| **Biotechnology – 2.6%** | **Biotechnology – 2.6%** | **Biotechnology – 2.6%** |
| BioMarin Pharmaceutical, Inc.\* | 132304 | 9353 |
| Cytokinetics, Inc.\* | 81932 | 3293 |
| Exelixis, Inc.\* | 194516 | 7181 |
| Halozyme Therapeutics, Inc.\* | 88309 | 5635 |
| Neurocrine Biosciences, Inc.\* | 69114 | 7644 |
| Roivant Sciences Ltd.\* | 291308 | 2939 |
| Sarepta Therapeutics, Inc.\* | 66310 | 4232 |
| United Therapeutics Corp.\* | 30991 | 9554 |
|  |  | **49831** |
| **Broadline Retail – 0.5%** | **Broadline Retail – 0.5%** | **Broadline Retail – 0.5%** |
| Macy's, Inc. | 192834 | 2422 |
| Nordstrom, Inc. | 67607 | 1653 |
| Ollie's Bargain Outlet Holdings, Inc.\* | 42527 | 4948 |
|  |  | **9023** |
| **Building Products – 2.4%** | **Building Products – 2.4%** | **Building Products – 2.4%** |
| AAON, Inc. | 46829 | 3659 |
| Advanced Drainage Systems, Inc. | 49014 | 5325 |
| Carlisle Cos., Inc. | 30829 | 10497 |
| Fortune Brands Innovations, Inc. | 86261 | 5252 |
| Owens Corning | 59550 | 8505 |
| Simpson Manufacturing Co., Inc. | 29282 | 4600 |
| Trex Co., Inc.\* | 74410 | 4323 |
| UFP Industries, Inc. | 42175 | 4514 |
|  |  | **46675** |
| **Capital Markets – 3.5%** | **Capital Markets – 3.5%** | **Capital Markets – 3.5%** |
| Affiliated Managers Group, Inc. | 20365 | 3422 |
| Carlyle Group (The), Inc. | 146473 | 6385 |
| Evercore, Inc., Class A | 24572 | 4908 |
| Federated Hermes, Inc. | 54043 | 2203 |
| Hamilton Lane, Inc., Class A | 30072 | 4471 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **111** EQUITY FUNDS

------

**Schedule of Investments** <br>

**MID CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Capital Markets – 3.5%continued** | **Capital Markets – 3.5%continued** | **Capital Markets – 3.5%continued** |
| Houlihan Lokey, Inc. | 37458 | $6049 |
| Interactive Brokers Group, Inc., Class A | 75557 | 12512 |
| Janus Henderson Group PLC | 88226 | 3189 |
| Jefferies Financial Group, Inc. | 112977 | 6052 |
| Morningstar, Inc. | 18759 | 5625 |
| SEI Investments Co. | 67035 | 5204 |
| Stifel Financial Corp. | 70871 | 6680 |
|  |  | **66700** |
| **Chemicals – 1.6%** | **Chemicals – 1.6%** | **Chemicals – 1.6%** |
| Ashland, Inc. | 32580 | 1932 |
| Avient Corp. | 63553 | 2362 |
| Axalta Coating Systems Ltd.\* | 151466 | 5024 |
| Cabot Corp. | 37518 | 3119 |
| NewMarket Corp. | 5271 | 2986 |
| Olin Corp. | 79916 | 1937 |
| RPM International, Inc. | 89260 | 10325 |
| Scotts Miracle-Gro (The) Co. | 29946 | 1644 |
| Westlake Corp. | 23301 | 2331 |
|  |  | **31660** |
| **Commercial Services & Supplies – 1.7%** | **Commercial Services & Supplies – 1.7%** | **Commercial Services & Supplies – 1.7%** |
| Brink's (The) Co. | 30180 | 2600 |
| Clean Harbors, Inc.\* | 35177 | 6933 |
| MSA Safety, Inc. | 27273 | 4001 |
| RB Global, Inc. | 127990 | 12837 |
| Tetra Tech, Inc. | 186069 | 5443 |
|  |  | **31814** |
| **Communications Equipment – 0.5%** | **Communications Equipment – 0.5%** | **Communications Equipment – 0.5%** |
| Ciena Corp.\* | 98784 | 5969 |
| Lumentum Holdings, Inc.\* | 48037 | 2995 |
|  |  | **8964** |
| **Construction & Engineering – 2.2%** | **Construction & Engineering – 2.2%** | **Construction & Engineering – 2.2%** |
| AECOM | 91994 | 8531 |
| Comfort Systems U.S.A., Inc. | 24625 | 7937 |
| EMCOR Group, Inc. | 31927 | 11801 |
| Fluor Corp.\* | 119066 | 4265 |
| MasTec, Inc.\* | 42731 | 4987 |
| Valmont Industries, Inc. | 13904 | 3968 |
|  |  | **41489** |
| **Construction Materials – 0.4%** | **Construction Materials – 0.4%** | **Construction Materials – 0.4%** |
| Eagle Materials, Inc. | 23059 | 5118 |
| Knife River Corp.\* | 39291 | 3544 |
|  |  | **8662** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** | **Consumer Finance – 0.8%** |
| Ally Financial, Inc. | 190750 | $6957 |
| FirstCash Holdings, Inc. | 27019 | 3251 |
| SLM Corp. | 146361 | 4298 |
|  |  | **14506** |
| **Consumer Staples Distribution & Retail – 3.2%** | **Consumer Staples Distribution & Retail – 3.2%** | **Consumer Staples Distribution & Retail – 3.2%** |
| Albertsons Cos., Inc., Class A | 281452 | 6189 |
| BJ's Wholesale Club Holdings, Inc.\* | 91669 | 10459 |
| Casey's General Stores, Inc. | 25757 | 11180 |
| Maplebear, Inc.\* | 112342 | 4481 |
| Performance Food Group Co.\* | 108430 | 8526 |
| Sprouts Farmers Market, Inc.\* | 69387 | 10591 |
| U.S. Foods Holding Corp.\* | 160044 | 10477 |
|  |  | **61903** |
| **Containers & Packaging – 1.7%** | **Containers & Packaging – 1.7%** | **Containers & Packaging – 1.7%** |
| AptarGroup, Inc. | 46155 | 6848 |
| Berry Global Group, Inc. | 80340 | 5609 |
| Crown Holdings, Inc. | 81354 | 7262 |
| Graphic Packaging Holding Co. | 208396 | 5410 |
| Greif, Inc., Class A | 18048 | 992 |
| Silgan Holdings, Inc. | 56337 | 2880 |
| Sonoco Products Co. | 68268 | 3225 |
|  |  | **32226** |
| **Diversified Consumer Services – 1.4%** | **Diversified Consumer Services – 1.4%** | **Diversified Consumer Services – 1.4%** |
| Duolingo, Inc.\* | 26303 | 8168 |
| Graham Holdings Co., Class B | 2337 | 2246 |
| Grand Canyon Education, Inc.\* | 19940 | 3450 |
| H&R Block, Inc. | 93085 | 5111 |
| Service Corp. International | 100060 | 8025 |
|  |  | **27000** |
| **Diversified Real Estate Investment Trusts – 0.5%** | **Diversified Real Estate Investment Trusts – 0.5%** | **Diversified Real Estate Investment Trusts – 0.5%** |
| Rayonier, Inc. - (Fractional Shares)<sup>(1)</sup> <br>| 50000 |  |
| WP Carey, Inc. | 151886 | 9585 |
|  |  | **9585** |
| **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** |
| Frontier Communications Parent, Inc.\* | 153807 | 5516 |
| Iridium Communications, Inc. | 75192 | 2054 |
|  |  | **7570** |
| **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** | **Electric Utilities – 1.0%** |
| ALLETE, Inc. | 40204 | 2641 |
| IDACORP, Inc. | 36949 | 4294 |
| OGE Energy Corp. | 139310 | 6403 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **112** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Electric Utilities – 1.0%continued** | **Electric Utilities – 1.0%continued** | **Electric Utilities – 1.0%continued** |
| Portland General Electric Co. | 75888 | $3385 |
| TXNM Energy, Inc. | 62546 | 3345 |
|  |  | **20068** |
| **Electrical Equipment – 1.4%** | **Electrical Equipment – 1.4%** | **Electrical Equipment – 1.4%** |
| Acuity, Inc. | 21282 | 5605 |
| EnerSys | 27465 | 2515 |
| NEXTracker, Inc., Class A\* | 99757 | 4204 |
| nVent Electric PLC | 114431 | 5998 |
| Regal Rexnord Corp. | 45981 | 5235 |
| Sensata Technologies Holding PLC | 104046 | 2525 |
|  |  | **26082** |
| **Electronic Equipment, Instruments & Components – 2.7%** | **Electronic Equipment, Instruments & Components – 2.7%** | **Electronic Equipment, Instruments & Components – 2.7%** |
| Arrow Electronics, Inc.\* | 36119 | 3750 |
| Avnet, Inc. | 59840 | 2878 |
| Belden, Inc. | 27993 | 2806 |
| Cognex Corp. | 117598 | 3508 |
| Coherent Corp.\* | 107588 | 6987 |
| Crane NXT Co. | 34158 | 1756 |
| Fabrinet\* | 24936 | 4925 |
| Flex Ltd.\* | 265624 | 8787 |
| IPG Photonics Corp.\* | 18157 | 1146 |
| Littelfuse, Inc. | 17254 | 3395 |
| Novanta, Inc.\* | 24996 | 3196 |
| TD SYNNEX Corp. | 52216 | 5428 |
| Vontier Corp. | 102919 | 3381 |
|  |  | **51943** |
| **Energy Equipment & Services – 0.6%** | **Energy Equipment & Services – 0.6%** | **Energy Equipment & Services – 0.6%** |
| ChampionX Corp. | 132510 | 3949 |
| NOV, Inc. | 263653 | 4013 |
| Valaris Ltd.\* | 45484 | 1786 |
| Weatherford International PLC | 50612 | 2710 |
|  |  | **12458** |
| **Entertainment – 0.2%** | **Entertainment – 0.2%** | **Entertainment – 0.2%** |
| Warner Music Group Corp., Class A | 100622 | **3154** |
| **Financial Services – 1.9%** | **Financial Services – 1.9%** | **Financial Services – 1.9%** |
| Equitable Holdings, Inc. | 215275 | 11214 |
| Essent Group Ltd. | 72711 | 4197 |
| Euronet Worldwide, Inc.\* | 28678 | 3064 |
| MGIC Investment Corp. | 172858 | 4283 |
| Shift4 Payments, Inc., Class A\* | 47666 | 3895 |
| Voya Financial, Inc. | 66774 | 4524 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Financial Services – 1.9%continued** | **Financial Services – 1.9%continued** | **Financial Services – 1.9%continued** |
| Western Union (The) Co. | 234847 | $2485 |
| WEX, Inc.\* | 24238 | 3806 |
|  |  | **37468** |
| **Food Products – 1.0%** | **Food Products – 1.0%** | **Food Products – 1.0%** |
| Darling Ingredients, Inc.\* | 110401 | 3449 |
| Flowers Foods, Inc. | 135800 | 2581 |
| Ingredion, Inc. | 44839 | 6063 |
| Lancaster Colony Corp. | 13389 | 2343 |
| Pilgrim's Pride Corp.\* | 28007 | 1527 |
| Post Holdings, Inc.\* | 31838 | 3705 |
|  |  | **19668** |
| **Gas Utilities – 1.2%** | **Gas Utilities – 1.2%** | **Gas Utilities – 1.2%** |
| National Fuel Gas Co. | 62974 | 4987 |
| New Jersey Resources Corp. | 69566 | 3413 |
| ONE Gas, Inc. | 39324 | 2972 |
| Southwest Gas Holdings, Inc. | 41707 | 2995 |
| Spire, Inc. | 40464 | 3166 |
| UGI Corp. | 149063 | 4930 |
|  |  | **22463** |
| **Ground Transportation – 1.5%** | **Ground Transportation – 1.5%** | **Ground Transportation – 1.5%** |
| Avis Budget Group, Inc.\* | 11728 | 890 |
| &nbsp;&nbsp; Knight-Swift Transportation Holdings, <br> Inc.<br>| 112374 | 4887 |
| Landstar System, Inc. | 24512 | 3682 |
| Ryder System, Inc. | 29256 | 4207 |
| Saia, Inc.\* | 18460 | 6451 |
| XPO, Inc.\* | 81372 | 8754 |
|  |  | **28871** |
| **Health Care Equipment & Supplies – 1.6%** | **Health Care Equipment & Supplies – 1.6%** | **Health Care Equipment & Supplies – 1.6%** |
| DENTSPLY SIRONA, Inc. | 138145 | 2064 |
| Envista Holdings Corp.\* | 119597 | 2064 |
| Globus Medical, Inc., Class A\* | 78937 | 5778 |
| Haemonetics Corp.\* | 34875 | 2216 |
| Lantheus Holdings, Inc.\* | 48253 | 4710 |
| LivaNova PLC\* | 37732 | 1482 |
| Masimo Corp.\* | 30841 | 5138 |
| Penumbra, Inc.\* | 26637 | 7123 |
|  |  | **30575** |
| **Health Care Providers & Services – 2.3%** | **Health Care Providers & Services – 2.3%** | **Health Care Providers & Services – 2.3%** |
| Acadia Healthcare Co., Inc.\* | 64513 | 1956 |
| Amedisys, Inc.\* | 22752 | 2108 |
| Chemed Corp. | 10398 | 6398 |
| Encompass Health Corp. | 69899 | 7079 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **113** EQUITY FUNDS

------

**Schedule of Investments** <br>

**MID CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Health Care Providers & Services – 2.3%continued** | **Health Care Providers & Services – 2.3%continued** | **Health Care Providers & Services – 2.3%continued** |
| Ensign Group (The), Inc. | 39572 | $5121 |
| HealthEquity, Inc.\* | 60054 | 5307 |
| Hims & Hers Health, Inc.\* | 132694 | 3921 |
| Option Care Health, Inc.\* | 118109 | 4128 |
| Tenet Healthcare Corp.\* | 65996 | 8876 |
|  |  | **44894** |
| **Health Care Real Estate Investment Trusts – 0.8%** | **Health Care Real Estate Investment Trusts – 0.8%** | **Health Care Real Estate Investment Trusts – 0.8%** |
| Healthcare Realty Trust, Inc. | 245976 | 4157 |
| Omega Healthcare Investors, Inc. | 195583 | 7448 |
| Sabra Health Care REIT, Inc. | 164198 | 2868 |
|  |  | **14473** |
| **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** | **Health Care Technology – 0.3%** |
| Doximity, Inc., Class A\* | 92658 | **5377** |
| **Hotel & Resort Real Estate Investment Trusts – 0.1%** | **Hotel & Resort Real Estate Investment Trusts – 0.1%** | **Hotel & Resort Real Estate Investment Trusts – 0.1%** |
| Park Hotels & Resorts, Inc. | 143649 | **1534** |
| **Hotels, Restaurants & Leisure – 3.4%** | **Hotels, Restaurants & Leisure – 3.4%** | **Hotels, Restaurants & Leisure – 3.4%** |
| Aramark | 183942 | 6350 |
| Boyd Gaming Corp. | 46015 | 3029 |
| Cava Group, Inc.\* | 56317 | 4866 |
| Choice Hotels International, Inc. | 15490 | 2057 |
| Churchill Downs, Inc. | 51021 | 5667 |
| Hilton Grand Vacations, Inc.\* | 43162 | 1615 |
| Hyatt Hotels Corp., Class A | 29618 | 3628 |
| Light & Wonder, Inc.\* | 61288 | 5308 |
| Marriott Vacations Worldwide Corp. | 22340 | 1435 |
| Planet Fitness, Inc., Class A\* | 58421 | 5644 |
| Texas Roadhouse, Inc. | 46290 | 7713 |
| Travel + Leisure Co. | 47277 | 2189 |
| Vail Resorts, Inc. | 25990 | 4159 |
| Wendy's (The) Co. | 118879 | 1739 |
| Wingstop, Inc. | 20277 | 4574 |
| Wyndham Hotels & Resorts, Inc. | 53953 | 4883 |
|  |  | **64856** |
| **Household Durables – 1.7%** | **Household Durables – 1.7%** | **Household Durables – 1.7%** |
| KB Home | 48008 | 2790 |
| Somnigroup International, Inc. | 132720 | 7947 |
| Taylor Morrison Home Corp.\* | 71984 | 4322 |
| Toll Brothers, Inc. | 69238 | 7311 |
| TopBuild Corp.\* | 20355 | 6207 |
| Whirlpool Corp. | 38442 | 3465 |
|  |  | **32042** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** |
| Ormat Technologies, Inc. | 39894 | **$2823** |
| **Industrial Real Estate Investment Trusts – 1.2%** | **Industrial Real Estate Investment Trusts – 1.2%** | **Industrial Real Estate Investment Trusts – 1.2%** |
| EastGroup Properties, Inc. | 36052 | 6350 |
| First Industrial Realty Trust, Inc. | 91875 | 4958 |
| Rexford Industrial Realty, Inc. | 158043 | 6187 |
| STAG Industrial, Inc. | 129511 | 4678 |
|  |  | **22173** |
| **Insurance – 5.0%** | **Insurance – 5.0%** | **Insurance – 5.0%** |
| American Financial Group, Inc. | 50107 | 6581 |
| Brighthouse Financial, Inc.\* | 40862 | 2370 |
| CNO Financial Group, Inc. | 70763 | 2947 |
| Fidelity National Financial, Inc. | 180371 | 11739 |
| First American Financial Corp. | 71447 | 4689 |
| Hanover Insurance Group (The), Inc. | 24971 | 4344 |
| Kemper Corp. | 41703 | 2788 |
| Kinsale Capital Group, Inc. | 15355 | 7473 |
| Old Republic International Corp. | 161649 | 6340 |
| Primerica, Inc. | 23131 | 6581 |
| Reinsurance Group of America, Inc. | 45715 | 9001 |
| RenaissanceRe Holdings Ltd. | 34223 | 8214 |
| RLI Corp. | 57854 | 4647 |
| Ryan Specialty Holdings, Inc. | 73802 | 5452 |
| Selective Insurance Group, Inc. | 42205 | 3863 |
| Unum Group | 114161 | 9300 |
|  |  | **96329** |
| **Interactive Media & Services – 0.1%** | **Interactive Media & Services – 0.1%** | **Interactive Media & Services – 0.1%** |
| ZoomInfo Technologies, Inc.\* | 188363 | **1884** |
| **IT Services – 0.4%** | **IT Services – 0.4%** | **IT Services – 0.4%** |
| ASGN, Inc.\* | 30716 | 1936 |
| Kyndryl Holdings, Inc.\* | 161497 | 5071 |
|  |  | **7007** |
| **Leisure Products – 0.5%** | **Leisure Products – 0.5%** | **Leisure Products – 0.5%** |
| Brunswick Corp. | 45855 | 2469 |
| Mattel, Inc.\* | 233818 | 4543 |
| Polaris, Inc. | 36456 | 1493 |
| YETI Holdings, Inc.\* | 58939 | 1951 |
|  |  | **10456** |
| **Life Sciences Tools & Services – 1.8%** | **Life Sciences Tools & Services – 1.8%** | **Life Sciences Tools & Services – 1.8%** |
| Avantor, Inc.\* | 472662 | 7662 |
| Bio-Rad Laboratories, Inc., Class A\* | 13379 | 3259 |
| Bruker Corp. | 76855 | 3208 |
| Illumina, Inc.\* | 109960 | 8724 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **114** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Life Sciences Tools & Services – 1.8%continued** | **Life Sciences Tools & Services – 1.8%continued** | **Life Sciences Tools & Services – 1.8%continued** |
| Medpace Holdings, Inc.\* | 17310 | $5274 |
| Repligen Corp.\* | 36168 | 4602 |
| Sotera Health Co.\* | 106257 | 1239 |
|  |  | **33968** |
| **Machinery – 5.0%** | **Machinery – 5.0%** | **Machinery – 5.0%** |
| AGCO Corp. | 43017 | 3982 |
| Chart Industries, Inc.\* | 29190 | 4214 |
| CNH Industrial N.V. | 606814 | 7452 |
| Crane Co. | 33763 | 5172 |
| Donaldson Co., Inc. | 82939 | 5562 |
| Esab Corp. | 39433 | 4594 |
| Flowserve Corp. | 91207 | 4454 |
| Graco, Inc. | 117234 | 9790 |
| ITT, Inc. | 56529 | 7301 |
| Lincoln Electric Holdings, Inc. | 39173 | 7410 |
| Middleby (The) Corp.\* | 37340 | 5675 |
| Mueller Industries, Inc. | 78929 | 6010 |
| Oshkosh Corp. | 45171 | 4250 |
| RBC Bearings, Inc.\* | 21705 | 6984 |
| Terex Corp. | 45857 | 1732 |
| Timken (The) Co. | 44311 | 3185 |
| Toro (The) Co. | 69709 | 5071 |
| Watts Water Technologies, Inc., Class A | 18998 | 3874 |
|  |  | **96712** |
| **Marine Transportation – 0.2%** | **Marine Transportation – 0.2%** | **Marine Transportation – 0.2%** |
| Kirby Corp.\* | 39831 | **4023** |
| **Media – 0.6%** | **Media – 0.6%** | **Media – 0.6%** |
| EchoStar Corp., Class A\* | 83849 | 2145 |
| New York Times (The) Co., Class A | 113261 | 5618 |
| Nexstar Media Group, Inc. | 20238 | 3627 |
|  |  | **11390** |
| **Metals & Mining – 2.5%** | **Metals & Mining – 2.5%** | **Metals & Mining – 2.5%** |
| Alcoa Corp. | 179331 | 5470 |
| ATI, Inc.\* | 99004 | 5151 |
| Carpenter Technology Corp. | 34661 | 6280 |
| Cleveland-Cliffs, Inc.\* | 336127 | 2763 |
| Commercial Metals Co. | 78904 | 3630 |
| Reliance, Inc. | 37559 | 10845 |
| Royal Gold, Inc. | 45632 | 7461 |
| United States Steel Corp. | 156281 | 6605 |
|  |  | **48205** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Mortgage Real Estate Investment Trusts – 0.6%** | **Mortgage Real Estate Investment Trusts – 0.6%** | **Mortgage Real Estate Investment Trusts – 0.6%** |
| Annaly Capital Management, Inc. | 401236 | $8149 |
| Starwood Property Trust, Inc. | 222341 | 4396 |
|  |  | **12545** |
| **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** |
| Black Hills Corp. | 49727 | 3016 |
| Northwestern Energy Group, Inc. | 42597 | 2465 |
|  |  | **5481** |
| **Office Real Estate Investment Trusts – 0.6%** | **Office Real Estate Investment Trusts – 0.6%** | **Office Real Estate Investment Trusts – 0.6%** |
| COPT Defense Properties | 78122 | 2131 |
| Cousins Properties, Inc. | 116364 | 3433 |
| Kilroy Realty Corp. | 73849 | 2419 |
| Vornado Realty Trust | 115226 | 4262 |
|  |  | **12245** |
| **Oil, Gas & Consumable Fuels – 3.4%** | **Oil, Gas & Consumable Fuels – 3.4%** | **Oil, Gas & Consumable Fuels – 3.4%** |
| Antero Midstream Corp. | 233081 | 4195 |
| Antero Resources Corp.\* | 202971 | 8208 |
| Chord Energy Corp. | 42449 | 4785 |
| Civitas Resources, Inc. | 61675 | 2152 |
| CNX Resources Corp.\* | 103389 | 3255 |
| DT Midstream, Inc. | 70275 | 6780 |
| HF Sinclair Corp. | 111038 | 3651 |
| Matador Resources Co. | 80545 | 4115 |
| Murphy Oil Corp. | 95256 | 2705 |
| Ovintiv, Inc. | 180631 | 7731 |
| PBF Energy, Inc., Class A | 68125 | 1301 |
| Permian Resources Corp. | 443808 | 6147 |
| Range Resources Corp. | 167388 | 6684 |
| Viper Energy, Inc. | 91104 | 4113 |
|  |  | **65822** |
| **Paper & Forest Products – 0.2%** | **Paper & Forest Products – 0.2%** | **Paper & Forest Products – 0.2%** |
| Louisiana-Pacific Corp. | 43398 | **3992** |
| **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** | **Passenger Airlines – 0.5%** |
| Alaska Air Group, Inc.\* | 85404 | 4203 |
| American Airlines Group, Inc.\* | 456466 | 4816 |
|  |  | **9019** |
| **Personal Care Products – 0.5%** | **Personal Care Products – 0.5%** | **Personal Care Products – 0.5%** |
| BellRing Brands, Inc.\* | 89176 | 6640 |
| Coty, Inc., Class A\* | 254435 | 1392 |
| elf Beauty, Inc.\* | 39156 | 2458 |
|  |  | **10490** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **115** EQUITY FUNDS

------

**Schedule of Investments** <br>

**MID CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Pharmaceuticals – 0.4%** | **Pharmaceuticals – 0.4%** | **Pharmaceuticals – 0.4%** |
| Jazz Pharmaceuticals PLC\* | 41963 | $5210 |
| Perrigo Co. PLC | 94742 | 2656 |
|  |  | **7866** |
| **Professional Services – 2.5%** | **Professional Services – 2.5%** | **Professional Services – 2.5%** |
| CACI International, Inc., Class A\* | 15561 | 5710 |
| Concentrix Corp. | 31943 | 1777 |
| ExlService Holdings, Inc.\* | 111646 | 5271 |
| Exponent, Inc. | 35257 | 2858 |
| FTI Consulting, Inc.\* | 24531 | 4025 |
| Genpact Ltd. | 111720 | 5629 |
| Insperity, Inc. | 24559 | 2191 |
| KBR, Inc. | 92492 | 4607 |
| ManpowerGroup, Inc. | 32639 | 1889 |
| Maximus, Inc. | 39142 | 2669 |
| Parsons Corp.\* | 32433 | 1920 |
| Paylocity Holding Corp.\* | 30259 | 5669 |
| Science Applications International <br> Corp.<br>| 33841 | 3799 |
|  |  | **48014** |
| **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** | **Real Estate Management & Development – 0.4%** |
| Jones Lang LaSalle, Inc.\* | 32926 | **8163** |
| **Residential Real Estate Investment Trusts – 1.1%** | **Residential Real Estate Investment Trusts – 1.1%** | **Residential Real Estate Investment Trusts – 1.1%** |
| American Homes 4 Rent, Class A | 220195 | 8326 |
| Equity LifeStyle Properties, Inc. | 132593 | 8844 |
| Independence Realty Trust, Inc. | 159918 | 3395 |
|  |  | **20565** |
| **Retail Real Estate Investment Trusts – 1.1%** | **Retail Real Estate Investment Trusts – 1.1%** | **Retail Real Estate Investment Trusts – 1.1%** |
| Agree Realty Corp. | 74227 | 5730 |
| Brixmor Property Group, Inc. | 212304 | 5637 |
| Kite Realty Group Trust | 152543 | 3412 |
| NNN REIT, Inc. | 130153 | 5551 |
|  |  | **20330** |
| **Semiconductors & Semiconductor Equipment – 2.5%** | **Semiconductors & Semiconductor Equipment – 2.5%** | **Semiconductors & Semiconductor Equipment – 2.5%** |
| Allegro MicroSystems, Inc.\* | 90785 | 2281 |
| Amkor Technology, Inc. | 78923 | 1425 |
| Cirrus Logic, Inc.\* | 36899 | 3677 |
| Entegris, Inc. | 104946 | 9181 |
| Lattice Semiconductor Corp.\* | 95782 | 5024 |
| &nbsp;&nbsp; MACOM Technology Solutions <br> Holdings, Inc.\*<br>| 41291 | 4145 |
| MKS Instruments, Inc. | 46742 | 3746 |
| Onto Innovation, Inc.\* | 34292 | 4161 |
| Power Integrations, Inc. | 39650 | 2002 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Semiconductors & Semiconductor Equipment – 2.5%continued** | **Semiconductors & Semiconductor Equipment – 2.5%continued** | **Semiconductors & Semiconductor Equipment – 2.5%continued** |
| Rambus, Inc.\* | 73992 | $3831 |
| Silicon Laboratories, Inc.\* | 22452 | 2527 |
| Synaptics, Inc.\* | 27050 | 1724 |
| Universal Display Corp. | 30646 | 4275 |
|  |  | **47999** |
| **Software – 3.3%** | **Software – 3.3%** | **Software – 3.3%** |
| Appfolio, Inc., Class A\* | 16132 | 3547 |
| BILL Holdings, Inc.\* | 64890 | 2978 |
| Blackbaud, Inc.\* | 26249 | 1629 |
| Commvault Systems, Inc.\* | 30534 | 4817 |
| Docusign, Inc.\* | 140237 | 11415 |
| Dolby Laboratories, Inc., Class A | 42484 | 3412 |
| Dropbox, Inc., Class A\* | 150592 | 4022 |
| Dynatrace, Inc.\* | 207793 | 9798 |
| Guidewire Software, Inc.\* | 57965 | 10860 |
| Manhattan Associates, Inc.\* | 42428 | 7342 |
| Qualys, Inc.\* | 25409 | 3200 |
|  |  | **63020** |
| **Specialized Real Estate Investment Trusts – 1.7%** | **Specialized Real Estate Investment Trusts – 1.7%** | **Specialized Real Estate Investment Trusts – 1.7%** |
| CubeSmart | 157004 | 6706 |
| EPR Properties | 52556 | 2765 |
| Gaming and Leisure Properties, Inc. | 190384 | 9690 |
| Lamar Advertising Co., Class A | 61036 | 6945 |
| National Storage Affiliates Trust | 48746 | 1920 |
| PotlatchDeltic Corp. | 49804 | 2247 |
| Rayonier, Inc. | 97632 | 2722 |
|  |  | **32995** |
| **Specialty Retail – 3.6%** | **Specialty Retail – 3.6%** | **Specialty Retail – 3.6%** |
| Abercrombie & Fitch Co., Class A\* | 34845 | 2661 |
| AutoNation, Inc.\* | 17833 | 2888 |
| Bath & Body Works, Inc. | 150367 | 4559 |
| Burlington Stores, Inc.\* | 43595 | 10390 |
| Chewy, Inc., Class A\* | 114976 | 3738 |
| Dick's Sporting Goods, Inc. | 40192 | 8101 |
| Five Below, Inc.\* | 38200 | 2862 |
| Floor & Decor Holdings, Inc., Class A\* | 74438 | 5990 |
| GameStop Corp., Class A\* | 282213 | 6299 |
| Gap (The), Inc. | 154451 | 3183 |
| Lithia Motors, Inc. | 18492 | 5428 |
| Murphy U.S.A., Inc. | 12664 | 5950 |
| Penske Automotive Group, Inc. | 12911 | 1859 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **116** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Specialty Retail – 3.6%continued** | **Specialty Retail – 3.6%continued** | **Specialty Retail – 3.6%continued** |
| RH\* | 10462 | $2452 |
| Valvoline, Inc.\* | 87949 | 3062 |
|  |  | **69422** |
| **Technology Hardware, Storage & Peripherals – 0.5%** | **Technology Hardware, Storage & Peripherals – 0.5%** | **Technology Hardware, Storage & Peripherals – 0.5%** |
| Pure Storage, Inc., Class A\* | 215135 | **9524** |
| **Textiles, Apparel & Luxury Goods – 1.0%** | **Textiles, Apparel & Luxury Goods – 1.0%** | **Textiles, Apparel & Luxury Goods – 1.0%** |
| Capri Holdings Ltd.\* | 81885 | 1616 |
| Columbia Sportswear Co. | 22239 | 1683 |
| Crocs, Inc.\* | 38814 | 4122 |
| PVH Corp. | 38661 | 2499 |
| Skechers U.S.A., Inc., Class A\* | 91340 | 5186 |
| Under Armour, Inc., Class A\* | 132413 | 828 |
| Under Armour, Inc., Class C\* | 87386 | 520 |
| VF Corp. | 229849 | 3567 |
|  |  | **20021** |
| **Trading Companies & Distributors – 1.9%** | **Trading Companies & Distributors – 1.9%** | **Trading Companies & Distributors – 1.9%** |
| Applied Industrial Technologies, Inc. | 26632 | 6001 |
| Core & Main, Inc., Class A\* | 132205 | 6387 |
| GATX Corp. | 24661 | 3829 |
| MSC Industrial Direct Co., Inc., Class A | 31069 | 2413 |
| Watsco, Inc. | 24172 | 12287 |
| WESCO International, Inc. | 30761 | 4777 |
|  |  | **35694** |
| **Water Utilities – 0.4%** | **Water Utilities – 0.4%** | **Water Utilities – 0.4%** |
| Essential Utilities, Inc. | 175332 | **6931** |
| **Total Common Stocks** |  |  |
| **(Cost $1,344,830)** |  | **1895872** |
| **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(2) (3)</sup> <br>| 21362917 | 21363 |
| **Total Investment Companies** |  |  |
| **(Cost $21,363)** |  | **21363** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| U.S. Treasury Bill, |  |  |
| 4.11%, 9/11/25<sup>(4) (5)</sup> <br>| $1580 | **$1551** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $1,551)** | **(Cost $1,551)** | **1551** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $1,367,744)** | **(Cost $1,367,744)** | **1918786** |
| Liabilities less Other Assets – (0.0%) | Liabilities less Other Assets – (0.0%) | (58)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1918728** |

---

<sup>(1)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(2)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(3)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(4)</sup> *Discount rate at the time of purchase.*

<sup>(5)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| REIT - Real Estate Investment Trust |
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini S&P <br> MidCap 400<br>| 81 | $23803 | Long | 6/25 | $(126)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **117** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **MID CAP INDEX FUND continued**  | **March 31, 2025**  |

---

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; $1895872 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1895872 |
| Investment Companies | &nbsp;&nbsp; 21363 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21363 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1551 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1551 |
| Total Investments | &nbsp;&nbsp; $1917235 | &nbsp;&nbsp; $1551 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1918786 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(126)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(126)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **118** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.3%** <sup>(1)</sup> | **COMMON STOCKS – 93.3%** <sup>(1)</sup> | **COMMON STOCKS – 93.3%** <sup>(1)</sup> |
| **Australia – 5.8%** | **Australia – 5.8%** | **Australia – 5.8%** |
| Atlas Arteria Ltd. | 4262557 | $12976 |
| Aurizon Holdings Ltd. | 562268 | 1093 |
| Cleanaway Waste Management Ltd. | 1652812 | 2698 |
| Qube Holdings Ltd. | 1799561 | 4448 |
| Transurban Group | 3338109 | 28051 |
|  |  | **49266** |
| **Austria – 0.0%** | **Austria – 0.0%** | **Austria – 0.0%** |
| ANDRITZ A.G. | 4594 | **258** |
| **Brazil – 1.1%** | **Brazil – 1.1%** | **Brazil – 1.1%** |
| CCR S.A. | 2697800 | 5517 |
| &nbsp;&nbsp; Cia de Saneamento Basico do Estado <br> de Sao Paulo S.A.B.ESP ADR<br>| 19968 | 357 |
| Cia Paranaense de Energia - Copel | 689359 | 1132 |
| Santos Brasil Participacoes S.A. | 964558 | 2248 |
|  |  | **9254** |
| **Canada – 5.0%** | **Canada – 5.0%** | **Canada – 5.0%** |
| Ag Growth International, Inc. | 13474 | 327 |
| Algonquin Power & Utilities Corp. | 1051453 | 5400 |
| AltaGas Ltd. | 100200 | 2748 |
| Canadian National Railway Co. | 9608 | 935 |
| Canadian Pacific Kansas City Ltd. | 84800 | 5951 |
| Enbridge, Inc. | 74041 | 3277 |
| Hydro One Ltd. | 26235 | 882 |
| Northland Power, Inc. | 97738 | 1336 |
| Pembina Pipeline Corp. | 228860 | 9154 |
| South Bow Corp. | 53798 | 1374 |
| TC Energy Corp. | 237090 | 11197 |
|  |  | **42581** |
| **China – 2.3%** | **China – 2.3%** | **China – 2.3%** |
| &nbsp;&nbsp; Beijing Capital International Airport Co. <br> Ltd., Class H\*<br>| 6598000 | 2381 |
| China Merchants Port Holdings Co. Ltd. | 1350000 | 2319 |
| China Tower Corp. Ltd., Class H | 2167249 | 2919 |
| China Water Affairs Group Ltd. | 336282 | 291 |
| ENN Energy Holdings Ltd. | 997100 | 8307 |
| Guangdong Investment Ltd. | 393046 | 289 |
| Zhejiang Expressway Co. Ltd., Class H | 3642000 | 2977 |
|  |  | **19483** |
| **Denmark – 0.2%** | **Denmark – 0.2%** | **Denmark – 0.2%** |
| Cadeler A/S\* | 65666 | 320 |
| Orsted A/S\* | 23833 | 1049 |
| Vestas Wind Systems A/S\* | 21924 | 303 |
|  |  | **1672** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.3%** <sup>(1)</sup>**continued**  |
| **France – 5.8%** | **France – 5.8%** | **France – 5.8%** |
| Aeroports de Paris S.A. | 40928 | $4186 |
| Engie S.A. | 171914 | 3350 |
| Eutelsat Communications S.A.CA\* | 336385 | 1604 |
| Getlink S.E. | 730690 | 12663 |
| Veolia Environnement S.A. | 28088 | 965 |
| Vinci S.A. | 211849 | 26771 |
|  |  | **49539** |
| **Germany – 1.9%** | **Germany – 1.9%** | **Germany – 1.9%** |
| E.ON S.E. | 89135 | 1345 |
| &nbsp;&nbsp; Fraport A.G. Frankfurt Airport Services <br> Worldwide\*<br>| 81277 | 5094 |
| RWE A.G. | 270078 | 9646 |
| Siemens A.G. (Registered) | 2166 | 497 |
|  |  | **16582** |
| **Hong Kong – 1.8%** | **Hong Kong – 1.8%** | **Hong Kong – 1.8%** |
| CK Infrastructure Holdings Ltd. | 1156800 | 6928 |
| Power Assets Holdings Ltd. | 1381820 | 8275 |
|  |  | **15203** |
| **Ireland – 0.1%** | **Ireland – 0.1%** | **Ireland – 0.1%** |
| Greencoat Renewables PLC | 1124400 | **893** |
| **Italy – 6.8%** | **Italy – 6.8%** | **Italy – 6.8%** |
| Enav S.p.A. | 260107 | 1029 |
| Enel S.p.A. | 1077543 | 8741 |
| Hera S.p.A. | 2508854 | 10856 |
| Infrastrutture Wireless Italiane S.p.A. | 245221 | 2596 |
| Italgas S.p.A. | 1075896 | 7723 |
| Snam S.p.A. | 3010705 | 15619 |
| Terna - Rete Elettrica Nazionale | 1321543 | 11962 |
|  |  | **58526** |
| **Japan – 1.7%** | **Japan – 1.7%** | **Japan – 1.7%** |
| Chubu Electric Power Co., Inc. | 119200 | 1293 |
| East Japan Railway Co. | 69400 | 1368 |
| Japan Airport Terminal Co. Ltd. | 169200 | 4659 |
| Kansai Electric Power (The) Co., Inc. | 94900 | 1122 |
| Kurita Water Industries Ltd. | 15800 | 489 |
| West Japan Railway Co. | 270000 | 5264 |
|  |  | **14195** |
| **Luxembourg – 0.6%** | **Luxembourg – 0.6%** | **Luxembourg – 0.6%** |
| SES S.A. | 853415 | **5042** |
| **Malaysia – 0.2%** | **Malaysia – 0.2%** | **Malaysia – 0.2%** |
| Tenaga Nasional Bhd. | 636600 | **1920** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **119** EQUITY FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.3%** <sup>(1)</sup>**continued**  |
| **Mexico – 3.1%** | **Mexico – 3.1%** | **Mexico – 3.1%** |
| &nbsp;&nbsp; Grupo Aeroportuario del Centro Norte <br> S.A.B. de C.V.<br>| 178808 | $1756 |
| &nbsp;&nbsp; Grupo Aeroportuario del Pacifico <br> S.A.B. de C.V., Class B\*<br>| 505936 | 9347 |
| &nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. <br> de C.V., Class B<br>| 398456 | 10887 |
| Promotora y Operadora de <br> Infraestructura S.A.B. de C.V.<br>| 406076 | 4091 |
|  |  | **26081** |
| **Netherlands – 0.3%** | **Netherlands – 0.3%** | **Netherlands – 0.3%** |
| Koninklijke Vopak N.V. | 68381 | **2963** |
| **New Zealand – 1.2%** | **New Zealand – 1.2%** | **New Zealand – 1.2%** |
| Auckland International Airport Ltd. | 2140948 | **9939** |
| **Philippines – 0.3%** | **Philippines – 0.3%** | **Philippines – 0.3%** |
| International Container Terminal <br> Services, Inc.<br>| 431360 | **2678** |
| **Portugal – 0.3%** | **Portugal – 0.3%** | **Portugal – 0.3%** |
| REN - Redes Energeticas Nacionais <br> SGPS S.A.<br>| 868408 | **2580** |
| **Spain – 3.5%** | **Spain – 3.5%** | **Spain – 3.5%** |
| Aena S.M.E. S.A. | 115182 | 27000 |
| Iberdrola S.A. | 207060 | 3347 |
|  |  | **30347** |
| **Switzerland – 1.2%** | **Switzerland – 1.2%** | **Switzerland – 1.2%** |
| Flughafen Zurich A.G. (Registered) | 42607 | 10122 |
| Landis+Gyr Group A.G.\* | 4154 | 247 |
|  |  | **10369** |
| **Thailand – 0.1%** | **Thailand – 0.1%** | **Thailand – 0.1%** |
| Airports of Thailand PCL (Registered) | 1021400 | **1137** |
| **United Kingdom – 8.9%** | **United Kingdom – 8.9%** | **United Kingdom – 8.9%** |
| National Grid PLC | 2999213 | 39075 |
| Pennon Group PLC | 1020823 | 5898 |
| Severn Trent PLC | 492574 | 16126 |
| SSE PLC | 42158 | 867 |
| United Utilities Group PLC | 1052299 | 13723 |
|  |  | **75689** |
| **United States – 41.1%** | **United States – 41.1%** | **United States – 41.1%** |
| AECOM | 7163 | 664 |
| AES (The) Corp. | 95553 | 1187 |
| Alexandria Real Estate Equities, Inc. | 7113 | 658 |
| Alliant Energy Corp. | 31788 | 2046 |
| Ameren Corp. | 20210 | 2029 |
| American Electric Power Co., Inc. | 178108 | 19462 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.3%** <sup>(1)</sup>**continued**  |
| **United States – 41.1%continued** | **United States – 41.1%continued** | **United States – 41.1%continued** |
| American Tower Corp. | 31505 | $6855 |
| American Water Works Co., Inc. | 6604 | 974 |
| Array Technologies, Inc.\* | 39922 | 194 |
| Bunge Global S.A. | 13253 | 1013 |
| CenterPoint Energy, Inc. | 28101 | 1018 |
| Cheniere Energy, Inc. | 54879 | 12699 |
| Consolidated Edison, Inc. | 36805 | 4070 |
| Constellation Energy Corp. | 28856 | 5818 |
| Crown Castle, Inc. | 67096 | 6993 |
| CSX Corp. | 680179 | 20018 |
| Dominion Energy, Inc. | 129257 | 7247 |
| DT Midstream, Inc. | 42784 | 4128 |
| Duke Energy Corp. | 82801 | 10099 |
| Edison International | 3456 | 204 |
| Enphase Energy, Inc.\* | 5312 | 330 |
| Entergy Corp. | 82742 | 7074 |
| Equinix, Inc. | 1609 | 1312 |
| Essential Utilities, Inc. | 26689 | 1055 |
| Evergy, Inc. | 115571 | 7969 |
| Eversource Energy | 103698 | 6441 |
| Exelon Corp. | 647186 | 29822 |
| Ferrovial S.E. | 445619 | 19947 |
| First Solar, Inc.\* | 2656 | 336 |
| GFL Environmental, Inc. | 104852 | 5065 |
| Gladstone Land Corp. | 23473 | 247 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<br>| 17998 | 526 |
| Hess Midstream L.P., Class A | 72211 | 3054 |
| Hubbell, Inc. | 1118 | 370 |
| Kinder Morgan, Inc. | 44259 | 1263 |
| Kinetik Holdings, Inc. | 36987 | 1921 |
| NextEra Energy, Inc. | 318025 | 22545 |
| NiSource, Inc. | 81438 | 3265 |
| Norfolk Southern Corp. | 88244 | 20901 |
| ONEOK, Inc. | 106998 | 10616 |
| Ormat Technologies, Inc. | 16830 | 1191 |
| PG&E Corp. | 467125 | 8025 |
| PPL Corp. | 75748 | 2735 |
| Public Service Enterprise Group, Inc. | 135408 | 11144 |
| SBA Communications Corp. | 27162 | 5976 |
| Sempra | 27610 | 1970 |
| SJW Group | 5075 | 278 |
| Targa Resources Corp. | 93623 | 18769 |
| Tetra Tech, Inc. | 27276 | 798 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **120** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 93.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.3%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 93.3%** <sup>(1)</sup>**continued**  |
| **United States – 41.1%continued** | **United States – 41.1%continued** | **United States – 41.1%continued** |
| UGI Corp. | 116637 | $3857 |
| Union Pacific Corp. | 14623 | 3454 |
| Venture Global, Inc., Class A | 190372 | 1961 |
| Vistra Corp. | 26835 | 3151 |
| Waste Connections, Inc. | 13125 | 2558 |
| Waste Management, Inc. | 5346 | 1238 |
| WEC Energy Group, Inc. | 63939 | 6968 |
| Williams (The) Cos., Inc. | 249080 | 14885 |
| Xcel Energy, Inc. | 159446 | 11287 |
|  |  | **351680** |
| **Total Common Stocks** |  |  |
| **(Cost $730,203)** |  | **797877** |
| **MASTER LIMITED PARTNERSHIPS – 2.7%** <sup>(1)</sup> | **MASTER LIMITED PARTNERSHIPS – 2.7%** <sup>(1)</sup> | **MASTER LIMITED PARTNERSHIPS – 2.7%** <sup>(1)</sup> |
| **United States – 2.7%** | **United States – 2.7%** | **United States – 2.7%** |
| Energy Transfer L.P. | 253623 | 4715 |
| Enterprise Products Partners L.P. | 92999 | 3175 |
| MPLX L.P. | 94625 | 5065 |
| Plains All American Pipeline L.P. | 257714 | 5154 |
| Western Midstream Partners L.P. | 120954 | 4954 |
|  |  | **23063** |
| **Total Master Limited Partnerships** |  |  |
| **(Cost $22,933)** |  | **23063** |
| **INVESTMENT COMPANIES – 3.4%**  | **INVESTMENT COMPANIES – 3.4%**  | **INVESTMENT COMPANIES – 3.4%**  |
| International Public Partnerships Ltd. | 778376 | 1129 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(2) (3)</sup> <br>| 25813750 | 25814 |
| &nbsp;&nbsp; Renewables Infrastructure Group (The) <br> Ltd.<br>| 1258711 | 1230 |
| &nbsp;&nbsp; VH Global Sustainable Energy <br> Opportunities PLC<br>| 812380 | 599 |
| **Total Investment Companies** |  |  |
| **(Cost $29,372)** |  | **28772** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| U.S. Treasury Bill, |  |  |
| 4.11%, 9/11/25<sup>(4) (5)</sup> <br>| $636 | $624 |
| **Total Short-Term Investments** |  |  |
| **(Cost $624)** |  | **624** |
| **Total Investments – 99.5%** |  |  |
| **(Cost $783,132)** |  | **850336** |
| Other Assets less Liabilities – 0.5% |  | 4407 |
| **Net Assets – 100.0%** |  | **$854743** |

---

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(3)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(4)</sup> *Discount rate at the time of purchase.*

<sup>(5)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR – American Depositary Receipt |
| EAFE – Europe, Australasia and the Far East |
| MSCI – Morgan Stanley Capital International |
| S&P – Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br> (United States <br> Dollar)<br>| 20 | $5653 | Long | 6/25 | $23 |
| &nbsp;&nbsp; MSCI EAFE <br> Index <br> (United States <br> Dollar)<br>| 37 | 4470 | Long | 6/25 | (131)<br>|
| Total |  |  |  |  | $(108)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **121** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND continued**  | **March 31, 2025**  |

---

At March 31, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Communication Services | 1.4<br> %<br>|
| Consumer Staples | 0.1 |
| Energy | 14.1 |
| Financials | 0.4 |
| Industrials | 33.6 |
| Information Technology | 0.1 |
| Real Estate | 2.6 |
| Short-Term Investments | 3.1 |
| Utilities | 44.1 |
| Total Investments | 99.5 |
| Other Assets less Liabilities | 0.5 |
| Net Assets | 100.0<br> %<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $9254 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9254 |
| Canada | &nbsp;&nbsp; 42581 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42581 |
| Mexico | &nbsp;&nbsp; 26081 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26081 |
| United States | &nbsp;&nbsp; 331733 | &nbsp;&nbsp; 19947 | &nbsp;&nbsp; — | &nbsp;&nbsp; 351680 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 368281 | &nbsp;&nbsp; — | &nbsp;&nbsp; 368281 |
| Total Common Stocks | &nbsp;&nbsp; 409649 | &nbsp;&nbsp; 388228 | &nbsp;&nbsp; — | &nbsp;&nbsp; 797877 |
| Master Limited Partnerships | &nbsp;&nbsp; 23063 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23063 |
| Investment Companies | &nbsp;&nbsp; 25814 | &nbsp;&nbsp; 2958 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28772 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 624 | &nbsp;&nbsp; — | &nbsp;&nbsp; 624 |
| Total Investments | &nbsp;&nbsp; $458526 | &nbsp;&nbsp; $391810 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $850336 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $23 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23 |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (131)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (131)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(108)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(108)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **122** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **MULTI-MANAGER GLOBAL REAL ESTATE FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup> | **COMMON STOCKS – 95.9%** <sup>(1)</sup> | **COMMON STOCKS – 95.9%** <sup>(1)</sup> |
| **Australia – 6.6%** | **Australia – 6.6%** | **Australia – 6.6%** |
| Charter Hall Group | 58319 | $594 |
| Goodman Group | 187539 | 3373 |
| HMC Capital Ltd. | 15796 | 62 |
| National Storage REIT | 392067 | 547 |
| Scentre Group | 627392 | 1317 |
| Stockland | 128422 | 395 |
|  |  | **6288** |
| **Belgium – 1.3%** | **Belgium – 1.3%** | **Belgium – 1.3%** |
| Shurgard Self Storage Ltd. | 26068 | 944 |
| VGP N.V. | 3045 | 265 |
|  |  | **1209** |
| **Canada – 1.5%** | **Canada – 1.5%** | **Canada – 1.5%** |
| Canadian Apartment Properties REIT | 46065 | **1381** |
| **France – 1.2%** | **France – 1.2%** | **France – 1.2%** |
| Unibail-Rodamco-Westfield\* | 13558 | **1143** |
| **Germany – 1.9%** | **Germany – 1.9%** | **Germany – 1.9%** |
| LEG Immobilien S.E. | 2800 | 198 |
| Vonovia S.E. | 59336 | 1601 |
|  |  | **1799** |
| **Hong Kong – 1.5%** | **Hong Kong – 1.5%** | **Hong Kong – 1.5%** |
| Hongkong Land Holdings Ltd. | 92300 | 400 |
| Link REIT | 143400 | 674 |
| Sun Hung Kai Properties Ltd. | 35000 | 332 |
|  |  | **1406** |
| **Japan – 6.4%** | **Japan – 6.4%** | **Japan – 6.4%** |
| Comforia Residential REIT, Inc. | 178 | 313 |
| Invincible Investment Corp. | 1019 | 428 |
| Japan Metropolitan Fund Invest | 1601 | 1023 |
| Japan Real Estate Investment Corp. | 544 | 390 |
| KDX Realty Investment Corp. | 437 | 430 |
| Mitsubishi Estate Co. Ltd. | 33900 | 553 |
| Mitsui Fudosan Co. Ltd. | 266100 | 2376 |
| Star Asia Investment Corp. | 840 | 303 |
| United Urban Investment Corp. | 316 | 313 |
|  |  | **6129** |
| **Netherlands – 0.2%** | **Netherlands – 0.2%** | **Netherlands – 0.2%** |
| CTP N.V. | 12279 | **220** |
| **Singapore – 1.5%** | **Singapore – 1.5%** | **Singapore – 1.5%** |
| &nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 208969 | 326 |
| CapitaLand Investment Ltd. | 179300 | 364 |
| Keppel DC REIT | 124100 | 198 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **Singapore – 1.5%continued** | **Singapore – 1.5%continued** | **Singapore – 1.5%continued** |
| Mapletree Logistics Trust | 209100 | $203 |
| Parkway Life Real Estate Investment <br> Trust<br>| 120900 | 373 |
|  |  | **1464** |
| **Spain – 1.7%** | **Spain – 1.7%** | **Spain – 1.7%** |
| Cellnex Telecom S.A.\* | 34725 | 1232 |
| Merlin Properties Socimi S.A. | 40042 | 430 |
|  |  | **1662** |
| **Sweden – 0.4%** | **Sweden – 0.4%** | **Sweden – 0.4%** |
| Fastighets AB Balder, Class B\* | 60000 | **376** |
| **Tanzania, United Republic of – 0.8%** | **Tanzania, United Republic of – 0.8%** | **Tanzania, United Republic of – 0.8%** |
| Helios Towers PLC\* | 521064 | **717** |
| **United Kingdom – 5.6%** | **United Kingdom – 5.6%** | **United Kingdom – 5.6%** |
| Big Yellow Group PLC | 64982 | 784 |
| British Land (The) Co. PLC | 57938 | 277 |
| Derwent London PLC | 24553 | 586 |
| Grainger PLC | 308801 | 812 |
| Hammerson PLC | 44000 | 141 |
| Helical PLC | 61000 | 157 |
| Safestore Holdings PLC | 24000 | 190 |
| Segro PLC | 133321 | 1190 |
| Shaftesbury Capital PLC | 357646 | 579 |
| Tritax Big Box REIT PLC | 195961 | 355 |
| UNITE Group (The) PLC | 23000 | 242 |
|  |  | **5313** |
| **United States – 65.3%** | **United States – 65.3%** | **United States – 65.3%** |
| American Homes 4 Rent, Class A | 64334 | 2432 |
| American Tower Corp. | 4682 | 1019 |
| Americold Realty Trust, Inc. | 39062 | 838 |
| AvalonBay Communities, Inc. | 5892 | 1265 |
| BXP, Inc. | 31971 | 2148 |
| CBRE Group, Inc., Class A\* | 5687 | 744 |
| CubeSmart | 4515 | 193 |
| Digital Realty Trust, Inc. | 25397 | 3639 |
| DigitalBridge Group, Inc. | 17742 | 156 |
| Douglas Emmett, Inc. | 25823 | 413 |
| EastGroup Properties, Inc. | 5431 | 957 |
| Equinix, Inc. | 6429 | 5242 |
| Equity LifeStyle Properties, Inc. | 34427 | 2296 |
| Essex Property Trust, Inc. | 5553 | 1702 |
| Extra Space Storage, Inc. | 12017 | 1784 |
| Farmland Partners, Inc. | 6416 | 71 |
| Federal Realty Investment Trust | 22888 | 2239 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **123** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **MULTI-MANAGER GLOBAL REAL ESTATE FUND continued**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 95.9%** <sup>(1)</sup>**continued**  |
| **United States – 65.3%continued** | **United States – 65.3%continued** | **United States – 65.3%continued** |
| First Industrial Realty Trust, Inc. | 13583 | $733 |
| Healthcare Realty Trust, Inc. | 60096 | 1016 |
| Highwoods Properties, Inc. | 62039 | 1839 |
| Kimco Realty Corp. | 70471 | 1497 |
| Lamar Advertising Co., Class A | 7214 | 821 |
| Lineage, Inc. | 14015 | 822 |
| Macerich (The) Co. | 36090 | 620 |
| &nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 9536 | 1598 |
| NNN REIT, Inc. | 25732 | 1097 |
| Prologis, Inc. | 52350 | 5852 |
| Public Storage | 5758 | 1723 |
| Realty Income Corp. | 30087 | 1745 |
| Rexford Industrial Realty, Inc. | 34170 | 1338 |
| Ryman Hospitality Properties, Inc. | 14075 | 1287 |
| Sabra Health Care REIT, Inc. | 52452 | 916 |
| SBA Communications Corp. | 7552 | 1661 |
| Simon Property Group, Inc. | 10772 | 1789 |
| Sun Communities, Inc. | 10421 | 1341 |
| Sunstone Hotel Investors, Inc. | 43433 | 409 |
| UDR, Inc. | 24725 | 1117 |
| Ventas, Inc. | 45414 | 3123 |
| Welltower, Inc. | 9169 | 1405 |
| Weyerhaeuser Co. | 40058 | 1173 |
|  |  | **62060** |
| **Total Common Stocks** |  |  |
| **(Cost $85,201)** |  | **91167** |
| **INVESTMENT COMPANIES – 3.2%**  | **INVESTMENT COMPANIES – 3.2%**  | **INVESTMENT COMPANIES – 3.2%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(2) (3)</sup> <br>| 2983830 | 2984 |
| **Total Investment Companies** |  |  |
| **(Cost $2,984)** |  | **2984** |
| **Total Investments – 99.1%** |  |  |
| **(Cost $88,185)** |  | **94151** |
| Other Assets less Liabilities – 0.9% |  | 883 |
| **Net Assets – 100.0%** |  | **$95034** |

---

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(3)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| REIT – Real Estate Investment Trust |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the industry sectors for the Fund were:

---

| | |
|:---|:---|
| **INDUSTRY SECTOR** | **% OF NET**<br> **ASSETS**<br>|
| Communication Services | 2.1<br> %<br>|
| Financials | 0.2 |
| Real Estate | 93.7 |
| Short-Term Investments | 3.1 |
| Total Investments | 99.1 |
| Other Assets less Liabilities | 0.9 |
| Net Assets | 100.0<br> %<br>|

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2025 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Canada | &nbsp;&nbsp; $1381 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1381 |
| United States | &nbsp;&nbsp; 62060 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62060 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 27726 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27726 |
| Total Common Stocks | &nbsp;&nbsp; 63441 | &nbsp;&nbsp; 27726 | &nbsp;&nbsp; — | &nbsp;&nbsp; 91167 |
| Investment Companies | &nbsp;&nbsp; 2984 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2984 |
| Total Investments | &nbsp;&nbsp; $66425 | &nbsp;&nbsp; $27726 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $94151 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **124** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **SMALL CAP CORE FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 96.7%**  | **COMMON STOCKS – 96.7%**  | **COMMON STOCKS – 96.7%**  |
| **Aerospace & Defense – 1.1%** | **Aerospace & Defense – 1.1%** | **Aerospace & Defense – 1.1%** |
| AAR Corp.\* | 5541 | $310 |
| AeroVironment, Inc.\* | 3458 | 412 |
| Astronics Corp.\* | 1923 | 47 |
| Astronics Corp., Class B\* | 3022 | 70 |
| Ducommun, Inc.\* | 3179 | 184 |
| &nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc.\*<br>| 20591 | 611 |
| Leonardo DRS, Inc. | 32648 | 1073 |
| Mercury Systems, Inc.\* | 7607 | 328 |
| Moog, Inc., Class A | 3915 | 679 |
| National Presto Industries, Inc. | 969 | 85 |
| Park Aerospace Corp. | 3624 | 49 |
| V2X, Inc.\* | 3376 | 166 |
|  |  | **4014** |
| **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** |
| Forward Air Corp.\* | 5245 | **105** |
| **Automobile Components – 1.1%** | **Automobile Components – 1.1%** | **Automobile Components – 1.1%** |
| Adient PLC\* | 14106 | 181 |
| &nbsp;&nbsp; American Axle & Manufacturing <br> Holdings, Inc.\*<br>| 9869 | 40 |
| Cooper-Standard Holdings, Inc.\* | 1670 | 26 |
| Dana, Inc. | 19674 | 262 |
| Dorman Products, Inc.\* | 5401 | 651 |
| Gentherm, Inc.\* | 6335 | 169 |
| Goodyear Tire & Rubber (The) Co.\* | 43193 | 399 |
| LCI Industries | 5600 | 490 |
| Modine Manufacturing Co.\* | 6487 | 498 |
| Motorcar Parts of America, Inc.\* | 4026 | 38 |
| Patrick Industries, Inc. | 5171 | 437 |
| Standard Motor Products, Inc. | 3355 | 84 |
| Stoneridge, Inc.\* | 3599 | 17 |
| Strattec Security Corp.\* | 1207 | 48 |
| Superior Industries International, Inc.\* | 6257 | 13 |
| Visteon Corp.\* | 3829 | 297 |
| XPEL, Inc.\* | 2341 | 69 |
|  |  | **3719** |
| **Automobiles – 0.1%** | **Automobiles – 0.1%** | **Automobiles – 0.1%** |
| Winnebago Industries, Inc. | 6708 | **231** |
| **Banks – 10.3%** | **Banks – 10.3%** | **Banks – 10.3%** |
| 1st Source Corp. | 4740 | 284 |
| Amalgamated Financial Corp. | 4531 | 130 |
| Amerant Bancorp, Inc. | 4211 | 87 |
| Ameris Bancorp | 7997 | 460 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Banks – 10.3%continued** | **Banks – 10.3%continued** | **Banks – 10.3%continued** |
| AmeriServ Financial, Inc. | 2365 | $6 |
| Ames National Corp. | 1315 | 23 |
| Arrow Financial Corp. | 4156 | 109 |
| Associated Banc-Corp | 17195 | 387 |
| Atlantic Union Bankshares Corp. | 16637 | 518 |
| Axos Financial, Inc.\* | 10144 | 655 |
| Banc of California, Inc. | 19752 | 280 |
| BancFirst Corp. | 3316 | 364 |
| Bancorp (The), Inc.\* | 7107 | 376 |
| Bank First Corp. | 2434 | 245 |
| Bank of Hawaii Corp. | 5044 | 348 |
| Bank of Marin Bancorp | 2791 | 62 |
| Bank of NT Butterfield & Son (The) Ltd. | 6610 | 257 |
| Bank of South Carolina Corp. | 4624 | 62 |
| Bank7 Corp. | 6639 | 257 |
| BankFinancial Corp. | 2598 | 33 |
| BankUnited, Inc. | 9698 | 334 |
| Bankwell Financial Group, Inc. | 5648 | 170 |
| Banner Corp. | 6376 | 407 |
| Bar Harbor Bankshares | 1490 | 44 |
| Bayfirst Financial Corp. | 6046 | 101 |
| BCB Bancorp, Inc. | 1654 | 16 |
| Berkshire Hills Bancorp, Inc. | 6171 | 161 |
| Blue Ridge Bankshares, Inc.\* | 31987 | 104 |
| &nbsp;&nbsp; Burke & Herbert Financial Services <br> Corp.<br>| 1755 | 98 |
| Business First Bancshares, Inc. | 2364 | 58 |
| C&F Financial Corp. | 1209 | 81 |
| Cadence Bank | 26391 | 801 |
| Camden National Corp. | 2937 | 119 |
| Capital City Bank Group, Inc. | 1607 | 58 |
| Capitol Federal Financial, Inc. | 18229 | 102 |
| Cathay General Bancorp | 11818 | 509 |
| CB Financial Services, Inc. | 281 | 8 |
| Central Pacific Financial Corp. | 3792 | 103 |
| CFSB Bancorp, Inc.\* | 416 | 3 |
| Chain Bridge Bancorp, Inc., Class A\* | 4681 | 111 |
| Chemung Financial Corp. | 2145 | 102 |
| Citizens & Northern Corp. | 865 | 17 |
| Citizens Community Bancorp, Inc. | 1193 | 17 |
| Citizens Financial Services, Inc. | 215 | 13 |
| City Holding Co. | 2859 | 336 |
| Civista Bancshares, Inc. | 544 | 11 |
| Colony Bankcorp, Inc. | 1026 | 17 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **125** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Banks – 10.3%continued** | **Banks – 10.3%continued** | **Banks – 10.3%continued** |
| Columbia Financial, Inc.\* | 3883 | $58 |
| Community Financial System, Inc. | 7008 | 398 |
| Community Trust Bancorp, Inc. | 2130 | 107 |
| Community West Bancshares | 5851 | 108 |
| ConnectOne Bancorp, Inc. | 1779 | 43 |
| Customers Bancorp, Inc.\* | 4207 | 211 |
| CVB Financial Corp. | 18828 | 348 |
| Dime Community Bancshares, Inc. | 5036 | 140 |
| Eastern Bankshares, Inc. | 25057 | 411 |
| Enterprise Bancorp, Inc. | 2460 | 96 |
| Enterprise Financial Services Corp. | 4045 | 217 |
| Equity Bancshares, Inc., Class A | 2633 | 104 |
| Esquire Financial Holdings, Inc. | 975 | 74 |
| ESSA Bancorp, Inc. | 741 | 14 |
| FB Financial Corp. | 5050 | 234 |
| Financial Institutions, Inc. | 3411 | 85 |
| First Bancorp | 6078 | 244 |
| First BanCorp | 23122 | 443 |
| First Bancorp (The), Inc. | 662 | 16 |
| First Bancshares (The), Inc. | 3786 | 128 |
| First Bank<sup>(1)</sup> <br>| 6 |  |
| First Busey Corp. | 12744 | 275 |
| First Business Financial Services, Inc. | 919 | 43 |
| First Commonwealth Financial Corp. | 21701 | 337 |
| First Community Bankshares, Inc. | 2434 | 92 |
| First Community Corp. | 4681 | 106 |
| First Financial Bancorp | 10922 | 273 |
| First Financial Bankshares, Inc. | 21705 | 780 |
| First Financial Corp. | 2007 | 98 |
| First Financial Northwest, Inc. | 1552 | 35 |
| First Foundation, Inc. | 4388 | 23 |
| First Guaranty Bancshares, Inc. | 537 | 4 |
| First Hawaiian, Inc. | 14925 | 365 |
| First Internet Bancorp | 1281 | 34 |
| First Interstate BancSystem, Inc., Class A | 10854 | 311 |
| First Merchants Corp. | 7841 | 317 |
| First Mid Bancshares, Inc. | 3251 | 113 |
| First of Long Island (The) Corp. | 2801 | 35 |
| First Savings Financial Group, Inc. | 8525 | 220 |
| First U.S. Bancshares, Inc. | 8192 | 109 |
| First United Corp. | 5845 | 175 |
| Five Star Bancorp | 2341 | 65 |
| Flushing Financial Corp. | 5091 | 65 |
| FS Bancorp, Inc. | 1824 | 69 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Banks – 10.3%continued** | **Banks – 10.3%continued** | **Banks – 10.3%continued** |
| Fulton Financial Corp. | 25391 | $459 |
| German American Bancorp, Inc. | 4004 | 150 |
| Glacier Bancorp, Inc. | 16191 | 716 |
| Great Southern Bancorp, Inc. | 1289 | 71 |
| Hancock Whitney Corp. | 12461 | 654 |
| Hanmi Financial Corp. | 3760 | 85 |
| Harleysville Financial Corp. | 203 | 5 |
| Hawthorn Bancshares, Inc. | 813 | 23 |
| HBT Financial, Inc. | 3511 | 79 |
| Heritage Commerce Corp. | 7022 | 67 |
| Heritage Financial Corp. | 6097 | 148 |
| Hilltop Holdings, Inc. | 11402 | 347 |
| Home Bancorp, Inc. | 2364 | 106 |
| Home BancShares, Inc. | 26776 | 757 |
| HomeStreet, Inc.\* | 3567 | 42 |
| HomeTrust Bancshares, Inc. | 2896 | 99 |
| Hope Bancorp, Inc. | 15496 | 162 |
| Horizon Bancorp, Inc. | 6159 | 93 |
| Independent Bank Corp. | 7271 | 456 |
| Independent Bank Corp. | 2341 | 72 |
| International Bancshares Corp. | 9222 | 582 |
| Investar Holding Corp. | 8334 | 147 |
| Jeffersonville Bancorp | 503 | 10 |
| Kentucky First Federal Bancorp\* | 942 | 3 |
| Lake Shore Bancorp, Inc. | 598 | 9 |
| Lakeland Financial Corp. | 3608 | 214 |
| Landmark Bancorp, Inc. | 1242 | 34 |
| Magyar Bancorp, Inc. | 1085 | 15 |
| Mercantile Bank Corp. | 4371 | 190 |
| Metrocity Bankshares, Inc. | 2926 | 81 |
| Metropolitan Bank Holding Corp.\* | 1365 | 76 |
| Mid Penn Bancorp, Inc. | 794 | 21 |
| MidWestOne Financial Group, Inc. | 1088 | 32 |
| NASB Financial, Inc. | 762 | 28 |
| National Bank Holdings Corp., Class A | 4989 | 191 |
| National Bankshares, Inc. | 684 | 18 |
| NB Bancorp, Inc.\* | 5533 | 100 |
| NBT Bancorp, Inc. | 7886 | 338 |
| Nicolet Bankshares, Inc. | 2245 | 245 |
| Northeast Bank | 1689 | 155 |
| Northeast Community Bancorp, Inc. | 2028 | 48 |
| Northfield Bancorp, Inc. | 11933 | 130 |
| Northrim BanCorp, Inc. | 1268 | 93 |
| Northwest Bancshares, Inc. | 13953 | 168 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **126** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Banks – 10.3%continued** | **Banks – 10.3%continued** | **Banks – 10.3%continued** |
| Norwood Financial Corp. | 869 | $21 |
| OceanFirst Financial Corp. | 6998 | 119 |
| OFG Bancorp | 7983 | 320 |
| Ohio Valley Banc Corp. | 1235 | 32 |
| Old Point Financial Corp. | 888 | 27 |
| Old Second Bancorp, Inc. | 2013 | 34 |
| Orrstown Financial Services, Inc. | 2145 | 64 |
| Pacific Premier Bancorp, Inc. | 15377 | 328 |
| Park National Corp. | 2210 | 335 |
| Pathward Financial, Inc. | 2713 | 198 |
| Penns Woods Bancorp, Inc. | 1562 | 44 |
| &nbsp;&nbsp; Peoples Bancorp of North Carolina, <br> Inc.<br>| 1178 | 32 |
| Peoples Bancorp, Inc. | 4882 | 145 |
| Peoples Financial Corp. | 201 | 4 |
| Peoples Financial Services Corp. | 792 | 35 |
| Preferred Bank | 2871 | 240 |
| Primis Financial Corp. | 543 | 5 |
| Provident Bancorp, Inc.<sup>(1) \*</sup> <br>| 18 |  |
| Provident Financial Holdings, Inc. | 1343 | 20 |
| Provident Financial Services, Inc. | 17895 | 307 |
| Renasant Corp. | 9029 | 306 |
| Republic Bancorp, Inc., Class A | 2395 | 153 |
| S&T Bancorp, Inc. | 5414 | 201 |
| Sandy Spring Bancorp, Inc. | 3877 | 108 |
| Seacoast Banking Corp. of Florida | 12003 | 309 |
| ServisFirst Bancshares, Inc. | 9618 | 794 |
| Shore Bancshares, Inc. | 6608 | 89 |
| Sierra Bancorp | 758 | 21 |
| Simmons First National Corp., Class A | 14248 | 293 |
| SmartFinancial, Inc. | 1950 | 61 |
| South Plains Financial, Inc. | 1755 | 58 |
| Southern First Bancshares, Inc.\* | 3370 | 111 |
| Southern Missouri Bancorp, Inc. | 544 | 28 |
| Southside Bancshares, Inc. | 3716 | 108 |
| SouthState Corp. | 15479 | 1437 |
| Stellar Bancorp, Inc. | 6983 | 193 |
| Stock Yards Bancorp, Inc. | 4679 | 323 |
| Texas Capital Bancshares, Inc.\* | 6591 | 492 |
| Third Coast Bancshares, Inc.\* | 3316 | 111 |
| Timberland Bancorp, Inc. | 1385 | 42 |
| Tompkins Financial Corp. | 1810 | 114 |
| Towne Bank | 9664 | 330 |
| TriCo Bancshares | 3727 | 149 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Banks – 10.3%continued** | **Banks – 10.3%continued** | **Banks – 10.3%continued** |
| TrustCo Bank Corp. NY | 1925 | $59 |
| Trustmark Corp. | 9499 | 328 |
| UMB Financial Corp. | 9103 | 920 |
| Union Bankshares, Inc. | 4972 | 156 |
| United Bancorp, Inc. | 1182 | 16 |
| United Bankshares, Inc. | 18791 | 652 |
| United Community Banks, Inc. | 16998 | 478 |
| Unity Bancorp, Inc. | 1794 | 73 |
| Univest Financial Corp. | 4102 | 116 |
| Virginia National Bankshares Corp. | 105 | 4 |
| WaFd, Inc. | 8557 | 245 |
| Washington Trust Bancorp, Inc. | 3216 | 99 |
| WesBanco, Inc. | 17211 | 533 |
| West BanCorp, Inc. | 921 | 18 |
| Westamerica BanCorp | 4552 | 230 |
| Western New England Bancorp, Inc. | 6575 | 61 |
| WSFS Financial Corp. | 12811 | 665 |
|  |  | **36580** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| MGP Ingredients, Inc. | 2508 | 74 |
| National Beverage Corp. | 11923 | 495 |
| Vita Coco (The) Co., Inc.\* | 7203 | 221 |
|  |  | **790** |
| **Biotechnology – 5.7%** | **Biotechnology – 5.7%** | **Biotechnology – 5.7%** |
| 2seventy bio, Inc.<sup>(1) \*</sup> <br>| 74 |  |
| 4D Molecular Therapeutics, Inc.\* | 7236 | 23 |
| 89bio, Inc.\* | 16025 | 117 |
| Abeona Therapeutics, Inc.\* | 18334 | 87 |
| ACADIA Pharmaceuticals, Inc.\* | 15582 | 259 |
| Achieve Life Sciences, Inc.\* | 29984 | 80 |
| Actuate Therapeutics, Inc.\* | 15799 | 107 |
| Acumen Pharmaceuticals, Inc.\* | 903 | 1 |
| Adaptimmune Therapeutics PLC ADR\* | 16891 | 3 |
| ADMA Biologics, Inc.\* | 32803 | 651 |
| Agenus, Inc.\* | 7100 | 11 |
| Agios Pharmaceuticals, Inc.\* | 3907 | 114 |
| Akero Therapeutics, Inc.\* | 4034 | 163 |
| Alector, Inc.\* | 12266 | 15 |
| Alkermes PLC\* | 21539 | 711 |
| Allogene Therapeutics, Inc.\* | 21950 | 32 |
| Altimmune, Inc.\* | 9485 | 47 |
| Alvotech S.A.\* | 33871 | 328 |
| ALX Oncology Holdings, Inc.\* | 18978 | 12 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **127** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Biotechnology – 5.7%continued** | **Biotechnology – 5.7%continued** | **Biotechnology – 5.7%continued** |
| Amicus Therapeutics, Inc.\* | 53036 | $433 |
| AnaptysBio, Inc.\* | 8707 | 162 |
| Anavex Life Sciences Corp.\* | 17827 | 153 |
| Anika Therapeutics, Inc.\* | 3954 | 59 |
| Annexon, Inc.\* | 4936 | 10 |
| Aravive, Inc.<sup>(2) \*</sup> <br>| 8839 |  |
| Arbutus Biopharma Corp.\* | 6188 | 22 |
| Arcellx, Inc.\* | 7800 | 512 |
| Arcturus Therapeutics Holdings, Inc.\* | 6711 | 71 |
| Arcutis Biotherapeutics, Inc.\* | 14632 | 229 |
| Ardelyx, Inc.\* | 5205 | 26 |
| ArriVent Biopharma, Inc.\* | 5089 | 94 |
| ARS Pharmaceuticals, Inc.\* | 10950 | 138 |
| Assembly Biosciences, Inc.\* | 5953 | 57 |
| Astria Therapeutics, Inc.\* | 18264 | 98 |
| Aurinia Pharmaceuticals, Inc.\* | 16327 | 131 |
| Avita Medical, Inc.\* | 13263 | 108 |
| Beam Therapeutics, Inc.\* | 7971 | 156 |
| Beyondspring, Inc.\* | 5459 | 8 |
| Biohaven Ltd.\* | 7406 | 178 |
| Biomea Fusion, Inc.\* | 25880 | 55 |
| Bluebird Bio, Inc.\* | 446 | 2 |
| Boundless Bio, Inc.\* | 64560 | 97 |
| C4 Therapeutics, Inc.\* | 4944 | 8 |
| Cabaletta Bio, Inc.\* | 11000 | 15 |
| Capricor Therapeutics, Inc.\* | 17312 | 164 |
| CareDx, Inc.\* | 6243 | 111 |
| Cargo Therapeutics, Inc.\* | 6000 | 24 |
| Caribou Biosciences, Inc.\* | 12842 | 12 |
| Cartesian Therapeutics, Inc.\* | 4034 | 53 |
| Catalyst Pharmaceuticals, Inc.\* | 28120 | 682 |
| Celcuity, Inc.\* | 13620 | 138 |
| CervoMed, Inc.\* | 4700 | 43 |
| Checkpoint Therapeutics, Inc.\* | 46030 | 186 |
| Cibus, Inc.<sup>(1) \*</sup> <br>| 1 |  |
| Cidara Therapeutics, Inc.\* | 7299 | 157 |
| Climb Bio, Inc.\* | 12500 | 15 |
| Cogent Biosciences, Inc.\* | 10372 | 62 |
| Coherus Biosciences, Inc.\* | 11737 | 9 |
| Corbus Pharmaceuticals Holdings, Inc.\* | 2100 | 11 |
| Cullinan Therapeutics, Inc.\* | 8818 | 67 |
| Curis, Inc.\* | 11332 | 24 |
| Day One Biopharmaceuticals, Inc.\* | 5305 | 42 |
| Design Therapeutics, Inc.\* | 19411 | 75 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Biotechnology – 5.7%continued** | **Biotechnology – 5.7%continued** | **Biotechnology – 5.7%continued** |
| DiaMedica Therapeutics, Inc.\* | 16214 | $61 |
| Dianthus Therapeutics, Inc.\* | 3554 | 64 |
| Disc Medicine, Inc.\* | 1798 | 89 |
| Dyadic International, Inc.\* | 12389 | 17 |
| Dynavax Technologies Corp.\* | 23156 | 300 |
| Eagle Pharmaceuticals, Inc.\* | 2990 | 3 |
| Editas Medicine, Inc.\* | 6691 | 8 |
| Elicio Therapeutics, Inc.\* | 12485 | 77 |
| Emergent BioSolutions, Inc.\* | 8104 | 39 |
| Enanta Pharmaceuticals, Inc.\* | 11574 | 64 |
| Engene Holdings, Inc.\* | 10566 | 47 |
| Entrada Therapeutics, Inc.\* | 11564 | 105 |
| Foghorn Therapeutics, Inc.\* | 8206 | 30 |
| Galectin Therapeutics, Inc.\* | 6174 | 8 |
| Geron Corp.\* | 20850 | 33 |
| Greenwich Lifesciences, Inc.\* | 5570 | 53 |
| Gyre Therapeutics, Inc.\* | 8163 | 63 |
| Halozyme Therapeutics, Inc.\* | 18845 | 1203 |
| HilleVax, Inc.\* | 1790 | 3 |
| Humacyte, Inc.\* | 14886 | 25 |
| IGM Biosciences, Inc.\* | 19265 | 22 |
| Immatics N.V.\* | 7825 | 35 |
| Immix Biopharma, Inc.\* | 17742 | 30 |
| ImmuCell Corp.\* | 2016 | 10 |
| Immunic, Inc.\* | 12445 | 14 |
| Immunome, Inc.\* | 9975 | 67 |
| Inhibrx Biosciences, Inc.\* | 7938 | 111 |
| Inmune Bio, Inc.\* | 13653 | 107 |
| Inovio Pharmaceuticals, Inc.\* | 55978 | 91 |
| Inozyme Pharma, Inc.\* | 12169 | 11 |
| Insmed, Inc.\* | 18358 | 1401 |
| Ironwood Pharmaceuticals, Inc.\* | 33577 | 49 |
| iTeos Therapeutics, Inc.\* | 5902 | 35 |
| Jasper Therapeutics, Inc.\* | 4000 | 17 |
| KalVista Pharmaceuticals, Inc.\* | 14365 | 166 |
| Keros Therapeutics, Inc.\* | 2038 | 21 |
| Kodiak Sciences, Inc.\* | 29062 | 82 |
| Korro Bio, Inc.\* | 2594 | 45 |
| Krystal Biotech, Inc.\* | 2241 | 404 |
| Kura Oncology, Inc.\* | 14238 | 94 |
| Larimar Therapeutics, Inc.\* | 375 | 1 |
| Lexeo Therapeutics, Inc.\* | 5900 | 20 |
| Lexicon Pharmaceuticals, Inc.\* | 9092 | 4 |
| MacroGenics, Inc.\* | 7145 | 9 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **128** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Biotechnology – 5.7%continued** | **Biotechnology – 5.7%continued** | **Biotechnology – 5.7%continued** |
| MannKind Corp.\* | 30729 | $155 |
| MDxHealth S.A.\* | 68461 | 97 |
| MediciNova, Inc.\* | 15779 | 23 |
| MeiraGTx Holdings PLC\* | 10630 | 72 |
| Mereo Biopharma Group PLC ADR\* | 1007 | 2 |
| Merrimack Pharmaceuticals, Inc.<sup>(2) \*</sup> <br>| 7504 |  |
| Mersana Therapeutics, Inc.\* | 8049 | 3 |
| Merus N.V.\* | 9263 | 390 |
| MiMedx Group, Inc.\* | 11170 | 85 |
| Mineralys Therapeutics, Inc.\* | 7492 | 119 |
| Mirum Pharmaceuticals, Inc.\* | 10513 | 474 |
| Monte Rosa Therapeutics, Inc.\* | 9988 | 46 |
| Neurogene, Inc.\* | 2883 | 34 |
| Nkarta, Inc.\* | 19828 | 36 |
| Nurix Therapeutics, Inc.\* | 4802 | 57 |
| Olema Pharmaceuticals, Inc.\* | 16261 | 61 |
| Omega Therapeutics, Inc.<sup>(1) \*</sup> <br>| 258 |  |
| Organogenesis Holdings, Inc.\* | 6828 | 30 |
| ORIC Pharmaceuticals, Inc.\* | 17601 | 98 |
| PDL BioPharma, Inc.<sup>(2) \*</sup> <br>| 24608 | 14 |
| PepGen, Inc.\* | 5600 | 8 |
| Perspective Therapeutics, Inc.\* | 7700 | 16 |
| PMV Pharmaceuticals, Inc.\* | 6462 | 7 |
| Praxis Precision Medicines, Inc.\* | 3193 | 121 |
| Precision BioSciences, Inc.\* | 8742 | 42 |
| Prime Medicine, Inc.\* | 14117 | 28 |
| ProKidney Corp.\* | 6328 | 6 |
| ProQR Therapeutics N.V.\* | 5007 | 7 |
| Protagonist Therapeutics, Inc.\* | 4490 | 217 |
| Protalix BioTherapeutics, Inc.\* | 503 | 1 |
| Prothena Corp. PLC\* | 4511 | 56 |
| PTC Therapeutics, Inc.\* | 8777 | 447 |
| Q32 Bio, Inc.\* | 5100 | 8 |
| REGENXBIO, Inc.\* | 12145 | 87 |
| Relay Therapeutics, Inc.\* | 12580 | 33 |
| Repare Therapeutics, Inc.\* | 92061 | 91 |
| Replimune Group, Inc.\* | 13476 | 131 |
| Rhythm Pharmaceuticals, Inc.\* | 6801 | 360 |
| Sage Therapeutics, Inc.\* | 9308 | 74 |
| Sana Biotechnology, Inc.\* | 42910 | 72 |
| Savara, Inc.\* | 5832 | 16 |
| Scholar Rock Holding Corp.\* | 17782 | 572 |
| Sera Prognostics, Inc., Class A\* | 12198 | 45 |
| Serina Therapeutics, Inc.\* | 7587 | 43 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Biotechnology – 5.7%continued** | **Biotechnology – 5.7%continued** | **Biotechnology – 5.7%continued** |
| Shattuck Labs, Inc.\* | 3786 | $4 |
| Solid Biosciences, Inc.\* | 372 | 1 |
| Spero Therapeutics, Inc.\* | 6821 | 5 |
| Spyre Therapeutics, Inc.\* | 3458 | 56 |
| Stoke Therapeutics, Inc.\* | 10595 | 70 |
| Sutro Biopharma, Inc.\* | 2516 | 2 |
| Tango Therapeutics, Inc.\* | 9700 | 13 |
| Tenaya Therapeutics, Inc.\* | 5333 | 3 |
| TG Therapeutics, Inc.\* | 14983 | 591 |
| Tourmaline Bio, Inc.\* | 5666 | 86 |
| Travere Therapeutics, Inc.\* | 8092 | 145 |
| Twist Bioscience Corp.\* | 7246 | 284 |
| Tyra Biosciences, Inc.\* | 5186 | 48 |
| UroGen Pharma Ltd.\* | 13819 | 153 |
| Vanda Pharmaceuticals, Inc.\* | 8245 | 38 |
| Vaxcyte, Inc.\* | 9062 | 342 |
| Veracyte, Inc.\* | 9721 | 288 |
| Vericel Corp.\* | 6532 | 291 |
| Viridian Therapeutics, Inc.\* | 13784 | 186 |
| Voyager Therapeutics, Inc.\* | 8679 | 29 |
| vTv Therapeutics, Inc., Class A\* | 4706 | 82 |
| XBiotech, Inc.\* | 5589 | 18 |
| Xencor, Inc.\* | 4283 | 46 |
| Xenon Pharmaceuticals, Inc.\* | 6206 | 208 |
| XOMA Royalty Corp.\* | 7509 | 150 |
| Y-mAbs Therapeutics, Inc.\* | 8974 | 40 |
| Zymeworks, Inc.\* | 5520 | 66 |
|  |  | **20125** |
| **Building Products – 1.4%** | **Building Products – 1.4%** | **Building Products – 1.4%** |
| American Woodmark Corp.\* | 2241 | 132 |
| Apogee Enterprises, Inc. | 4903 | 227 |
| AZZ, Inc. | 3366 | 281 |
| CSW Industrials, Inc. | 2067 | 603 |
| Gibraltar Industries, Inc.\* | 5504 | 323 |
| Griffon Corp. | 7956 | 569 |
| Insteel Industries, Inc. | 5916 | 156 |
| JELD-WEN Holding, Inc.\* | 9904 | 59 |
| Quanex Building Products Corp. | 4683 | 87 |
| Resideo Technologies, Inc.\* | 19350 | 342 |
| Tecnoglass, Inc. | 5656 | 405 |
| UFP Industries, Inc. | 9879 | 1057 |
| Zurn Elkay Water Solutions Corp. | 20489 | 676 |
|  |  | **4917** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **129** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Capital Markets – 1.8%** | **Capital Markets – 1.8%** | **Capital Markets – 1.8%** |
| ArrowMark Financial Corp. | 2315 | $49 |
| &nbsp;&nbsp; Artisan Partners Asset Management, <br> Inc., Class A<br>| 6762 | 264 |
| Associated Capital Group, Inc., Class A | 2054 | 79 |
| B. Riley Financial, Inc. | 1976 | 8 |
| BGC Group, Inc., Class A | 38853 | 356 |
| Cohen & Steers, Inc. | 3981 | 319 |
| Diamond Hill Investment Group, Inc. | 1001 | 143 |
| DigitalBridge Group, Inc. | 21511 | 190 |
| Federated Hermes, Inc. | 12994 | 530 |
| GAMCO Investors, Inc., Class A | 5775 | 134 |
| Great Elm Group, Inc.\* | 1697 | 3 |
| Hamilton Lane, Inc., Class A | 3987 | 593 |
| Moelis & Co., Class A | 8611 | 503 |
| Patria Investments Ltd., Class A | 15447 | 174 |
| Piper Sandler Cos. | 2951 | 731 |
| PJT Partners, Inc., Class A | 3220 | 444 |
| Siebert Financial Corp.\* | 5779 | 17 |
| Sixth Street Specialty Lending, Inc. | 10658 | 239 |
| StepStone Group, Inc., Class A | 6819 | 356 |
| StoneX Group, Inc.\* | 7036 | 537 |
| Victory Capital Holdings, Inc., Class A | 9426 | 545 |
| Virtus Investment Partners, Inc. | 893 | 154 |
| Westwood Holdings Group, Inc. | 1921 | 31 |
| WisdomTree, Inc. | 12863 | 115 |
|  |  | **6514** |
| **Chemicals – 1.8%** | **Chemicals – 1.8%** | **Chemicals – 1.8%** |
| AdvanSix, Inc. | 3669 | 83 |
| Alto Ingredients, Inc.\* | 7970 | 9 |
| American Vanguard Corp. | 3314 | 14 |
| Arq, Inc.\* | 713 | 3 |
| Ashland, Inc. | 5071 | 301 |
| Aspen Aerogels, Inc.\* | 3850 | 25 |
| Avient Corp. | 12454 | 463 |
| Balchem Corp. | 4839 | 803 |
| Cabot Corp. | 8549 | 711 |
| H.B. Fuller Co. | 9688 | 544 |
| Hawkins, Inc. | 6185 | 655 |
| Ingevity Corp.\* | 6226 | 246 |
| Innospec, Inc. | 3624 | 343 |
| Intrepid Potash, Inc.\* | 714 | 21 |
| Koppers Holdings, Inc. | 6401 | 179 |
| Kronos Worldwide, Inc. | 3961 | 30 |
| LSB Industries, Inc.\* | 5017 | 33 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Chemicals – 1.8%continued** | **Chemicals – 1.8%continued** | **Chemicals – 1.8%continued** |
| Mativ Holdings, Inc. | 11510 | $72 |
| Minerals Technologies, Inc. | 5758 | 366 |
| Olin Corp. | 12678 | 307 |
| Orion S.A. | 6335 | 82 |
| Quaker Chemical Corp. | 3082 | 381 |
| Sensient Technologies Corp. | 6733 | 501 |
| Stepan Co. | 3665 | 202 |
| Tronox Holdings PLC | 15890 | 112 |
|  |  | **6486** |
| **Commercial Services & Supplies – 2.0%** | **Commercial Services & Supplies – 2.0%** | **Commercial Services & Supplies – 2.0%** |
| ABM Industries, Inc. | 10010 | 474 |
| ACCO Brands Corp. | 15990 | 67 |
| ACV Auctions, Inc., Class A\* | 16908 | 238 |
| Brady Corp., Class A | 7693 | 543 |
| Brink's (The) Co. | 7291 | 628 |
| Casella Waste Systems, Inc., Class A\* | 6573 | 733 |
| CECO Environmental Corp.\* | 1570 | 36 |
| Cimpress PLC\* | 4008 | 181 |
| Civeo Corp. | 248 | 6 |
| CompX International, Inc. | 2274 | 47 |
| CoreCivic, Inc.\* | 16528 | 335 |
| Deluxe Corp. | 6704 | 106 |
| Driven Brands Holdings, Inc.\* | 19309 | 331 |
| Ennis, Inc. | 4823 | 97 |
| GEO Group (The), Inc.\* | 16189 | 473 |
| HNI Corp. | 7117 | 316 |
| Interface, Inc. | 7014 | 139 |
| Liquidity Services, Inc.\* | 3772 | 117 |
| Matthews International Corp., Class A | 5545 | 123 |
| MillerKnoll, Inc. | 12738 | 244 |
| NL Industries, Inc. | 6511 | 51 |
| Odyssey Marine Exploration, Inc.<sup>(1) \*</sup> <br>| 377 |  |
| OPENLANE, Inc.\* | 19594 | 378 |
| Perma-Fix Environmental Services, Inc.\* | 1164 | 9 |
| Pitney Bowes, Inc. | 22313 | 202 |
| Pursuit Attractions and Hospitality, Inc.\* | 3257 | 115 |
| Quad/Graphics, Inc. | 1943 | 11 |
| Steelcase, Inc., Class A | 14786 | 162 |
| UniFirst Corp. | 2272 | 395 |
| Virco Mfg. Corp. | 3544 | 34 |
| VSE Corp. | 3634 | 436 |
|  |  | **7027** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **130** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Communications Equipment – 0.6%** | **Communications Equipment – 0.6%** | **Communications Equipment – 0.6%** |
| ADTRAN Holdings, Inc.\* | 7119 | $62 |
| Applied Optoelectronics, Inc.\* | 6355 | 98 |
| Aviat Networks, Inc.\* | 2302 | 44 |
| BK Technologies Corp.\* | 312 | 12 |
| Calix, Inc.\* | 6959 | 247 |
| Clearfield, Inc.\* | 3743 | 111 |
| CommScope Holding Co., Inc.\* | 27294 | 145 |
| Comtech Telecommunications Corp.\* | 3651 | 6 |
| Digi International, Inc.\* | 8223 | 229 |
| Extreme Networks, Inc.\* | 15670 | 207 |
| Harmonic, Inc.\* | 14466 | 139 |
| Ituran Location and Control Ltd. | 3136 | 113 |
| KVH Industries, Inc.\* | 6218 | 33 |
| NETGEAR, Inc.\* | 4587 | 112 |
| NetScout Systems, Inc.\* | 11174 | 235 |
| Ribbon Communications, Inc.\* | 3949 | 15 |
| Viavi Solutions, Inc.\* | 29551 | 331 |
|  |  | **2139** |
| **Construction & Engineering – 1.6%** | **Construction & Engineering – 1.6%** | **Construction & Engineering – 1.6%** |
| Arcosa, Inc. | 8363 | 645 |
| Argan, Inc. | 2779 | 365 |
| Construction Partners, Inc., Class A\* | 5939 | 427 |
| Dycom Industries, Inc.\* | 4472 | 681 |
| Everus Construction Group, Inc.\* | 7035 | 261 |
| Fluor Corp.\* | 21262 | 762 |
| Granite Construction, Inc. | 8356 | 630 |
| Great Lakes Dredge & Dock Corp.\* | 6327 | 55 |
| IES Holdings, Inc.\* | 1278 | 211 |
| Matrix Service Co.\* | 8266 | 103 |
| MYR Group, Inc.\* | 2409 | 272 |
| Northwest Pipe Co.\* | 4030 | 166 |
| Orion Group Holdings, Inc.\* | 2292 | 12 |
| Primoris Services Corp. | 4554 | 261 |
| Sterling Infrastructure, Inc.\* | 6025 | 682 |
| Tutor Perini Corp.\* | 4223 | 98 |
|  |  | **5631** |
| **Construction Materials – 0.3%** | **Construction Materials – 0.3%** | **Construction Materials – 0.3%** |
| Knife River Corp.\* | 6916 | 624 |
| United States Lime & Minerals, Inc. | 5081 | 449 |
|  |  | **1073** |
| **Consumer Finance – 1.1%** | **Consumer Finance – 1.1%** | **Consumer Finance – 1.1%** |
| Atlanticus Holdings Corp.\* | 1020 | 52 |
| Bread Financial Holdings, Inc. | 6513 | 326 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Consumer Finance – 1.1%continued** | **Consumer Finance – 1.1%continued** | **Consumer Finance – 1.1%continued** |
| Encore Capital Group, Inc.\* | 5194 | $178 |
| Enova International, Inc.\* | 3727 | 360 |
| EZCORP, Inc., Class A\* | 5559 | 82 |
| FirstCash Holdings, Inc. | 6304 | 759 |
| Green Dot Corp., Class A\* | 8533 | 72 |
| LendingClub Corp.\* | 8000 | 83 |
| Medallion Financial Corp. | 946 | 8 |
| Navient Corp. | 25580 | 323 |
| Nelnet, Inc., Class A | 5173 | 574 |
| PRA Group, Inc.\* | 7741 | 160 |
| PROG Holdings, Inc. | 10956 | 291 |
| Upstart Holdings, Inc.\* | 9887 | 455 |
| World Acceptance Corp.\* | 1322 | 167 |
|  |  | **3890** |
| **Consumer Staples Distribution & Retail – 1.0%** | **Consumer Staples Distribution & Retail – 1.0%** | **Consumer Staples Distribution & Retail – 1.0%** |
| Andersons (The), Inc. | 3037 | 130 |
| Chefs' Warehouse (The), Inc.\* | 2409 | 131 |
| Grocery Outlet Holding Corp.\* | 11324 | 158 |
| Ingles Markets, Inc., Class A | 4238 | 276 |
| &nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br> Inc.<br>| 1389 | 56 |
| PriceSmart, Inc. | 3175 | 279 |
| SpartanNash Co. | 5329 | 108 |
| Sprouts Farmers Market, Inc.\* | 12853 | 1962 |
| United Natural Foods, Inc.\* | 6530 | 179 |
| Village Super Market, Inc., Class A | 1432 | 55 |
| Weis Markets, Inc. | 3583 | 276 |
|  |  | **3610** |
| **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** |
| Ardagh Metal Packaging S.A. | 72683 | 220 |
| Greif, Inc., Class A | 3729 | 205 |
| Myers Industries, Inc. | 5251 | 63 |
| O-I Glass, Inc.\* | 17827 | 204 |
| Pactiv Evergreen, Inc. | 21800 | 393 |
| TriMas Corp. | 7273 | 170 |
|  |  | **1255** |
| **Distributors – 0.1%** | **Distributors – 0.1%** | **Distributors – 0.1%** |
| A-Mark Precious Metals, Inc. | 7494 | 190 |
| Weyco Group, Inc. | 3201 | 98 |
|  |  | **288** |
| **Diversified Consumer Services – 1.0%** | **Diversified Consumer Services – 1.0%** | **Diversified Consumer Services – 1.0%** |
| Adtalem Global Education, Inc.\* | 9717 | 978 |
| American Public Education, Inc.\* | 4373 | 97 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **131** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Diversified Consumer Services – 1.0%continued** | **Diversified Consumer Services – 1.0%continued** | **Diversified Consumer Services – 1.0%continued** |
| Frontdoor, Inc.\* | 8451 | $325 |
| Graham Holdings Co., Class B | 696 | 669 |
| Laureate Education, Inc.\* | 15982 | 327 |
| Perdoceo Education Corp. | 7685 | 193 |
| Strategic Education, Inc. | 3339 | 280 |
| Stride, Inc.\* | 5089 | 644 |
| Universal Technical Institute, Inc.\* | 2557 | 66 |
| WW International, Inc.<sup>(1) \*</sup> <br>| 158 |  |
|  |  | **3579** |
| **Diversified Real Estate Investment Trusts – 0.6%** | **Diversified Real Estate Investment Trusts – 0.6%** | **Diversified Real Estate Investment Trusts – 0.6%** |
| Alexander & Baldwin, Inc. | 9863 | 170 |
| American Assets Trust, Inc. | 6622 | 133 |
| Armada Hoffler Properties, Inc. | 4550 | 34 |
| Broadstone Net Lease, Inc. | 18531 | 316 |
| CTO Realty Growth, Inc. | 8890 | 172 |
| Empire State Realty Trust, Inc., Class A | 19536 | 153 |
| Essential Properties Realty Trust, Inc. | 23156 | 756 |
| Gladstone Commercial Corp. | 4270 | 64 |
| Global Net Lease, Inc. | 22773 | 183 |
| One Liberty Properties, Inc. | 9633 | 253 |
|  |  | **2234** |
| **Diversified Telecommunication Services – 0.5%** | **Diversified Telecommunication Services – 0.5%** | **Diversified Telecommunication Services – 0.5%** |
| Anterix, Inc.\* | 5005 | 183 |
| ATN International, Inc. | 1802 | 37 |
| Bandwidth, Inc., Class A\* | 2305 | 30 |
| Cogent Communications Holdings, Inc. | 5840 | 358 |
| Globalstar, Inc.\* | 13068 | 273 |
| IDT Corp., Class B | 4043 | 207 |
| Iridium Communications, Inc. | 16064 | 439 |
| Liberty Latin America Ltd., Class C\* | 12651 | 79 |
| LICT Corp.\* | 6 | 78 |
| Shenandoah Telecommunications Co. | 6924 | 87 |
|  |  | **1771** |
| **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** |
| ALLETE, Inc. | 9294 | 611 |
| MGE Energy, Inc. | 6485 | 603 |
| Otter Tail Corp. | 7893 | 634 |
| Portland General Electric Co. | 15229 | 679 |
| TXNM Energy, Inc. | 11028 | 590 |
|  |  | **3117** |
| **Electrical Equipment – 1.0%** | **Electrical Equipment – 1.0%** | **Electrical Equipment – 1.0%** |
| Allient, Inc. | 3218 | 71 |
| American Superconductor Corp.\* | 565 | 10 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Electrical Equipment – 1.0%continued** | **Electrical Equipment – 1.0%continued** | **Electrical Equipment – 1.0%continued** |
| Array Technologies, Inc.\* | 20177 | $98 |
| Atkore, Inc. | 6811 | 409 |
| Babcock & Wilcox Enterprises, Inc.\* | 5816 | 4 |
| Bloom Energy Corp., Class A\* | 26526 | 521 |
| EnerSys | 6331 | 580 |
| LSI Industries, Inc. | 3710 | 63 |
| NEXTracker, Inc., Class A\* | 17476 | 736 |
| Orion Energy Systems, Inc.\* | 2963 | 2 |
| Powell Industries, Inc. | 3230 | 550 |
| Preformed Line Products Co. | 1432 | 201 |
| &nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 22826 | 76 |
| Thermon Group Holdings, Inc.\* | 2555 | 71 |
| TPI Composites, Inc.\* | 4933 | 4 |
| Ultralife Corp.\* | 2087 | 11 |
| Vicor Corp.\* | 4504 | 211 |
|  |  | **3618** |
| **Electronic Equipment, Instruments & Components – 3.6%** | **Electronic Equipment, Instruments & Components – 3.6%** | **Electronic Equipment, Instruments & Components – 3.6%** |
| Advanced Energy Industries, Inc. | 5297 | 505 |
| Arlo Technologies, Inc.\* | 9003 | 89 |
| Avnet, Inc. | 12251 | 589 |
| Badger Meter, Inc. | 4193 | 798 |
| Bel Fuse, Inc., Class A | 1270 | 92 |
| Bel Fuse, Inc., Class B | 4020 | 301 |
| Belden, Inc. | 5471 | 548 |
| Benchmark Electronics, Inc. | 7117 | 271 |
| Climb Global Solutions, Inc. | 4238 | 469 |
| Crane NXT Co. | 6390 | 328 |
| CTS Corp. | 3991 | 166 |
| Daktronics, Inc.\* | 6212 | 76 |
| ePlus, Inc.\* | 7989 | 488 |
| Fabrinet\* | 6173 | 1219 |
| FARO Technologies, Inc.\* | 2891 | 79 |
| Frequency Electronics, Inc. | 5208 | 81 |
| Identiv, Inc.\* | 260 | 1 |
| Insight Enterprises, Inc.\* | 7078 | 1062 |
| Itron, Inc.\* | 6505 | 681 |
| Kimball Electronics, Inc.\* | 3942 | 65 |
| Knowles Corp.\* | 10993 | 167 |
| Methode Electronics, Inc.<sup>(3)</sup> <br>| 6238 | 40 |
| Mirion Technologies, Inc.\* | 26046 | 378 |
| nLight, Inc.\* | 9426 | 73 |
| Novanta, Inc.\* | 5426 | 694 |
| OSI Systems, Inc.\* | 3998 | 777 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **132** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Electronic Equipment, Instruments & Components – 3.6%continued** | **Electronic Equipment, Instruments & Components – 3.6%continued** | **Electronic Equipment, Instruments & Components – 3.6%continued** |
| PAR Technology Corp.\* | 3657 | $224 |
| PC Connection, Inc. | 5057 | 316 |
| Plexus Corp.\* | 4585 | 587 |
| Powerfleet, Inc. NJ\* | 1647 | 9 |
| Rogers Corp.\* | 2668 | 180 |
| Sanmina Corp.\* | 9904 | 754 |
| ScanSource, Inc.\* | 3524 | 120 |
| TTM Technologies, Inc.\* | 12545 | 257 |
| Vishay Intertechnology, Inc. | 15908 | 253 |
| Vishay Precision Group, Inc.\* | 4398 | 106 |
|  |  | **12843** |
| **Energy Equipment & Services – 1.9%** | **Energy Equipment & Services – 1.9%** | **Energy Equipment & Services – 1.9%** |
| Archrock, Inc. | 20099 | 527 |
| Bristow Group, Inc.\* | 5204 | 164 |
| Cactus, Inc., Class A | 8264 | 379 |
| ChampionX Corp. | 28474 | 849 |
| DMC Global, Inc.\* | 4297 | 36 |
| Expro Group Holdings N.V.\* | 13606 | 135 |
| Forum Energy Technologies, Inc.\* | 451 | 9 |
| Geospace Technologies Corp.\* | 4882 | 35 |
| Gulf Island Fabrication, Inc.\* | 4276 | 28 |
| Helix Energy Solutions Group, Inc.\* | 28002 | 233 |
| Helmerich & Payne, Inc. | 13284 | 347 |
| Innovex International, Inc.\* | 4843 | 87 |
| KLX Energy Services Holdings, Inc.\* | 590 | 2 |
| Kodiak Gas Services, Inc. | 11428 | 426 |
| Liberty Energy, Inc. | 19469 | 308 |
| Mammoth Energy Services, Inc.\* | 1811 | 4 |
| Nabors Industries Ltd.\* | 1352 | 56 |
| Natural Gas Services Group, Inc.\* | 2873 | 63 |
| Next Bridge Hydrocarbons, Inc.<sup>(2) (4) \*</sup> <br>| 2700 |  |
| Nine Energy Service, Inc.\* | 2298 | 3 |
| Noble Corp. PLC | 21018 | 498 |
| NPK International, Inc.\* | 11196 | 65 |
| Oceaneering International, Inc.\* | 13671 | 298 |
| Oil States International, Inc.\* | 4730 | 24 |
| Patterson-UTI Energy, Inc. | 47747 | 393 |
| ProPetro Holding Corp.\* | 8131 | 60 |
| RPC, Inc. | 31496 | 173 |
| SEACOR Marine Holdings, Inc.\* | 8221 | 42 |
| Seadrill Ltd.\* | 11703 | 293 |
| Solaris Energy Infrastructure, Inc. | 4123 | 90 |
| TETRA Technologies, Inc.\* | 9323 | 31 |
| Tidewater, Inc.\* | 7176 | 303 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Energy Equipment & Services – 1.9%continued** | **Energy Equipment & Services – 1.9%continued** | **Energy Equipment & Services – 1.9%continued** |
| Transocean Ltd.\* | 120529 | $382 |
| Valaris Ltd.\* | 8270 | 325 |
|  |  | **6668** |
| **Entertainment – 0.5%** | **Entertainment – 0.5%** | **Entertainment – 0.5%** |
| Atlanta Braves Holdings, Inc., Class C\* | 15816 | 633 |
| Cinemark Holdings, Inc. | 12545 | 312 |
| IMAX Corp.\* | 5112 | 135 |
| &nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp.\*<br>| 3286 | 107 |
| Manchester United PLC, Class A\* | 20156 | 264 |
| Marcus (The) Corp. | 3993 | 67 |
| Playtika Holding Corp. | 29192 | 151 |
| Reading International, Inc., Class A\* | 2207 | 3 |
| Sphere Entertainment Co.\* | 3286 | 107 |
|  |  | **1779** |
| **Financial Services – 2.7%** | **Financial Services – 2.7%** | **Financial Services – 2.7%** |
| Acacia Research Corp.\* | 5705 | 18 |
| &nbsp;&nbsp; Banco Latinoamericano de Comercio <br> Exterior S.A., Class E<br>| 6868 | 251 |
| California First Leasing Corp. | 1284 | 26 |
| Cannae Holdings, Inc. | 10624 | 195 |
| Cass Information Systems, Inc. | 1664 | 72 |
| Dlocal Ltd.\* | 38584 | 322 |
| Enact Holdings, Inc. | 17086 | 594 |
| Essent Group Ltd. | 15016 | 867 |
| EVERTEC, Inc. | 8592 | 316 |
| &nbsp;&nbsp; Federal Agricultural Mortgage Corp., <br> Class C<br>| 960 | 180 |
| Flywire Corp.\* | 11621 | 110 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<br>| 9596 | 281 |
| Jackson Financial, Inc., Class A | 8970 | 751 |
| Lesaka Technologies, Inc.\* | 4864 | 23 |
| Marqeta, Inc., Class A\* | 51997 | 214 |
| Mr Cooper Group, Inc.\* | 8434 | 1009 |
| NCR Atleos Corp.\* | 7815 | 206 |
| NMI Holdings, Inc.\* | 9464 | 341 |
| Onity Group, Inc.\* | 25 | 1 |
| Pagseguro Digital Ltd., Class A\* | 34076 | 260 |
| Paymentus Holdings, Inc., Class A\* | 15270 | 399 |
| Payoneer Global, Inc.\* | 36495 | 267 |
| PennyMac Financial Services, Inc. | 5054 | 506 |
| Radian Group, Inc. | 26220 | 867 |
| Remitly Global, Inc.\* | 19015 | 396 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **133** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Financial Services – 2.7%continued** | **Financial Services – 2.7%continued** | **Financial Services – 2.7%continued** |
| &nbsp;&nbsp; Security National Financial Corp., <br> Class A\*<br>| 6472 | $78 |
| StoneCo Ltd., Class A\* | 32834 | 344 |
| Walker & Dunlop, Inc. | 6037 | 515 |
| Waterstone Financial, Inc. | 3766 | 51 |
|  |  | **9460** |
| **Food Products – 1.2%** | **Food Products – 1.2%** | **Food Products – 1.2%** |
| Alico, Inc. | 4732 | 141 |
| B&G Foods, Inc. | 10181 | 70 |
| Bridgford Foods Corp.\* | 4609 | 37 |
| Calavo Growers, Inc. | 2303 | 55 |
| Cal-Maine Foods, Inc. | 5676 | 516 |
| Farmer Bros. Co.\* | 3321 | 7 |
| Fresh Del Monte Produce, Inc. | 4558 | 141 |
| Hain Celestial Group (The), Inc.\* | 10911 | 45 |
| J&J Snack Foods Corp. | 2723 | 359 |
| John B. Sanfilippo & Son, Inc. | 1036 | 73 |
| Lancaster Colony Corp. | 3002 | 525 |
| Lifeway Foods, Inc.\* | 1820 | 45 |
| Limoneira Co. | 2153 | 38 |
| Nomad Foods Ltd. | 23241 | 457 |
| Seaboard Corp. | 96 | 259 |
| Seneca Foods Corp., Class A\* | 3954 | 352 |
| Simply Good Foods (The) Co.\* | 12532 | 432 |
| Tootsie Roll Industries, Inc. | 9013 | 284 |
| TreeHouse Foods, Inc.\* | 8618 | 234 |
| Vital Farms, Inc.\* | 5377 | 164 |
|  |  | **4234** |
| **Gas Utilities – 1.2%** | **Gas Utilities – 1.2%** | **Gas Utilities – 1.2%** |
| Chesapeake Utilities Corp. | 3402 | 437 |
| New Jersey Resources Corp. | 15358 | 754 |
| Northwest Natural Holding Co. | 5883 | 251 |
| ONE Gas, Inc. | 17993 | 1360 |
| RGC Resources, Inc. | 1301 | 27 |
| Southwest Gas Holdings, Inc. | 8915 | 640 |
| Spire, Inc. | 8701 | 681 |
|  |  | **4150** |
| **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** |
| ArcBest Corp. | 3952 | 279 |
| Avis Budget Group, Inc.\* | 4096 | 311 |
| Covenant Logistics Group, Inc. | 7131 | 158 |
| Heartland Express, Inc. | 11716 | 108 |
| Marten Transport Ltd. | 8207 | 112 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Ground Transportation – 0.4%continued** | **Ground Transportation – 0.4%continued** | **Ground Transportation – 0.4%continued** |
| P.A.M.T CORP.\* | 5902 | $72 |
| Universal Logistics Holdings, Inc. | 4151 | 109 |
| Werner Enterprises, Inc. | 7057 | 207 |
|  |  | **1356** |
| **Health Care Equipment & Supplies – 3.7%** | **Health Care Equipment & Supplies – 3.7%** | **Health Care Equipment & Supplies – 3.7%** |
| Accuray, Inc.\* | 9372 | 17 |
| Alphatec Holdings, Inc.\* | 13708 | 139 |
| AngioDynamics, Inc.\* | 7934 | 75 |
| Apyx Medical Corp.\* | 3504 | 5 |
| Artivion, Inc.\* | 7735 | 190 |
| AtriCure, Inc.\* | 8161 | 263 |
| Avanos Medical, Inc.\* | 9278 | 133 |
| Axogen, Inc.\* | 7603 | 141 |
| BioSig Technologies, Inc.\* | 1 |  |
| Bioventus, Inc., Class A\* | 5498 | 50 |
| Cerus Corp.\* | 36175 | 50 |
| CONMED Corp. | 4445 | 268 |
| CVRx, Inc.\* | 7971 | 98 |
| Daxor Corp.<sup>(1) \*</sup> <br>| 37 |  |
| Electromed, Inc.\* | 11094 | 265 |
| Embecta Corp. | 7488 | 95 |
| Enovis Corp.\* | 6253 | 239 |
| Envista Holdings Corp.\* | 16711 | 288 |
| Establishment Labs Holdings, Inc.\* | 4002 | 163 |
| FONAR Corp.\* | 7078 | 99 |
| Glaukos Corp.\* | 5572 | 548 |
| Haemonetics Corp.\* | 6302 | 401 |
| ICU Medical, Inc.\* | 2571 | 357 |
| Inmode Ltd.\* | 9803 | 174 |
| Inogen, Inc.\* | 2193 | 16 |
| Integer Holdings Corp.\* | 6013 | 710 |
| Integra LifeSciences Holdings Corp.\* | 7683 | 169 |
| iRadimed Corp. | 5120 | 269 |
| iRhythm Technologies, Inc.\* | 3706 | 388 |
| Kewaunee Scientific Corp.\* | 4328 | 170 |
| Lantheus Holdings, Inc.\* | 10255 | 1001 |
| LeMaitre Vascular, Inc. | 7880 | 661 |
| LivaNova PLC\* | 7743 | 304 |
| Merit Medical Systems, Inc.\* | 9721 | 1028 |
| Neogen Corp.\* | 28092 | 244 |
| NeuroPace, Inc.\* | 13637 | 168 |
| Nevro Corp.\* | 16091 | 94 |
| Omnicell, Inc.\* | 7285 | 255 |
| OraSure Technologies, Inc.\* | 14533 | 49 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **134** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Health Care Equipment & Supplies – 3.7%continued** | **Health Care Equipment & Supplies – 3.7%continued** | **Health Care Equipment & Supplies – 3.7%continued** |
| Orchestra BioMed Holdings, Inc.\* | 11909 | $51 |
| Orthofix Medical, Inc.\* | 10930 | 178 |
| OrthoPediatrics Corp.\* | 5299 | 131 |
| Paragon 28, Inc.\* | 15463 | 202 |
| Pro-Dex, Inc.\* | 8972 | 445 |
| Pulmonx Corp.\* | 14983 | 101 |
| Pulse Biosciences, Inc.\* | 16056 | 258 |
| QuidelOrtho Corp.\* | 6435 | 225 |
| Sanara Medtech, Inc.\* | 2978 | 92 |
| Semler Scientific, Inc.\* | 3425 | 124 |
| SI-BONE, Inc.\* | 11523 | 162 |
| Sight Sciences, Inc.\* | 13829 | 33 |
| STAAR Surgical Co.\* | 6737 | 119 |
| Stereotaxis, Inc.\* | 818 | 1 |
| Surmodics, Inc.\* | 3798 | 116 |
| Tactile Systems Technology, Inc.\* | 2130 | 28 |
| TransMedics Group, Inc.\* | 4119 | 277 |
| Treace Medical Concepts, Inc.\* | 14695 | 123 |
| UFP Technologies, Inc.\* | 2861 | 577 |
| Utah Medical Products, Inc. | 2292 | 128 |
| Varex Imaging Corp.\* | 8826 | 102 |
| Zimvie, Inc.\* | 5666 | 61 |
| Zynex, Inc.\* | 7597 | 17 |
|  |  | **13135** |
| **Health Care Providers & Services – 3.4%** | **Health Care Providers & Services – 3.4%** | **Health Care Providers & Services – 3.4%** |
| Acadia Healthcare Co., Inc.\* | 9947 | 302 |
| AdaptHealth Corp.\* | 8933 | 97 |
| Addus HomeCare Corp.\* | 3125 | 309 |
| Alignment Healthcare, Inc.\* | 21260 | 396 |
| Amedisys, Inc.\* | 4012 | 372 |
| AMN Healthcare Services, Inc.\* | 7864 | 192 |
| Astrana Health, Inc.\* | 7576 | 235 |
| BrightSpring Health Services, Inc.\* | 8451 | 153 |
| Brookdale Senior Living, Inc.\* | 31059 | 194 |
| Castle Biosciences, Inc.\* | 6091 | 122 |
| Community Health Systems, Inc.\* | 15902 | 43 |
| Concentra Group Holdings Parent, Inc. | 15282 | 332 |
| CorVel Corp.\* | 11660 | 1306 |
| Cross Country Healthcare, Inc.\* | 10335 | 154 |
| Cryo-Cell International, Inc. | 638 | 4 |
| DocGo, Inc.\* | 9600 | 25 |
| Enhabit, Inc.\* | 10181 | 90 |
| Ensign Group (The), Inc. | 9883 | 1279 |
| Fulgent Genetics, Inc.\* | 4574 | 77 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Health Care Providers & Services – 3.4%continued** | **Health Care Providers & Services – 3.4%continued** | **Health Care Providers & Services – 3.4%continued** |
| GeneDx Holdings Corp.\* | 3169 | $281 |
| HealthEquity, Inc.\* | 9963 | 880 |
| Hims & Hers Health, Inc.\* | 24517 | 724 |
| Joint (The) Corp.\* | 9294 | 116 |
| LifeStance Health Group, Inc.\* | 41000 | 273 |
| ModivCare, Inc.\* | 6176 | 8 |
| National HealthCare Corp. | 3193 | 296 |
| National Research Corp. | 6152 | 79 |
| NeoGenomics, Inc.\* | 15633 | 148 |
| OPKO Health, Inc.\* | 69126 | 115 |
| Option Care Health, Inc.\* | 21714 | 759 |
| Owens & Minor, Inc.\* | 7821 | 71 |
| Patterson Cos., Inc. | 17070 | 533 |
| Pennant Group (The), Inc.\* | 4115 | 104 |
| Premier, Inc., Class A | 15270 | 294 |
| Privia Health Group, Inc.\* | 12557 | 282 |
| Progyny, Inc.\* | 11588 | 259 |
| RadNet, Inc.\* | 7989 | 397 |
| Select Medical Holdings Corp. | 18939 | 316 |
| Sonida Senior Living, Inc.\* | 3536 | 82 |
| Surgery Partners, Inc.\* | 9391 | 223 |
| U.S. Physical Therapy, Inc. | 2573 | 186 |
|  |  | **12108** |
| **Health Care Real Estate Investment Trusts – 0.7%** | **Health Care Real Estate Investment Trusts – 0.7%** | **Health Care Real Estate Investment Trusts – 0.7%** |
| American Healthcare REIT, Inc. | 10839 | 329 |
| CareTrust REIT, Inc. | 13651 | 390 |
| Community Healthcare Trust, Inc. | 2980 | 54 |
| Diversified Healthcare Trust | 28285 | 68 |
| Global Medical REIT, Inc. | 7521 | 66 |
| LTC Properties, Inc. | 5598 | 199 |
| Medical Properties Trust, Inc. | 67399 | 406 |
| National Health Investors, Inc. | 6489 | 479 |
| Sabra Health Care REIT, Inc. | 29549 | 516 |
|  |  | **2507** |
| **Health Care Technology – 0.6%** | **Health Care Technology – 0.6%** | **Health Care Technology – 0.6%** |
| American Well Corp., Class A\* | 170 | 1 |
| Certara, Inc.\* | 14576 | 144 |
| Evolent Health, Inc., Class A\* | 16906 | 160 |
| GoodRx Holdings, Inc., Class A\* | 51400 | 227 |
| HealthStream, Inc. | 4554 | 147 |
| LifeMD, Inc.\* | 11236 | 61 |
| OptimizeRx Corp.\* | 12182 | 106 |
| Simulations Plus, Inc. | 3595 | 88 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **135** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Health Care Technology – 0.6%continued** | **Health Care Technology – 0.6%continued** | **Health Care Technology – 0.6%continued** |
| TruBridge, Inc.\* | 6684 | $184 |
| Veradigm, Inc.\* | 27158 | 118 |
| Waystar Holding Corp.\* | 19699 | 736 |
|  |  | **1972** |
| **Hotel & Resort Real Estate Investment Trusts – 0.8%** | **Hotel & Resort Real Estate Investment Trusts – 0.8%** | **Hotel & Resort Real Estate Investment Trusts – 0.8%** |
| Apple Hospitality REIT, Inc. | 30357 | 392 |
| Braemar Hotels & Resorts, Inc. | 10653 | 26 |
| Chatham Lodging Trust | 5329 | 38 |
| DiamondRock Hospitality Co. | 33257 | 257 |
| Park Hotels & Resorts, Inc. | 30667 | 327 |
| Pebblebrook Hotel Trust | 18594 | 188 |
| RLJ Lodging Trust | 26563 | 210 |
| Ryman Hospitality Properties, Inc. | 7088 | 648 |
| Service Properties Trust | 23618 | 62 |
| Sotherly Hotels, Inc.\* | 2334 | 2 |
| Summit Hotel Properties, Inc. | 10333 | 56 |
| Sunstone Hotel Investors, Inc. | 32510 | 306 |
| Xenia Hotels & Resorts, Inc. | 16167 | 190 |
|  |  | **2702** |
| **Hotels, Restaurants & Leisure – 1.7%** | **Hotels, Restaurants & Leisure – 1.7%** | **Hotels, Restaurants & Leisure – 1.7%** |
| Arcos Dorados Holdings, Inc., Class A | 28683 | 231 |
| Biglari Holdings, Inc., Class B\* | 626 | 136 |
| BJ's Restaurants, Inc.\* | 4307 | 148 |
| Bloomin' Brands, Inc. | 10831 | 78 |
| Canterbury Park Holding Corp. | 1094 | 20 |
| Cracker Barrel Old Country Store, Inc. | 3743 | 145 |
| Dave & Buster's Entertainment, Inc.\* | 8383 | 147 |
| Denny's Corp.\* | 11297 | 41 |
| Dine Brands Global, Inc. | 2434 | 57 |
| El Pollo Loco Holdings, Inc.<sup>(1) \*</sup> <br>| 15 |  |
| Everi Holdings, Inc.\* | 11387 | 156 |
| Global Business Travel Group I\* | 51172 | 371 |
| Golden Entertainment, Inc. | 582 | 15 |
| Hilton Grand Vacations, Inc.\* | 10741 | 402 |
| International Game Technology PLC | 11896 | 193 |
| Jack in the Box, Inc. | 3236 | 88 |
| Life Time Group Holdings, Inc.\* | 21513 | 650 |
| Marriott Vacations Worldwide Corp. | 3840 | 247 |
| Monarch Casino & Resort, Inc. | 1190 | 93 |
| Nathan's Famous, Inc. | 1213 | 117 |
| Papa John's International, Inc. | 3895 | 160 |
| Penn Entertainment, Inc.\* | 16518 | 269 |
| Red Robin Gourmet Burgers, Inc.<sup>(1) \*</sup> <br>| 87 |  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Hotels, Restaurants & Leisure – 1.7%continued** | **Hotels, Restaurants & Leisure – 1.7%continued** | **Hotels, Restaurants & Leisure – 1.7%continued** |
| Red Rock Resorts, Inc., Class A | 9545 | $414 |
| Shake Shack, Inc., Class A\* | 3848 | 339 |
| Six Flags Entertainment Corp. | 8557 | 305 |
| &nbsp;&nbsp; Town Sports International Holdings, <br> Inc.<sup>(2) \*</sup> <br>| 1105 |  |
| Travel + Leisure Co. | 11701 | 542 |
| United Parks & Resorts, Inc.\* | 6916 | 314 |
| Wendy's (The) Co. | 21933 | 321 |
|  |  | **5999** |
| **Household Durables – 1.9%** | **Household Durables – 1.9%** | **Household Durables – 1.9%** |
| Beazer Homes U.S.A., Inc.\* | 3975 | 81 |
| Cavco Industries, Inc.\* | 1467 | 762 |
| Century Communities, Inc. | 2865 | 192 |
| Champion Homes, Inc.\* | 7780 | 737 |
| Ethan Allen Interiors, Inc. | 4090 | 113 |
| Flexsteel Industries, Inc. | 3433 | 125 |
| GoPro, Inc., Class A\* | 12524 | 8 |
| Green Brick Partners, Inc.\* | 4898 | 286 |
| &nbsp;&nbsp; Hamilton Beach Brands Holding Co., <br> Class A<br>| 2274 | 44 |
| Hooker Furnishings Corp. | 1248 | 13 |
| Hovnanian Enterprises, Inc., Class A\* | 269 | 28 |
| Installed Building Products, Inc. | 3640 | 624 |
| iRobot Corp.\* | 4268 | 12 |
| KB Home | 12333 | 717 |
| La-Z-Boy, Inc. | 7260 | 284 |
| Lifetime Brands, Inc. | 499 | 3 |
| M/I Homes, Inc.\* | 3292 | 376 |
| Newell Brands, Inc. | 44928 | 279 |
| Nobility Homes, Inc. | 722 | 22 |
| Sonos, Inc.\* | 12881 | 138 |
| Taylor Morrison Home Corp.\* | 18157 | 1090 |
| Tri Pointe Homes, Inc.\* | 17546 | 560 |
| Universal Electronics, Inc.\* | 2963 | 18 |
| VOXX International Corp.\* | 2803 | 21 |
|  |  | **6533** |
| **Household Products – 0.6%** | **Household Products – 0.6%** | **Household Products – 0.6%** |
| Central Garden & Pet Co.\* | 8644 | 317 |
| Central Garden & Pet Co., Class A\* | 7310 | 239 |
| Energizer Holdings, Inc. | 8748 | 262 |
| Oil-Dri Corp. of America | 6245 | 287 |
| Spectrum Brands Holdings, Inc. | 5375 | 384 |
| WD-40 Co. | 2005 | 489 |
|  |  | **1978** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **136** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** |
| Ormat Technologies, Inc. | 6495 | **$460** |
| **Industrial Real Estate Investment Trusts – 0.3%** | **Industrial Real Estate Investment Trusts – 0.3%** | **Industrial Real Estate Investment Trusts – 0.3%** |
| Industrial Logistics Properties Trust | 8473 | 29 |
| Innovative Industrial Properties, Inc. | 3741 | 202 |
| LXP Industrial Trust | 32658 | 283 |
| Plymouth Industrial REIT, Inc. | 3940 | 64 |
| Terreno Realty Corp. | 9971 | 631 |
|  |  | **1209** |
| **Insurance – 2.7%** | **Insurance – 2.7%** | **Insurance – 2.7%** |
| Ambac Financial Group, Inc.\* | 4929 | 43 |
| American Coastal Insurance Corp. | 3669 | 42 |
| AMERISAFE, Inc. | 2883 | 151 |
| Assured Guaranty Ltd. | 8338 | 735 |
| Atlantic American Corp. | 5341 | 9 |
| Baldwin Insurance Group (The), Inc.\* | 8717 | 390 |
| Brighthouse Financial, Inc.\* | 9883 | 573 |
| Citizens, Inc.\* | 4968 | 23 |
| CNO Financial Group, Inc. | 31720 | 1321 |
| Donegal Group, Inc., Class A | 4156 | 82 |
| Employers Holdings, Inc. | 7061 | 358 |
| Enstar Group Ltd.\* | 1322 | 439 |
| F&G Annuities & Life, Inc. | 13263 | 478 |
| Genworth Financial, Inc.\* | 54361 | 385 |
| Goosehead Insurance, Inc., Class A | 2852 | 337 |
| Greenlight Capital Re Ltd., Class A\* | 10790 | 146 |
| Investors Title Co. | 534 | 129 |
| Kansas City Life Insurance Co. | 1538 | 50 |
| Kemper Corp. | 7671 | 513 |
| Lemonade, Inc.\* | 6655 | 209 |
| Maiden Holdings Ltd.\* | 4084 | 2 |
| MBIA, Inc.\* | 14578 | 73 |
| Mercury General Corp. | 3294 | 184 |
| Oscar Health, Inc., Class A\* | 25668 | 336 |
| Palomar Holdings, Inc.\* | 3232 | 443 |
| ProAssurance Corp.\* | 10308 | 241 |
| Safety Insurance Group, Inc. | 1865 | 147 |
| Selective Insurance Group, Inc. | 8365 | 766 |
| SiriusPoint Ltd.\* | 10257 | 177 |
| &nbsp;&nbsp; Skyward Specialty Insurance Group, <br> Inc.\*<br>| 4457 | 236 |
| Stewart Information Services Corp. | 2309 | 165 |
| United Fire Group, Inc. | 3366 | 99 |
| Universal Insurance Holdings, Inc. | 3577 | 85 |
|  |  | **9367** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Interactive Media & Services – 0.6%** | **Interactive Media & Services – 0.6%** | **Interactive Media & Services – 0.6%** |
| Angi, Inc.\* | 6511 | $100 |
| Bumble, Inc., Class A\* | 11094 | 48 |
| Cargurus, Inc.\* | 11773 | 343 |
| Cars.com, Inc.\* | 8188 | 92 |
| EverQuote, Inc., Class A\* | 3569 | 94 |
| QuinStreet, Inc.\* | 12787 | 228 |
| Shutterstock, Inc. | 2937 | 55 |
| Travelzoo\* | 4123 | 56 |
| TripAdvisor, Inc.\* | 13216 | 187 |
| Yelp, Inc.\* | 11859 | 439 |
| Ziff Davis, Inc.\* | 6606 | 248 |
| ZipRecruiter, Inc., Class A\* | 10265 | 61 |
|  |  | **1951** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| ASGN, Inc.\* | 7558 | 476 |
| CSP, Inc. | 2238 | 34 |
| DigitalOcean Holdings, Inc.\* | 8557 | 286 |
| Fastly, Inc., Class A\* | 15566 | 98 |
| Hackett Group (The), Inc. | 5668 | 166 |
| Information Services Group, Inc. | 3306 | 13 |
| Tucows, Inc., Class A\* | 1313 | 22 |
| Unisys Corp.\* | 4976 | 23 |
|  |  | **1118** |
| **Leisure Products – 0.3%** | **Leisure Products – 0.3%** | **Leisure Products – 0.3%** |
| Acushnet Holdings Corp. | 4903 | 337 |
| American Outdoor Brands, Inc.\* | 2019 | 25 |
| Clarus Corp. | 4340 | 16 |
| Escalade, Inc. | 4012 | 61 |
| JAKKS Pacific, Inc. | 469 | 12 |
| Johnson Outdoors, Inc., Class A | 2578 | 64 |
| Malibu Boats, Inc., Class A\* | 2943 | 90 |
| Marine Products Corp. | 5662 | 48 |
| Sturm Ruger & Co., Inc. | 2140 | 84 |
| Topgolf Callaway Brands Corp.\* | 12362 | 81 |
| YETI Holdings, Inc.\* | 10823 | 358 |
|  |  | **1176** |
| **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** |
| Alpha Teknova, Inc.\* | 2383 | 12 |
| Azenta, Inc.\* | 9586 | 332 |
| BioLife Solutions, Inc.\* | 7981 | 182 |
| Champions Oncology, Inc.\* | 5514 | 48 |
| Codexis, Inc.\* | 7503 | 20 |
| CryoPort, Inc.\* | 4580 | 28 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **137** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Life Sciences Tools & Services – 0.4%continued** | **Life Sciences Tools & Services – 0.4%continued** | **Life Sciences Tools & Services – 0.4%continued** |
| Fortrea Holdings, Inc.\* | 11398 | $86 |
| Harvard Bioscience, Inc.\* | 20337 | 12 |
| Lifecore Biomedical, Inc.\* | 3359 | 24 |
| &nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A\*<br>| 13573 | 30 |
| Mesa Laboratories, Inc. | 1562 | 185 |
| Nautilus Biotechnology, Inc.\* | 16090 | 14 |
| Omniab, Inc.<sup>(2) \*</sup> <br>| 1740 |  |
| OmniAb, Inc.\* | 17250 | 42 |
| Omniab, Inc. (NASDAQ Exchange)<sup>(2) \*</sup> <br>| 1740 |  |
| Quanterix Corp.\* | 9709 | 63 |
| Sotera Health Co.\* | 27462 | 320 |
| Standard BioTools, Inc.\* | 13763 | 15 |
|  |  | **1413** |
| **Machinery – 4.0%** | **Machinery – 4.0%** | **Machinery – 4.0%** |
| Alamo Group, Inc. | 1709 | 304 |
| Albany International Corp., Class A | 4743 | 327 |
| Astec Industries, Inc. | 4238 | 146 |
| Atmus Filtration Technologies, Inc. | 11683 | 429 |
| Chart Industries, Inc.\* | 5186 | 749 |
| Columbus McKinnon Corp. | 2524 | 43 |
| Douglas Dynamics, Inc. | 3339 | 78 |
| Eastern (The) Co. | 1252 | 32 |
| Enerpac Tool Group Corp. | 9397 | 421 |
| Enpro, Inc. | 2865 | 463 |
| ESCO Technologies, Inc. | 4330 | 689 |
| Federal Signal Corp. | 11824 | 870 |
| Franklin Electric Co., Inc. | 7039 | 661 |
| FreightCar America, Inc.\* | 1516 | 8 |
| Gorman-Rupp (The) Co. | 4837 | 170 |
| Graham Corp.\* | 3388 | 98 |
| Greenbrier (The) Cos., Inc. | 3757 | 192 |
| Helios Technologies, Inc. | 2939 | 94 |
| Hillenbrand, Inc. | 11381 | 275 |
| Hurco Cos., Inc.\* | 1328 | 21 |
| Hyster-Yale, Inc. | 2783 | 116 |
| JBT Marel Corp. | 4777 | 584 |
| Kadant, Inc. | 1475 | 497 |
| Kennametal, Inc. | 13136 | 280 |
| L.B. Foster Co., Class A\* | 1574 | 31 |
| Lindsay Corp. | 1601 | 202 |
| Miller Industries, Inc. | 2454 | 104 |
| Mueller Industries, Inc. | 17466 | 1330 |
| Mueller Water Products, Inc., Class A | 25032 | 636 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Machinery – 4.0%continued** | **Machinery – 4.0%continued** | **Machinery – 4.0%continued** |
| Omega Flex, Inc. | 1223 | $42 |
| Proto Labs, Inc.\* | 3983 | 140 |
| Shyft Group (The), Inc. | 2688 | 22 |
| SPX Technologies, Inc.\* | 7973 | 1027 |
| Standex International Corp. | 3062 | 494 |
| Stratasys Ltd.\* | 6924 | 68 |
| Taylor Devices, Inc.\* | 1071 | 34 |
| Tennant Co. | 3011 | 240 |
| Terex Corp. | 8354 | 316 |
| Titan International, Inc.\* | 9130 | 77 |
| Trinity Industries, Inc. | 14074 | 395 |
| Twin Disc, Inc. | 2536 | 19 |
| Wabash National Corp. | 4962 | 55 |
| Watts Water Technologies, Inc., Class A | 4504 | 918 |
| Worthington Enterprises, Inc. | 9401 | 471 |
|  |  | **14168** |
| **Marine Transportation – 0.4%** | **Marine Transportation – 0.4%** | **Marine Transportation – 0.4%** |
| Golden Ocean Group Ltd. | 16860 | 134 |
| Matson, Inc. | 7722 | 990 |
| Star Bulk Carriers Corp. | 15139 | 236 |
|  |  | **1360** |
| **Media – 0.6%** | **Media – 0.6%** | **Media – 0.6%** |
| AMC Networks, Inc., Class A\* | 5777 | 40 |
| Boston Omaha Corp., Class A<sup>(1) \*</sup> <br>| 1 |  |
| Cable One, Inc. | 761 | 202 |
| Cumulus Media, Inc., Class A\* | 5103 | 2 |
| EchoStar Corp., Class A\* | 21416 | 548 |
| Emerald Holding, Inc. | 7025 | 28 |
| EW Scripps (The) Co., Class A\* | 5236 | 15 |
| Gannett Co., Inc.\* | 17847 | 52 |
| Gray Media, Inc. | 17453 | 75 |
| Harte Hanks, Inc.\* | 790 | 4 |
| iHeartMedia, Inc., Class A\* | 14028 | 23 |
| John Wiley & Sons, Inc., Class A | 7078 | 315 |
| Magnite, Inc.\* | 8929 | 102 |
| Marchex, Inc., Class B\* | 6498 | 11 |
| Saga Communications, Inc., Class A | 1120 | 14 |
| Scholastic Corp. | 5266 | 99 |
| Sinclair, Inc. | 8418 | 134 |
| TechTarget, Inc.\* | 3224 | 48 |
| TEGNA, Inc. | 30441 | 555 |
|  |  | **2267** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **138** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** | **Metals & Mining – 1.4%** |
| Alpha Metallurgical Resources, Inc.\* | 1609 | $202 |
| Ampco-Pittsburgh Corp.\* | 2028 | 4 |
| Ascent Industries Co.\* | 108 | 1 |
| Carpenter Technology Corp. | 8428 | 1527 |
| Coeur Mining, Inc.\* | 35475 | 210 |
| Commercial Metals Co. | 17449 | 803 |
| Constellium S.E.\* | 20095 | 203 |
| Contango ORE, Inc.\* | 231 | 2 |
| Fortitude Gold Corp. | 3687 | 18 |
| Hecla Mining Co. | 82348 | 458 |
| Kaiser Aluminum Corp. | 2329 | 141 |
| Materion Corp. | 5210 | 425 |
| MP Materials Corp.\* | 17683 | 432 |
| Olympic Steel, Inc. | 2477 | 78 |
| Piedmont Lithium, Inc.\* | 1476 | 9 |
| Radius Recycling, Inc. | 2202 | 64 |
| SunCoke Energy, Inc. | 2103 | 19 |
| Tredegar Corp.\* | 5091 | 39 |
| Worthington Steel, Inc. | 9386 | 238 |
|  |  | **4873** |
| **Mortgage Real Estate Investment Trusts – 0.5%** | **Mortgage Real Estate Investment Trusts – 0.5%** | **Mortgage Real Estate Investment Trusts – 0.5%** |
| ACRES Commercial Realty Corp.\* | 2393 | 52 |
| AG Mortgage Investment Trust, Inc. | 2012 | 15 |
| &nbsp;&nbsp; Apollo Commercial Real Estate Finance, <br> Inc.<br>| 25184 | 241 |
| Arbor Realty Trust, Inc. | 19077 | 224 |
| ARMOUR Residential REIT, Inc. | 1199 | 20 |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Inc., <br> Class A<br>| 19772 | 395 |
| BrightSpire Capital, Inc. | 9179 | 51 |
| Cherry Hill Mortgage Investment Corp. | 3301 | 11 |
| Dynex Capital, Inc. | 2807 | 36 |
| Ellington Financial, Inc. | 1171 | 15 |
| Franklin BSP Realty Trust, Inc. | 6481 | 83 |
| Granite Point Mortgage Trust, Inc. | 4893 | 13 |
| Invesco Mortgage Capital, Inc. | 1859 | 15 |
| Ladder Capital Corp. | 21260 | 243 |
| New York Mortgage Trust, Inc. | 8350 | 54 |
| Orchid Island Capital, Inc. | 963 | 7 |
| Ready Capital Corp. | 3753 | 19 |
| Redwood Trust, Inc. | 8933 | 54 |
| Two Harbors Investment Corp. | 6553 | 88 |
|  |  | **1636** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** |
| Avista Corp. | 10581 | $443 |
| Black Hills Corp. | 9817 | 595 |
| Northwestern Energy Group, Inc. | 8730 | 505 |
| Unitil Corp. | 2781 | 161 |
|  |  | **1704** |
| **Office Real Estate Investment Trusts – 0.7%** | **Office Real Estate Investment Trusts – 0.7%** | **Office Real Estate Investment Trusts – 0.7%** |
| Brandywine Realty Trust | 24942 | 111 |
| City Office REIT, Inc. | 10369 | 54 |
| COPT Defense Properties | 14722 | 401 |
| Douglas Emmett, Inc. | 22204 | 355 |
| Easterly Government Properties, Inc. | 11849 | 126 |
| Equity Commonwealth\* | 15338 | 25 |
| Franklin Street Properties Corp. | 12850 | 23 |
| Highwoods Properties, Inc. | 14180 | 420 |
| Hudson Pacific Properties, Inc. | 19249 | 57 |
| Paramount Group, Inc. | 26099 | 112 |
| &nbsp;&nbsp; Piedmont Office Realty Trust, Inc., <br> Class A<br>| 17854 | 131 |
| SL Green Realty Corp. | 8728 | 504 |
|  |  | **2319** |
| **Oil, Gas & Consumable Fuels – 3.0%** | **Oil, Gas & Consumable Fuels – 3.0%** | **Oil, Gas & Consumable Fuels – 3.0%** |
| Ardmore Shipping Corp. | 17273 | 169 |
| Baytex Energy Corp. | 30296 | 68 |
| California Resources Corp. | 10710 | 471 |
| Centrus Energy Corp., Class A\* | 644 | 40 |
| Clean Energy Fuels Corp.\* | 10798 | 17 |
| CNX Resources Corp.\* | 20041 | 631 |
| Comstock Resources, Inc.\* | 12830 | 261 |
| Core Natural Resources, Inc. | 7427 | 573 |
| Crescent Energy Co., Class A | 2641 | 30 |
| CVR Energy, Inc. | 14819 | 287 |
| Delek U.S. Holdings, Inc. | 8990 | 135 |
| DHT Holdings, Inc. | 22274 | 234 |
| Dorian LPG Ltd. | 592 | 13 |
| Evolution Petroleum Corp. | 13665 | 71 |
| FLEX LNG Ltd. | 7876 | 181 |
| Frontline PLC | 19735 | 293 |
| FutureFuel Corp. | 5656 | 22 |
| Golar LNG Ltd. | 17776 | 675 |
| Green Plains, Inc.\* | 12393 | 60 |
| Gulfport Energy Corp.\* | 2684 | 494 |
| Hallador Energy Co.\* | 9545 | 117 |
| International Seaways, Inc. | 7497 | 249 |
| Kinetik Holdings, Inc. | 8742 | 454 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **139** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Oil, Gas & Consumable Fuels – 3.0%continued** | **Oil, Gas & Consumable Fuels – 3.0%continued** | **Oil, Gas & Consumable Fuels – 3.0%continued** |
| Magnolia Oil & Gas Corp., Class A | 23224 | $587 |
| Murphy Oil Corp. | 20540 | 583 |
| NACCO Industries, Inc., Class A | 3015 | 102 |
| Navigator Holdings Ltd. | 9822 | 131 |
| Nordic American Tankers Ltd. | 9501 | 23 |
| Northern Oil & Gas, Inc. | 10938 | 331 |
| Par Pacific Holdings, Inc.\* | 3718 | 53 |
| PBF Energy, Inc., Class A | 17476 | 334 |
| Peabody Energy Corp. | 16409 | 222 |
| PHX Minerals, Inc. | 5642 | 22 |
| PrimeEnergy Resources Corp.\* | 1174 | 268 |
| REX American Resources Corp.\* | 9107 | 342 |
| SandRidge Energy, Inc. | 3550 | 41 |
| Scorpio Tankers, Inc. | 9421 | 354 |
| SFL Corp. Ltd. | 15407 | 126 |
| Sitio Royalties Corp., Class A | 11687 | 232 |
| SM Energy Co. | 16908 | 506 |
| Teekay Corp. Ltd. | 11396 | 75 |
| Teekay Tankers Ltd., Class A | 5048 | 193 |
| Uranium Energy Corp.\* | 53101 | 254 |
| VAALCO Energy, Inc. | 13251 | 50 |
| W&T Offshore, Inc. | 31248 | 48 |
| World Kinect Corp. | 9272 | 263 |
|  |  | **10685** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| Clearwater Paper Corp.\* | 2717 | 69 |
| Magnera Corp.<sup>(1) \*</sup> <br>| 32 |  |
| Sylvamo Corp. | 4993 | 335 |
|  |  | **404** |
| **Passenger Airlines – 0.3%** | **Passenger Airlines – 0.3%** | **Passenger Airlines – 0.3%** |
| Copa Holdings S.A., Class A | 4790 | 443 |
| SkyWest, Inc.\* | 8785 | 767 |
|  |  | **1210** |
| **Personal Care Products – 0.3%** | **Personal Care Products – 0.3%** | **Personal Care Products – 0.3%** |
| Edgewell Personal Care Co. | 8137 | 254 |
| Interparfums, Inc. | 2852 | 325 |
| Medifast, Inc.\* | 2916 | 39 |
| Natural Alternatives International, Inc.\* | 1147 | 4 |
| Nature's Sunshine Products, Inc.\* | 2789 | 35 |
| Nu Skin Enterprises, Inc., Class A | 10119 | 73 |
| Oddity Tech Ltd., Class A\* | 7299 | 316 |
| USANA Health Sciences, Inc.\* | 1711 | 46 |
|  |  | **1092** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Pharmaceuticals – 2.3%** | **Pharmaceuticals – 2.3%** | **Pharmaceuticals – 2.3%** |
| Alto Neuroscience, Inc.\* | 7971 | $17 |
| Amneal Pharmaceuticals, Inc.\* | 29972 | 251 |
| Amphastar Pharmaceuticals, Inc.\* | 8326 | 241 |
| ANI Pharmaceuticals, Inc.\* | 2764 | 185 |
| Assertio Holdings, Inc.\* | 2602 | 2 |
| Atea Pharmaceuticals, Inc.\* | 7771 | 23 |
| Axsome Therapeutics, Inc.\* | 3505 | 409 |
| Biote Corp., Class A\* | 13542 | 45 |
| Cassava Sciences, Inc.\* | 8595 | 13 |
| Collegium Pharmaceutical, Inc.\* | 12163 | 363 |
| Contineum Therapeutics, Inc., Class A\* | 4609 | 32 |
| Corcept Therapeutics, Inc.\* | 21978 | 2510 |
| Enliven Therapeutics, Inc.\* | 6854 | 135 |
| Evolus, Inc.\* | 8358 | 101 |
| EyePoint Pharmaceuticals, Inc.\* | 10181 | 55 |
| Fulcrum Therapeutics, Inc.\* | 17751 | 51 |
| GH Research PLC\* | 7394 | 82 |
| Harmony Biosciences Holdings, Inc.\* | 2746 | 91 |
| Harrow, Inc.\* | 12411 | 330 |
| Innoviva, Inc.\* | 20099 | 364 |
| LENZ Therapeutics, Inc.\* | 5795 | 149 |
| Ligand Pharmaceuticals, Inc.\* | 3565 | 375 |
| Liquidia Corp.\* | 7107 | 105 |
| MediWound Ltd.\* | 6050 | 94 |
| Ocular Therapeutix, Inc.\* | 395 | 3 |
| Oculis Holding A.G.\* | 7492 | 143 |
| Omeros Corp.\* | 12108 | 100 |
| Otonomy, Inc.<sup>(2) \*</sup> <br>| 400 |  |
| Pacira BioSciences, Inc.\* | 8453 | 210 |
| Phathom Pharmaceuticals, Inc.\* | 7492 | 47 |
| Phibro Animal Health Corp., Class A | 6382 | 136 |
| Pliant Therapeutics, Inc.\* | 8600 | 12 |
| Prestige Consumer Healthcare, Inc.\* | 9095 | 782 |
| &nbsp;&nbsp; Rani Therapeutics Holdings, Inc., <br> Class A\*<br>| 22758 | 29 |
| scPharmaceuticals, Inc.\* | 9105 | 24 |
| SIGA Technologies, Inc.\* | 5188 | 28 |
| Supernus Pharmaceuticals, Inc.\* | 8188 | 268 |
| Tarsus Pharmaceuticals, Inc.\* | 3265 | 168 |
| Terns Pharmaceuticals, Inc.\* | 12003 | 33 |
| Theravance Biopharma, Inc.\* | 7261 | 65 |
| Third Harmonic Bio, Inc.\* | 7203 | 25 |
| Tilray Brands, Inc.\* | 92002 | 60 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **140** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Pharmaceuticals – 2.3%continued** | **Pharmaceuticals – 2.3%continued** | **Pharmaceuticals – 2.3%continued** |
| Verrica Pharmaceuticals, Inc.\* | 17921 | $8 |
| WaVe Life Sciences Ltd.\* | 5580 | 45 |
|  |  | **8209** |
| **Professional Services – 2.7%** | **Professional Services – 2.7%** | **Professional Services – 2.7%** |
| Alight, Inc., Class A | 45038 | 267 |
| Asure Software, Inc.\* | 961 | 9 |
| Barrett Business Services, Inc. | 13612 | 560 |
| CBIZ, Inc.\* | 17070 | 1295 |
| Conduent, Inc.\* | 21689 | 58 |
| CRA International, Inc. | 2871 | 497 |
| CSG Systems International, Inc. | 5492 | 332 |
| DLH Holdings Corp.\* | 980 | 4 |
| ExlService Holdings, Inc.\* | 23928 | 1130 |
| Exponent, Inc. | 8867 | 719 |
| Forrester Research, Inc.\* | 4740 | 44 |
| Franklin Covey Co.\* | 3612 | 100 |
| Heidrick & Struggles International, Inc. | 4823 | 207 |
| Huron Consulting Group, Inc.\* | 2916 | 418 |
| ICF International, Inc. | 2910 | 247 |
| Insperity, Inc. | 6039 | 539 |
| Kelly Services, Inc., Class A | 3606 | 47 |
| Korn Ferry | 8438 | 572 |
| ManpowerGroup, Inc. | 6466 | 374 |
| Maximus, Inc. | 7607 | 519 |
| NV5 Global, Inc.\* | 8268 | 159 |
| Resources Connection, Inc. | 5668 | 37 |
| TriNet Group, Inc. | 6243 | 495 |
| TrueBlue, Inc.\* | 5701 | 30 |
| TTEC Holdings, Inc. | 3274 | 11 |
| Verra Mobility Corp.\* | 19052 | 429 |
| Where Food Comes From, Inc.\* | 275 | 3 |
| Willdan Group, Inc.\* | 2249 | 92 |
| WNS Holdings Ltd.\* | 6417 | 395 |
|  |  | **9589** |
| **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** |
| Altisource Asset Management Corp.\* | 1 |  |
| American Realty Investors, Inc.\* | 1324 | 14 |
| AMREP Corp.\* | 1279 | 26 |
| Anywhere Real Estate, Inc.\* | 13501 | 45 |
| Compass, Inc., Class A\* | 50370 | 440 |
| Cushman & Wakefield PLC\* | 15557 | 159 |
| Douglas Elliman, Inc.\* | 5110 | 9 |
| eXp World Holdings, Inc. | 8131 | 80 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Real Estate Management & Development – 0.5%continued** | **Real Estate Management & Development – 0.5%continued** | **Real Estate Management & Development – 0.5%continued** |
| Forestar Group, Inc.\* | 7864 | $166 |
| FRP Holdings, Inc.\* | 1611 | 46 |
| Kennedy-Wilson Holdings, Inc. | 17494 | 152 |
| Newmark Group, Inc., Class A | 17784 | 216 |
| RE/MAX Holdings, Inc., Class A\* | 4667 | 39 |
| RMR Group (The), Inc., Class A | 81 | 1 |
| St. Joe (The) Co. | 4839 | 227 |
| Star Holdings\* | 2266 | 19 |
| Stratus Properties, Inc.\* | 1122 | 20 |
| Tejon Ranch Co.\* | 5980 | 95 |
| Transcontinental Realty Investors, Inc.\* | 325 | 9 |
|  |  | **1763** |
| **Residential Real Estate Investment Trusts – 0.4%** | **Residential Real Estate Investment Trusts – 0.4%** | **Residential Real Estate Investment Trusts – 0.4%** |
| Bluerock Homes Trust, Inc. | 1334 | 15 |
| BRT Apartments Corp. | 2358 | 40 |
| Centerspace | 1248 | 81 |
| Elme Communities | 11354 | 198 |
| Independence Realty Trust, Inc. | 29894 | 635 |
| NexPoint Residential Trust, Inc. | 2861 | 113 |
| UMH Properties, Inc. | 6208 | 116 |
| Veris Residential, Inc. | 13070 | 221 |
|  |  | **1419** |
| **Retail Real Estate Investment Trusts – 1.0%** | **Retail Real Estate Investment Trusts – 1.0%** | **Retail Real Estate Investment Trusts – 1.0%** |
| Acadia Realty Trust | 13029 | 273 |
| Alexander's, Inc. | 486 | 101 |
| Curbline Properties Corp. | 8709 | 211 |
| Getty Realty Corp. | 5635 | 176 |
| InvenTrust Properties Corp. | 9559 | 281 |
| Kite Realty Group Trust | 31069 | 695 |
| Macerich (The) Co. | 20466 | 351 |
| Phillips Edison & Co., Inc. | 16189 | 591 |
| Saul Centers, Inc. | 1492 | 54 |
| SITE Centers Corp. | 4353 | 56 |
| Tanger, Inc. | 11552 | 390 |
| Urban Edge Properties | 16364 | 311 |
| Whitestone REIT | 12028 | 175 |
|  |  | **3665** |
| **Semiconductors & Semiconductor Equipment – 1.8%** | **Semiconductors & Semiconductor Equipment – 1.8%** | **Semiconductors & Semiconductor Equipment – 1.8%** |
| ACM Research, Inc., Class A\* | 8163 | 190 |
| Alpha & Omega Semiconductor Ltd.\* | 4051 | 101 |
| Ambarella, Inc.\* | 4944 | 249 |
| Amtech Systems, Inc.\* | 597 | 3 |
| Axcelis Technologies, Inc.\* | 8471 | 421 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **141** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Semiconductors & Semiconductor Equipment – 1.8%continued** | **Semiconductors & Semiconductor Equipment – 1.8%continued** | **Semiconductors & Semiconductor Equipment – 1.8%continued** |
| Camtek Ltd. | 5922 | $347 |
| CEVA, Inc.\* | 3226 | 83 |
| Cohu, Inc.\* | 3688 | 54 |
| Credo Technology Group Holding Ltd.\* | 12543 | 504 |
| Diodes, Inc.\* | 6706 | 289 |
| FormFactor, Inc.\* | 10581 | 299 |
| Ichor Holdings Ltd.\* | 3109 | 70 |
| Impinj, Inc.\* | 3651 | 331 |
| inTEST Corp.\* | 3663 | 26 |
| Kopin Corp.<sup>(1) \*</sup> <br>| 280 |  |
| Kulicke & Soffa Industries, Inc. | 9341 | 308 |
| Magnachip Semiconductor Corp.\* | 3021 | 10 |
| Meta Materials, Inc.\* |  |  |
| NVE Corp. | 1531 | 98 |
| PDF Solutions, Inc.\* | 11164 | 213 |
| Penguin Solutions, Inc.\* | 11262 | 196 |
| Photronics, Inc.\* | 5340 | 111 |
| Power Integrations, Inc. | 7595 | 384 |
| Rambus, Inc.\* | 14855 | 769 |
| Semtech Corp.\* | 8365 | 288 |
| SiTime Corp.\* | 2395 | 366 |
| Synaptics, Inc.\* | 5327 | 339 |
| Ultra Clean Holdings, Inc.\* | 9426 | 202 |
| Veeco Instruments, Inc.\* | 10320 | 207 |
|  |  | **6458** |
| **Software – 4.9%** | **Software – 4.9%** | **Software – 4.9%** |
| ACI Worldwide, Inc.\* | 16782 | 918 |
| Adeia, Inc. | 14145 | 187 |
| Agilysys, Inc.\* | 4346 | 315 |
| Airship AI Holdings, Inc.\* | 33353 | 129 |
| Alarm.com Holdings, Inc.\* | 5208 | 290 |
| Alkami Technology, Inc.\* | 12093 | 317 |
| AvePoint, Inc.\* | 22235 | 321 |
| Blackbaud, Inc.\* | 7295 | 453 |
| BlackLine, Inc.\* | 7139 | 346 |
| Box, Inc., Class A\* | 20281 | 626 |
| Braze, Inc., Class A\* | 13349 | 482 |
| Cellebrite DI Ltd.\* | 27291 | 530 |
| Cerence, Inc.\* | 118 | 1 |
| &nbsp;&nbsp; Clearwater Analytics Holdings, Inc., <br> Class A\*<br>| 28904 | 775 |
| Commvault Systems, Inc.\* | 5576 | 880 |
| Consensus Cloud Solutions, Inc.\* | 2235 | 52 |
| Daily Journal Corp.\* | 244 | 97 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Software – 4.9%continued** | **Software – 4.9%continued** | **Software – 4.9%continued** |
| Digimarc Corp.\* | 4554 | $58 |
| Digital Turbine, Inc.\* | 10952 | 30 |
| Domo, Inc., Class B\* | 4714 | 37 |
| DoubleVerify Holdings, Inc.\* | 19015 | 254 |
| eGain Corp.\* | 4562 | 22 |
| Five9, Inc.\* | 9698 | 263 |
| Freshworks, Inc., Class A\* | 21426 | 302 |
| I3 Verticals, Inc., Class A\* | 2957 | 73 |
| Intapp, Inc.\* | 9167 | 535 |
| InterDigital, Inc. | 5779 | 1195 |
| JFrog Ltd.\* | 13866 | 444 |
| LiveRamp Holdings, Inc.\* | 8028 | 210 |
| Logility Supply Chain Solutions, Inc. | 5280 | 75 |
| NCR Voyix Corp.\* | 15633 | 152 |
| OneSpan, Inc. | 9140 | 139 |
| PagerDuty, Inc.\* | 11455 | 209 |
| Progress Software Corp. | 6343 | 327 |
| Q2 Holdings, Inc.\* | 7024 | 562 |
| Qualys, Inc.\* | 4839 | 609 |
| Rapid7, Inc.\* | 6797 | 180 |
| Red Violet, Inc. | 2926 | 110 |
| Rekor Systems, Inc.\* | 97912 | 87 |
| ReposiTrak, Inc. | 33 | 1 |
| Rezolve AI Ltd.\* | 77823 | 94 |
| RingCentral, Inc., Class A\* | 11244 | 278 |
| Sapiens International Corp. N.V. | 7396 | 200 |
| SoundThinking, Inc.\* | 3651 | 62 |
| Sprout Social, Inc., Class A\* | 7492 | 165 |
| SPS Commerce, Inc.\* | 6442 | 855 |
| Synchronoss Technologies, Inc.<sup>(1) \*</sup> <br>| 1 |  |
| Tenable Holdings, Inc.\* | 13511 | 473 |
| Teradata Corp.\* | 12929 | 291 |
| Upland Software, Inc.<sup>(1) \*</sup> <br>| 51 |  |
| Varonis Systems, Inc.\* | 12543 | 507 |
| Verint Systems, Inc.\* | 9214 | 165 |
| Vertex, Inc., Class A\* | 20177 | 706 |
| Viant Technology, Inc., Class A\* | 8972 | 111 |
| Weave Communications, Inc.\* | 9362 | 104 |
| Workiva, Inc.\* | 5024 | 381 |
| Xperi, Inc.\* | 5656 | 44 |
| Zeta Global Holdings Corp., Class A\* | 28999 | 393 |
|  |  | **17422** |
| **Specialized Real Estate Investment Trusts – 0.6%** | **Specialized Real Estate Investment Trusts – 0.6%** | **Specialized Real Estate Investment Trusts – 0.6%** |
| EPR Properties | 9678 | 509 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **142** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Specialized Real Estate Investment Trusts – 0.6%continued** | **Specialized Real Estate Investment Trusts – 0.6%continued** | **Specialized Real Estate Investment Trusts – 0.6%continued** |
| Four Corners Property Trust, Inc. | 11354 | $326 |
| Gladstone Land Corp. | 11428 | 120 |
| National Storage Affiliates Trust | 8163 | 322 |
| Outfront Media, Inc. | 21121 | 341 |
| PotlatchDeltic Corp. | 11925 | 538 |
| Safehold, Inc. | 3150 | 59 |
|  |  | **2215** |
| **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** |
| 1-800-Flowers.com, Inc., Class A\* | 6333 | 37 |
| Abercrombie & Fitch Co., Class A\* | 8438 | 644 |
| Academy Sports & Outdoors, Inc. | 9676 | 441 |
| American Eagle Outfitters, Inc. | 23782 | 276 |
| America's Car-Mart, Inc.\* | 1537 | 70 |
| Arhaus, Inc.\* | 15174 | 132 |
| Asbury Automotive Group, Inc.\* | 2547 | 563 |
| Barnes & Noble Education, Inc.\* | 238 | 3 |
| Beyond, Inc.\* | 4821 | 28 |
| Boot Barn Holdings, Inc.\* | 3940 | 423 |
| Buckle (The), Inc. | 4383 | 168 |
| Build-A-Bear Workshop, Inc. | 4008 | 149 |
| Caleres, Inc. | 7094 | 122 |
| Camping World Holdings, Inc., Class A | 5561 | 90 |
| Cato (The) Corp., Class A | 4500 | 15 |
| Children's Place (The), Inc.\* | 3788 | 33 |
| Citi Trends, Inc.\* | 4652 | 103 |
| Designer Brands, Inc., Class A | 8808 | 32 |
| Express, Inc.<sup>(2) \*</sup> <br>| 215 |  |
| Foot Locker, Inc.\* | 9795 | 138 |
| Genesco, Inc.\* | 3548 | 75 |
| Group 1 Automotive, Inc. | 2881 | 1100 |
| GrowGeneration Corp.\* | 7118 | 8 |
| Guess?, Inc. | 6774 | 75 |
| Haverty Furniture Cos., Inc. | 3355 | 66 |
| Monro, Inc. | 5161 | 75 |
| National Vision Holdings, Inc.\* | 9469 | 121 |
| ODP (The) Corp.\* | 5773 | 83 |
| PetMed Express, Inc.\* | 3839 | 16 |
| Revolve Group, Inc.\* | 9471 | 204 |
| Sally Beauty Holdings, Inc.\* | 21092 | 190 |
| Shoe Carnival, Inc. | 8280 | 182 |
| Signet Jewelers Ltd. | 6834 | 397 |
| Sleep Number Corp.\* | 3115 | 20 |
| Sonic Automotive, Inc., Class A | 7312 | 417 |
| Upbound Group, Inc. | 6850 | 164 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Specialty Retail – 2.2%continued** | **Specialty Retail – 2.2%continued** | **Specialty Retail – 2.2%continued** |
| Urban Outfitters, Inc.\* | 8956 | $469 |
| Victoria's Secret & Co.\* | 9795 | 182 |
| Winmark Corp. | 792 | 252 |
| Zumiez, Inc.\* | 5286 | 79 |
|  |  | **7642** |
| **Technology Hardware, Storage & Peripherals – 0.1%** | **Technology Hardware, Storage & Peripherals – 0.1%** | **Technology Hardware, Storage & Peripherals – 0.1%** |
| AstroNova, Inc.\* | 11863 | 109 |
| Immersion Corp. | 6938 | 53 |
| Intevac, Inc.<sup>(2)</sup> <br>| 6618 | 26 |
| TransAct Technologies, Inc.\* | 3462 | 13 |
|  |  | **201** |
| **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** |
| Carter's, Inc. | 4722 | 193 |
| Culp, Inc.\* | 3314 | 17 |
| Fossil Group, Inc.\* | 5469 | 6 |
| G-III Apparel Group Ltd.\* | 5606 | 153 |
| Kontoor Brands, Inc. | 5968 | 383 |
| Movado Group, Inc. | 2961 | 49 |
| Oxford Industries, Inc. | 3641 | 214 |
| Rocky Brands, Inc. | 3292 | 57 |
| Steven Madden Ltd. | 12192 | 325 |
| Superior Group of Cos., Inc. | 3292 | 36 |
| Under Armour, Inc., Class A\* | 47236 | 295 |
| Unifi, Inc.\* | 588 | 3 |
| Vera Bradley, Inc.\* | 3065 | 7 |
|  |  | **1738** |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| Turning Point Brands, Inc. | 208 | 12 |
| Universal Corp. | 4238 | 238 |
|  |  | **250** |
| **Total Broadband and Communications – 0.0%** | **Total Broadband and Communications – 0.0%** | **Total Broadband and Communications – 0.0%** |
| Machten, Inc.\* | 893 | **7** |
| **Trading Companies & Distributors – 2.8%** | **Trading Companies & Distributors – 2.8%** | **Trading Companies & Distributors – 2.8%** |
| Applied Industrial Technologies, Inc. | 7057 | 1590 |
| Beacon Roofing Supply, Inc.\* | 10376 | 1284 |
| BlueLinx Holdings, Inc.\* | 2610 | 196 |
| Boise Cascade Co. | 6407 | 628 |
| Distribution Solutions Group, Inc.\* | 6212 | 174 |
| DNOW, Inc.\* | 13345 | 228 |
| DXP Enterprises, Inc.\* | 1398 | 115 |
| EVI Industries, Inc. | 2069 | 35 |
| FTAI Aviation Ltd. | 12387 | 1375 |
| GATX Corp. | 5120 | 795 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **143** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP CORE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  | **COMMON STOCKS - 96.7%continued**  |
| **Trading Companies & Distributors – 2.8%continued** | **Trading Companies & Distributors – 2.8%continued** | **Trading Companies & Distributors – 2.8%continued** |
| Global Industrial Co. | 6081 | $136 |
| GMS, Inc.\* | 6331 | 463 |
| H&E Equipment Services, Inc. | 3612 | 342 |
| Herc Holdings, Inc. | 3698 | 497 |
| McGrath RentCorp | 4578 | 510 |
| MRC Global, Inc.\* | 12924 | 148 |
| Rush Enterprises, Inc., Class A | 18252 | 975 |
| Titan Machinery, Inc.\* | 1570 | 27 |
| Transcat, Inc.\* | 3076 | 229 |
| Willis Lease Finance Corp. | 1865 | 295 |
|  |  | **10042** |
| **Transportation Infrastructure – 0.1%** | **Transportation Infrastructure – 0.1%** | **Transportation Infrastructure – 0.1%** |
| Corp. America Airports S.A.\* | 17554 | **321** |
| **Water Utilities – 0.5%** | **Water Utilities – 0.5%** | **Water Utilities – 0.5%** |
| American States Water Co. | 6378 | 502 |
| Artesian Resources Corp., Class A | 3201 | 104 |
| Cadiz, Inc.\* | 11387 | 33 |
| California Water Service Group | 8016 | 388 |
| Consolidated Water Co. Ltd. | 7620 | 187 |
| Middlesex Water Co. | 4788 | 307 |
| SJW Group | 4307 | 236 |
| York Water (The) Co. | 3361 | 117 |
|  |  | **1874** |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| Gogo, Inc.\* | 5578 | 48 |
| Spok Holdings, Inc. | 10759 | 177 |
| Telephone and Data Systems, Inc. | 13801 | 535 |
|  |  | **760** |
| **Total Common Stocks** |  |  |
| **(Cost $228,822)** |  | **342124** |
| **MASTER LIMITED PARTNERSHIPS – 0.0%**  | **MASTER LIMITED PARTNERSHIPS – 0.0%**  | **MASTER LIMITED PARTNERSHIPS – 0.0%**  |
| **Marine Transportation – 0.0%** | **Marine Transportation – 0.0%** | **Marine Transportation – 0.0%** |
| Navios Maritime Partners L.P. | 167 | **6** |
| **Total Master Limited Partnerships** |  |  |
| **(Cost $5)** |  | **6** |
| **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  |
| **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** |
| Steel Partners Holdings L.P., 6.00% | 2675 | **65** |
| **Total Preferred Stocks** |  |  |
| **(Cost $67)** |  | **65** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Biotechnology – 0.0%** | **Biotechnology – 0.0%** | **Biotechnology – 0.0%** |
| &nbsp;&nbsp; Adamas Pharmaceuticals, Inc. <br> (Contingent Value Rights)<sup>(2) (4) \*</sup> <br>| 7545 | $— |
| &nbsp;&nbsp; Albireo Pharma, Inc. (Contingent Value <br> Rights)<sup>(2) (4) \*</sup> <br>| 7485 |  |
| &nbsp;&nbsp; Concert Pharmaceuticals, Inc. <br> (Contingent Value Rights)<sup>(2) (4) \*</sup> <br>| 20570 |  |
| &nbsp;&nbsp; Flexion Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(2) (4) \*</sup> <br>| 9753 | 4 |
| &nbsp;&nbsp; Inhibrx, Inc. (Contingent Value <br> Rights)<sup>(2) \*</sup> <br>| 7862 |  |
| &nbsp;&nbsp; Radius Health, Inc. (Contingent Value <br> Rights)<sup>(2) \*</sup> <br>| 8494 |  |
| Sinovac Biotech Ltd.<sup>(2) (4) \*</sup> <br>| 1587 |  |
| Tobira Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(2) (4) \*</sup> <br>| 16926 |  |
|  |  | **4** |
| **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** |
| Gurnet Point Capital LLC (Contingent <br> Value Rights)<sup>(2) (4) \*</sup> <br>| 13493 | **—** |
| **Health Care Equipment & Supplies – 0.0%** | **Health Care Equipment & Supplies – 0.0%** | **Health Care Equipment & Supplies – 0.0%** |
| American Medical Alert Corp.<sup>(2) (4) \*</sup> <br>| 13109 | **—** |
| **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** |
| Resolute Forest Products, Inc., Class A <br> (Contingent Value Rights)<sup>(2) (4) \*</sup> <br>| 11874 | **—** |
| **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** |
| &nbsp;&nbsp; Harmony Biosciences Holdings, Inc. <br> (Contingent Value Rights)<sup>(2) \*</sup> <br>| 16116 |  |
| &nbsp;&nbsp; Opiant Pharmaceuticals, Inc. <br> (Contingent Value Rights)<sup>(2) (4) \*</sup> <br>| 9938 |  |
| Satsuma Pharmaceuticals, Inc. <br> (Contingent Value Rights)<sup>(2) (4) \*</sup> <br>| 3331 |  |
|  |  | **—** |
| **Total Rights** |  |  |
| **(Cost $131)** |  | **4** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp; Nabors Industries Ltd., Exp. 6/11/26, <br> Strike $166.67\*<br>| 743 | $2 |
| &nbsp;&nbsp; Pulse Biosciences, Exp. 6/27/29, Strike <br> $0.00\*<br>| 1625 | 4 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **6** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **144** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 3.1%**  | **INVESTMENT COMPANIES – 3.1%**  | **INVESTMENT COMPANIES – 3.1%**  |
| Ellington Credit Co. | 3581 | $20 |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(5) (6)</sup> <br>| 10890276 | 10890 |
| **Total Investment Companies** |  |  |
| **(Cost $10,912)** |  | **10910** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.3%**  | **SHORT-TERM INVESTMENTS – 0.3%**  | **SHORT-TERM INVESTMENTS – 0.3%**  |
| U.S. Treasury Bill, |  |  |
| 4.11%, 9/11/25<sup>(7) (8)</sup> <br>| $1047 | **$1028** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $1,028)** | **(Cost $1,028)** | **1028** |
| **Total Investments – 100.1%** | **Total Investments – 100.1%** |  |
| **(Cost $240,965)** | **(Cost $240,965)** | **354143** |
| Liabilities less Other Assets – (0.1%) | Liabilities less Other Assets – (0.1%) | (359)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$353784** |

---

<sup>(1)</sup> *Value rounds to less than one thousand.*

<sup>(2)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(3)</sup> *Investment in affiliate.*

<sup>(4)</sup> *Restricted security. At March 31, 2025, the value of these restricted securities* *amounted to approximately $4,000 or 0.0% of net assets. Additional* *information on these restricted securities are as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| &nbsp;&nbsp; Adamas Pharmaceuticals, Inc. (Contingent <br> Value Rights)<br>| 11/26/21 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp; Albireo Pharma, Inc. (Contingent Value <br> Rights)<br>| 3/3/23 | &nbsp;&nbsp; — |
| American Medical Alert Corp. | 1/3/12 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Concert Pharmaceuticals, Inc. (Contingent <br> Value Rights)<br>| 3/7/23 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Flexion Therapeutics, Inc. (Contingent Value <br> Rights)<br>| 11/22/21 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Gurnet Point Capital LLC (Contingent Value <br> Rights)<br>| 9/22/23 | &nbsp;&nbsp; — |
| Next Bridge Hydrocarbons, Inc. | 12/13/22 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; Opiant Pharmaceuticals, Inc. (Contingent <br> Value Rights)<br>| 3/3/23 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Resolute Forest Products, Inc., Class A <br> (Contingent Value Rights)<br>| 3/1/23 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Satsuma Pharmaceuticals, Inc. <br> (Contingent Value Rights)<br>| 6/9/23 | &nbsp;&nbsp; — |

---

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| Sinovac Biotech Ltd. | 3/29/19 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp; Tobira Therapeutics, Inc. (Contingent Value <br> Rights)<br>| 11/2/16 | &nbsp;&nbsp; 131 |

---

<sup>(5)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(6)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(7)</sup> *Discount rate at the time of purchase.*

<sup>(8)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| ADR - American Depositary Receipt |
| REIT - Real Estate Investment Trust |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini Russell <br> 2000 Index<br>| 118 | $11960 | Long | 6/25 | $(80)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; $3944 | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4014 |
| Banks | &nbsp;&nbsp; 36566 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36580 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **145** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **SMALL CAP CORE FUND continued**  | **March 31, 2025**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Biotechnology | &nbsp;&nbsp; $20111 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14 | &nbsp;&nbsp; $20125 |
| Financial Services | &nbsp;&nbsp; 9434 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9460 |
| Household Durables | &nbsp;&nbsp; 6511 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6533 |
| Insurance | &nbsp;&nbsp; 9317 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9367 |
| &nbsp;&nbsp; Technology Hardware, <br> Storage & Peripherals<br>| &nbsp;&nbsp; 175 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 201 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; 255844 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 255844 |
| Total Common Stocks | &nbsp;&nbsp; 341902 | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 342124 |
| Master Limited Partnerships | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| Preferred Stocks | &nbsp;&nbsp; 65 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65 |
| Rights<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Warrants | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| Investment Companies | &nbsp;&nbsp; 10910 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10910 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1028 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1028 |
| Total Investments | &nbsp;&nbsp; $352885 | &nbsp;&nbsp; $1214 | &nbsp;&nbsp; $44 | &nbsp;&nbsp; $354143 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(80)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(80)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **146** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **SMALL CAP INDEX FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.9%**  | **COMMON STOCKS – 97.9%**  | **COMMON STOCKS – 97.9%**  |
| **Aerospace & Defense – 1.4%** | **Aerospace & Defense – 1.4%** | **Aerospace & Defense – 1.4%** |
| AAR Corp.\* | 16029 | $897 |
| AeroVironment, Inc.\* | 12822 | 1528 |
| AerSale Corp.\* | 14574 | 109 |
| Archer Aviation, Inc., Class A\* | 149084 | 1060 |
| Astronics Corp.\* | 13607 | 329 |
| Byrna Technologies, Inc.\* | 7800 | 131 |
| Cadre Holdings, Inc. | 11743 | 348 |
| Ducommun, Inc.\* | 6119 | 355 |
| Eve Holding, Inc.\* | 26094 | 87 |
| Intuitive Machines, Inc.\* | 20147 | 150 |
| &nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc.\*<br>| 68139 | 2023 |
| Leonardo DRS, Inc. | 33947 | 1116 |
| Mercury Systems, Inc.\* | 23974 | 1033 |
| Moog, Inc., Class A | 12896 | 2236 |
| National Presto Industries, Inc. | 2452 | 216 |
| Park Aerospace Corp. | 8401 | 113 |
| Redwire Corp.\* | 11053 | 92 |
| Rocket Lab U.S.A., Inc.\* | 162440 | 2904 |
| Triumph Group, Inc.\* | 33415 | 847 |
| V2X, Inc.\* | 7770 | 381 |
| Virgin Galactic Holdings, Inc.\* | 10755 | 33 |
| VirTra, Inc.\* | 3773 | 15 |
|  |  | **16003** |
| **Air Freight & Logistics – 0.2%** | **Air Freight & Logistics – 0.2%** | **Air Freight & Logistics – 0.2%** |
| Air Transport Services Group, Inc.\* | 23815 | 534 |
| Forward Air Corp.\* | 11482 | 231 |
| Hub Group, Inc., Class A | 27319 | 1015 |
| Radiant Logistics, Inc.\* | 16193 | 100 |
|  |  | **1880** |
| **Automobile Components – 1.0%** | **Automobile Components – 1.0%** | **Automobile Components – 1.0%** |
| Adient PLC\* | 37906 | 488 |
| &nbsp;&nbsp; American Axle & Manufacturing <br> Holdings, Inc.\*<br>| 51293 | 209 |
| Cooper-Standard Holdings, Inc.\* | 8222 | 126 |
| Dana, Inc. | 60303 | 804 |
| Dorman Products, Inc.\* | 11925 | 1437 |
| Fox Factory Holding Corp.\* | 19684 | 459 |
| Gentherm, Inc.\* | 13900 | 372 |
| Goodyear Tire & Rubber (The) Co.\* | 130816 | 1209 |
| Holley, Inc.\* | 18594 | 48 |
| LCI Industries | 11310 | 989 |
| Luminar Technologies, Inc.\* | 12797 | 69 |
| Modine Manufacturing Co.\* | 23637 | 1814 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Automobile Components – 1.0%continued** | **Automobile Components – 1.0%continued** | **Automobile Components – 1.0%continued** |
| Patrick Industries, Inc. | 14839 | $1255 |
| Phinia, Inc. | 19219 | 815 |
| Solid Power, Inc.\* | 70972 | 75 |
| Standard Motor Products, Inc. | 9865 | 246 |
| Stoneridge, Inc.\* | 11178 | 51 |
| Visteon Corp.\* | 12515 | 971 |
| XPEL, Inc.\* | 11379 | 334 |
|  |  | **11771** |
| **Automobiles – 0.0%** | **Automobiles – 0.0%** | **Automobiles – 0.0%** |
| Livewire Group, Inc.\* | 5175 | 11 |
| Winnebago Industries, Inc. | 12543 | 432 |
|  |  | **443** |
| **Banks – 10.6%** | **Banks – 10.6%** | **Banks – 10.6%** |
| 1st Source Corp. | 8423 | 504 |
| ACNB Corp. | 3960 | 163 |
| Amalgamated Financial Corp. | 8190 | 235 |
| Amerant Bancorp, Inc. | 16679 | 344 |
| Ameris Bancorp | 30105 | 1733 |
| Ames National Corp. | 4417 | 77 |
| Arrow Financial Corp. | 7615 | 200 |
| Associated Banc-Corp | 75550 | 1702 |
| Atlantic Union Bankshares Corp. | 40849 | 1272 |
| Axos Financial, Inc.\* | 24981 | 1612 |
| Banc of California, Inc. | 63322 | 899 |
| BancFirst Corp. | 9194 | 1010 |
| Bancorp (The), Inc.\* | 20840 | 1101 |
| Bank First Corp. | 4466 | 450 |
| Bank of Hawaii Corp. | 17939 | 1237 |
| Bank of Marin Bancorp | 7470 | 165 |
| Bank of NT Butterfield & Son (The) Ltd. | 20556 | 800 |
| Bank7 Corp. | 1955 | 76 |
| BankUnited, Inc. | 34256 | 1180 |
| Bankwell Financial Group, Inc. | 2733 | 83 |
| Banner Corp. | 15654 | 998 |
| Bar Harbor Bankshares | 7085 | 209 |
| BayCom Corp. | 4938 | 124 |
| BCB Bancorp, Inc. | 6179 | 61 |
| Berkshire Hills Bancorp, Inc. | 19897 | 519 |
| Blue Foundry Bancorp\* | 8327 | 77 |
| Bridgewater Bancshares, Inc.\* | 9121 | 127 |
| Brookline Bancorp, Inc. | 39927 | 435 |
| &nbsp;&nbsp; Burke & Herbert Financial Services <br> Corp.<br>| 6100 | 342 |
| Business First Bancshares, Inc. | 11345 | 276 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **147** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Banks – 10.6%continued** | **Banks – 10.6%continued** | **Banks – 10.6%continued** |
| Byline Bancorp, Inc. | 14553 | $381 |
| Cadence Bank | 83415 | 2533 |
| California BanCorp\* | 11581 | 166 |
| Camden National Corp. | 7852 | 318 |
| Capital Bancorp, Inc. | 4310 | 122 |
| Capital City Bank Group, Inc. | 6458 | 232 |
| Capitol Federal Financial, Inc. | 55766 | 312 |
| Carter Bankshares, Inc.\* | 10879 | 176 |
| Cathay General Bancorp | 31314 | 1347 |
| Central Pacific Financial Corp. | 12459 | 337 |
| Chemung Financial Corp. | 1550 | 74 |
| ChoiceOne Financial Services, Inc. | 3588 | 103 |
| Citizens & Northern Corp. | 7159 | 144 |
| Citizens Financial Services, Inc. | 1958 | 114 |
| City Holding Co. | 6678 | 784 |
| Civista Bancshares, Inc. | 7383 | 144 |
| CNB Financial Corp. | 9697 | 216 |
| Coastal Financial Corp.\* | 5694 | 515 |
| Colony Bankcorp, Inc. | 8021 | 130 |
| Columbia Financial, Inc.\* | 12992 | 195 |
| Community Financial System, Inc. | 23900 | 1359 |
| Community Trust Bancorp, Inc. | 7172 | 361 |
| Community West Bancshares | 7395 | 137 |
| ConnectOne Bancorp, Inc. | 16354 | 398 |
| Customers Bancorp, Inc.\* | 13462 | 676 |
| CVB Financial Corp. | 60462 | 1116 |
| Dime Community Bancshares, Inc. | 18486 | 515 |
| Eagle Bancorp, Inc. | 13544 | 284 |
| Eastern Bankshares, Inc. | 88180 | 1446 |
| Enterprise Bancorp, Inc. | 4715 | 184 |
| Enterprise Financial Services Corp. | 16879 | 907 |
| Equity Bancshares, Inc., Class A | 7665 | 302 |
| Esquire Financial Holdings, Inc. | 3285 | 248 |
| ESSA Bancorp, Inc. | 4202 | 79 |
| Farmers & Merchants Bancorp, Inc. | 5563 | 133 |
| Farmers National Banc Corp. | 17230 | 225 |
| FB Financial Corp. | 16317 | 756 |
| Fidelity D&D Bancorp, Inc. | 2337 | 97 |
| Financial Institutions, Inc. | 9049 | 226 |
| First Bancorp | 18213 | 731 |
| First BanCorp | 74678 | 1432 |
| First Bancorp (The), Inc. | 5028 | 124 |
| First Bancshares (The), Inc. | 14163 | 479 |
| First Bank | 10137 | 150 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Banks – 10.6%continued** | **Banks – 10.6%continued** | **Banks – 10.6%continued** |
| First Busey Corp. | 38066 | $822 |
| First Business Financial Services, Inc. | 3757 | 177 |
| First Commonwealth Financial Corp. | 46158 | 717 |
| First Community Bankshares, Inc. | 7941 | 299 |
| First Financial Bancorp | 43378 | 1084 |
| First Financial Bankshares, Inc. | 59552 | 2139 |
| First Financial Corp. | 5305 | 260 |
| First Financial Northwest, Inc. | 3248 | 74 |
| First Foundation, Inc. | 27803 | 144 |
| First Internet Bancorp | 3789 | 101 |
| First Interstate BancSystem, Inc., Class A | 36196 | 1037 |
| First Merchants Corp. | 26884 | 1087 |
| First Mid Bancshares, Inc. | 10687 | 373 |
| First of Long Island (The) Corp. | 10376 | 128 |
| First Western Financial, Inc.\* | 3372 | 66 |
| Five Star Bancorp | 7899 | 220 |
| Flagstar Financial, Inc. | 116992 | 1359 |
| Flushing Financial Corp. | 15163 | 193 |
| FS Bancorp, Inc. | 2922 | 111 |
| Fulton Financial Corp. | 82991 | 1501 |
| FVCBankcorp, Inc.\* | 8303 | 88 |
| German American Bancorp, Inc. | 13093 | 491 |
| Glacier Bancorp, Inc. | 52155 | 2306 |
| Great Southern Bancorp, Inc. | 4029 | 223 |
| Greene County Bancorp, Inc. | 3225 | 78 |
| Guaranty Bancshares, Inc. | 3596 | 144 |
| Hancock Whitney Corp. | 39710 | 2083 |
| Hanmi Financial Corp. | 13921 | 315 |
| HarborOne Bancorp, Inc. | 16672 | 173 |
| HBT Financial, Inc. | 5997 | 134 |
| Heritage Commerce Corp. | 28069 | 267 |
| Heritage Financial Corp. | 15797 | 384 |
| Hilltop Holdings, Inc. | 21162 | 644 |
| Hingham Institution For Savings (The) | 740 | 176 |
| Home Bancorp, Inc. | 3376 | 151 |
| Home BancShares, Inc. | 85788 | 2425 |
| HomeStreet, Inc.\* | 7653 | 90 |
| HomeTrust Bancshares, Inc. | 6969 | 239 |
| Hope Bancorp, Inc. | 52575 | 550 |
| Horizon Bancorp, Inc. | 20336 | 307 |
| Independent Bank Corp. | 19383 | 1214 |
| Independent Bank Corp. | 9354 | 288 |
| International Bancshares Corp. | 24714 | 1558 |
| Investar Holding Corp. | 4359 | 77 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **148** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Banks – 10.6%continued** | **Banks – 10.6%continued** | **Banks – 10.6%continued** |
| John Marshall Bancorp, Inc. | 6145 | $102 |
| Kearny Financial Corp. | 24092 | 151 |
| Lakeland Financial Corp. | 11431 | 679 |
| LCNB Corp. | 5429 | 80 |
| LINKBANCORP, Inc. | 10202 | 69 |
| Live Oak Bancshares, Inc. | 15669 | 418 |
| Mercantile Bank Corp. | 7354 | 319 |
| Metrocity Bankshares, Inc. | 8600 | 237 |
| Metropolitan Bank Holding Corp.\* | 4729 | 265 |
| Mid Penn Bancorp, Inc. | 8284 | 215 |
| Middlefield Banc Corp. | 3072 | 86 |
| Midland States Bancorp, Inc. | 9820 | 168 |
| MidWestOne Financial Group, Inc. | 9046 | 268 |
| MVB Financial Corp. | 5654 | 98 |
| National Bank Holdings Corp., Class A | 16770 | 642 |
| National Bankshares, Inc. | 2893 | 77 |
| NB Bancorp, Inc.\* | 18161 | 328 |
| NBT Bancorp, Inc. | 21209 | 910 |
| Nicolet Bankshares, Inc. | 6351 | 692 |
| Northeast Bank | 3174 | 291 |
| Northeast Community Bancorp, Inc. | 5948 | 139 |
| Northfield Bancorp, Inc. | 16902 | 184 |
| Northrim BanCorp, Inc. | 2475 | 181 |
| Northwest Bancshares, Inc. | 57936 | 696 |
| Norwood Financial Corp. | 4098 | 99 |
| Oak Valley Bancorp | 3028 | 76 |
| OceanFirst Financial Corp. | 26812 | 456 |
| OFG Bancorp | 20777 | 832 |
| Old National Bancorp | 144779 | 3068 |
| Old Second Bancorp, Inc. | 20410 | 340 |
| Orange County Bancorp, Inc. | 4977 | 116 |
| Origin Bancorp, Inc. | 13284 | 461 |
| Orrstown Financial Services, Inc. | 8745 | 262 |
| Pacific Premier Bancorp, Inc. | 43949 | 937 |
| Park National Corp. | 6655 | 1008 |
| Parke Bancorp, Inc. | 4452 | 84 |
| Pathward Financial, Inc. | 11191 | 816 |
| PCB Bancorp | 4975 | 93 |
| Peapack-Gladstone Financial Corp. | 7906 | 225 |
| &nbsp;&nbsp; Peoples Bancorp of North Carolina, <br> Inc.<br>| 1777 | 48 |
| Peoples Bancorp, Inc. | 16105 | 478 |
| Peoples Financial Services Corp. | 4077 | 181 |
| Pioneer Bancorp, Inc.\* | 5388 | 63 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Banks – 10.6%continued** | **Banks – 10.6%continued** | **Banks – 10.6%continued** |
| Plumas Bancorp | 2374 | $103 |
| Ponce Financial Group, Inc.\* | 9140 | 116 |
| Preferred Bank | 5600 | 469 |
| Primis Financial Corp. | 10193 | 100 |
| Princeton Bancorp, Inc. | 2296 | 70 |
| Provident Bancorp, Inc.\* | 7289 | 84 |
| Provident Financial Services, Inc. | 57766 | 992 |
| QCR Holdings, Inc. | 7614 | 543 |
| RBB Bancorp | 7509 | 124 |
| Red River Bancshares, Inc. | 2122 | 110 |
| Renasant Corp. | 28879 | 980 |
| Republic Bancorp, Inc., Class A | 3739 | 239 |
| S&T Bancorp, Inc. | 17677 | 655 |
| Sandy Spring Bancorp, Inc. | 19938 | 557 |
| Seacoast Banking Corp. of Florida | 38522 | 991 |
| ServisFirst Bancshares, Inc. | 23211 | 1917 |
| Shore Bancshares, Inc. | 13582 | 184 |
| Sierra Bancorp | 6162 | 172 |
| Simmons First National Corp., Class A | 56994 | 1170 |
| SmartFinancial, Inc. | 7515 | 234 |
| South Plains Financial, Inc. | 5447 | 180 |
| Southern First Bancshares, Inc.\* | 3568 | 117 |
| Southern Missouri Bancorp, Inc. | 4488 | 233 |
| Southern States Bancshares, Inc. | 3880 | 139 |
| Southside Bancshares, Inc. | 13419 | 389 |
| SouthState Corp. | 44829 | 4161 |
| Stellar Bancorp, Inc. | 22804 | 631 |
| Sterling Bancorp, Inc.\* | 9809 | 48 |
| Stock Yards Bancorp, Inc. | 11814 | 816 |
| Texas Capital Bancshares, Inc.\* | 21199 | 1584 |
| Third Coast Bancshares, Inc.\* | 5183 | 173 |
| Timberland Bancorp, Inc. | 3452 | 104 |
| Tompkins Financial Corp. | 5847 | 368 |
| Towne Bank | 32466 | 1110 |
| TriCo Bancshares | 14521 | 580 |
| Triumph Financial, Inc.\* | 10037 | 580 |
| TrustCo Bank Corp. NY | 8306 | 253 |
| Trustmark Corp. | 27739 | 957 |
| UMB Financial Corp. | 31235 | 3158 |
| United Bankshares, Inc. | 60509 | 2098 |
| United Community Banks, Inc. | 54678 | 1538 |
| Unity Bancorp, Inc. | 3406 | 139 |
| Univest Financial Corp. | 13475 | 382 |
| USCB Financial Holdings, Inc. | 5136 | 95 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **149** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Banks – 10.6%continued** | **Banks – 10.6%continued** | **Banks – 10.6%continued** |
| Valley National Bancorp | 218332 | $1941 |
| Veritex Holdings, Inc. | 23833 | 595 |
| Virginia National Bankshares Corp. | 2242 | 81 |
| WaFd, Inc. | 37358 | 1068 |
| Washington Trust Bancorp, Inc. | 9007 | 278 |
| WesBanco, Inc. | 39386 | 1219 |
| West BanCorp, Inc. | 7369 | 147 |
| Westamerica BanCorp | 11924 | 604 |
| WSFS Financial Corp. | 26766 | 1388 |
|  |  | **118918** |
| **Beverages – 0.4%** | **Beverages – 0.4%** | **Beverages – 0.4%** |
| MGP Ingredients, Inc. | 6277 | 185 |
| National Beverage Corp. | 10616 | 441 |
| Primo Brands Corp. | 91745 | 3256 |
| Vita Coco (The) Co., Inc.\* | 18153 | 556 |
|  |  | **4438** |
| **Biotechnology – 8.0%** | **Biotechnology – 8.0%** | **Biotechnology – 8.0%** |
| 2seventy bio, Inc.\* | 21053 | 104 |
| 4D Molecular Therapeutics, Inc.\* | 18860 | 61 |
| 89bio, Inc.\* | 52156 | 379 |
| Absci Corp.\* | 39543 | 99 |
| ACADIA Pharmaceuticals, Inc.\* | 55337 | 919 |
| ACELYRIN, Inc.\* | 31526 | 78 |
| Achieve Life Sciences, Inc.\* | 18383 | 49 |
| Acrivon Therapeutics, Inc.\* | 4165 | 8 |
| Actinium Pharmaceuticals, Inc.\* | 8761 | 14 |
| Acumen Pharmaceuticals, Inc.\* | 24665 | 27 |
| ADC Therapeutics S.A.\* | 41107 | 58 |
| ADMA Biologics, Inc.\* | 105784 | 2099 |
| Adverum Biotechnologies, Inc.\* | 10820 | 47 |
| Aerovate Therapeutics, Inc.\* | 8917 | 22 |
| Agenus, Inc.\* | 10808 | 16 |
| Agios Pharmaceuticals, Inc.\* | 25730 | 754 |
| Akebia Therapeutics, Inc.\* | 101831 | 196 |
| Akero Therapeutics, Inc.\* | 34379 | 1392 |
| Aldeyra Therapeutics, Inc.\* | 21827 | 126 |
| Alector, Inc.\* | 32481 | 40 |
| Alkermes PLC\* | 74131 | 2448 |
| Allogene Therapeutics, Inc.\* | 54868 | 80 |
| Altimmune, Inc.\* | 33789 | 169 |
| ALX Oncology Holdings, Inc.\* | 15957 | 10 |
| Amicus Therapeutics, Inc.\* | 134721 | 1099 |
| AnaptysBio, Inc.\* | 9507 | 177 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Biotechnology – 8.0%continued** | **Biotechnology – 8.0%continued** | **Biotechnology – 8.0%continued** |
| Anavex Life Sciences Corp.\* | 34675 | $298 |
| Anika Therapeutics, Inc.\* | 6383 | 96 |
| Annexon, Inc.\* | 47576 | 92 |
| Apogee Therapeutics, Inc.\* | 17566 | 656 |
| Applied Therapeutics, Inc.\* | 58434 | 29 |
| Arbutus Biopharma Corp.\* | 69145 | 241 |
| Arcellx, Inc.\* | 20177 | 1324 |
| Arcturus Therapeutics Holdings, Inc.\* | 10005 | 106 |
| Arcus Biosciences, Inc.\* | 24957 | 196 |
| Arcutis Biotherapeutics, Inc.\* | 48936 | 765 |
| Ardelyx, Inc.\* | 109278 | 537 |
| ArriVent Biopharma, Inc.\* | 12897 | 238 |
| Arrowhead Pharmaceuticals, Inc.\* | 54745 | 697 |
| ARS Pharmaceuticals, Inc.\* | 22004 | 277 |
| Artiva Biotherapeutics, Inc.\* | 10672 | 32 |
| Astria Therapeutics, Inc.\* | 20157 | 108 |
| Atossa Therapeutics, Inc.\* | 67309 | 45 |
| Aura Biosciences, Inc.\* | 22210 | 130 |
| Aurinia Pharmaceuticals, Inc.\* | 60811 | 489 |
| Avidity Biosciences, Inc.\* | 52360 | 1546 |
| Avita Medical, Inc.\* | 12639 | 103 |
| Beam Therapeutics, Inc.\* | 41699 | 814 |
| Bicara Therapeutics, Inc.\* | 8308 | 108 |
| BioCryst Pharmaceuticals, Inc.\* | 95701 | 718 |
| Biohaven Ltd.\* | 39460 | 949 |
| Biomea Fusion, Inc.\* | 10172 | 22 |
| Black Diamond Therapeutics, Inc.\* | 14267 | 22 |
| Bluebird Bio, Inc.\* | 4591 | 22 |
| Blueprint Medicines Corp.\* | 29116 | 2577 |
| Boundless Bio, Inc.\* | 12112 | 18 |
| Bridgebio Pharma, Inc.\* | 64738 | 2238 |
| C4 Therapeutics, Inc.\* | 30824 | 49 |
| Cabaletta Bio, Inc.\* | 16740 | 23 |
| CAMP4 Therapeutics Corp.\* | 4277 | 17 |
| Candel Therapeutics, Inc.\* | 13829 | 78 |
| Capricor Therapeutics, Inc.\* | 16255 | 154 |
| Cardiff Oncology, Inc.\* | 28548 | 90 |
| CareDx, Inc.\* | 23965 | 425 |
| Cargo Therapeutics, Inc.\* | 14108 | 57 |
| Caribou Biosciences, Inc.\* | 30547 | 28 |
| Cartesian Therapeutics, Inc.\* | 4285 | 56 |
| Catalyst Pharmaceuticals, Inc.\* | 51987 | 1261 |
| Celcuity, Inc.\* | 14359 | 145 |
| Celldex Therapeutics, Inc.\* | 29999 | 544 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **150** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Biotechnology – 8.0%continued** | **Biotechnology – 8.0%continued** | **Biotechnology – 8.0%continued** |
| Century Therapeutics, Inc.\* | 9703 | $5 |
| CervoMed, Inc.\* | 3212 | 29 |
| CG oncology, Inc.\* | 25091 | 614 |
| Cibus, Inc.\* | 5457 | 10 |
| Climb Bio, Inc.\* | 8421 | 10 |
| Cogent Biosciences, Inc.\* | 41197 | 247 |
| Coherus Biosciences, Inc.\* | 51987 | 42 |
| Compass Therapeutics, Inc.\* | 43782 | 83 |
| Corbus Pharmaceuticals Holdings, Inc.\* | 4270 | 23 |
| Crinetics Pharmaceuticals, Inc.\* | 42270 | 1418 |
| Cullinan Therapeutics, Inc.\* | 23199 | 176 |
| Cytokinetics, Inc.\* | 52314 | 2103 |
| Day One Biopharmaceuticals, Inc.\* | 25967 | 206 |
| Denali Therapeutics, Inc.\* | 57067 | 776 |
| Design Therapeutics, Inc.\* | 12993 | 50 |
| Dianthus Therapeutics, Inc.\* | 11306 | 205 |
| Disc Medicine, Inc.\* | 10605 | 526 |
| Dynavax Technologies Corp.\* | 60494 | 785 |
| Dyne Therapeutics, Inc.\* | 38925 | 407 |
| Editas Medicine, Inc.\* | 33107 | 38 |
| Elevation Oncology, Inc.\* | 40283 | 10 |
| Enanta Pharmaceuticals, Inc.\* | 8156 | 45 |
| Entrada Therapeutics, Inc.\* | 11431 | 103 |
| Erasca, Inc.\* | 79738 | 109 |
| Fate Therapeutics, Inc.\* | 38377 | 30 |
| Fennec Pharmaceuticals, Inc.\* | 11085 | 68 |
| Fibrobiologics, Inc.\* | 5821 | 5 |
| Foghorn Therapeutics, Inc.\* | 13142 | 48 |
| Generation Bio Co.\* | 10076 | 4 |
| Geron Corp.\* | 267481 | 425 |
| Greenwich Lifesciences, Inc.\* | 2197 | 21 |
| Gyre Therapeutics, Inc.\* | 3870 | 30 |
| Halozyme Therapeutics, Inc.\* | 57361 | 3660 |
| Heron Therapeutics, Inc.\* | 51094 | 112 |
| HilleVax, Inc.\* | 10545 | 15 |
| Humacyte, Inc.\* | 43605 | 74 |
| Ideaya Biosciences, Inc.\* | 40048 | 656 |
| IGM Biosciences, Inc.\* | 7878 | 9 |
| ImmunityBio, Inc.\* | 72652 | 219 |
| Immunome, Inc.\* | 33352 | 224 |
| Immunovant, Inc.\* | 26284 | 449 |
| Inhibrx Biosciences, Inc.\* | 5814 | 81 |
| Inmune Bio, Inc.\* | 5384 | 42 |
| Inovio Pharmaceuticals, Inc.\* | 20099 | 33 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Biotechnology – 8.0%continued** | **Biotechnology – 8.0%continued** | **Biotechnology – 8.0%continued** |
| Inozyme Pharma, Inc.\* | 25534 | $23 |
| Insmed, Inc.\* | 79241 | 6045 |
| Intellia Therapeutics, Inc.\* | 47326 | 336 |
| Invivyd, Inc.\* | 45948 | 28 |
| Iovance Biotherapeutics, Inc.\* | 128003 | 426 |
| Ironwood Pharmaceuticals, Inc.\* | 60342 | 89 |
| iTeos Therapeutics, Inc.\* | 11230 | 67 |
| Janux Therapeutics, Inc.\* | 14743 | 398 |
| Jasper Therapeutics, Inc.\* | 6520 | 28 |
| KalVista Pharmaceuticals, Inc.\* | 18460 | 213 |
| Keros Therapeutics, Inc.\* | 15794 | 161 |
| &nbsp;&nbsp; Kiniksa Pharmaceuticals International <br> PLC\*<br>| 17636 | 392 |
| Kodiak Sciences, Inc.\* | 15156 | 43 |
| Korro Bio, Inc.\* | 2834 | 49 |
| Krystal Biotech, Inc.\* | 11405 | 2056 |
| Kura Oncology, Inc.\* | 33036 | 218 |
| Kymera Therapeutics, Inc.\* | 21758 | 596 |
| Kyverna Therapeutics, Inc.\* | 8932 | 17 |
| Larimar Therapeutics, Inc.\* | 21985 | 47 |
| Lexeo Therapeutics, Inc.\* | 8559 | 30 |
| Lexicon Pharmaceuticals, Inc.\* | 33499 | 15 |
| Lineage Cell Therapeutics, Inc.\* | 96314 | 43 |
| Lyell Immunopharma, Inc.\* | 61970 | 33 |
| MacroGenics, Inc.\* | 25068 | 32 |
| Madrigal Pharmaceuticals, Inc.\* | 8253 | 2734 |
| MannKind Corp.\* | 122348 | 615 |
| MeiraGTx Holdings PLC\* | 20759 | 141 |
| Mersana Therapeutics, Inc.\* | 34260 | 12 |
| Metagenomi, Inc.\* | 12855 | 17 |
| Metsera, Inc.\* | 7311 | 199 |
| MiMedx Group, Inc.\* | 55285 | 420 |
| Mineralys Therapeutics, Inc.\* | 13519 | 215 |
| Mirum Pharmaceuticals, Inc.\* | 18238 | 822 |
| Monte Rosa Therapeutics, Inc.\* | 17935 | 83 |
| Myriad Genetics, Inc.\* | 41745 | 370 |
| Neurogene, Inc.\* | 5905 | 69 |
| Nkarta, Inc.\* | 19773 | 36 |
| Novavax, Inc.\* | 69900 | 448 |
| Nurix Therapeutics, Inc.\* | 35026 | 416 |
| Nuvalent, Inc., Class A\* | 16133 | 1144 |
| Ocugen, Inc.\* | 120304 | 85 |
| Olema Pharmaceuticals, Inc.\* | 20437 | 77 |
| Organogenesis Holdings, Inc.\* | 30074 | 130 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **151** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Biotechnology – 8.0%continued** | **Biotechnology – 8.0%continued** | **Biotechnology – 8.0%continued** |
| ORIC Pharmaceuticals, Inc.\* | 28133 | $157 |
| Outlook Therapeutics, Inc.\* | 12148 | 15 |
| Ovid therapeutics, Inc.\* | 12669 | 4 |
| PepGen, Inc.\* | 3732 | 5 |
| Perspective Therapeutics, Inc.\* | 21907 | 47 |
| Praxis Precision Medicines, Inc.\* | 7739 | 293 |
| Precigen, Inc.\* | 62926 | 94 |
| Prelude Therapeutics, Inc.\* | 15368 | 12 |
| Prime Medicine, Inc.\* | 22603 | 45 |
| ProKidney Corp.\* | 44174 | 39 |
| Protagonist Therapeutics, Inc.\* | 27392 | 1325 |
| Prothena Corp. PLC\* | 20055 | 248 |
| PTC Therapeutics, Inc.\* | 35003 | 1784 |
| Puma Biotechnology, Inc.\* | 21312 | 63 |
| Pyxis Oncology, Inc.\* | 29063 | 28 |
| Q32 Bio, Inc.\* | 5978 | 10 |
| RAPT Therapeutics, Inc.\* | 13570 | 17 |
| &nbsp;&nbsp; Recursion Pharmaceuticals, Inc., <br> Class A\*<br>| 115547 | 611 |
| REGENXBIO, Inc.\* | 20544 | 147 |
| Regulus Therapeutics, Inc.\* | 24087 | 42 |
| Relay Therapeutics, Inc.\* | 57984 | 152 |
| Renovaro, Inc.\* | 61099 | 33 |
| Replimune Group, Inc.\* | 32068 | 313 |
| Revolution Medicines, Inc.\* | 78356 | 2771 |
| Rhythm Pharmaceuticals, Inc.\* | 25150 | 1332 |
| Rigel Pharmaceuticals, Inc.\* | 8327 | 150 |
| Rocket Pharmaceuticals, Inc.\* | 36195 | 241 |
| Sage Therapeutics, Inc.\* | 24225 | 193 |
| Sana Biotechnology, Inc.\* | 63628 | 107 |
| Savara, Inc.\* | 57668 | 160 |
| Scholar Rock Holding Corp.\* | 37113 | 1193 |
| Sera Prognostics, Inc., Class A\* | 11465 | 42 |
| Shattuck Labs, Inc.\* | 20522 | 20 |
| Skye Bioscience, Inc.\* | 5602 | 9 |
| Soleno Therapeutics, Inc.\* | 11887 | 849 |
| Solid Biosciences, Inc.\* | 12335 | 46 |
| SpringWorks Therapeutics, Inc.\* | 31541 | 1392 |
| Spyre Therapeutics, Inc.\* | 18736 | 302 |
| Stoke Therapeutics, Inc.\* | 15662 | 104 |
| Summit Therapeutics, Inc.\* | 42562 | 821 |
| Sutro Biopharma, Inc.\* | 29214 | 19 |
| Syndax Pharmaceuticals, Inc.\* | 37200 | 457 |
| Tango Therapeutics, Inc.\* | 17921 | 25 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Biotechnology – 8.0%continued** | **Biotechnology – 8.0%continued** | **Biotechnology – 8.0%continued** |
| Taysha Gene Therapies, Inc.\* | 76723 | $107 |
| Tenaya Therapeutics, Inc.\* | 15481 | 9 |
| Tevogen Bio Holdings, Inc.\* | 14327 | 15 |
| TG Therapeutics, Inc.\* | 64258 | 2534 |
| Tourmaline Bio, Inc.\* | 10690 | 163 |
| Travere Therapeutics, Inc.\* | 38951 | 698 |
| TScan Therapeutics, Inc.\* | 21874 | 30 |
| Twist Bioscience Corp.\* | 27379 | 1075 |
| Tyra Biosciences, Inc.\* | 8993 | 84 |
| Upstream Bio, Inc.\* | 7193 | 44 |
| UroGen Pharma Ltd.\* | 17175 | 190 |
| Vanda Pharmaceuticals, Inc.\* | 24779 | 114 |
| Vaxcyte, Inc.\* | 56918 | 2149 |
| Vera Therapeutics, Inc.\* | 21054 | 506 |
| Veracyte, Inc.\* | 35980 | 1067 |
| Verastem, Inc.\* | 17689 | 107 |
| Vericel Corp.\* | 22548 | 1006 |
| Verve Therapeutics, Inc.\* | 31448 | 144 |
| Vir Biotechnology, Inc.\* | 40689 | 264 |
| Viridian Therapeutics, Inc.\* | 34702 | 468 |
| Voyager Therapeutics, Inc.\* | 19439 | 66 |
| Werewolf Therapeutics, Inc.\* | 20466 | 20 |
| X4 Pharmaceuticals, Inc.\* | 78542 | 19 |
| XBiotech, Inc.\* | 11126 | 36 |
| Xencor, Inc.\* | 31438 | 335 |
| XOMA Royalty Corp.\* | 3405 | 68 |
| Y-mAbs Therapeutics, Inc.\* | 15752 | 70 |
| Zenas Biopharma, Inc.\* | 6223 | 49 |
| Zentalis Pharmaceuticals, Inc.\* | 22398 | 36 |
| Zura Bio Ltd.\* | 28010 | 36 |
| Zymeworks, Inc.\* | 25576 | 305 |
|  |  | **90065** |
| **Broadline Retail – 0.0%** | **Broadline Retail – 0.0%** | **Broadline Retail – 0.0%** |
| 1stdibs.com, Inc.\* | 13057 | 40 |
| Groupon, Inc.\* | 10778 | 202 |
| QVC Group, Inc., Class B\* | 1618 | 11 |
| Savers Value Village, Inc.\* | 9658 | 66 |
|  |  | **319** |
| **Building Products – 1.4%** | **Building Products – 1.4%** | **Building Products – 1.4%** |
| American Woodmark Corp.\* | 6799 | 400 |
| Apogee Enterprises, Inc. | 10184 | 472 |
| AZZ, Inc. | 13559 | 1134 |
| Caesarstone Ltd.\* | 9289 | 23 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **152** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Building Products – 1.4%continued** | **Building Products – 1.4%continued** | **Building Products – 1.4%continued** |
| CSW Industrials, Inc. | 7666 | $2235 |
| Gibraltar Industries, Inc.\* | 13938 | 818 |
| Griffon Corp. | 18177 | 1300 |
| Insteel Industries, Inc. | 8838 | 232 |
| Janus International Group, Inc.\* | 62120 | 447 |
| JELD-WEN Holding, Inc.\* | 37674 | 225 |
| Masterbrand, Inc.\* | 57677 | 753 |
| Quanex Building Products Corp. | 22026 | 410 |
| Resideo Technologies, Inc.\* | 66676 | 1180 |
| Tecnoglass, Inc. | 10403 | 744 |
| UFP Industries, Inc. | 27357 | 2928 |
| Zurn Elkay Water Solutions Corp. | 65931 | 2174 |
|  |  | **15475** |
| **Capital Markets – 1.8%** | **Capital Markets – 1.8%** | **Capital Markets – 1.8%** |
| Acadian Asset Management, Inc. | 12492 | 323 |
| AlTi Global, Inc.\* | 16440 | 50 |
| &nbsp;&nbsp; Artisan Partners Asset Management, <br> Inc., Class A<br>| 28921 | 1131 |
| B. Riley Financial, Inc. | 9481 | 37 |
| BGC Group, Inc., Class A | 163900 | 1503 |
| Cohen & Steers, Inc. | 12608 | 1012 |
| Diamond Hill Investment Group, Inc. | 1198 | 171 |
| DigitalBridge Group, Inc. | 73683 | 650 |
| Donnelley Financial Solutions, Inc.\* | 13038 | 570 |
| Forge Global Holdings, Inc.\* | 54373 | 31 |
| GCM Grosvenor, Inc., Class A | 19879 | 263 |
| Hamilton Lane, Inc., Class A | 18250 | 2713 |
| MarketWise, Inc. | 5929 | 3 |
| Moelis & Co., Class A | 32332 | 1887 |
| Open Lending Corp.\* | 44988 | 124 |
| P10, Inc., Class A | 18453 | 217 |
| Patria Investments Ltd., Class A | 27126 | 306 |
| Perella Weinberg Partners | 23702 | 436 |
| Piper Sandler Cos. | 7944 | 1967 |
| PJT Partners, Inc., Class A | 10671 | 1471 |
| &nbsp;&nbsp; Silvercrest Asset Management Group, <br> Inc., Class A<br>| 4778 | 78 |
| StepStone Group, Inc., Class A | 30654 | 1601 |
| StoneX Group, Inc.\* | 20166 | 1540 |
| Value Line, Inc. | 178 | 7 |
| Victory Capital Holdings, Inc., Class A | 18782 | 1087 |
| Virtus Investment Partners, Inc. | 3017 | 520 |
| WisdomTree, Inc. | 60849 | 543 |
|  |  | **20241** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Chemicals – 1.6%** | **Chemicals – 1.6%** | **Chemicals – 1.6%** |
| AdvanSix, Inc. | 11698 | $265 |
| American Vanguard Corp. | 10592 | 47 |
| Arq, Inc.\* | 14662 | 61 |
| ASP Isotopes, Inc.\* | 26646 | 125 |
| Aspen Aerogels, Inc.\* | 27406 | 175 |
| Avient Corp. | 41299 | 1535 |
| Balchem Corp. | 14800 | 2457 |
| Cabot Corp. | 24263 | 2017 |
| Core Molding Technologies, Inc.\* | 3939 | 60 |
| Ecovyst, Inc.\* | 54416 | 337 |
| H.B. Fuller Co. | 25013 | 1404 |
| Hawkins, Inc. | 8815 | 934 |
| Ingevity Corp.\* | 16640 | 659 |
| Innospec, Inc. | 11448 | 1085 |
| Intrepid Potash, Inc.\* | 5254 | 154 |
| Koppers Holdings, Inc. | 8754 | 245 |
| Kronos Worldwide, Inc. | 9133 | 68 |
| LSB Industries, Inc.\* | 25413 | 167 |
| Mativ Holdings, Inc. | 23694 | 148 |
| Minerals Technologies, Inc. | 14457 | 919 |
| &nbsp;&nbsp; Northern Technologies International <br> Corp.<br>| 3704 | 39 |
| Orion S.A. | 26661 | 345 |
| Perimeter Solutions, Inc.\* | 61517 | 619 |
| PureCycle Technologies, Inc.\* | 55739 | 386 |
| Quaker Chemical Corp. | 6401 | 791 |
| Rayonier Advanced Materials, Inc.\* | 28140 | 162 |
| Sensient Technologies Corp. | 19359 | 1441 |
| Stepan Co. | 9924 | 546 |
| Tronox Holdings PLC | 55463 | 390 |
| Valhi, Inc. | 1478 | 24 |
|  |  | **17605** |
| **Commercial Services & Supplies – 1.8%** | **Commercial Services & Supplies – 1.8%** | **Commercial Services & Supplies – 1.8%** |
| ABM Industries, Inc. | 28384 | 1344 |
| ACCO Brands Corp. | 40173 | 168 |
| ACV Auctions, Inc., Class A\* | 67465 | 951 |
| &nbsp;&nbsp; Bridger Aerospace Group Holdings, <br> Inc.\*<br>| 8795 | 10 |
| BrightView Holdings, Inc.\* | 27919 | 358 |
| Brink's (The) Co. | 20053 | 1728 |
| Casella Waste Systems, Inc., Class A\* | 28731 | 3204 |
| CECO Environmental Corp.\* | 13423 | 306 |
| Cimpress PLC\* | 7586 | 343 |
| CompX International, Inc. | 741 | 15 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **153** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Commercial Services & Supplies – 1.8%continued** | **Commercial Services & Supplies – 1.8%continued** | **Commercial Services & Supplies – 1.8%continued** |
| CoreCivic, Inc.\* | 49688 | $1008 |
| Deluxe Corp. | 20373 | 322 |
| Driven Brands Holdings, Inc.\* | 27780 | 476 |
| Ennis, Inc. | 11998 | 241 |
| Enviri Corp.\* | 35387 | 235 |
| GEO Group (The), Inc.\* | 58681 | 1714 |
| Healthcare Services Group, Inc.\* | 33160 | 334 |
| HNI Corp. | 21782 | 966 |
| Interface, Inc. | 26688 | 530 |
| LanzaTech Global, Inc.\* | 34685 | 8 |
| Liquidity Services, Inc.\* | 10077 | 313 |
| Matthews International Corp., Class A | 13344 | 297 |
| MillerKnoll, Inc. | 30902 | 591 |
| Montrose Environmental Group, Inc.\* | 14150 | 202 |
| NL Industries, Inc. | 3743 | 30 |
| OPENLANE, Inc.\* | 48962 | 944 |
| Perma-Fix Environmental Services, Inc.\* | 8691 | 63 |
| Pitney Bowes, Inc. | 75966 | 688 |
| Pursuit Attractions and Hospitality, Inc.\* | 9206 | 326 |
| Quad/Graphics, Inc. | 14680 | 80 |
| Quest Resource Holding Corp.\* | 5829 | 15 |
| Steelcase, Inc., Class A | 41873 | 459 |
| UniFirst Corp. | 6946 | 1209 |
| Virco Mfg. Corp. | 5749 | 54 |
| VSE Corp. | 8106 | 973 |
|  |  | **20505** |
| **Communications Equipment – 0.6%** | **Communications Equipment – 0.6%** | **Communications Equipment – 0.6%** |
| ADTRAN Holdings, Inc.\* | 35392 | 309 |
| Applied Optoelectronics, Inc.\* | 20094 | 308 |
| Aviat Networks, Inc.\* | 4935 | 95 |
| Calix, Inc.\* | 27324 | 968 |
| Clearfield, Inc.\* | 5766 | 171 |
| CommScope Holding Co., Inc.\* | 97311 | 517 |
| Digi International, Inc.\* | 16905 | 470 |
| Extreme Networks, Inc.\* | 58746 | 777 |
| Harmonic, Inc.\* | 50047 | 480 |
| NETGEAR, Inc.\* | 13077 | 320 |
| NetScout Systems, Inc.\* | 32081 | 674 |
| Ribbon Communications, Inc.\* | 43099 | 169 |
| Viasat, Inc.\* | 56102 | 585 |
| Viavi Solutions, Inc.\* | 101633 | 1137 |
|  |  | **6980** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Construction & Engineering – 1.5%** | **Construction & Engineering – 1.5%** | **Construction & Engineering – 1.5%** |
| Ameresco, Inc., Class A\* | 14259 | $172 |
| Arcosa, Inc. | 22196 | 1712 |
| Argan, Inc. | 5744 | 753 |
| Bowman Consulting Group Ltd.\* | 5794 | 126 |
| Centuri Holdings, Inc.\* | 8220 | 135 |
| Concrete Pumping Holdings, Inc. | 11923 | 65 |
| Construction Partners, Inc., Class A\* | 21310 | 1531 |
| Dycom Industries, Inc.\* | 12997 | 1980 |
| Fluor Corp.\* | 78213 | 2802 |
| Granite Construction, Inc. | 20128 | 1518 |
| Great Lakes Dredge & Dock Corp.\* | 29536 | 257 |
| IES Holdings, Inc.\* | 3764 | 621 |
| Limbach Holdings, Inc.\* | 4722 | 352 |
| Matrix Service Co.\* | 12285 | 153 |
| MYR Group, Inc.\* | 7341 | 830 |
| Northwest Pipe Co.\* | 4604 | 190 |
| Orion Group Holdings, Inc.\* | 15519 | 81 |
| Primoris Services Corp. | 24570 | 1411 |
| Southland Holdings, Inc.\* | 6942 | 21 |
| Sterling Infrastructure, Inc.\* | 13691 | 1550 |
| Tutor Perini Corp.\* | 20136 | 467 |
|  |  | **16727** |
| **Construction Materials – 0.3%** | **Construction Materials – 0.3%** | **Construction Materials – 0.3%** |
| Knife River Corp.\* | 26125 | 2357 |
| Smith-Midland Corp.\* | 2070 | 64 |
| United States Lime & Minerals, Inc. | 4828 | 427 |
|  |  | **2848** |
| **Consumer Finance – 1.0%** | **Consumer Finance – 1.0%** | **Consumer Finance – 1.0%** |
| Atlanticus Holdings Corp.\* | 2664 | 136 |
| Bread Financial Holdings, Inc. | 22691 | 1136 |
| Consumer Portfolio Services, Inc.\* | 3165 | 27 |
| Dave, Inc.\* | 3763 | 311 |
| Encore Capital Group, Inc.\* | 10555 | 362 |
| Enova International, Inc.\* | 11749 | 1135 |
| FirstCash Holdings, Inc. | 17623 | 2120 |
| Green Dot Corp., Class A\* | 23755 | 201 |
| LendingClub Corp.\* | 50123 | 517 |
| LendingTree, Inc.\* | 4489 | 226 |
| Medallion Financial Corp. | 8534 | 74 |
| Moneylion, Inc.\* | 4160 | 360 |
| Navient Corp. | 33630 | 425 |
| Nelnet, Inc., Class A | 6533 | 725 |
| NerdWallet, Inc., Class A\* | 16873 | 153 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **154** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Consumer Finance – 1.0%continued** | **Consumer Finance – 1.0%continued** | **Consumer Finance – 1.0%continued** |
| OppFi, Inc. | 8468 | $79 |
| PRA Group, Inc.\* | 17447 | 360 |
| PROG Holdings, Inc. | 18691 | 497 |
| Regional Management Corp. | 4051 | 122 |
| Upstart Holdings, Inc.\* | 36876 | 1697 |
| World Acceptance Corp.\* | 1611 | 204 |
|  |  | **10867** |
| **Consumer Staples Distribution & Retail – 1.1%** | **Consumer Staples Distribution & Retail – 1.1%** | **Consumer Staples Distribution & Retail – 1.1%** |
| Andersons (The), Inc. | 14830 | 637 |
| Chefs' Warehouse (The), Inc.\* | 16443 | 895 |
| &nbsp;&nbsp; Guardian Pharmacy Services, Inc., <br> Class A\*<br>| 3984 | 85 |
| HF Foods Group, Inc.\* | 16140 | 79 |
| Ingles Markets, Inc., Class A | 6543 | 426 |
| &nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br> Inc.<br>| 4280 | 172 |
| PriceSmart, Inc. | 11593 | 1018 |
| SpartanNash Co. | 15496 | 314 |
| Sprouts Farmers Market, Inc.\* | 46300 | 7067 |
| United Natural Foods, Inc.\* | 27186 | 745 |
| Village Super Market, Inc., Class A | 3996 | 152 |
| Weis Markets, Inc. | 7574 | 584 |
|  |  | **12174** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| Ardagh Metal Packaging S.A. | 68652 | 207 |
| Greif, Inc., Class A | 11324 | 623 |
| Greif, Inc., Class B | 2331 | 138 |
| Myers Industries, Inc. | 16502 | 197 |
| O-I Glass, Inc.\* | 71683 | 822 |
| Pactiv Evergreen, Inc. | 18820 | 339 |
| Ranpak Holdings Corp.\* | 21695 | 118 |
| TriMas Corp. | 18369 | 430 |
|  |  | **2874** |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| A-Mark Precious Metals, Inc. | 8384 | 213 |
| GigaCloud Technology, Inc., Class A\* | 10308 | 146 |
| Weyco Group, Inc. | 2741 | 84 |
|  |  | **443** |
| **Diversified Consumer Services – 1.2%** | **Diversified Consumer Services – 1.2%** | **Diversified Consumer Services – 1.2%** |
| Adtalem Global Education, Inc.\* | 17281 | 1739 |
| American Public Education, Inc.\* | 7313 | 163 |
| Carriage Services, Inc. | 6389 | 248 |
| Chegg, Inc.\* | 46751 | 30 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Diversified Consumer Services – 1.2%continued** | **Diversified Consumer Services – 1.2%continued** | **Diversified Consumer Services – 1.2%continued** |
| Coursera, Inc.\* | 62209 | $414 |
| European Wax Center, Inc., Class A\* | 12704 | 50 |
| Frontdoor, Inc.\* | 35367 | 1359 |
| Graham Holdings Co., Class B | 1472 | 1414 |
| KinderCare Learning Cos., Inc.\* | 13191 | 153 |
| Laureate Education, Inc.\* | 60090 | 1229 |
| Lincoln Educational Services Corp.\* | 12243 | 194 |
| Mister Car Wash, Inc.\* | 43540 | 344 |
| Nerdy, Inc.\* | 39941 | 57 |
| OneSpaWorld Holdings Ltd. | 46296 | 777 |
| Perdoceo Education Corp. | 30079 | 757 |
| Strategic Education, Inc. | 10277 | 863 |
| Stride, Inc.\* | 19605 | 2480 |
| Udemy, Inc.\* | 40991 | 318 |
| Universal Technical Institute, Inc.\* | 21632 | 556 |
| Zspace, Inc.\* | 1706 | 13 |
|  |  | **13158** |
| **Diversified Real Estate Investment Trusts – 0.7%** | **Diversified Real Estate Investment Trusts – 0.7%** | **Diversified Real Estate Investment Trusts – 0.7%** |
| Alexander & Baldwin, Inc. | 33813 | 583 |
| Alpine Income Property Trust, Inc. | 5330 | 89 |
| American Assets Trust, Inc. | 21670 | 436 |
| Armada Hoffler Properties, Inc. | 37076 | 278 |
| Broadstone Net Lease, Inc. | 86658 | 1477 |
| CTO Realty Growth, Inc. | 12888 | 249 |
| Empire State Realty Trust, Inc., Class A | 61744 | 483 |
| Essential Properties Realty Trust, Inc. | 80530 | 2629 |
| Gladstone Commercial Corp. | 20509 | 307 |
| Global Net Lease, Inc. | 93049 | 748 |
| NexPoint Diversified Real Estate Trust | 17765 | 68 |
| One Liberty Properties, Inc. | 7548 | 198 |
|  |  | **7545** |
| **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** | **Diversified Telecommunication Services – 0.6%** |
| Anterix, Inc.\* | 4859 | 178 |
| AST SpaceMobile, Inc.\* | 61518 | 1399 |
| ATN International, Inc. | 4445 | 90 |
| Bandwidth, Inc., Class A\* | 11034 | 145 |
| Cogent Communications Holdings, Inc. | 20239 | 1241 |
| Globalstar, Inc.\* | 22011 | 459 |
| IDT Corp., Class B | 7166 | 368 |
| Liberty Latin America Ltd., Class A\* | 13440 | 85 |
| Liberty Latin America Ltd., Class C\* | 58513 | 363 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **155** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Diversified Telecommunication Services – 0.6%continued** | **Diversified Telecommunication Services – 0.6%continued** | **Diversified Telecommunication Services – 0.6%continued** |
| Lumen Technologies, Inc.\* | 463324 | $1816 |
| Shenandoah Telecommunications Co. | 21814 | 274 |
|  |  | **6418** |
| **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** | **Electric Utilities – 0.9%** |
| ALLETE, Inc. | 26692 | 1754 |
| Genie Energy Ltd., Class B | 6348 | 95 |
| Hawaiian Electric Industries, Inc.\* | 80443 | 881 |
| MGE Energy, Inc. | 16812 | 1563 |
| Otter Tail Corp. | 18909 | 1520 |
| Portland General Electric Co. | 47607 | 2123 |
| TXNM Energy, Inc. | 41465 | 2217 |
|  |  | **10153** |
| **Electrical Equipment – 1.2%** | **Electrical Equipment – 1.2%** | **Electrical Equipment – 1.2%** |
| Allient, Inc. | 6635 | 146 |
| American Superconductor Corp.\* | 15704 | 285 |
| Amprius Technologies, Inc.\* | 7635 | 20 |
| Array Technologies, Inc.\* | 71259 | 347 |
| Atkore, Inc. | 15821 | 949 |
| Blink Charging Co.\* | 37500 | 34 |
| Bloom Energy Corp., Class A\* | 92520 | 1819 |
| ChargePoint Holdings, Inc.\* | 185936 | 112 |
| Energy Vault Holdings, Inc.\* | 49677 | 35 |
| EnerSys | 18027 | 1651 |
| Enovix Corp.\* | 76353 | 560 |
| Fluence Energy, Inc.\* | 28448 | 138 |
| FuelCell Energy, Inc.\* | 10692 | 49 |
| GrafTech International Ltd.\* | 112304 | 98 |
| Hyliion Holdings Corp.\* | 59907 | 84 |
| LSI Industries, Inc. | 13540 | 230 |
| NANO Nuclear Energy, Inc.\* | 11477 | 304 |
| Net Power, Inc.\* | 10359 | 27 |
| NEXTracker, Inc., Class A\* | 66368 | 2797 |
| NuScale Power Corp.\* | 41886 | 593 |
| Plug Power, Inc.\* | 383590 | 518 |
| Powell Industries, Inc. | 4260 | 726 |
| Preformed Line Products Co. | 1146 | 160 |
| SES AI Corp.\* | 73350 | 38 |
| &nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A\*<br>| 75001 | 249 |
| SolarMax Technology, Inc.\* | 19842 | 24 |
| Solidion Technology, Inc.\* | 41815 | 5 |
| Stem, Inc.\* | 59143 | 21 |
| Sunrun, Inc.\* | 102599 | 601 |
| T1 Energy, Inc.\* | 52341 | 66 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Electrical Equipment – 1.2%continued** | **Electrical Equipment – 1.2%continued** | **Electrical Equipment – 1.2%continued** |
| Thermon Group Holdings, Inc.\* | 15540 | $433 |
| TPI Composites, Inc.\* | 14402 | 12 |
| Ultralife Corp.\* | 3408 | 18 |
| Vicor Corp.\* | 10337 | 484 |
|  |  | **13633** |
| **Electronic Equipment, Instruments & Components – 2.8%** | **Electronic Equipment, Instruments & Components – 2.8%** | **Electronic Equipment, Instruments & Components – 2.8%** |
| 908 Devices, Inc.\* | 9941 | 45 |
| Advanced Energy Industries, Inc. | 17129 | 1633 |
| Aeva Technologies, Inc.\* | 10866 | 76 |
| Arlo Technologies, Inc.\* | 44253 | 437 |
| Badger Meter, Inc. | 13460 | 2561 |
| Bel Fuse, Inc., Class A | 891 | 64 |
| Bel Fuse, Inc., Class B | 4835 | 362 |
| Belden, Inc. | 18548 | 1859 |
| Benchmark Electronics, Inc. | 16219 | 617 |
| Climb Global Solutions, Inc. | 1986 | 220 |
| CTS Corp. | 13661 | 568 |
| Daktronics, Inc.\* | 18217 | 222 |
| ePlus, Inc.\* | 11976 | 731 |
| Evolv Technologies Holdings, Inc.\* | 58520 | 183 |
| Fabrinet\* | 16714 | 3301 |
| FARO Technologies, Inc.\* | 8516 | 232 |
| Insight Enterprises, Inc.\* | 12457 | 1868 |
| Itron, Inc.\* | 20677 | 2166 |
| Kimball Electronics, Inc.\* | 11645 | 192 |
| Knowles Corp.\* | 39518 | 601 |
| Lightwave Logic, Inc.\* | 50159 | 51 |
| Methode Electronics, Inc.<sup>(1)</sup> <br>| 17189 | 109 |
| MicroVision, Inc.\* | 91607 | 114 |
| Mirion Technologies, Inc.\* | 94379 | 1368 |
| Napco Security Technologies, Inc. | 15878 | 365 |
| nLight, Inc.\* | 20597 | 160 |
| Novanta, Inc.\* | 16421 | 2100 |
| OSI Systems, Inc.\* | 7318 | 1422 |
| Ouster, Inc.\* | 22769 | 204 |
| PAR Technology Corp.\* | 15328 | 940 |
| PC Connection, Inc. | 5207 | 325 |
| Plexus Corp.\* | 12297 | 1576 |
| Powerfleet, Inc. NJ\* | 47066 | 258 |
| Richardson Electronics Ltd. | 5748 | 64 |
| Rogers Corp.\* | 8715 | 589 |
| Sanmina Corp.\* | 24743 | 1885 |
| ScanSource, Inc.\* | 10517 | 358 |
| SmartRent, Inc.\* | 77888 | 94 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **156** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Electronic Equipment, Instruments & Components – 2.8%continued** | **Electronic Equipment, Instruments & Components – 2.8%continued** | **Electronic Equipment, Instruments & Components – 2.8%continued** |
| TTM Technologies, Inc.\* | 46048 | $944 |
| Vishay Intertechnology, Inc. | 56803 | 903 |
| Vishay Precision Group, Inc.\* | 5278 | 127 |
|  |  | **31894** |
| **Energy Equipment & Services – 2.0%** | **Energy Equipment & Services – 2.0%** | **Energy Equipment & Services – 2.0%** |
| Archrock, Inc. | 76874 | 2017 |
| Aris Water Solutions, Inc., Class A | 12308 | 394 |
| Atlas Energy Solutions, Inc. | 34512 | 616 |
| Borr Drilling Ltd.\* | 105997 | 232 |
| Bristow Group, Inc.\* | 11272 | 356 |
| Cactus, Inc., Class A | 30453 | 1396 |
| ChampionX Corp. | 87357 | 2603 |
| Core Laboratories, Inc. | 21568 | 323 |
| DMC Global, Inc.\* | 8205 | 69 |
| Drilling Tools International Corp.\* | 8094 | 19 |
| Expro Group Holdings N.V.\* | 44115 | 439 |
| Flowco Holdings, Inc., Class A\* | 9294 | 238 |
| Forum Energy Technologies, Inc.\* | 5709 | 115 |
| Geospace Technologies Corp.\* | 4675 | 34 |
| Helix Energy Solutions Group, Inc.\* | 65362 | 543 |
| Helmerich & Payne, Inc. | 45499 | 1189 |
| Innovex International, Inc.\* | 16674 | 300 |
| Kodiak Gas Services, Inc. | 20869 | 778 |
| Liberty Energy, Inc. | 72220 | 1143 |
| Mammoth Energy Services, Inc.\* | 7946 | 16 |
| Nabors Industries Ltd.\* | 4351 | 182 |
| Natural Gas Services Group, Inc.\* | 5005 | 110 |
| Noble Corp. PLC | 60762 | 1440 |
| NPK International, Inc.\* | 37424 | 217 |
| Oceaneering International, Inc.\* | 46088 | 1005 |
| Oil States International, Inc.\* | 26435 | 136 |
| Patterson-UTI Energy, Inc. | 177842 | 1462 |
| ProFrac Holding Corp., Class A\* | 9302 | 71 |
| ProPetro Holding Corp.\* | 38921 | 286 |
| Ranger Energy Services, Inc., Class A | 7667 | 109 |
| RPC, Inc. | 37774 | 208 |
| SEACOR Marine Holdings, Inc.\* | 9933 | 50 |
| Seadrill Ltd.\* | 29693 | 742 |
| Select Water Solutions, Inc. | 41212 | 433 |
| Solaris Energy Infrastructure, Inc. | 14356 | 312 |
| TETRA Technologies, Inc.\* | 59640 | 200 |
| Tidewater, Inc.\* | 22394 | 947 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Energy Equipment & Services – 2.0%continued** | **Energy Equipment & Services – 2.0%continued** | **Energy Equipment & Services – 2.0%continued** |
| Transocean Ltd.\* | 335039 | $1062 |
| Valaris Ltd.\* | 28320 | 1112 |
|  |  | **22904** |
| **Entertainment – 0.5%** | **Entertainment – 0.5%** | **Entertainment – 0.5%** |
| &nbsp;&nbsp; AMC Entertainment Holdings, Inc., <br> Class A\*<br>| 187820 | 539 |
| Atlanta Braves Holdings, Inc., Class A\* | 4856 | 213 |
| Atlanta Braves Holdings, Inc., Class C\* | 23089 | 924 |
| Cinemark Holdings, Inc. | 50408 | 1255 |
| Eventbrite, Inc., Class A\* | 33541 | 71 |
| Golden Matrix Group, Inc.\* | 13243 | 26 |
| IMAX Corp.\* | 19417 | 512 |
| &nbsp;&nbsp; Lions Gate Entertainment Corp., <br> Class A\*<br>| 26626 | 236 |
| &nbsp;&nbsp; Lions Gate Entertainment Corp., <br> Class B\*<br>| 56340 | 446 |
| LiveOne, Inc.\* | 33402 | 23 |
| &nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp.\*<br>| 18376 | 602 |
| Marcus (The) Corp. | 10321 | 172 |
| Playstudios, Inc.\* | 40410 | 51 |
| Reservoir Media, Inc.\* | 8024 | 61 |
| Sphere Entertainment Co.\* | 12263 | 401 |
| Vivid Seats, Inc., Class A\* | 33053 | 98 |
|  |  | **5630** |
| **Financial Services – 2.8%** | **Financial Services – 2.8%** | **Financial Services – 2.8%** |
| Acacia Research Corp.\* | 16675 | 53 |
| Alerus Financial Corp. | 10678 | 197 |
| AvidXchange Holdings, Inc.\* | 80606 | 684 |
| &nbsp;&nbsp; Banco Latinoamericano de Comercio <br> Exterior S.A., Class E<br>| 12676 | 464 |
| Burford Capital Ltd. | 92481 | 1222 |
| Cannae Holdings, Inc. | 25457 | 467 |
| Cantaloupe, Inc.\* | 26814 | 211 |
| Cass Information Systems, Inc. | 6373 | 276 |
| Compass Diversified Holdings | 30250 | 565 |
| Enact Holdings, Inc. | 13088 | 455 |
| Essent Group Ltd. | 47787 | 2758 |
| EVERTEC, Inc. | 29058 | 1068 |
| &nbsp;&nbsp; Federal Agricultural Mortgage Corp., <br> Class C<br>| 4163 | 781 |
| Flywire Corp.\* | 55405 | 526 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<br>| 54188 | 1584 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **157** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Financial Services – 2.8%continued** | **Financial Services – 2.8%continued** | **Financial Services – 2.8%continued** |
| International Money Express, Inc.\* | 13310 | $168 |
| Jackson Financial, Inc., Class A | 33661 | 2820 |
| Marqeta, Inc., Class A\* | 213487 | 880 |
| Merchants Bancorp | 8128 | 301 |
| Mr Cooper Group, Inc.\* | 29035 | 3473 |
| NCR Atleos Corp.\* | 33203 | 876 |
| NewtekOne, Inc. | 11918 | 143 |
| NMI Holdings, Inc.\* | 35827 | 1292 |
| Onity Group, Inc.\* | 2993 | 97 |
| Pagseguro Digital Ltd., Class A\* | 83784 | 639 |
| Payoneer Global, Inc.\* | 125314 | 916 |
| Paysafe Ltd.\* | 15189 | 238 |
| Paysign, Inc.\* | 18167 | 38 |
| PennyMac Financial Services, Inc. | 12279 | 1229 |
| Priority Technology Holdings, Inc.\* | 9450 | 64 |
| Radian Group, Inc. | 68577 | 2268 |
| Remitly Global, Inc.\* | 68197 | 1418 |
| Repay Holdings Corp.\* | 38647 | 215 |
| Sezzle, Inc.\* | 6408 | 224 |
| StoneCo Ltd., Class A\* | 131326 | 1376 |
| SWK Holdings Corp.\* | 1495 | 26 |
| Velocity Financial, Inc.\* | 4493 | 84 |
| Walker & Dunlop, Inc. | 14766 | 1260 |
| Waterstone Financial, Inc. | 7820 | 105 |
|  |  | **31461** |
| **Food Products – 1.0%** | **Food Products – 1.0%** | **Food Products – 1.0%** |
| Alico, Inc. | 3496 | 104 |
| B&G Foods, Inc. | 34734 | 239 |
| Beyond Meat, Inc.\* | 25459 | 78 |
| BRC, Inc., Class A\* | 21071 | 44 |
| Calavo Growers, Inc. | 7946 | 191 |
| Cal-Maine Foods, Inc. | 18748 | 1704 |
| Dole PLC | 34918 | 505 |
| Forafric Global PLC\* | 2614 | 22 |
| Fresh Del Monte Produce, Inc. | 15531 | 479 |
| Hain Celestial Group (The), Inc.\* | 39395 | 163 |
| J&J Snack Foods Corp. | 7058 | 930 |
| John B. Sanfilippo & Son, Inc. | 4019 | 285 |
| Lancaster Colony Corp. | 8944 | 1565 |
| Lifeway Foods, Inc.\* | 2116 | 52 |
| Limoneira Co. | 7597 | 135 |
| Mama's Creations, Inc.\* | 15274 | 99 |
| Mission Produce, Inc.\* | 19275 | 202 |
| Seneca Foods Corp., Class A\* | 2171 | 193 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Food Products – 1.0%continued** | **Food Products – 1.0%continued** | **Food Products – 1.0%continued** |
| Simply Good Foods (The) Co.\* | 42549 | $1467 |
| SunOpta, Inc.\* | 42057 | 204 |
| TreeHouse Foods, Inc.\* | 21118 | 572 |
| Utz Brands, Inc. | 29762 | 419 |
| Vital Farms, Inc.\* | 15551 | 474 |
| Westrock Coffee Co.\* | 17613 | 127 |
| WK Kellogg Co. | 30484 | 608 |
|  |  | **10861** |
| **Gas Utilities – 1.1%** | **Gas Utilities – 1.1%** | **Gas Utilities – 1.1%** |
| Brookfield Infrastructure Corp., Class A | 54905 | 1987 |
| Chesapeake Utilities Corp. | 10439 | 1341 |
| New Jersey Resources Corp. | 45920 | 2253 |
| Northwest Natural Holding Co. | 18537 | 792 |
| ONE Gas, Inc. | 25915 | 1959 |
| RGC Resources, Inc. | 4122 | 86 |
| Southwest Gas Holdings, Inc. | 28030 | 2012 |
| Spire, Inc. | 26176 | 2048 |
|  |  | **12478** |
| **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** |
| ArcBest Corp. | 10714 | 756 |
| Covenant Logistics Group, Inc. | 7732 | 172 |
| FTAI Infrastructure, Inc. | 46118 | 209 |
| Heartland Express, Inc. | 22137 | 204 |
| Hertz Global Holdings, Inc.\* | 58223 | 229 |
| Marten Transport Ltd. | 26722 | 367 |
| P.A.M.T CORP.\* | 3277 | 40 |
| Proficient Auto Logistics, Inc.\* | 10451 | 87 |
| RXO, Inc.\* | 72856 | 1392 |
| Universal Logistics Holdings, Inc. | 2909 | 76 |
| Werner Enterprises, Inc. | 28086 | 823 |
|  |  | **4355** |
| **Health Care Equipment & Supplies – 2.8%** | **Health Care Equipment & Supplies – 2.8%** | **Health Care Equipment & Supplies – 2.8%** |
| Accuray, Inc.\* | 40844 | 73 |
| Alphatec Holdings, Inc.\* | 48511 | 492 |
| AngioDynamics, Inc.\* | 18497 | 174 |
| Anteris Technologies Global Corp.\* | 8002 | 29 |
| Artivion, Inc.\* | 17942 | 441 |
| AtriCure, Inc.\* | 21535 | 695 |
| Avanos Medical, Inc.\* | 21307 | 305 |
| Axogen, Inc.\* | 19453 | 360 |
| Beta Bionics, Inc.\* | 6512 | 80 |
| Bioventus, Inc., Class A\* | 18293 | 167 |
| Ceribell, Inc.\* | 5320 | 102 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **158** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Health Care Equipment & Supplies – 2.8%continued** | **Health Care Equipment & Supplies – 2.8%continued** | **Health Care Equipment & Supplies – 2.8%continued** |
| Cerus Corp.\* | 78350 | $109 |
| CONMED Corp. | 14281 | 862 |
| CVRx, Inc.\* | 7418 | 91 |
| Embecta Corp. | 26110 | 333 |
| Fractyl Health, Inc.\* | 10205 | 12 |
| Glaukos Corp.\* | 22398 | 2204 |
| Haemonetics Corp.\* | 22681 | 1441 |
| ICU Medical, Inc.\* | 9858 | 1369 |
| Inmode Ltd.\* | 29767 | 528 |
| Inogen, Inc.\* | 10130 | 72 |
| Integer Holdings Corp.\* | 15251 | 1800 |
| Integra LifeSciences Holdings Corp.\* | 31357 | 690 |
| iRadimed Corp. | 3566 | 187 |
| iRhythm Technologies, Inc.\* | 14286 | 1495 |
| Lantheus Holdings, Inc.\* | 31548 | 3079 |
| LeMaitre Vascular, Inc. | 9231 | 774 |
| LivaNova PLC\* | 25036 | 983 |
| Merit Medical Systems, Inc.\* | 26341 | 2785 |
| Neogen Corp.\* | 99421 | 862 |
| NeuroPace, Inc.\* | 7096 | 87 |
| Nevro Corp.\* | 15686 | 92 |
| Novocure Ltd.\* | 49025 | 874 |
| Omnicell, Inc.\* | 20752 | 726 |
| OraSure Technologies, Inc.\* | 31179 | 105 |
| Orchestra BioMed Holdings, Inc.\* | 9723 | 42 |
| Orthofix Medical, Inc.\* | 15332 | 250 |
| OrthoPediatrics Corp.\* | 7378 | 182 |
| Paragon 28, Inc.\* | 21355 | 279 |
| PROCEPT BioRobotics Corp.\* | 20336 | 1185 |
| Pulmonx Corp.\* | 16810 | 113 |
| Pulse Biosciences, Inc.\* | 8447 | 136 |
| RxSight, Inc.\* | 17210 | 435 |
| Sanara Medtech, Inc.\* | 2059 | 64 |
| Semler Scientific, Inc.\* | 3262 | 118 |
| SI-BONE, Inc.\* | 18461 | 259 |
| Sight Sciences, Inc.\* | 14005 | 34 |
| STAAR Surgical Co.\* | 23091 | 407 |
| Stereotaxis, Inc.\* | 25673 | 45 |
| Surmodics, Inc.\* | 6557 | 200 |
| Tactile Systems Technology, Inc.\* | 10471 | 138 |
| Tandem Diabetes Care, Inc.\* | 30130 | 577 |
| TransMedics Group, Inc.\* | 15152 | 1019 |
| Treace Medical Concepts, Inc.\* | 21562 | 181 |
| UFP Technologies, Inc.\* | 3302 | 666 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Health Care Equipment & Supplies – 2.8%continued** | **Health Care Equipment & Supplies – 2.8%continued** | **Health Care Equipment & Supplies – 2.8%continued** |
| Utah Medical Products, Inc. | 1326 | $74 |
| Varex Imaging Corp.\* | 17551 | 204 |
| Zimvie, Inc.\* | 13142 | 142 |
| Zynex, Inc.\* | 6750 | 15 |
|  |  | **31243** |
| **Health Care Providers & Services – 3.1%** | **Health Care Providers & Services – 3.1%** | **Health Care Providers & Services – 3.1%** |
| Accolade, Inc.\* | 33256 | 232 |
| AdaptHealth Corp.\* | 46050 | 499 |
| Addus HomeCare Corp.\* | 7924 | 784 |
| agilon health, Inc.\* | 140067 | 608 |
| AirSculpt Technologies, Inc.\* | 8383 | 20 |
| Alignment Healthcare, Inc.\* | 46155 | 859 |
| AMN Healthcare Services, Inc.\* | 17679 | 432 |
| Ardent Health Partners, Inc.\* | 11435 | 157 |
| Astrana Health, Inc.\* | 20003 | 620 |
| Aveanna Healthcare Holdings, Inc.\* | 22748 | 123 |
| BrightSpring Health Services, Inc.\* | 25520 | 462 |
| Brookdale Senior Living, Inc.\* | 88999 | 557 |
| Castle Biosciences, Inc.\* | 11722 | 235 |
| Community Health Systems, Inc.\* | 55117 | 149 |
| Concentra Group Holdings Parent, Inc. | 50486 | 1096 |
| CorVel Corp.\* | 12219 | 1368 |
| Cross Country Healthcare, Inc.\* | 14138 | 211 |
| DocGo, Inc.\* | 44254 | 117 |
| Enhabit, Inc.\* | 22115 | 194 |
| Ensign Group (The), Inc. | 25429 | 3291 |
| Fulgent Genetics, Inc.\* | 9049 | 153 |
| GeneDx Holdings Corp.\* | 5895 | 522 |
| Guardant Health, Inc.\* | 55069 | 2346 |
| HealthEquity, Inc.\* | 39313 | 3474 |
| Hims & Hers Health, Inc.\* | 88946 | 2628 |
| InfuSystem Holdings, Inc.\* | 10324 | 56 |
| Innovage Holding Corp.\* | 6753 | 20 |
| Joint (The) Corp.\* | 4446 | 56 |
| LifeStance Health Group, Inc.\* | 65043 | 433 |
| ModivCare, Inc.\* | 4586 | 6 |
| Nano-X Imaging Ltd.\* | 24056 | 120 |
| National HealthCare Corp. | 5661 | 525 |
| National Research Corp. | 6486 | 83 |
| NeoGenomics, Inc.\* | 59229 | 562 |
| OPKO Health, Inc.\* | 142727 | 237 |
| Option Care Health, Inc.\* | 78761 | 2753 |
| Owens & Minor, Inc.\* | 35310 | 319 |
| PACS Group, Inc.\* | 17449 | 196 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **159** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Health Care Providers & Services – 3.1%continued** | **Health Care Providers & Services – 3.1%continued** | **Health Care Providers & Services – 3.1%continued** |
| Patterson Cos., Inc. | 36144 | $1129 |
| Pediatrix Medical Group, Inc.\* | 39095 | 566 |
| Pennant Group (The), Inc.\* | 15267 | 384 |
| Performant Healthcare, Inc.\* | 32850 | 97 |
| Privia Health Group, Inc.\* | 47658 | 1070 |
| Progyny, Inc.\* | 34032 | 760 |
| Quipt Home Medical Corp.\* | 14264 | 33 |
| RadNet, Inc.\* | 30217 | 1502 |
| Select Medical Holdings Corp. | 49297 | 823 |
| Sonida Senior Living, Inc.\* | 1871 | 44 |
| Surgery Partners, Inc.\* | 34976 | 831 |
| Talkspace, Inc.\* | 57121 | 146 |
| U.S. Physical Therapy, Inc. | 6959 | 504 |
| Viemed Healthcare, Inc.\* | 16650 | 121 |
|  |  | **34513** |
| **Health Care Real Estate Investment Trusts – 0.9%** | **Health Care Real Estate Investment Trusts – 0.9%** | **Health Care Real Estate Investment Trusts – 0.9%** |
| American Healthcare REIT, Inc. | 70036 | 2122 |
| CareTrust REIT, Inc. | 86593 | 2475 |
| Community Healthcare Trust, Inc. | 12109 | 220 |
| Diversified Healthcare Trust | 97751 | 235 |
| Global Medical REIT, Inc. | 29200 | 255 |
| LTC Properties, Inc. | 20723 | 735 |
| National Health Investors, Inc. | 20191 | 1491 |
| Sabra Health Care REIT, Inc. | 108195 | 1890 |
| Strawberry Fields REIT, Inc. | 4846 | 58 |
| Universal Health Realty Income Trust | 6066 | 248 |
|  |  | **9729** |
| **Health Care Technology – 0.4%** | **Health Care Technology – 0.4%** | **Health Care Technology – 0.4%** |
| Definitive Healthcare Corp.\* | 21573 | 62 |
| Evolent Health, Inc., Class A\* | 53680 | 508 |
| Health Catalyst, Inc.\* | 25951 | 118 |
| HealthStream, Inc. | 11301 | 364 |
| LifeMD, Inc.\* | 17976 | 98 |
| OptimizeRx Corp.\* | 8118 | 70 |
| Phreesia, Inc.\* | 25490 | 652 |
| Schrodinger, Inc.\* | 25225 | 498 |
| Simulations Plus, Inc. | 7021 | 172 |
| Teladoc Health, Inc.\* | 78222 | 623 |
| Waystar Holding Corp.\* | 36363 | 1358 |
|  |  | **4523** |
| **Hotel & Resort Real Estate Investment Trusts – 0.7%** | **Hotel & Resort Real Estate Investment Trusts – 0.7%** | **Hotel & Resort Real Estate Investment Trusts – 0.7%** |
| Apple Hospitality REIT, Inc. | 104161 | 1345 |
| Braemar Hotels & Resorts, Inc. | 27939 | 69 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Hotel & Resort Real Estate Investment Trusts – 0.7%continued** | **Hotel & Resort Real Estate Investment Trusts – 0.7%continued** | **Hotel & Resort Real Estate Investment Trusts – 0.7%continued** |
| Chatham Lodging Trust | 21221 | $151 |
| DiamondRock Hospitality Co. | 94130 | 727 |
| Pebblebrook Hotel Trust | 54183 | 549 |
| RLJ Lodging Trust | 68139 | 537 |
| Ryman Hospitality Properties, Inc. | 26855 | 2456 |
| Service Properties Trust | 73445 | 192 |
| Summit Hotel Properties, Inc. | 46983 | 254 |
| Sunstone Hotel Investors, Inc. | 91408 | 860 |
| Xenia Hotels & Resorts, Inc. | 47347 | 557 |
|  |  | **7697** |
| **Hotels, Restaurants & Leisure – 1.9%** | **Hotels, Restaurants & Leisure – 1.9%** | **Hotels, Restaurants & Leisure – 1.9%** |
| Accel Entertainment, Inc.\* | 25308 | 251 |
| Biglari Holdings, Inc., Class B\* | 365 | 79 |
| BJ's Restaurants, Inc.\* | 8269 | 283 |
| Bloomin' Brands, Inc. | 34515 | 247 |
| Brinker International, Inc.\* | 20283 | 3023 |
| Cheesecake Factory (The), Inc. | 22186 | 1080 |
| Cracker Barrel Old Country Store, Inc. | 9993 | 388 |
| Dave & Buster's Entertainment, Inc.\* | 14084 | 247 |
| Denny's Corp.\* | 24891 | 91 |
| Despegar.com Corp.\* | 33115 | 622 |
| Dine Brands Global, Inc. | 6622 | 154 |
| El Pollo Loco Holdings, Inc.\* | 12510 | 129 |
| Everi Holdings, Inc.\* | 37286 | 510 |
| First Watch Restaurant Group, Inc.\* | 18047 | 301 |
| Full House Resorts, Inc.\* | 17159 | 72 |
| Global Business Travel Group I\* | 58262 | 423 |
| Golden Entertainment, Inc. | 8538 | 225 |
| Hilton Grand Vacations, Inc.\* | 31669 | 1185 |
| Inspired Entertainment, Inc.\* | 10819 | 92 |
| International Game Technology PLC | 52630 | 856 |
| Jack in the Box, Inc. | 8477 | 231 |
| Krispy Kreme, Inc. | 38051 | 187 |
| Kura Sushi U.S.A., Inc., Class A\* | 3225 | 165 |
| Life Time Group Holdings, Inc.\* | 38820 | 1172 |
| Lindblad Expeditions Holdings, Inc.\* | 17212 | 160 |
| Monarch Casino & Resort, Inc. | 5900 | 459 |
| Nathan's Famous, Inc. | 1328 | 128 |
| ONE Group Hospitality (The), Inc.\* | 7836 | 23 |
| Papa John's International, Inc. | 15418 | 633 |
| PlayAGS, Inc.\* | 18927 | 229 |
| Portillo's, Inc., Class A\* | 25784 | 307 |
| Potbelly Corp.\* | 11861 | 113 |
| RCI Hospitality Holdings, Inc. | 3953 | 170 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **160** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Hotels, Restaurants & Leisure – 1.9%continued** | **Hotels, Restaurants & Leisure – 1.9%continued** | **Hotels, Restaurants & Leisure – 1.9%continued** |
| Red Rock Resorts, Inc., Class A | 22432 | $973 |
| Rush Street Interactive, Inc.\* | 34285 | 368 |
| Sabre Corp.\* | 173585 | 488 |
| Shake Shack, Inc., Class A\* | 17382 | 1533 |
| Six Flags Entertainment Corp. | 42420 | 1513 |
| Super Group SGHC Ltd. | 69782 | 449 |
| Sweetgreen, Inc., Class A\* | 47016 | 1176 |
| Target Hospitality Corp.\* | 16281 | 107 |
| United Parks & Resorts, Inc.\* | 14098 | 641 |
| Vacasa, Inc., Class A\* | 5614 | 30 |
| Xponential Fitness, Inc., Class A\* | 10395 | 87 |
|  |  | **21600** |
| **Household Durables – 1.9%** | **Household Durables – 1.9%** | **Household Durables – 1.9%** |
| Beazer Homes U.S.A., Inc.\* | 13405 | 273 |
| Cavco Industries, Inc.\* | 3704 | 1925 |
| Century Communities, Inc. | 12578 | 844 |
| Champion Homes, Inc.\* | 24700 | 2341 |
| Cricut, Inc., Class A | 20337 | 105 |
| Dream Finders Homes, Inc., Class A\* | 12796 | 289 |
| Ethan Allen Interiors, Inc. | 10739 | 297 |
| Flexsteel Industries, Inc. | 2152 | 78 |
| GoPro, Inc., Class A\* | 49798 | 33 |
| Green Brick Partners, Inc.\* | 14168 | 826 |
| &nbsp;&nbsp; Hamilton Beach Brands Holding Co., <br> Class A<br>| 4096 | 80 |
| Helen of Troy Ltd.\* | 10594 | 567 |
| Hooker Furnishings Corp. | 5467 | 55 |
| Hovnanian Enterprises, Inc., Class A\* | 2345 | 245 |
| Installed Building Products, Inc. | 10849 | 1860 |
| iRobot Corp.\* | 13963 | 38 |
| KB Home | 29261 | 1701 |
| Landsea Homes Corp.\* | 14144 | 91 |
| La-Z-Boy, Inc. | 18981 | 742 |
| Legacy Housing Corp.\* | 5406 | 136 |
| LGI Homes, Inc.\* | 9493 | 631 |
| Lifetime Brands, Inc. | 4484 | 22 |
| Lovesac (The) Co.\* | 6908 | 126 |
| M/I Homes, Inc.\* | 12171 | 1390 |
| Meritage Homes Corp. | 32890 | 2331 |
| Purple Innovation, Inc.\* | 27031 | 20 |
| Sonos, Inc.\* | 54693 | 584 |
| Taylor Morrison Home Corp.\* | 46864 | 2814 |
| Traeger, Inc.\* | 11945 | 20 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Household Durables – 1.9%continued** | **Household Durables – 1.9%continued** | **Household Durables – 1.9%continued** |
| Tri Pointe Homes, Inc.\* | 42111 | $1344 |
| United Homes Group, Inc.\* | 5888 | 16 |
|  |  | **21824** |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| Central Garden & Pet Co.\* | 4448 | 163 |
| Central Garden & Pet Co., Class A\* | 23682 | 775 |
| Energizer Holdings, Inc. | 32999 | 987 |
| Oil-Dri Corp. of America | 4572 | 210 |
| WD-40 Co. | 6225 | 1519 |
|  |  | **3654** |
| **Independent Power & Renewable Electricity Producers – 0.2%** | **Independent Power & Renewable Electricity Producers – 0.2%** | **Independent Power & Renewable Electricity Producers – 0.2%** |
| Altus Power, Inc.\* | 33450 | 166 |
| Montauk Renewables, Inc.\* | 26999 | 57 |
| Ormat Technologies, Inc. | 26401 | 1868 |
| Sunnova Energy International, Inc.\* | 51395 | 19 |
|  |  | **2110** |
| **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** | **Industrial Conglomerates – 0.0%** |
| Brookfield Business Corp., Class A | 12169 | **324** |
| **Industrial Real Estate Investment Trusts – 0.5%** | **Industrial Real Estate Investment Trusts – 0.5%** | **Industrial Real Estate Investment Trusts – 0.5%** |
| Industrial Logistics Properties Trust | 31888 | 110 |
| Innovative Industrial Properties, Inc. | 13046 | 706 |
| LXP Industrial Trust | 132689 | 1148 |
| Plymouth Industrial REIT, Inc. | 18805 | 306 |
| Terreno Realty Corp. | 45421 | 2871 |
|  |  | **5141** |
| **Insurance – 2.3%** | **Insurance – 2.3%** | **Insurance – 2.3%** |
| Ambac Financial Group, Inc.\* | 20093 | 176 |
| American Coastal Insurance Corp. | 11373 | 131 |
| AMERISAFE, Inc. | 8850 | 465 |
| Baldwin Insurance Group (The), Inc.\* | 30944 | 1383 |
| Bowhead Specialty Holdings, Inc.\* | 7301 | 297 |
| CNO Financial Group, Inc. | 47020 | 1958 |
| Crawford & Co., Class A | 7185 | 82 |
| Donegal Group, Inc., Class A | 7541 | 148 |
| Employers Holdings, Inc. | 11467 | 581 |
| Enstar Group Ltd.\* | 5827 | 1937 |
| F&G Annuities & Life, Inc. | 8636 | 311 |
| Fidelis Insurance Holdings Ltd. | 22271 | 361 |
| Genworth Financial, Inc.\* | 193482 | 1372 |
| GoHealth, Inc., Class A\* | 2453 | 30 |
| Goosehead Insurance, Inc., Class A | 10328 | 1219 |
| Greenlight Capital Re Ltd., Class A\* | 12979 | 176 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **161** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Insurance – 2.3%continued** | **Insurance – 2.3%continued** | **Insurance – 2.3%continued** |
| &nbsp;&nbsp; Hamilton Insurance Group Ltd., <br> Class B\*<br>| 19326 | $401 |
| HCI Group, Inc. | 3820 | 570 |
| Heritage Insurance Holdings, Inc.\* | 10666 | 154 |
| Hippo Holdings, Inc.\* | 9179 | 235 |
| Horace Mann Educators Corp. | 18904 | 808 |
| Investors Title Co. | 662 | 159 |
| James River Group Holdings Ltd. | 15457 | 65 |
| Kingsway Financial Services, Inc.\* | 6745 | 53 |
| Lemonade, Inc.\* | 24172 | 760 |
| Maiden Holdings Ltd.\* | 50735 | 29 |
| MBIA, Inc.\* | 19256 | 96 |
| Mercury General Corp. | 12414 | 694 |
| NI Holdings, Inc.\* | 3588 | 51 |
| Oscar Health, Inc., Class A\* | 94357 | 1237 |
| Palomar Holdings, Inc.\* | 11905 | 1632 |
| ProAssurance Corp.\* | 22941 | 536 |
| Root, Inc., Class A\* | 3960 | 528 |
| Safety Insurance Group, Inc. | 6651 | 525 |
| Selective Insurance Group, Inc. | 27851 | 2549 |
| Selectquote, Inc.\* | 60446 | 202 |
| SiriusPoint Ltd.\* | 43398 | 750 |
| &nbsp;&nbsp; Skyward Specialty Insurance Group, <br> Inc.\*<br>| 17006 | 900 |
| Stewart Information Services Corp. | 12520 | 893 |
| Tiptree, Inc. | 11760 | 283 |
| Trupanion, Inc.\* | 14948 | 557 |
| United Fire Group, Inc. | 9839 | 290 |
| Universal Insurance Holdings, Inc. | 10785 | 256 |
|  |  | **25840** |
| **Interactive Media & Services – 0.5%** | **Interactive Media & Services – 0.5%** | **Interactive Media & Services – 0.5%** |
| Bumble, Inc., Class A\* | 36370 | 158 |
| Cargurus, Inc.\* | 39594 | 1153 |
| Cars.com, Inc.\* | 28968 | 326 |
| EverQuote, Inc., Class A\* | 11549 | 302 |
| fuboTV, Inc.\* | 154617 | 451 |
| Getty Images Holdings, Inc.\* | 49111 | 85 |
| Grindr, Inc.\* | 11675 | 209 |
| MediaAlpha, Inc., Class A\* | 13222 | 122 |
| Nextdoor Holdings, Inc.\* | 83187 | 127 |
| Outbrain, Inc.\* | 16250 | 61 |
| QuinStreet, Inc.\* | 24413 | 436 |
| Shutterstock, Inc. | 10817 | 202 |
| System1, Inc.\* | 25688 | 10 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Interactive Media & Services – 0.5%continued** | **Interactive Media & Services – 0.5%continued** | **Interactive Media & Services – 0.5%continued** |
| TrueCar, Inc.\* | 33395 | $53 |
| Vimeo, Inc.\* | 66842 | 352 |
| Webtoon Entertainment, Inc.\* | 6246 | 48 |
| Yelp, Inc.\* | 29382 | 1088 |
| Ziff Davis, Inc.\* | 19190 | 721 |
| ZipRecruiter, Inc., Class A\* | 33424 | 197 |
|  |  | **6101** |
| **IT Services – 0.4%** | **IT Services – 0.4%** | **IT Services – 0.4%** |
| Applied Digital Corp.\* | 92055 | 517 |
| ASGN, Inc.\* | 19725 | 1243 |
| Backblaze, Inc., Class A\* | 22337 | 108 |
| BigBear.ai Holdings, Inc.\* | 49610 | 142 |
| BigCommerce Holdings, Inc., Class 1\* | 31609 | 182 |
| Couchbase, Inc.\* | 18118 | 285 |
| DigitalOcean Holdings, Inc.\* | 30719 | 1026 |
| Fastly, Inc., Class A\* | 59780 | 378 |
| Grid Dynamics Holdings, Inc.\* | 28673 | 449 |
| Hackett Group (The), Inc. | 11754 | 344 |
| Information Services Group, Inc. | 14508 | 57 |
| Rackspace Technology, Inc.\* | 27348 | 46 |
| Tucows, Inc., Class A\* | 3254 | 55 |
| Unisys Corp.\* | 28617 | 131 |
|  |  | **4963** |
| **Leisure Products – 0.3%** | **Leisure Products – 0.3%** | **Leisure Products – 0.3%** |
| Acushnet Holdings Corp. | 12730 | 874 |
| AMMO, Inc.\* | 36345 | 50 |
| Clarus Corp. | 14198 | 53 |
| Escalade, Inc. | 4662 | 71 |
| Funko, Inc., Class A\* | 14555 | 100 |
| JAKKS Pacific, Inc. | 3743 | 93 |
| Johnson Outdoors, Inc., Class A | 1909 | 48 |
| Latham Group, Inc.\* | 17552 | 113 |
| Malibu Boats, Inc., Class A\* | 9201 | 282 |
| Marine Products Corp. | 4845 | 41 |
| MasterCraft Boat Holdings, Inc.\* | 7209 | 124 |
| Peloton Interactive, Inc., Class A\* | 160645 | 1015 |
| Smith & Wesson Brands, Inc. | 20295 | 189 |
| Solo Brands, Inc., Class A\* | 42566 | 7 |
| Sturm Ruger & Co., Inc. | 7711 | 303 |
| Topgolf Callaway Brands Corp.\* | 66178 | 436 |
|  |  | **3799** |
| **Life Sciences Tools & Services – 0.2%** | **Life Sciences Tools & Services – 0.2%** | **Life Sciences Tools & Services – 0.2%** |
| Adaptive Biotechnologies Corp.\* | 52264 | 388 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **162** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Life Sciences Tools & Services – 0.2%continued** | **Life Sciences Tools & Services – 0.2%continued** | **Life Sciences Tools & Services – 0.2%continued** |
| Akoya Biosciences, Inc.\* | 12348 | $17 |
| BioLife Solutions, Inc.\* | 16572 | 378 |
| Codexis, Inc.\* | 34403 | 93 |
| CryoPort, Inc.\* | 18794 | 114 |
| Cytek Biosciences, Inc.\* | 53053 | 213 |
| Harvard Bioscience, Inc.\* | 8737 | 5 |
| Lifecore Biomedical, Inc.\* | 12606 | 89 |
| &nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A\*<br>| 47880 | 106 |
| MaxCyte, Inc.\* | 48598 | 133 |
| Mesa Laboratories, Inc. | 2311 | 274 |
| Nautilus Biotechnology, Inc.\* | 29521 | 25 |
| Niagen Bioscience, Inc.\* | 22769 | 157 |
| Omniab, Inc.<sup>(2) \*</sup> <br>| 3016 |  |
| OmniAb, Inc.\* | 46478 | 112 |
| Omniab, Inc. (NASDAQ Exchange)<sup>(2) \*</sup> <br>| 3016 |  |
| Pacific Biosciences of California, Inc.\* | 120086 | 142 |
| Quanterix Corp.\* | 15541 | 101 |
| Quantum-Si, Inc.\* | 59589 | 71 |
| Standard BioTools, Inc.\* | 141243 | 153 |
|  |  | **2571** |
| **Machinery – 3.9%** | **Machinery – 3.9%** | **Machinery – 3.9%** |
| 374Water, Inc.\* | 9988 | 3 |
| 3D Systems Corp.\* | 59329 | 126 |
| Alamo Group, Inc. | 4667 | 832 |
| Albany International Corp., Class A | 14324 | 989 |
| Astec Industries, Inc. | 10455 | 360 |
| Atmus Filtration Technologies, Inc. | 38648 | 1420 |
| Blue Bird Corp.\* | 14566 | 471 |
| Chart Industries, Inc.\* | 19690 | 2842 |
| Columbus McKinnon Corp. | 13418 | 227 |
| Commercial Vehicle Group, Inc.\* | 10928 | 13 |
| Douglas Dynamics, Inc. | 10124 | 235 |
| Eastern (The) Co. | 2394 | 61 |
| Energy Recovery, Inc.\* | 26092 | 415 |
| Enerpac Tool Group Corp. | 24969 | 1120 |
| Enpro, Inc. | 9679 | 1566 |
| ESCO Technologies, Inc. | 11927 | 1898 |
| Federal Signal Corp. | 27522 | 2024 |
| Franklin Electric Co., Inc. | 20730 | 1946 |
| Gencor Industries, Inc.\* | 4608 | 56 |
| Gorman-Rupp (The) Co. | 9619 | 338 |
| Graham Corp.\* | 4748 | 137 |
| Greenbrier (The) Cos., Inc. | 13961 | 715 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Machinery – 3.9%continued** | **Machinery – 3.9%continued** | **Machinery – 3.9%continued** |
| Helios Technologies, Inc. | 15069 | $484 |
| Hillenbrand, Inc. | 32213 | 778 |
| Hillman Solutions Corp.\* | 89471 | 786 |
| Hyster-Yale, Inc. | 5111 | 212 |
| JBT Marel Corp. | 21569 | 2636 |
| Kadant, Inc. | 5402 | 1820 |
| Kennametal, Inc. | 35430 | 755 |
| L.B. Foster Co., Class A\* | 4141 | 81 |
| Lindsay Corp. | 5008 | 634 |
| Luxfer Holdings PLC | 11705 | 139 |
| Manitowoc (The) Co., Inc.\* | 16530 | 142 |
| Mayville Engineering Co., Inc.\* | 6392 | 86 |
| Miller Industries, Inc. | 4941 | 209 |
| Mueller Industries, Inc. | 51391 | 3913 |
| Mueller Water Products, Inc., Class A | 71440 | 1816 |
| NN, Inc.\* | 18746 | 42 |
| Omega Flex, Inc. | 1802 | 63 |
| Park-Ohio Holdings Corp. | 4539 | 98 |
| Proto Labs, Inc.\* | 11102 | 389 |
| REV Group, Inc. | 23732 | 750 |
| Shyft Group (The), Inc. | 16242 | 131 |
| SPX Technologies, Inc.\* | 20620 | 2655 |
| Standex International Corp. | 5301 | 856 |
| Taylor Devices, Inc.\* | 1114 | 36 |
| Tennant Co. | 8784 | 700 |
| Terex Corp. | 30621 | 1157 |
| Titan International, Inc.\* | 23879 | 200 |
| Trinity Industries, Inc. | 37290 | 1046 |
| Twin Disc, Inc. | 5961 | 45 |
| Wabash National Corp. | 19690 | 218 |
| Watts Water Technologies, Inc., Class A | 12579 | 2565 |
| Worthington Enterprises, Inc. | 14281 | 715 |
|  |  | **43951** |
| **Marine Transportation – 0.3%** | **Marine Transportation – 0.3%** | **Marine Transportation – 0.3%** |
| Costamare, Inc. | 20361 | 200 |
| Genco Shipping & Trading Ltd. | 19864 | 266 |
| Golden Ocean Group Ltd. | 56750 | 453 |
| Himalaya Shipping Ltd.\* | 12466 | 68 |
| Matson, Inc. | 15033 | 1927 |
| Pangaea Logistics Solutions Ltd. | 17903 | 85 |
| Safe Bulkers, Inc. | 29510 | 109 |
|  |  | **3108** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **163** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Media – 0.7%** | **Media – 0.7%** | **Media – 0.7%** |
| Advantage Solutions, Inc.\* | 44693 | $68 |
| AMC Networks, Inc., Class A\* | 13683 | 94 |
| Boston Omaha Corp., Class A\* | 10829 | 158 |
| Cable One, Inc. | 2563 | 681 |
| Cardlytics, Inc.\* | 19594 | 36 |
| Clear Channel Outdoor Holdings, Inc.\* | 155949 | 173 |
| EchoStar Corp., Class A\* | 56078 | 1434 |
| Emerald Holding, Inc. | 8599 | 34 |
| &nbsp;&nbsp; Entravision Communications Corp., <br> Class A<br>| 31425 | 66 |
| EW Scripps (The) Co., Class A\* | 28462 | 84 |
| Gambling.com Group Ltd.\* | 7979 | 101 |
| Gannett Co., Inc.\* | 63018 | 182 |
| Gray Media, Inc. | 37942 | 164 |
| Ibotta, Inc., Class A\* | 7007 | 296 |
| iHeartMedia, Inc., Class A\* | 43885 | 72 |
| Integral Ad Science Holding Corp.\* | 32749 | 264 |
| John Wiley & Sons, Inc., Class A | 17905 | 798 |
| Magnite, Inc.\* | 57248 | 653 |
| National CineMedia, Inc.\* | 33098 | 193 |
| PubMatic, Inc., Class A\* | 17527 | 160 |
| Scholastic Corp. | 10302 | 195 |
| Sinclair, Inc. | 15116 | 241 |
| Stagwell, Inc.\* | 41521 | 251 |
| TechTarget, Inc.\* | 12619 | 187 |
| TEGNA, Inc. | 74392 | 1355 |
| Thryv Holdings, Inc.\* | 17941 | 230 |
| Townsquare Media, Inc., Class A | 5183 | 42 |
| WideOpenWest, Inc.\* | 24406 | 121 |
|  |  | **8333** |
| **Metals & Mining – 1.6%** | **Metals & Mining – 1.6%** | **Metals & Mining – 1.6%** |
| Alpha Metallurgical Resources, Inc.\* | 5036 | 631 |
| Caledonia Mining Corp. PLC | 8126 | 102 |
| Carpenter Technology Corp. | 22123 | 4008 |
| Century Aluminum Co.\* | 23888 | 443 |
| Coeur Mining, Inc.\* | 285891 | 1692 |
| Commercial Metals Co. | 52160 | 2400 |
| Compass Minerals International, Inc.\* | 15229 | 142 |
| Constellium S.E.\* | 60029 | 606 |
| Contango ORE, Inc.\* | 4091 | 42 |
| Critical Metals Corp.\* | 3813 | 5 |
| Dakota Gold Corp.\* | 29933 | 79 |
| Hecla Mining Co. | 275501 | 1532 |
| i-80 Gold Corp.\* | 136177 | 79 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Metals & Mining – 1.6%continued** | **Metals & Mining – 1.6%continued** | **Metals & Mining – 1.6%continued** |
| Ivanhoe Electric, Inc.\* | 39471 | $229 |
| Kaiser Aluminum Corp. | 7433 | 451 |
| Lifezone Metals Ltd.\* | 18260 | 76 |
| MAC Copper Ltd.\* | 25360 | 242 |
| Materion Corp. | 9373 | 765 |
| Metallus, Inc.\* | 18538 | 248 |
| Novagold Resources, Inc.\* | 109966 | 321 |
| Olympic Steel, Inc. | 4750 | 150 |
| Perpetua Resources Corp.\* | 19962 | 213 |
| Piedmont Lithium, Inc.\* | 7334 | 46 |
| Radius Recycling, Inc. | 12326 | 356 |
| Ramaco Resources, Inc., Class A | 12772 | 105 |
| Ramaco Resources, Inc., Class B | 1712 | 12 |
| Ryerson Holding Corp. | 12653 | 291 |
| SSR Mining, Inc.\* | 93163 | 934 |
| SunCoke Energy, Inc. | 37780 | 348 |
| Tredegar Corp.\* | 12348 | 95 |
| Warrior Met Coal, Inc. | 23809 | 1136 |
| Worthington Steel, Inc. | 14687 | 372 |
|  |  | **18151** |
| **Mortgage Real Estate Investment Trusts – 1.0%** | **Mortgage Real Estate Investment Trusts – 1.0%** | **Mortgage Real Estate Investment Trusts – 1.0%** |
| Advanced Flower Capital, Inc. | 8099 | 45 |
| AG Mortgage Investment Trust, Inc. | 13532 | 99 |
| Angel Oak Mortgage REIT, Inc. | 4753 | 45 |
| &nbsp;&nbsp; Apollo Commercial Real Estate Finance, <br> Inc.<br>| 64303 | 615 |
| Arbor Realty Trust, Inc. | 83992 | 987 |
| Ares Commercial Real Estate Corp. | 23139 | 107 |
| ARMOUR Residential REIT, Inc. | 25388 | 434 |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Inc., <br> Class A<br>| 79390 | 1588 |
| BrightSpire Capital, Inc. | 58162 | 323 |
| &nbsp;&nbsp; Chicago Atlantic Real Estate Finance, <br> Inc.<br>| 7531 | 111 |
| Chimera Investment Corp. | 36477 | 468 |
| Claros Mortgage Trust, Inc. | 37922 | 141 |
| Dynex Capital, Inc. | 38143 | 497 |
| Ellington Financial, Inc. | 40926 | 543 |
| Franklin BSP Realty Trust, Inc. | 38214 | 487 |
| Granite Point Mortgage Trust, Inc. | 20192 | 52 |
| Invesco Mortgage Capital, Inc. | 28869 | 228 |
| KKR Real Estate Finance Trust, Inc. | 27602 | 298 |
| Ladder Capital Corp. | 51528 | 588 |
| MFA Financial, Inc. | 46369 | 476 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **164** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Mortgage Real Estate Investment Trusts – 1.0%continued** | **Mortgage Real Estate Investment Trusts – 1.0%continued** | **Mortgage Real Estate Investment Trusts – 1.0%continued** |
| New York Mortgage Trust, Inc. | 40664 | $264 |
| Nexpoint Real Estate Finance, Inc. | 3317 | 51 |
| Orchid Island Capital, Inc. | 36951 | 278 |
| PennyMac Mortgage Investment Trust | 39427 | 578 |
| Ready Capital Corp. | 72864 | 371 |
| Redwood Trust, Inc. | 61523 | 373 |
| Seven Hills Realty Trust | 5889 | 73 |
| Sunrise Realty Trust, Inc. | 5400 | 60 |
| TPG RE Finance Trust, Inc. | 26576 | 217 |
| Two Harbors Investment Corp. | 47177 | 630 |
|  |  | **11027** |
| **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** |
| Avista Corp. | 36575 | 1531 |
| Black Hills Corp. | 33124 | 2009 |
| Northwestern Energy Group, Inc. | 28427 | 1645 |
| &nbsp;&nbsp; TXNM Energy, Inc. - (Fractional <br> Shares)<sup>(2)</sup> <br>| 50000 |  |
| Unitil Corp. | 7451 | 430 |
|  |  | **5615** |
| **Office Real Estate Investment Trusts – 0.7%** | **Office Real Estate Investment Trusts – 0.7%** | **Office Real Estate Investment Trusts – 0.7%** |
| Brandywine Realty Trust | 76326 | 340 |
| City Office REIT, Inc. | 17807 | 92 |
| COPT Defense Properties | 51435 | 1403 |
| Douglas Emmett, Inc. | 74158 | 1186 |
| Easterly Government Properties, Inc. | 46373 | 492 |
| Franklin Street Properties Corp. | 45853 | 82 |
| Hudson Pacific Properties, Inc. | 65130 | 192 |
| JBG SMITH Properties | 37571 | 605 |
| NET Lease Office Properties\* | 6885 | 216 |
| Orion Properties, Inc. | 22842 | 49 |
| Paramount Group, Inc. | 83050 | 357 |
| Peakstone Realty Trust | 16223 | 204 |
| &nbsp;&nbsp; Piedmont Office Realty Trust, Inc., <br> Class A<br>| 57618 | 425 |
| Postal Realty Trust, Inc., Class A | 9783 | 140 |
| SL Green Realty Corp. | 33045 | 1907 |
|  |  | **7690** |
| **Oil, Gas & Consumable Fuels – 3.0%** | **Oil, Gas & Consumable Fuels – 3.0%** | **Oil, Gas & Consumable Fuels – 3.0%** |
| Aemetis, Inc.\* | 20067 | 35 |
| Amplify Energy Corp.\* | 19727 | 74 |
| Ardmore Shipping Corp. | 18600 | 182 |
| Berry Corp. | 33165 | 106 |
| BKV Corp.\* | 6931 | 146 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Oil, Gas & Consumable Fuels – 3.0%continued** | **Oil, Gas & Consumable Fuels – 3.0%continued** | **Oil, Gas & Consumable Fuels – 3.0%continued** |
| California Resources Corp. | 32280 | $1419 |
| Centrus Energy Corp., Class A\* | 6553 | 408 |
| Clean Energy Fuels Corp.\* | 74469 | 115 |
| CNX Resources Corp.\* | 67210 | 2116 |
| Comstock Resources, Inc.\* | 42553 | 866 |
| Core Natural Resources, Inc. | 24044 | 1854 |
| Crescent Energy Co., Class A | 76723 | 862 |
| CVR Energy, Inc. | 15370 | 298 |
| Delek U.S. Holdings, Inc. | 28334 | 427 |
| DHT Holdings, Inc. | 61349 | 644 |
| Diversified Energy Co. PLC | 22094 | 299 |
| Dorian LPG Ltd. | 16989 | 380 |
| Empire Petroleum Corp.\* | 8463 | 53 |
| Encore Energy Corp.\* | 79169 | 108 |
| Energy Fuels, Inc.\* | 84490 | 315 |
| Evolution Petroleum Corp. | 12741 | 66 |
| Excelerate Energy, Inc., Class A | 7743 | 222 |
| FLEX LNG Ltd. | 13989 | 322 |
| FutureFuel Corp. | 11928 | 46 |
| Golar LNG Ltd. | 45527 | 1730 |
| Granite Ridge Resources, Inc. | 25300 | 154 |
| Green Plains, Inc.\* | 27953 | 136 |
| Gulfport Energy Corp.\* | 5866 | 1080 |
| Hallador Energy Co.\* | 12190 | 150 |
| HighPeak Energy, Inc. | 7226 | 91 |
| &nbsp;&nbsp; Infinity Natural Resources, Inc., <br> Class A\*<br>| 6220 | 117 |
| International Seaways, Inc. | 18406 | 611 |
| Kinetik Holdings, Inc. | 17438 | 906 |
| Kosmos Energy Ltd.\* | 217764 | 496 |
| Magnolia Oil & Gas Corp., Class A | 79237 | 2002 |
| Murphy Oil Corp. | 63403 | 1801 |
| NACCO Industries, Inc., Class A | 2072 | 70 |
| NextDecade Corp.\* | 53839 | 419 |
| Nordic American Tankers Ltd. | 96155 | 237 |
| Northern Oil & Gas, Inc. | 44764 | 1353 |
| Par Pacific Holdings, Inc.\* | 25438 | 363 |
| PBF Energy, Inc., Class A | 46103 | 880 |
| Peabody Energy Corp. | 55602 | 753 |
| Prairie Operating Co.\* | 3138 | 17 |
| PrimeEnergy Resources Corp.\* | 325 | 74 |
| REX American Resources Corp.\* | 7263 | 273 |
| Riley Exploration Permian, Inc. | 5445 | 159 |
| Ring Energy, Inc.\* | 62497 | 72 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **165** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Oil, Gas & Consumable Fuels – 3.0%continued** | **Oil, Gas & Consumable Fuels – 3.0%continued** | **Oil, Gas & Consumable Fuels – 3.0%continued** |
| Sable Offshore Corp.\* | 23310 | $591 |
| SandRidge Energy, Inc. | 15350 | 175 |
| Scorpio Tankers, Inc. | 20296 | 763 |
| SFL Corp. Ltd. | 60768 | 498 |
| Sitio Royalties Corp., Class A | 36141 | 718 |
| SM Energy Co. | 52310 | 1567 |
| Talos Energy, Inc.\* | 67303 | 654 |
| Teekay Corp. Ltd. | 26235 | 172 |
| Teekay Tankers Ltd., Class A | 11190 | 428 |
| Uranium Energy Corp.\* | 190293 | 910 |
| Ur-Energy, Inc.\* | 154277 | 104 |
| VAALCO Energy, Inc. | 46120 | 173 |
| Verde Clean Fuels, Inc.\* | 1920 | 6 |
| Vital Energy, Inc.\* | 13439 | 285 |
| Vitesse Energy, Inc. | 12131 | 298 |
| W&T Offshore, Inc. | 49496 | 77 |
| World Kinect Corp. | 26208 | 743 |
|  |  | **33469** |
| **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** | **Paper & Forest Products – 0.1%** |
| Clearwater Paper Corp.\* | 7173 | 182 |
| Sylvamo Corp. | 15975 | 1071 |
|  |  | **1253** |
| **Passenger Airlines – 0.4%** | **Passenger Airlines – 0.4%** | **Passenger Airlines – 0.4%** |
| Allegiant Travel Co. | 6991 | 361 |
| Blade Air Mobility, Inc.\* | 26749 | 73 |
| Frontier Group Holdings, Inc.\* | 19392 | 84 |
| JetBlue Airways Corp.\* | 143292 | 691 |
| Joby Aviation, Inc.\* | 197347 | 1188 |
| SkyWest, Inc.\* | 18214 | 1591 |
| Sun Country Airlines Holdings, Inc.\* | 17609 | 217 |
| Wheels Up Experience, Inc.\* | 47307 | 48 |
|  |  | **4253** |
| **Personal Care Products – 0.3%** | **Personal Care Products – 0.3%** | **Personal Care Products – 0.3%** |
| Beauty Health (The) Co.\* | 28963 | 39 |
| Edgewell Personal Care Co. | 21812 | 681 |
| Herbalife Ltd.\* | 45464 | 392 |
| Honest (The) Co., Inc.\* | 39284 | 185 |
| Interparfums, Inc. | 8403 | 957 |
| Medifast, Inc.\* | 5429 | 73 |
| Nature's Sunshine Products, Inc.\* | 6344 | 79 |
| Nu Skin Enterprises, Inc., Class A | 21933 | 159 |
| Olaplex Holdings, Inc.\* | 58493 | 74 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Personal Care Products – 0.3%continued** | **Personal Care Products – 0.3%continued** | **Personal Care Products – 0.3%continued** |
| USANA Health Sciences, Inc.\* | 5484 | $148 |
| Waldencast PLC, Class A\* | 9252 | 28 |
|  |  | **2815** |
| **Pharmaceuticals – 1.9%** | **Pharmaceuticals – 1.9%** | **Pharmaceuticals – 1.9%** |
| Alto Neuroscience, Inc.\* | 7354 | 16 |
| Alumis, Inc.\* | 11559 | 71 |
| Amneal Pharmaceuticals, Inc.\* | 72267 | 606 |
| Amphastar Pharmaceuticals, Inc.\* | 17132 | 497 |
| ANI Pharmaceuticals, Inc.\* | 8517 | 570 |
| Aquestive Therapeutics, Inc.\* | 34581 | 100 |
| Arvinas, Inc.\* | 30283 | 213 |
| Atea Pharmaceuticals, Inc.\* | 33258 | 99 |
| Avadel Pharmaceuticals PLC\* | 42537 | 333 |
| Axsome Therapeutics, Inc.\* | 16926 | 1974 |
| BioAge Labs, Inc.\* | 4023 | 15 |
| Biote Corp., Class A\* | 10731 | 36 |
| Cassava Sciences, Inc.\* | 21170 | 32 |
| Collegium Pharmaceutical, Inc.\* | 14956 | 446 |
| Contineum Therapeutics, Inc., Class A\* | 3899 | 27 |
| Corcept Therapeutics, Inc.\* | 37240 | 4254 |
| CorMedix, Inc.\* | 28456 | 175 |
| Edgewise Therapeutics, Inc.\* | 34062 | 749 |
| Enliven Therapeutics, Inc.\* | 17126 | 337 |
| Esperion Therapeutics, Inc.\* | 90862 | 131 |
| Evolus, Inc.\* | 26179 | 315 |
| EyePoint Pharmaceuticals, Inc.\* | 28901 | 157 |
| Fulcrum Therapeutics, Inc.\* | 22410 | 65 |
| Harmony Biosciences Holdings, Inc.\* | 17698 | 587 |
| Harrow, Inc.\* | 13771 | 366 |
| Innoviva, Inc.\* | 25008 | 453 |
| LENZ Therapeutics, Inc.\* | 5498 | 141 |
| Ligand Pharmaceuticals, Inc.\* | 8285 | 871 |
| Liquidia Corp.\* | 28748 | 424 |
| Lyra Therapeutics, Inc.\* | 65440 | 8 |
| Maze Therapeutics, Inc.\* | 4622 | 51 |
| MBX Biosciences, Inc.\* | 5297 | 39 |
| MediWound Ltd.\* | 4649 | 72 |
| Mind Medicine MindMed, Inc.\* | 32698 | 191 |
| Nektar Therapeutics\* | 89613 | 61 |
| Neumora Therapeutics, Inc.\* | 38637 | 39 |
| Nuvation Bio, Inc.\* | 79767 | 140 |
| Ocular Therapeutix, Inc.\* | 73480 | 539 |
| Omeros Corp.\* | 24914 | 205 |
| Pacira BioSciences, Inc.\* | 20756 | 516 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **166** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Pharmaceuticals – 1.9%continued** | **Pharmaceuticals – 1.9%continued** | **Pharmaceuticals – 1.9%continued** |
| Phathom Pharmaceuticals, Inc.\* | 17174 | $108 |
| Phibro Animal Health Corp., Class A | 9355 | 200 |
| Pliant Therapeutics, Inc.\* | 26693 | 36 |
| Prestige Consumer Healthcare, Inc.\* | 22785 | 1959 |
| Rapport Therapeutics, Inc.\* | 8453 | 85 |
| Scilex Holding Co.\* | 32903 | 8 |
| scPharmaceuticals, Inc.\* | 15827 | 42 |
| Septerna, Inc.\* | 7480 | 43 |
| SIGA Technologies, Inc.\* | 22459 | 123 |
| Supernus Pharmaceuticals, Inc.\* | 22840 | 748 |
| Tarsus Pharmaceuticals, Inc.\* | 17228 | 885 |
| Telomir Pharmaceuticals, Inc.\* | 10456 | 34 |
| Terns Pharmaceuticals, Inc.\* | 30101 | 83 |
| Theravance Biopharma, Inc.\* | 16347 | 146 |
| Third Harmonic Bio, Inc.\* | 12008 | 42 |
| Trevi Therapeutics, Inc.\* | 35216 | 221 |
| Ventyx Biosciences, Inc.\* | 28505 | 33 |
| Verrica Pharmaceuticals, Inc.\* | 29626 | 13 |
| Veru, Inc.\* | 73795 | 36 |
| WaVe Life Sciences Ltd.\* | 45008 | 364 |
| Xeris Biopharma Holdings, Inc.\* | 65623 | 360 |
| Zevra Therapeutics, Inc.\* | 23767 | 178 |
|  |  | **21668** |
| **Professional Services – 2.3%** | **Professional Services – 2.3%** | **Professional Services – 2.3%** |
| Alight, Inc., Class A | 192732 | 1143 |
| Asure Software, Inc.\* | 11263 | 108 |
| Barrett Business Services, Inc. | 11796 | 485 |
| BlackSky Technology, Inc.\* | 11718 | 91 |
| CBIZ, Inc.\* | 21909 | 1662 |
| Conduent, Inc.\* | 69191 | 187 |
| CRA International, Inc. | 2992 | 518 |
| CSG Systems International, Inc. | 13386 | 809 |
| DLH Holdings Corp.\* | 2487 | 10 |
| ExlService Holdings, Inc.\* | 72310 | 3414 |
| Exponent, Inc. | 23123 | 1874 |
| First Advantage Corp.\* | 27006 | 381 |
| FiscalNote Holdings, Inc.\* | 40754 | 33 |
| Forrester Research, Inc.\* | 4671 | 43 |
| Franklin Covey Co.\* | 5395 | 149 |
| Heidrick & Struggles International, Inc. | 9354 | 401 |
| HireQuest, Inc. | 2017 | 24 |
| Huron Consulting Group, Inc.\* | 8099 | 1162 |
| IBEX Holdings Ltd.\* | 4193 | 102 |
| ICF International, Inc. | 8558 | 727 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Professional Services – 2.3%continued** | **Professional Services – 2.3%continued** | **Professional Services – 2.3%continued** |
| Innodata, Inc.\* | 12558 | $451 |
| Insperity, Inc. | 16489 | 1471 |
| Kelly Services, Inc., Class A | 13871 | 183 |
| Kforce, Inc. | 8512 | 416 |
| Korn Ferry | 23667 | 1605 |
| Legalzoom.com, Inc.\* | 57183 | 492 |
| Maximus, Inc. | 26114 | 1781 |
| Mistras Group, Inc.\* | 8949 | 95 |
| NV5 Global, Inc.\* | 25859 | 498 |
| Planet Labs PBC\* | 102677 | 347 |
| Resolute Holdings Management, Inc.\* | 746 | 23 |
| Resources Connection, Inc. | 14040 | 92 |
| Spire Global, Inc.\* | 11003 | 89 |
| TriNet Group, Inc. | 14681 | 1163 |
| TrueBlue, Inc.\* | 13295 | 71 |
| TTEC Holdings, Inc. | 9261 | 30 |
| Upwork, Inc.\* | 57700 | 753 |
| Verra Mobility Corp.\* | 75330 | 1696 |
| Willdan Group, Inc.\* | 5896 | 240 |
| WNS Holdings Ltd.\* | 19818 | 1219 |
|  |  | **26038** |
| **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** |
| American Realty Investors, Inc.\* | 890 | 10 |
| Anywhere Real Estate, Inc.\* | 43232 | 144 |
| Compass, Inc., Class A\* | 169855 | 1483 |
| Cushman & Wakefield PLC\* | 105194 | 1075 |
| eXp World Holdings, Inc. | 36929 | 361 |
| Forestar Group, Inc.\* | 9042 | 191 |
| FRP Holdings, Inc.\* | 6357 | 182 |
| Kennedy-Wilson Holdings, Inc. | 53000 | 460 |
| Marcus & Millichap, Inc. | 10580 | 364 |
| Maui Land & Pineapple Co., Inc.\* | 3865 | 68 |
| Newmark Group, Inc., Class A | 59902 | 729 |
| Offerpad Solutions, Inc.\* | 8610 | 14 |
| Opendoor Technologies, Inc.\* | 294753 | 301 |
| RE/MAX Holdings, Inc., Class A\* | 7466 | 62 |
| Real Brokerage (The), Inc.\* | 47678 | 194 |
| Redfin Corp.\* | 55246 | 509 |
| RMR Group (The), Inc., Class A | 6700 | 112 |
| St. Joe (The) Co. | 16701 | 784 |
| Star Holdings\* | 5088 | 43 |
| Stratus Properties, Inc.\* | 2188 | 39 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **167** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Real Estate Management & Development – 0.6%continued** | **Real Estate Management & Development – 0.6%continued** | **Real Estate Management & Development – 0.6%continued** |
| Tejon Ranch Co.\* | 10033 | $159 |
| Transcontinental Realty Investors, Inc.\* | 552 | 15 |
|  |  | **7299** |
| **Residential Real Estate Investment Trusts – 0.5%** | **Residential Real Estate Investment Trusts – 0.5%** | **Residential Real Estate Investment Trusts – 0.5%** |
| &nbsp;&nbsp; Apartment Investment and <br> Management Co., Class A<br>| 64203 | 565 |
| BRT Apartments Corp. | 5380 | 91 |
| Centerspace | 7706 | 499 |
| Clipper Realty, Inc. | 3646 | 14 |
| Elme Communities | 40807 | 710 |
| Independence Realty Trust, Inc. | 103430 | 2196 |
| NexPoint Residential Trust, Inc. | 10094 | 399 |
| UMH Properties, Inc. | 33569 | 628 |
| Veris Residential, Inc. | 36463 | 617 |
|  |  | **5719** |
| **Retail Real Estate Investment Trusts – 1.3%** | **Retail Real Estate Investment Trusts – 1.3%** | **Retail Real Estate Investment Trusts – 1.3%** |
| Acadia Realty Trust | 53794 | 1127 |
| Alexander's, Inc. | 1016 | 213 |
| CBL & Associates Properties, Inc. | 10287 | 273 |
| Curbline Properties Corp. | 43789 | 1059 |
| FrontView REIT, Inc. | 6151 | 79 |
| Getty Realty Corp. | 22931 | 715 |
| InvenTrust Properties Corp. | 35824 | 1052 |
| Kite Realty Group Trust | 99390 | 2223 |
| Macerich (The) Co. | 114981 | 1974 |
| NETSTREIT Corp. | 38089 | 604 |
| Phillips Edison & Co., Inc. | 56177 | 2050 |
| Saul Centers, Inc. | 5018 | 181 |
| SITE Centers Corp. | 21270 | 273 |
| Tanger, Inc. | 49762 | 1682 |
| Urban Edge Properties | 57804 | 1098 |
| Whitestone REIT | 22678 | 330 |
|  |  | **14933** |
| **Semiconductors & Semiconductor Equipment – 2.0%** | **Semiconductors & Semiconductor Equipment – 2.0%** | **Semiconductors & Semiconductor Equipment – 2.0%** |
| ACM Research, Inc., Class A\* | 23877 | 557 |
| Aehr Test Systems\* | 12263 | 89 |
| Alpha & Omega Semiconductor Ltd.\* | 10676 | 265 |
| Ambarella, Inc.\* | 17833 | 898 |
| Axcelis Technologies, Inc.\* | 14944 | 742 |
| CEVA, Inc.\* | 10933 | 280 |
| Cohu, Inc.\* | 20637 | 304 |
| Credo Technology Group Holding Ltd.\* | 65264 | 2621 |
| Diodes, Inc.\* | 20945 | 904 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Semiconductors & Semiconductor Equipment – 2.0%continued** | **Semiconductors & Semiconductor Equipment – 2.0%continued** | **Semiconductors & Semiconductor Equipment – 2.0%continued** |
| Everspin Technologies, Inc.\* | 7899 | $40 |
| FormFactor, Inc.\* | 35335 | 1000 |
| GCT Semiconductor Holding, Inc.\* | 7038 | 12 |
| Ichor Holdings Ltd.\* | 14924 | 337 |
| Impinj, Inc.\* | 10536 | 956 |
| indie Semiconductor, Inc., Class A\* | 77054 | 157 |
| Kulicke & Soffa Industries, Inc. | 23794 | 785 |
| MaxLinear, Inc.\* | 36119 | 392 |
| Navitas Semiconductor Corp.\* | 61819 | 127 |
| NVE Corp. | 2212 | 141 |
| PDF Solutions, Inc.\* | 14609 | 279 |
| Penguin Solutions, Inc.\* | 23554 | 409 |
| Photronics, Inc.\* | 28616 | 594 |
| Power Integrations, Inc. | 25865 | 1306 |
| QuickLogic Corp.\* | 6366 | 32 |
| Rambus, Inc.\* | 49177 | 2546 |
| Rigetti Computing, Inc.\* | 87473 | 693 |
| Semtech Corp.\* | 34131 | 1174 |
| Silicon Laboratories, Inc.\* | 14737 | 1659 |
| SiTime Corp.\* | 8497 | 1299 |
| SkyWater Technology, Inc.\* | 11664 | 83 |
| Synaptics, Inc.\* | 18072 | 1152 |
| Ultra Clean Holdings, Inc.\* | 20591 | 441 |
| Veeco Instruments, Inc.\* | 25833 | 519 |
|  |  | **22793** |
| **Software – 5.8%** | **Software – 5.8%** | **Software – 5.8%** |
| 8x8, Inc.\* | 60179 | 120 |
| A10 Networks, Inc. | 32690 | 534 |
| ACI Worldwide, Inc.\* | 48549 | 2656 |
| Adeia, Inc. | 50150 | 663 |
| Agilysys, Inc.\* | 10256 | 744 |
| Airship AI Holdings, Inc.\* | 5187 | 20 |
| Alarm.com Holdings, Inc.\* | 21747 | 1210 |
| Alkami Technology, Inc.\* | 28108 | 738 |
| Amplitude, Inc., Class A\* | 35273 | 359 |
| Appian Corp., Class A\* | 18263 | 526 |
| Arteris, Inc.\* | 14132 | 98 |
| Asana, Inc., Class A\* | 36823 | 537 |
| AudioEye, Inc.\* | 4463 | 50 |
| Aurora Innovation, Inc.\* | 441234 | 2967 |
| AvePoint, Inc.\* | 58679 | 847 |
| Bit Digital, Inc.\* | 59986 | 121 |
| Blackbaud, Inc.\* | 17965 | 1115 |
| BlackLine, Inc.\* | 26927 | 1304 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **168** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Software – 5.8%continued** | **Software – 5.8%continued** | **Software – 5.8%continued** |
| Blend Labs, Inc., Class A\* | 112039 | $375 |
| Box, Inc., Class A\* | 64434 | 1988 |
| Braze, Inc., Class A\* | 30282 | 1093 |
| C3.ai, Inc., Class A\* | 51929 | 1093 |
| Cerence, Inc.\* | 20185 | 160 |
| Cipher Mining, Inc.\* | 90735 | 209 |
| Cleanspark, Inc.\* | 127594 | 857 |
| Clear Secure, Inc., Class A | 40983 | 1062 |
| &nbsp;&nbsp; Clearwater Analytics Holdings, Inc., <br> Class A\*<br>| 86129 | 2308 |
| Commvault Systems, Inc.\* | 20081 | 3168 |
| Consensus Cloud Solutions, Inc.\* | 8558 | 198 |
| Core Scientific, Inc.\* | 81089 | 587 |
| CS Disco, Inc.\* | 11840 | 48 |
| Daily Journal Corp.\* | 647 | 257 |
| Digimarc Corp.\* | 6908 | 89 |
| Digital Turbine, Inc.\* | 46772 | 127 |
| Domo, Inc., Class B\* | 15110 | 117 |
| D-Wave Quantum, Inc.\* | 84502 | 642 |
| E2open Parent Holdings, Inc.\* | 96967 | 194 |
| eGain Corp.\* | 8040 | 39 |
| Enfusion, Inc., Class A\* | 23795 | 265 |
| EverCommerce, Inc.\* | 10381 | 105 |
| Freshworks, Inc., Class A\* | 94488 | 1333 |
| Hut 8 Corp.\* | 36660 | 426 |
| I3 Verticals, Inc., Class A\* | 10467 | 258 |
| Intapp, Inc.\* | 24371 | 1423 |
| InterDigital, Inc. | 11644 | 2407 |
| Jamf Holding Corp.\* | 37693 | 458 |
| Kaltura, Inc.\* | 48447 | 91 |
| Life360, Inc.\* | 4996 | 192 |
| LiveRamp Holdings, Inc.\* | 29247 | 765 |
| Logility Supply Chain Solutions, Inc. | 14777 | 211 |
| MARA Holdings, Inc.\* | 157157 | 1807 |
| Meridianlink, Inc.\* | 14663 | 272 |
| Mitek Systems, Inc.\* | 19783 | 163 |
| N-able, Inc.\* | 32373 | 230 |
| NCR Voyix Corp.\* | 66125 | 645 |
| NextNav, Inc.\* | 37314 | 454 |
| Olo, Inc., Class A\* | 49865 | 301 |
| ON24, Inc.\* | 12603 | 66 |
| OneSpan, Inc. | 17807 | 272 |
| Ooma, Inc.\* | 11424 | 150 |
| Pagaya Technologies Ltd., Class A\* | 17144 | 180 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Software – 5.8%continued** | **Software – 5.8%continued** | **Software – 5.8%continued** |
| PagerDuty, Inc.\* | 39464 | $721 |
| Porch Group, Inc.\* | 37349 | 272 |
| Progress Software Corp. | 19907 | 1025 |
| PROS Holdings, Inc.\* | 20667 | 393 |
| Q2 Holdings, Inc.\* | 27016 | 2162 |
| Qualys, Inc.\* | 16994 | 2140 |
| Rapid7, Inc.\* | 29082 | 771 |
| Red Violet, Inc. | 5170 | 194 |
| Rekor Systems, Inc.\* | 27289 | 24 |
| ReposiTrak, Inc. | 5445 | 110 |
| Rimini Street, Inc.\* | 24313 | 85 |
| Riot Platforms, Inc.\* | 143664 | 1023 |
| Roadzen, Inc.\* | 22626 | 24 |
| Sapiens International Corp. N.V. | 13882 | 376 |
| SEMrush Holdings, Inc., Class A\* | 17594 | 164 |
| Silvaco Group, Inc.\* | 4349 | 20 |
| SolarWinds Corp. | 25716 | 474 |
| SoundHound AI, Inc., Class A\* | 149365 | 1213 |
| SoundThinking, Inc.\* | 4098 | 69 |
| Sprinklr, Inc., Class A\* | 52784 | 441 |
| Sprout Social, Inc., Class A\* | 22699 | 499 |
| SPS Commerce, Inc.\* | 17252 | 2290 |
| Telos Corp.\* | 27821 | 66 |
| Tenable Holdings, Inc.\* | 54956 | 1922 |
| Terawulf, Inc.\* | 124928 | 341 |
| Varonis Systems, Inc.\* | 50454 | 2041 |
| Verint Systems, Inc.\* | 27748 | 495 |
| Vertex, Inc., Class A\* | 25524 | 894 |
| Viant Technology, Inc., Class A\* | 6379 | 79 |
| Weave Communications, Inc.\* | 19017 | 211 |
| WM Technology, Inc.\* | 39084 | 44 |
| Workiva, Inc.\* | 23541 | 1787 |
| Xperi, Inc.\* | 19704 | 152 |
| Yext, Inc.\* | 47784 | 294 |
| Zeta Global Holdings Corp., Class A\* | 81578 | 1106 |
|  |  | **65616** |
| **Specialized Real Estate Investment Trusts – 0.5%** | **Specialized Real Estate Investment Trusts – 0.5%** | **Specialized Real Estate Investment Trusts – 0.5%** |
| Farmland Partners, Inc. | 19574 | 218 |
| Four Corners Property Trust, Inc. | 44540 | 1278 |
| Gladstone Land Corp. | 16070 | 169 |
| Outfront Media, Inc. | 65905 | 1064 |
| PotlatchDeltic Corp. | 36242 | 1635 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **169** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Specialized Real Estate Investment Trusts – 0.5%continued** | **Specialized Real Estate Investment Trusts – 0.5%continued** | **Specialized Real Estate Investment Trusts – 0.5%continued** |
| Safehold, Inc. | 23411 | $438 |
| Uniti Group, Inc. | 112964 | 570 |
|  |  | **5372** |
| **Specialty Retail – 1.9%** | **Specialty Retail – 1.9%** | **Specialty Retail – 1.9%** |
| 1-800-Flowers.com, Inc., Class A\* | 12870 | 76 |
| Abercrombie & Fitch Co., Class A\* | 22681 | 1732 |
| Academy Sports & Outdoors, Inc. | 31070 | 1417 |
| aka Brands Holding Corp.\* | 855 | 11 |
| American Eagle Outfitters, Inc. | 81576 | 948 |
| America's Car-Mart, Inc.\* | 3498 | 159 |
| Arhaus, Inc.\* | 22775 | 198 |
| Arko Corp. | 35277 | 139 |
| Asbury Automotive Group, Inc.\* | 9009 | 1989 |
| BARK, Inc.\* | 54707 | 76 |
| Beyond, Inc.\* | 19596 | 114 |
| Boot Barn Holdings, Inc.\* | 13521 | 1452 |
| Buckle (The), Inc. | 14337 | 549 |
| Build-A-Bear Workshop, Inc. | 5767 | 214 |
| Caleres, Inc. | 14580 | 251 |
| Camping World Holdings, Inc., Class A | 26159 | 423 |
| Citi Trends, Inc.\* | 3296 | 73 |
| Designer Brands, Inc., Class A | 13856 | 51 |
| Destination XL Group, Inc.\* | 26439 | 39 |
| EVgo, Inc.\* | 59500 | 158 |
| Foot Locker, Inc.\* | 38719 | 546 |
| Genesco, Inc.\* | 5143 | 109 |
| Group 1 Automotive, Inc. | 6011 | 2296 |
| GrowGeneration Corp.\* | 20062 | 22 |
| Haverty Furniture Cos., Inc. | 7055 | 139 |
| J Jill, Inc. | 3178 | 62 |
| Lands' End, Inc.\* | 5794 | 59 |
| Leslie's, Inc.\* | 77104 | 57 |
| MarineMax, Inc.\* | 10385 | 223 |
| Monro, Inc. | 14116 | 204 |
| National Vision Holdings, Inc.\* | 35202 | 450 |
| ODP (The) Corp.\* | 13006 | 186 |
| OneWater Marine, Inc., Class A\* | 5085 | 82 |
| Petco Health & Wellness Co., Inc.\* | 41931 | 128 |
| RealReal (The), Inc.\* | 47632 | 257 |
| Revolve Group, Inc.\* | 17303 | 372 |
| RumbleON, Inc., Class B\* | 5929 | 17 |
| Sally Beauty Holdings, Inc.\* | 46921 | 424 |
| Shoe Carnival, Inc. | 8510 | 187 |
| Signet Jewelers Ltd. | 19042 | 1106 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Specialty Retail – 1.9%continued** | **Specialty Retail – 1.9%continued** | **Specialty Retail – 1.9%continued** |
| Sleep Number Corp.\* | 10908 | $69 |
| Sonic Automotive, Inc., Class A | 6792 | 387 |
| Stitch Fix, Inc., Class A\* | 44591 | 145 |
| ThredUp, Inc., Class A\* | 38913 | 94 |
| Tile Shop Holdings, Inc.\* | 14220 | 92 |
| Tilly's, Inc., Class A\* | 9593 | 21 |
| Torrid Holdings, Inc.\* | 9230 | 51 |
| Upbound Group, Inc. | 24909 | 597 |
| Urban Outfitters, Inc.\* | 28948 | 1517 |
| Victoria's Secret & Co.\* | 36259 | 674 |
| Warby Parker, Inc., Class A\* | 40299 | 735 |
| Winmark Corp. | 1319 | 419 |
| Zumiez, Inc.\* | 7571 | 113 |
|  |  | **21909** |
| **Technology Hardware, Storage & Peripherals – 0.3%** | **Technology Hardware, Storage & Peripherals – 0.3%** | **Technology Hardware, Storage & Peripherals – 0.3%** |
| CompoSecure, Inc., Class A | 10694 | 116 |
| Corsair Gaming, Inc.\* | 19850 | 176 |
| CPI Card Group, Inc.\* | 2237 | 65 |
| Diebold Nixdorf, Inc.\* | 11629 | 509 |
| Eastman Kodak Co.\* | 26738 | 169 |
| Immersion Corp. | 13199 | 100 |
| IonQ, Inc.\* | 93600 | 2066 |
| Turtle Beach Corp.\* | 6857 | 98 |
| Xerox Holdings Corp. | 52223 | 252 |
|  |  | **3551** |
| **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** | **Textiles, Apparel & Luxury Goods – 0.5%** |
| Figs, Inc., Class A\* | 58133 | 267 |
| G-III Apparel Group Ltd.\* | 18192 | 498 |
| Hanesbrands, Inc.\* | 161081 | 929 |
| Kontoor Brands, Inc. | 25168 | 1614 |
| Movado Group, Inc. | 7309 | 122 |
| Oxford Industries, Inc. | 6697 | 393 |
| Rocky Brands, Inc. | 2951 | 51 |
| Steven Madden Ltd. | 32497 | 866 |
| Superior Group of Cos., Inc. | 5216 | 57 |
| Vera Bradley, Inc.\* | 13782 | 31 |
| Wolverine World Wide, Inc. | 35956 | 500 |
|  |  | **5328** |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| Ispire Technology, Inc.\* | 6653 | 18 |
| Turning Point Brands, Inc. | 7969 | 474 |
| Universal Corp. | 11159 | 625 |
|  |  | **1117** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **170** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Trading Companies & Distributors – 2.5%** | **Trading Companies & Distributors – 2.5%** | **Trading Companies & Distributors – 2.5%** |
| Alta Equipment Group, Inc. | 11099 | $52 |
| Applied Industrial Technologies, Inc. | 17628 | 3972 |
| Beacon Roofing Supply, Inc.\* | 28522 | 3528 |
| BlueLinx Holdings, Inc.\* | 3669 | 275 |
| Boise Cascade Co. | 17581 | 1724 |
| Custom Truck One Source, Inc.\* | 21288 | 90 |
| Distribution Solutions Group, Inc.\* | 4591 | 129 |
| DNOW, Inc.\* | 48845 | 834 |
| DXP Enterprises, Inc.\* | 5680 | 467 |
| EVI Industries, Inc. | 3336 | 56 |
| FTAI Aviation Ltd. | 46572 | 5171 |
| GATX Corp. | 16430 | 2551 |
| Global Industrial Co. | 6553 | 147 |
| GMS, Inc.\* | 17814 | 1303 |
| H&E Equipment Services, Inc. | 14866 | 1409 |
| Herc Holdings, Inc. | 12870 | 1728 |
| Hudson Technologies, Inc.\* | 19266 | 119 |
| Karat Packaging, Inc. | 3376 | 90 |
| McGrath RentCorp | 11209 | 1249 |
| MRC Global, Inc.\* | 39246 | 450 |
| Rush Enterprises, Inc., Class A | 28058 | 1499 |
| Rush Enterprises, Inc., Class B | 4068 | 230 |
| Titan Machinery, Inc.\* | 10084 | 172 |
| Transcat, Inc.\* | 4241 | 316 |
| Willis Lease Finance Corp. | 1346 | 213 |
| Xometry, Inc., Class A\* | 20391 | 508 |
|  |  | **28282** |
| **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** |
| Sky Harbour Group Corp.\* | 5187 | **68** |
| **Water Utilities – 0.4%** | **Water Utilities – 0.4%** | **Water Utilities – 0.4%** |
| American States Water Co. | 17466 | 1374 |
| Cadiz, Inc.\* | 21335 | 63 |
| California Water Service Group | 27363 | 1326 |
| Consolidated Water Co. Ltd. | 7141 | 175 |
| Global Water Resources, Inc. | 5923 | 61 |
| Middlesex Water Co. | 7995 | 512 |
| Pure Cycle Corp.\* | 8899 | 93 |
| SJW Group | 15486 | 847 |
| York Water (The) Co. | 6774 | 235 |
|  |  | **4686** |
| **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** | **Wireless Telecommunication Services – 0.2%** |
| Gogo, Inc.\* | 29483 | 254 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  | **COMMON STOCKS - 97.9%continued**  |
| **Wireless Telecommunication Services – 0.2%continued** | **Wireless Telecommunication Services – 0.2%continued** | **Wireless Telecommunication Services – 0.2%continued** |
| Spok Holdings, Inc. | 8516 | $140 |
| Telephone and Data Systems, Inc. | 45429 | 1760 |
|  |  | **2154** |
| **Total Common Stocks** |  |  |
| **(Cost $753,061)** |  | **1102896** |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Biotechnology – 0.0%** | **Biotechnology – 0.0%** | **Biotechnology – 0.0%** |
| &nbsp;&nbsp; Cartesian Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(2) \*</sup> <br>| 50322 |  |
| &nbsp;&nbsp; Chinook Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(2) \*</sup> <br>| 7412 |  |
| &nbsp;&nbsp; Chinook Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(2) \*</sup> <br>| 26398 | 37 |
| &nbsp;&nbsp; Oncternal Therapeutics, Inc. <br> (Contingent Value Rights)<sup>(2) (3) \*</sup> <br>| 398 |  |
| Tobira Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(2) (3) \*</sup> <br>| 5175 |  |
|  |  | **37** |
| **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** |
| &nbsp;&nbsp; Inhibrx, Inc. (Contingent Value Rights)<sup>(2)</sup> <br>\* <br>| 15255 | **—** |
| **Total Rights** |  |  |
| **(Cost $40)** |  | **37** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| Escrow DLB Oil & Gas, Inc. <sup>(2) \*</sup> <br>| 1200 |  |
| Escrow Petrocorp, Inc. <sup>(2) \*</sup> <br>| 420 |  |
| **Total Other** |  |  |
| **(Cost $—)** |  | **—** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp; Pulse Biosciences, Exp. 6/27/29, Strike <br> $0.00\*<br>| 836 | $2 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **2** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 2.0%**  | **INVESTMENT COMPANIES – 2.0%**  | **INVESTMENT COMPANIES – 2.0%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(4) (5)</sup> <br>| 22923612 | $22924 |
| **Total Investment Companies** |  |  |
| **(Cost $22,924)** |  | **22924** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **171** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **SMALL CAP INDEX FUND continued**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.2%**  | **SHORT-TERM INVESTMENTS – 0.2%**  | **SHORT-TERM INVESTMENTS – 0.2%**  |
| U.S. Treasury Bill, |  |  |
| 4.11%, 9/11/25<sup>(6) (7)</sup> <br>| $2090 | **$2051** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $2,051)** | **(Cost $2,051)** | **2051** |
| **Total Investments – 100.1%** | **Total Investments – 100.1%** |  |
| **(Cost $778,076)** | **(Cost $778,076)** | **1127910** |
| Liabilities less Other Assets – (0.1%) | Liabilities less Other Assets – (0.1%) | (1080)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1126830** |

---

<sup>(1)</sup> *Investment in affiliate.*

<sup>(2)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(3)</sup> *Restricted security. At March 31, 2025, the value of these restricted securities* *amounted to $0 or 0.0% of net assets. Additional information on these* *restricted securities are as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| &nbsp;&nbsp; Oncternal Therapeutics, Inc. (Contingent <br> Value Rights)<br>| 6/10/19 | &nbsp;&nbsp; $— |
| &nbsp;&nbsp; Tobira Therapeutics, Inc. (Contingent Value <br> Rights)<br>| 11/2/16 | &nbsp;&nbsp; 40 |

---

<sup>(4)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(5)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(6)</sup> *Discount rate at the time of purchase.*

<sup>(7)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| REIT - Real Estate Investment Trust |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini Russell <br> 2000 Index<br>| 245 | $24832 | Long | 6/25 | $(348)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; $1102896 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1102896 |
| Rights<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 37 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 |
| Investment Companies | &nbsp;&nbsp; 22924 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22924 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 2051 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2051 |
| Total Investments | &nbsp;&nbsp; $1125820 | &nbsp;&nbsp; $2053 | &nbsp;&nbsp; $37 | &nbsp;&nbsp; $1127910 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(348)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(348)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **172** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **SMALL CAP VALUE FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.7%**  | **COMMON STOCKS – 97.7%**  | **COMMON STOCKS – 97.7%**  |
| **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** |
| Moog, Inc., Class A | 38548 | **$6682** |
| **Automobile Components – 0.8%** | **Automobile Components – 0.8%** | **Automobile Components – 0.8%** |
| Adient PLC\* | 83357 | 1072 |
| &nbsp;&nbsp; American Axle & Manufacturing <br> Holdings, Inc.\*<br>| 10273 | 42 |
| Modine Manufacturing Co.\* | 32757 | 2514 |
| Phinia, Inc. | 8734 | 371 |
| Standard Motor Products, Inc. | 86332 | 2152 |
|  |  | **6151** |
| **Automobiles – 0.0%** | **Automobiles – 0.0%** | **Automobiles – 0.0%** |
| Winnebago Industries, Inc. | 5469 | **188** |
| **Banks – 19.5%** | **Banks – 19.5%** | **Banks – 19.5%** |
| Amalgamated Financial Corp. | 31630 | 909 |
| Atlantic Union Bankshares Corp. | 91048 | 2835 |
| Axos Financial, Inc.\* | 101694 | 6561 |
| BancFirst Corp. | 62272 | 6842 |
| Bancorp (The), Inc.\* | 56645 | 2993 |
| Bank of NT Butterfield & Son (The) Ltd. | 55978 | 2179 |
| Banner Corp. | 39161 | 2497 |
| &nbsp;&nbsp; Burke & Herbert Financial Services <br> Corp.<br>| 6610 | 371 |
| Cadence Bank | 132504 | 4023 |
| Cathay General Bancorp | 123584 | 5318 |
| Central Pacific Financial Corp. | 47653 | 1289 |
| City Holding Co. | 9632 | 1131 |
| CNB Financial Corp. | 20607 | 458 |
| Community Financial System, Inc. | 72010 | 4094 |
| Community Trust Bancorp, Inc. | 87063 | 4384 |
| Customers Bancorp, Inc.\* | 10735 | 539 |
| CVB Financial Corp. | 131071 | 2420 |
| Eastern Bankshares, Inc. | 306702 | 5030 |
| FB Financial Corp. | 16788 | 778 |
| Financial Institutions, Inc. | 38893 | 971 |
| First BanCorp | 502337 | 9630 |
| First Business Financial Services, Inc. | 18577 | 876 |
| First Commonwealth Financial Corp. | 167627 | 2605 |
| First Financial Bancorp | 132437 | 3308 |
| First Financial Corp. | 22055 | 1080 |
| First Hawaiian, Inc. | 11424 | 279 |
| Glacier Bancorp, Inc. | 35371 | 1564 |
| Hancock Whitney Corp. | 87832 | 4607 |
| Heritage Financial Corp. | 43274 | 1053 |
| Home BancShares, Inc. | 238790 | 6751 |
| Horizon Bancorp, Inc. | 39395 | 594 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Banks – 19.5%continued** | **Banks – 19.5%continued** | **Banks – 19.5%continued** |
| Independent Bank Corp. | 21798 | $671 |
| International Bancshares Corp. | 85473 | 5390 |
| Lakeland Financial Corp. | 83725 | 4977 |
| Mercantile Bank Corp. | 16020 | 696 |
| Metropolitan Bank Holding Corp.\* | 7465 | 418 |
| NBT Bancorp, Inc. | 133330 | 5720 |
| OFG Bancorp | 78276 | 3133 |
| Old Second Bancorp, Inc. | 26985 | 449 |
| Park National Corp. | 21286 | 3223 |
| Preferred Bank | 22608 | 1891 |
| Renasant Corp. | 57746 | 1959 |
| S&T Bancorp, Inc. | 3497 | 130 |
| Sandy Spring Bancorp, Inc. | 59132 | 1653 |
| Sierra Bancorp | 73043 | 2036 |
| Southern Missouri Bancorp, Inc. | 9314 | 485 |
| SouthState Corp. | 65375 | 6068 |
| Stock Yards Bancorp, Inc. | 12521 | 865 |
| Texas Capital Bancshares, Inc.\* | 35409 | 2645 |
| TriCo Bancshares | 79916 | 3194 |
| Trustmark Corp. | 99659 | 3437 |
| UMB Financial Corp. | 30242 | 3057 |
| Univest Financial Corp. | 43081 | 1222 |
| WesBanco, Inc. | 114613 | 3548 |
| Westamerica BanCorp | 42049 | 2129 |
| WSFS Financial Corp. | 110445 | 5729 |
|  |  | **152694** |
| **Beverages – 0.5%** | **Beverages – 0.5%** | **Beverages – 0.5%** |
| Primo Brands Corp. | 112357 | **3988** |
| **Biotechnology – 2.8%** | **Biotechnology – 2.8%** | **Biotechnology – 2.8%** |
| 4D Molecular Therapeutics, Inc.\* | 11391 | 37 |
| ADMA Biologics, Inc.\* | 63295 | 1256 |
| Agios Pharmaceuticals, Inc.\* | 30510 | 894 |
| Annexon, Inc.\* | 153840 | 297 |
| Arcellx, Inc.\* | 4305 | 282 |
| Arcturus Therapeutics Holdings, Inc.\* | 11189 | 118 |
| Astria Therapeutics, Inc.\* | 10271 | 55 |
| Catalyst Pharmaceuticals, Inc.\* | 174747 | 4238 |
| Chimerix, Inc.\* | 305016 | 2596 |
| Cogent Biosciences, Inc.\* | 7847 | 47 |
| Crinetics Pharmaceuticals, Inc.\* | 19597 | 657 |
| Cullinan Therapeutics, Inc.\* | 10781 | 82 |
| Cytokinetics, Inc.\* | 45279 | 1820 |
| Dianthus Therapeutics, Inc.\* | 35713 | 648 |
| Dynavax Technologies Corp.\* | 24179 | 314 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **173** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Biotechnology – 2.8%continued** | **Biotechnology – 2.8%continued** | **Biotechnology – 2.8%continued** |
| Dyne Therapeutics, Inc.\* | 5147 | $54 |
| Entrada Therapeutics, Inc.\* | 56337 | 509 |
| Geron Corp.\* | 41458 | 66 |
| iTeos Therapeutics, Inc.\* | 3417 | 20 |
| Janux Therapeutics, Inc.\* | 13871 | 374 |
| KalVista Pharmaceuticals, Inc.\* | 14394 | 166 |
| &nbsp;&nbsp; Kiniksa Pharmaceuticals International <br> PLC\*<br>| 10696 | 238 |
| MannKind Corp.\* | 50937 | 256 |
| MiMedx Group, Inc.\* | 27610 | 210 |
| Myriad Genetics, Inc.\* | 70004 | 621 |
| Novavax, Inc.\* | 26264 | 168 |
| Nurix Therapeutics, Inc.\* | 15731 | 187 |
| Nuvalent, Inc., Class A\* | 17037 | 1208 |
| PDL BioPharma, Inc.<sup>(1) \*</sup> <br>| 1029654 | 597 |
| Protagonist Therapeutics, Inc.\* | 10971 | 531 |
| Rhythm Pharmaceuticals, Inc.\* | 6065 | 321 |
| Rocket Pharmaceuticals, Inc.\* | 7379 | 49 |
| Twist Bioscience Corp.\* | 29840 | 1172 |
| Tyra Biosciences, Inc.\* | 14111 | 131 |
| Veracyte, Inc.\* | 55291 | 1639 |
| Y-mAbs Therapeutics, Inc.\* | 8477 | 38 |
|  |  | **21896** |
| **Building Products – 1.0%** | **Building Products – 1.0%** | **Building Products – 1.0%** |
| American Woodmark Corp.\* | 4488 | 264 |
| Apogee Enterprises, Inc. | 4131 | 191 |
| Insteel Industries, Inc. | 3638 | 96 |
| Masterbrand, Inc.\* | 23711 | 310 |
| Quanex Building Products Corp. | 6192 | 115 |
| Resideo Technologies, Inc.\* | 27326 | 484 |
| UFP Industries, Inc. | 57279 | 6131 |
|  |  | **7591** |
| **Capital Markets – 0.3%** | **Capital Markets – 0.3%** | **Capital Markets – 0.3%** |
| Acadian Asset Management, Inc. | 3715 | 96 |
| BGC Group, Inc., Class A | 30358 | 278 |
| DigitalBridge Group, Inc. | 32474 | 286 |
| Donnelley Financial Solutions, Inc.\* | 33481 | 1464 |
|  |  | **2124** |
| **Chemicals – 1.9%** | **Chemicals – 1.9%** | **Chemicals – 1.9%** |
| AdvanSix, Inc. | 2471 | 56 |
| Ecovyst, Inc.\* | 21886 | 136 |
| H.B. Fuller Co. | 25668 | 1440 |
| Innospec, Inc. | 33124 | 3139 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Chemicals – 1.9%continued** | **Chemicals – 1.9%continued** | **Chemicals – 1.9%continued** |
| Koppers Holdings, Inc. | 3894 | $109 |
| Minerals Technologies, Inc. | 88065 | 5598 |
| Sensient Technologies Corp. | 59858 | 4455 |
|  |  | **14933** |
| **Commercial Services & Supplies – 1.7%** | **Commercial Services & Supplies – 1.7%** | **Commercial Services & Supplies – 1.7%** |
| ABM Industries, Inc. | 92763 | 4393 |
| BrightView Holdings, Inc.\* | 17659 | 227 |
| CoreCivic, Inc.\* | 21251 | 431 |
| Ennis, Inc. | 51480 | 1034 |
| GEO Group (The), Inc.\* | 33966 | 992 |
| Healthcare Services Group, Inc.\* | 13813 | 139 |
| Interface, Inc. | 10868 | 216 |
| NL Industries, Inc. | 26197 | 207 |
| Steelcase, Inc., Class A | 17553 | 193 |
| UniFirst Corp. | 30161 | 5248 |
|  |  | **13080** |
| **Communications Equipment – 0.3%** | **Communications Equipment – 0.3%** | **Communications Equipment – 0.3%** |
| Digi International, Inc.\* | 86508 | **2407** |
| **Construction & Engineering – 1.3%** | **Construction & Engineering – 1.3%** | **Construction & Engineering – 1.3%** |
| Arcosa, Inc. | 73526 | 5670 |
| Granite Construction, Inc. | 3922 | 296 |
| Great Lakes Dredge & Dock Corp.\* | 12535 | 109 |
| Primoris Services Corp. | 10033 | 576 |
| Sterling Infrastructure, Inc.\* | 27942 | 3163 |
|  |  | **9814** |
| **Consumer Finance – 2.2%** | **Consumer Finance – 2.2%** | **Consumer Finance – 2.2%** |
| Enova International, Inc.\* | 70309 | 6789 |
| Navient Corp. | 174000 | 2197 |
| Nelnet, Inc., Class A | 49516 | 5493 |
| PROG Holdings, Inc. | 28370 | 755 |
| Regional Management Corp. | 11029 | 332 |
| World Acceptance Corp.\* | 13495 | 1708 |
|  |  | **17274** |
| **Consumer Staples Distribution & Retail – 1.3%** | **Consumer Staples Distribution & Retail – 1.3%** | **Consumer Staples Distribution & Retail – 1.3%** |
| Andersons (The), Inc. | 169417 | 7273 |
| Ingles Markets, Inc., Class A | 31422 | 2047 |
| &nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br> Inc.<br>| 4263 | 171 |
| PriceSmart, Inc. | 5645 | 496 |
| SpartanNash Co. | 6476 | 131 |
|  |  | **10118** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **174** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| Myers Industries, Inc. | 6890 | **$82** |
| **Diversified Consumer Services – 0.3%** | **Diversified Consumer Services – 0.3%** | **Diversified Consumer Services – 0.3%** |
| Adtalem Global Education, Inc.\* | 7331 | 738 |
| Graham Holdings Co., Class B | 669 | 643 |
| Perdoceo Education Corp. | 12287 | 309 |
| Strategic Education, Inc. | 4521 | 380 |
|  |  | **2070** |
| **Diversified Real Estate Investment Trusts – 1.9%** | **Diversified Real Estate Investment Trusts – 1.9%** | **Diversified Real Estate Investment Trusts – 1.9%** |
| Alexander & Baldwin, Inc. | 13567 | 234 |
| American Assets Trust, Inc. | 99857 | 2011 |
| Broadstone Net Lease, Inc. | 124091 | 2114 |
| Empire State Realty Trust, Inc., Class A | 268739 | 2102 |
| Essential Properties Realty Trust, Inc. | 176415 | 5758 |
| One Liberty Properties, Inc. | 92572 | 2432 |
|  |  | **14651** |
| **Diversified Telecommunication Services – 0.5%** | **Diversified Telecommunication Services – 0.5%** | **Diversified Telecommunication Services – 0.5%** |
| Bandwidth, Inc., Class A\* | 7826 | 103 |
| IDT Corp., Class B | 6593 | 338 |
| Iridium Communications, Inc. | 102495 | 2800 |
| Liberty Latin America Ltd., Class C\* | 168725 | 1048 |
|  |  | **4289** |
| **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** |
| Otter Tail Corp. | 43949 | 3532 |
| Portland General Electric Co. | 114361 | 5101 |
|  |  | **8633** |
| **Electrical Equipment – 0.8%** | **Electrical Equipment – 0.8%** | **Electrical Equipment – 0.8%** |
| EnerSys | 53680 | 4916 |
| Preformed Line Products Co. | 7202 | 1009 |
| Thermon Group Holdings, Inc.\* | 9341 | 260 |
|  |  | **6185** |
| **Electronic Equipment, Instruments & Components – 3.0%** | **Electronic Equipment, Instruments & Components – 3.0%** | **Electronic Equipment, Instruments & Components – 3.0%** |
| Avnet, Inc. | 4576 | 220 |
| Bel Fuse, Inc., Class B | 1964 | 147 |
| Belden, Inc. | 7797 | 782 |
| Benchmark Electronics, Inc. | 6674 | 254 |
| Daktronics, Inc.\* | 8640 | 105 |
| ePlus, Inc.\* | 4983 | 304 |
| Itron, Inc.\* | 10819 | 1134 |
| Kimball Electronics, Inc.\* | 27078 | 446 |
| Knowles Corp.\* | 16665 | 253 |
| Mirion Technologies, Inc.\* | 41182 | 597 |
| PC Connection, Inc. | 99701 | 6223 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Electronic Equipment, Instruments & Components – 3.0%continued** | **Electronic Equipment, Instruments & Components – 3.0%continued** | **Electronic Equipment, Instruments & Components – 3.0%continued** |
| Rogers Corp.\* | 3483 | $235 |
| Sanmina Corp.\* | 113833 | 8672 |
| ScanSource, Inc.\* | 4707 | 160 |
| TTM Technologies, Inc.\* | 19126 | 392 |
| Vishay Intertechnology, Inc. | 242476 | 3855 |
|  |  | **23779** |
| **Energy Equipment & Services – 1.2%** | **Energy Equipment & Services – 1.2%** | **Energy Equipment & Services – 1.2%** |
| Archrock, Inc. | 136719 | 3588 |
| Helmerich & Payne, Inc. | 81201 | 2121 |
| Liberty Energy, Inc. | 61382 | 972 |
| NPK International, Inc.\* | 257542 | 1496 |
| RPC, Inc. | 74792 | 411 |
| Solaris Energy Infrastructure, Inc. | 40795 | 888 |
|  |  | **9476** |
| **Entertainment – 0.1%** | **Entertainment – 0.1%** | **Entertainment – 0.1%** |
| Cinemark Holdings, Inc. | 22295 | 555 |
| Reservoir Media, Inc.\* | 12140 | 93 |
|  |  | **648** |
| **Financial Services – 3.7%** | **Financial Services – 3.7%** | **Financial Services – 3.7%** |
| Enact Holdings, Inc. | 8026 | 279 |
| Essent Group Ltd. | 69945 | 4037 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<br>| 81693 | 2389 |
| Jackson Financial, Inc., Class A | 57747 | 4838 |
| Merchants Bancorp | 3877 | 144 |
| Mr Cooper Group, Inc.\* | 86086 | 10296 |
| Pagseguro Digital Ltd., Class A\* | 18758 | 143 |
| Radian Group, Inc. | 213316 | 7054 |
|  |  | **29180** |
| **Food Products – 0.2%** | **Food Products – 0.2%** | **Food Products – 0.2%** |
| Adecoagro S.A. | 45793 | 511 |
| Mission Produce, Inc.\* | 13265 | 139 |
| Seneca Foods Corp., Class A\* | 6836 | 609 |
|  |  | **1259** |
| **Gas Utilities – 0.9%** | **Gas Utilities – 0.9%** | **Gas Utilities – 0.9%** |
| Southwest Gas Holdings, Inc. | 21266 | 1527 |
| Spire, Inc. | 73133 | 5723 |
|  |  | **7250** |
| **Ground Transportation – 0.7%** | **Ground Transportation – 0.7%** | **Ground Transportation – 0.7%** |
| ArcBest Corp. | 70937 | 5007 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **175** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Ground Transportation – 0.7%continued** | **Ground Transportation – 0.7%continued** | **Ground Transportation – 0.7%continued** |
| Ryder System, Inc. | 2223 | $319 |
| Universal Logistics Holdings, Inc. | 7282 | 191 |
|  |  | **5517** |
| **Health Care Equipment & Supplies – 1.0%** | **Health Care Equipment & Supplies – 1.0%** | **Health Care Equipment & Supplies – 1.0%** |
| Artivion, Inc.\* | 12064 | 296 |
| Avanos Medical, Inc.\* | 17909 | 257 |
| Embecta Corp. | 10769 | 137 |
| ICU Medical, Inc.\* | 16342 | 2269 |
| Inmode Ltd.\* | 15828 | 281 |
| Integer Holdings Corp.\* | 6234 | 736 |
| Integra LifeSciences Holdings Corp.\* | 14623 | 322 |
| LivaNova PLC\* | 10621 | 417 |
| Neogen Corp.\* | 280213 | 2429 |
| Varex Imaging Corp.\* | 45267 | 525 |
| Zimvie, Inc.\* | 46072 | 498 |
|  |  | **8167** |
| **Health Care Providers & Services – 2.8%** | **Health Care Providers & Services – 2.8%** | **Health Care Providers & Services – 2.8%** |
| AdaptHealth Corp.\* | 37596 | 408 |
| Addus HomeCare Corp.\* | 2994 | 296 |
| ATI Physical Therapy, Inc.<sup>(2) \*</sup> <br>| 1 |  |
| Brookdale Senior Living, Inc.\* | 79287 | 496 |
| Castle Biosciences, Inc.\* | 10423 | 209 |
| Community Health Systems, Inc.\* | 44667 | 121 |
| Concentra Group Holdings Parent, Inc. | 25744 | 559 |
| Cross Country Healthcare, Inc.\* | 37762 | 562 |
| Fulgent Genetics, Inc.\* | 2409 | 41 |
| Innovage Holding Corp.\* | 132189 | 394 |
| LifeStance Health Group, Inc.\* | 106495 | 709 |
| National HealthCare Corp. | 43900 | 4074 |
| NeoGenomics, Inc.\* | 149361 | 1417 |
| OPKO Health, Inc.\* | 256189 | 425 |
| Option Care Health, Inc.\* | 128220 | 4481 |
| Owens & Minor, Inc.\* | 83911 | 758 |
| Patterson Cos., Inc. | 178771 | 5585 |
| Select Medical Holdings Corp. | 31902 | 533 |
| Surgery Partners, Inc.\* | 44900 | 1066 |
|  |  | **22134** |
| **Health Care Real Estate Investment Trusts – 1.5%** | **Health Care Real Estate Investment Trusts – 1.5%** | **Health Care Real Estate Investment Trusts – 1.5%** |
| CareTrust REIT, Inc. | 127186 | 3635 |
| National Health Investors, Inc. | 68603 | 5067 |
| Sabra Health Care REIT, Inc. | 159798 | 2792 |
|  |  | **11494** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Health Care Technology – 0.2%** | **Health Care Technology – 0.2%** | **Health Care Technology – 0.2%** |
| Evolent Health, Inc., Class A\* | 65049 | $616 |
| HealthStream, Inc. | 5663 | 182 |
| Veradigm, Inc.\* | 260628 | 1137 |
|  |  | **1935** |
| **Hotel & Resort Real Estate Investment Trusts – 1.8%** | **Hotel & Resort Real Estate Investment Trusts – 1.8%** | **Hotel & Resort Real Estate Investment Trusts – 1.8%** |
| Apple Hospitality REIT, Inc. | 145799 | 1882 |
| DiamondRock Hospitality Co. | 330091 | 2548 |
| RLJ Lodging Trust | 120615 | 952 |
| Ryman Hospitality Properties, Inc. | 41905 | 3832 |
| Summit Hotel Properties, Inc. | 61427 | 332 |
| Sunstone Hotel Investors, Inc. | 359013 | 3378 |
| Xenia Hotels & Resorts, Inc. | 75630 | 890 |
|  |  | **13814** |
| **Hotels, Restaurants & Leisure – 0.9%** | **Hotels, Restaurants & Leisure – 0.9%** | **Hotels, Restaurants & Leisure – 0.9%** |
| BJ's Restaurants, Inc.\* | 4348 | 149 |
| Brinker International, Inc.\* | 15950 | 2377 |
| International Game Technology PLC | 137567 | 2237 |
| Life Time Group Holdings, Inc.\* | 27726 | 837 |
| RCI Hospitality Holdings, Inc. | 8212 | 353 |
| Red Rock Resorts, Inc., Class A | 25242 | 1095 |
|  |  | **7048** |
| **Household Durables – 4.6%** | **Household Durables – 4.6%** | **Household Durables – 4.6%** |
| Ethan Allen Interiors, Inc. | 111181 | 3080 |
| Green Brick Partners, Inc.\* | 8487 | 495 |
| Helen of Troy Ltd.\* | 2875 | 154 |
| Hooker Furnishings Corp. | 58187 | 584 |
| Hovnanian Enterprises, Inc., Class A\* | 995 | 104 |
| KB Home | 121022 | 7034 |
| La-Z-Boy, Inc. | 8003 | 313 |
| M/I Homes, Inc.\* | 33000 | 3768 |
| Meritage Homes Corp. | 98652 | 6992 |
| Taylor Morrison Home Corp.\* | 187014 | 11228 |
| Tri Pointe Homes, Inc.\* | 77266 | 2466 |
|  |  | **36218** |
| **Independent Power & Renewable Electricity Producers – 0.2%** | **Independent Power & Renewable Electricity Producers – 0.2%** | **Independent Power & Renewable Electricity Producers – 0.2%** |
| Ormat Technologies, Inc. | 17014 | **1204** |
| **Industrial Real Estate Investment Trusts – 1.1%** | **Industrial Real Estate Investment Trusts – 1.1%** | **Industrial Real Estate Investment Trusts – 1.1%** |
| Innovative Industrial Properties, Inc. | 41003 | 2218 |
| LXP Industrial Trust | 164290 | 1421 |
| Plymouth Industrial REIT, Inc. | 8488 | 138 |
| Terreno Realty Corp. | 82480 | 5215 |
|  |  | **8992** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **176** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Insurance – 3.9%** | **Insurance – 3.9%** | **Insurance – 3.9%** |
| Axis Capital Holdings Ltd. | 4330 | $434 |
| CNO Financial Group, Inc. | 282962 | 11785 |
| Employers Holdings, Inc. | 166766 | 8445 |
| Genworth Financial, Inc.\* | 405964 | 2878 |
| Selective Insurance Group, Inc. | 54726 | 5010 |
| Stewart Information Services Corp. | 23768 | 1696 |
|  |  | **30248** |
| **Interactive Media & Services – 0.3%** | **Interactive Media & Services – 0.3%** | **Interactive Media & Services – 0.3%** |
| Cars.com, Inc.\* | 55208 | 622 |
| Vimeo, Inc.\* | 29904 | 157 |
| Ziff Davis, Inc.\* | 42329 | 1591 |
|  |  | **2370** |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| ASGN, Inc.\* | 30904 | 1947 |
| Grid Dynamics Holdings, Inc.\* | 14313 | 224 |
| Hackett Group (The), Inc. | 5165 | 151 |
|  |  | **2322** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| Smith & Wesson Brands, Inc. | 8514 | **79** |
| **Life Sciences Tools & Services – 0.0%** | **Life Sciences Tools & Services – 0.0%** | **Life Sciences Tools & Services – 0.0%** |
| BioLife Solutions, Inc.\* | 4646 | 106 |
| Harvard Bioscience, Inc.\* | 36090 | 20 |
| Nautilus Biotechnology, Inc.\* | 41402 | 36 |
| Omniab, Inc.<sup>(1) \*</sup> <br>| 6939 |  |
| Omniab, Inc. (NASDAQ Exchange)<sup>(1) \*</sup> <br>| 6939 |  |
| Standard BioTools, Inc.\* | 87884 | 95 |
|  |  | **257** |
| **Machinery – 2.0%** | **Machinery – 2.0%** | **Machinery – 2.0%** |
| Alamo Group, Inc. | 16991 | 3028 |
| Chart Industries, Inc.\* | 15270 | 2204 |
| Enpro, Inc. | 6516 | 1054 |
| Gates Industrial Corp. PLC\* | 13449 | 248 |
| Greenbrier (The) Cos., Inc. | 5817 | 298 |
| Kennametal, Inc. | 22051 | 470 |
| Miller Industries, Inc. | 2145 | 91 |
| Mueller Industries, Inc. | 27067 | 2061 |
| REV Group, Inc. | 9711 | 307 |
| Standex International Corp. | 25005 | 4035 |
| Terex Corp. | 18587 | 702 |
| Trinity Industries, Inc. | 15314 | 430 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Machinery – 2.0%continued** | **Machinery – 2.0%continued** | **Machinery – 2.0%continued** |
| Wabash National Corp. | 12767 | $141 |
| Worthington Enterprises, Inc. | 13810 | 692 |
|  |  | **15761** |
| **Marine Transportation – 0.9%** | **Marine Transportation – 0.9%** | **Marine Transportation – 0.9%** |
| Golden Ocean Group Ltd. | 55396 | 442 |
| Kirby Corp.\* | 2982 | 301 |
| Matson, Inc. | 43266 | 5545 |
| Safe Bulkers, Inc. | 99776 | 368 |
| Star Bulk Carriers Corp. | 9228 | 144 |
|  |  | **6800** |
| **Media – 1.9%** | **Media – 1.9%** | **Media – 1.9%** |
| Cable One, Inc. | 5693 | 1513 |
| PubMatic, Inc., Class A\* | 3954 | 36 |
| Scholastic Corp. | 84688 | 1599 |
| Sinclair, Inc. | 3637 | 58 |
| Stagwell, Inc.\* | 115714 | 700 |
| TEGNA, Inc. | 594120 | 10825 |
| Thryv Holdings, Inc.\* | 3194 | 41 |
|  |  | **14772** |
| **Metals & Mining – 1.8%** | **Metals & Mining – 1.8%** | **Metals & Mining – 1.8%** |
| Alpha Metallurgical Resources, Inc.\* | 3782 | 474 |
| Carpenter Technology Corp. | 4351 | 788 |
| Commercial Metals Co. | 178568 | 8216 |
| Ferroglobe PLC | 51956 | 193 |
| Kaiser Aluminum Corp. | 2973 | 180 |
| McEwen Mining, Inc.\* | 9523 | 72 |
| Metallus, Inc.\* | 35579 | 475 |
| Ramaco Resources, Inc., Class A | 8279 | 68 |
| Ramaco Resources, Inc., Class B | 257 | 2 |
| Ryerson Holding Corp. | 33215 | 763 |
| Warrior Met Coal, Inc. | 61172 | 2919 |
| Worthington Steel, Inc. | 4458 | 113 |
|  |  | **14263** |
| **Mortgage Real Estate Investment Trusts – 0.8%** | **Mortgage Real Estate Investment Trusts – 0.8%** | **Mortgage Real Estate Investment Trusts – 0.8%** |
| Arbor Realty Trust, Inc. | 246027 | 2891 |
| Ellington Financial, Inc. | 126501 | 1677 |
| PennyMac Mortgage Investment Trust | 115374 | 1690 |
|  |  | **6258** |
| **Multi-Utilities – 1.8%** | **Multi-Utilities – 1.8%** | **Multi-Utilities – 1.8%** |
| Avista Corp. | 113602 | 4757 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **177** EQUITY FUNDS

------

**Schedule of Investments** <br>

**SMALL CAP VALUE FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Multi-Utilities – 1.8%continued** | **Multi-Utilities – 1.8%continued** | **Multi-Utilities – 1.8%continued** |
| Black Hills Corp. | 78733 | $4775 |
| Northwestern Energy Group, Inc. | 83330 | 4822 |
|  |  | **14354** |
| **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** | **Office Real Estate Investment Trusts – 0.4%** |
| Easterly Government Properties, Inc. | 17807 | 189 |
| Equity Commonwealth\* | 162217 | 261 |
| Highwoods Properties, Inc. | 19774 | 586 |
| SL Green Realty Corp. | 41718 | 2407 |
|  |  | **3443** |
| **Oil, Gas & Consumable Fuels – 5.3%** | **Oil, Gas & Consumable Fuels – 5.3%** | **Oil, Gas & Consumable Fuels – 5.3%** |
| Amplify Energy Corp.\* | 23087 | 86 |
| Ardmore Shipping Corp. | 15145 | 148 |
| California Resources Corp. | 95388 | 4194 |
| Civitas Resources, Inc. | 43264 | 1509 |
| CNX Resources Corp.\* | 193362 | 6087 |
| Core Natural Resources, Inc. | 19582 | 1510 |
| DHT Holdings, Inc. | 443727 | 4659 |
| Dorian LPG Ltd. | 15709 | 351 |
| Kinetik Holdings, Inc. | 12798 | 665 |
| Matador Resources Co. | 106648 | 5449 |
| Murphy Oil Corp. | 131456 | 3733 |
| Nordic American Tankers Ltd. | 19343 | 48 |
| Northern Oil & Gas, Inc. | 23973 | 725 |
| Peabody Energy Corp. | 250249 | 3391 |
| REX American Resources Corp.\* | 25769 | 968 |
| Riley Exploration Permian, Inc. | 22319 | 651 |
| Scorpio Tankers, Inc. | 54256 | 2039 |
| SM Energy Co. | 78626 | 2355 |
| Teekay Corp. Ltd. | 33662 | 221 |
| Teekay Tankers Ltd., Class A | 60024 | 2297 |
| Uranium Energy Corp.\* | 97922 | 468 |
|  |  | **41554** |
| **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** |
| SkyWest, Inc.\* | 7659 | **669** |
| **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** |
| Edgewell Personal Care Co. | 9341 | 292 |
| USANA Health Sciences, Inc.\* | 14441 | 389 |
|  |  | **681** |
| **Pharmaceuticals – 2.8%** | **Pharmaceuticals – 2.8%** | **Pharmaceuticals – 2.8%** |
| Amneal Pharmaceuticals, Inc.\* | 138798 | 1163 |
| Amphastar Pharmaceuticals, Inc.\* | 5286 | 153 |
| ANI Pharmaceuticals, Inc.\* | 7035 | 471 |
| Fulcrum Therapeutics, Inc.\* | 129721 | 374 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Pharmaceuticals – 2.8%continued** | **Pharmaceuticals – 2.8%continued** | **Pharmaceuticals – 2.8%continued** |
| Innoviva, Inc.\* | 11988 | $217 |
| Intra-Cellular Therapies, Inc.\* | 37135 | 4899 |
| Ligand Pharmaceuticals, Inc.\* | 17806 | 1872 |
| Nuvation Bio, Inc.\* | 218551 | 385 |
| Pacira BioSciences, Inc.\* | 59040 | 1467 |
| Phibro Animal Health Corp., Class A | 6228 | 133 |
| Prestige Consumer Healthcare, Inc.\* | 102074 | 8775 |
| Supernus Pharmaceuticals, Inc.\* | 62159 | 2036 |
| Theravance Biopharma, Inc.\* | 12508 | 112 |
| Third Harmonic Bio, Inc.\* | 7913 | 27 |
|  |  | **22084** |
| **Professional Services – 0.9%** | **Professional Services – 0.9%** | **Professional Services – 0.9%** |
| Barrett Business Services, Inc. | 68340 | 2812 |
| Heidrick & Struggles International, Inc. | 3764 | 161 |
| Korn Ferry | 57698 | 3914 |
|  |  | **6887** |
| **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** | **Real Estate Management & Development – 0.6%** |
| Cushman & Wakefield PLC\* | 301621 | 3083 |
| Forestar Group, Inc.\* | 9465 | 200 |
| Newmark Group, Inc., Class A | 116326 | 1416 |
| RMR Group (The), Inc., Class A | 20677 | 344 |
|  |  | **5043** |
| **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** |
| NexPoint Residential Trust, Inc. | 4801 | 190 |
| Veris Residential, Inc. | 128246 | 2170 |
|  |  | **2360** |
| **Retail Real Estate Investment Trusts – 1.6%** | **Retail Real Estate Investment Trusts – 1.6%** | **Retail Real Estate Investment Trusts – 1.6%** |
| Curbline Properties Corp. | 135184 | 3270 |
| Getty Realty Corp. | 62112 | 1937 |
| Macerich (The) Co. | 40399 | 693 |
| Phillips Edison & Co., Inc. | 76928 | 2807 |
| SITE Centers Corp. | 67594 | 868 |
| Urban Edge Properties | 125730 | 2389 |
| Whitestone REIT | 49942 | 728 |
|  |  | **12692** |
| **Semiconductors & Semiconductor Equipment – 1.6%** | **Semiconductors & Semiconductor Equipment – 1.6%** | **Semiconductors & Semiconductor Equipment – 1.6%** |
| ACM Research, Inc., Class A\* | 10659 | 249 |
| Diodes, Inc.\* | 46435 | 2005 |
| Onto Innovation, Inc.\* | 35820 | 4346 |
| Photronics, Inc.\* | 274097 | 5690 |
|  |  | **12290** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **178** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Software – 0.8%** | **Software – 0.8%** | **Software – 0.8%** |
| ACI Worldwide, Inc.\* | 20336 | $1113 |
| Commvault Systems, Inc.\* | 10417 | 1643 |
| LiveRamp Holdings, Inc.\* | 12379 | 324 |
| Magic Software Enterprises Ltd. | 9183 | 119 |
| MARA Holdings, Inc.\* | 104057 | 1197 |
| SolarWinds Corp. | 95849 | 1766 |
|  |  | **6162** |
| **Specialized Real Estate Investment Trusts – 0.7%** | **Specialized Real Estate Investment Trusts – 0.7%** | **Specialized Real Estate Investment Trusts – 0.7%** |
| Farmland Partners, Inc. | 36161 | 403 |
| Four Corners Property Trust, Inc. | 69645 | 1999 |
| PotlatchDeltic Corp. | 72609 | 3276 |
|  |  | **5678** |
| **Specialty Retail – 1.9%** | **Specialty Retail – 1.9%** | **Specialty Retail – 1.9%** |
| Abercrombie & Fitch Co., Class A\* | 2628 | 201 |
| American Eagle Outfitters, Inc. | 53759 | 625 |
| Asbury Automotive Group, Inc.\* | 3849 | 850 |
| Buckle (The), Inc. | 44301 | 1698 |
| Caleres, Inc. | 6640 | 114 |
| Foot Locker, Inc.\* | 8370 | 118 |
| Genesco, Inc.\* | 4793 | 102 |
| Guess?, Inc. | 25382 | 281 |
| Lands' End, Inc.\* | 29439 | 300 |
| Monro, Inc. | 5594 | 81 |
| ODP (The) Corp.\* | 120837 | 1731 |
| Sally Beauty Holdings, Inc.\* | 19619 | 177 |
| Shoe Carnival, Inc. | 102040 | 2244 |
| Signet Jewelers Ltd. | 12366 | 718 |
| Sonic Automotive, Inc., Class A | 74373 | 4236 |
| Torrid Holdings, Inc.\* | 34425 | 189 |
| Urban Outfitters, Inc.\* | 17357 | 909 |
|  |  | **14574** |
| **Technology Hardware, Storage & Peripherals – 0.4%** | **Technology Hardware, Storage & Peripherals – 0.4%** | **Technology Hardware, Storage & Peripherals – 0.4%** |
| Diebold Nixdorf, Inc.\* | 54773 | 2395 |
| Eastman Kodak Co.\* | 101448 | 641 |
|  |  | **3036** |
| **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** |
| Figs, Inc., Class A\* | 85282 | 391 |
| G-III Apparel Group Ltd.\* | 8553 | 234 |
| Rocky Brands, Inc. | 6094 | 106 |
|  |  | **731** |
| **Trading Companies & Distributors – 2.8%** | **Trading Companies & Distributors – 2.8%** | **Trading Companies & Distributors – 2.8%** |
| BlueLinx Holdings, Inc.\* | 4757 | 357 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  | **COMMON STOCKS - 97.7%continued**  |
| **Trading Companies & Distributors – 2.8%continued** | **Trading Companies & Distributors – 2.8%continued** | **Trading Companies & Distributors – 2.8%continued** |
| Boise Cascade Co. | 16550 | $1623 |
| DNOW, Inc.\* | 29794 | 509 |
| DXP Enterprises, Inc.\* | 60929 | 5012 |
| GATX Corp. | 44428 | 6898 |
| GMS, Inc.\* | 49133 | 3595 |
| MRC Global, Inc.\* | 15913 | 183 |
| Rush Enterprises, Inc., Class A | 68676 | 3668 |
|  |  | **21845** |
| **Water Utilities – 0.6%** | **Water Utilities – 0.6%** | **Water Utilities – 0.6%** |
| California Water Service Group | 75255 | 3647 |
| Consolidated Water Co. Ltd. | 32677 | 800 |
|  |  | **4447** |
| **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** |
| Gogo, Inc.\* | 24100 | 208 |
| United States Cellular Corp.\* | 4422 | 306 |
|  |  | **514** |
| **Total Common Stocks** |  |  |
| **(Cost $477,492)** |  | **765139** |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **Biotechnology – 0.0%** | **Biotechnology – 0.0%** | **Biotechnology – 0.0%** |
| Chinook Therapeutics, Inc. (Contingent <br> Value Rights)<sup>(1) \*</sup> <br>| 89437 | **125** |
| **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** |
| &nbsp;&nbsp; AstraZeneca PLC (Contingent Value <br> Rights)<sup>(1) \*</sup> <br>| 28202 | **—** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **125** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| Escrow DLB Oil & Gas, Inc. <sup>(1) \*</sup> <br>| 2100 |  |
| Escrow Spirit MTA REIT <sup>(1) \*</sup> <br>| 17083 |  |
| **Total Other** |  |  |
| **(Cost $—)** |  | **—** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp; Nabors Industries Ltd., Exp. 6/11/26, <br> Strike $166.67\*<br>| 6861 | $13 |
| **Total Warrants** |  |  |
| **(Cost $—)** |  | **13** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **179** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **SMALL CAP VALUE FUND continued**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.9%**  | **INVESTMENT COMPANIES – 1.9%**  | **INVESTMENT COMPANIES – 1.9%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(3) (4)</sup> <br>| 14658205 | $14658 |
| **Total Investment Companies** |  |  |
| **(Cost $14,658)** |  | **14658** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.2%**  | **SHORT-TERM INVESTMENTS – 0.2%**  | **SHORT-TERM INVESTMENTS – 0.2%**  |
| U.S. Treasury Bill, |  |  |
| 4.11%, 9/11/25<sup>(5) (6)</sup> <br>| $1293 | **$1269** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $1,269)** | **(Cost $1,269)** | **1269** |
| **Total Investments – 99.8%** | **Total Investments – 99.8%** |  |
| **(Cost $493,419)** | **(Cost $493,419)** | **781204** |
| Other Assets less Liabilities – 0.2% | Other Assets less Liabilities – 0.2% | 1534 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$782738** |

---

<sup>(1)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(2)</sup> *Value rounds to less than one thousand.*

<sup>(3)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(4)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(5)</sup> *Discount rate at the time of purchase.*

<sup>(6)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| REIT - Real Estate Investment Trust |
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini Russell <br> 2000 Index<br>| 130 | $13176 | Long | 6/25 | $(114)<br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 10 | 2827 | Long | 6/25 | 9 |
| Total |  |  |  |  | $(105)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Biotechnology | &nbsp;&nbsp; $21299 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $597 | &nbsp;&nbsp; $21896 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; 743243 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 743243 |
| Total Common Stocks | &nbsp;&nbsp; 764542 | &nbsp;&nbsp; — | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 765139 |
| Rights<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 125 |
| Warrants | &nbsp;&nbsp; 13 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13 |
| Investment Companies | &nbsp;&nbsp; 14658 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14658 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1269 |
| Total Investments | &nbsp;&nbsp; $779213 | &nbsp;&nbsp; $1269 | &nbsp;&nbsp; $722 | &nbsp;&nbsp; $781204 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $9 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9 |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (114)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (114)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(105)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(105)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **180** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **STOCK INDEX FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 99.0%**  | **COMMON STOCKS – 99.0%**  | **COMMON STOCKS – 99.0%**  |
| **Aerospace & Defense – 2.0%** | **Aerospace & Defense – 2.0%** | **Aerospace & Defense – 2.0%** |
| Axon Enterprise, Inc.\* | 21972 | $11556 |
| Boeing (The) Co.\* | 226944 | 38705 |
| General Dynamics Corp. | 76846 | 20947 |
| General Electric Co. | 324570 | 64963 |
| Howmet Aerospace, Inc. | 122737 | 15923 |
| Huntington Ingalls Industries, Inc. | 12032 | 2455 |
| L3Harris Technologies, Inc. | 57113 | 11954 |
| Lockheed Martin Corp. | 63402 | 28322 |
| Northrop Grumman Corp. | 41209 | 21100 |
| RTX Corp. | 402901 | 53368 |
| Textron, Inc. | 54594 | 3944 |
| TransDigm Group, Inc. | 16981 | 23490 |
|  |  | **296727** |
| **Air Freight & Logistics – 0.3%** | **Air Freight & Logistics – 0.3%** | **Air Freight & Logistics – 0.3%** |
| C.H. Robinson Worldwide, Inc. | 36305 | 3718 |
| &nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 42670 | 5131 |
| FedEx Corp. | 67139 | 16367 |
| United Parcel Service, Inc., Class B | 221387 | 24350 |
|  |  | **49566** |
| **Automobile Components – 0.0%** | **Automobile Components – 0.0%** | **Automobile Components – 0.0%** |
| Aptiv PLC\* | 68653 | **4085** |
| **Automobiles – 1.7%** | **Automobiles – 1.7%** | **Automobiles – 1.7%** |
| Ford Motor Co. | 1180701 | 11843 |
| General Motors Co. | 301582 | 14183 |
| Tesla, Inc.\* | 845876 | 219217 |
|  |  | **245243** |
| **Banks – 3.4%** | **Banks – 3.4%** | **Banks – 3.4%** |
| Bank of America Corp. | 2002078 | 83547 |
| Citigroup, Inc. | 567885 | 40314 |
| Citizens Financial Group, Inc. | 133159 | 5456 |
| Fifth Third Bancorp | 203543 | 7979 |
| Huntington Bancshares, Inc. | 442257 | 6638 |
| JPMorgan Chase & Co. | 845184 | 207324 |
| KeyCorp | 303751 | 4857 |
| M&T Bank Corp. | 50242 | 8981 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.<br>| 119903 | 21075 |
| Regions Financial Corp. | 276713 | 6013 |
| Truist Financial Corp. | 398740 | 16408 |
| U.S. Bancorp | 472462 | 19947 |
| Wells Fargo & Co. | 994532 | 71397 |
|  |  | **499936** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Beverages – 1.3%** | **Beverages – 1.3%** | **Beverages – 1.3%** |
| Brown-Forman Corp., Class B | 56261 | $1909 |
| Coca-Cola (The) Co. | 1170703 | 83846 |
| Constellation Brands, Inc., Class A | 46724 | 8575 |
| Keurig Dr. Pepper, Inc. | 362100 | 12391 |
| Molson Coors Beverage Co., Class B | 52764 | 3212 |
| Monster Beverage Corp.\* | 212368 | 12428 |
| PepsiCo, Inc. | 414765 | 62190 |
|  |  | **184551** |
| **Biotechnology – 1.9%** | **Biotechnology – 1.9%** | **Biotechnology – 1.9%** |
| AbbVie, Inc. | 533703 | 111822 |
| Amgen, Inc. | 162482 | 50621 |
| Biogen, Inc.\* | 44537 | 6094 |
| Gilead Sciences, Inc. | 377020 | 42245 |
| Incyte Corp.\* | 49261 | 2983 |
| Moderna, Inc.\* | 101063 | 2865 |
| Regeneron Pharmaceuticals, Inc. | 31859 | 20206 |
| Vertex Pharmaceuticals, Inc.\* | 77688 | 37665 |
|  |  | **274501** |
| **Broadline Retail – 3.8%** | **Broadline Retail – 3.8%** | **Broadline Retail – 3.8%** |
| Amazon.com, Inc.\* | 2853510 | 542909 |
| eBay, Inc. | 145418 | 9849 |
|  |  | **552758** |
| **Building Products – 0.5%** | **Building Products – 0.5%** | **Building Products – 0.5%** |
| A.O. Smith Corp. | 35050 | 2291 |
| Allegion PLC | 26608 | 3471 |
| Builders FirstSource, Inc.\* | 35117 | 4388 |
| Carrier Global Corp. | 244689 | 15513 |
| Johnson Controls International PLC | 200027 | 16024 |
| Lennox International, Inc. | 9751 | 5469 |
| Masco Corp. | 64673 | 4497 |
| Trane Technologies PLC | 67862 | 22864 |
|  |  | **74517** |
| **Capital Markets – 3.2%** | **Capital Markets – 3.2%** | **Capital Markets – 3.2%** |
| Ameriprise Financial, Inc. | 29160 | 14117 |
| Bank of New York Mellon (The) Corp. | 217409 | 18234 |
| Blackrock, Inc. | 44042 | 41685 |
| Blackstone, Inc. | 221488 | 30960 |
| Cboe Global Markets, Inc. | 31704 | 7174 |
| Charles Schwab (The) Corp. | 515549 | 40357 |
| CME Group, Inc. | 109065 | 28934 |
| FactSet Research Systems, Inc. | 11591 | 5270 |
| Franklin Resources, Inc. | 95851 | 1845 |
| Goldman Sachs Group (The), Inc. | 94372 | 51554 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **181** EQUITY FUNDS

------

**Schedule of Investments** <br>

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Capital Markets – 3.2%continued** | **Capital Markets – 3.2%continued** | **Capital Markets – 3.2%continued** |
| Intercontinental Exchange, Inc. | 173887 | $29995 |
| Invesco Ltd. | 138202 | 2097 |
| KKR & Co., Inc. | 204384 | 23629 |
| MarketAxess Holdings, Inc. | 11196 | 2422 |
| Moody's Corp. | 46877 | 21830 |
| Morgan Stanley | 374312 | 43671 |
| MSCI, Inc. | 23517 | 13299 |
| Nasdaq, Inc.<sup>(1)</sup> <br>| 125455 | 9517 |
| Northern Trust Corp.<sup>(1)</sup> <br>| 59662 | 5886 |
| Raymond James Financial, Inc. | 56033 | 7784 |
| S&P Global, Inc. | 95283 | 48413 |
| State Street Corp. | 87667 | 7849 |
| T. Rowe Price Group, Inc. | 67742 | 6223 |
|  |  | **462745** |
| **Chemicals – 1.3%** | **Chemicals – 1.3%** | **Chemicals – 1.3%** |
| Air Products and Chemicals, Inc. | 67381 | 19872 |
| Albemarle Corp. | 34982 | 2519 |
| CF Industries Holdings, Inc. | 53154 | 4154 |
| Corteva, Inc. | 207880 | 13082 |
| Dow, Inc. | 213849 | 7468 |
| DuPont de Nemours, Inc. | 126896 | 9477 |
| Eastman Chemical Co. | 35277 | 3108 |
| Ecolab, Inc. | 76330 | 19351 |
| International Flavors & Fragrances, Inc. | 77802 | 6038 |
| Linde PLC | 143991 | 67048 |
| LyondellBasell Industries N.V., Class A | 78906 | 5555 |
| Mosaic (The) Co. | 97580 | 2636 |
| PPG Industries, Inc. | 70492 | 7708 |
| Sherwin-Williams (The) Co. | 70151 | 24496 |
|  |  | **192512** |
| **Commercial Services & Supplies – 0.6%** | **Commercial Services & Supplies – 0.6%** | **Commercial Services & Supplies – 0.6%** |
| Cintas Corp. | 103883 | 21351 |
| Copart, Inc.\* | 265793 | 15041 |
| Republic Services, Inc. | 61528 | 14900 |
| Rollins, Inc. | 85705 | 4631 |
| Veralto Corp. | 75177 | 7326 |
| Waste Management, Inc. | 110570 | 25598 |
|  |  | **88847** |
| **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** | **Communications Equipment – 0.9%** |
| Arista Networks, Inc.\* | 312693 | 24227 |
| Cisco Systems, Inc. | 1204329 | 74319 |
| F5, Inc.\* | 17586 | 4683 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Communications Equipment – 0.9%continued** | **Communications Equipment – 0.9%continued** | **Communications Equipment – 0.9%continued** |
| Juniper Networks, Inc. | 101256 | $3665 |
| Motorola Solutions, Inc. | 50607 | 22156 |
|  |  | **129050** |
| **Construction & Engineering – 0.1%** | **Construction & Engineering – 0.1%** | **Construction & Engineering – 0.1%** |
| Quanta Services, Inc. | 44773 | **11380** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| Martin Marietta Materials, Inc. | 18559 | 8874 |
| Vulcan Materials Co. | 40092 | 9353 |
|  |  | **18227** |
| **Consumer Finance – 0.6%** | **Consumer Finance – 0.6%** | **Consumer Finance – 0.6%** |
| American Express Co. | 167889 | 45170 |
| Capital One Financial Corp. | 115457 | 20701 |
| Discover Financial Services | 76125 | 12995 |
| Synchrony Financial | 118295 | 6263 |
|  |  | **85129** |
| **Consumer Staples Distribution & Retail – 2.0%** | **Consumer Staples Distribution & Retail – 2.0%** | **Consumer Staples Distribution & Retail – 2.0%** |
| Costco Wholesale Corp. | 134197 | 126921 |
| Dollar General Corp. | 65933 | 5798 |
| Dollar Tree, Inc.\* | 60423 | 4536 |
| Kroger (The) Co. | 201838 | 13662 |
| Sysco Corp. | 148428 | 11138 |
| Target Corp. | 138887 | 14494 |
| Walgreens Boots Alliance, Inc. | 212895 | 2378 |
| Walmart, Inc. | 1311483 | 115135 |
|  |  | **294062** |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| Amcor PLC | 441140 | 4279 |
| Avery Dennison Corp. | 24521 | 4364 |
| Ball Corp. | 91017 | 4739 |
| International Paper Co. | 160169 | 8545 |
| Packaging Corp. of America | 26556 | 5259 |
| Smurfit WestRock PLC | 148460 | 6690 |
|  |  | **33876** |
| **Distributors – 0.1%** | **Distributors – 0.1%** | **Distributors – 0.1%** |
| Genuine Parts Co. | 42365 | 5047 |
| LKQ Corp. | 79583 | 3386 |
| Pool Corp. | 11633 | 3703 |
|  |  | **12136** |
| **Diversified Telecommunication Services – 0.8%** | **Diversified Telecommunication Services – 0.8%** | **Diversified Telecommunication Services – 0.8%** |
| AT&T, Inc. | 2170911 | 61394 |
| Verizon Communications, Inc. | 1273173 | 57751 |
|  |  | **119145** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **182** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Electric Utilities – 1.6%** | **Electric Utilities – 1.6%** | **Electric Utilities – 1.6%** |
| Alliant Energy Corp. | 78227 | $5034 |
| American Electric Power Co., Inc. | 161547 | 17652 |
| Constellation Energy Corp. | 94746 | 19104 |
| Duke Energy Corp. | 234869 | 28647 |
| Edison International | 116264 | 6850 |
| Entergy Corp. | 130107 | 11123 |
| Evergy, Inc. | 70143 | 4836 |
| Eversource Energy | 111541 | 6928 |
| Exelon Corp. | 304754 | 14043 |
| FirstEnergy Corp. | 156089 | 6309 |
| NextEra Energy, Inc. | 622068 | 44098 |
| NRG Energy, Inc. | 61672 | 5887 |
| PG&E Corp. | 654791 | 11249 |
| Pinnacle West Capital Corp. | 34823 | 3317 |
| PPL Corp. | 224356 | 8102 |
| Southern (The) Co. | 331600 | 30491 |
| Xcel Energy, Inc. | 174153 | 12328 |
|  |  | **235998** |
| **Electrical Equipment – 0.7%** | **Electrical Equipment – 0.7%** | **Electrical Equipment – 0.7%** |
| AMETEK, Inc. | 70148 | 12075 |
| Eaton Corp. PLC | 119580 | 32506 |
| Emerson Electric Co. | 170800 | 18727 |
| GE Vernova, Inc. | 83514 | 25495 |
| Generac Holdings, Inc.\* | 17688 | 2240 |
| Hubbell, Inc. | 16347 | 5409 |
| Rockwell Automation, Inc. | 34338 | 8872 |
|  |  | **105324** |
| **Electronic Equipment, Instruments & Components – 0.6%** | **Electronic Equipment, Instruments & Components – 0.6%** | **Electronic Equipment, Instruments & Components – 0.6%** |
| Amphenol Corp., Class A | 366672 | 24050 |
| CDW Corp. | 40526 | 6495 |
| Corning, Inc. | 233885 | 10707 |
| Jabil, Inc. | 33420 | 4547 |
| Keysight Technologies, Inc.\* | 52536 | 7868 |
| TE Connectivity PLC | 90458 | 12783 |
| Teledyne Technologies, Inc.\* | 14170 | 7053 |
| Trimble, Inc.\* | 74894 | 4917 |
| Zebra Technologies Corp., Class A\* | 15680 | 4431 |
|  |  | **82851** |
| **Energy Equipment & Services – 0.3%** | **Energy Equipment & Services – 0.3%** | **Energy Equipment & Services – 0.3%** |
| Baker Hughes Co. | 300205 | 13194 |
| Halliburton Co. | 264068 | 6699 |
| Schlumberger N.V. | 424394 | 17740 |
|  |  | **37633** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Entertainment – 1.5%** | **Entertainment – 1.5%** | **Entertainment – 1.5%** |
| Electronic Arts, Inc. | 71976 | $10402 |
| Live Nation Entertainment, Inc.\* | 47750 | 6235 |
| Netflix, Inc.\* | 129317 | 120592 |
| Take-Two Interactive Software, Inc.\* | 49816 | 10325 |
| TKO Group Holdings, Inc. | 20419 | 3120 |
| Walt Disney (The) Co. | 546759 | 53965 |
| Warner Bros. Discovery, Inc.\* | 670488 | 7194 |
|  |  | **211833** |
| **Financial Services – 4.9%** | **Financial Services – 4.9%** | **Financial Services – 4.9%** |
| Apollo Global Management, Inc. | 135398 | 18541 |
| Berkshire Hathaway, Inc., Class B\* | 554011 | 295055 |
| Corpay, Inc.\* | 21154 | 7377 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 159488 | 11911 |
| Fiserv, Inc.\* | 172130 | 38011 |
| Global Payments, Inc. | 75281 | 7372 |
| Jack Henry & Associates, Inc. | 22274 | 4067 |
| Mastercard, Inc., Class A | 246198 | 134946 |
| PayPal Holdings, Inc.\* | 299581 | 19548 |
| Visa, Inc., Class A | 520939 | 182568 |
|  |  | **719396** |
| **Food Products – 0.7%** | **Food Products – 0.7%** | **Food Products – 0.7%** |
| Archer-Daniels-Midland Co. | 145521 | 6986 |
| Bunge Global S.A. | 39761 | 3039 |
| Conagra Brands, Inc. | 145908 | 3891 |
| General Mills, Inc. | 167299 | 10003 |
| Hershey (The) Co. | 44903 | 7680 |
| Hormel Foods Corp. | 89376 | 2765 |
| J.M. Smucker (The) Co. | 32549 | 3854 |
| Kellanova | 81776 | 6746 |
| Kraft Heinz (The) Co. | 265047 | 8065 |
| Lamb Weston Holdings, Inc. | 42291 | 2254 |
| McCormick & Co., Inc. (Non Voting) | 76843 | 6325 |
| Mondelez International, Inc., Class A | 391578 | 26569 |
| The Campbell's Company | 60571 | 2418 |
| Tyson Foods, Inc., Class A | 87200 | 5564 |
|  |  | **96159** |
| **Gas Utilities – 0.1%** | **Gas Utilities – 0.1%** | **Gas Utilities – 0.1%** |
| Atmos Energy Corp. | 48104 | **7436** |
| **Ground Transportation – 0.9%** | **Ground Transportation – 0.9%** | **Ground Transportation – 0.9%** |
| CSX Corp. | 583221 | 17164 |
| JB Hunt Transport Services, Inc. | 23714 | 3509 |
| Norfolk Southern Corp. | 68534 | 16232 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **183** EQUITY FUNDS

------

**Schedule of Investments** <br>

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Ground Transportation – 0.9%continued** | **Ground Transportation – 0.9%continued** | **Ground Transportation – 0.9%continued** |
| Old Dominion Freight Line, Inc. | 57044 | $9438 |
| Uber Technologies, Inc.\* | 631914 | 46041 |
| Union Pacific Corp. | 182801 | 43185 |
|  |  | **135569** |
| **Health Care Equipment & Supplies – 2.4%** | **Health Care Equipment & Supplies – 2.4%** | **Health Care Equipment & Supplies – 2.4%** |
| Abbott Laboratories | 524504 | 69576 |
| Align Technology, Inc.\* | 20945 | 3327 |
| Baxter International, Inc. | 155553 | 5325 |
| Becton Dickinson & Co. | 86960 | 19919 |
| Boston Scientific Corp.\* | 445834 | 44976 |
| Cooper (The) Cos., Inc.\* | 60854 | 5133 |
| Dexcom, Inc.\* | 117462 | 8022 |
| Edwards Lifesciences Corp.\* | 178854 | 12963 |
| GE HealthCare Technologies, Inc. | 138723 | 11196 |
| Hologic, Inc.\* | 67116 | 4146 |
| IDEXX Laboratories, Inc.\* | 24849 | 10435 |
| Insulet Corp.\* | 21364 | 5610 |
| Intuitive Surgical, Inc.\* | 107873 | 53426 |
| Medtronic PLC | 387982 | 34864 |
| ResMed, Inc. | 44580 | 9979 |
| Solventum Corp.\* | 42339 | 3220 |
| STERIS PLC | 29881 | 6773 |
| Stryker Corp. | 103899 | 38676 |
| Zimmer Biomet Holdings, Inc. | 60543 | 6852 |
|  |  | **354418** |
| **Health Care Providers & Services – 2.4%** | **Health Care Providers & Services – 2.4%** | **Health Care Providers & Services – 2.4%** |
| Cardinal Health, Inc. | 73331 | 10103 |
| Cencora, Inc. | 52320 | 14550 |
| Centene Corp.\* | 149143 | 9054 |
| Cigna Group (The) | 82874 | 27266 |
| CVS Health Corp. | 381658 | 25857 |
| DaVita, Inc.\* | 13586 | 2078 |
| Elevance Health, Inc. | 70187 | 30529 |
| HCA Healthcare, Inc. | 54167 | 18717 |
| Henry Schein, Inc.\* | 38278 | 2622 |
| Humana, Inc. | 36619 | 9689 |
| Labcorp Holdings, Inc. | 25384 | 5908 |
| McKesson Corp. | 37939 | 25533 |
| Molina Healthcare, Inc.\* | 16908 | 5569 |
| Quest Diagnostics, Inc. | 33795 | 5718 |
| UnitedHealth Group, Inc. | 278201 | 145708 |
| Universal Health Services, Inc., Class B | 17989 | 3380 |
|  |  | **342281** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Health Care Real Estate Investment Trusts – 0.3%** | **Health Care Real Estate Investment Trusts – 0.3%** | **Health Care Real Estate Investment Trusts – 0.3%** |
| Alexandria Real Estate Equities, Inc. | 46994 | $4347 |
| Healthpeak Properties, Inc. | 213520 | 4317 |
| Ventas, Inc. | 132739 | 9127 |
| Welltower, Inc. | 184404 | 28253 |
|  |  | **46044** |
| **Hotel & Resort Real Estate Investment Trusts – 0.0%** | **Hotel & Resort Real Estate Investment Trusts – 0.0%** | **Hotel & Resort Real Estate Investment Trusts – 0.0%** |
| Host Hotels & Resorts, Inc. | 214113 | **3043** |
| **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** |
| Airbnb, Inc., Class A\* | 131164 | 15669 |
| Booking Holdings, Inc. | 10012 | 46124 |
| Caesars Entertainment, Inc.\* | 62648 | 1566 |
| Carnival Corp.\* | 314503 | 6142 |
| Chipotle Mexican Grill, Inc.\* | 409968 | 20585 |
| Darden Restaurants, Inc. | 35632 | 7403 |
| Domino's Pizza, Inc. | 10531 | 4839 |
| DoorDash, Inc., Class A\* | 102758 | 18781 |
| Expedia Group, Inc. | 37533 | 6309 |
| Hilton Worldwide Holdings, Inc. | 72901 | 16589 |
| Las Vegas Sands Corp. | 104846 | 4050 |
| Marriott International, Inc., Class A | 69332 | 16515 |
| McDonald's Corp. | 216709 | 67693 |
| MGM Resorts International\* | 67379 | 1997 |
| Norwegian Cruise Line Holdings Ltd.\* | 130266 | 2470 |
| Royal Caribbean Cruises Ltd. | 75038 | 15416 |
| Starbucks Corp. | 343715 | 33715 |
| Wynn Resorts Ltd. | 27575 | 2303 |
| Yum! Brands, Inc. | 84611 | 13314 |
|  |  | **301480** |
| **Household Durables – 0.3%** | **Household Durables – 0.3%** | **Household Durables – 0.3%** |
| D.R. Horton, Inc. | 86046 | 10939 |
| Garmin Ltd. | 46634 | 10126 |
| Lennar Corp., Class A | 69413 | 7967 |
| Mohawk Industries, Inc.\* | 16210 | 1851 |
| NVR, Inc.\* | 898 | 6505 |
| PulteGroup, Inc. | 60767 | 6247 |
|  |  | **43635** |
| **Household Products – 1.2%** | **Household Products – 1.2%** | **Household Products – 1.2%** |
| Church & Dwight Co., Inc. | 74735 | 8227 |
| Clorox (The) Co. | 37526 | 5526 |
| Colgate-Palmolive Co. | 245733 | 23025 |
| Kimberly-Clark Corp. | 100546 | 14300 |
| Procter & Gamble (The) Co. | 708886 | 120808 |
|  |  | **171886** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **184** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** | **Independent Power & Renewable Electricity Producers – 0.1%** |
| AES (The) Corp. | 218215 | $2710 |
| Vistra Corp. | 103165 | 12116 |
|  |  | **14826** |
| **Industrial Conglomerates – 0.5%** | **Industrial Conglomerates – 0.5%** | **Industrial Conglomerates – 0.5%** |
| 3M Co. | 164353 | 24137 |
| Honeywell International, Inc. | 196714 | 41654 |
|  |  | **65791** |
| **Industrial Real Estate Investment Trusts – 0.2%** | **Industrial Real Estate Investment Trusts – 0.2%** | **Industrial Real Estate Investment Trusts – 0.2%** |
| Prologis, Inc. | 280487 | **31356** |
| **Insurance – 2.4%** | **Insurance – 2.4%** | **Insurance – 2.4%** |
| Aflac, Inc. | 149984 | 16677 |
| Allstate (The) Corp. | 80295 | 16627 |
| American International Group, Inc. | 179822 | 15634 |
| Aon PLC, Class A | 65467 | 26127 |
| Arch Capital Group Ltd. | 113752 | 10941 |
| Arthur J. Gallagher & Co. | 76999 | 26583 |
| Assurant, Inc. | 15702 | 3293 |
| Brown & Brown, Inc. | 72083 | 8967 |
| Chubb Ltd. | 112764 | 34054 |
| Cincinnati Financial Corp. | 47561 | 7026 |
| Erie Indemnity Co., Class A | 7641 | 3202 |
| Everest Group Ltd. | 13108 | 4762 |
| Globe Life, Inc. | 25708 | 3386 |
| Hartford Insurance Group (The), Inc. | 87277 | 10799 |
| Loews Corp. | 53888 | 4953 |
| Marsh & McLennan Cos., Inc. | 148609 | 36265 |
| MetLife, Inc. | 175484 | 14090 |
| Principal Financial Group, Inc. | 64111 | 5409 |
| Progressive (The) Corp. | 177188 | 50146 |
| Prudential Financial, Inc. | 107374 | 11991 |
| Travelers (The) Cos., Inc. | 68684 | 18164 |
| W R Berkley Corp. | 91418 | 6505 |
| Willis Towers Watson PLC | 30291 | 10237 |
|  |  | **345838** |
| **Interactive Media & Services – 6.1%** | **Interactive Media & Services – 6.1%** | **Interactive Media & Services – 6.1%** |
| Alphabet, Inc., Class A | 1763037 | 272636 |
| Alphabet, Inc., Class C | 1428920 | 223240 |
| Match Group, Inc. | 74489 | 2324 |
| Meta Platforms, Inc., Class A | 662522 | 381851 |
|  |  | **880051** |
| **IT Services – 1.2%** | **IT Services – 1.2%** | **IT Services – 1.2%** |
| Accenture PLC, Class A | 189157 | 59025 |
| Akamai Technologies, Inc.\* | 45925 | 3697 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **IT Services – 1.2%continued** | **IT Services – 1.2%continued** | **IT Services – 1.2%continued** |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 150018 | $11476 |
| EPAM Systems, Inc.\* | 16906 | 2854 |
| Gartner, Inc.\* | 23311 | 9785 |
| GoDaddy, Inc., Class A\* | 42916 | 7731 |
| International Business Machines Corp. | 279608 | 69527 |
| VeriSign, Inc.\* | 24766 | 6287 |
|  |  | **170382** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| Hasbro, Inc. | 40348 | **2481** |
| **Life Sciences Tools & Services – 1.0%** | **Life Sciences Tools & Services – 1.0%** | **Life Sciences Tools & Services – 1.0%** |
| Agilent Technologies, Inc. | 86567 | 10126 |
| Bio-Techne Corp. | 47089 | 2761 |
| &nbsp;&nbsp; Charles River Laboratories <br> International, Inc.\*<br>| 15210 | 2289 |
| Danaher Corp. | 193614 | 39691 |
| IQVIA Holdings, Inc.\* | 50329 | 8873 |
| Mettler-Toledo International, Inc.\* | 6356 | 7506 |
| Revvity, Inc. | 37162 | 3932 |
| Thermo Fisher Scientific, Inc. | 115677 | 57561 |
| Waters Corp.\* | 18057 | 6655 |
| West Pharmaceutical Services, Inc. | 21702 | 4859 |
|  |  | **144253** |
| **Machinery – 1.6%** | **Machinery – 1.6%** | **Machinery – 1.6%** |
| Caterpillar, Inc. | 144562 | 47677 |
| Cummins, Inc. | 41681 | 13065 |
| Deere & Co. | 76629 | 35966 |
| Dover Corp. | 41709 | 7327 |
| Fortive Corp. | 103693 | 7588 |
| IDEX Corp. | 23118 | 4184 |
| Illinois Tool Works, Inc. | 80884 | 20060 |
| Ingersoll Rand, Inc. | 122281 | 9786 |
| Nordson Corp. | 16597 | 3348 |
| Otis Worldwide Corp. | 120255 | 12410 |
| PACCAR, Inc. | 158717 | 15454 |
| Parker-Hannifin Corp. | 38984 | 23696 |
| Pentair PLC | 50428 | 4411 |
| Snap-on, Inc. | 15964 | 5380 |
| Stanley Black & Decker, Inc. | 47120 | 3623 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp.<br>| 51869 | 9407 |
| Xylem, Inc. | 73776 | 8813 |
|  |  | **232195** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **185** EQUITY FUNDS

------

**Schedule of Investments** <br>

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Media – 0.5%** | **Media – 0.5%** | **Media – 0.5%** |
| Charter Communications, Inc., Class A\* | 29292 | $10795 |
| Comcast Corp., Class A | 1140992 | 42102 |
| Fox Corp., Class A | 66658 | 3773 |
| Fox Corp., Class B | 40759 | 2148 |
| Interpublic Group of (The) Cos., Inc. | 114200 | 3102 |
| News Corp., Class A | 115860 | 3154 |
| News Corp., Class B | 35164 | 1068 |
| Omnicom Group, Inc. | 59910 | 4967 |
| Paramount Global, Class B | 183499 | 2195 |
|  |  | **73304** |
| **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** | **Metals & Mining – 0.3%** |
| Freeport-McMoRan, Inc. | 435375 | 16483 |
| Newmont Corp. | 344949 | 16654 |
| Nucor Corp. | 69768 | 8396 |
| Steel Dynamics, Inc. | 43128 | 5395 |
|  |  | **46928** |
| **Multi-Utilities – 0.7%** | **Multi-Utilities – 0.7%** | **Multi-Utilities – 0.7%** |
| Ameren Corp. | 81997 | 8233 |
| CenterPoint Energy, Inc. | 198164 | 7179 |
| CMS Energy Corp. | 90885 | 6826 |
| Consolidated Edison, Inc. | 105102 | 11623 |
| Dominion Energy, Inc. | 254644 | 14278 |
| DTE Energy Co. | 62948 | 8704 |
| NiSource, Inc. | 143126 | 5738 |
| Public Service Enterprise Group, Inc. | 151092 | 12435 |
| Sempra | 191436 | 13661 |
| WEC Energy Group, Inc. | 96405 | 10506 |
|  |  | **99183** |
| **Office Real Estate Investment Trusts – 0.0%** | **Office Real Estate Investment Trusts – 0.0%** | **Office Real Estate Investment Trusts – 0.0%** |
| BXP, Inc. | 44608 | **2997** |
| **Oil, Gas & Consumable Fuels – 3.4%** | **Oil, Gas & Consumable Fuels – 3.4%** | **Oil, Gas & Consumable Fuels – 3.4%** |
| APA Corp. | 109662 | 2305 |
| Chevron Corp. | 505344 | 84539 |
| ConocoPhillips | 385146 | 40448 |
| Coterra Energy, Inc. | 224057 | 6475 |
| Devon Energy Corp. | 195367 | 7307 |
| Diamondback Energy, Inc. | 56752 | 9074 |
| EOG Resources, Inc. | 170328 | 21843 |
| EQT Corp. | 181142 | 9678 |
| Expand Energy Corp. | 63957 | 7120 |
| Exxon Mobil Corp. | 1315883 | 156498 |
| Hess Corp. | 83808 | 13387 |
| Kinder Morgan, Inc. | 585764 | 16712 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Oil, Gas & Consumable Fuels – 3.4%continued** | **Oil, Gas & Consumable Fuels – 3.4%continued** | **Oil, Gas & Consumable Fuels – 3.4%continued** |
| Marathon Petroleum Corp. | 95793 | $13956 |
| Occidental Petroleum Corp. | 205078 | 10123 |
| ONEOK, Inc. | 187939 | 18647 |
| Phillips 66 | 125144 | 15453 |
| Targa Resources Corp. | 66122 | 13255 |
| Texas Pacific Land Corp. | 5726 | 7587 |
| Valero Energy Corp. | 95930 | 12669 |
| Williams (The) Cos., Inc. | 369128 | 22059 |
|  |  | **489135** |
| **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** |
| Delta Air Lines, Inc. | 194643 | 8486 |
| Southwest Airlines Co. | 180437 | 6059 |
| United Airlines Holdings, Inc.\* | 99993 | 6905 |
|  |  | **21450** |
| **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** | **Personal Care Products – 0.1%** |
| Estee Lauder (The) Cos., Inc., Class A | 70135 | 4629 |
| Kenvue, Inc. | 581255 | 13938 |
|  |  | **18567** |
| **Pharmaceuticals – 3.4%** | **Pharmaceuticals – 3.4%** | **Pharmaceuticals – 3.4%** |
| Bristol-Myers Squibb Co. | 613991 | 37447 |
| Eli Lilly & Co. | 238170 | 196707 |
| Johnson & Johnson | 727859 | 120708 |
| Merck & Co., Inc. | 764927 | 68660 |
| Pfizer, Inc. | 1714238 | 43439 |
| Viatris, Inc. | 356180 | 3102 |
| Zoetis, Inc. | 135588 | 22325 |
|  |  | **492388** |
| **Professional Services – 0.7%** | **Professional Services – 0.7%** | **Professional Services – 0.7%** |
| Automatic Data Processing, Inc. | 123105 | 37612 |
| Broadridge Financial Solutions, Inc. | 35547 | 8619 |
| Dayforce, Inc.\* | 47296 | 2759 |
| Equifax, Inc. | 37657 | 9172 |
| Jacobs Solutions, Inc. | 37220 | 4500 |
| Leidos Holdings, Inc. | 39951 | 5391 |
| Paychex, Inc. | 97137 | 14986 |
| Paycom Software, Inc. | 14429 | 3152 |
| Verisk Analytics, Inc. | 42824 | 12745 |
|  |  | **98936** |
| **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** |
| CBRE Group, Inc., Class A\* | 89668 | 11727 |
| CoStar Group, Inc.\* | 127909 | 10134 |
|  |  | **21861** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **186** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** | **Residential Real Estate Investment Trusts – 0.3%** |
| AvalonBay Communities, Inc. | 43139 | $9259 |
| Camden Property Trust | 32600 | 3987 |
| Equity Residential | 103895 | 7437 |
| Essex Property Trust, Inc. | 19566 | 5998 |
| Invitation Homes, Inc. | 173441 | 6044 |
| &nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc.<br>| 35594 | 5965 |
| UDR, Inc. | 91982 | 4155 |
|  |  | **42845** |
| **Retail Real Estate Investment Trusts – 0.3%** | **Retail Real Estate Investment Trusts – 0.3%** | **Retail Real Estate Investment Trusts – 0.3%** |
| Federal Realty Investment Trust | 23747 | 2323 |
| Kimco Realty Corp. | 207406 | 4406 |
| Realty Income Corp. | 265251 | 15387 |
| Regency Centers Corp. | 49933 | 3683 |
| Simon Property Group, Inc. | 92925 | 15433 |
|  |  | **41232** |
| **Semiconductors & Semiconductor Equipment – 9.8%** | **Semiconductors & Semiconductor Equipment – 9.8%** | **Semiconductors & Semiconductor Equipment – 9.8%** |
| Advanced Micro Devices, Inc.\* | 489302 | 50271 |
| Analog Devices, Inc. | 150133 | 30277 |
| Applied Materials, Inc. | 245322 | 35601 |
| Broadcom, Inc. | 1416776 | 237211 |
| Enphase Energy, Inc.\* | 39331 | 2441 |
| First Solar, Inc.\* | 31923 | 4036 |
| Intel Corp. | 1310216 | 29755 |
| KLA Corp. | 40200 | 27328 |
| Lam Research Corp. | 388488 | 28243 |
| Microchip Technology, Inc. | 163328 | 7907 |
| Micron Technology, Inc. | 337134 | 29294 |
| Monolithic Power Systems, Inc. | 14522 | 8422 |
| NVIDIA Corp. | 7409097 | 802998 |
| NXP Semiconductors N.V. | 77017 | 14638 |
| ON Semiconductor Corp.\* | 126363 | 5142 |
| QUALCOMM, Inc. | 334516 | 51385 |
| Skyworks Solutions, Inc. | 47968 | 3100 |
| Teradyne, Inc. | 48732 | 4025 |
| Texas Instruments, Inc. | 275349 | 49480 |
|  |  | **1421554** |
| **Software – 9.7%** | **Software – 9.7%** | **Software – 9.7%** |
| Adobe, Inc.\* | 131443 | 50412 |
| ANSYS, Inc.\* | 26561 | 8408 |
| Autodesk, Inc.\* | 65055 | 17031 |
| Cadence Design Systems, Inc.\* | 83054 | 21123 |
| Crowdstrike Holdings, Inc., Class A\* | 74555 | 26287 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Software – 9.7%continued** | **Software – 9.7%continued** | **Software – 9.7%continued** |
| Fair Isaac Corp.\* | 7397 | $13641 |
| Fortinet, Inc.\* | 192695 | 18549 |
| Gen Digital, Inc. | 165451 | 4391 |
| Intuit, Inc. | 84665 | 51984 |
| Microsoft Corp. | 2249044 | 844269 |
| Oracle Corp. | 490538 | 68582 |
| Palantir Technologies, Inc., Class A\* | 619981 | 52326 |
| Palo Alto Networks, Inc.\* | 200326 | 34184 |
| PTC, Inc.\* | 36632 | 5676 |
| Roper Technologies, Inc. | 32480 | 19150 |
| Salesforce, Inc. | 289366 | 77654 |
| ServiceNow, Inc.\* | 62306 | 49604 |
| Synopsys, Inc.\* | 46811 | 20075 |
| Tyler Technologies, Inc.\* | 12958 | 7534 |
| Workday, Inc., Class A\* | 64843 | 15143 |
|  |  | **1406023** |
| **Specialized Real Estate Investment Trusts – 0.9%** | **Specialized Real Estate Investment Trusts – 0.9%** | **Specialized Real Estate Investment Trusts – 0.9%** |
| American Tower Corp. | 141418 | 30773 |
| Crown Castle, Inc. | 131749 | 13732 |
| Digital Realty Trust, Inc. | 95920 | 13744 |
| Equinix, Inc. | 29466 | 24025 |
| Extra Space Storage, Inc. | 64354 | 9556 |
| Iron Mountain, Inc. | 89263 | 7680 |
| Public Storage | 47772 | 14298 |
| SBA Communications Corp. | 32687 | 7191 |
| VICI Properties, Inc. | 319898 | 10435 |
| Weyerhaeuser Co. | 220719 | 6463 |
|  |  | **137897** |
| **Specialty Retail – 1.9%** | **Specialty Retail – 1.9%** | **Specialty Retail – 1.9%** |
| AutoZone, Inc.\* | 5084 | 19384 |
| Best Buy Co., Inc. | 59385 | 4371 |
| CarMax, Inc.\* | 45223 | 3524 |
| Home Depot (The), Inc. | 300324 | 110066 |
| Lowe's Cos., Inc. | 170708 | 39814 |
| O'Reilly Automotive, Inc.\* | 17404 | 24933 |
| Ross Stores, Inc. | 99538 | 12720 |
| TJX (The) Cos., Inc. | 340102 | 41425 |
| Tractor Supply Co. | 162256 | 8940 |
| Ulta Beauty, Inc.\* | 14140 | 5183 |
| Williams-Sonoma, Inc. | 37452 | 5921 |
|  |  | **276281** |
| **Technology Hardware, Storage & Peripherals – 7.2%** | **Technology Hardware, Storage & Peripherals – 7.2%** | **Technology Hardware, Storage & Peripherals – 7.2%** |
| Apple, Inc. | 4544712 | 1009517 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **187** EQUITY FUNDS

------

**Schedule of Investments** <br>

**STOCK INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  | **COMMON STOCKS - 99.0%continued**  |
| **Technology Hardware, Storage & Peripherals – 7.2%continued** | **Technology Hardware, Storage & Peripherals – 7.2%continued** | **Technology Hardware, Storage & Peripherals – 7.2%continued** |
| Dell Technologies, Inc., Class C | 94723 | $8634 |
| Hewlett Packard Enterprise Co. | 394213 | 6082 |
| HP, Inc. | 281905 | 7806 |
| NetApp, Inc. | 61908 | 5438 |
| Seagate Technology Holdings PLC | 64470 | 5477 |
| Super Micro Computer, Inc.\* | 151049 | 5172 |
| Western Digital Corp.\* | 106087 | 4289 |
|  |  | **1052415** |
| **Textiles, Apparel & Luxury Goods – 0.3%** | **Textiles, Apparel & Luxury Goods – 0.3%** | **Textiles, Apparel & Luxury Goods – 0.3%** |
| Deckers Outdoor Corp.\* | 46241 | 5170 |
| Lululemon Athletica, Inc.\* | 33993 | 9622 |
| NIKE, Inc., Class B | 355325 | 22556 |
| Ralph Lauren Corp. | 12249 | 2704 |
| Tapestry, Inc. | 63169 | 4448 |
|  |  | **44500** |
| **Tobacco – 0.7%** | **Tobacco – 0.7%** | **Tobacco – 0.7%** |
| Altria Group, Inc. | 512922 | 30785 |
| Philip Morris International, Inc. | 470168 | 74630 |
|  |  | **105415** |
| **Trading Companies & Distributors – 0.3%** | **Trading Companies & Distributors – 0.3%** | **Trading Companies & Distributors – 0.3%** |
| Fastenal Co. | 173555 | 13459 |
| United Rentals, Inc. | 19665 | 12324 |
| W.W. Grainger, Inc. | 13437 | 13274 |
|  |  | **39057** |
| **Water Utilities – 0.1%** | **Water Utilities – 0.1%** | **Water Utilities – 0.1%** |
| American Water Works Co., Inc. | 59196 | **8733** |
| **Wireless Telecommunication Services – 0.3%** | **Wireless Telecommunication Services – 0.3%** | **Wireless Telecommunication Services – 0.3%** |
| T-Mobile U.S., Inc. | 145083 | **38695** |
| **Total Common Stocks** |  |  |
| **(Cost $3,957,473)** |  | **14390548** |
| **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  | **INVESTMENT COMPANIES – 0.9%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(2) (3)</sup> <br>| 129995161 | 129995 |
| **Total Investment Companies** |  |  |
| **(Cost $129,995)** |  | **129995** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.0%**  | **SHORT-TERM INVESTMENTS – 0.0%**  | **SHORT-TERM INVESTMENTS – 0.0%**  |
| U.S. Treasury Bill, |  |  |
| 4.11%, 9/11/25<sup>(4) (5)</sup> <br>| $7901 | **$7754** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $7,754)** | **(Cost $7,754)** | **7754** |
| **Total Investments – 99.9%** | **Total Investments – 99.9%** |  |
| **(Cost $4,095,222)** | **(Cost $4,095,222)** | **14528297** |
| Other Assets less Liabilities – 0.1% | Other Assets less Liabilities – 0.1% | 7969 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$14536266** |

---

<sup>(1)</sup> *Investment in affiliate.*

<sup>(2)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(3)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(4)</sup> *Discount rate at the time of purchase.*

<sup>(5)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 492 | $139070 | Long | 6/25 | $1142 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

*See Notes to the Financial Statements.* 

EQUITY FUNDS **188** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; $14390548 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14390548 |
| Investment Companies | &nbsp;&nbsp; 129995 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 129995 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 7754 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7754 |
| Total Investments | &nbsp;&nbsp; $14520543 | &nbsp;&nbsp; $7754 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14528297 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $1142 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1142 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **189** EQUITY FUNDS

------

**Schedule of Investments** <br>

**U.S. QUALITY ESG FUND** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 98.8%**  | **COMMON STOCKS – 98.8%**  | **COMMON STOCKS – 98.8%**  |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Howmet Aerospace, Inc. | 1893 | **$246** |
| **Air Freight & Logistics – 0.6%** | **Air Freight & Logistics – 0.6%** | **Air Freight & Logistics – 0.6%** |
| C.H. Robinson Worldwide, Inc. | 9389 | 961 |
| Expeditors International of Washington, <br> Inc.<br>| 16912 | 2034 |
|  |  | **2995** |
| **Automobiles – 0.8%** | **Automobiles – 0.8%** | **Automobiles – 0.8%** |
| Tesla, Inc.\* | 15475 | **4010** |
| **Banks – 3.5%** | **Banks – 3.5%** | **Banks – 3.5%** |
| Bank of America Corp. | 5832 | 243 |
| Citigroup, Inc. | 63091 | 4479 |
| Commerce Bancshares, Inc. | 18787 | 1169 |
| First Hawaiian, Inc. | 47159 | 1153 |
| JPMorgan Chase & Co. | 42050 | 10315 |
|  |  | **17359** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| Coca-Cola (The) Co. | 3501 | **251** |
| **Biotechnology – 2.5%** | **Biotechnology – 2.5%** | **Biotechnology – 2.5%** |
| AbbVie, Inc. | 33777 | 7077 |
| Gilead Sciences, Inc. | 44848 | 5025 |
|  |  | **12102** |
| **Broadline Retail – 3.0%** | **Broadline Retail – 3.0%** | **Broadline Retail – 3.0%** |
| Amazon.com, Inc.\* | 76075 | 14474 |
| eBay, Inc. | 5732 | 388 |
|  |  | **14862** |
| **Building Products – 1.2%** | **Building Products – 1.2%** | **Building Products – 1.2%** |
| Lennox International, Inc. | 3568 | 2001 |
| Masco Corp. | 14608 | 1016 |
| Trane Technologies PLC | 8587 | 2893 |
|  |  | **5910** |
| **Capital Markets – 2.9%** | **Capital Markets – 2.9%** | **Capital Markets – 2.9%** |
| Affiliated Managers Group, Inc. | 1461 | 245 |
| Bank of New York Mellon (The) Corp. | 30496 | 2558 |
| Goldman Sachs Group (The), Inc. | 1341 | 733 |
| Invesco Ltd. | 127822 | 1939 |
| Janus Henderson Group PLC | 47230 | 1707 |
| Morgan Stanley | 42222 | 4926 |
| State Street Corp. | 23027 | 2062 |
|  |  | **14170** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Chemicals – 1.0%** | **Chemicals – 1.0%** | **Chemicals – 1.0%** |
| Ecolab, Inc. | 10019 | $2540 |
| Sherwin-Williams (The) Co. | 7406 | 2586 |
|  |  | **5126** |
| **Commercial Services & Supplies – 0.5%** | **Commercial Services & Supplies – 0.5%** | **Commercial Services & Supplies – 0.5%** |
| Cintas Corp. | 1974 | 406 |
| Veralto Corp. | 22180 | 2161 |
|  |  | **2567** |
| **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** | **Communications Equipment – 0.7%** |
| Cisco Systems, Inc. | 38202 | 2357 |
| F5, Inc.\* | 1480 | 394 |
| Motorola Solutions, Inc. | 1632 | 715 |
|  |  | **3466** |
| **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** | **Construction & Engineering – 0.5%** |
| AECOM | 9480 | 879 |
| EMCOR Group, Inc. | 4891 | 1808 |
|  |  | **2687** |
| **Consumer Finance – 1.1%** | **Consumer Finance – 1.1%** | **Consumer Finance – 1.1%** |
| Ally Financial, Inc. | 19127 | 698 |
| Discover Financial Services | 5245 | 895 |
| SLM Corp. | 68707 | 2018 |
| Synchrony Financial | 35304 | 1869 |
|  |  | **5480** |
| **Consumer Staples Distribution & Retail – 1.0%** | **Consumer Staples Distribution & Retail – 1.0%** | **Consumer Staples Distribution & Retail – 1.0%** |
| Costco Wholesale Corp. | 3875 | 3665 |
| Walmart, Inc. | 12619 | 1108 |
|  |  | **4773** |
| **Containers & Packaging – 0.7%** | **Containers & Packaging – 0.7%** | **Containers & Packaging – 0.7%** |
| Avery Dennison Corp. | 11235 | 1999 |
| Sealed Air Corp. | 57154 | 1652 |
|  |  | **3651** |
| **Distributors – 0.4%** | **Distributors – 0.4%** | **Distributors – 0.4%** |
| Pool Corp. | 5941 | **1891** |
| **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** |
| H&R Block, Inc. | 4730 | **260** |
| **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** |
| Iridium Communications, Inc. | 21480 | **587** |
| **Electric Utilities – 0.5%** | **Electric Utilities – 0.5%** | **Electric Utilities – 0.5%** |
| Duke Energy Corp. | 9969 | 1216 |
| Exelon Corp. | 25800 | 1189 |
|  |  | **2405** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **190** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
| Acuity, Inc. | 6610 | **$1741** |
| **Energy Equipment & Services – 0.7%** | **Energy Equipment & Services – 0.7%** | **Energy Equipment & Services – 0.7%** |
| Halliburton Co. | 10493 | 266 |
| Schlumberger N.V. | 19239 | 804 |
| TechnipFMC PLC | 74116 | 2349 |
|  |  | **3419** |
| **Entertainment – 1.6%** | **Entertainment – 1.6%** | **Entertainment – 1.6%** |
| Electronic Arts, Inc. | 15304 | 2212 |
| Netflix, Inc.\* | 4112 | 3834 |
| Spotify Technology S.A.\* | 2910 | 1601 |
|  |  | **7647** |
| **Financial Services – 5.2%** | **Financial Services – 5.2%** | **Financial Services – 5.2%** |
| Berkshire Hathaway, Inc., Class B\* | 12648 | 6736 |
| Equitable Holdings, Inc. | 40634 | 2117 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 30209 | 2256 |
| Fiserv, Inc.\* | 21398 | 4725 |
| Mastercard, Inc., Class A | 4845 | 2656 |
| MGIC Investment Corp. | 78166 | 1937 |
| PayPal Holdings, Inc.\* | 9046 | 590 |
| Visa, Inc., Class A | 10530 | 3690 |
| Voya Financial, Inc. | 11710 | 794 |
|  |  | **25501** |
| **Food Products – 1.2%** | **Food Products – 1.2%** | **Food Products – 1.2%** |
| General Mills, Inc. | 28730 | 1718 |
| Ingredion, Inc. | 15289 | 2067 |
| Kellanova | 26147 | 2157 |
|  |  | **5942** |
| **Gas Utilities – 0.4%** | **Gas Utilities – 0.4%** | **Gas Utilities – 0.4%** |
| UGI Corp. | 61065 | **2019** |
| **Ground Transportation – 0.8%** | **Ground Transportation – 0.8%** | **Ground Transportation – 0.8%** |
| Landstar System, Inc. | 8586 | 1290 |
| Old Dominion Freight Line, Inc. | 12055 | 1995 |
| Union Pacific Corp. | 3494 | 825 |
|  |  | **4110** |
| **Health Care Equipment & Supplies – 0.8%** | **Health Care Equipment & Supplies – 0.8%** | **Health Care Equipment & Supplies – 0.8%** |
| Hologic, Inc.\* | 27453 | 1696 |
| IDEXX Laboratories, Inc.\* | 5400 | 2267 |
|  |  | **3963** |
| **Health Care Providers & Services – 2.7%** | **Health Care Providers & Services – 2.7%** | **Health Care Providers & Services – 2.7%** |
| Cardinal Health, Inc. | 16591 | 2286 |
| Cencora, Inc. | 1579 | 439 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Health Care Providers & Services – 2.7%continued** | **Health Care Providers & Services – 2.7%continued** | **Health Care Providers & Services – 2.7%continued** |
| Cigna Group (The) | 9658 | $3177 |
| DaVita, Inc.\* | 13457 | 2059 |
| McKesson Corp. | 4920 | 3311 |
| UnitedHealth Group, Inc. | 3865 | 2024 |
|  |  | **13296** |
| **Health Care Technology – 0.5%** | **Health Care Technology – 0.5%** | **Health Care Technology – 0.5%** |
| Doximity, Inc., Class A\* | 32858 | 1907 |
| Veeva Systems, Inc., Class A\* | 1410 | 326 |
|  |  | **2233** |
| **Hotel & Resort Real Estate Investment Trusts – 0.0%** | **Hotel & Resort Real Estate Investment Trusts – 0.0%** | **Hotel & Resort Real Estate Investment Trusts – 0.0%** |
| Host Hotels & Resorts, Inc. | 16121 | **229** |
| **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** |
| Airbnb, Inc., Class A\* | 4939 | 590 |
| Booking Holdings, Inc. | 1087 | 5008 |
| Domino's Pizza, Inc. | 1305 | 600 |
| Hilton Worldwide Holdings, Inc. | 10649 | 2423 |
| Light & Wonder, Inc.\* | 3005 | 260 |
| Travel + Leisure Co. | 28223 | 1306 |
|  |  | **10187** |
| **Household Durables – 0.4%** | **Household Durables – 0.4%** | **Household Durables – 0.4%** |
| TopBuild Corp.\* | 6057 | **1847** |
| **Household Products – 2.6%** | **Household Products – 2.6%** | **Household Products – 2.6%** |
| Clorox (The) Co. | 13766 | 2027 |
| Colgate-Palmolive Co. | 30533 | 2861 |
| Kimberly-Clark Corp. | 17105 | 2433 |
| Procter & Gamble (The) Co. | 33413 | 5694 |
|  |  | **13015** |
| **Independent Power & Renewable Electricity Producers – 0.8%** | **Independent Power & Renewable Electricity Producers – 0.8%** | **Independent Power & Renewable Electricity Producers – 0.8%** |
| Brookfield Renewable Corp. | 68944 | 1925 |
| Clearway Energy, Inc., Class C | 64241 | 1944 |
|  |  | **3869** |
| **Industrial Conglomerates – 0.6%** | **Industrial Conglomerates – 0.6%** | **Industrial Conglomerates – 0.6%** |
| 3M Co. | 20547 | **3018** |
| **Industrial Real Estate Investment Trusts – 0.2%** | **Industrial Real Estate Investment Trusts – 0.2%** | **Industrial Real Estate Investment Trusts – 0.2%** |
| Prologis, Inc. | 8777 | **981** |
| **Insurance – 2.9%** | **Insurance – 2.9%** | **Insurance – 2.9%** |
| Aflac, Inc. | 21909 | 2436 |
| American International Group, Inc. | 6752 | 587 |
| Hartford Insurance Group (The), Inc. | 18576 | 2299 |
| MetLife, Inc. | 28701 | 2304 |
| Prudential Financial, Inc. | 18590 | 2076 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **191** EQUITY FUNDS

------

**Schedule of Investments** <br>

**U.S. QUALITY ESG FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Insurance – 2.9%continued** | **Insurance – 2.9%continued** | **Insurance – 2.9%continued** |
| Unum Group | 25743 | $2097 |
| Willis Towers Watson PLC | 6753 | 2282 |
|  |  | **14081** |
| **Interactive Media & Services – 6.2%** | **Interactive Media & Services – 6.2%** | **Interactive Media & Services – 6.2%** |
| Alphabet, Inc., Class A | 96115 | 14863 |
| Alphabet, Inc., Class C | 28734 | 4489 |
| Meta Platforms, Inc., Class A | 19787 | 11405 |
|  |  | **30757** |
| **IT Services – 2.6%** | **IT Services – 2.6%** | **IT Services – 2.6%** |
| Accenture PLC, Class A | 15432 | 4816 |
| Gartner, Inc.\* | 4126 | 1732 |
| GoDaddy, Inc., Class A\* | 1906 | 343 |
| International Business Machines Corp. | 23423 | 5824 |
|  |  | **12715** |
| **Leisure Products – 0.6%** | **Leisure Products – 0.6%** | **Leisure Products – 0.6%** |
| Hasbro, Inc. | 27016 | 1661 |
| YETI Holdings, Inc.\* | 40414 | 1338 |
|  |  | **2999** |
| **Life Sciences Tools & Services – 1.1%** | **Life Sciences Tools & Services – 1.1%** | **Life Sciences Tools & Services – 1.1%** |
| Agilent Technologies, Inc. | 9096 | 1064 |
| Mettler-Toledo International, Inc.\* | 1764 | 2083 |
| Waters Corp.\* | 5643 | 2080 |
|  |  | **5227** |
| **Machinery – 1.6%** | **Machinery – 1.6%** | **Machinery – 1.6%** |
| Caterpillar, Inc. | 8272 | 2728 |
| Illinois Tool Works, Inc. | 10949 | 2715 |
| Otis Worldwide Corp. | 4753 | 491 |
| Parker-Hannifin Corp. | 415 | 252 |
| Pentair PLC | 21133 | 1849 |
|  |  | **8035** |
| **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** | **Metals & Mining – 0.4%** |
| Royal Gold, Inc. | 12590 | **2059** |
| **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** |
| Dominion Energy, Inc. | 4435 | 249 |
| Public Service Enterprise Group, Inc. | 13762 | 1132 |
|  |  | **1381** |
| **Oil, Gas & Consumable Fuels – 2.0%** | **Oil, Gas & Consumable Fuels – 2.0%** | **Oil, Gas & Consumable Fuels – 2.0%** |
| Cheniere Energy, Inc. | 8914 | 2063 |
| Chevron Corp. | 1510 | 252 |
| EOG Resources, Inc. | 15369 | 1971 |
| Exxon Mobil Corp. | 21020 | 2500 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Oil, Gas & Consumable Fuels – 2.0%continued** | **Oil, Gas & Consumable Fuels – 2.0%continued** | **Oil, Gas & Consumable Fuels – 2.0%continued** |
| Marathon Petroleum Corp. | 12099 | $1763 |
| Valero Energy Corp. | 11685 | 1543 |
|  |  | **10092** |
| **Paper & Forest Products – 0.3%** | **Paper & Forest Products – 0.3%** | **Paper & Forest Products – 0.3%** |
| Louisiana-Pacific Corp. | 18709 | **1721** |
| **Pharmaceuticals – 3.3%** | **Pharmaceuticals – 3.3%** | **Pharmaceuticals – 3.3%** |
| Bristol-Myers Squibb Co. | 58252 | 3553 |
| Eli Lilly & Co. | 4609 | 3806 |
| Johnson & Johnson | 15761 | 2614 |
| Merck & Co., Inc. | 39373 | 3534 |
| Zoetis, Inc. | 17347 | 2856 |
|  |  | **16363** |
| **Professional Services – 2.8%** | **Professional Services – 2.8%** | **Professional Services – 2.8%** |
| Automatic Data Processing, Inc. | 15591 | 4764 |
| Broadridge Financial Solutions, Inc. | 9511 | 2306 |
| Paychex, Inc. | 10864 | 1676 |
| Paycom Software, Inc. | 2037 | 445 |
| Paylocity Holding Corp.\* | 10784 | 2020 |
| Robert Half, Inc. | 4494 | 245 |
| Verisk Analytics, Inc. | 8058 | 2398 |
|  |  | **13854** |
| **Real Estate Management & Development – 0.7%** | **Real Estate Management & Development – 0.7%** | **Real Estate Management & Development – 0.7%** |
| CBRE Group, Inc., Class A\* | 18434 | 2411 |
| Jones Lang LaSalle, Inc.\* | 3547 | 879 |
|  |  | **3290** |
| **Residential Real Estate Investment Trusts – 0.4%** | **Residential Real Estate Investment Trusts – 0.4%** | **Residential Real Estate Investment Trusts – 0.4%** |
| AvalonBay Communities, Inc. | 9774 | **2098** |
| **Semiconductors & Semiconductor Equipment – 8.4%** | **Semiconductors & Semiconductor Equipment – 8.4%** | **Semiconductors & Semiconductor Equipment – 8.4%** |
| Applied Materials, Inc. | 28850 | 4187 |
| Broadcom, Inc. | 30081 | 5036 |
| KLA Corp. | 1262 | 858 |
| Lam Research Corp. | 48572 | 3531 |
| NVIDIA Corp. | 241719 | 26198 |
| QUALCOMM, Inc. | 11069 | 1700 |
|  |  | **41510** |
| **Software – 10.7%** | **Software – 10.7%** | **Software – 10.7%** |
| Adobe, Inc.\* | 9898 | 3796 |
| AppLovin Corp., Class A\* | 4456 | 1181 |
| Autodesk, Inc.\* | 8637 | 2261 |
| Cadence Design Systems, Inc.\* | 6859 | 1744 |
| Dropbox, Inc., Class A\* | 69517 | 1857 |
| Fair Isaac Corp.\* | 1075 | 1983 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **192** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  | **COMMON STOCKS - 98.8%continued**  |
| **Software – 10.7%continued** | **Software – 10.7%continued** | **Software – 10.7%continued** |
| Intuit, Inc. | 8706 | $5345 |
| Manhattan Associates, Inc.\* | 1525 | 264 |
| Microsoft Corp. | 75358 | 28289 |
| Salesforce, Inc. | 20238 | 5431 |
| Teradata Corp.\* | 19309 | 434 |
|  |  | **52585** |
| **Specialized Real Estate Investment Trusts – 0.5%** | **Specialized Real Estate Investment Trusts – 0.5%** | **Specialized Real Estate Investment Trusts – 0.5%** |
| American Tower Corp. | 10920 | **2376** |
| **Specialty Retail – 3.0%** | **Specialty Retail – 3.0%** | **Specialty Retail – 3.0%** |
| Bath & Body Works, Inc. | 23054 | 699 |
| Best Buy Co., Inc. | 10739 | 791 |
| Home Depot (The), Inc. | 16219 | 5944 |
| Lowe's Cos., Inc. | 20080 | 4683 |
| Ulta Beauty, Inc.\* | 1578 | 578 |
| Williams-Sonoma, Inc. | 12508 | 1978 |
|  |  | **14673** |
| **Technology Hardware, Storage & Peripherals – 6.9%** | **Technology Hardware, Storage & Peripherals – 6.9%** | **Technology Hardware, Storage & Peripherals – 6.9%** |
| Apple, Inc. | 146567 | 32557 |
| HP, Inc. | 29842 | 826 |
| NetApp, Inc. | 6300 | 554 |
|  |  | **33937** |
| **Textiles, Apparel & Luxury Goods – 0.9%** | **Textiles, Apparel & Luxury Goods – 0.9%** | **Textiles, Apparel & Luxury Goods – 0.9%** |
| Crocs, Inc.\* | 19503 | 2071 |
| Deckers Outdoor Corp.\* | 11881 | 1329 |
| Tapestry, Inc. | 12572 | 885 |
|  |  | **4285** |
| **Trading Companies & Distributors – 0.9%** | **Trading Companies & Distributors – 0.9%** | **Trading Companies & Distributors – 0.9%** |
| Fastenal Co. | 30947 | 2400 |
| W.W. Grainger, Inc. | 2149 | 2123 |
|  |  | **4523** |
| **Total Common Stocks** |  |  |
| **(Cost $356,766)** |  | **486376** |
| **INVESTMENT COMPANIES – 1.0%**  | **INVESTMENT COMPANIES – 1.0%**  | **INVESTMENT COMPANIES – 1.0%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(1) (2)</sup> <br>| 5175686 | 5176 |
| **Total Investment Companies** |  |  |
| **(Cost $5,176)** |  | **5176** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| U.S. Treasury Bill, |  |  |
| 4.11%, 9/11/25<sup>(3) (4)</sup> <br>| $307 | **$301** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $301)** | **(Cost $301)** | **301** |
| **Total Investments – 99.9%** | **Total Investments – 99.9%** |  |
| **(Cost $362,243)** | **(Cost $362,243)** | **491853** |
| Other Assets less Liabilities – 0.1% | Other Assets less Liabilities – 0.1% | 483 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$492336** |

---

<sup>(1)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(2)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(3)</sup> *Discount rate at the time of purchase.*

<sup>(4)</sup> *Security pledged as collateral to cover margin requirements for open futures* *contracts.* 

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| S&P - Standard & Poor's |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br>| 19 | $5371 | Long | 6/25 | $(34)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.*

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **193** EQUITY FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **U.S. QUALITY ESG FUND continued**  | **March 31, 2025**  |

---

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; $486376 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $486376 |
| Investment Companies | &nbsp;&nbsp; 5176 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5176 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 301 | &nbsp;&nbsp; — | &nbsp;&nbsp; 301 |
| Total Investments | &nbsp;&nbsp; $491552 | &nbsp;&nbsp; $301 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $491853 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(34)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(34)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

EQUITY FUNDS **194** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **WORLD SELECTION INDEX FUND**<sup>†</sup>  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup> | **COMMON STOCKS – 97.6%** <sup>(1)</sup> | **COMMON STOCKS – 97.6%** <sup>(1)</sup> |
| **Australia – 1.1%** | **Australia – 1.1%** | **Australia – 1.1%** |
| ANZ Group Holdings Ltd. | 155684 | $2846 |
| APA Group | 72861 | 361 |
| Aristocrat Leisure Ltd. | 29358 | 1186 |
| ASX Ltd. | 10432 | 427 |
| BlueScope Steel Ltd. | 23500 | 314 |
| Brambles Ltd. | 73390 | 923 |
| CAR Group Ltd. | 19819 | 394 |
| Cochlear Ltd. | 3269 | 538 |
| Coles Group Ltd. | 70897 | 867 |
| Computershare Ltd. | 27038 | 665 |
| Fortescue Ltd. | 89869 | 869 |
| Goodman Group | 107309 | 1930 |
| GPT Group (The) | 89029 | 244 |
| Macquarie Group Ltd. | 18607 | 2307 |
| Northern Star Resources Ltd. | 61032 | 705 |
| QBE Insurance Group Ltd. | 79659 | 1097 |
| REA Group Ltd. | 2862 | 396 |
| Suncorp Group Ltd. | 56771 | 687 |
| Transurban Group | 164824 | 1385 |
| WiseTech Global Ltd. | 9799 | 504 |
| Woodside Energy Group Ltd. | 99034 | 1433 |
|  |  | **20078** |
| **Austria – 0.1%** | **Austria – 0.1%** | **Austria – 0.1%** |
| Mondi PLC | 21097 | 315 |
| OMV A.G. | 8392 | 430 |
| Verbund A.G. | 3313 | 235 |
|  |  | **980** |
| **Belgium – 0.1%** | **Belgium – 0.1%** | **Belgium – 0.1%** |
| Ageas S.A./N.V. | 7880 | 474 |
| KBC Group N.V. | 12041 | 1101 |
| Lotus Bakeries N.V. | 20 | 178 |
|  |  | **1753** |
| **Brazil – 0.4%** | **Brazil – 0.4%** | **Brazil – 0.4%** |
| MercadoLibre, Inc.\* | 2399 | 4680 |
| Wheaton Precious Metals Corp. | 23994 | 1862 |
| Yara International ASA | 9608 | 291 |
|  |  | **6833** |
| **Canada – 3.1%** | **Canada – 3.1%** | **Canada – 3.1%** |
| Agnico Eagle Mines Ltd. | 26319 | 2851 |
| Alimentation Couche-Tard, Inc. | 39541 | 1950 |
| Bank of Montreal | 38197 | 3648 |
| Bank of Nova Scotia (The) | 64185 | 3043 |
| Brookfield Corp. | 72625 | 3801 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **Canada – 3.1%continued** | **Canada – 3.1%continued** | **Canada – 3.1%continued** |
| CAE, Inc.\* | 16857 | $414 |
| Cameco Corp. | 22760 | 937 |
| Canadian National Railway Co. | 28393 | 2763 |
| Canadian Tire Corp. Ltd., Class A | 2938 | 305 |
| CGI, Inc. | 10947 | 1093 |
| Dollarama, Inc. | 14422 | 1542 |
| Element Fleet Management Corp. | 21491 | 427 |
| Enbridge, Inc. | 114146 | 5052 |
| FirstService Corp. | 2380 | 395 |
| Fortis, Inc. | 26801 | 1221 |
| Gildan Activewear, Inc. | 7547 | 334 |
| Hydro One Ltd. | 16888 | 568 |
| iA Financial Corp., Inc. | 5013 | 476 |
| Imperial Oil Ltd. | 9600 | 693 |
| Intact Financial Corp. | 9361 | 1912 |
| Keyera Corp. | 12429 | 386 |
| Kinross Gold Corp. | 63082 | 795 |
| Metro, Inc. | 11352 | 789 |
| National Bank of Canada | 20449 | 1688 |
| Nutrien Ltd. | 25902 | 1285 |
| Open Text Corp. | 13223 | 334 |
| Pembina Pipeline Corp. | 30840 | 1233 |
| RB Global, Inc. | 9790 | 983 |
| Rogers Communications, Inc., Class B | 17552 | 469 |
| Shopify, Inc., Class A\* | 64330 | 6120 |
| Stantec, Inc. | 6261 | 519 |
| Sun Life Financial, Inc. | 30799 | 1763 |
| TELUS Corp. | 23748 | 341 |
| Thomson Reuters Corp. | 8380 | 1446 |
| Toronto-Dominion Bank (The) | 91137 | 5461 |
| West Fraser Timber Co. Ltd. | 3108 | 239 |
| WSP Global, Inc. | 7054 | 1197 |
|  |  | **58473** |
| **Chile – 0.0%** | **Chile – 0.0%** | **Chile – 0.0%** |
| Antofagasta PLC | 20882 | 456 |
| Lundin Mining Corp. | 42400 | 344 |
|  |  | **800** |
| **China – 0.3%** | **China – 0.3%** | **China – 0.3%** |
| NXP Semiconductors N.V. | 13520 | 2570 |
| Prosus N.V.\* | 71405 | 3331 |
|  |  | **5901** |
| **Congo, The Democ. Rep. of – 0.0%** | **Congo, The Democ. Rep. of – 0.0%** | **Congo, The Democ. Rep. of – 0.0%** |
| Ivanhoe Mines Ltd., Class A\* | 36562 | **310** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **195** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND**<sup>†</sup> **continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **Denmark – 1.0%** | **Denmark – 1.0%** | **Denmark – 1.0%** |
| AP Moller - Maersk A/S, Class A | 182 | $312 |
| AP Moller - Maersk A/S, Class B | 199 | 348 |
| Coloplast A/S, Class B | 6900 | 726 |
| DSV A/S | 10648 | 2061 |
| Genmab A/S\* | 3228 | 630 |
| Novo Nordisk A/S, Class B | 169198 | 11728 |
| Novonesis (Novozymes) B | 18175 | 1059 |
| Orsted A/S\* | 8479 | 373 |
| Pandora A/S | 4308 | 660 |
| ROCKWOOL A/S, Class B | 543 | 226 |
| Tryg A/S | 18695 | 445 |
| Vestas Wind Systems A/S\* | 51224 | 706 |
|  |  | **19274** |
| **Finland – 0.3%** | **Finland – 0.3%** | **Finland – 0.3%** |
| Elisa OYJ | 6628 | 323 |
| Kesko OYJ, Class B | 15307 | 313 |
| Kone OYJ, Class B | 18690 | 1034 |
| Metso OYJ | 31315 | 324 |
| Neste OYJ | 18238 | 168 |
| Nokia OYJ | 274893 | 1450 |
| Orion OYJ, Class B | 5785 | 344 |
| Sampo OYJ, Class A | 127847 | 1224 |
| Stora Enso OYJ (Registered) | 26882 | 255 |
| UPM-Kymmene OYJ | 28722 | 771 |
|  |  | **6206** |
| **France – 2.4%** | **France – 2.4%** | **France – 2.4%** |
| Aeroports de Paris S.A. | 1410 | 144 |
| AXA S.A. | 93070 | 3973 |
| BNP Paribas S.A. | 53122 | 4424 |
| Bouygues S.A. | 9559 | 377 |
| Carrefour S.A. | 30410 | 436 |
| &nbsp;&nbsp; Cie Generale des Etablissements <br> Michelin S.C.A.<br>| 34700 | 1218 |
| Covivio S.A./France | 3645 | 205 |
| Credit Agricole S.A. | 59199 | 1076 |
| Danone S.A. | 33461 | 2564 |
| Dassault Systemes S.E. | 35413 | 1349 |
| Eiffage S.A. | 3851 | 449 |
| Eurazeo S.E. | 2546 | 189 |
| Gecina S.A. | 2210 | 208 |
| Getlink S.E. | 17817 | 309 |
| Hermes International S.C.A. | 1648 | 4319 |
| Kering S.A. | 3820 | 793 |
| L'Oreal S.A. | 12617 | 4685 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **France – 2.4%continued** | **France – 2.4%continued** | **France – 2.4%continued** |
| LVMH Moet Hennessy Louis Vuitton S.E. | 14568 | $9095 |
| Publicis Groupe S.A. | 12023 | 1133 |
| Rexel S.A. | 10086 | 271 |
| SEB S.A.<sup>(2)</sup> <br>| 1 |  |
| TotalEnergies S.E. | 113117 | 7311 |
|  |  | **44528** |
| **Germany – 1.2%** | **Germany – 1.2%** | **Germany – 1.2%** |
| adidas A.G. | 8876 | 2078 |
| Beiersdorf A.G. | 5011 | 649 |
| Commerzbank A.G. | 49298 | 1119 |
| Covestro A.G.\* | 9600 | 617 |
| CTS Eventim A.G. & Co. KGaA | 3077 | 307 |
| Deutsche Boerse A.G. | 9789 | 2885 |
| Deutsche Lufthansa A.G. (Registered) | 36679 | 265 |
| Evonik Industries A.G. | 12514 | 270 |
| GEA Group A.G. | 7241 | 438 |
| Heidelberg Materials A.G. | 7017 | 1201 |
| Henkel A.G. & Co. KGaA | 5973 | 430 |
| Infineon Technologies A.G. | 68877 | 2275 |
| Knorr-Bremse A.G. | 4106 | 372 |
| LEG Immobilien S.E. | 3526 | 250 |
| Merck KGaA | 6800 | 931 |
| MTU Aero Engines A.G. | 2842 | 984 |
| &nbsp;&nbsp; Muenchener <br> Rueckversicherungs-Gesellschaft <br> A.G. in Muenchen (Registered)<br>| 6996 | 4410 |
| Puma S.E. | 6065 | 147 |
| Scout24 S.E. | 3881 | 405 |
| Symrise A.G. | 6724 | 696 |
| Vonovia S.E. | 38853 | 1048 |
| Zalando S.E.\* | 11506 | 397 |
|  |  | **22174** |
| **Hong Kong – 0.6%** | **Hong Kong – 0.6%** | **Hong Kong – 0.6%** |
| AIA Group Ltd. | 568400 | 4297 |
| CK Infrastructure Holdings Ltd. | 31500 | 189 |
| Hang Seng Bank Ltd. | 40378 | 549 |
| Hong Kong & China Gas Co. Ltd. | 567462 | 489 |
| Hong Kong Exchanges & Clearing Ltd. | 62900 | 2798 |
| MTR Corp. Ltd. | 88126 | 289 |
| Prudential PLC | 137536 | 1484 |
| Sino Land Co. Ltd. | 221113 | 221 |
| Swire Pacific Ltd., Class A | 22500 | 198 |
|  |  | **10514** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **196** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **Ireland – 0.7%** | **Ireland – 0.7%** | **Ireland – 0.7%** |
| Accenture PLC, Class A | 32793 | $10233 |
| AerCap Holdings N.V. | 10494 | 1072 |
| Kerry Group PLC, Class A | 7878 | 826 |
| Kingspan Group PLC | 8501 | 687 |
|  |  | **12818** |
| **Israel – 0.0%** | **Israel – 0.0%** | **Israel – 0.0%** |
| Nice Ltd.\* | 3528 | **543** |
| **Italy – 0.7%** | **Italy – 0.7%** | **Italy – 0.7%** |
| Coca-Cola HBC A.G. - CDI\* | 11215 | 508 |
| Enel S.p.A. | 434205 | 3522 |
| FinecoBank Banca Fineco S.p.A. | 34410 | 682 |
| Generali | 48852 | 1716 |
| Infrastrutture Wireless Italiane S.p.A. | 19960 | 212 |
| Intesa Sanpaolo S.p.A. | 798290 | 4110 |
| &nbsp;&nbsp; Mediobanca Banca di Credito <br> Finanziario S.p.A.<br>| 26953 | 506 |
| Moncler S.p.A. | 12722 | 786 |
| Nexi S.p.A.\* | 20591 | 110 |
| Poste Italiane S.p.A. | 24255 | 432 |
| Telecom Italia S.p.A.\* | 601363 | 203 |
|  |  | **12787** |
| **Japan – 5.8%** | **Japan – 5.8%** | **Japan – 5.8%** |
| Aeon Co. Ltd. | 33500 | 839 |
| Ajinomoto Co., Inc. | 48800 | 965 |
| ANA Holdings, Inc. | 6100 | 112 |
| Asahi Kasei Corp. | 67100 | 470 |
| Asics Corp. | 34400 | 731 |
| Astellas Pharma, Inc. | 96400 | 932 |
| Bandai Namco Holdings, Inc. | 31200 | 1046 |
| Bridgestone Corp. | 30200 | 1213 |
| Chugai Pharmaceutical Co. Ltd. | 34900 | 1594 |
| Concordia Financial Group Ltd. | 59200 | 390 |
| Dai Nippon Printing Co. Ltd. | 20100 | 285 |
| Daifuku Co. Ltd. | 17600 | 430 |
| Daiichi Sankyo Co. Ltd. | 91500 | 2147 |
| Daikin Industries Ltd. | 13800 | 1498 |
| Daiwa House Industry Co. Ltd. | 29900 | 988 |
| Daiwa Securities Group, Inc. | 70200 | 468 |
| Denso Corp. | 97800 | 1213 |
| Eisai Co. Ltd. | 12405 | 344 |
| ENEOS Holdings, Inc. | 143500 | 753 |
| FANUC Corp. | 50600 | 1381 |
| Fast Retailing Co. Ltd. | 9900 | 2956 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **Japan – 5.8%continued** | **Japan – 5.8%continued** | **Japan – 5.8%continued** |
| Fuji Electric Co. Ltd. | 6600 | $280 |
| FUJIFILM Holdings Corp. | 59400 | 1137 |
| Fujitsu Ltd. | 91600 | 1821 |
| Hankyu Hanshin Holdings, Inc. | 13400 | 360 |
| Hitachi Ltd. | 243100 | 5628 |
| Hoya Corp. | 18400 | 2076 |
| Isuzu Motors Ltd. | 28500 | 386 |
| ITOCHU Corp. | 62400 | 2883 |
| JFE Holdings, Inc. | 26800 | 328 |
| Kao Corp. | 24300 | 1050 |
| KDDI Corp. | 162400 | 2563 |
| Kikkoman Corp. | 39200 | 377 |
| Komatsu Ltd. | 47400 | 1376 |
| Konami Group Corp. | 5200 | 614 |
| Kubota Corp. | 52600 | 646 |
| LY Corp. | 144000 | 487 |
| Marubeni Corp. | 73000 | 1166 |
| MatsukiyoCocokara & Co. | 17700 | 277 |
| MEIJI Holdings Co. Ltd. | 14200 | 307 |
| Mitsubishi Chemical Group Corp. | 64400 | 318 |
| Mitsubishi Estate Co. Ltd. | 55800 | 911 |
| Mitsui Fudosan Co. Ltd. | 139200 | 1243 |
| Mizuho Financial Group, Inc. | 126200 | 3437 |
| &nbsp;&nbsp; MS&AD Insurance Group Holdings, <br> Inc.<br>| 68000 | 1473 |
| NEC Corp. | 64500 | 1369 |
| Nippon Paint Holdings Co. Ltd. | 52300 | 392 |
| Nitori Holdings Co. Ltd. | 4000 | 396 |
| Nitto Denko Corp. | 37200 | 686 |
| Nomura Holdings, Inc. | 158900 | 974 |
| Nomura Research Institute Ltd. | 18976 | 616 |
| Obayashi Corp. | 32800 | 436 |
| Omron Corp. | 8700 | 245 |
| Oriental Land Co. Ltd. | 55900 | 1100 |
| ORIX Corp. | 61300 | 1268 |
| Osaka Gas Co. Ltd. | 19800 | 448 |
| Pan Pacific International Holdings Corp. | 19400 | 531 |
| Panasonic Holdings Corp. | 123700 | 1482 |
| Rakuten Group, Inc.\* | 77600 | 444 |
| Recruit Holdings Co. Ltd. | 73600 | 3824 |
| Renesas Electronics Corp. | 86800 | 1179 |
| Ricoh Co. Ltd. | 28200 | 298 |
| Secom Co. Ltd. | 22800 | 776 |
| Seiko Epson Corp. | 15500 | 248 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **197** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND**<sup>†</sup> **continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **Japan – 5.8%continued** | **Japan – 5.8%continued** | **Japan – 5.8%continued** |
| Sekisui Chemical Co. Ltd. | 18900 | $322 |
| Sekisui House Ltd. | 32300 | 722 |
| Seven & i Holdings Co. Ltd. | 115000 | 1671 |
| SG Holdings Co. Ltd. | 19300 | 193 |
| Shimadzu Corp. | 13200 | 330 |
| Shin-Etsu Chemical Co. Ltd. | 94000 | 2678 |
| Shiseido Co. Ltd. | 18900 | 357 |
| SoftBank Corp. | 1522300 | 2121 |
| SoftBank Group Corp. | 50100 | 2535 |
| Sompo Holdings, Inc. | 47600 | 1443 |
| Sony Group Corp. | 322900 | 8225 |
| Subaru Corp. | 30300 | 540 |
| Sumitomo Electric Industries Ltd. | 38500 | 643 |
| Sumitomo Metal Mining Co. Ltd. | 11800 | 256 |
| Sumitomo Mitsui Financial Group, Inc. | 195100 | 4978 |
| Sumitomo Mitsui Trust Group, Inc. | 35900 | 896 |
| Sysmex Corp. | 26126 | 497 |
| T&D Holdings, Inc. | 26700 | 569 |
| TDK Corp. | 103200 | 1077 |
| TIS, Inc. | 10700 | 296 |
| Tokio Marine Holdings, Inc. | 93500 | 3606 |
| Tokyo Electron Ltd. | 23500 | 3205 |
| Tokyo Gas Co. Ltd. | 18100 | 575 |
| Tokyu Corp. | 28300 | 319 |
| Toray Industries, Inc. | 74900 | 512 |
| Unicharm Corp. | 53400 | 425 |
| West Japan Railway Co. | 23700 | 462 |
| Yamaha Motor Co. Ltd. | 49000 | 392 |
| Yokogawa Electric Corp. | 11400 | 221 |
| Zensho Holdings Co. Ltd. | 5000 | 268 |
| ZOZO, Inc. | 22800 | 219 |
|  |  | **109164** |
| **Jersey – 0.0%** | **Jersey – 0.0%** | **Jersey – 0.0%** |
| Aptiv PLC\* | 12516 | **745** |
| **Luxembourg – 0.0%** | **Luxembourg – 0.0%** | **Luxembourg – 0.0%** |
| Eurofins Scientific S.E. | 7413 | **395** |
| **Netherlands – 1.3%** | **Netherlands – 1.3%** | **Netherlands – 1.3%** |
| Akzo Nobel N.V. | 9010 | 555 |
| ASML Holding N.V. | 20653 | 13666 |
| ASR Nederland N.V. | 9026 | 520 |
| ING Groep N.V. | 164266 | 3216 |
| JDE Peet's N.V. | 9927 | 218 |
| Koninklijke Ahold Delhaize N.V. | 48387 | 1809 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **Netherlands – 1.3%continued** | **Netherlands – 1.3%continued** | **Netherlands – 1.3%continued** |
| Koninklijke KPN N.V. | 200634 | $849 |
| NN Group N.V. | 14010 | 780 |
| Universal Music Group N.V. | 43798 | 1207 |
| Wolters Kluwer N.V. | 12407 | 1927 |
|  |  | **24747** |
| **New Zealand – 0.1%** | **New Zealand – 0.1%** | **New Zealand – 0.1%** |
| Contact Energy Ltd. | 45475 | 236 |
| Meridian Energy Ltd. | 65091 | 207 |
| Xero Ltd.\* | 7308 | 715 |
|  |  | **1158** |
| **Norway – 0.3%** | **Norway – 0.3%** | **Norway – 0.3%** |
| Aker BP ASA | 14614 | 346 |
| DNB Bank ASA | 46890 | 1233 |
| Equinor ASA | 43433 | 1150 |
| Gjensidige Forsikring ASA | 10577 | 244 |
| Mowi ASA | 24206 | 451 |
| Norsk Hydro ASA | 79075 | 461 |
| Orkla ASA | 36813 | 404 |
| Salmar ASA | 3072 | 148 |
| Telenor ASA | 30168 | 431 |
|  |  | **4868** |
| **Portugal – 0.0%** | **Portugal – 0.0%** | **Portugal – 0.0%** |
| &nbsp;&nbsp; Banco Espirito Santo S.A. <br> (Registered)<sup>(3) \*</sup> <br>| 29034 |  |
| Galp Energia SGPS S.A. | 22075 | 388 |
| Jeronimo Martins SGPS S.A. | 15119 | 321 |
|  |  | **709** |
| **Singapore – 0.3%** | **Singapore – 0.3%** | **Singapore – 0.3%** |
| CapitaLand Ascendas REIT | 226600 | 449 |
| &nbsp;&nbsp; CapitaLand Integrated Commercial <br> Trust<br>| 302673 | 471 |
| CapitaLand Investment Ltd. | 139058 | 282 |
| Grab Holdings Ltd., Class A\* | 123119 | 558 |
| Keppel Ltd. | 71200 | 364 |
| Sembcorp Industries Ltd. | 53400 | 250 |
| Singapore Exchange Ltd. | 46100 | 459 |
| STMicroelectronics N.V. | 35028 | 767 |
| United Overseas Bank Ltd. | 66800 | 1881 |
|  |  | **5481** |
| **South Africa – 0.1%** | **South Africa – 0.1%** | **South Africa – 0.1%** |
| Anglo American PLC | 66124 | **1856** |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **198** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **Spain – 0.6%** | **Spain – 0.6%** | **Spain – 0.6%** |
| &nbsp;&nbsp; ACS Actividades de Construccion y <br> Servicios S.A.<br>| 9427 | $538 |
| Amadeus IT Group S.A. | 23828 | 1826 |
| Banco de Sabadell S.A. | 280772 | 791 |
| Cellnex Telecom S.A.\* | 27784 | 986 |
| Iberdrola S.A. | 303739 | 4910 |
| Redeia Corp. S.A. | 20335 | 408 |
| Repsol S.A. | 60942 | 810 |
|  |  | **10269** |
| **Sweden – 0.9%** | **Sweden – 0.9%** | **Sweden – 0.9%** |
| Alfa Laval AB | 15303 | 655 |
| Assa Abloy AB, Class B | 51705 | 1554 |
| Atlas Copco AB, Class A | 139422 | 2234 |
| Atlas Copco AB, Class B | 85730 | 1209 |
| Boliden AB | 14549 | 476 |
| Epiroc AB, Class A | 35486 | 717 |
| Epiroc AB, Class B | 19836 | 350 |
| EQT AB | 20330 | 621 |
| Essity AB, Class B | 32396 | 921 |
| Evolution AB | 7980 | 595 |
| H&M Hennes & Mauritz AB, Class B | 29302 | 387 |
| Holmen AB, Class B | 3863 | 153 |
| Nibe Industrier AB, Class B | 68100 | 260 |
| Sandvik AB | 57122 | 1205 |
| SKF AB, Class B | 18706 | 380 |
| Svenska Cellulosa AB S.C.A., Class B | 34629 | 456 |
| Svenska Handelsbanken AB, Class A | 77501 | 875 |
| Tele2 AB, Class B | 26686 | 360 |
| Telia Co. AB | 123790 | 447 |
| Volvo AB, Class B | 83549 | 2457 |
|  |  | **16312** |
| **Switzerland – 1.5%** | **Switzerland – 1.5%** | **Switzerland – 1.5%** |
| ABB Ltd. (Registered) | 82856 | 4288 |
| Baloise Holding A.G. (Registered) | 2338 | 491 |
| &nbsp;&nbsp; Banque Cantonale Vaudoise <br> (Registered)<br>| 1740 | 190 |
| &nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Participation Certificate)<br>| 47 | 634 |
| &nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> A.G. (Registered)<br>| 6 | 786 |
| DSM-Firmenich A.G. | 10117 | 1003 |
| Geberit A.G. (Registered) | 1719 | 1073 |
| Givaudan S.A. (Registered) | 489 | 2101 |
| Julius Baer Group Ltd. | 11247 | 777 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **Switzerland – 1.5%continued** | **Switzerland – 1.5%continued** | **Switzerland – 1.5%continued** |
| &nbsp;&nbsp; Kuehne + Nagel International A.G. <br> (Registered)<br>| 2471 | $572 |
| Logitech International S.A. (Registered) | 7896 | 671 |
| Lonza Group A.G. (Registered) | 3823 | 2353 |
| SGS S.A. (Registered) | 7891 | 783 |
| SIG Group A.G.\* | 15905 | 294 |
| Sika A.G. (Registered) | 8162 | 1977 |
| Sonova Holding A.G. (Registered) | 2644 | 771 |
| Swiss Life Holding A.G. (Registered) | 1472 | 1341 |
| Swiss Prime Site A.G. (Registered) | 4322 | 531 |
| Swisscom A.G. (Registered) | 1303 | 750 |
| Temenos A.G. (Registered) | 3025 | 235 |
| VAT Group A.G. | 1487 | 537 |
| Zurich Insurance Group A.G. | 7711 | 5379 |
|  |  | **27537** |
| **United Kingdom – 3.4%** | **United Kingdom – 3.4%** | **United Kingdom – 3.4%** |
| 3i Group PLC | 50531 | 2367 |
| Admiral Group PLC | 13901 | 514 |
| Ashtead Group PLC | 22816 | 1232 |
| Associated British Foods PLC | 18361 | 454 |
| AstraZeneca PLC | 81278 | 11878 |
| Auto Trader Group PLC | 47657 | 460 |
| Aviva PLC | 139257 | 1004 |
| Barratt Redrow PLC | 67221 | 370 |
| BT Group PLC | 334626 | 719 |
| Bunzl PLC | 17305 | 663 |
| Coca-Cola Europacific Partners PLC | 10795 | 939 |
| Croda International PLC | 6037 | 229 |
| DCC PLC | 5169 | 345 |
| HSBC Holdings PLC | 935442 | 10607 |
| Informa PLC | 70748 | 708 |
| Intertek Group PLC | 8601 | 557 |
| J Sainsbury PLC | 89164 | 271 |
| Kingfisher PLC | 94297 | 310 |
| Land Securities Group PLC | 31123 | 221 |
| Legal & General Group PLC | 293539 | 926 |
| Lloyds Banking Group PLC | 3172671 | 2968 |
| M&G PLC | 138399 | 357 |
| National Grid PLC | 257964 | 3361 |
| Phoenix Group Holdings PLC | 39322 | 291 |
| Reckitt Benckiser Group PLC | 35956 | 2430 |
| RELX PLC | 96535 | 4849 |
| Rentokil Initial PLC | 138516 | 626 |
| Sage Group (The) PLC | 51690 | 807 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **199** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND**<sup>†</sup> **continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **United Kingdom – 3.4%continued** | **United Kingdom – 3.4%continued** | **United Kingdom – 3.4%continued** |
| Schroders PLC | 48182 | $218 |
| Segro PLC | 74491 | 665 |
| Smiths Group PLC | 18160 | 455 |
| Spirax Group PLC | 3859 | 311 |
| Tesco PLC | 354766 | 1524 |
| Unilever PLC | 130892 | 7798 |
| Vodafone Group PLC | 1033345 | 967 |
| Whitbread PLC | 10826 | 344 |
| WPP PLC | 55576 | 420 |
|  |  | **63165** |
| **United States – 71.3%** | **United States – 71.3%** | **United States – 71.3%** |
| 3M Co. | 28459 | 4179 |
| Adobe, Inc.\* | 22856 | 8766 |
| Advanced Micro Devices, Inc.\* | 85100 | 8743 |
| Aflac, Inc. | 27357 | 3042 |
| Agilent Technologies, Inc. | 14881 | 1741 |
| Air Products and Chemicals, Inc. | 11947 | 3523 |
| Akamai Technologies, Inc.\* | 8068 | 649 |
| Albertsons Cos., Inc., Class A | 20468 | 450 |
| Alcon A.G. | 26239 | 2477 |
| Align Technology, Inc.\* | 3607 | 573 |
| Allegion PLC | 4599 | 600 |
| Allstate (The) Corp. | 14106 | 2921 |
| Ally Financial, Inc. | 14514 | 529 |
| Alphabet, Inc., Class A | 306234 | 47356 |
| Alphabet, Inc., Class C | 261965 | 40927 |
| American Express Co. | 29407 | 7912 |
| American Tower Corp. | 24496 | 5330 |
| American Water Works Co., Inc. | 10228 | 1509 |
| Ameriprise Financial, Inc. | 5074 | 2456 |
| Amgen, Inc. | 28236 | 8797 |
| Annaly Capital Management, Inc. | 28831 | 586 |
| ANSYS, Inc.\* | 4737 | 1500 |
| Applied Materials, Inc. | 43111 | 6256 |
| Arch Capital Group Ltd. | 20034 | 1927 |
| Assurant, Inc. | 2712 | 569 |
| Atlassian Corp., Class A\* | 8471 | 1798 |
| Atmos Energy Corp. | 8282 | 1280 |
| Autodesk, Inc.\* | 11312 | 2961 |
| Automatic Data Processing, Inc. | 21313 | 6512 |
| AutoZone, Inc.\* | 891 | 3397 |
| Avantor, Inc.\* | 37517 | 608 |
| Avery Dennison Corp. | 4116 | 733 |
| Axon Enterprise, Inc.\* | 3809 | 2003 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **United States – 71.3%continued** | **United States – 71.3%continued** | **United States – 71.3%continued** |
| Baker Hughes Co. | 51633 | $2269 |
| Ball Corp. | 15177 | 790 |
| Bank of New York Mellon (The) Corp. | 37604 | 3154 |
| Best Buy Co., Inc. | 10943 | 806 |
| Biogen, Inc.\* | 7465 | 1022 |
| Bio-Techne Corp. | 8065 | 473 |
| Blackrock, Inc. | 7701 | 7289 |
| Booking Holdings, Inc. | 1742 | 8025 |
| Bristol-Myers Squibb Co. | 107602 | 6563 |
| Broadridge Financial Solutions, Inc. | 6019 | 1459 |
| Bunge Global S.A. | 7378 | 564 |
| Burlington Stores, Inc.\* | 3407 | 812 |
| BXP, Inc. | 7685 | 516 |
| C.H. Robinson Worldwide, Inc. | 6358 | 651 |
| Cadence Design Systems, Inc.\* | 14421 | 3668 |
| Capital One Financial Corp. | 20072 | 3599 |
| CarMax, Inc.\* | 8322 | 648 |
| Carrier Global Corp. | 42249 | 2679 |
| Caterpillar, Inc. | 25301 | 8344 |
| Cboe Global Markets, Inc. | 5530 | 1251 |
| CBRE Group, Inc., Class A\* | 15794 | 2066 |
| Cencora, Inc. | 9034 | 2512 |
| Charles Schwab (The) Corp. | 90262 | 7066 |
| Charter Communications, Inc., Class A\* | 4925 | 1815 |
| Cheniere Energy, Inc. | 11830 | 2737 |
| Church & Dwight Co., Inc. | 12909 | 1421 |
| Cigna Group (The) | 14595 | 4802 |
| Cintas Corp. | 19240 | 3954 |
| Citizens Financial Group, Inc. | 23075 | 945 |
| Clorox (The) Co. | 6561 | 966 |
| CMS Energy Corp. | 15207 | 1142 |
| CNH Industrial N.V. | 45366 | 557 |
| Coca-Cola (The) Co. | 214474 | 15361 |
| Colgate-Palmolive Co. | 41191 | 3860 |
| Comcast Corp., Class A | 200855 | 7412 |
| Conagra Brands, Inc. | 23686 | 632 |
| Consolidated Edison, Inc. | 18190 | 2012 |
| Cooper (The) Cos., Inc.\* | 10454 | 882 |
| CRH PLC | 35604 | 3132 |
| Crown Castle, Inc. | 22861 | 2383 |
| CSL Ltd. | 25193 | 3941 |
| CSX Corp. | 101292 | 2981 |
| Cummins, Inc. | 7255 | 2274 |
| D.R. Horton, Inc. | 14978 | 1904 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **200** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **United States – 71.3%continued** | **United States – 71.3%continued** | **United States – 71.3%continued** |
| Danaher Corp. | 34075 | $6985 |
| Darden Restaurants, Inc. | 6176 | 1283 |
| DaVita, Inc.\* | 2468 | 378 |
| Dayforce, Inc.\* | 7699 | 449 |
| Deckers Outdoor Corp.\* | 8026 | 897 |
| Deere & Co. | 13714 | 6437 |
| Delta Air Lines, Inc. | 7770 | 339 |
| Dexcom, Inc.\* | 20405 | 1393 |
| Dick's Sporting Goods, Inc. | 3067 | 618 |
| Digital Realty Trust, Inc. | 17370 | 2489 |
| Discover Financial Services | 13193 | 2252 |
| Docusign, Inc.\* | 10724 | 873 |
| Dollar General Corp. | 11589 | 1019 |
| Domino's Pizza, Inc. | 1805 | 829 |
| DoorDash, Inc., Class A\* | 18377 | 3359 |
| Dover Corp. | 7010 | 1232 |
| Eaton Corp. PLC | 20695 | 5626 |
| eBay, Inc. | 24859 | 1684 |
| Ecolab, Inc. | 13481 | 3418 |
| Edison International | 20156 | 1188 |
| Edwards Lifesciences Corp.\* | 30773 | 2230 |
| Electronic Arts, Inc. | 12940 | 1870 |
| Elevance Health, Inc. | 12177 | 5296 |
| Eli Lilly & Co. | 42366 | 34990 |
| EMCOR Group, Inc. | 2357 | 871 |
| Equinix, Inc. | 5076 | 4139 |
| Equitable Holdings, Inc. | 16016 | 834 |
| Essential Utilities, Inc. | 13395 | 529 |
| Estee Lauder (The) Cos., Inc., Class A | 12269 | 810 |
| Eversource Energy | 19421 | 1206 |
| Exelon Corp. | 52806 | 2433 |
| &nbsp;&nbsp; Expeditors International of Washington, <br> Inc.<br>| 7306 | 879 |
| FactSet Research Systems, Inc. | 2004 | 911 |
| Fair Isaac Corp.\* | 1279 | 2359 |
| Ferguson Enterprises, Inc. | 10693 | 1713 |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.<br>| 28217 | 2107 |
| First Solar, Inc.\* | 5296 | 670 |
| Fiserv, Inc.\* | 29727 | 6565 |
| Fortive Corp. | 17856 | 1307 |
| Fortune Brands Innovations, Inc. | 6584 | 401 |
| Fox Corp., Class A | 12063 | 683 |
| Fox Corp., Class B | 6954 | 367 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **United States – 71.3%continued** | **United States – 71.3%continued** | **United States – 71.3%continued** |
| Franklin Resources, Inc. | 14666 | $282 |
| Gartner, Inc.\* | 4068 | 1707 |
| GE HealthCare Technologies, Inc. | 24257 | 1958 |
| Gen Digital, Inc. | 29585 | 785 |
| General Electric Co. | 56777 | 11364 |
| General Mills, Inc. | 28897 | 1728 |
| Genuine Parts Co. | 7102 | 846 |
| Gilead Sciences, Inc. | 66082 | 7404 |
| Graco, Inc. | 9251 | 773 |
| Halliburton Co. | 45912 | 1165 |
| Hartford Insurance Group (The), Inc. | 14897 | 1843 |
| HCA Healthcare, Inc. | 10076 | 3482 |
| Healthpeak Properties, Inc. | 36757 | 743 |
| Hewlett Packard Enterprise Co. | 68078 | 1050 |
| Hilton Worldwide Holdings, Inc. | 12790 | 2910 |
| Hologic, Inc.\* | 11825 | 730 |
| Home Depot (The), Inc. | 52068 | 19082 |
| Hormel Foods Corp. | 14991 | 464 |
| HP, Inc. | 49208 | 1363 |
| HubSpot, Inc.\* | 2601 | 1486 |
| Humana, Inc. | 6358 | 1682 |
| Huntington Bancshares, Inc. | 77472 | 1163 |
| IDEX Corp. | 4045 | 732 |
| IDEXX Laboratories, Inc.\* | 4257 | 1788 |
| Illinois Tool Works, Inc. | 15589 | 3866 |
| Ingersoll Rand, Inc. | 20908 | 1673 |
| Insulet Corp.\* | 3702 | 972 |
| Intel Corp. | 226520 | 5144 |
| Intercontinental Exchange, Inc. | 30317 | 5230 |
| International Business Machines Corp. | 48474 | 12054 |
| International Flavors & Fragrances, Inc. | 13526 | 1050 |
| International Paper Co. | 25996 | 1387 |
| Interpublic Group of (The) Cos., Inc. | 19217 | 522 |
| Intuit, Inc. | 14719 | 9037 |
| IQVIA Holdings, Inc.\* | 9474 | 1670 |
| Iron Mountain, Inc. | 15462 | 1330 |
| J.M. Smucker (The) Co. | 5373 | 636 |
| James Hardie Industries PLC - CDI\* | 22628 | 537 |
| JB Hunt Transport Services, Inc. | 4282 | 634 |
| Johnson & Johnson | 126124 | 20916 |
| Johnson Controls International PLC | 34543 | 2767 |
| Juniper Networks, Inc. | 17225 | 623 |
| Kellanova | 14355 | 1184 |
| Kenvue, Inc. | 100769 | 2416 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **201** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND**<sup>†</sup> **continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **United States – 71.3%continued** | **United States – 71.3%continued** | **United States – 71.3%continued** |
| Keurig Dr. Pepper, Inc. | 63799 | $2183 |
| KeyCorp | 50759 | 812 |
| Keysight Technologies, Inc.\* | 9122 | 1366 |
| Kimberly-Clark Corp. | 17359 | 2469 |
| Kroger (The) Co. | 36023 | 2438 |
| Labcorp Holdings, Inc. | 4370 | 1017 |
| Lam Research Corp. | 67409 | 4901 |
| Lennox International, Inc. | 1661 | 932 |
| Linde PLC | 24947 | 11616 |
| LKQ Corp. | 13682 | 582 |
| Lowe's Cos., Inc. | 29880 | 6969 |
| LPL Financial Holdings, Inc. | 3978 | 1301 |
| Lululemon Athletica, Inc.\* | 5824 | 1649 |
| LyondellBasell Industries N.V., Class A | 13627 | 959 |
| Manhattan Associates, Inc.\* | 3261 | 564 |
| Marathon Petroleum Corp. | 16855 | 2456 |
| Marsh & McLennan Cos., Inc. | 25452 | 6211 |
| Martin Marietta Materials, Inc. | 3177 | 1519 |
| Marvell Technology, Inc. | 45373 | 2794 |
| Mastercard, Inc., Class A | 42990 | 23564 |
| McCormick & Co., Inc. (Non Voting) | 12997 | 1070 |
| McDonald's Corp. | 37517 | 11719 |
| Merck & Co., Inc. | 132788 | 11919 |
| Mettler-Toledo International, Inc.\* | 1140 | 1346 |
| Microsoft Corp. | 370808 | 139198 |
| Molina Healthcare, Inc.\* | 2971 | 979 |
| Monster Beverage Corp.\* | 38205 | 2236 |
| Moody's Corp. | 8740 | 4070 |
| Morgan Stanley | 63911 | 7456 |
| Nasdaq, Inc.<sup>(4)</sup> <br>| 22366 | 1697 |
| NetApp, Inc. | 10625 | 933 |
| Neurocrine Biosciences, Inc.\* | 5327 | 589 |
| Newmont Corp. | 59931 | 2893 |
| NIKE, Inc., Class B | 61872 | 3928 |
| NiSource, Inc. | 23054 | 924 |
| Northern Trust Corp.<sup>(4)</sup> <br>| 10880 | 1073 |
| Novartis A.G. (Registered) | 103027 | 11460 |
| NRG Energy, Inc. | 10685 | 1020 |
| Nucor Corp. | 12237 | 1473 |
| NVIDIA Corp. | 1285772 | 139352 |
| NVR, Inc.\* | 166 | 1203 |
| Old Dominion Freight Line, Inc. | 9904 | 1639 |
| Omnicom Group, Inc. | 9943 | 824 |
| ONEOK, Inc. | 32465 | 3221 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **United States – 71.3%continued** | **United States – 71.3%continued** | **United States – 71.3%continued** |
| O'Reilly Automotive, Inc.\* | 3036 | $4349 |
| Owens Corning | 4617 | 659 |
| Palo Alto Networks, Inc.\* | 34776 | 5934 |
| Paychex, Inc. | 17115 | 2640 |
| PayPal Holdings, Inc.\* | 49960 | 3260 |
| Pentair PLC | 8585 | 751 |
| PepsiCo, Inc. | 71942 | 10787 |
| Phillips 66 | 21566 | 2663 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.<br>| 20798 | 3656 |
| Pool Corp. | 2091 | 666 |
| PPG Industries, Inc. | 12099 | 1323 |
| Principal Financial Group, Inc. | 12002 | 1013 |
| Procter & Gamble (The) Co. | 123416 | 21033 |
| Progressive (The) Corp. | 30645 | 8673 |
| Prologis, Inc. | 48530 | 5425 |
| Prudential Financial, Inc. | 18602 | 2077 |
| PTC, Inc.\* | 6364 | 986 |
| PulteGroup, Inc. | 10586 | 1088 |
| QIAGEN NV\* | 11313 | 449 |
| Quanta Services, Inc. | 7821 | 1988 |
| Quest Diagnostics, Inc. | 5843 | 989 |
| Raymond James Financial, Inc. | 10113 | 1405 |
| Regions Financial Corp. | 48338 | 1050 |
| Rivian Automotive, Inc., Class A\* | 37986 | 473 |
| Rockwell Automation, Inc. | 5856 | 1513 |
| Royal Caribbean Cruises Ltd. | 13306 | 2734 |
| S&P Global, Inc. | 16595 | 8432 |
| Salesforce, Inc. | 50175 | 13465 |
| SBA Communications Corp. | 5534 | 1218 |
| Schlumberger N.V. | 74645 | 3120 |
| Schneider Electric S.E. | 28615 | 6624 |
| Seagate Technology Holdings PLC | 11036 | 938 |
| Sempra | 33584 | 2397 |
| ServiceNow, Inc.\* | 10924 | 8697 |
| Smurfit WestRock PLC | 14243 | 642 |
| Smurfit WestRock PLC | 13746 | 617 |
| Solventum Corp.\* | 8071 | 614 |
| Spotify Technology S.A.\* | 8069 | 4438 |
| State Street Corp. | 15313 | 1371 |
| Steel Dynamics, Inc. | 7725 | 966 |
| STERIS PLC | 5153 | 1168 |
| Swiss Re A.G. | 15721 | 2669 |
| Synchrony Financial | 20124 | 1065 |

---

*See Notes to the Financial Statements.* 

EQUITY FUNDS **202** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **United States – 71.3%continued** | **United States – 71.3%continued** | **United States – 71.3%continued** |
| Synopsys, Inc.\* | 8200 | $3517 |
| Sysco Corp. | 25624 | 1923 |
| T. Rowe Price Group, Inc. | 11510 | 1057 |
| Take-Two Interactive Software, Inc.\* | 9124 | 1891 |
| Targa Resources Corp. | 10892 | 2184 |
| Target Corp. | 24026 | 2507 |
| Tesla, Inc.\* | 151681 | 39310 |
| Texas Instruments, Inc. | 47802 | 8590 |
| The Campbell's Company | 11145 | 445 |
| TJX (The) Cos., Inc. | 58382 | 7111 |
| Tractor Supply Co. | 28655 | 1579 |
| Trane Technologies PLC | 11735 | 3954 |
| TransUnion | 10211 | 847 |
| Travelers (The) Cos., Inc. | 12080 | 3195 |
| Trimble, Inc.\* | 13221 | 868 |
| Truist Financial Corp. | 69438 | 2857 |
| Twilio, Inc., Class A\* | 7814 | 765 |
| U.S. Bancorp | 81651 | 3447 |
| Ulta Beauty, Inc.\* | 2387 | 875 |
| Union Pacific Corp. | 32093 | 7582 |
| United Parcel Service, Inc., Class B | 38310 | 4214 |
| United Rentals, Inc. | 3430 | 2150 |
| Valero Energy Corp. | 16501 | 2179 |
| Veralto Corp. | 13009 | 1268 |
| Verizon Communications, Inc. | 221226 | 10035 |
| Visa, Inc., Class A | 90672 | 31777 |
| W.W. Grainger, Inc. | 2307 | 2279 |
| Walgreens Boots Alliance, Inc. | 39866 | 445 |
| Walt Disney (The) Co. | 94980 | 9375 |
| Waters Corp.\* | 3207 | 1182 |
| Welltower, Inc. | 32811 | 5027 |
| West Pharmaceutical Services, Inc. | 3799 | 851 |
| Western Digital Corp.\* | 18343 | 742 |
| Weyerhaeuser Co. | 39019 | 1142 |
| Williams (The) Cos., Inc. | 63985 | 3824 |
| Williams-Sonoma, Inc. | 6522 | 1031 |
| Willis Towers Watson PLC | 5404 | 1826 |
| Workday, Inc., Class A\* | 11341 | 2648 |
| Xylem, Inc. | 12621 | 1508 |
| Yum! Brands, Inc. | 14540 | 2288 |
| Zimmer Biomet Holdings, Inc. | 10561 | 1195 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  | **COMMON STOCKS – 97.6%** <sup>(1)</sup>**continued**  |
| **United States – 71.3%continued** | **United States – 71.3%continued** | **United States – 71.3%continued** |
| Zoetis, Inc. | 23634 | $3891 |
| Zscaler, Inc.\* | 5256 | 1043 |
|  |  | **1331018** |
| **Total Common Stocks** |  |  |
| **(Cost $1,134,535)** |  | **1821396** |
| **PREFERRED STOCKS – 0.1%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.1%** <sup>(1)</sup> | **PREFERRED STOCKS – 0.1%** <sup>(1)</sup> |
| **Germany – 0.1%** | **Germany – 0.1%** | **Germany – 0.1%** |
| Henkel A.G. & Co. KGaA, 2.78%<sup>(5)</sup> <br>| 8381 | 666 |
| Sartorius A.G., 0.35%<sup>(5)</sup> <br>| 1424 | 330 |
|  |  | **996** |
| **Total Preferred Stocks** |  |  |
| **(Cost $974)** |  | **996** |
| **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  | **RIGHTS – 0.0%**  |
| **United States – 0.0%** | **United States – 0.0%** | **United States – 0.0%** |
| &nbsp;&nbsp; ABIOMED, Inc. (Contingent Value <br> Rights)<sup>(3) \*</sup> <br>| 2380 | **—** |
| **Total Rights** |  |  |
| **(Cost $—)** |  | **—** |
| **INVESTMENT COMPANIES – 1.8%**  | **INVESTMENT COMPANIES – 1.8%**  | **INVESTMENT COMPANIES – 1.8%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(6) (7)</sup> <br>| 33983890 | 33984 |
| **Total Investment Companies** |  |  |
| **(Cost $33,984)** |  | **33984** |
| **Total Investments – 99.5%** |  |  |
| **(Cost $1,169,493)** |  | **1856376** |
| Other Assets less Liabilities – 0.5% |  | 10113 |
| **Net Assets – 100.0%** |  | **$1866489** |

---

<sup>(1)</sup> *Adjustment factors obtained from an independent evaluation service were* *used to determine the value of certain foreign securities.* 

<sup>(2)</sup> *Value rounds to less than one thousand.*

<sup>(3)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(4)</sup> *Investment in affiliate.*

<sup>(5)</sup> *Current yield is disclosed. Dividends are calculated based on a percentage* *of the issuer's net income.* 

<sup>(6)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(7)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

*\** *Non-Income Producing Security*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **203** EQUITY FUNDS

------

**Schedule of Investments** <br>

**WORLD SELECTION INDEX FUND**<sup>†</sup> **continued** <br>

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| CDI – CREST Depository Interest |
| FTSE – Financial Times Stock Exchange |
| REIT – Real Estate Investment Trust |
| S&P – Standard & Poor's |
| SPI – Standardized Precipitation Index |

---

*† Formerly known as the Global Sustainability Index Fund.*

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Bank of Montreal | Australian <br> Dollar<br>| 331 | United States <br> Dollar<br>| 208 | 6/18/25 | $1 |
| Bank of Montreal | Hong Kong <br> Dollar<br>| 1381 | United States <br> Dollar<br>| 178 | 6/18/25 | —\* |
| Barclays | Euro | 1000 | United States <br> Dollar<br>| 1098 | 6/18/25 | 11 |
| Citibank | Swiss Franc | 832 | United States <br> Dollar<br>| 953 | 6/18/25 | 5 |
| Morgan Stanley | Canadian <br> Dollar<br>| 700 | United States <br> Dollar<br>| 492 | 6/18/25 | 4 |
| Morgan Stanley | United States <br> Dollar<br>| 759 | Euro | 700 | 6/18/25 | 1 |
| Morgan Stanley | United States <br> Dollar<br>| 1116 | Japanese Yen | 167000 | 6/18/25 | 8 |
| Morgan Stanley | United States <br> Dollar<br>| 117 | Swedish Krona | 1182 | 6/18/25 | 1 |
| Toronto-Dominion <br> Bank<br>| Australian <br> Dollar<br>| 400 | United States <br> Dollar<br>| 256 | 6/18/25 | 6 |
| Toronto-Dominion <br> Bank<br>| British Pound | 400 | United States <br> Dollar<br>| 520 | 6/18/25 | 3 |
| Toronto-Dominion <br> Bank<br>| Japanese Yen | 135000 | United States <br> Dollar<br>| 914 | 6/18/25 | 6 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 46 |
| Bank of Montreal | United States <br> Dollar<br>| 388 | Australian <br> Dollar<br>| 610 | 6/18/25 | (6)<br>|
| Bank of Montreal | United States <br> Dollar<br>| 388 | British Pound | 300 | 6/18/25 | (—)\*<br>|
| Bank of Montreal | United States <br> Dollar<br>| 404 | Canadian <br> Dollar<br>| 579 | 6/18/25 | (—)\*<br>|
| Bank of Montreal | United States <br> Dollar<br>| 69 | Euro | 64 | 6/18/25 | (—)\*<br>|
| Bank of Montreal | United States <br> Dollar<br>| 689 | Swiss Franc | 600 | 6/18/25 | (5)<br>|
| JPMorgan Chase | Japanese Yen | 196200 | United States <br> Dollar<br>| 1317 | 6/18/25 | (3)<br>|
| Morgan Stanley | United States <br> Dollar<br>| 126 | Australian <br> Dollar<br>| 200 | 6/18/25 | (1)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Morgan Stanley | United States <br> Dollar<br>| 1063 | British Pound | 820 | 6/18/25 | $(4)<br>|
| Morgan Stanley | United States <br> Dollar<br>| 948 | Canadian <br> Dollar<br>| 1350 | 6/18/25 | (6)<br>|
| Morgan Stanley | United States <br> Dollar<br>| 1634 | Euro | 1490 | 6/18/25 | (16)<br>|
| Morgan Stanley | United States <br> Dollar<br>| 2075 | Japanese Yen | 305610 | 6/18/25 | (20)<br>|
| UBS | United States <br> Dollar<br>| 191 | Danish Krone | 1306 | 6/18/25 | (1)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | (62)<br>|
| Total |  |  |  |  |  | $(16)<br>|

---

*\** *Amount rounds to less than one thousand.*

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; E-Mini S&P <br> 500<br> (United States <br> Dollar)<br>| 116 | $32789 | Long | 6/25 | $(130)<br>|
| &nbsp;&nbsp; Euro Stoxx 50 <br> (Euro)<br>| 82 | 4601 | Long | 6/25 | (134)<br>|
| &nbsp;&nbsp; FTSE 100 <br> Index (British <br> Pound)<br>| 13 | 1443 | Long | 6/25 | (13)<br>|
| &nbsp;&nbsp; S&P/TSX 60 <br> Index <br> (Canadian <br> Dollar)<br>| 2 | 416 | Long | 6/25 | (—)\*<br>|
| &nbsp;&nbsp; SPI 200 Index <br> (Australian <br> Dollar)<br>| 8 | 984 | Long | 6/25 | (9)<br>|
| &nbsp;&nbsp; Topix Index <br> (Japanese <br> Yen)<br>| 15 | 2662 | Long | 6/25 | (63)<br>|
| Total |  |  |  |  | $(349)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.* 

*\** *Amount rounds to less than one thousand.*

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2025 using adjustment factors designed to reflect more accurately the

*See Notes to the Financial Statements.* 

EQUITY FUNDS **204** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $6542 | &nbsp;&nbsp; $291 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6833 |
| Canada | &nbsp;&nbsp; 58473 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58473 |
| Chile | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 800 |
| China | &nbsp;&nbsp; 2570 | &nbsp;&nbsp; 3331 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5901 |
| &nbsp;&nbsp; Congo, The Democ. <br> Rep. of<br>| &nbsp;&nbsp; 310 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 310 |
| Ireland | &nbsp;&nbsp; 11305 | &nbsp;&nbsp; 1513 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12818 |
| Jersey | &nbsp;&nbsp; 745 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 745 |
| Singapore | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 4923 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5481 |
| United Kingdom | &nbsp;&nbsp; 939 | &nbsp;&nbsp; 62226 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63165 |
| United States | &nbsp;&nbsp; 1302244 | &nbsp;&nbsp; 28774 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1331018 |
| All Other Countries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 335852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 335852 |
| Total Common Stocks | &nbsp;&nbsp; 1384030 | &nbsp;&nbsp; 437366 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1821396 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 996 | &nbsp;&nbsp; — | &nbsp;&nbsp; 996 |
| Investment Companies | &nbsp;&nbsp; 33984 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33984 |
| Total Investments | &nbsp;&nbsp; $1418014 | &nbsp;&nbsp; $438362 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1856376 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $46 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign <br> Currency Exchange <br> Contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (62)<br>|
| Futures Contracts | &nbsp;&nbsp; (349)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (349)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(349)<br>| &nbsp;&nbsp; $(16)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(365)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **205** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION** 

Northern Funds (the "Trust") is a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust offers 37 funds as of March 31, 2025, each with its own investment objective (e.g., long-term capital appreciation, total return or income consistent with preservation of capital). The Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, Global Tactical Asset Allocation, Income Equity, International Equity, International Equity Index, Large Cap Core, Large Cap Value, Mid Cap Index, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate, Small Cap Core, Small Cap Index, Small Cap Value, Stock Index, U.S. Quality ESG and World Selection Index (formerly known as Global Sustainability Index) Funds (each a "Fund" and collectively, the "Funds") are separate, diversified investment portfolios of the Trust. Each of the Funds is presented herein.

The Global Tactical Asset Allocation Fund seeks to provide long-term capital appreciation and current income by investing primarily in shares of a combination of underlying mutual funds and exchange-traded funds ("ETFs"), including mutual funds and ETFs for which Northern Trust Investments, Inc. ("NTI"), the Fund's investment adviser, or an affiliate acts as investment adviser (collectively, the "Underlying Funds"), and other securities and investments not issued by mutual funds. References to the "Fund" or "Funds" herein may include references to the "Underlying Funds", as applicable.

Except for the Small Cap Core, U.S. Quality ESG and World Selection Index Funds, each Fund is authorized to issue one class of shares designated as the "Shares" class. The Small Cap Core, U.S. Quality ESG and World Selection Index Funds are authorized to issue two classes of shares designated as Class K shares and Class I shares.

NTI, an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser and administrator for the Funds. The Northern Trust Company ("Northern Trust"), an affiliate of NTI, serves as transfer agent, custodian and sub-administrator to the Funds. Northern Funds Distributors, LLC, not an affiliate of NTI, is the Trust's distributor.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The Trust, which is an investment company, follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services-Investment Companies.* 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements

in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

The net asset value ("NAV") of each class of each Fund is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), generally 3:00 P.M. Central Time, on each day the NYSE is open for trading.

**A) VALUATION OF SECURITIES AND DERIVATIVE CONTRACTS** 

Securities are valued at their fair value. Securities traded on United States ("U.S.") securities exchanges or in the NASDAQ National Market System are principally valued at the last quoted sale price, or the official closing price (generally, 3:00 P.M. Central Time) on the exchange or market in which such securities are principally traded. If any such security is not traded on a valuation date, it is valued at the most recent quoted bid price. Over-the-counter securities not reported in the NASDAQ National Market System are also generally valued at the most recent quoted bid price. Fixed income securities, however, may be valued on the basis of evaluated prices provided by the Funds' approved independent third-party pricing services when such prices are believed to reflect the fair value of such securities or broker provided prices. Such prices may be determined by taking into account other similar securities' prices, yields, maturities, call features, ratings, institutional size trading in similar groups of securities and developments related to specific securities.

The values of securities of foreign issuers are generally based upon market quotations, which depending upon local convention or regulation, may be the last sale price, the last bid price or the mean between the last bid and asked price as of, in each case, the close of the appropriate exchange. Foreign fixed income securities, however, may, like domestic fixed income securities, be valued based on evaluated prices provided by independent pricing services when such prices are believed to reflect the fair value of such securities.

Shares of open-end investment companies, other than exchange-traded funds, are valued at their closing NAV. Shares of closed-end funds and exchange-traded funds are valued at their closing market price. Spot and forward foreign currency exchange contracts are generally valued using an independent pricing service. Exchange-traded futures and options are valued at the settlement price as established each day by the exchange on which they are traded. The foregoing prices may be obtained from one or more independent pricing services or, as needed or applicable, independent broker-dealers. Short-term investments with a maturity of 60 days or less are valued at their amortized cost.

The Board of Trustees ("Board") has designated NTI as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to any or all Fund

EQUITY FUNDS **206** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2025** <br>

investments. Accordingly, any securities for which market quotations are not readily available or for which the available price has been determined to not represent a reliable, current market value are valued at fair value as determined in good faith by NTI. The Board oversees NTI in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. NTI, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of fair values normally used on behalf of a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance and U.S. GAAP. This may occur particularly with respect to certain foreign equity securities held by a Fund, in which case NTI may use adjustment factors obtained from an independent fair value pricing service that are intended to reflect more accurately the fair value of those securities as of the time the Fund's NAV is calculated.

The use of fair valuation involves the risk that the values used by NTI to price a Fund's investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

**B) FUTURES CONTRACTS** Certain Funds invest in long or short exchange-traded futures contracts for hedging purposes, to increase total return or to seek exposure to certain countries or currencies or to maintain liquidity to meet potential shareholder redemptions, to invest cash balances or dividends or to minimize trading costs. When used as a hedge, a Fund may sell a futures contract in order to offset a decrease in the fair value of its portfolio securities that might otherwise result from a market decline. A Fund may do so either to hedge the value of its portfolio securities as a whole, or to protect against declines occurring prior to sales of securities in the value of the securities to be sold. Conversely, a Fund may purchase a futures contract as a hedge in anticipation of purchases of securities. In addition, a Fund may utilize futures contracts in anticipation of changes in the composition of its portfolio holdings. A Fund bears the market risk arising from changes in the value of these financial instruments. At the time a Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian of a specified amount of liquid assets. Futures are marked-to-market each day with the change in value reflected in the unrealized gains or losses. Risk may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. The Statements of Operations include any realized gains or losses on closed futures contracts in Net realized gains (losses) on futures contracts, and any unrealized gains or losses on open futures contracts in Net change in unrealized appreciation (depreciation) on futures contracts. Further information on the impact of these positions, if any, on the Funds' financial statements can be found in Note 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C) OPTIONS CONTRACTS** Certain Funds buy put options and call options and write covered call options and secured put options for hedging purposes or to earn additional income. When used as a hedge, a Fund may enter into option contracts in order to hedge against adverse price movements of securities which a Fund intends to trade upon. These options may relate to particular securities, foreign and domestic securities indices, financial instruments or foreign currencies. The gains or losses on purchased options contracts are included with Net realized and unrealized gains (losses) on investments on the Statements of Operations. The gains or losses on written options contracts are included with Net realized and unrealized gains (losses) on options written on the Statements of Operations, if applicable.

The risks associated with purchasing an option include risk of loss of premium, change in fair value and counterparty nonperformance under the contract. Credit risk is mitigated to the extent that the exchange on which a particular options contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. Put and call options purchased are accounted for in the same manner as Fund securities.

The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

In writing an option, a Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by a Fund could result in a Fund selling or buying a security or currency at a price different from the current fair value. Further information on the impact of these positions on the Funds' financial statements can be found in Note 10.

**D) FOREIGN CURRENCY TRANSLATION** Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot rates on the NYSE, generally at 3:00 P.M. Central Time. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot rates on the NYSE, generally at 3:00 P.M. Central Time. The gains or losses, if any, on investments from the original purchase date to subsequent sales trade date resulting from changes in foreign exchange rates are included in the Statements of Operations in Net realized gains (losses) on investments and Net change in unrealized appreciation (depreciation) on investments. The gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies and between the trade and settlement dates on investment transactions are included in Net realized gains (losses) on foreign currency transactions and Net change in unrealized appreciation (depreciation) on foreign currency translations in the Statements of Operations.

NORTHERN FUNDS ANNUAL REPORT **207** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E) FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** 

Certain Funds and certain of the Underlying Funds for the Global Tactical Asset Allocation Fund may enter into forward foreign currency exchange contracts for hedging and/or speculative purposes. The objective of a Fund's foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund's foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. All forward foreign currency exchange contracts are "marked-to-market" daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. Gains or losses are recorded for financial statement purposes as unrealized until the settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign currency exchange contracts in the Statements of Operations.

Forward foreign currency exchange contracts are privately negotiated transactions, and can have substantial price volatility. As a result, these contracts offer less protection against default by the other party than is available for instruments traded on an exchange. When used for hedging purposes, forward foreign currency exchange contracts tend to limit any potential gain that may be realized if the value of the Fund's or an Underlying Fund's foreign holdings increase because of currency fluctuations. When used for speculative purposes, the contracts may result in additional losses that are not otherwise related to the changes in value of the securities held by a Fund or an Underlying Fund. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The Funds bear the market risk from changes in foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity. Further information on the impact of these positions on the Funds' financial statements can be found in Note 10.

**F) INVESTMENT TRANSACTIONS AND INCOME** Investment transactions are recorded as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes amortization of premiums and accretion of discounts using the effective yield method. The interest rates reflected in the Schedules of Investments represent either the stated coupon rate, annualized yield on the date of purchase for discount notes, the current reset rate for floating rate securities, the 7-day yield for money market funds or, for interest-only or principal-only securities, the current

effective yield. Cost of investments includes amortization of premiums and accretion of discounts, if any. Dividend income, if any, is recognized on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, or as soon as the information is available. Other non-cash dividends are recognized as investment income at the fair value of the property received. Distributions received from a Fund's investments in real estate investment trusts ("REITs") are comprised of return of capital, capital gains and income. The actual character of the amounts received during the year is not known until the fiscal year-end. A Fund records the character of distributions received from the REITs during the year based on estimates available. A Fund's characterization may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

The Funds allocate all income and realized and unrealized gains or losses on a daily basis to each class of shares based upon the relative proportion of the value of shares outstanding of each class, if applicable.

**G) EXPENSES** Each Fund is charged for those expenses that are directly attributable to that Fund. Expenses arising in connection with a specific class of shares are charged to that class of shares. Expenses incurred which do not specifically relate to an individual Fund generally are allocated among all funds in the Trust in proportion to each Fund's relative net assets. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds. Expenses are recognized on an accrual basis.

**H) REDEMPTION FEES** The Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate and World Selection Index Funds charge a 2 percent redemption fee on the redemption of shares (including by exchange) held for 30 days or less. For the purpose of applying the fee, the Funds use a first-in, first-out ("FIFO") method so that shares held longest are treated as being redeemed first and shares held shortest are treated as being redeemed last. The redemption fee is paid to the Fund from which the redemption is made and is intended to offset the trading, market impact and other costs associated with short-term money movements in and out of the Funds. The redemption fee may be collected by deduction from the redemption proceeds or, if assessed after the redemption transaction, through a separate billing. The Funds are authorized to waive the redemption fee for certain types of redemptions as described in the Funds' prospectus.

EQUITY FUNDS **208** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2025** <br>

Redemption fees for the fiscal year ended March 31, 2025, were as follows:

---

| | |
|:---|:---|
| *Amounts in thousands*  | Redemption Fees |
| Active M International Equity | $—\* |
| Emerging Markets Equity Index | 14 |
| Global Real Estate Index | —\* |
| International Equity | —\* |
| International Equity Index | 39 |
| Multi-Manager Global Listed Infrastructure | 13 |
| World Selection Index | 26 |

---

<sup>\*</sup> *Amounts round to less than $1,000.*

Redemption fees for the fiscal year ended March 31, 2024, were as follows:

---

| | |
|:---|:---|
| *Amounts in thousands*  | Redemption Fees |
| Active M International Equity | $1 |
| Emerging Markets Equity Index | 2 |
| Global Real Estate Index | 1 |
| International Equity | —\* |
| International Equity Index | 37 |
| Multi-Manager Global Listed Infrastructure | 8 |
| World Selection Index | 3 |

---

<sup>\*</sup> *Amounts round to less than $1,000.*

The amounts described above are included in Payments for Shares Redeemed in Note 8—Capital Share Transactions. The impact from redemption fees paid to each Fund was less than $0.001 per

share for both fiscal years. There were no redemption fees paid for the fiscal year ended March 31, 2025, for the Active M Emerging Markets Equity and Multi-Manager Global Real Estate Funds, and for the fiscal year ended March 31, 2024, for the Active M Emerging Markets Equity and Multi-Manager Global Real Estate Funds.

**I) DISTRIBUTIONS TO SHAREHOLDERS** Distributions of dividends from net investment income, if any, are declared and paid as follows:

---

| | |
|:---|:---|
|  | DECLARATION AND<br> PAYMENT FREQUENCY<br>|
| Active M Emerging Markets Equity | Annually |
| Active M International Equity | Annually |
| Emerging Markets Equity Index | Annually |
| Global Real Estate Index | Quarterly |
| Global Tactical Asset Allocation | Quarterly |
| Income Equity | Monthly |
| International Equity | Annually |

---

---

| | |
|:---|:---|
|  | DECLARATION AND<br> PAYMENT FREQUENCY<br>|
| International Equity Index | Annually |
| Large Cap Core | Quarterly |
| Large Cap Value | Annually |
| Mid Cap Index | Annually |
| Multi-Manager Global Listed Infrastructure | Quarterly |
| Multi-Manager Global Real Estate | Quarterly |
| Small Cap Core | Annually |
| Small Cap Index | Annually |
| Small Cap Value | Annually |
| Stock Index | Quarterly |
| U.S. Quality ESG | Quarterly |
| World Selection Index | Annually |

---

Distributions of net realized capital gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date.

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. The timing and character of distributions determined in accordance with federal income tax regulations may differ from financial statement amounts determined in accordance with U.S. GAAP. Accordingly, the Funds may periodically make reclassifications among certain of their capital accounts to reflect differences between financial reporting and federal income tax basis distributions. The reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications primarily relate to net operating losses, redemptions as distributions, distributions in excess of sub chapter M requirements, Section 988 currency gains and losses, Passive Foreign Investment Companies ("PFICs") gains and losses, recharacterization of distributions received from investments in Master Limited Partnerships ("MLPs"), and recharacterization of dividends received from investments in REITs. These reclassifications have no impact on the net assets or the NAVs per share of the Funds. At March 31, 2025, the following reclassifications were recorded:

NORTHERN FUNDS ANNUAL REPORT **209** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | |
|:---|:---|:---|:---|
| *Amounts in thousands* | UNDISTRIBUTED<br> NET INVESTMENT<br> INCOME (LOSS)<br>| ACCUMULATED<br> UNDISTRIBUTED<br> NET REALIZED<br> GAINS (LOSSES)<br>| Capital Stock |
| &nbsp;&nbsp; Active M Emerging <br> Markets Equity<br>| $(516) | $797 | $(281) |
| &nbsp;&nbsp; Active M International <br> Equity<br>| 503 | (1607) | 1104 |
| &nbsp;&nbsp; Emerging Markets <br> Equity Index<br>| (617) | 617 | —<br> \*<br>|
| &nbsp;&nbsp; Global Real Estate <br> Index<br>| (9191) | 1633 | 7558 |
| Income Equity |  | (1014) | 1014 |
| International Equity | 1696 | (1696) |  |
| &nbsp;&nbsp; International Equity <br> Index<br>| 7128 | (7481) | 353 |
| Large Cap Core | 35 | (1057) | 1022 |
| Large Cap Value | 1 | (190) | 189 |
| Mid Cap Index |  | (7834) | 7834 |
| &nbsp;&nbsp; Multi-Manager Global <br> Listed Infrastructure<br>| (25103) | 9243 | 15860 |
| &nbsp;&nbsp; Multi-Manager Global <br> Real Estate<br>| (859) | (29) | 888 |
| Small Cap Core | 28 | (6836) | 6808 |
| Small Cap Index | 86 | (161) | 75 |
| Small Cap Value |  | (30916) | 30916 |
| Stock Index |  | (6504) | 6504 |
| U.S. Quality ESG | 112 | (706) | 594 |
| World Selection Index | (1045) | (4739) | 5784 |

---

\* *Amount rounds to less than one thousand.*

**J) FEDERAL INCOME TAXES** No provision for federal income taxes has been made since each Fund's policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute, each year, substantially all of its taxable income

and capital gains to its shareholders. Certain Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are recorded. Taxes accrued on unrealized gains are reflected as a liability on the Statements of Assets and Liabilities under the caption Deferred foreign capital gains tax payable and as a reduction in Net change in unrealized appreciation (depreciation) on investments on the Statements of Operations. When assets subject to capital gains tax are sold, accrued taxes are relieved, and the actual amount of the taxes paid is reflected on the Statements of Operations as a reduction in Net realized gains (losses) on Investments. Certain Funds seek to recover a portion of foreign withholding taxes applied to income earned in jurisdictions where favorable treaty rates for US investors are available. The portion of

such taxes believed to be recoverable, if any, is reflected as an asset on the Statements of Assets and Liabilities under the caption Receivable for foreign tax reclaims.

For the period from November 1, 2024, through the fiscal year ended March 31, 2025, the following Fund incurred net capital losses and/or late year ordinary losses for which the Fund intends to treat as having been incurred in the following fiscal year:

---

| | |
|:---|:---|
| *Amounts in thousands*  |  |
| Multi-Manager Global Listed Infrastructure | $6020 |
| Multi-Manager Global Real Estate | 9 |
| Small Cap Core | 33 |
| Small Cap Index | 27653 |
| Small Cap Value | 178 |
| Stock Index | 1916 |

---

During the fiscal year ended March 31, 2025, the Active M Emerging Markets Equity, Global Tactical Asset Allocation, International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate and U.S. Quality ESG Funds utilized approximately $13,263,000, $3,561,000, $5,259,000, $28,307,000, $8,349,000, $3,109,000 and $6,080,000, respectively, in capital loss carry forwards.

Capital losses incurred that will be carried forward indefinitely are as follows:

---

| | | |
|:---|:---|:---|
| *Amounts in thousands* | SHORT-TERM<br> CAPITAL LOSS<br> CARRYFORWARD<br>| LONG-TERM<br> CAPITAL LOSS<br> CARRYFORWARD<br>|
| Active M Emerging Markets Equity | $12660 | $— |
| Emerging Markets Equity Index | 54254 | 377209 |
| Global Real Estate Index | 3423 | 159206 |
| Global Tactical Asset Allocation | 259 | 1288 |
| International Equity | 18493 | 21429 |
| International Equity Index | 536 | 593058 |
| Multi-Manager Global Real Estate | 1595 | 2728 |

---

At March 31, 2025, the tax components of undistributed net investment income, undistributed realized gains and unrealized gains (losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | UNDISTRIBUTED | UNDISTRIBUTED |  |
| *Amounts in thousands* | ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>| UNREALIZED <br> GAINS (LOSSES)<br>|
| &nbsp;&nbsp; Active M Emerging Markets <br> Equity<br>| $217 | $— | $14534 |
| Active M International Equity | 3581 | 19192 | 73896 |
| Emerging Markets Equity Index | 9907 |  | 511118 |
| Global Real Estate Index | 3188 |  | 193489 |

---

EQUITY FUNDS **210** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2025** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | UNDISTRIBUTED | UNDISTRIBUTED |  |
| *Amounts in thousands* | ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>| UNREALIZED <br> GAINS (LOSSES)<br>|
| &nbsp;&nbsp; Global Tactical Asset <br> Allocation<br>| $242 | $— | $6889 |
| Income Equity | 1265 | 2632 | 67317 |
| International Equity | 1344 |  | 18661 |
| International Equity Index | 31552 |  | 1843525 |
| Large Cap Core | 750 | 9115 | 117055 |
| Large Cap Value | 318 | 548 | 8914 |
| Mid Cap Index | 19226 | 51419 | 537449 |
| &nbsp;&nbsp; Multi-Manager Global Listed <br> Infrastructure<br>| 974 | 9851 | 49596 |
| &nbsp;&nbsp; Multi-Manager Global Real <br> Estate<br>|  |  | 4097 |
| Small Cap Core | 67 | 11162 | 112543 |
| Small Cap Index |  |  | 317976 |
| Small Cap Value | 2791 | 46659 | 285069 |
| Stock Index | 5060 | 89550 | 10359757 |
| U.S. Quality ESG |  | 10455 | 127440 |
| World Selection Index | 6029 |  | 657816 |

---

\* *Ordinary income includes short-term capital gains, if any.*

The tax character of distributions paid during the fiscal year ended March 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands*  | ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>| RETURN<br> OF<br> CAPITAL<br>|
| Active M Emerging Markets Equity | $1199 | $— | $— |
| Active M International Equity\*\* | 12830 | 46514 |  |
| Emerging Markets Equity Index | 52272 |  |  |
| Global Real Estate Index | 30797 |  |  |
| Global Tactical Asset Allocation | 2614 |  |  |
| Income Equity\*\* | 4442 | 7601 |  |
| International Equity | 5867 |  |  |
| International Equity Index | 171276 |  |  |
| Large Cap Core\*\* | 4271 | 20991 |  |
| Large Cap Value\*\* | 2573 | 2044 |  |
| Mid Cap Index\*\* | 51614 | 134918 |  |
| &nbsp;&nbsp; Multi-Manager Global Listed <br> Infrastructure\*\*<br>| 26513 | 6864 |  |
| Multi-Manager Global Real Estate | 2720 |  | 18 |
| Small Cap Core\*\* | 6483 | 55702 |  |
| Small Cap Index | 20707 | 60553 |  |
| Small Cap Value\*\* | 10451 | 339371 |  |
| Stock Index\*\* | 215068 | 174544 |  |
| U.S. Quality ESG\*\* | 5114 | 2717 |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands*  | ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>| RETURN<br> OF<br> CAPITAL<br>|
| World Selection Index\*\* | $35318 | $68849 | $— |

---

\* *Ordinary income includes short-term capital gains, if any.*

\*\* *This amount does not include tax equalization utilized for the* *Active M International Equity, Income Equity, Large Cap* *Core, Large Cap Value, Mid Cap Index, Multi-Manager* *Global Listed Infrastructure, Small Cap Core, Small Cap* *Value, Stock Index, U.S. Quality ESG, and World Selection* *Index Funds of $1,104,000, $1,014,000, $1,022,000, $189,000,* *$7,834,000, $4,229,000, $6,808,000, $30,916,000, $6,478,000,* *$594,000 and $5,784,000, which the Funds designated as* *being distributed to shareholders on their redemption of* *shares.* 

The tax character of distributions paid during the fiscal year ended March 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands* | ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>|
| Active M Emerging Markets Equity | $2577 | $— |
| Active M International Equity | 14004 | 16337 |
| Emerging Markets Equity Index | 55030 |  |
| Global Real Estate Index\*\* | 8949 |  |
| Global Tactical Asset Allocation | 3617 |  |
| Income Equity | 3173 | 7040 |
| International Equity | 7629 |  |
| International Equity Index | 147537 |  |
| Large Cap Core | 3191 | 18376 |
| Large Cap Value | 3208 |  |
| Mid Cap Index | 31630 | 112763 |
| Multi-Manager Global Listed Infrastructure\*\* | 12646 |  |
| Multi-Manager Global Real Estate\*\* | 1191 |  |
| Small Cap Core | 10590 | 19689 |
| Small Cap Index | 17534 | 4756 |
| Small Cap Value\*\*\* | 23501 | 85490 |
| Stock Index | 179092 | 407763 |
| U.S. Quality ESG | 5056 |  |
| World Selection Index | 30975 |  |

---

\* *Ordinary income includes short-term capital gains, if any.*

\*\* *Represents the period from December 1, 2023 to March 31,* *2024.* 

\*\*\* *This amount does not include tax equalization utilized of* *$43,623,000 which the Fund designated as being distributed* *to shareholders on their redemption of shares.* 

At March 31, 2024, the Global Real Estate Index, Multi-Manager Global Listed Infrastructure and Multi-Manager Global Real Estate Funds changed their tax year-ends from November 30 to

NORTHERN FUNDS ANNUAL REPORT **211** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

March 31. Prior to March 31, 2024, the Global Real Estate Index, Multi-Manager Global Listed Infrastructure and Multi-Manager Global Real Estate Funds had a tax year-end of November 30.

Above figures may differ from those cited elsewhere in this report due to differences in the timing and amounts determined in accordance with federal income tax regulations versus financial statement amounts determined in accordance with U.S. GAAP. The final tax character of the Funds' distributions is reported on IRS Form 1099-DIV.

As of March 31, 2025, no Fund had uncertain tax positions that would require financial statement recognition or disclosure. The Funds' federal tax returns remain subject to examination by the Internal Revenue Service for three years after they are filed. Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Funds will be recorded as Interest expense and Other expenses, respectively, on the Statements of Operations.

**K) OTHER RISKS** Certain Funds may invest in emerging market securities. Additional risks are involved when a Fund invests its assets in countries with emerging economies or securities markets. These countries generally are located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central America, South America and Africa. Political and economic structures in many of these countries may lack the social, political and economic stability characteristics of more developed countries. In general, the securities markets of these countries are less liquid, subject to greater price volatility and have smaller market capitalizations. As a result, the risks presented by investments in these countries are heightened.

The Multi-Manager Global Listed Infrastructure Fund invests in MLPs. The benefits derived from the Fund's investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. If any of the MLPs held by the Fund were treated as corporations for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investments in such MLPs would be materially reduced, causing a decline in the value of the common stock. The Fund must include its allocable share of an MLP's taxable income in its reportable taxable income, whether or not it receives a distribution in cash from the MLP. In such case, the Fund may have to liquidate securities to make required distributions to shareholders.

On a daily basis a Fund may hold a cash surplus. Maintaining cash positions may also subject the Funds to additional risks, such as increased counterparty risk exposure to the custodian bank holding the assets held in cash.

**3. SERVICE PLAN** 

The Trust has adopted a Service Plan pursuant to which the Trust may enter into agreements with Northern Trust, its affiliates or other institutions (together "Service Organizations") under which

the Service Organizations agree to provide certain administrative support services and, in some cases, personal and account maintenance services for their customers, who are beneficial owners of shares of the Funds. As compensation for services provided pursuant to the Service Plan, the Service Organizations receive a fee at an annual rate of up to 0.15 percent of the average daily net assets of the Shares class or Class I shares of the Funds, as applicable, beneficially owned by their customers.

NTI has contractually agreed to limit payments of service fees from Class I shares of the Small Cap Core, U.S. Quality ESG and World Selection Index Funds to an annual rate of 0.10 percent, 0.10 percent and 0.05 percent, respectively, of the average daily net assets of the Class I shares of these Funds. There is no service fee permitted by Class K shares of the Small Cap Core, U.S. Quality ESG and World Selection Index Funds.

There were no shareholder servicing fees paid by the Funds to Northern Trust or its affiliates during the fiscal year ended March 31, 2025.

Service Plan expenses, if any, are included in the Statements of Operations under Shareholder servicing fees for the fiscal year ended March 31, 2025.

**4. BANK BORROWINGS** 

The Trust and Northern Institutional Funds, a registered investment company also advised by NTI, jointly entered into a $220,000,000 senior unsecured revolving credit facility on November 13, 2023, which is administered by Citibank, N.A., for liquidity and other purposes (the "Credit Facility"). The interest rate charged under the Credit Facility is equal to the sum of (i) the Federal Funds Rate plus (ii) if Adjusted Term Secured Overnight Financing Rate (SOFR) (but in no event less than 0 percent) on the date of borrowing exceeds such Federal Funds Rate, the amount by which it so exceeds, plus (iii) 1.00 percent per annum. In addition, there is an annual commitment fee of 0.15 percent on the average undrawn portion of the credit line under the Credit Facility, payable quarterly in arrears, which is included in Other expenses on the Statements of Operations, and on maturity or termination of the Credit Facility. The Credit Facility expired upon the approval of the New Credit Facility discussed below.

At a meeting held on August 15, 2024, the Board approved an agreement to replace the Credit Facility (as replaced, the "New Credit Facility"). The New Credit Facility is a $185,000,000 senior unsecured revolving credit facility. The interest rate charge and the terms of the annual commitment fee under the New Credit Facility are the same as they were for the Credit Facility. The New Credit Facility went into effect on November 8, 2024 and will expire on November 7, 2025, unless renewed.

EQUITY FUNDS **212** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2025** <br>

During the fiscal year ended March 31, 2025, the following Funds had borrowings with the average loan amounts on days the Fund had borrowings and weighted average interest rates as disclosed below:

---

| | | |
|:---|:---|:---|
| *Amounts in thousands* | DOLLAR<br> AMOUNT<br>| RATE |
| Global Tactical Asset Allocation | $1050 | 6.42<br> %<br>|
| Income Equity | 1100 | 5.58 |
| International Equity | 1193 | 5.55 |
| Large Cap Core | 800 | 6.42 |
| Multi-Manager Global Listed Infrastructure | 2000 | 5.41 |
| Multi-Manager Global Real Estate | 16500 | 5.83 |
| Small Cap Index | 1000 | 5.40 |
| Small Cap Value | 18800 | 5.33 |
| U.S. Quality ESG | 700 | 5.61 |
| World Selection Index | 11663 | 6.36 |

---

No other Funds had any borrowings or incurred any interest expense during the fiscal year ended March 31, 2025. No Funds had any outstanding loan amounts at March 31, 2025.

**5. MANAGEMENT AND OTHER AGREEMENTS** 

As compensation for advisory services (asset allocation services for the Global Tactical Asset Allocation Fund), administration services and the assumption of related expenses, NTI is entitled to a management fee, computed daily and payable monthly, at the annual rates set forth in the table below (expressed as a percentage of each Fund's respective average daily net assets).

With respect to the Small Cap Core, U.S. Quality ESG and World Selection Index Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses (except as further described below); (ii) service fees; (iii) the compensation paid to each Trustee of the Trust that is not an "interested person" (as defined in the 1940 Act); (iv) expenses of third party consultants engaged by the Board of Trustees; (v) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (vi) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vii) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund's or Class's operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

With respect to the Emerging Markets Equity Index, International Equity Index, Mid Cap Index, Small Cap Index, and Stock Index Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses, including any acquired fund fees and expenses, of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding extraordinary expenses. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund's or Class's operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

For all other Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses (except as further described below); (ii) the compensation paid to each Trustee of the Trust that is not an "interested person" (as defined in the 1940 Act); (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund's or Class's operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

NTI has contractually agreed to reimburse the management fees payable by each Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market mutual funds managed by NTI.

The total annual fund operating expenses after expense reimbursement for each Fund may be higher than the contractual limitation as a result of certain excepted expenses that are not reimbursed. The amount of the reimbursement, if any, is included in Less expenses reimbursed by investment adviser as a reduction to Total Expenses in the Statements of Operations.

At March 31, 2025, the annual management fees and contractual expense limitations for the Funds were based on the following annual rates as set forth in the table below.

---

| | | |
|:---|:---|:---|
|  | CONTRACTUAL | CONTRACTUAL |
|  | ANNUAL<br> MANAGEMENT FEES<br>| EXPENSE<br> LIMITATIONS<br>|
| Emerging Markets Equity Index | 0.1400<br> %<br>| 0.1549<br> %<br>|

---

NORTHERN FUNDS ANNUAL REPORT **213** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | |
|:---|:---|:---|
|  | CONTRACTUAL | CONTRACTUAL |
|  | ANNUAL<br> MANAGEMENT FEES<br>| EXPENSE<br> LIMITATIONS<br>|
| Global Real Estate Index | 0.4000<br> %<br>| 0.4700<br> %<br>|
| Global Tactical Asset Allocation | 0.2300<br> %<br>| 0.2500<br> %<br>|
| Income Equity | 0.4600<br> %<br>| 0.4800<br> %<br>|
| International Equity | 0.4700<br> %<br>| 0.4900<br> %<br>|
| International Equity Index | 0.0900<br> %<br>| 0.1049<br> %<br>|
| Large Cap Core | 0.4400<br> %<br>| 0.4500<br> %<br>|
| Large Cap Value | 0.5300<br> %<br>| 0.5500<br> %<br>|
| Mid Cap Index | 0.0900<br> %<br>| 0.1049<br> %<br>|
| Small Cap Core | 0.3800<br> %<br>| 0.4000<br> %<br>|
| Small Cap Index | 0.0900<br> %<br>| 0.1049<br> %<br>|
| Small Cap Value | 0.4500<br> %<br>| 0.5000<br> %<br>|
| Stock Index | 0.0400<br> %<br>| 0.0549<br> %<br>|
| U.S. Quality ESG | 0.3700<br> %<br>| 0.3900<br> %<br>|
| World Selection Index | 0.1800<br> %<br>| 0.2400<br> %<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CONTRACTUAL ANNUAL<br> MANAGEMENT FEES  | CONTRACTUAL ANNUAL<br> MANAGEMENT FEES  | CONTRACTUAL ANNUAL<br> MANAGEMENT FEES  | CONTRACTUAL<br> EXPENSE<br> LIMITATIONS |
|  | FIRST<br> $1 BILLION<br>| NEXT<br> $1 BILLION<br>| OVER<br> $2 BILLION<br>| CONTRACTUAL<br> EXPENSE<br> LIMITATIONS |
| &nbsp;&nbsp; Active M Emerging <br> Markets Equity<br>| 1.080<br> %<br>| 1.048<br> %<br>| 1.017<br> %<br>| 1.100<br> %<br>|
| &nbsp;&nbsp; Active M International <br> Equity<br>| 0.820<br> %<br>| 0.795<br> %<br>| 0.771<br> %<br>| 0.840<br> %<br>|
| &nbsp;&nbsp; Multi-Manager Global <br> Listed Infrastructure<br>| 0.900<br> %<br>| 0.873<br> %<br>| 0.847<br> %<br>| 0.960<br> %<br>|
| &nbsp;&nbsp; Multi-Manager Global <br> Real Estate<br>| 0.890<br> %<br>| 0.863<br> %<br>| 0.837<br> %<br>| 0.910<br> %<br>|

---

Prior to January 1, 2025, the annual management fees and contractual expense limitations for the Funds below were based on the following annual rates as set forth in the table below.

---

| | | |
|:---|:---|:---|
|  | CONTRACTUAL | CONTRACTUAL |
|  | ANNUAL<br> MANAGEMENT FEES<br>| EXPENSE<br> LIMITATIONS<br>|
| Small Cap Core | 0.4700<br> %<br>| 0.4900<br> %<br>|
| Small Cap Value | 0.9500<br> %<br>| 1.0000<br> %<br>|

---

The contractual reimbursement arrangements described above may not be terminated before July 31, 2025 without the approval of the Board of Trustees. The contractual reimbursement arrangements will continue automatically thereafter for periods of one year (each such one-year period, a "Renewal Year"). The arrangements may be terminated, as to any succeeding Renewal Year, by NTI or a Fund upon 60 days' written notice prior to the end of the current Renewal Year.

Amounts waived or reimbursed by NTI pursuant to voluntary or contractual agreements may not be recouped by NTI at any time in the future for prior fiscal years.

Pursuant to the Management Agreement with the Trust, NTI is responsible for performing and overseeing investment management services to the Funds.

The Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Listed Infrastructure and Multi-Manager Global Real Estate Funds are managed by NTI and one or more investment sub-advisers unaffiliated with NTI (each a "Sub-Adviser" and together, the "Sub-Advisers"). In addition to selecting the overall investment strategies of the Funds, NTI oversees and monitors the selection and performance of any Sub-Advisers and allocates resources among the Sub-Advisers. The Sub-Advisers manage each sub-advised Fund's investment portfolio pursuant to Sub-Advisory Agreements with NTI.

As of March 31, 2025, Axiom Investors LLC, FIAM LLC and Westwood Global Investments, LLC are the Sub-Advisers for the Active M Emerging Markets Equity Fund.

As of March 31, 2025, Causeway Capital Management LLC, Polen Capital Management, LLC, Victory Capital Management Inc., WCM Investment Management, LLC and Wellington Management Company LLP are the Sub-Advisers for the Active M International Equity Fund.

As of March 31, 2025, Cohen & Steers Capital Management, Inc., Eagle Global Advisors, LLC, First Sentier Investors (Australia) IM Ltd., KBI Global Investors (North America), Ltd. and Lazard Asset Management LLC are the Sub-Advisers for the Multi-Manager Global Listed Infrastructure Fund.

As of March 31, 2025, Janus Henderson Investors US LLC and Massachusetts Financial Services Company are the Sub-Advisers for the Multi-Manager Global Real Estate Fund.

NTI is responsible for payment of sub-advisory fees to these Sub-Advisers.

As compensation for services rendered as transfer agent, including the assumption by Northern Trust of the expenses related thereto, Northern Trust receives a fee, computed daily and payable monthly, at an annual rate of 0.0385 percent of the average daily net assets of each Fund.

NTI has entered into a sub-administration agreement with Northern Trust, pursuant to which Northern Trust performs certain administrative services for the Funds. NTI pays Northern Trust for its sub-administration services out of NTI's management fees. Northern Trust also performs certain administrative services for certain Sub-Advisers pursuant to separate agreements with such Sub-Advisers.

For compensation as custodian, Northern Trust receives an amount based on a pre-determined schedule of charges approved by the Board. During the period, the Funds have entered into an expense offset arrangement with the custodian whereby credits realized as a result of uninvested cash balances are used to reduce

EQUITY FUNDS **214** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2025** <br>

a portion of the Funds' custodian expenses. Custodian credits, if any, are shown as Less custodian credits in the Funds' Statements of Operations.

Northern Funds Distributors, LLC, the distributor for the Funds, received no compensation from the Funds under its distribution agreement. However, it received compensation from NTI for its services as distributor pursuant to a separate letter agreement between it and NTI.

Certain officers of the Trust are also officers of Northern Trust and NTI. All officers serve without compensation from the Funds. The Trust provided a deferred compensation plan for its Trustees who are not officers of Northern Trust or NTI. Prior to August 22, 2013, under the deferred compensation plan, Trustees may have elected to defer all or a portion of their compensation. Effective August 22, 2013, the Trustees may no longer defer their compensation. Any amounts deferred and invested under the plan shall remain invested pursuant to the terms of the plan. Each Trustee's account shall be deemed to be invested in shares of the Northern Institutional Funds U.S. Government Portfolio (the "Portfolio") and/or the Global Tactical Asset Allocation Fund and/or, at the discretion of the Trust, another money market fund selected by the Trust that complies with the provisions of Rule 2a-7 under the 1940 Act or one or more short-term fixed-income instruments selected by the Trust that are "eligible securities" as defined by that rule. The net investment income, gains and losses achieved by such deemed investment shall be credited to the Trustee's account as provided in the plan.

**6. RELATED PARTY TRANSACTIONS**

Each Fund may invest its uninvested cash in a money market fund advised by NTI or its affiliates. Accordingly, each Fund bears indirectly a proportionate share of that money market fund's operating expenses. These operating expenses include the management, transfer agent and custody fees that the money market fund pays to NTI and/or its affiliates. At March 31, 2025, the Funds held an investment in the Northern Institutional Funds U.S. Government Portfolio. The total annual portfolio operating expenses after expense reimbursement (other than certain excepted expenses as described in the fees and expenses table of the Portfolio's prospectus) on any assets invested in the Portfolio is 0.25 percent. NTI reimbursed each Fund the management fees payable by the Fund in an amount equal to the net management fee NTI earned on the amount invested by the Fund in money market mutual funds managed by NTI, as described in Note 5. This reimbursement is included in Less expenses reimbursed by the investment adviser as a reduction to Total Expenses in the Statements of Operations. This reimbursement's impact on each Fund's net expense and net investment income ratios is included in each Fund's Financial Highlights.

The Funds are permitted to purchase and sell securities from or to certain affiliated funds or portfolios under specific conditions outlined in Rule 17a-7 Procedures adopted by the Board. The

procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price as defined in the Rule 17a-7 Procedures. For the fiscal year ended March 31, 2025, there were no Funds engaged in purchases and/or sales of securities from an affiliated entity.

NTI or the Sub-Advisers may, from time to time, effect trades on behalf of and for the account of the Funds with brokers or dealers that are affiliated with NTI, in conformity with Rule 17e-1 under the 1940 Act and SEC rules and regulations. Under these provisions, any commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged by other brokers or dealers in comparable transactions. For the fiscal year ended March 31, 2025, there were no Funds that paid Northern Trust Securities, Inc., an affiliate of NTI, brokerage commissions.

During the fiscal year ended March 31, 2025, the International Equity Index Fund received reimbursements from NTI of less than $1,000 in connection with settlement fees pursuant to the European Union's Central Securities Depositories Regulation. These amounts, if any, are included in Interest income on the Fund's Statements of Operations.

During the fiscal year ended March 31, 2025, the Emerging Markets Equity Index and World Selection Index Funds received reimbursements from NTI of approximately $4,000 and $2,000, respectively, in connection with the correction of errors.

Certain uninvested foreign currency balances of the Funds may pay/receive a return to/from Northern Trust based on a market return it pays/receives less an administrative fee. For the fiscal year ended March 31, 2025, the Global Real Estate Index, International Equity, International Equity Index and World Selection Index Funds paid Northern Trust approximately $2,000, $1,000, $15,000 and $2,000, respectively. The Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, Multi-Manager Global Listed Infrastructure and Multi-Manager Global Real Estate Funds each paid amounts to Northern Trust of less than $1,000. The Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure and World Selection Index Funds received amounts from Northern Trust of approximately $12,000, $20,000, $23,000, $12,000, $201,000, $28,000 and $37,000, respectively. The Active M Emerging Markets Equity and Multi-Manager Global Real Estate Funds each received amounts from Northern Trust of less than $1,000. These amounts are included in Dividend income or Interest income on the Funds' Statements of Operations.

NORTHERN FUNDS ANNUAL REPORT **215** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. INVESTMENT TRANSACTIONS** 

For the fiscal year ended March 31, 2025, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases | Purchases | Sales | Sales |
| *Amounts in thousands*  | U.S. GOVERNMENT | OTHER | U.S. GOVERNMENT | OTHER |
| &nbsp;&nbsp; Active M Emerging <br> Markets Equity<br>| $— | $187574 | $— | $196519 |
| &nbsp;&nbsp; Active M International <br> Equity<br>|  | 180857 |  | 218122 |
| &nbsp;&nbsp; Emerging Markets <br> Equity Index<br>|  | 359346 |  | 210758 |
| &nbsp;&nbsp; Global Real Estate <br> Index<br>|  | 214938 |  | 93730 |
| &nbsp;&nbsp; Global Tactical Asset <br> Allocation<br>|  | 77128 |  | 94104 |
| Income Equity |  | 87266 |  | 42357 |
| International Equity |  | 68016 |  | 75218 |
| &nbsp;&nbsp; International Equity <br> Index<br>|  | 959410 |  | 969349 |
| Large Cap Core |  | 102279 |  | 128911 |
| Large Cap Value |  | 38738 |  | 43214 |
| Mid Cap Index |  | 351461 |  | 479602 |
| &nbsp;&nbsp; Multi-Manager Global <br> Listed Infrastructure<br>|  | 651018 |  | 823716 |
| &nbsp;&nbsp; Multi-Manager Global <br> Real Estate<br>|  | 64847 |  | 92995 |
| Small Cap Core |  | 70586 |  | 182172 |
| Small Cap Index |  | 262137 |  | 246027 |
| Small Cap Value |  | 260315 |  | 537840 |
| Stock Index |  | 887836 |  | 488799 |
| U.S. Quality ESG |  | 193317 |  | 177989 |
| World Selection Index |  | 268880 |  | 604390 |

---

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on certain foreign currency contracts, the deferral of post-October currency and capital losses for tax purposes and the timing of income recognition on investments in REITs and PFICs.

At March 31, 2025, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including

the effects of foreign currency translation and derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in*<br> *thousands*<br>| UNREALIZED<br> APPRECIATION<br>| UNREALIZED<br> DEPRECIATION<br>| NET<br> APPRECIATION<br> (DEPRECIATION)<br>| COST<br> BASIS OF<br> INVESTMENTS<br>|
| &nbsp;&nbsp; Active M <br> Emerging <br> Markets <br> Equity<br>| $20657 | $(6082) | $14575 | $138027 |
| &nbsp;&nbsp; Active M <br> International <br> Equity<br>| 92258 | (18322) | 73936 | 391082 |
| &nbsp;&nbsp; Emerging <br> Markets <br> Equity Index<br>| 625292 | (99736) | 525556 | 1325824 |
| &nbsp;&nbsp; Global Real <br> Estate Index<br>| 272449 | (78494) | 193955 | 913980 |
| &nbsp;&nbsp; Global Tactical <br> Asset <br> Allocation<br>| 7148 | (259) | 6889 | 70358 |
| Income Equity | 70970 | (3653) | 67317 | 158714 |
| &nbsp;&nbsp; International <br> Equity<br>| 23131 | (4465) | 18666 | 117213 |
| &nbsp;&nbsp; International <br> Equity Index<br>| 1940160 | (96662) | 1843498 | 3094872 |
| Large Cap Core | 118684 | (1629) | 117055 | 164237 |
| Large Cap Value | 10935 | (2021) | 8914 | 53677 |
| Mid Cap Index | 653365 | (115916) | 537449 | 1381211 |
| &nbsp;&nbsp; Multi-Manager <br> Global Listed <br> Infrastructure<br>| 74109 | (24492) | 49617 | 800611 |
| &nbsp;&nbsp; Multi-Manager <br> Global Real <br> Estate<br>| 6970 | (2871) | 4099 | 90052 |
| Small Cap Core | 146718 | (34175) | 112543 | 241520 |
| Small Cap Index | 436487 | (118511) | 317976 | 809585 |
| Small Cap Value | 322891 | (37822) | 285069 | 496030 |
| Stock Index | 10479115 | (119358) | 10359757 | 4169682 |
| &nbsp;&nbsp; U.S. Quality <br> ESG<br>| 136420 | (8980) | 127440 | 364379 |
| &nbsp;&nbsp; World Selection <br> Index<br>| 693106 | (35324) | 657782 | 1198229 |

---

EQUITY FUNDS **216** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2025** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. CAPITAL SHARE TRANSACTIONS**

Transactions in Shares class for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Active M Emerging Markets Equity  | 2413 | $36044 | 17 | $258 | (3182) | $(48441) | (752) | $(12139) |
| Active M International Equity  | 4724 | 56341 | 3674 | 38906 | (6733) | (80961) | 1665 | 14286 |
| Emerging Markets Equity Index  | 32091 | 369782 | 678 | 7587 | (20390) | (235169) | 12379 | 142200 |
| Global Real Estate Index  | 32285 | 323455 | 563 | 5415 | (20933) | (202940) | 11915 | 125930 |
| Global Tactical Asset Allocation  | 378 | 4955 | 184 | 2382 | (1846) | (23740) | (1284) | (16403) |
| Income Equity  | 4438 | 74604 | 693 | 11503 | (2017) | (34084) | 3114 | 52023 |
| International Equity  | 875 | 9188 | 359 | 3512 | (1894) | (19608) | (660) | (6908) |
| International Equity Index  | 47096 | 695357 | 2628 | 36192 | (48043) | (707662) | 1681 | 23887 |
| Large Cap Core  | 421 | 12186 | 828 | 23416 | (1330) | (38071) | (81) | (2469) |
| Large Cap Value  | 52 | 1115 | 221 | 4451 | (305) | (6460) | (32) | (894) |
| Mid Cap Index  | 12488 | 269053 | 7238 | 149036 | (18543) | (398733) | 1183 | 19356 |
| Multi-Manager Global Listed Infrastructure  | 12387 | 154343 | 1789 | 21218 | (27591) | (335749) | (13415) | (160188) |
| Multi-Manager Global Real Estate  | 1060 | 11554 | 114 | 1223 | (3838) | (41011) | (2664) | (28234) |
| Small Cap Index  | 13488 | 191822 | 4391 | 60856 | (12879) | (180049) | 5000 | 72629 |
| Small Cap Value  | 7356 | 122277 | 26227 | 340170 | (24579) | (410480) | 9004 | 51967 |
| Stock Index  | 28621 | 1632118 | 3603 | 213128 | (22845) | (1318593) | 9379 | 526653 |

---

Transactions in Shares class for the fiscal year ended March 31, 2024, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Active M Emerging Markets Equity  | 3772 | $51281 | 37 | $512 | (5836) | $(78955) | (2027) | $(27162) |
| Active M International Equity  | 3060 | 36463 | 1217 | 14037 | (7311) | (85297) | (3034) | (34797) |
| Emerging Markets Equity Index  | 43065 | 454427 | 870 | 9118 | (38772) | (412158) | 5163 | 51387 |
| Global Real Estate Index  | 17956 | 160250 | 538 | 4778 | (25903) | (231228) | (7409) | (66200) |
| Global Tactical Asset Allocation  | 901 | 10735 | 242 | 2908 | (2451) | (29886) | (1308) | (16243) |
| Income Equity  | 1095 | 15786 | 688 | 9745 | (1393) | (19680) | 390 | 5851 |
| International Equity  | 2082 | 20016 | 441 | 4283 | (2054) | (19864) | 469 | 4435 |
| International Equity Index  | 45884 | 632146 | 2250 | 30758 | (55038) | (741875) | (6904) | (78971) |
| Large Cap Core  | 736 | 17829 | 806 | 19736 | (1788) | (43674) | (246) | (6109) |
| Large Cap Value  | 78 | 1507 | 161 | 3090 | (358) | (6867) | (119) | (2270) |
| Mid Cap Index  | 13643 | 275895 | 5620 | 111901 | (25697) | (506973) | (6434) | (119177) |
| Multi-Manager Global Listed Infrastructure  | 20179 | 235495 | 1285 | 14966 | (22411) | (254584) | (947) | (4123) |
| Multi-Manager Global Real Estate  | 1464 | 14494 | 115 | 1152 | (1706) | (16764) | (127) | (1118) |
| Small Cap Index  | 9304 | 117754 | 677 | 8975 | (22836) | (284785) | (12855) | (158056) |
| Small Cap Value  | 7568 | 141018 | 5495 | 106766 | (47445) | (894611) | (34382) | (646827) |
| Stock Index  | 22522 | 1081254 | 8026 | 390943 | (29929) | (1416423) | 619 | 55774 |

---

NORTHERN FUNDS ANNUAL REPORT **217** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

Transactions in Class K shares for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Small Cap Core  | 474 | $12653 | 907 | $22879 | (3759) | $(104127) | (2378) | $(68595) |
| U.S. Quality ESG  | 2991 | 55275 | 161 | 3385 | (3178) | (65244) | (26) | (6584) |
| World Selection Index  | 10530 | 242595 | 1792 | 40674 | (6003) | (140521) | 6319 | 142748 |

---

Transactions in Class K shares for the fiscal year ended March 31, 2024, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Small Cap Core  | 144 | $3864 | 481 | $12974 | (861) | $(22444) | (236) | $(5606) |
| U.S. Quality ESG  | 1989 | 36143 | 66 | 1146 | (4533) | (73869) | (2478) | (36580) |
| World Selection Index  | 6423 | 125241 | 253 | 5119 | (9516) | (197949) | (2840) | (67589) |

---

Transactions in Class I shares for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Small Cap Core  | 1163 | $32649 | 1358 | $34255 | (1877) | $(50242) | 644 | $16662 |
| U.S. Quality ESG  | 1399 | 34140 | 32 | 670 | (354) | (7378) | 1077 | 27432 |
| World Selection Index  | 11369 | 261108 | 2252 | 51081 | (30269) | (701281) | (16648) | (389092) |

---

Transactions in Class I shares for the fiscal year ended March 31, 2024, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Small Cap Core  | 1050 | $27526 | 500 | $13463 | (1508) | $(39745) | 42 | $1244 |
| U.S. Quality ESG  | 463 | 7659 | 16 | 285 | (208) | (3510) | 271 | 4434 |
| World Selection Index  | 23765 | 463532 | 820 | 16620 | (11360) | (221481) | 13225 | 258671 |

---

**9. INVESTMENTS IN AFFILIATES** 

Transactions in affiliated investments for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF YEAR<br>| PURCHASES | SALES<br> PROCEEDS<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| NET<br> REALIZED<br> GAINS<br> (LOSSES)<br>| ACCRUED<br> PREMIUM<br> (DISCOUNT)<br>| DIVIDEND AND<br> INTEREST INCOME<br>| VALUE, END<br> OF YEAR<br>| SHARES, END<br> OF YEAR<br>|
| &nbsp;&nbsp; Active M Emerging <br> Markets Equity<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $7902 | $118524 | $121693 | $— | $— | $— | $281 | $4733 | $4732800 |

---

EQUITY FUNDS **218** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2025** <br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF YEAR<br>| PURCHASES | SALES<br> PROCEEDS<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| NET<br> REALIZED<br> GAINS<br> (LOSSES)<br>| ACCRUED<br> PREMIUM<br> (DISCOUNT)<br>| DIVIDEND AND<br> INTEREST INCOME<br>| VALUE, END<br> OF YEAR<br>| SHARES, END<br> OF YEAR<br>|
| &nbsp;&nbsp; Active M <br> International <br> Equity<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $15408 | $184272 | $182260 | $— | $— | $— | $823 | $17420 | $17419715 |
| &nbsp;&nbsp; Emerging Markets <br> Equity Index<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 59840 | 238173 | 249173 |  |  |  | 2336 | 48840 | 48840280 |
| &nbsp;&nbsp; Global Real Estate <br> Index<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 3966 | 214680 | 208391 |  |  |  | 536 | 10255 | 10255344 |
| &nbsp;&nbsp; Global Tactical Asset <br> Allocation<br>| Flexshares<sup>®</sup> <br> Credit-Scored <br> U.S. Corporate <br> Bond Index <br> Fund<br>| 1921 | 1488 | 3439 | 34 | (4) |  | 48 |  |  |
|  | Flexshares<sup>®</sup> <br> Credit-Scored <br> U.S. Long <br> Corporate <br> Bond Index <br> Fund<br>| 92 | 1704 | 1810 | 12 | 2 |  | 16 |  |  |
|  | Flexshares<sup>®</sup> <br> Developed <br> Markets <br> Ex-U.S. Quality <br> Low <br> Volatility <br> Index Fund<br>| 2378 | 32 | 505 | 153 | 13 |  | 67 | 2071 | 71994 |
|  | Flexshares<sup>®</sup> <br> Disciplined <br> Duration <br> MBS Index <br> Fund<br>| 3292 |  | 3274 | (87) | 69 |  | 27 |  |  |
|  | Flexshares<sup>®</sup> <br> Global <br> Quality <br> Real Estate <br> Index Fund<br>| 1829 | 866 | 1856 | (47) | (21) |  | 37 | 771 | 13308 |
|  | Flexshares<sup>®</sup> <br> High Yield <br> Value-Scored <br> Bond Index <br> Fund<br>| 9137 | 150 | 9152 | 526 | (661) |  | 268 |  |  |

---

NORTHERN FUNDS ANNUAL REPORT **219** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF YEAR<br>| PURCHASES | SALES<br> PROCEEDS<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| NET<br> REALIZED<br> GAINS<br> (LOSSES)<br>| ACCRUED<br> PREMIUM<br> (DISCOUNT)<br>| DIVIDEND AND<br> INTEREST INCOME<br>| VALUE, END<br> OF YEAR<br>| SHARES, END<br> OF YEAR<br>|
|  | Flexshares<sup>®</sup> <br> Iboxx <br> 5-Year <br> Target <br> Duration <br> TIPS Index <br> Fund<br>| $6400 | $1723 | $6559 | $413 | $(413) | $— | $159 | $1564 | $64503 |
|  | Flexshares<sup>®</sup> <br> International <br> Quality <br> Dividend <br> Index Fund<br>| 4759 | 39 | 4931 | (558) | 691 |  | 67 |  |  |
|  | Flexshares<sup>®</sup> <br> Morningstar <br> Developed <br> Markets <br> Ex-U.S. Factor <br> Tilt Index <br> Fund<br>| 4757 | 97 | 1492 | 24 | 121 |  | 157 | 3507 | 46879 |
|  | Flexshares<sup>®</sup> <br> Morningstar <br> Emerging <br> Markets <br> Factor Tilt <br> Index Fund<br>| 4578 | 1971 | 1839 | 5 | 119 |  | 179 | 4834 | 92097 |
|  | Flexshares<sup>®</sup> <br> Morningstar <br> Global <br> Upstream <br> Natural <br> Resources <br> Index Fund<br>| 3669 | 99 | 3823 | (62) | 117 |  | 18 |  |  |
|  | Flexshares<sup>®</sup> <br> Morningstar <br> U.S. Market <br> Factor Tilt <br> Index Fund<br>| 10253 | 1755 | 3422 | (858) | 1240 |  | 115 | 8968 | 43590 |
|  | Flexshares<sup>®</sup> <br> Quality <br> Dividend <br> Index Fund<br>| 10240 | 61 | 10387 | (3266) | 3352 |  | 40 |  |  |
|  | Flexshares<sup>®</sup> <br> STOXX <br> Global <br> Broad <br> Infrastructure <br> Index Fund<br>| 1834 | 828 | 1849 | (24) | 18 |  | 35 | 807 | 13996 |
|  | Flexshares<sup>®</sup> <br> U.S. Quality <br> Low <br> Volatility <br> Index Fund<br>| 5125 |  | 694 | 171 | 192 |  | 84 | 4794 | 72722 |
|  | Flexshares<sup>®</sup> <br> Ultra-Short <br> Income <br> Fund<br>| 914 |  | 912 | (13) | 11 |  | 8 |  |  |

---

EQUITY FUNDS **220** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2025** <br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF YEAR<br>| PURCHASES | SALES<br> PROCEEDS<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| NET<br> REALIZED<br> GAINS<br> (LOSSES)<br>| ACCRUED<br> PREMIUM<br> (DISCOUNT)<br>| DIVIDEND AND<br> INTEREST INCOME<br>| VALUE, END<br> OF YEAR<br>| SHARES, END<br> OF YEAR<br>|
|  | Northern <br> Funds - <br> Fixed <br> Income <br> Fund<br>| $— | $15080 | $3225 | $(119) | $10 | $— | $357 | $11746 | $1316856 |
|  | Northern <br> Funds - <br> High Yield <br> Fixed <br> Income <br> Fund<br>|  | 4180 | 1816 | (4) | 4 |  | 171 | 2364 | 394615 |
|  | Northern <br> Funds - <br> International <br> Equity <br> Index Fund<br>|  | 7110 | 2862 | 89 | 35 |  | 161 | 4372 | 293223 |
|  | Northern <br> Funds - <br> Small Cap <br> Core Fund<br>|  | 1826 | 27 | (27) | 27 |  | 3 | 1799 | 77155 |
|  | Northern <br> Funds - <br> Stock <br> Index Fund<br>|  | 20873 | 3271 | 402 | 326 |  | 245 | 18330 | 322307 |
|  | Northern <br> Funds - <br> U.S. Treasury <br> Index Fund<br>|  | 5743 | 5670 |  | (73) |  | 50 |  |  |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>|  | 44444 | 43282 |  |  |  | 56 | 1162 | 1162359 |
|  | Total | $71178 | $110069 | $116097 | $(3236) | $5175 | $— | $2368 | $67089 | 3985604 |
| Income Equity | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $4033 | $56856 | $58324 | $— | $— | $— | $159 | $2565 | $2564533 |
| International Equity | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 574 | 17426 | 17878 |  |  |  | 28 | 122 | 122131 |
| &nbsp;&nbsp; International Equity <br> Index<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 14563 | 524731 | 537380 |  |  |  | 601 | 1914 | 1914146 |

---

NORTHERN FUNDS ANNUAL REPORT **221** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF YEAR<br>| PURCHASES | SALES<br> PROCEEDS<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| NET<br> REALIZED<br> GAINS<br> (LOSSES)<br>| ACCRUED<br> PREMIUM<br> (DISCOUNT)<br>| DIVIDEND AND<br> INTEREST INCOME<br>| VALUE, END<br> OF YEAR<br>| SHARES, END<br> OF YEAR<br>|
| Large Cap Core | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $889 | $32888 | $30672 | $— | $— | $— | $120 | $3105 | $3104812 |
| Large Cap Value | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 340 | 5818 | 5656 |  |  |  | 32 | 502 | 501581 |
| Mid Cap Index | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 33265 | 236507 | 248409 |  |  |  | 1073 | 21363 | 21362917 |
| &nbsp;&nbsp; Multi-Manager <br> Global Listed <br> Infrastructure<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 27638 | 533100 | 534924 |  |  |  | 1347 | 25814 | 25813750 |
| &nbsp;&nbsp; Multi-Manager <br> Global Real Estate<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 3270 | 50028 | 50314 |  |  |  | 208 | 2984 | 2983830 |
| Small Cap Core | Methode <br> Electronics, <br> Inc.<br>| 99 |  | 20 | 11 | (50) |  | 4 | 40 | 6238 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 7317 | 73365 | 69792 |  |  |  | 684 | 10890 | 10890276 |
|  | Total | $7416 | $73365 | $69812 | $11 | $(50) | $— | $688 | $10930 | 10896514 |
| Small Cap Index | Methode <br> Electronics, <br> Inc.<br>| $183 | $51 | $40 | $(88) | $3 | $— | $9 | $109 | $17189 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 30996 | 176363 | 184435 |  |  |  | 1031 | 22924 | 22923612 |
|  | Total | $31179 | $176414 | $184475 | $(88) | $3 | $— | $1040 | $23033 | 22940801 |
| Small Cap Value | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $20375 | $321103 | $326820 | $— | $— | $— | $1234 | $14658 | $14658205 |

---

EQUITY FUNDS **222** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2025** <br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF YEAR<br>| PURCHASES | SALES<br> PROCEEDS<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| NET<br> REALIZED<br> GAINS<br> (LOSSES)<br>| ACCRUED<br> PREMIUM<br> (DISCOUNT)<br>| DIVIDEND AND<br> INTEREST INCOME<br>| VALUE, END<br> OF YEAR<br>| SHARES, END<br> OF YEAR<br>|
| Stock Index | Nasdaq, <br> Inc.<br>| $7116 | $894 | $44 | $1541 | $10 | $— | $118 | $9517 | $125455 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 187947 | 1230451 | 1288403 |  |  |  | 8743 | 129995 | 129995161 |
|  | Northern <br> Trust Corp.<br>| 5200 | 628 | 563 | 453 | 168 |  | 187 | 5886 | 59662 |
|  | Total | $200263 | $1231973 | $1289010 | $1994 | $178 | $— | $9048 | $145398 | 130180278 |
| U.S. Quality ESG | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $2697 | $70954 | $68475 | $— | $— | $— | $200 | $5176 | $5175686 |
| &nbsp;&nbsp; World Selection <br> Index<br>| Nasdaq, <br> Inc.<br>| 1381 | 368 | 360 | 276 | 32 |  | 22 | 1697 | 22366 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 13612 | 383508 | 363136 |  |  |  | 968 | 33984 | 33983890 |
|  | Northern <br> Trust Corp.<br>| 1180 |  | 209 | 122 | (20) |  | 34 | 1073 | 10880 |
|  | Total | $16173 | $383876 | $363705 | $398 | $12 | $— | $1024 | $36754 | 34017136 |

---

**10. DERIVATIVE INSTRUMENTS**

Information concerning the types of derivatives in which the Funds invest, the objectives for using them and their related risks can be found in Note 2.

Below are the types of derivatives by primary risk exposure as presented in the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Assets |  | Liabilities |  |
| *Amounts in thousands* | Contract Type | Statements of<br> Assets Location<br>| Value | Statements of<br> Liabilities Location<br>| Value |
| Active M Emerging Markets Equity | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| $— | Net Assets - Net unrealized<br> depreciation<br>| $(50)\*<br>|
| Active M International Equity | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (209)\*<br>|
| Emerging Markets Equity Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (1,707)\*<br>|
|  | Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency exchange<br> contracts<br>| 26 | Unrealized depreciation on<br> forward foreign currency exchange<br> contracts<br>| (30) |
| Global Real Estate Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 35<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (219)\*<br>|
|  | Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency exchange<br> contracts<br>| 28 | Unrealized depreciation on<br> forward foreign currency exchange<br> contracts<br>| (12) |

---

NORTHERN FUNDS ANNUAL REPORT **223** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Assets |  | Liabilities |  |
| *Amounts in thousands* | Contract Type | Statements of<br> Assets Location<br>| Value | Statements of<br> Liabilities Location<br>| Value |
| Global Tactical Asset Allocation | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| $26<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| $— |
| Income Equity | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (11)\*<br>|
|  | Equity contracts |  |  | Outstanding options written, at<br> value<br>| (12) |
| International Equity | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 3<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (50)\*<br>|
| International Equity Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (1,071)\*<br>|
|  | Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency exchange<br> contracts<br>| 22 | Unrealized depreciation on<br> forward foreign currency exchange<br> contracts<br>| (143) |
| Large Cap Core | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (18)\*<br>|
| Large Cap Value | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 2<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| Mid Cap Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (126)\*<br>|
| &nbsp;&nbsp; Multi-Manager Global Listed <br> Infrastructure<br>| Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 23<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (131)\*<br>|
| Small Cap Core | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (80)\*<br>|
| Small Cap Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (348)\*<br>|
| Small Cap Value | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 9 | Net Assets - Net unrealized<br> depreciation<br>| (114)\*<br>|
| Stock Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>| 1,142<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| U.S. Quality ESG | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (34)\*<br>|
| World Selection Index | Equity contracts | Net Assets - Net unrealized<br> appreciation<br>|  | Net Assets - Net unrealized<br> depreciation<br>| (349)\*<br>|
|  | Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency exchange<br> contracts<br>| 46 | Unrealized depreciation on<br> forward foreign currency exchange<br> contracts<br>| (62) |

---

\* *Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Investments' footnotes. Only the current* *day's variation margin is reported within the Statements of Assets and Liabilities.* 

The Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements ("netting agreements"). Generally, netting agreements allow the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. In the event of default where the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the defaulting party, realization of collateral by the Funds may be delayed or limited. In addition, the netting agreements provide the right for the non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.

EQUITY FUNDS **224** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2025** <br>

As of March 31, 2025, gross amounts of assets and liabilities for forward foreign exchange contracts not offset in the Statements of Assets and Liabilities, related collateral and net amounts after taking into account netting agreements, by counterparty, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF ASSETS<br> PRESENTED IN STATEMENTS<br> OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; CASH <br> COLLATERAL<br> RECEIVED<br>| &nbsp;&nbsp; NET<br> AMOUNT<br>|
| Emerging Markets Equity Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1 |
|  | Citibank | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; (25) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Total | &nbsp;&nbsp;&nbsp; $26 | &nbsp;&nbsp;&nbsp; $(25) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1 |
| Global Real Estate Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Citibank | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (6) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12 |
|  | Total | &nbsp;&nbsp;&nbsp; $28 | &nbsp;&nbsp;&nbsp; $(9) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $19 |
| International Equity Index Fund | Citibank | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; (12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Total | &nbsp;&nbsp;&nbsp; $22 | &nbsp;&nbsp;&nbsp; $(12) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10 |
| World Selection Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Barclays | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 |
|  | Citibank | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; (14) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15 |
|  | Total | &nbsp;&nbsp;&nbsp; $46 | &nbsp;&nbsp;&nbsp; $(15) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $31 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF<br> LIABILITIES<br> PRESENTED IN STATEMENTS<br> OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; CASH <br> COLLATERAL<br> PLEDGED<br>| &nbsp;&nbsp; NET<br> AMOUNT<br>|
| Emerging Markets Equity Index Fund | Citibank | &nbsp;&nbsp;&nbsp; $(30) | &nbsp;&nbsp;&nbsp; $25 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(5) |
|  | UBS | &nbsp;&nbsp;&nbsp; —\* | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —\* |
|  | Total | &nbsp;&nbsp;&nbsp; $(30) | &nbsp;&nbsp;&nbsp; $25 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(5) |
| Global Real Estate Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | BNP Paribas | &nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3) |
|  | Citibank | &nbsp;&nbsp;&nbsp; (6) | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | Total | &nbsp;&nbsp;&nbsp; $(12) | &nbsp;&nbsp;&nbsp; $9 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3) |
| International Equity Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3) |
|  | BNP Paribas | &nbsp;&nbsp;&nbsp; (11) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11) |
|  | JPMorgan Chase | &nbsp;&nbsp;&nbsp; (45) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (45) |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; (84) | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (72) |
|  | Total | &nbsp;&nbsp;&nbsp; $(143) | &nbsp;&nbsp;&nbsp; $12 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(131) |
| World Selection Index Fund | Bank of Montreal | &nbsp;&nbsp;&nbsp; (11) | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10) |
|  | JPMorgan Chase | &nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3) |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; (47) | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (33) |

---

NORTHERN FUNDS ANNUAL REPORT **225** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF<br> LIABILITIES<br> PRESENTED IN STATEMENTS<br> OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; CASH <br> COLLATERAL<br> PLEDGED<br>| &nbsp;&nbsp; NET<br> AMOUNT<br>|
|  | UBS | &nbsp;&nbsp;&nbsp; $(1) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1) |
|  | Total | &nbsp;&nbsp;&nbsp; $(62) | &nbsp;&nbsp;&nbsp; $15 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(47) |

---

\* Amount rounds to less than one thousand.

The following tables set forth, by primary risk exposure, the Funds' realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the fiscal year ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  |  | AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS | AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS |
| *Amounts in thousands* | CONTRACT TYPE | STATEMENTS OF OPERATIONS LOCATION | VALUE |
| Active M Emerging Markets Equity | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; $236 |
| Active M International Equity | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; (62) |
| Emerging Markets Equity Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 1593 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; 339 |
| Global Real Estate Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 793 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; 3 |
| Global Tactical Asset Allocation | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; (43) |
| Income Equity | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 213 |
|  | Equity contracts | Net realized gains (losses) on options written | &nbsp;&nbsp;&nbsp; (57) |
| International Equity | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 40 |
| International Equity Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; (280) |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; (119) |
| Large Cap Core | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 156 |
| Large Cap Value | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 5 |
| Mid Cap Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; (1698) |
| Multi-Manager Global Listed Infrastructure | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; (13) |
| Small Cap Core | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 1211 |
| Small Cap Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; (4181) |
| Small Cap Value | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; (730) |
| Stock Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 7583 |
| U.S. Quality ESG | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 155 |
| World Selection Index | Equity contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 1295 |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; (163) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp; CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON<br> DERIVATIVE CONTRACTS | &nbsp;&nbsp;&nbsp; CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON<br> DERIVATIVE CONTRACTS |
| *Amounts in thousands* | CONTRACT TYPE | STATEMENTS OF OPERATIONS LOCATION | VALUE |
| Active M Emerging Markets Equity | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; $(50) |
| Active M International Equity | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (264) |

---

EQUITY FUNDS **226** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2025** <br>

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp; CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON<br> DERIVATIVE CONTRACTS | &nbsp;&nbsp;&nbsp; CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON<br> DERIVATIVE CONTRACTS |
| *Amounts in thousands* | CONTRACT TYPE | STATEMENTS OF OPERATIONS LOCATION | VALUE |
| Emerging Markets Equity Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (1606) |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward <br> foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp; (63) |
| Global Real Estate Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (400) |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward <br> foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp; (34) |
| Global Tactical Asset Allocation | Interest rate contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; 26 |
| Income Equity | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (85) |
|  | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on options <br> written<br>| &nbsp;&nbsp;&nbsp; (105) |
| International Equity | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (144) |
| International Equity Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (3037) |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward <br> foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp; 55 |
| Large Cap Core | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (42) |
| Large Cap Value | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (5) |
| Mid Cap Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (1214) |
| Multi-Manager Global Listed Infrastructure | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (213) |
| Small Cap Core | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (243) |
| Small Cap Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (1074) |
| Small Cap Value | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (555) |
| Stock Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (2896) |
| U.S. Quality ESG | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (98) |
| World Selection Index | Equity contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp;&nbsp; (927) |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward <br> foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp; 39 |

---

Volume of derivative activity for the fiscal year ended March 31, 2025\*:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOREIGN EXCHANGE<br> CONTRACTS  | FOREIGN EXCHANGE<br> CONTRACTS  | EQUITY<br> CONTRACTS | EQUITY<br> CONTRACTS | INTEREST RATE<br> CONTRACTS  | INTEREST RATE<br> CONTRACTS  |
|  | NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>|
| Active M Emerging Markets Equity |  | $— | 70 | $794 |  | $— |

---

NORTHERN FUNDS ANNUAL REPORT **227** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FOREIGN EXCHANGE<br> CONTRACTS  | FOREIGN EXCHANGE<br> CONTRACTS  | EQUITY<br> CONTRACTS | EQUITY<br> CONTRACTS | INTEREST RATE<br> CONTRACTS  | INTEREST RATE<br> CONTRACTS  |
|  | NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>|
| Active M International Equity |  | $— | 60 | $1673 |  | $— |
| Emerging Markets Equity Index | 73 | 780 | 143 | 2802 |  |  |
| Global Real Estate Index | 159 | 392 | 397 | 786 |  |  |
| Global Tactical Asset Allocation |  |  |  |  | 4 | 3885 |
| Income Equity |  |  | 214 | 510 |  |  |
| International Equity |  |  | 99 | 293 |  |  |
| International Equity Index | 77 | 3252 | 256 | 1949 |  |  |
| Large Cap Core |  |  | 34 | 1023 |  |  |
| Large Cap Value |  |  | 15 | 522 |  |  |
| Mid Cap Index |  |  | 121 | 2732 |  |  |
| Multi-Manager Global Listed Infrastructure |  |  | 135 | 1984 |  |  |
| Small Cap Core |  |  | 64 | 1892 |  |  |
| Small Cap Index |  |  | 111 | 2242 |  |  |
| Small Cap Value |  |  | 85 | 4082 |  |  |
| Stock Index |  |  | 50 | 33011 |  |  |
| U.S. Quality ESG |  |  | 55 | 1243 |  |  |
| World Selection Index | 198 | 591 | 350 | 1444 |  |  |

---

*\**

*Activity for the fiscal year is measured by number of trades during the fiscal year and average notional amount for foreign currency exchange contracts, equity and interest rate futures contracts and written options equity contracts.*

*\*\**

*Amounts in thousands.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. INDEMNIFICATIONS AND WARRANTIES** 

In the ordinary course of their business, the Funds may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Funds. The maximum exposure to the Funds under these provisions is unknown, as this would involve future claims that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believe the risk of loss to be remote.

**12. OPERATING SEGMENTS**

During the reporting period, the Funds adopted FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280)- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in ASU 2023-07 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. NTI acts as the CODM.

Each Fund within the Trust represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the respective Fund's portfolio managers as a team. The financial information in the form of a Fund's total returns, expense ratios, changes in net assets resulting from operations, and subscriptions and redemptions which are used by the CODM to assess the segment's performance and to make resource allocation decisions for each Fund (as a single segment), is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

**13. LEGAL PROCEEDINGS** 

On or about February 14, 2020, Marc S. Kirschner, as Trustee for NWHI Litigation Trust ("Litigation Trustee") and Wilmington Savings Fund Society, FSB, as indenture Trustee ("Indenture Trustee") for several series of notes issued by Nine West Holdings, Inc. ("Nine West"), filed separate complaints (docket nos. 20-cv-01129 and 20-cv-01136, respectively) in the United States District Court for the Northern District of Illinois against a group

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**March 31, 2025** <br>

of defendants that includes three Northern Funds that had invested in The Jones Group Inc. ("Jones Group") including the Small Cap Core Fund, Small Cap Index Fund and Small Cap Value Fund (together, the "Small Cap Funds"). The claims in these actions stem from a series of merger transactions ("Transactions") entered into by Jones Group, Nine West and others in 2014 that allegedly rendered Jones Group insolvent. The matters in these proceedings were transferred from the United States District Court for the Northern District of Illinois to the United States District Court for the Southern District of New York to centralize the litigation, and were assigned to the Honorable Jed S. Rakoff for coordinated or consolidated pretrial proceedings. The Small Cap Funds allegedly received the following amounts as a result of the Transactions: Small Cap Core Fund ($134,265), Small Cap Index Fund ($683,610) and Small Cap Value Fund ($4,010,685). The Litigation Trustee and Indenture Trustee seek to clawback these proceeds for the benefit of the NWHI Litigation Trust and the noteholders, respectively, on the basis that they were fraudulent conveyances. On June 29, 2020, the former public shareholder defendants, including the Small Cap Funds, filed a motion to dismiss on the basis that the payments allegedly made to them in connection with the Transactions were shielded from the fraudulent conveyance claims under Section 546(e) of the Bankruptcy Code. On August 27, 2020, the District Court dismissed all fraudulent conveyance claims against the former public shareholder defendants, including the claims against the Small Cap Funds. Plaintiffs appealed from that decision before U.S. Court of Appeals for the Second Circuit. On November 27, 2023, the Second Circuit affirmed the District Court's dismissal of the Litigation Trustee's and Indenture Trustee's claims against the former Jones Group shareholders, except the claims against certain former Jones Group directors, officers, and employees who received payment for their shares through Nine West's payroll provider. Although certain of these former Jones Group employees petitioned the Second Circuit for rehearing of the appeal, the Litigation Trustees and Indenture Trustees did not seek rehearing. On January 3, 2024, the Second Circuit denied the employee shareholders' petition for rehearing. On April 2, 2024, the employee shareholders filed a petition with the Supreme Court of the United States for a writ of certiorari. The Litigation Trustees and Indenture Trustees elected not to oppose the petition or file a cross-petition. On May 13, 2024, the Supreme Court of the United States denied the employee shareholders' petition. On May 15, 2024, the Second Circuit filed a mandate formally closing the appeal. As a result, all claims against the Small Cap Funds in this action remain dismissed and this action is closed.

**14. NEW ACCOUNTING PRONOUNCEMENTS** 

On December 14, 2023, the FASB issued ASU 2023-09, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes

paid. The ASU's disclosure requirements apply to all entities subject to ASC 740. As the FASB notes in ASC 740-10-50-11A, the "objective of these disclosure requirements is for an entity, particularly an entity operating in multiple jurisdictions, to disclose sufficient information to enable users of financial statements to understand the nature and magnitude of factors contributing to the difference between the effective tax rate and the statutory tax rate." Public business entities (PBEs) must apply the ASU's guidance to annual periods beginning after December 15, 2024 (2025 for calendar-year-end PBEs). Entities other than PBEs have an additional year to adopt it. Management does not believe this update has a material impact on the Funds' financial statements and disclosures.

**15. GLOBAL INSTABILITY**

Unexpected political, regulatory and diplomatic events and military conflicts around the world may affect investor and consumer confidence and may adversely impact global and domestic financial markets and the broader economy. Such conflicts have caused, and could continue to cause, significant market disruptions and volatility within specific markets and globally. The hostilities and sanctions resulting from those conflicts have, and could continue to have, a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters.

**16. SUBSEQUENT EVENTS** 

Management has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure other than noted below.

The Board of Northern Funds approved the termination of Polen Capital Management, LLC as a sub-adviser to Active M International Equity Fund effective on April 1, 2025, and the appointment of AllianceBernstein L.P. as a sub-adviser to Active M International Equity Fund effective on April 10, 2025.

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**EQUITY FUNDS** <br>

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** <br>

To the Shareholders and Board of Trustees of Northern Funds:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of nineteen separate portfolios of Northern Funds, comprising the Active M Emerging Markets Equity Fund, Active M International Equity Fund, Emerging Markets Equity Index Fund, Global Real Estate Index Fund, Global Tactical Asset Allocation Fund, Income Equity Fund, International Equity Fund, International Equity Index Fund, Large Cap Core Fund, Large Cap Value Fund, Mid Cap Index Fund, Multi-Manager Global Listed Infrastructure Fund, Multi-Manager Global Real Estate Fund, Small Cap Core Fund, Small Cap Index Fund, Small Cap Value Fund, Stock Index Fund, U.S. Quality ESG Fund, and World Selection Index Fund (formerly known as Global Sustainability Index Fund) (collectively, the "Funds"), including the schedules of investments, as of March 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for Active M Emerging Markets Equity Fund, Active M International Equity Fund, Emerging Markets Equity Index Fund, Global Real Estate Index Fund, Global Tactical Asset Allocation Fund, Income Equity Fund, International Equity Fund, International Equity Index Fund, Large Cap Core Fund, Large Cap Value Fund, Mid Cap Index Fund, Multi-Manager Global Listed Infrastructure Fund, Multi-Manager Global Real Estate Fund, Small Cap Index Fund, Small Cap Value Fund, and Stock Index Fund; the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the years ended March 31, 2025, March 31, 2024, March 31, 2023, March 31, 2022, and for the period from July 30, 2020 (commencement of operations) to March 31, 2021, for Small Cap Core Fund, U.S. Quality ESG Fund, and World Selection Index Fund; and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Active M Emerging Markets Equity Fund, Active M International Equity Fund, Emerging Markets Equity Index Fund, Global Real Estate Index Fund, Global Tactical Asset Allocation Fund, Income Equity Fund, International Equity Fund, International Equity Index Fund, Large Cap Core Fund, Large Cap Value Fund, Mid Cap Index Fund, Multi-Manager Global Listed Infrastructure Fund, Multi-Manager Global Real Estate Fund, Small Cap Index Fund, Small Cap Value Fund, and Stock Index Fund as of March 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Small Cap Core Fund, U.S. Quality ESG Fund, and World Selection Index Fund as of March 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the years ended March 31, 2025, March 31, 2024, March 31, 2023, March 31, 2022, and for the period from July 30, 2020 (commencement of operations) through March 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall

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**EQUITY FUNDS** <br>

presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

May 27, 2025

We have served as the auditor of one or more Northern Trust investment companies since 2002.

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**TAX AND DISTRIBUTION INFORMATION** <br>

**CAPITAL GAIN DISTRIBUTION** — The following Funds made capital gain distributions in December 2024, and hereby designated these long-term capital gain distributions as follows *(per share)*:

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| | |
|:---|:---|
|  | LONG-TERM<br> CAPITAL GAIN<br>|
| Active M International Equity | $1.239283 |
| Income Equity | 0.628818 |
| Large Cap Core | 2.135854 |
| Large Cap Value | 0.704332 |
| Mid Cap Index | 1.448513 |
| Multi-Manager Global Listed Infrastructure | 0.087184 |
| Small Cap Core | 4.052773 |
| Small Cap Index | 0.697029 |
| Small Cap Value | 7.263053 |
| Stock Index | 0.699110 |
| U.S. Quality ESG | 0.105915 |
| World Selection Index | 0.836112 |

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**CORPORATE DIVIDENDS-RECEIVED DEDUCTION (DRD)** — A percentage of the dividends distributed during the fiscal year ended March 31, 2025 for the following Funds qualifies for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
|  | CORPORATE DRD<br> PERCENTAGE<br>|
| Active M Emerging Markets Equity | 0.92<br> %<br>|
| Active M International Equity | 0.32<br> %<br>|
| Emerging Markets Equity Index | 0.07<br> %<br>|
| Global Real Estate Index | 0.09<br> %<br>|
| Global Tactical Asset Allocation | 17.47<br> %<br>|
| Income Equity | 81.51<br> %<br>|
| Large Cap Core | 90.06<br> %<br>|
| Large Cap Value | 47.22<br> %<br>|
| Mid Cap Index | 44.09<br> %<br>|
| Multi-Manager Global Listed Infrastructure | 26.74<br> %<br>|
| Multi-Manager Global Real Estate | 0.62<br> %<br>|
| Small Cap Core | 60.14<br> %<br>|
| Small Cap Index | 51.71<br> %<br>|
| Small Cap Value | 100.00<br> %<br>|
| Stock Index | 80.91<br> %<br>|
| U.S. Quality ESG | 100.00<br> %<br>|
| World Selection Index | 46.70<br> %<br>|

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**FOREIGN TAX CREDIT** — The Fund below intends to make an election that will allow shareholders to treat their proportionate share of foreign taxes paid by the Fund as having been paid by them. The amounts per share which represent income from sources within, and taxes paid to, foreign countries are as follows:

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| | | |
|:---|:---|:---|
|  | TAXES | INCOME |
| Active M Emerging Markets Equity | $0.0393 | $0.4166 |
| Active M International Equity | 0.0041 | 0.3131 |
| Emerging Markets Equity Index | 0.0334 | 0.3246 |
| Global Tactical Asset Allocation | 0.0110 | 0.0902 |
| International Equity | 0.0318 | 0.3902 |
| International Equity Index | 0.0331 | 0.4644 |
| Multi-Manager Global Listed Infrastructure | 0.0071 | 0.3577 |

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**LONG-TERM CAPITAL GAIN** — The following Funds designated the below amount as long-term capital gains, pursuant to Section 852 of the Internal Revenue Code, for the fiscal year ended March 31, 2025:

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| | |
|:---|:---|
| *Amounts in thousands*  | LONG-TERM<br> CAPITAL GAIN<br>|
| Active M International Equity | $20237 |
| Income Equity | 3646 |
| Large Cap Core | 10138 |
| Large Cap Value | 738 |
| Mid Cap Index | 59253 |
| Multi-Manager Global Listed Infrastructure | 19026 |
| Small Cap Core | 17971 |
| Small Cap Value | 77576 |
| Stock Index | 96029 |
| U.S. Quality ESG | 11049 |
| World Selection Index | 5788 |

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**QUALIFIED DIVIDEND INCOME (QDI)** — Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the following percentages of ordinary dividends paid during the fiscal year ended March 31, 2025, are designated as "qualified dividend income," as defined in the Act, subject to reduced tax rates in 2024:

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| | |
|:---|:---|
|  | QDI<br> PERCENTAGE<br>|
| Active M Emerging Markets Equity | 100.00<br> %<br>|
| Active M International Equity | 92.62<br> %<br>|
| Emerging Markets Equity Index | 50.52<br> %<br>|
| Global Real Estate Index | 30.46<br> %<br>|
| Global Tactical Asset Allocation | 31.23<br> %<br>|
| Income Equity | 85.01<br> %<br>|
| International Equity | 78.02<br> %<br>|

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**March 31, 2025 (Unaudited)** <br>

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| | |
|:---|:---|
|  | QDI<br> PERCENTAGE<br>|
| International Equity Index | 85.48<br> %<br>|
| Large Cap Core | 95.08<br> %<br>|
| Large Cap Value | 51.05<br> %<br>|
| Mid Cap Index | 46.45<br> %<br>|
| Multi-Manager Global Listed Infrastructure | 58.58<br> %<br>|
| Multi-Manager Global Real Estate | 29.64<br> %<br>|
| Small Cap Core | 69.70<br> %<br>|
| Small Cap Index | 58.44<br> %<br>|
| Small Cap Value | 100.00<br> %<br>|
| Stock Index | 84.66<br> %<br>|
| U.S. Quality ESG | 100.00<br> %<br>|
| World Selection Index | 95.67<br> %<br>|

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| | |
|:---|:---|
| **Form N-CSR - Items 8 - 11**  | **March 31, 2025 (Unaudited)**  |

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in and disagreements with accountants on accounting and financial disclosure for the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There were no matters submitted during the period covered by the report to a vote of shareholders, through the solicitation of proxies or otherwise.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

See next page for Statement Regarding Basis for Approval of Investment Advisory Contract.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL** <br> **OF INVESTMENT ADVISORY CONTRACT** <br>| **March 31, 2025 (Unaudited)** |

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**Board Considerations relating to the Approval of AllianceBernstein L.P. as a New Sub-Adviser to Active M International Equity Fund**

At an in-person meeting held on February 12-13, 2025 (the "Meeting"), the Board of Trustees (the "Board" or the "Trustees") of Northern Funds (the "Trust"), including all of the Trustees ("Independent Trustees") who are not "interested persons" as defined in the Investment Company Act of 1940 (the "1940 Act") voting separately, reviewed and approved an investment sub-advisory agreement (the "Sub-Advisory Agreement") with respect to Active M International Equity Fund (the "Fund") between Northern Trust Investments, Inc. ("Northern") and AllianceBernstein L.P. ("AllianceBernstein" or the "Sub-Adviser").

At the Meeting, the Trustees, including all of the Independent Trustees, reviewed and discussed information and written materials from Northern about AllianceBernstein, including: (i) the nature, extent and quality of the investment advisory services to be provided by AllianceBernstein, and the experience and qualifications of the personnel proposed to provide such services; (ii) AllianceBernstein's financial condition, history of operations and ownership structure; (iii) AllianceBernstein's brokerage and soft dollar practices; (iv) AllianceBernstein's investment strategies and styles of investing; (v) AllianceBernstein's performance history with respect to other accounts or funds using an investment strategy similar to the Fund; (vi) information with respect to AllianceBernstein's risk management and cybersecurity programs; (vii) AllianceBernstein's compliance policies and procedures (including its code of ethics), and the Trust's Chief Compliance Officer's (the "CCO") evaluation of such policies and procedures; (viii) material litigation, investigations, proceedings or actions (if any); (ix) any potential conflicts of interest in managing the Fund, including AllianceBernstein's financial or business relationships with Northern and its affiliates; and (x) the proposed terms of the Sub-Advisory Agreement. In connection with their deliberations, the Independent Trustees met separately with and were advised by their independent legal counsel, and received a memorandum from their independent legal counsel regarding their responsibilities under applicable law.

The Trustees considered Northern's reasons for adding AllianceBernstein as a sub-adviser to the Fund, including why Northern believed that AllianceBernstein may contribute to the Fund's performance while reducing risk and maintaining style neutrality. The Trustees discussed the Northern's proposed allocation of assets among AllianceBernstein and the other sub-advisers to the Fund.

In evaluating the Sub-Advisory Agreement, the Trustees gave weight to various factors but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors. However, the Trustees relied upon Northern's recommendations and performance evaluations of AllianceBernstein.

*Nature, Extent and Quality of Services*

The Trustees considered the information and evaluations provided by Northern with respect to AllianceBernstein's operations, qualifications, performance and experience in managing the proposed strategy. The Trustees considered Northern's evaluation of AllianceBernstein's potential to improve performance while reducing risk and maintaining style neutrality. The Trustees reviewed the CCO's evaluation of AllianceBernstein's compliance program and code of ethics, noting that the CCO believed the program to be reasonably designed to prevent the violation of federal securities laws. The Trustees concluded that AllianceBernstein was able to provide quality services to the Fund.

*Fees, Expenses and Performance*

The Trustees considered the proposed sub-advisory fee to be paid by Northern out of Northern's management fees. The Trustees considered AllianceBernstein's proposed fees at various asset levels of the Fund in relation to the other sub-advisers to the Fund, and in relation to AllianceBernstein's fee schedule for other accounts or funds using a similar investment strategy.

The Trustees considered the expected impact on the Fund's profitability to Northern before and after the proposed changes to the Fund's sub-advisers, together with the proposed portfolio reallocations among all of the Fund's sub-advisers, which showed that Northern's profitability would remain the same at asset levels as of December 31, 2024. The Trustees did not consider AllianceBernstein's projected profitability because Northern would be paying AllianceBernstein out of the management fees that Northern received from the Fund. The Trustees therefore believed that Northern had an incentive to negotiate competitive sub-advisory fees.

The Trustees considered and evaluated AllianceBernstein's performance in other accounts that it manages using a similar investment strategy, and Northern's evaluation of that performance. The Trustees reviewed reports prepared by Northern showing the hypothetical performance of the Fund over various time periods based on the proposed sub-adviser changes. The Trustees also considered AllianceBernstein's investment strategy performance against its performance benchmark.

Based upon the information provided, the Trustees concluded that the proposed fee to be paid under the sub-advisory agreement was fair and reasonable in light of the services to be provided by AllianceBernstein and consistent with those that would be obtained through arms-length negotiations, and that AllianceBernstein's performance record in its strategy was generally satisfactory.

*Economies of Scale*

The Trustees considered information prepared by Northern that showed the impact on Northern's net management fee (after payment of sub-advisory fees) at various asset levels. The Trustees

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&nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL** <br> **OF INVESTMENT ADVISORY CONTRACT (continued)** <br>

noted that AllianceBernstein had a breakpoint in its sub-advisory fee structure. However, the Trustees generally considered economies of scale primarily at the management fee level given that Northern would be paying AllianceBernstein out of its management fee. Accordingly, the Trustees concluded that the proposed fee arrangement with AllianceBernstein at current and projected assets levels for the Fund is reasonable.

*Fall Out and Other Benefits*

The Trustees considered other potential benefits to be derived by AllianceBernstein as a result of its relationship with the Fund or Northern. For example, the Trustees noted that AllianceBernstein may obtain reputational benefits from the success of the Fund. The Trustees noted Northern's disclosure that AllianceBernstein has business relationships with certain affiliates of Northern Trust that provide certain services for its clients. The Trustees considered that Northern was not aware of any other conflicts of interest relevant to the Fund or Northern. The Trustees concluded that, based on the information provided, any such potential benefits were immaterial to its consideration and approval of the Sub-Advisory Agreement.

*Conclusion*

After deliberation and based on the Trustees' review, including consideration of each of the factors referenced above and the recommendations by Northern, the Trustees, including the Independent Trustees, determined that the proposed fee to be paid to AllianceBernstein was fair and reasonable in light of the services to be provided by AllianceBernstein and such other matters as the Board considered relevant in the exercise of reasonable business judgment. After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the Sub-Advisory Agreement.

**Board Considerations relating to the Approval of Cohen & Steers Capital Management, Inc. as a New Sub-Adviser to Multi-Manager Global Listed Infrastructure Fund**

At an in-person meeting held on February 12-13, 2025 (the "Meeting"), the Board of Trustees (the "Board" or the "Trustees") of Northern Funds (the "Trust"), including all of the Trustees ("Independent Trustees") who are not "interested persons" as defined in the Investment Company Act of 1940 (the "1940 Act") voting separately, reviewed and approved an investment sub-advisory agreement (the "Sub-Advisory Agreement") with respect to Multi-Manager Global Listed Infrastructure Fund (the "Fund") between Northern Trust Investments, Inc. ("Northern") and Cohen & Steers Capital Management, Inc. ("Cohen" or the "Sub-Adviser").

At the Meeting, the Trustees, including all of the Independent Trustees, reviewed and discussed information and written materials from Northern about Cohen, including: (i) the nature, extent and quality of the investment advisory services to be provided by Cohen, and the experience and qualifications of the personnel proposed to provide such services; (ii) Cohen's financial condition, history of operations and ownership structure; (iii) Cohen's brokerage and soft dollar practices; (iv) Cohen's investment strategies and styles of investing; (v) Cohen's performance history with respect to other accounts or funds using an investment strategy similar to the Fund; (vi) information with respect to Cohen's risk management and cybersecurity programs; (vii) Cohen's compliance policies and procedures (including its code of ethics), and the Trust's Chief Compliance Officer's (the "CCO") evaluation of such policies and procedures; (viii) material litigation, investigations, proceedings or actions (if any); (ix) any potential conflicts of interest in managing the Fund, including Cohen's financial or business relationships with Northern and its affiliates; and (x) the proposed terms of the Sub-Advisory Agreement. In connection with their deliberations, the Independent Trustees met separately with and were advised by their independent legal counsel, and received a memorandum from their independent legal counsel regarding their responsibilities under applicable law.

The Trustees considered Northern's reasons for proposing that Cohen be added as a sub-adviser to the Fund, including why Northern believed that Cohen may contribute to improved performance. The Trustees discussed the proposed allocation of assets among Cohen and the other sub-advisers to the Fund.

In evaluating the Sub-Advisory Agreement, the Trustees gave weight to various factors but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors. However, the Trustees relied upon the recommendations and performance evaluations provided by Northern.

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*Nature, Extent and Quality of Services*

The Trustees considered the information and evaluations provided by Northern with respect to Cohen's operations, qualifications, performance and experience in managing the type of strategy for which Cohen was proposed to be engaged. The Trustees considered Northern's evaluation of Cohen's potential to contribute to improving the Fund's relative performance. The Trustees reviewed the CCO's evaluation of Cohen's compliance program and code of ethics, noting that the CCO believed the program to be reasonably designed to prevent the violation of federal securities laws. The Trustees concluded that Cohen was able to provide quality services to the Fund.

*Fees, Expenses and Performance*

The Trustees considered the proposed sub-advisory fee that Cohen would be paid by Northern out of Northern's management fees. The Trustees considered Cohen's proposed fees at various asset levels of the Fund in relation to the other sub-advisers to the Fund, and in relation to Cohen's fee schedule for other accounts or funds using an investment strategy similar to the Fund.

The Trustees considered the expected profitability of the Fund to Northern before and after the addition of the sub-advisers proposed at the Meeting, together with the proposed portfolio reallocations among all of the Fund's sub-advisers, which showed that Northern's profitability would slightly increase at asset levels as of December 31, 2024. The Trustees did not consider Cohen's projected profitability because Northern would be paying Cohen out of the management fees that Northern receives from the Fund. The Trustees therefore believed that Northern had an incentive to negotiate competitive sub-advisory fees.

The Trustees considered and evaluated Cohen's performance in other accounts or funds that it manages using an investment strategy similar to the strategy it will use with the Fund, and Northern's evaluation of that performance. The Trustees reviewed reports prepared by Northern showing the hypothetical performance of the Fund over various time periods based on the proposed sub-adviser changes. The Trustees also considered Cohen's investment strategy performance against the Fund's benchmark index.

Based upon the information provided, the Trustees concluded that the proposed fee to be paid under the sub-advisory agreement was fair and reasonable in light of the services to be provided by Cohen and consistent with those that would be obtained through arms-length negotiations, and that Cohen's performance record in its strategy was generally satisfactory.

*Economies of Scale*

The Trustees considered information prepared by Northern that showed the impact on Northern's net management fee (after payment of sub-advisory fees) at various asset levels. The Trustees noted that Cohen had a breakpoint in its sub-advisory fee

structure. They took into account the levels of aggregate sub-advisory fees at various asset levels, including applicable breakpoints in the sub-advisory fee structures. However, the Trustees generally considered economies of scale with respect to the Fund primarily at the management fee level given that Northern would be paying Cohen out of its management fee. Accordingly, the Trustees concluded that the proposed fee arrangement with Cohen at current and projected assets levels for the Fund is reasonable.

*Fall Out and Other Benefits*

The Trustees considered other potential benefits to be derived by Cohen as a result of its relationship with the Fund or Northern. For example, the Trustees noted that Cohen may obtain reputational benefits from the success of the Fund. The Trustees noted Northern's disclosure that Cohen serves as an investment adviser for clients that utilize an affiliate of Northern as a service provider. The Trustees considered that Northern was not aware of any other conflicts of interest relevant to the Fund or Northern. The Trustees concluded that, based on the information provided, any such potential benefits were immaterial to its consideration and approval of the Sub-Advisory Agreement.

*Conclusion*

After deliberation and based on the Trustees' review, including consideration of each of the factors referenced above and the recommendations by Northern, the Trustees, including the Independent Trustees, determined that the proposed fee to be paid to Cohen was fair and reasonable in light of the services to be provided by Cohen and such other matters as the Board considered relevant in the exercise of reasonable business judgment. After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the Sub-Advisory Agreement.

NORTHERN FUNDS ANNUAL REPORT **237** EQUITY FUNDS

------

**EQUITY FUNDS** <br>

&nbsp;&nbsp;&nbsp;&nbsp; **STATEMENT REGARDING BASIS FOR APPROVAL** <br> **OF INVESTMENT ADVISORY CONTRACT (continued)** <br>

**Board Considerations relating to the Approval of Eagle Global Advisors, LLC as a New Sub-Adviser to Multi-Manager Global Listed Infrastructure Fund**

At an in-person meeting held on February 12-13, 2025 (the "Meeting"), the Board of Trustees (the "Board" or the "Trustees") of Northern Funds (the "Trust"), including all of the Trustees ("Independent Trustees") who are not "interested persons" as defined in the Investment Company Act of 1940 (the "1940 Act") voting separately, reviewed and approved an investment sub-advisory agreement (the "Sub-Advisory Agreement") with respect to Multi-Manager Global Listed Infrastructure Fund (the "Fund") between Northern Trust Investments, Inc. ("Northern") and Eagle Global Advisors, LLC ("Eagle Global" or the "Sub-Adviser").

At the Meeting, the Trustees, including all of the Independent Trustees, reviewed and discussed information and written materials from Northern about Eagle Global, including: (i) the nature, extent and quality of the investment advisory services to be provided by Eagle Global, and the experience and qualifications of the personnel proposed to provide such services; (ii) Eagle Global's financial condition, history of operations and ownership structure; (iii) Eagle Global's brokerage and soft dollar practices; (iv) Eagle Global's investment strategies and styles of investing; (v) Eagle Global's performance history with respect to other accounts using an investment strategy similar to the Fund; (vi) information with respect to Eagle Global's risk management and cybersecurity programs; (vii) Eagle Global's compliance policies and procedures (including its code of ethics), and the Trust's Chief Compliance Officer's (the "CCO") evaluation of such policies and procedures; (viii) material litigation, investigations, proceedings or actions (if any); (ix) any potential conflicts of interest in managing the Fund, including Eagle Global's financial or business relationships with Northern and its affiliates; and (x) the proposed terms of the Sub-Advisory Agreement. In connection with their deliberations, the Independent Trustees met separately with and were advised by their independent legal counsel, and received a memorandum from their independent legal counsel regarding their responsibilities under applicable law.

The Trustees considered Northern's reasons for proposing that Eagle Global be added as a sub-adviser to the Fund, including why Northern believed that Eagle Global may contribute to the Fund's performance through targeted portfolio exposures. The Trustees discussed the proposed allocation of assets among Eagle Global and the other sub-advisers to the Fund.

In evaluating the Sub-Advisory Agreement, the Trustees gave weight to various factors but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors. However, the Trustees relied upon Northern's recommendations and performance evaluations of Eagle Global.

*Nature, Extent and Quality of Services*

The Trustees considered the information and evaluations provided by Northern with respect to Eagle Global's operations, qualifications, performance and experience in managing the proposed strategy for the Fund. The Trustees considered Northern's evaluation of Eagle Global's potential to improve performance through targeted portfolio exposures. The Trustees reviewed the CCO's evaluation of Eagle Global's compliance program and code of ethics, noting that the CCO believed the program to be reasonably designed to prevent the violation of federal securities laws. The Trustees concluded that Eagle Global was able to provide quality services to the Fund.

*Fees, Expenses and Performance*

The Trustees considered the proposed sub-advisory fee to be paid by Northern out of Northern's management fees. The Trustees considered Eagle Global's proposed fees at various asset levels of the Fund in relation to the other sub-advisers to the Fund, and in relation to Eagle Global's fee schedule for its other accounts using a similar investment strategy.

The Trustees considered the expected impact on the Fund's profitability to Northern before and after the addition of the proposed new sub-advisers to the Fund, together with the proposed portfolio reallocations among all of the Fund's sub-advisers, which showed that Northern's profitability would slightly increase at asset levels as of December 31, 2024. The Trustees did not consider Eagle Global's projected profitability because Northern would be paying Eagle Global out of the management fees that Northern receives from the Fund. The Trustees therefore believed that Northern had an incentive to negotiate competitive sub-advisory fees.

The Trustees considered and evaluated Eagle Global's performance in other accounts that it manages using a similar investment strategy, and Northern's evaluation of that performance. The Trustees reviewed reports prepared by Northern showing the hypothetical performance of the Fund over various time periods based on the proposed sub-adviser changes. The Trustees also considered Eagle Global's investment strategy performance against its performance benchmark.

Based upon the information provided, the Trustees concluded that the proposed fee to be paid under the sub-advisory agreement was fair and reasonable in light of the services to be provided by Eagle Global and consistent with those that would be obtained through arms-length negotiations, and that Eagle Global's performance record in its strategy was generally satisfactory.

*Economies of Scale*

The Trustees considered information prepared by Northern that showed the impact on Northern's net management fee (after payment of sub-advisory fees) at various asset levels. The Trustees

EQUITY FUNDS **238** NORTHERN FUNDS ANNUAL REPORT

------

**EQUITY FUNDS** <br>

**March 31, 2025 (Unaudited)** <br>

noted that Eagle Global had a breakpoint in its sub-advisory fee structure. However, the Trustees generally considered economies of scale at the management fee level given that Northern would be paying Eagle Global out of its management fee. Accordingly, the Trustees concluded that the proposed fee arrangement with Eagle Global at current and projected assets levels for the Fund is reasonable.

*Fall Out and Other Benefits*

The Trustees considered other potential benefits to be derived by Eagle Global as a result of its relationship with the Fund or Northern. For example, the Trustees noted that Eagle Global may obtain reputational benefits from the success of the Fund. The Trustees also noted Northern's disclosure that Eagle Global is a sub-adviser for a private investment vehicle managed by Northern. The Trustees considered that Northern was not aware of any other conflicts of interest relevant to the Fund or Northern. The Trustees concluded that, based on the information provided, any such potential benefits were immaterial to its consideration and approval of the Sub-Advisory Agreement.

*Conclusion*

After deliberation and based on the Trustees' review, including consideration of each of the factors referenced above and the recommendations by Northern, the Trustees, including the Independent Trustees, determined that the proposed fee to be paid to Eagle Global was fair and reasonable in light of the services to be provided by Eagle Global and such other matters as the Board considered relevant in the exercise of reasonable business judgment. After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the Sub-Advisory Agreement.

NORTHERN FUNDS ANNUAL REPORT **239** EQUITY FUNDS

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**EQUITY FUNDS** <br>

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EQUITY FUNDS **240** NORTHERN FUNDS ANNUAL REPORT

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**EQUITY FUNDS** <br>

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NORTHERN FUNDS ANNUAL REPORT **241** EQUITY FUNDS

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©2025 Northern Funds

NF ANR NCSR EQTY (5/25)

------

**NORTHERN FUNDS FIXED INCOME AND MONEY** 

**MARKET FUNDS**

**ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION** 

March 31, 2025

![](imgc7d39c6d1.gif)

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| ![](imgf50d6aea2.gif)<br>| &nbsp;&nbsp;&nbsp;&nbsp; ![](img232a445f3.gif)<br>|

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------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**TABLE OF CONTENTS**<br>

---

| | |
|:---|:---|
| **2** | **[STATEMENTS OF ASSETS AND LIABILITIES](#xx_71321daf-d744-4261-ab8a-b2159086872e_FS-FundBookHeader_1)** |
| **6** | **[STATEMENTS OF OPERATIONS](#xx_71321daf-d744-4261-ab8a-b2159086872e_FS-FundBookHeader_5)** |
| **10** | **[STATEMENTS OF CHANGES IN NET ASSETS](#xx_71321daf-d744-4261-ab8a-b2159086872e_FS-FundBookHeader_9)** |
| **16** | **[FINANCIAL HIGHLIGHTS](#xx_71321daf-d744-4261-ab8a-b2159086872e_FS-FundBookHeader_15)** |
| **35** | **[SCHEDULES OF INVESTMENTS](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_1)** |
| **35** | **[ARIZONA TAX-EXEMPT FUND (Ticker Symbol: NOAZX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_1)** |
| **39** | **[BOND INDEX FUND (Ticker Symbol: NOBOX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_5)** |
| **119** | **[CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND (Ticker Symbol: NCITX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_85)** |
| **125** | **[CALIFORNIA TAX-EXEMPT FUND (Ticker Symbol: NCATX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_91)** |
| **132** | **[CORE BOND FUND (Ticker Symbol: NOCBX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_98)** |
| **145** | **[FIXED INCOME FUND (Ticker Symbol: NOFIX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_111)** |
| **159** | **[HIGH YIELD FIXED INCOME FUND (Ticker Symbol: NHFIX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_125)** |
| **174** | **[INTERMEDIATE TAX-EXEMPT FUND (Ticker Symbol: NOITX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_140)** |
| **190** | **[LIMITED TERM TAX-EXEMPT FUND (Ticker Symbol: NSITX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_156)** |
| **199** | **[LIMITED TERM U.S. GOVERNMENT FUND (Ticker Symbol: NSIUX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_165)** |
| **201** | **[MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND (Ticker Symbol: NMHYX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_167)** |
| **244** | **[SHORT BOND FUND (Ticker Symbol: BSBAX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_210)** |
| **254** | **[TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND (Ticker Symbol: NTAUX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_220)** |
| **274** | **[TAX-EXEMPT FUND (Ticker Symbol: NOTEX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_240)** |
| **290** | **[ULTRA-SHORT FIXED INCOME FUND](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_256)[(Ticker Symbol](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_256)**[s](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_256)**[: Shares:](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_256)[NUSFX](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_256)[, Siebert Williams Shank Shares:](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_256)[SWSFX](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_256)[)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_256)** |
| **299** | **[U.S. GOVERNMENT FUND (Ticker Symbol: NOUGX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_265)** |
| **302** | **[U.S. GOVERNMENT MONEY MARKET FUND (Ticker Symbol: NOGXX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_268)** |
| **306** | **[U.S. GOVERNMENT SELECT MONEY MARKET FUND (Ticker Symbol: NOSXX)](#xx_71321daf-d744-4261-ab8a-b2159086872e_SOI-TOC-SOI-38_272)** |
| **310** | **[NOTES TO THE FINANCIAL STATEMENTS](#xx_71321daf-d744-4261-ab8a-b2159086872e_NTF-NotestoFinancialStatements_1)** |
| **330** | **[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#xx_71321daf-d744-4261-ab8a-b2159086872e_RPA2-TOC-RPA_1)** |
| **331** | **[TAX AND DISTRIBUTION INFORMATION](#xx_71321daf-d744-4261-ab8a-b2159086872e_TI-TOC-TaxInfo_1)** |
| **332** | **[FORM N-CSR - ITEMS 8-11](#xx_71321daf-d744-4261-ab8a-b2159086872e_NCSR811-FormNCSRTOC_1)** |

---

NORTHERN FUNDS ANNUAL REPORT **1** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**STATEMENTS OF ASSETS AND LIABILITIES** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands, except per share data* | Arizona<br> Tax-Exempt<br> Fund<br>| Bond<br> Index<br> Fund<br>| California<br> Intermediate<br> Tax-Exempt<br> Fund<br>| California<br> Tax-Exempt<br> Fund<br>| <br> Core<br> Bond<br> Fund<br>|
| ASSETS: |  |  |  |  |  |
| Investments, at value  | &nbsp;&nbsp; $51351 | &nbsp;&nbsp; $2113427 | &nbsp;&nbsp; $218806 | &nbsp;&nbsp; $140732 | &nbsp;&nbsp; $95813 |
| Investments in affiliates, at value | &nbsp;&nbsp; 534 | &nbsp;&nbsp; 42095 | &nbsp;&nbsp; 5563 | &nbsp;&nbsp; 2723 | &nbsp;&nbsp; 769 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 74 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currencies, at value  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due from broker (Note 2) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest income receivable | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 15999 | &nbsp;&nbsp; 2517 | &nbsp;&nbsp; 1559 | &nbsp;&nbsp; 671 |
| Dividend income receivable | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 4 |
| Receivable for foreign tax reclaims | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 22325 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 566 |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| Receivable for fund shares sold | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 571 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 18 |
| Receivable from investment adviser | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3 |
| Unrealized appreciation on total return swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid and other assets | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 6 |
| Total Assets | &nbsp;&nbsp; 52480 | &nbsp;&nbsp; 2194609 | &nbsp;&nbsp; 226918 | &nbsp;&nbsp; 145094 | &nbsp;&nbsp; 97853 |
| LIABILITIES: |  |  |  |  |  |
| Cash overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for variation margin on credit default swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 25326 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 551 |
| Payable for when-issued securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 22132 | &nbsp;&nbsp; 5262 | &nbsp;&nbsp; 1565 | &nbsp;&nbsp; 700 |
| Payable for variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 1369 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 95 |
| Distributions payable to shareholders | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 1601 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 82 |
| Unfunded loan commitments (Note 2) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due to broker (Note 2) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Upfront premiums received on bilateral total return swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable to affiliates: |  |  |  |  |  |
| Management fees | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 7 |
| Custody fees | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 |
| Shareholder servicing fees | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1 |
| Transfer agent fees | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3 |
| Accrued Trustee fees and expenses | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Accrued other liabilities | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Total Liabilities | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 50593 | &nbsp;&nbsp; 5449 | &nbsp;&nbsp; 1707 | &nbsp;&nbsp; 1468 |
| Net Assets | &nbsp;&nbsp; $52040 | &nbsp;&nbsp; $2144016 | &nbsp;&nbsp; $221469 | &nbsp;&nbsp; $143387 | &nbsp;&nbsp; $96385 |
| ANALYSIS OF NET ASSETS: |  |  |  |  |  |
| Capital stock | &nbsp;&nbsp; $66509 | &nbsp;&nbsp; $2470159 | &nbsp;&nbsp; $259012 | &nbsp;&nbsp; $158773 | &nbsp;&nbsp; $127337 |
| Distributable earnings (loss) | &nbsp;&nbsp; (14469)<br>| &nbsp;&nbsp; (326143)<br>| &nbsp;&nbsp; (37543)<br>| &nbsp;&nbsp; (15386)<br>| &nbsp;&nbsp; (30952)<br>|
| Net Assets | &nbsp;&nbsp; $52040 | &nbsp;&nbsp; $2144016 | &nbsp;&nbsp; $221469 | &nbsp;&nbsp; $143387 | &nbsp;&nbsp; $96385 |
| **Net Assets:** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; $52040 | &nbsp;&nbsp; $2144016 | &nbsp;&nbsp; $221469 | &nbsp;&nbsp; $143387 | &nbsp;&nbsp; $96385 |
| **Total Shares Outstanding ($.001 par value, unlimited authorization):** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; 5503 | &nbsp;&nbsp; 232538 | &nbsp;&nbsp; 22638 | &nbsp;&nbsp; 13845 | &nbsp;&nbsp; 10797 |
| **Net Asset Value, Redemption and Offering Price Per Share:** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; $9.46 | &nbsp;&nbsp; $9.22 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $8.93 |
| Investments, at cost | &nbsp;&nbsp; $56450 | &nbsp;&nbsp; $2255438 | &nbsp;&nbsp; $232988 | &nbsp;&nbsp; $149270 | &nbsp;&nbsp; $99515 |
| Investments in affiliates, at cost | &nbsp;&nbsp; 534 | &nbsp;&nbsp; 42095 | &nbsp;&nbsp; 5563 | &nbsp;&nbsp; 2723 | &nbsp;&nbsp; 769 |
| Foreign currencies, at cost | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **2** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fixed<br> Income<br> Fund<br>| High Yield<br> Fixed<br> Income<br> Fund<br>| Intermediate<br> Tax-Exempt<br> Fund<br>| Limited<br> Term<br> Tax-Exempt<br> Fund<br>| Limited<br> Term<br> U.S. Government<br> Fund<br>| Multi-Manager<br> High Yield<br> Opportunity Fund<br>|
| $326124 | &nbsp;&nbsp; $2558077 | &nbsp;&nbsp; $1030989 | &nbsp;&nbsp; $342087 | &nbsp;&nbsp; $22835 | &nbsp;&nbsp; $170541 |
| 2380 | &nbsp;&nbsp; 34238 | &nbsp;&nbsp; 12265 | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 899 | &nbsp;&nbsp; 8581 |
|  — | &nbsp;&nbsp; 156 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58 |
| 2418 | &nbsp;&nbsp; 46816 | &nbsp;&nbsp; 13781 | &nbsp;&nbsp; 4335 | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 3154 |
| 19 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 23 |
| 1 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1543 | &nbsp;&nbsp; 8256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 542 | &nbsp;&nbsp; 3161 |
| 43 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1 | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 5625 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 5 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 5 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| 9 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5 |
| 332543 | &nbsp;&nbsp; 2648480 | &nbsp;&nbsp; 1062710 | &nbsp;&nbsp; 351492 | &nbsp;&nbsp; 24449 | &nbsp;&nbsp; 185581 |
|  — | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4188 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 1504 | &nbsp;&nbsp; 3165 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 1343 |
| 2300 | &nbsp;&nbsp; 5773 | &nbsp;&nbsp; 2943 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 643 |
| 24 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| 2 | &nbsp;&nbsp; 2135 | &nbsp;&nbsp; 1945 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 26 |
| 280 | &nbsp;&nbsp; 3596 | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51 |
|  — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 |
| 27 | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 22 |
| 3 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 7 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| 10 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6 |
| 14 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 2 |
| 15 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 |
| 4186 | &nbsp;&nbsp; 15425 | &nbsp;&nbsp; 5720 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 958 | &nbsp;&nbsp; 6374 |
| $328357 | &nbsp;&nbsp; $2633055 | &nbsp;&nbsp; $1056990 | &nbsp;&nbsp; $351101 | &nbsp;&nbsp; $23491 | &nbsp;&nbsp; $179207 |
| $434088 | &nbsp;&nbsp; $3620762 | &nbsp;&nbsp; $1254567 | &nbsp;&nbsp; $377915 | &nbsp;&nbsp; $31315 | &nbsp;&nbsp; $250165 |
| (105731)<br>| &nbsp;&nbsp; (987707)<br>| &nbsp;&nbsp; (197577)<br>| &nbsp;&nbsp; (26814)<br>| &nbsp;&nbsp; (7824)<br>| &nbsp;&nbsp; (70958)<br>|
| $328357 | &nbsp;&nbsp; $2633055 | &nbsp;&nbsp; $1056990 | &nbsp;&nbsp; $351101 | &nbsp;&nbsp; $23491 | &nbsp;&nbsp; $179207 |
| $328357 | &nbsp;&nbsp; $2633055 | &nbsp;&nbsp; $1056990 | &nbsp;&nbsp; $351101 | &nbsp;&nbsp; $23491 | &nbsp;&nbsp; $179207 |
| 36799 | &nbsp;&nbsp; 439361 | &nbsp;&nbsp; 109021 | &nbsp;&nbsp; 35358 | &nbsp;&nbsp; 2496 | &nbsp;&nbsp; 21440 |
| $8.92 | &nbsp;&nbsp; $5.99 | &nbsp;&nbsp; $9.70 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $8.36 |
| $339249 | &nbsp;&nbsp; $2677690 | &nbsp;&nbsp; $1089198 | &nbsp;&nbsp; $347677 | &nbsp;&nbsp; $22887 | &nbsp;&nbsp; $176537 |
| 2380 | &nbsp;&nbsp; 34238 | &nbsp;&nbsp; 12265 | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 899 | &nbsp;&nbsp; 8581 |
|  — | &nbsp;&nbsp; 170 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **3** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**STATEMENTS OF ASSETS AND LIABILITIES continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands, except per share data* | Short<br> Bond<br> Fund<br>| Tax-Advantaged<br> Ultra-Short<br> Fixed<br> Income Fund<br>| Tax-Exempt<br> Fund<br>| Ultra-Short<br> Fixed<br> Income<br> Fund<br>| U.S.<br> Government<br> Fund<br>|
| ASSETS: |  |  |  |  |  |
| Investments, at value  | &nbsp;&nbsp; $289344 | &nbsp;&nbsp; $2717797 | &nbsp;&nbsp; $757795 | &nbsp;&nbsp; $1608704 | &nbsp;&nbsp; $26444 |
| Investments in affiliates, at value | &nbsp;&nbsp; 3687 | &nbsp;&nbsp; 28926 | &nbsp;&nbsp; 14033 | &nbsp;&nbsp; 74823 | &nbsp;&nbsp; 710 |
| Repurchase agreements, at cost, which approximates value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; 59 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16082 | &nbsp;&nbsp; 123 |
| Interest income receivable | &nbsp;&nbsp; 2081 | &nbsp;&nbsp; 28649 | &nbsp;&nbsp; 10364 | &nbsp;&nbsp; 12549 | &nbsp;&nbsp; 224 |
| Dividend income receivable | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 1 |
| Receivable for foreign tax reclaims | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for securities sold | &nbsp;&nbsp; 7057 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for fund shares sold | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 1307 | &nbsp;&nbsp; 1346 | &nbsp;&nbsp; 1 |
| Receivable from investment adviser | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 3 |
| Prepaid and other assets | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 8 |
| Total Assets | &nbsp;&nbsp; 302549 | &nbsp;&nbsp; 2776202 | &nbsp;&nbsp; 783579 | &nbsp;&nbsp; 1713766 | &nbsp;&nbsp; 27514 |
| LIABILITIES: |  |  |  |  |  |
| Payable for securities purchased | &nbsp;&nbsp; 8808 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19795 | &nbsp;&nbsp; 123 |
| Payable for when-issued securities | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 17442 | &nbsp;&nbsp; 5407 | &nbsp;&nbsp; 21458 | &nbsp;&nbsp; — |
| Payable for variation margin on futures contracts | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Payable for fund shares redeemed | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 3459 | &nbsp;&nbsp; 6809 | &nbsp;&nbsp; 516 | &nbsp;&nbsp; — |
| Distributions payable to shareholders | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 1753 | &nbsp;&nbsp; 536 | &nbsp;&nbsp; 1498 | &nbsp;&nbsp; 18 |
| Payable to affiliates: |  |  |  |  |  |
| Management fees | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 2 |
| Custody fees | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 |
| Shareholder servicing fees | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — |
| Transfer agent fees | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 1 |
| Accrued Trustee fees and expenses | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3 |
| Accrued other liabilities | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 15 |
| Total Liabilities | &nbsp;&nbsp; 9596 | &nbsp;&nbsp; 22917 | &nbsp;&nbsp; 12888 | &nbsp;&nbsp; 43446 | &nbsp;&nbsp; 164 |
| Net Assets | &nbsp;&nbsp; $292953 | &nbsp;&nbsp; $2753285 | &nbsp;&nbsp; $770691 | &nbsp;&nbsp; $1670320 | &nbsp;&nbsp; $27350 |
| ANALYSIS OF NET ASSETS: |  |  |  |  |  |
| Capital stock | &nbsp;&nbsp; $320751 | &nbsp;&nbsp; $2785514 | &nbsp;&nbsp; $960450 | &nbsp;&nbsp; $1691894 | &nbsp;&nbsp; $33245 |
| Distributable earnings (loss) | &nbsp;&nbsp; (27798)<br>| &nbsp;&nbsp; (32229)<br>| &nbsp;&nbsp; (189759)<br>| &nbsp;&nbsp; (21574)<br>| &nbsp;&nbsp; (5895)<br>|
| Net Assets | &nbsp;&nbsp; $292953 | &nbsp;&nbsp; $2753285 | &nbsp;&nbsp; $770691 | &nbsp;&nbsp; $1670320 | &nbsp;&nbsp; $27350 |
| **Net Assets:** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; $292953 | &nbsp;&nbsp; $2753285 | &nbsp;&nbsp; $770691 | &nbsp;&nbsp; $1632225 | &nbsp;&nbsp; $27350 |
| Siebert Williams Shank Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38095 | &nbsp;&nbsp; — |
| **Total Shares Outstanding ($.001 par value, unlimited authorization):** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; 16016 | &nbsp;&nbsp; 270451 | &nbsp;&nbsp; 81913 | &nbsp;&nbsp; 158148 | &nbsp;&nbsp; 3096 |
| Siebert Williams Shank Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3691 | &nbsp;&nbsp; — |
| **Net Asset Value, Redemption and Offering Price Per Share:** |  |  |  |  |  |
| Shares | &nbsp;&nbsp; $18.29 | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $10.32 | &nbsp;&nbsp; $8.83 |
| Siebert Williams Shank Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 10.32 | &nbsp;&nbsp; — |
| Investments, at cost | &nbsp;&nbsp; $289170 | &nbsp;&nbsp; $2716054 | &nbsp;&nbsp; $807439 | &nbsp;&nbsp; $1603445 | &nbsp;&nbsp; $26661 |
| Investments in affiliates, at cost | &nbsp;&nbsp; 3687 | &nbsp;&nbsp; 28926 | &nbsp;&nbsp; 14033 | &nbsp;&nbsp; 74807 | &nbsp;&nbsp; 710 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **4** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | |
|:---|:---|
| U.S. Government<br> Money<br> Market Fund<br>| U.S. Government<br> Select<br> Money<br> Market Fund<br>|
| $10043838 | &nbsp;&nbsp; $2013261 |
| 12262000 | &nbsp;&nbsp; 2351000 |
| 35716 | &nbsp;&nbsp; 42333 |
| 47680 | &nbsp;&nbsp; 10116 |
| 33170 | &nbsp;&nbsp; 6961 |
| 86 | &nbsp;&nbsp; 12 |
| 39 | &nbsp;&nbsp; 17 |
| 22422529 | &nbsp;&nbsp; 4423700 |
| 104050 | &nbsp;&nbsp; 20190 |
| 29723 | &nbsp;&nbsp; 29994 |
| 76711 | &nbsp;&nbsp; 15087 |
| 1413 | &nbsp;&nbsp; 275 |
| 119 | &nbsp;&nbsp; 27 |
| 344 | &nbsp;&nbsp; 68 |
| 30 | &nbsp;&nbsp; 20 |
| 152 | &nbsp;&nbsp; 45 |
| 212542 | &nbsp;&nbsp; 65706 |
| $22209987 | &nbsp;&nbsp; $4357994 |
| $22209331 | &nbsp;&nbsp; $4357865 |
| 656 | &nbsp;&nbsp; 129 |
| $22209987 | &nbsp;&nbsp; $4357994 |
| $22209987 | &nbsp;&nbsp; $4357994 |
| 22209318 | &nbsp;&nbsp; 4357904 |
| $1.00 | &nbsp;&nbsp; $1.00 |
| $10043838 | &nbsp;&nbsp; $2013261 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **5** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**STATEMENTS OF OPERATIONS** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands* | &nbsp;&nbsp;&nbsp; Arizona<br> Tax-Exempt<br> Fund<br>| &nbsp;&nbsp;&nbsp; Bond<br> Index<br> Fund<br>| &nbsp;&nbsp;&nbsp; California<br> Intermediate<br> Tax-Exempt<br> Fund<br>| &nbsp;&nbsp;&nbsp; California<br> Tax-Exempt<br> Fund<br>|
| INVESTMENT INCOME: |  |  |  |  |
| Interest Income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $2116 | &nbsp;&nbsp;&nbsp;&nbsp; $86074 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $7265 | &nbsp;&nbsp;&nbsp;&nbsp; $5199 |
| Interest Income from Affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividend income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividend income from investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 1594 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
| Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 2227 | &nbsp;&nbsp;&nbsp;&nbsp; 87696 | &nbsp;&nbsp;&nbsp;&nbsp; 7510 | &nbsp;&nbsp;&nbsp;&nbsp; 5327 |
| EXPENSES: |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp;&nbsp; 1363 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 | &nbsp;&nbsp;&nbsp;&nbsp; 636 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 874 | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| Blue sky fees | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Audit fees | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Shareholder servicing fees | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 44 |
| Trustee fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp;&nbsp; 2674 | &nbsp;&nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 828 |
| Less expenses reimbursed by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1056)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (167)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (151)<br>|
| Less custodian credits | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp;&nbsp; 1618 | &nbsp;&nbsp;&nbsp;&nbsp; 1092 | &nbsp;&nbsp;&nbsp;&nbsp; 677 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **1956** | &nbsp;&nbsp;&nbsp;&nbsp; **86078** | &nbsp;&nbsp;&nbsp;&nbsp; **6418** | &nbsp;&nbsp;&nbsp;&nbsp; **4650** |
| NET REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; (1577)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52361)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (713)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Credit default swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total return swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net changes in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp; 68677 | &nbsp;&nbsp;&nbsp;&nbsp; 2149 | &nbsp;&nbsp;&nbsp;&nbsp; (1708)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Credit default swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total return swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp; (1243)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16296 | &nbsp;&nbsp;&nbsp;&nbsp; (1757)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2421)<br>|
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$713** | &nbsp;&nbsp;&nbsp;&nbsp; **$102374** | &nbsp;&nbsp;&nbsp;&nbsp; **$4661** | &nbsp;&nbsp;&nbsp;&nbsp; **$2229** |

---

<sup>(1)</sup> *Net of $2, $14, $1, respectively, in foreign withholding taxes.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **6** NORTHERN FUNDS ANNUAL REPORT

------

**For the Fiscal Year Ended March 31, 2025** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> Core<br> Bond<br> Fund<br>| Fixed<br> Income<br> Fund<br>| High Yield<br> Fixed<br> Income<br> Fund<br>| Intermediate<br> Tax-Exempt<br> Fund<br>| Limited<br> Term<br> Tax-Exempt<br> Fund<br>| Limited<br> Term<br> U.S. Government<br> Fund<br>| Multi-Manager<br> High Yield<br> Opportunity Fund<br>|
| &nbsp;&nbsp;&nbsp; $4150 <br><sup>(1)</sup><br>| &nbsp;&nbsp; $16093 | &nbsp;&nbsp; $200144 | &nbsp;&nbsp; $39793 | &nbsp;&nbsp; $10678 | &nbsp;&nbsp; $840 | &nbsp;&nbsp; $13653 <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 3118 | &nbsp;&nbsp; 721 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp; 4315 | &nbsp;&nbsp; 16315 | &nbsp;&nbsp; 203262 | &nbsp;&nbsp; 40514 | &nbsp;&nbsp; 10993 | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 14009 |
| &nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp; 1458 | &nbsp;&nbsp; 15887 | &nbsp;&nbsp; 4986 | &nbsp;&nbsp; 1641 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 1184 |
| &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 1053 | &nbsp;&nbsp; 446 | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp; 1753 | &nbsp;&nbsp; 17687 | &nbsp;&nbsp; 5765 | &nbsp;&nbsp; 1933 | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 1410 |
| &nbsp;&nbsp;&nbsp; (111)<br>| &nbsp;&nbsp; (210)<br>| &nbsp;&nbsp; (1185)<br>| &nbsp;&nbsp; (521)<br>| &nbsp;&nbsp; (204)<br>| &nbsp;&nbsp; (70)<br>| &nbsp;&nbsp; (176)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
| &nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp; 1542 | &nbsp;&nbsp; 16487 | &nbsp;&nbsp; 5239 | &nbsp;&nbsp; 1728 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 1231 |
| &nbsp;&nbsp;&nbsp; **3926** | &nbsp;&nbsp; **14773** | &nbsp;&nbsp; **186775** | &nbsp;&nbsp; **35275** | &nbsp;&nbsp; **9265** | &nbsp;&nbsp; **738** | &nbsp;&nbsp; **12778** |
| &nbsp;&nbsp;&nbsp; (1181)<br>| &nbsp;&nbsp; (5296)<br>| &nbsp;&nbsp; (41180)<br>| &nbsp;&nbsp; (15084)<br>| &nbsp;&nbsp; (2320)<br>| &nbsp;&nbsp; (356)<br>| &nbsp;&nbsp; 690 |
| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; 257 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24 | &nbsp;&nbsp; (32)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; 1634 | &nbsp;&nbsp; 6962 | &nbsp;&nbsp; 46006 | &nbsp;&nbsp; 4977 | &nbsp;&nbsp; 4304 | &nbsp;&nbsp; 781 | &nbsp;&nbsp; (2411)<br>|
| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 441 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>|
| &nbsp;&nbsp;&nbsp; 513 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 5837 | &nbsp;&nbsp; (10107)<br>| &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 456 | &nbsp;&nbsp; (1646)<br>|
| &nbsp;&nbsp;&nbsp; **$4439** | &nbsp;&nbsp; **$16797** | &nbsp;&nbsp; **$192612** | &nbsp;&nbsp; **$25168** | &nbsp;&nbsp; **$11249** | &nbsp;&nbsp; **$1194** | &nbsp;&nbsp; **$11132** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **7** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**STATEMENTS OF OPERATIONS continued**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Amounts in thousands* | &nbsp;&nbsp;&nbsp; Short<br> Bond<br> Fund<br>| &nbsp;&nbsp;&nbsp; Tax-Advantaged<br> Ultra-Short<br> Fixed<br> Income Fund<br>| &nbsp;&nbsp;&nbsp; Tax-Exempt<br> Fund<br>| &nbsp;&nbsp;&nbsp; Ultra-Short<br> Fixed<br> Income<br> Fund<br>|
| INVESTMENT INCOME: |  |  |  |  |
| Interest Income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $12126 | &nbsp;&nbsp;&nbsp;&nbsp; $89147 | &nbsp;&nbsp;&nbsp;&nbsp; $29351 | &nbsp;&nbsp;&nbsp;&nbsp; $80874 <br><sup>(1)</sup><br>|
| Interest Income from Affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 521 |
| Dividend income from investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp; 4634 | &nbsp;&nbsp;&nbsp;&nbsp; 858 | &nbsp;&nbsp;&nbsp;&nbsp; 1877 |
| Income from affiliates (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 12435 | &nbsp;&nbsp;&nbsp;&nbsp; 93781 | &nbsp;&nbsp;&nbsp;&nbsp; 30209 | &nbsp;&nbsp;&nbsp;&nbsp; 83272 |
| EXPENSES: |  |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 1072 | &nbsp;&nbsp;&nbsp;&nbsp; 5733 | &nbsp;&nbsp;&nbsp;&nbsp; 3295 | &nbsp;&nbsp;&nbsp;&nbsp; 3770 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; 972 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp; 632 |
| Blue sky fees | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| Audit fees | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| Shareholder servicing fees | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| Trustee fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1295 | &nbsp;&nbsp;&nbsp;&nbsp; 7095 | &nbsp;&nbsp;&nbsp;&nbsp; 3831 | &nbsp;&nbsp;&nbsp;&nbsp; 4766 |
| Less expenses reimbursed by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp; (153)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (730)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (371)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (616)<br>|
| Less custodian credits | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 6356 | &nbsp;&nbsp;&nbsp;&nbsp; 3459 | &nbsp;&nbsp;&nbsp;&nbsp; 4141 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **11295** | &nbsp;&nbsp;&nbsp;&nbsp; **87425** | &nbsp;&nbsp;&nbsp;&nbsp; **26750** | &nbsp;&nbsp;&nbsp;&nbsp; **79131** |
| NET REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |  |  |
| Net realized gains (losses) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; (1181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12677)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1285 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net changes in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp; 3502 | &nbsp;&nbsp;&nbsp;&nbsp; 11798 | &nbsp;&nbsp;&nbsp;&nbsp; (2067)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11009 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Gains (Losses) | &nbsp;&nbsp;&nbsp;&nbsp; 3537 | &nbsp;&nbsp;&nbsp;&nbsp; 10617 | &nbsp;&nbsp;&nbsp;&nbsp; (14744)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12306 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **$14832** | &nbsp;&nbsp;&nbsp;&nbsp; **$98042** | &nbsp;&nbsp;&nbsp;&nbsp; **$12006** | &nbsp;&nbsp;&nbsp;&nbsp; **$91437** |

---

<sup>(1)</sup> *Net of $2 in foreign withholding taxes.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **8** NORTHERN FUNDS ANNUAL REPORT

------

**For the Fiscal Year Ended March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S.<br> Government<br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government<br> Money<br> Market Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government<br> Select<br> Money<br> Market Fund<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1021842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $221545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1844)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (481)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **762** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **951243** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **207524** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (263)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$987** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$952051** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$207682** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **9** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Arizona<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; Arizona<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; Bond<br> Index<br> Fund | &nbsp;&nbsp;&nbsp; Bond<br> Index<br> Fund | &nbsp;&nbsp;&nbsp; California<br> Intermediate<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; California<br> Intermediate<br> Tax-Exempt<br> Fund |
| Amounts in thousands | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $1956 | &nbsp;&nbsp;&nbsp;&nbsp; $2283 | &nbsp;&nbsp;&nbsp;&nbsp; $86078 | &nbsp;&nbsp;&nbsp;&nbsp; $76761 | &nbsp;&nbsp;&nbsp;&nbsp; $6418 | &nbsp;&nbsp;&nbsp;&nbsp; $6820 |
| Net realized losses | &nbsp;&nbsp;&nbsp;&nbsp; (1577)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1312)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52362)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41390)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6175)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp;&nbsp; 68658 | &nbsp;&nbsp;&nbsp;&nbsp; 2336 | &nbsp;&nbsp;&nbsp;&nbsp; 2149 | &nbsp;&nbsp;&nbsp;&nbsp; 4428 |
| Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp; 713 | &nbsp;&nbsp;&nbsp;&nbsp; 1408 | &nbsp;&nbsp;&nbsp;&nbsp; 102374 | &nbsp;&nbsp;&nbsp;&nbsp; 37707 | &nbsp;&nbsp;&nbsp;&nbsp; 4661 | &nbsp;&nbsp;&nbsp;&nbsp; 5073 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Shares <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10008)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13512)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (228908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 216184 | &nbsp;&nbsp;&nbsp;&nbsp; (26140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22309)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital <br> Share Transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10008)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13512)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (228908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 216184 | &nbsp;&nbsp;&nbsp;&nbsp; (26140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22309)<br>|
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; (1956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2283)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77922)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6425)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6828)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (1956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2283)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77922)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6425)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6828)<br>|
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(11251)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(14387)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(213150)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **175969** | &nbsp;&nbsp;&nbsp;&nbsp; **(27904)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(24064)**<br>|
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 63291 | &nbsp;&nbsp;&nbsp;&nbsp; 77678 | &nbsp;&nbsp;&nbsp;&nbsp; 2357166 | &nbsp;&nbsp;&nbsp;&nbsp; 2181197 | &nbsp;&nbsp;&nbsp;&nbsp; 249373 | &nbsp;&nbsp;&nbsp;&nbsp; 273437 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp; $52040 | &nbsp;&nbsp;&nbsp;&nbsp; $63291 | &nbsp;&nbsp;&nbsp;&nbsp; $2144016 | &nbsp;&nbsp;&nbsp;&nbsp; $2357166 | &nbsp;&nbsp;&nbsp;&nbsp; $221469 | &nbsp;&nbsp;&nbsp;&nbsp; $249373 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **10** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; California<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; California<br> Tax-Exempt<br> Fund | &nbsp;&nbsp; <br> Core<br> Bond<br> Fund | &nbsp;&nbsp; <br> Core<br> Bond<br> Fund | &nbsp;&nbsp; Fixed<br> Income<br> Fund | &nbsp;&nbsp; Fixed<br> Income<br> Fund | &nbsp;&nbsp; High Yield<br> Fixed<br> Income<br> Fund | &nbsp;&nbsp; High Yield<br> Fixed<br> Income<br> Fund |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; $4650 | &nbsp;&nbsp;&nbsp; $4783 | &nbsp;&nbsp;&nbsp; $3926 | &nbsp;&nbsp;&nbsp; $3764 | &nbsp;&nbsp;&nbsp; $14773 | &nbsp;&nbsp;&nbsp; $15415 | &nbsp;&nbsp;&nbsp; $186775 | &nbsp;&nbsp;&nbsp; $177584 |
| &nbsp;&nbsp;&nbsp; (713)<br>| &nbsp;&nbsp;&nbsp; (1887)<br>| &nbsp;&nbsp;&nbsp; (1186)<br>| &nbsp;&nbsp;&nbsp; (4631)<br>| &nbsp;&nbsp;&nbsp; (5034)<br>| &nbsp;&nbsp;&nbsp; (24072)<br>| &nbsp;&nbsp;&nbsp; (40600)<br>| &nbsp;&nbsp;&nbsp; (98630)<br>|
| &nbsp;&nbsp;&nbsp; (1708)<br>| &nbsp;&nbsp;&nbsp; 2054 | &nbsp;&nbsp;&nbsp; 1699 | &nbsp;&nbsp;&nbsp; 2104 | &nbsp;&nbsp;&nbsp; 7058 | &nbsp;&nbsp;&nbsp; 15108 | &nbsp;&nbsp;&nbsp; 46437 | &nbsp;&nbsp;&nbsp; 203258 |
| &nbsp;&nbsp;&nbsp; 2229 | &nbsp;&nbsp;&nbsp; 4950 | &nbsp;&nbsp;&nbsp; 4439 | &nbsp;&nbsp;&nbsp; 1237 | &nbsp;&nbsp;&nbsp; 16797 | &nbsp;&nbsp;&nbsp; 6451 | &nbsp;&nbsp;&nbsp; 192612 | &nbsp;&nbsp;&nbsp; 282212 |
| &nbsp;&nbsp;&nbsp; (4742)<br>| &nbsp;&nbsp;&nbsp; (12004)<br>| &nbsp;&nbsp;&nbsp; 4170 | &nbsp;&nbsp;&nbsp; (17904)<br>| &nbsp;&nbsp;&nbsp; (21221)<br>| &nbsp;&nbsp;&nbsp; (124932)<br>| &nbsp;&nbsp;&nbsp; (42365)<br>| &nbsp;&nbsp;&nbsp; (278931)<br>|
| &nbsp;&nbsp;&nbsp; (4742)<br>| &nbsp;&nbsp;&nbsp; (12004)<br>| &nbsp;&nbsp;&nbsp; 4170 | &nbsp;&nbsp;&nbsp; (17904)<br>| &nbsp;&nbsp;&nbsp; (21221)<br>| &nbsp;&nbsp;&nbsp; (124932)<br>| &nbsp;&nbsp;&nbsp; (42365)<br>| &nbsp;&nbsp;&nbsp; (278931)<br>|
| &nbsp;&nbsp;&nbsp; (4653)<br>| &nbsp;&nbsp;&nbsp; (4785)<br>| &nbsp;&nbsp;&nbsp; (3930)<br>| &nbsp;&nbsp;&nbsp; (3833)<br>| &nbsp;&nbsp;&nbsp; (14748)<br>| &nbsp;&nbsp;&nbsp; (15865)<br>| &nbsp;&nbsp;&nbsp; (187361)<br>| &nbsp;&nbsp;&nbsp; (179467)<br>|
| &nbsp;&nbsp;&nbsp; (4653)<br>| &nbsp;&nbsp;&nbsp; (4785)<br>| &nbsp;&nbsp;&nbsp; (3930)<br>| &nbsp;&nbsp;&nbsp; (3833)<br>| &nbsp;&nbsp;&nbsp; (14748)<br>| &nbsp;&nbsp;&nbsp; (15865)<br>| &nbsp;&nbsp;&nbsp; (187361)<br>| &nbsp;&nbsp;&nbsp; (179467)<br>|
| &nbsp;&nbsp;&nbsp; **(7166)**<br>| &nbsp;&nbsp;&nbsp; **(11839)**<br>| &nbsp;&nbsp;&nbsp; **4679** | &nbsp;&nbsp;&nbsp; **(20500)**<br>| &nbsp;&nbsp;&nbsp; **(19172)**<br>| &nbsp;&nbsp;&nbsp; **(134346)**<br>| &nbsp;&nbsp;&nbsp; **(37114)**<br>| &nbsp;&nbsp;&nbsp; **(176186)**<br>|
| &nbsp;&nbsp;&nbsp; 150553 | &nbsp;&nbsp;&nbsp; 162392 | &nbsp;&nbsp;&nbsp; 91706 | &nbsp;&nbsp;&nbsp; 112206 | &nbsp;&nbsp;&nbsp; 347529 | &nbsp;&nbsp;&nbsp; 481875 | &nbsp;&nbsp;&nbsp; 2670169 | &nbsp;&nbsp;&nbsp; 2846355 |
| &nbsp;&nbsp;&nbsp; $143387 | &nbsp;&nbsp;&nbsp; $150553 | &nbsp;&nbsp;&nbsp; $96385 | &nbsp;&nbsp;&nbsp; $91706 | &nbsp;&nbsp;&nbsp; $328357 | &nbsp;&nbsp;&nbsp; $347529 | &nbsp;&nbsp;&nbsp; $2633055 | &nbsp;&nbsp;&nbsp; $2670169 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **11** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**STATEMENTS OF CHANGES IN NET ASSETS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Intermediate<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; Intermediate<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; Limited<br> Term<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; Limited<br> Term<br> Tax-Exempt<br> Fund | &nbsp;&nbsp;&nbsp; Limited<br> Term<br> U.S. Government<br> Fund | &nbsp;&nbsp;&nbsp; Limited<br> Term<br> U.S. Government<br> Fund |
| Amounts in thousands | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp; $35275 | &nbsp;&nbsp;&nbsp;&nbsp; $39699 | &nbsp;&nbsp;&nbsp;&nbsp; $9265 | &nbsp;&nbsp;&nbsp;&nbsp; $10368 | &nbsp;&nbsp;&nbsp;&nbsp; $738 | &nbsp;&nbsp;&nbsp;&nbsp; $1197 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; (15084)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36879)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4151)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (332)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (392)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 4977 | &nbsp;&nbsp;&nbsp;&nbsp; 24616 | &nbsp;&nbsp;&nbsp;&nbsp; 4304 | &nbsp;&nbsp;&nbsp;&nbsp; 1342 | &nbsp;&nbsp;&nbsp;&nbsp; 788 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp; 25168 | &nbsp;&nbsp;&nbsp;&nbsp; 27436 | &nbsp;&nbsp;&nbsp;&nbsp; 11249 | &nbsp;&nbsp;&nbsp;&nbsp; 7559 | &nbsp;&nbsp;&nbsp;&nbsp; 1194 | &nbsp;&nbsp;&nbsp;&nbsp; 806 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from Shares <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (194477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (261879)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (80244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (124056)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6418)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24624)<br>|
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital <br> Share Transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (194477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (261879)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (80244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (124056)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6418)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24624)<br>|
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; (35292)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39718)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10367)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (740)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1200)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (35292)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39718)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10367)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (740)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1200)<br>|
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(204601)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(274161)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(78261)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(126864)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(5964)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(25018)**<br>|
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 1261591 | &nbsp;&nbsp;&nbsp;&nbsp; 1535752 | &nbsp;&nbsp;&nbsp;&nbsp; 429362 | &nbsp;&nbsp;&nbsp;&nbsp; 556226 | &nbsp;&nbsp;&nbsp;&nbsp; 29455 | &nbsp;&nbsp;&nbsp;&nbsp; 54473 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp; $1056990 | &nbsp;&nbsp;&nbsp;&nbsp; $1261591 | &nbsp;&nbsp;&nbsp;&nbsp; $351101 | &nbsp;&nbsp;&nbsp;&nbsp; $429362 | &nbsp;&nbsp;&nbsp;&nbsp; $23491 | &nbsp;&nbsp;&nbsp;&nbsp; $29455 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **12** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Multi-Manager<br> High Yield<br> Opportunity Fund | &nbsp;&nbsp;&nbsp; Multi-Manager<br> High Yield<br> Opportunity Fund | &nbsp;&nbsp; Short<br> Bond<br> Fund | &nbsp;&nbsp; Short<br> Bond<br> Fund | &nbsp;&nbsp; Tax-Advantaged<br> Ultra-Short<br> Fixed<br> Income Fund | &nbsp;&nbsp; Tax-Advantaged<br> Ultra-Short<br> Fixed<br> Income Fund | &nbsp;&nbsp; Tax-Exempt<br> Fund | &nbsp;&nbsp; Tax-Exempt<br> Fund |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; $12778 | &nbsp;&nbsp;&nbsp; $15950 | &nbsp;&nbsp;&nbsp; $11295 | &nbsp;&nbsp;&nbsp; $9801 | &nbsp;&nbsp;&nbsp; $87425 | &nbsp;&nbsp;&nbsp; $69578 | &nbsp;&nbsp;&nbsp; $26750 | &nbsp;&nbsp;&nbsp; $26768 |
| &nbsp;&nbsp;&nbsp; 743 | &nbsp;&nbsp;&nbsp; (4508)<br>| &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; (5908)<br>| &nbsp;&nbsp;&nbsp; (1181)<br>| &nbsp;&nbsp;&nbsp; (697)<br>| &nbsp;&nbsp;&nbsp; (12677)<br>| &nbsp;&nbsp;&nbsp; (30362)<br>|
| &nbsp;&nbsp;&nbsp; (2389)<br>| &nbsp;&nbsp;&nbsp; 9811 | &nbsp;&nbsp;&nbsp; 3433 | &nbsp;&nbsp;&nbsp; 7114 | &nbsp;&nbsp;&nbsp; 11798 | &nbsp;&nbsp;&nbsp; 30696 | &nbsp;&nbsp;&nbsp; (2067)<br>| &nbsp;&nbsp;&nbsp; 25449 |
| &nbsp;&nbsp;&nbsp; 11132 | &nbsp;&nbsp;&nbsp; 21253 | &nbsp;&nbsp;&nbsp; 14832 | &nbsp;&nbsp;&nbsp; 11007 | &nbsp;&nbsp;&nbsp; 98042 | &nbsp;&nbsp;&nbsp; 99577 | &nbsp;&nbsp;&nbsp; 12006 | &nbsp;&nbsp;&nbsp; 21855 |
| &nbsp;&nbsp;&nbsp; (8819)<br>| &nbsp;&nbsp;&nbsp; (30243)<br>| &nbsp;&nbsp;&nbsp; 17779 | &nbsp;&nbsp;&nbsp; (68967)<br>| &nbsp;&nbsp;&nbsp; 236891 | &nbsp;&nbsp;&nbsp; 95927 | &nbsp;&nbsp;&nbsp; 29347 | &nbsp;&nbsp;&nbsp; (27984)<br>|
| &nbsp;&nbsp;&nbsp; (8819)<br>| &nbsp;&nbsp;&nbsp; (30243)<br>| &nbsp;&nbsp;&nbsp; 17779 | &nbsp;&nbsp;&nbsp; (68967)<br>| &nbsp;&nbsp;&nbsp; 236891 | &nbsp;&nbsp;&nbsp; 95927 | &nbsp;&nbsp;&nbsp; 29347 | &nbsp;&nbsp;&nbsp; (27984)<br>|
| &nbsp;&nbsp;&nbsp; (12717)<br>| &nbsp;&nbsp;&nbsp; (16135)<br>| &nbsp;&nbsp;&nbsp; (11409)<br>| &nbsp;&nbsp;&nbsp; (10014)<br>| &nbsp;&nbsp;&nbsp; (87427)<br>| &nbsp;&nbsp;&nbsp; (69592)<br>| &nbsp;&nbsp;&nbsp; (26756)<br>| &nbsp;&nbsp;&nbsp; (26774)<br>|
| &nbsp;&nbsp;&nbsp; (12717)<br>| &nbsp;&nbsp;&nbsp; (16135)<br>| &nbsp;&nbsp;&nbsp; (11409)<br>| &nbsp;&nbsp;&nbsp; (10014)<br>| &nbsp;&nbsp;&nbsp; (87427)<br>| &nbsp;&nbsp;&nbsp; (69592)<br>| &nbsp;&nbsp;&nbsp; (26756)<br>| &nbsp;&nbsp;&nbsp; (26774)<br>|
| &nbsp;&nbsp;&nbsp; **(10404)**<br>| &nbsp;&nbsp;&nbsp; **(25125)**<br>| &nbsp;&nbsp;&nbsp; **21202** | &nbsp;&nbsp;&nbsp; **(67974)**<br>| &nbsp;&nbsp;&nbsp; **247506** | &nbsp;&nbsp;&nbsp; **125912** | &nbsp;&nbsp;&nbsp; **14597** | &nbsp;&nbsp;&nbsp; **(32903)**<br>|
| &nbsp;&nbsp;&nbsp; 189611 | &nbsp;&nbsp;&nbsp; 214736 | &nbsp;&nbsp;&nbsp; 271751 | &nbsp;&nbsp;&nbsp; 339725 | &nbsp;&nbsp;&nbsp; 2505779 | &nbsp;&nbsp;&nbsp; 2379867 | &nbsp;&nbsp;&nbsp; 756094 | &nbsp;&nbsp;&nbsp; 788997 |
| &nbsp;&nbsp;&nbsp; $179207 | &nbsp;&nbsp;&nbsp; $189611 | &nbsp;&nbsp;&nbsp; $292953 | &nbsp;&nbsp;&nbsp; $271751 | &nbsp;&nbsp;&nbsp; $2753285 | &nbsp;&nbsp;&nbsp; $2505779 | &nbsp;&nbsp;&nbsp; $770691 | &nbsp;&nbsp;&nbsp; $756094 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **13** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**STATEMENTS OF CHANGES IN NET ASSETS continued**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Ultra-Short<br> Fixed<br> Income<br> Fund | &nbsp;&nbsp; Ultra-Short<br> Fixed<br> Income<br> Fund | &nbsp;&nbsp; U.S.<br> Government<br> Fund | &nbsp;&nbsp; U.S.<br> Government<br> Fund | &nbsp;&nbsp; U.S. Government<br> Money<br> Market Fund | &nbsp;&nbsp; U.S. Government<br> Money<br> Market Fund |
| Amounts in thousands | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| OPERATIONS: |  |  |  |  |  |  |
| Net investment income (Note 6) | &nbsp;&nbsp;&nbsp; $79131 | &nbsp;&nbsp;&nbsp; $84898 | &nbsp;&nbsp;&nbsp; $762 | &nbsp;&nbsp;&nbsp; $1015 | &nbsp;&nbsp;&nbsp; $951243 | &nbsp;&nbsp;&nbsp; $993246 |
| Net realized gains (losses) | &nbsp;&nbsp;&nbsp; 1294 | &nbsp;&nbsp;&nbsp; (4240)<br>| &nbsp;&nbsp;&nbsp; (241)<br>| &nbsp;&nbsp;&nbsp; (1206)<br>| &nbsp;&nbsp;&nbsp; 808 | &nbsp;&nbsp;&nbsp; 39 |
| Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp; 11012 | &nbsp;&nbsp;&nbsp; 48676 | &nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp; 91437 | &nbsp;&nbsp;&nbsp; 129334 | &nbsp;&nbsp;&nbsp; 987 | &nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; 952051 | &nbsp;&nbsp;&nbsp; 993285 |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| Net increase (decrease) in net assets resulting from Shares transactions | &nbsp;&nbsp;&nbsp; 26938 | &nbsp;&nbsp;&nbsp; (821734)<br>| &nbsp;&nbsp;&nbsp; 2445 | &nbsp;&nbsp;&nbsp; (22983)<br>| &nbsp;&nbsp;&nbsp; 1774718 | &nbsp;&nbsp;&nbsp; 1849938 |
| &nbsp;&nbsp; Net increase in net assets resulting from Siebert Williams Shank Shares <br> transactions<br>| &nbsp;&nbsp;&nbsp; 5235 | &nbsp;&nbsp;&nbsp; 1257 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Capital Share <br> Transactions<br>| &nbsp;&nbsp;&nbsp; 32173 | &nbsp;&nbsp;&nbsp; (820477)<br>| &nbsp;&nbsp;&nbsp; 2445 | &nbsp;&nbsp;&nbsp; (22983)<br>| &nbsp;&nbsp;&nbsp; 1774718 | &nbsp;&nbsp;&nbsp; 1849938 |
| DISTRIBUTIONS TO SHARES SHAREHOLDERS: |  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp; (78013)<br>| &nbsp;&nbsp;&nbsp; (84225)<br>| &nbsp;&nbsp;&nbsp; (762)<br>| &nbsp;&nbsp;&nbsp; (1066)<br>| &nbsp;&nbsp;&nbsp; (951306)<br>| &nbsp;&nbsp;&nbsp; (993274)<br>|
| Total Distributions to Shares Shareholders | &nbsp;&nbsp;&nbsp; (78013)<br>| &nbsp;&nbsp;&nbsp; (84225)<br>| &nbsp;&nbsp;&nbsp; (762)<br>| &nbsp;&nbsp;&nbsp; (1066)<br>| &nbsp;&nbsp;&nbsp; (951306)<br>| &nbsp;&nbsp;&nbsp; (993274)<br>|
| &nbsp;&nbsp; DISTRIBUTIONS TO SIEBERT WILLIAMS SHANK SHARES <br> SHAREHOLDERS:<br>|  |  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp; (1745)<br>| &nbsp;&nbsp;&nbsp; (1335)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Distributions to Siebert Williams Shank Shares Shareholders | &nbsp;&nbsp;&nbsp; (1745)<br>| &nbsp;&nbsp;&nbsp; (1335)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp; **43852** | &nbsp;&nbsp;&nbsp; **(776703)**<br>| &nbsp;&nbsp;&nbsp; **2670** | &nbsp;&nbsp;&nbsp; **(24071)**<br>| &nbsp;&nbsp;&nbsp; **1775463** | &nbsp;&nbsp;&nbsp; **1849949** |
| NET ASSETS: |  |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp; 1626468 | &nbsp;&nbsp;&nbsp; 2403171 | &nbsp;&nbsp;&nbsp; 24680 | &nbsp;&nbsp;&nbsp; 48751 | &nbsp;&nbsp;&nbsp; 20434524 | &nbsp;&nbsp;&nbsp; 18584575 |
| End of year | &nbsp;&nbsp;&nbsp; $1670320 | &nbsp;&nbsp;&nbsp; $1626468 | &nbsp;&nbsp;&nbsp; $27350 | &nbsp;&nbsp;&nbsp; $24680 | &nbsp;&nbsp;&nbsp; $22209987 | &nbsp;&nbsp;&nbsp; $20434524 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **14** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | |
|:---|:---|
| U.S. Government<br> Select<br> Money<br> Market Fund | U.S. Government<br> Select<br> Money<br> Market Fund |
| **2025** | **2024** |
| $207524 | &nbsp;&nbsp;&nbsp;&nbsp; $197544 |
| 158 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 207682 | &nbsp;&nbsp;&nbsp;&nbsp; 197535 |
| (105182)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 953052 |
| (105182)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 953052 |
| (207524)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (197547)<br>|
| (207524)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (197547)<br>|
| **(105024)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **953040** |
| 4463018 | &nbsp;&nbsp;&nbsp;&nbsp; 3509978 |
| $4357994 | &nbsp;&nbsp;&nbsp;&nbsp; $4463018 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **15** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Arizona Tax-Exempt** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.67** | &nbsp;&nbsp; **$9.74** | &nbsp;&nbsp; **$10.13** | &nbsp;&nbsp; **$10.86** | &nbsp;&nbsp; **$10.77** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.32 | 0.32 | 0.30 | 0.23 | 0.25 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.73)<br>| 0.09 |
| Total from Investment Operations | 0.11 | 0.25 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.50)<br>| 0.34 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.25)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.25)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $9.46 | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $10.13 | &nbsp;&nbsp; $10.86 |
| **Total Return**<sup>(1)</sup> <br>| **1.19%**<br>| **2.62%**<br>| &nbsp;&nbsp; **(0.82)%**<br>| &nbsp;&nbsp; **(4.74)%**<br>| **3.19%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $52040 | &nbsp;&nbsp; $63291 | &nbsp;&nbsp; $77678 | &nbsp;&nbsp; $142101 | &nbsp;&nbsp; $168504 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.47 %<sup>(3)</sup><br>| 0.47 %<sup>(3)</sup><br>| 0.46<br> %<br>| 0.46<br> %<br>| 0.46<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.70<br> %<br>| 0.66<br> %<br>| 0.62<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 3.38 %<sup>(3)</sup><br>| 3.29 %<sup>(3)</sup><br>| 3.03<br> %<br>| 2.09<br> %<br>| 2.29<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.15<br> %<br>| 3.10<br> %<br>| 2.87<br> %<br>| 1.95<br> %<br>| 2.17<br> %<br>|
| Portfolio Turnover Rate | 38.27<br> %<br>| 5.51<br> %<br>| 16.84<br> %<br>| 32.67<br> %<br>| 17.20<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $5,000, $3,000, $5,000, $500 and $5,000, which represent less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **16** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bond Index Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.14** | &nbsp;&nbsp; **$9.31** | &nbsp;&nbsp; **$10.04** | &nbsp;&nbsp; **$10.75** | &nbsp;&nbsp; **$11.05** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.34 | 0.31 | 0.24 | 0.19 | 0.22 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.09 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.17)<br>|
| Total from Investment Operations | 0.43 | 0.14 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.44)<br>| 0.05 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.25)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.10)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.35)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $9.22 | &nbsp;&nbsp; $9.14 | &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp; $10.75 |
| **Total Return**<sup>(1)</sup> <br>| **4.78%**<br>| **1.60%**<br>| &nbsp;&nbsp; **(4.77)%**<br>| &nbsp;&nbsp; **(4.22)%**<br>| **0.36%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $2144016 | &nbsp;&nbsp; $2357166 | &nbsp;&nbsp; $2181197 | &nbsp;&nbsp; $2677710 | &nbsp;&nbsp; $3252218 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.07 %<sup>(2)</sup><br>| 0.07 %<sup>(2)</sup><br>| 0.11 %<sup>(3)</sup><br>| 0.15 %<sup>(3)</sup><br>| 0.15 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.12<br> %<br>| 0.12<br> %<br>| 0.15<br> %<br>| 0.19<br> %<br>| 0.19<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.79 %<sup>(2)</sup><br>| 3.37 %<sup>(2)</sup><br>| 2.53 %<sup>(3)</sup><br>| 1.77 %<sup>(3)</sup><br>| 1.91 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.74<br> %<br>| 3.32<br> %<br>| 2.49<br> %<br>| 1.73<br> %<br>| 1.87<br> %<br>|
| Portfolio Turnover Rate | 43.36<br> %<br>| 47.00<br> %<br>| 45.33<br> %<br>| 48.74<br> %<br>| 75.38<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $27,000, $1,000 and $92,000, which represent less than 0.01 percent of average net assets for the fiscal* *years ended March 31, 2023, 2022 and 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net* *investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **17** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **California** <br> **Intermediate Tax-Exempt** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.85** | &nbsp;&nbsp; **$9.89** | &nbsp;&nbsp; **$10.17** | &nbsp;&nbsp; **$10.94** | &nbsp;&nbsp; **$10.74** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.26 | 0.26 | 0.23 | 0.21 | 0.24 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.77)<br>| 0.22 |
| Total from Investment Operations | 0.19 | 0.22 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.56)<br>| 0.46 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.24)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $10.94 |
| **Total Return**<sup>(1)</sup> <br>| **1.98%**<br>| **2.29%**<br>| &nbsp;&nbsp; **(0.39)%**<br>| &nbsp;&nbsp; **(5.20)%**<br>| **4.29%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $221469 | &nbsp;&nbsp; $249373 | &nbsp;&nbsp; $273437 | &nbsp;&nbsp; $483410 | &nbsp;&nbsp; $533617 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.45 %<sup>(3)</sup><br>| 0.45 %<sup>(3)</sup><br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 2.67 %<sup>(3)</sup><br>| 2.66 %<sup>(3)</sup><br>| 2.37<br> %<br>| 1.95<br> %<br>| 2.18<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.60<br> %<br>| 2.59<br> %<br>| 2.31<br> %<br>| 1.89<br> %<br>| 2.13<br> %<br>|
| Portfolio Turnover Rate | 37.65<br> %<br>| 14.35<br> %<br>| 4.49<br> %<br>| 19.44<br> %<br>| 16.87<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $11,000, $19,000, $17,000, less than $1,000 and approximately $19,000, which represent less than* *0.01 percent of average net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense* *limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been* *increased by a corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **18** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **California Tax-Exempt** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$10.53** | &nbsp;&nbsp; **$10.52** | &nbsp;&nbsp; **$10.91** | &nbsp;&nbsp; **$11.80** | &nbsp;&nbsp; **$11.65** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.33 | 0.32 | 0.27 | 0.24 | 0.29 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; (0.17)<br>| 0.01 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.85)<br>| 0.21 |
| Total from Investment Operations | 0.16 | 0.33 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.61)<br>| 0.50 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.29)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.06)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.35)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $10.91 | &nbsp;&nbsp; $11.80 |
| **Total Return**<sup>(1)</sup> <br>| **1.53%**<br>| **3.25%**<br>| &nbsp;&nbsp; **(1.02)%**<br>| &nbsp;&nbsp; **(5.35)%**<br>| **4.32%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $143387 | &nbsp;&nbsp; $150553 | &nbsp;&nbsp; $162392 | &nbsp;&nbsp; $199909 | &nbsp;&nbsp; $218042 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.46 %<sup>(3)</sup><br>| 0.46 %<sup>(3)</sup><br>| 0.45<br> %<br>| 0.46<br> %<br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.56<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 3.14 %<sup>(3)</sup><br>| 3.09 %<sup>(3)</sup><br>| 2.60<br> %<br>| 2.00<br> %<br>| 2.46<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.04<br> %<br>| 3.00<br> %<br>| 2.50<br> %<br>| 1.91<br> %<br>| 2.36<br> %<br>|
| Portfolio Turnover Rate | 38.88<br> %<br>| 20.78<br> %<br>| 23.45<br> %<br>| 30.33<br> %<br>| 28.48<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $6,000, $14,000, $13,000, less than $1,000 and approximately $9,000, which represent less than* *0.01 percent of average net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense* *limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been* *increased by a corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **19** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Core Bond Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$8.87** | &nbsp;&nbsp; **$9.06** | &nbsp;&nbsp; **$9.82** | &nbsp;&nbsp; **$10.43** | &nbsp;&nbsp; **$10.47** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.37 | 0.33 | 0.25 | 0.13 | 0.15 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.06 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.56)<br>| 0.18 |
| Total from Investment Operations | 0.43 | 0.15 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.43)<br>| 0.33 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.19)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.37)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $9.06 | &nbsp;&nbsp; $9.82 | &nbsp;&nbsp; $10.43 |
| **Total Return**<sup>(1)</sup> <br>| **4.95%**<br>| **1.77%**<br>| &nbsp;&nbsp; **(4.92)%**<br>| &nbsp;&nbsp; **(4.18)%**<br>| **3.08%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $96385 | &nbsp;&nbsp; $91706 | &nbsp;&nbsp; $112206 | &nbsp;&nbsp; $189112 | &nbsp;&nbsp; $253092 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.41 %<sup>(3)</sup><br>| 0.41 %<sup>(3)</sup><br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.40<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.53<br> %<br>| 0.51<br> %<br>| 0.49<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 4.17 %<sup>(3)</sup><br>| 3.78 %<sup>(3)</sup><br>| 2.84<br> %<br>| 1.32<br> %<br>| 1.26<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 4.05<br> %<br>| 3.68<br> %<br>| 2.76<br> %<br>| 1.26<br> %<br>| 1.19<br> %<br>|
| Portfolio Turnover Rate | 134.11<br> %<br>| 78.68<br> %<br>| 247.32<br> %<br>| 319.16<br> %<br>| 326.11<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $8,000, $6,000, $6,000, $1,000 and $10,000, which represent less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **20** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fixed Income Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$8.86** | &nbsp;&nbsp; **$9.02** | &nbsp;&nbsp; **$9.84** | &nbsp;&nbsp; **$10.45** | &nbsp;&nbsp; **$10.18** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.38 | 0.34 | 0.28 | 0.20 <br><sup>(1)</sup><br>| 0.19 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.06 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.56)<br>| 0.38 |
| Total from Investment Operations | 0.44 | 0.19 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.36)<br>| 0.57 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup> <br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.30)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $10.45 |
| **Total Return**<sup>(3)</sup> <br>| **5.14%**<br>| **2.20%**<br>| &nbsp;&nbsp; **(5.23)%**<br>| &nbsp;&nbsp; **(3.58)%**<br>| **5.63%** <br><sup>(4)</sup><br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $328357 | &nbsp;&nbsp; $347529 | &nbsp;&nbsp; $481875 | &nbsp;&nbsp; $696741 | &nbsp;&nbsp; $822261 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(5)</sup> <br>| 0.45 %<sup>(6)</sup><br>| 0.45 %<sup>(6)</sup><br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.52<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(5)</sup> <br>| 4.36 %<sup>(6)</sup><br>| 3.82 %<sup>(6)</sup><br>| 3.17<br> %<br>| 1.95<br> %<br>| 1.83<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 4.29<br> %<br>| 3.76<br> %<br>| 3.12<br> %<br>| 1.91<br> %<br>| 1.79<br> %<br>|
| Portfolio Turnover Rate | 119.29<br> %<br>| 81.39<br> %<br>| 188.84<br> %<br>| 248.30<br> %<br>| 261.29<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share. Without theses reimbursements, the* *total return would have been -3.59%.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *During the fiscal year ended March 31, 2021, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the* *total return would have been 5.62%.* 

<sup>(5)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $10,000, $13,000, $18,000, less than $1,000 and approximately $25,000, which represent less than* *0.01 percent of average net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense* *limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been* *increased by a corresponding amount.* 

<sup>(6)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **21** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **High Yield Fixed Income** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$5.98** | &nbsp;&nbsp; **$5.75** | &nbsp;&nbsp; **$6.39** | &nbsp;&nbsp; **$6.78** | &nbsp;&nbsp; **$5.57** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.41 | 0.39 | 0.35 | 0.35 <br><sup>(1)</sup><br>| 0.36 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.01 | 0.24 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.38)<br>| 1.21 |
| Total from Investment Operations | 0.42 | 0.63 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.03)<br>| 1.57 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup> <br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.36)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.36)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $5.99 | &nbsp;&nbsp; $5.98 | &nbsp;&nbsp; $5.75 | &nbsp;&nbsp; $6.39 | &nbsp;&nbsp; $6.78 |
| **Total Return**<sup>(3)</sup> <br>| **7.21%**<br>| **11.28%**<br>| &nbsp;&nbsp; **(4.08)%**<br>| &nbsp;&nbsp; **(0.61)%**<br>| **28.40%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $2633055 | &nbsp;&nbsp; $2670169 | &nbsp;&nbsp; $2846355 | &nbsp;&nbsp; $3879135 | &nbsp;&nbsp; $3330270 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(4)</sup> <br>| 0.60 %<sup>(5)</sup><br>| 0.60 %<sup>(5)</sup><br>| 0.68<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.65<br> %<br>| 0.64<br> %<br>| 0.72<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(4)</sup> <br>| 6.82 %<sup>(5)</sup><br>| 6.70 %<sup>(5)</sup><br>| 6.15<br> %<br>| 5.17<br> %<br>| 5.62<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 6.77<br> %<br>| 6.66<br> %<br>| 6.11<br> %<br>| 5.12<br> %<br>| 5.57<br> %<br>|
| Portfolio Turnover Rate | 45.13<br> %<br>| 33.79<br> %<br>| 20.68<br> %<br>| 30.32<br> %<br>| 54.82<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $8,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $148,000, $126,000, $186,000, $9,000 and $70,000, which represent less than 0.01 percent of* *average net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense limitation and* *absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **22** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Intermediate Tax-Exempt** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.79** | &nbsp;&nbsp; **$9.85** | &nbsp;&nbsp; **$10.14** | &nbsp;&nbsp; **$10.83** | &nbsp;&nbsp; **$10.68** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.30 | 0.28 | 0.25 | 0.19 | 0.21 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.65)<br>| 0.22 |
| Total from Investment Operations | 0.21 | 0.22 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.46)<br>| 0.43 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.21)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.07)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.28)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $9.70 | &nbsp;&nbsp; $9.79 | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $10.14 | &nbsp;&nbsp; $10.83 |
| **Total Return**<sup>(1)</sup> <br>| **2.14%**<br>| **2.29%**<br>| &nbsp;&nbsp; **(0.29)%**<br>| &nbsp;&nbsp; **(4.35)%**<br>| **4.01%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $1056990 | &nbsp;&nbsp; $1261591 | &nbsp;&nbsp; $1535752 | &nbsp;&nbsp; $2685118 | &nbsp;&nbsp; $3073366 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.45 %<sup>(2)(3)</sup><br>| 0.45 %<sup>(2)(3)</sup><br>| 0.45 %<sup>(3)</sup><br>| 0.45<br> %<br>| 0.45 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.49<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.04 %<sup>(2)(3)</sup><br>| 2.88 %<sup>(2)(3)</sup><br>| 2.55 %<sup>(3)</sup><br>| 1.73<br> %<br>| 1.90 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.99<br> %<br>| 2.83<br> %<br>| 2.51<br> %<br>| 1.70<br> %<br>| 1.87<br> %<br>|
| Portfolio Turnover Rate | 37.09<br> %<br>| 18.08<br> %<br>| 16.89<br> %<br>| 79.63<br> %<br>| 82.72<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $33,000, $64,000, $46,000 and $104,000, which represent less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2025, 2024, 2023 and 2021, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **23** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Limited Term Tax-Exempt** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.88** | &nbsp;&nbsp; **$9.92** | &nbsp;&nbsp; **$9.93** | &nbsp;&nbsp; **$10.43** | &nbsp;&nbsp; **$10.35** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.24 | 0.21 | 0.16 | 0.09 | 0.12 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.05 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.41)<br>| 0.24 |
| Total from Investment Operations | 0.29 | 0.17 | 0.15 | &nbsp;&nbsp; (0.32)<br>| 0.36 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.12)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.28)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $10.43 |
| **Total Return**<sup>(1)</sup> <br>| **2.98%**<br>| **1.74%**<br>| **1.59%**<br>| &nbsp;&nbsp; **(3.08)%**<br>| **3.47%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $351101 | &nbsp;&nbsp; $429362 | &nbsp;&nbsp; $556226 | &nbsp;&nbsp; $726540 | &nbsp;&nbsp; $917624 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.45 %<sup>(2)(3)</sup><br>| 0.45 %<sup>(2)(3)</sup><br>| 0.45 %<sup>(3)</sup><br>| 0.45<br> %<br>| 0.45 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.51<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 2.43 %<sup>(2)(3)</sup><br>| 2.11 %<sup>(2)(3)</sup><br>| 1.66 %<sup>(3)</sup><br>| 0.87<br> %<br>| 1.11 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 2.37<br> %<br>| 2.06<br> %<br>| 1.61<br> %<br>| 0.82<br> %<br>| 1.06<br> %<br>|
| Portfolio Turnover Rate | 32.24<br> %<br>| 16.10<br> %<br>| 49.86<br> %<br>| 94.18<br> %<br>| 98.82<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $15,000, $21,000, $30,000 and $46,000, which represent less than 0.01 percent of average net assets* *for the fiscal years ended March 31, 2025, 2024, 2023 and 2021, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **24** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Limited Term** <br> **U.S. Government Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.22** | &nbsp;&nbsp; **$9.29** | &nbsp;&nbsp; **$9.55** | &nbsp;&nbsp; **$10.02** | &nbsp;&nbsp; **$10.06** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.28 | 0.26 | 0.20 | 0.01 | 0.01 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.19 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.03)<br>|
| Total from Investment Operations | 0.47 | 0.19 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.02)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $9.22 | &nbsp;&nbsp; $9.29 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $10.02 |
| **Total Return**<sup>(1)</sup> <br>| **5.21%**<br>| **2.11%**<br>| &nbsp;&nbsp; **(0.58)%**<br>| &nbsp;&nbsp; **(4.43)%**<br>| &nbsp;&nbsp; **(0.26)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $23491 | &nbsp;&nbsp; $29455 | &nbsp;&nbsp; $54473 | &nbsp;&nbsp; $47975 | &nbsp;&nbsp; $63809 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.44 %<sup>(2)(3)</sup><br>| 0.42 %<sup>(2)(3)</sup><br>| 0.42 %<sup>(3)</sup><br>| 0.42<br> %<br>| 0.41 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.73<br> %<br>| 0.64<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.54<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.03 %<sup>(2)(3)</sup><br>| 2.83 %<sup>(2)(3)</sup><br>| 2.20 %<sup>(3)</sup><br>| 0.17<br> %<br>| 0.02 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before reimbursements and <br> credits<br>| 2.74<br> %<br>| 2.61<br> %<br>| 2.04<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.11)%<br>|
| Portfolio Turnover Rate | 55.53<br> %<br>| 46.49<br> %<br>| 335.99<br> %<br>| 411.02<br> %<br>| 445.85<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of less than $1,000, $1,000, and approximately $4,000 and $4,000, which represent less than 0.01 percent of average* *net assets for the fiscal years ended March 31, 2025, 2024, 2023 and 2021, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **25** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Multi-Manager High** <br> **Yield Opportunity Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$8.43** | &nbsp;&nbsp; **$8.21** | &nbsp;&nbsp; **$9.05** | &nbsp;&nbsp; **$9.41** | &nbsp;&nbsp; **$7.97** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.60 | 0.64 | 0.48 | 0.44 <br><sup>(1)</sup><br>| 0.58 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; (0.08)<br>| 0.23 | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.33)<br>| 1.46 |
| Total from Investment Operations | 0.52 | 0.87 | &nbsp;&nbsp; (0.36)<br>| 0.11 | 2.04 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income<sup>(2)</sup> <br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.60)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.60)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $8.36 | &nbsp;&nbsp; $8.43 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $9.41 |
| **Total Return**<sup>(3)</sup> <br>| **6.36%**<br>| **11.11%**<br>| &nbsp;&nbsp; **(3.80)%**<br>| **1.06%**<br>| **26.25%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $179207 | &nbsp;&nbsp; $189611 | &nbsp;&nbsp; $214736 | &nbsp;&nbsp; $180833 | &nbsp;&nbsp; $174617 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(4)</sup> <br>| 0.68 %<sup>(5)</sup><br>| 0.74 %<sup>(5)</sup><br>| 0.85<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.77<br> %<br>| 0.83<br> %<br>| 0.94<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(4)</sup> <br>| 7.01 %<sup>(5)</sup><br>| 7.76 %<sup>(5)</sup><br>| 5.80<br> %<br>| 4.68<br> %<br>| 6.27<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 6.92<br> %<br>| 7.67<br> %<br>| 5.71<br> %<br>| 4.59<br> %<br>| 6.17<br> %<br>|
| Portfolio Turnover Rate | 51.68<br> %<br>| 44.77<br> %<br>| 67.37<br> %<br>| 64.94<br> %<br>| 91.41<br> %<br>|

---

<sup>(1)</sup> *The Northern Trust Company reimbursed the Fund approximately $1,000. The reimbursements represent less than $0.01 per share and had no effect on the* *Fund's total return.* 

<sup>(2)</sup> *Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal* *income tax purposes.* 

<sup>(3)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $14,000, $14,000, $16,000, less than $1,000 and approximately $7,000, which represent less than* *0.01 percent of average net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense* *limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been* *increased by a corresponding amount.* 

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **26** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Short Bond Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$18.06** | &nbsp;&nbsp; **$17.98** | &nbsp;&nbsp; **$18.30** | &nbsp;&nbsp; **$19.06** | &nbsp;&nbsp; **$18.59** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.72 | 0.57 | 0.33 | 0.20 | 0.32 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.24 | 0.10 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.74)<br>| 0.49 |
| Total from Investment Operations | 0.96 | 0.67 | 0.02 | &nbsp;&nbsp; (0.54)<br>| 0.81 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.34)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.34)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $18.29 | &nbsp;&nbsp; $18.06 | &nbsp;&nbsp; $17.98 | &nbsp;&nbsp; $18.30 | &nbsp;&nbsp; $19.06 |
| **Total Return**<sup>(1)</sup> <br>| **5.43%**<br>| **3.78%**<br>| **0.20%**<br>| &nbsp;&nbsp; **(2.88)%**<br>| **4.34%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $292953 | &nbsp;&nbsp; $271751 | &nbsp;&nbsp; $339725 | &nbsp;&nbsp; $425415 | &nbsp;&nbsp; $437099 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 0.40 %<sup>(3)</sup><br>| 0.40 %<sup>(3)</sup><br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.46<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<sup>(2)</sup> <br>| 4.00 %<sup>(3)</sup><br>| 3.18 %<sup>(3)</sup><br>| 1.86<br> %<br>| 1.05<br> %<br>| 1.64<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.94<br> %<br>| 3.13<br> %<br>| 1.81<br> %<br>| 1.00<br> %<br>| 1.59<br> %<br>|
| Portfolio Turnover Rate | 134.80<br> %<br>| 78.89<br> %<br>| 76.98<br> %<br>| 45.52<br> %<br>| 57.85<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $15,000, $8,000, $16,000, $10,000 and $6,000, which represent less than 0.01 percent of average* *net assets for the fiscal years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. Subject to the contractual expense limitation and absent the* *additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **27** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Tax-Advantaged** <br> **Ultra-Short Fixed** <br> **Income Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$10.13** | &nbsp;&nbsp; **$10.01** | &nbsp;&nbsp; **$10.01** | &nbsp;&nbsp; **$10.21** | &nbsp;&nbsp; **$10.14** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.35 | 0.30 | 0.15 | 0.05 | 0.08 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.05 | 0.12 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>| 0.08 |
| Total from Investment Operations | 0.40 | 0.42 | 0.15 | &nbsp;&nbsp; (0.14)<br>| 0.16 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.08)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $10.13 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp; $10.21 |
| **Total Return**<sup>(1)</sup> <br>| **4.02%**<br>| **4.23%**<br>| **1.58%**<br>| &nbsp;&nbsp; **(1.41)%**<br>| **1.59%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $2753285 | &nbsp;&nbsp; $2505779 | &nbsp;&nbsp; $2379867 | &nbsp;&nbsp; $3993867 | &nbsp;&nbsp; $4861104 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.25 %<sup>(2)(3)</sup><br>| 0.25 %<sup>(2)(3)</sup><br>| 0.25 %<sup>(3)</sup><br>| 0.25<br> %<br>| 0.25 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.28<br> %<br>| 0.28<br> %<br>| 0.28<br> %<br>| 0.27<br> %<br>| 0.27<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.46 %<sup>(2)(3)</sup><br>| 2.96 %<sup>(2)(3)</sup><br>| 1.48 %<sup>(3)</sup><br>| 0.48<br> %<br>| 0.74 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.43<br> %<br>| 2.93<br> %<br>| 1.45<br> %<br>| 0.46<br> %<br>| 0.72<br> %<br>|
| Portfolio Turnover Rate | 52.69<br> %<br>| 43.74<br> %<br>| 43.43<br> %<br>| 84.82<br> %<br>| 79.08<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $225,000, $215,000, $66,000 and $139,000, which represent 0.01 percent of average net assets for* *the fiscal years ended March 31, 2025 and 2024 and less than 0.01 percent of average net assets for the fiscal years ended 2023 and 2021, respectively.* *Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased* *and net expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **28** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Tax-Exempt Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$9.58** | &nbsp;&nbsp; **$9.66** | &nbsp;&nbsp; **$10.19** | &nbsp;&nbsp; **$10.96** | &nbsp;&nbsp; **$10.76** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.33 | 0.34 | 0.31 | 0.21 | 0.24 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.72)<br>| 0.24 |
| Total from Investment Operations | 0.16 | 0.26 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.51)<br>| 0.48 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.24)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $9.58 | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $10.96 |
| **Total Return**<sup>(1)</sup> <br>| **1.71%**<br>| **2.73%**<br>| &nbsp;&nbsp; **(2.10)%**<br>| &nbsp;&nbsp; **(4.76)%**<br>| **4.46%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $770691 | &nbsp;&nbsp; $756094 | &nbsp;&nbsp; $788997 | &nbsp;&nbsp; $1661137 | &nbsp;&nbsp; $2020291 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.45 %<sup>(2)(3)</sup><br>| 0.45 %<sup>(2)(3)</sup><br>| 0.45 %<sup>(3)</sup><br>| 0.45<br> %<br>| 0.45 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.49 %<sup>(2)(3)</sup><br>| 3.52 %<sup>(2)(3)</sup><br>| 3.15 %<sup>(3)</sup><br>| 1.93<br> %<br>| 2.13 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 3.44<br> %<br>| 3.47<br> %<br>| 3.10<br> %<br>| 1.89<br> %<br>| 2.09<br> %<br>|
| Portfolio Turnover Rate | 39.45<br> %<br>| 31.74<br> %<br>| 19.52<br> %<br>| 86.00<br> %<br>| 91.58<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $40,000, $40,000, $26,000 and $118,000, which represent less than 0.01 percent of average net* *assets for the fiscal years ended March 31, 2025, 2024, 2023 and 0.02 percent of average net assets for the fiscal year ended 2021, respectively. Subject to* *the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net* *expenses would have been increased by a corresponding amount.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **29** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Ultra-Short Fixed Income** <br> **Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.03** | &nbsp;&nbsp; **$10.08** | &nbsp;&nbsp; **$10.31** | &nbsp;&nbsp; **$10.10** |
| &nbsp;&nbsp; INCOME (LOSS) FROM INVESTMENT <br> OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.49 | 0.42 | 0.21 | 0.06 | 0.11 |
| Net realized and unrealized gains (losses) | 0.08 | 0.23 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.21)<br>| 0.23 |
| Total from Investment Operations | 0.57 | 0.65 | 0.17 | &nbsp;&nbsp; (0.15)<br>| 0.34 |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.11)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $10.32 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp; $10.08 | &nbsp;&nbsp; $10.31 |
| **Total Return**<sup>(1)</sup> <br>| **5.67%**<br>| **6.59%**<br>| **1.77%**<br>| &nbsp;&nbsp; **(1.44)%**<br>| **3.29%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $1632225 | &nbsp;&nbsp; $1593840 | &nbsp;&nbsp; $2372561 | &nbsp;&nbsp; $3179581 | &nbsp;&nbsp; $3690747 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements and <br> credits<sup>(2)</sup> <br>| 0.25 %<sup>(3)</sup><br>| 0.25 %<sup>(3)</sup><br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>|
| Expenses, before reimbursements and credits | 0.29<br> %<br>| 0.29<br> %<br>| 0.28<br> %<br>| 0.28<br> %<br>| 0.28<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of reimbursements <br> and credits<sup>(2)</sup> <br>| 4.82 %<sup>(3)</sup><br>| 4.14 %<sup>(3)</sup><br>| 2.14<br> %<br>| 0.55<br> %<br>| 0.94<br> %<br>|
| &nbsp;&nbsp; Net investment income, before <br> reimbursements and credits<br>| 4.78<br> %<br>| 4.10<br> %<br>| 2.11<br> %<br>| 0.52<br> %<br>| 0.91<br> %<br>|
| Portfolio Turnover Rate | 64.34<br> %<br>| 21.16<br> %<br>| 25.09<br> %<br>| 76.61<br> %<br>| 73.99<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $88,000, $133,000, $118,000, $7,000 and $142,000, which represent less than 0.01 percent of* *average net assets for the fiscal years ended March 31, 2025, 2024 ,2023, 2022 and 2021, respectively. Subject to the contractual expense limitation and* *absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a* *corresponding amount.* 

<sup>(3)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **30** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Ultra-Short Fixed Income Fund** | **Siebert Williams Shank** | **Siebert Williams Shank** | **Siebert Williams Shank** |
| **Selected per share data** | **YEAR**<br> **ENDED**<br> **March 31,**<br> **2025**<br>| **YEAR**<br> **ENDED**<br> **March 31,**<br> **2024**<br>| **PERIOD**<br> **ENDED**<br> **March 31,**<br> **2023**<sup>(1)</sup> <br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp; **$10.25** | &nbsp;&nbsp; **$10.03** | &nbsp;&nbsp; **$9.98** |
| INCOME FROM INVESTMENT OPERATIONS: |  |  |  |
| Net investment income | 0.49 | 0.43 | 0.15 |
| Net realized and unrealized gains  | 0.08 | 0.22 | 0.06 |
| Total from Investment Operations | 0.57 | 0.65 | 0.21 |
| LESS DISTRIBUTIONS PAID: |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net Asset Value, End of Period | &nbsp;&nbsp; $10.32 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $10.03 |
| **Total Return**<sup>(2)</sup> <br>| **5.67%**<br>| **6.59%**<br>| **2.15%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |
| Net assets, in thousands, end of period | &nbsp;&nbsp; $38095 | &nbsp;&nbsp; $32628 | &nbsp;&nbsp; $30610 |
| Ratio to average net assets of:<sup>(3)</sup> <br>|  |  |  |
| Expenses, net of reimbursements and credits<sup>(4)</sup> <br>| 0.25 %<sup>(5)</sup><br>| 0.25 %<sup>(5)</sup><br>| 0.25<br> %<br>|
| Expenses, before reimbursements and credits | 0.29<br> %<br>| 0.28<br> %<br>| 0.28<br> %<br>|
| Net investment income, net of reimbursements and credits<sup>(4)</sup> <br>| 4.82 %<sup>(5)</sup><br>| 4.19 %<sup>(5)</sup><br>| 2.94 %<sup>(6)</sup><br>|
| Net investment income, before reimbursements and credits | 4.78<br> %<br>| 4.16<br> %<br>| 2.91 %<sup>(6)</sup><br>|
| Portfolio Turnover Rate | 64.34<br> %<br>| 21.16<br> %<br>| 25.09<br> %<br>|

---

<sup>(1)</sup> *For the period from September 13, 2022 (commencement of class operations) through March 31, 2023.*

<sup>(2)</sup> *Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment* *at net asset value at the end of the period.* 

<sup>(3)</sup> *Annualized for periods less than one year.*

<sup>(4)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of approximately $2,000, $2,000 and less than $1,000, which represent less than 0.01 percent of average net assets for* *the fiscal years ended March 31, 2025, 2024 and for the period from September 13, 2022 (commencement of operations) through March 31, 2023,* *respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been* *decreased and net expenses would have been increased by a corresponding amount.* 

<sup>(5)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(6)</sup> *As the Fund commenced operations of Siebert Williams Shank shares on September 13, 2022, annualized net investment income may not be reflective of actual* *amounts the Fund might obtain in a full year of operation.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **31** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**FINANCIAL HIGHLIGHTS continued**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Fund** | **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$8.75** | &nbsp;&nbsp; **$8.87** | &nbsp;&nbsp; **$9.23** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$10.17** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.28 | 0.25 | 0.19 | 0.04 | 0.01 |
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<br>| 0.08 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.16)<br>|
| Total from Investment Operations | 0.36 | 0.14 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.15)<br>|
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.03)<br>|
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.28)<br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.31)<br>|
| Net Asset Value, End of Year | &nbsp;&nbsp; $8.83 | &nbsp;&nbsp; $8.75 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $9.23 | &nbsp;&nbsp; $9.71 |
| **Total Return**<sup>(1)</sup> <br>| **4.26%**<br>| **1.60%**<br>| &nbsp;&nbsp; **(1.72)%**<br>| &nbsp;&nbsp; **(4.48)%**<br>| &nbsp;&nbsp; **(1.58)%**<br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $27350 | &nbsp;&nbsp; $24680 | &nbsp;&nbsp; $48751 | &nbsp;&nbsp; $44292 | &nbsp;&nbsp; $53343 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.45 %<sup>(2)(3)</sup><br>| 0.43 %<sup>(2)(3)</sup><br>| 0.42 %<sup>(3)</sup><br>| 0.43<br> %<br>| 0.42 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.79<br> %<br>| 0.63<br> %<br>| 0.60<br> %<br>| 0.61<br> %<br>| 0.57<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 3.27 %<sup>(2)(3)</sup><br>| 2.75 %<sup>(2)(3)</sup><br>| 2.25 %<sup>(3)</sup><br>| 0.36<br> %<br>| 0.11 %<sup>(3)</sup><br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before reimbursements and <br> credits<br>| 2.93<br> %<br>| 2.55<br> %<br>| 2.07<br> %<br>| 0.18<br> %<br>| &nbsp;&nbsp; (0.04)%<br>|
| Portfolio Turnover Rate | 60.41<br> %<br>| 59.75<br> %<br>| 344.21<br> %<br>| 492.24<br> %<br>| 517.52<br> %<br>|

---

<sup>(1)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(2)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

<sup>(3)</sup> *The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested* *cash in affiliated money market funds of less than $1,000 and approximately $1,000, $5,000 and $2,000, which represent less than 0.01 percent of average* *net assets for the fiscal years ended March 31, 2025, 2024, 2023 and 2021, respectively. Subject to the contractual expense limitation and absent the additional* *reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding* *amount.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **32** NORTHERN FUNDS ANNUAL REPORT

------

**FOR THE FISCAL YEARS ENDED March 31,** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Money** <br> **Market Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.05 | 0.05 | 0.02 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<sup>(2)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.05 | 0.05 | 0.02 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (— )<sup>(3)</sup><br>| &nbsp;&nbsp; (— )<sup>(3)</sup><br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Asset Value, End of Year | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(4)</sup> <br>| **4.72%** <br><sup>(5)</sup><br>| **5.07%** <br><sup>(6)</sup><br>| **2.26%** <br><sup>(7)</sup><br>| **0.01%** <br><sup>(8)(9)</sup><br>| **0.03%** <br><sup>(10)</sup><br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $22209987 | &nbsp;&nbsp; $20434524 | &nbsp;&nbsp; $18584575 | &nbsp;&nbsp; $20213443 | &nbsp;&nbsp; $17518409 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.34 %<sup>(11)</sup><br>| 0.09 %<sup>(11)</sup><br>| 0.22 %<sup>(11)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 4.61<br> %<br>| 4.95<br> %<br>| 2.21 %<sup>(11)</sup><br>| 0.01 %<sup>(11)</sup><br>| 0.03 %<sup>(11)</sup><br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before reimbursements and <br> credits<br>| 4.60<br> %<br>| 4.94<br> %<br>| 2.19<br> %<br>| &nbsp;&nbsp; (0.26)%<br>| &nbsp;&nbsp; (0.11)%<br>|

---

<sup>(1)</sup> *Per share amounts from net investment income were less than $0.01 per share.*

<sup>(2)</sup> *Per share amounts from net realized and unrealized gains (losses) were less than $0.01 per share.*

<sup>(3)</sup> *Per share amounts from distributions paid from net investment income were less than $0.01 per share.*

<sup>(4)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(5)</sup> *During the fiscal year ended March 31, 2025, the Fund received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation proceeds* *had no effect on the Fund's total return, net investment income ratio and gross investment income ratio.* 

<sup>(6)</sup> *During the fiscal year ended March 31, 2024, the Fund received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation proceeds* *had no effect on the Fund's total return, net investment income ratio and gross investment income ratio.* 

<sup>(7)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $1,833,000. Total return excluding the voluntary* *reimbursement would have been 2.25%.* 

<sup>(8)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $47,814,000. Total return excluding the voluntary* *reimbursement would have been -0.25%.* 

<sup>(9)</sup> *During the fiscal year ended March 31, 2022, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received,* *the total return would have been 0.00% and the net investment income ratio and gross investment income ratio would have been 0.00% and -0.27%,* *respectively.* 

<sup>(10)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $22,397,000. Total return excluding the* *voluntary reimbursement would have been -0.10%.* 

<sup>(11)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **33** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

---

| | |
|:---|:---|
| **FINANCIAL HIGHLIGHTS continued** | **FOR THE FISCAL YEARS ENDED March 31,** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Government Select** <br> **Money Market Fund**<br>| **Shares** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Selected per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** | &nbsp;&nbsp; **$1.00** |
| &nbsp;&nbsp; INCOME (LOSS) FROM <br> INVESTMENT OPERATIONS:<br>|  |  |  |  |  |
| Net investment income | 0.05 | 0.05 | 0.02 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| &nbsp;&nbsp; Net realized and unrealized gains <br> (losses)<sup>(2)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.05 | 0.05 | 0.02 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| LESS DISTRIBUTIONS PAID: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (— )<sup>(3)</sup><br>| &nbsp;&nbsp; (— )<sup>(3)</sup><br>|
| Total Distributions Paid | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Asset Value, End of Year | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total Return**<sup>(4)</sup> <br>| **4.72%** <br><sup>(5)</sup><br>| **5.10%** <br><sup>(6)</sup><br>| **2.29%** <br><sup>(7)</sup><br>| **0.25%** <br><sup>(8)(9)</sup><br>| **0.03%** <br><sup>(10)</sup><br>|
| SUPPLEMENTAL DATA AND RATIOS: |  |  |  |  |  |
| Net assets, in thousands, end of year | &nbsp;&nbsp; $4357994 | &nbsp;&nbsp; $4463018 | &nbsp;&nbsp; $3509978 | &nbsp;&nbsp; $3727339 | &nbsp;&nbsp; $3911252 |
| Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp; Expenses, net of reimbursements <br> and credits<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.34 %<sup>(11)</sup><br>| 0.09 %<sup>(11)</sup><br>| 0.23 %<sup>(11)</sup><br>|
| &nbsp;&nbsp; Expenses, before reimbursements <br> and credits<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>| 0.36<br> %<br>|
| &nbsp;&nbsp; Net investment income, net of <br> reimbursements and credits<br>| 4.63<br> %<br>| 4.98<br> %<br>| 2.24 %<sup>(11)</sup><br>| 0.23 %<sup>(11)</sup><br>| 0.02 %<sup>(11)</sup><br>|
| &nbsp;&nbsp; Net investment income (loss), <br> before reimbursements and <br> credits<br>| 4.62<br> %<br>| 4.97<br> %<br>| 2.22<br> %<br>| &nbsp;&nbsp; (0.04)%<br>| &nbsp;&nbsp; (0.11)%<br>|

---

<sup>(1)</sup> *Per share amounts from net investment income were less than $0.01 per share.*

<sup>(2)</sup> *Per share amounts from net realized and unrealized gains (losses) were less than $0.01 per share.*

<sup>(3)</sup> *Per share amounts from distributions paid from net investment income were less than $0.01 per share.*

<sup>(4)</sup> *Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at* *net asset value at the end of the year.* 

<sup>(5)</sup> *During the fiscal year ended March 31, 2025, the Fund received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation proceeds* *had no effect on the Fund's total return, net investment income ratio and gross investment income ratio.* 

<sup>(6)</sup> *During the fiscal year ended March 31, 2024, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received,* *the total return would have been 5.07% and the net investment income ratio and gross investment income ratio would have been 4.95% and 4.94%, respectively.* 

<sup>(7)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $338,000. Total return excluding the voluntary* *reimbursement would have been 2.28%.* 

<sup>(8)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $9,653,000. Total return excluding the voluntary* *reimbursement would have been -0.01%.* 

<sup>(9)</sup> *During the fiscal year ended March 31, 2022, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received,* *the total return would have been 0.00% and the net investment income ratio and gross investment income ratio would have been 0.00% and -0.27%,* *respectively.* 

<sup>(10)</sup> *Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $4,729,000. Total return excluding the voluntary* *reimbursement would have been -0.10%.* 

<sup>(11)</sup> *The impact on ratios to average net assets due to any custody credits is less than 0.005%.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **34** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ARIZONA TAX-EXEMPT FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 98.7%**  | **MUNICIPAL BONDS – 98.7%**  | **MUNICIPAL BONDS – 98.7%**  |
| **Arizona – 91.7%** | **Arizona – 91.7%** | **Arizona – 91.7%** |
| &nbsp;&nbsp; Arizona Board of Regents Revenue <br> Bonds, Series A, Green Bonds,<br>|  |  |
| 5.00%, 7/1/43 | $850 | $896 |
| &nbsp;&nbsp; Arizona Board of Regents State <br> University System Revenue Refunding <br> Bonds, Series A, Green Bonds,<br>|  |  |
| 5.00%, 7/1/35 | 1000 | 1003 |
| 5.00%, 7/1/41 | 1000 | 1002 |
| &nbsp;&nbsp; Arizona Board of Regents State <br> University System Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/36 | 495 | 510 |
| &nbsp;&nbsp; Arizona Board of Regents University of <br> Arizona System Revenue Refunding <br> Bonds, Stimulus Plan For Economic <br> (BAM Insured),<br>|  |  |
| 5.00%, 8/1/43 | 705 | 750 |
| &nbsp;&nbsp; Arizona Board of Regents University <br> System Revenue Refunding Bonds, <br> Stimulus Plan For Economic,<br>|  |  |
| 3.13%, 8/1/39 | 430 | 367 |
| &nbsp;&nbsp; Arizona State IDA Education Revenue <br> Bonds, Series A-Social, Macombs <br> Facility Project,<br>|  |  |
| 4.00%, 7/1/41 | 500 | 456 |
| &nbsp;&nbsp; Arizona State IDA National Charter <br> Equitable School Revolving Loan <br> Fund Revenue Bonds,<br>|  |  |
| 5.00%, 11/1/41 | 545 | 573 |
| &nbsp;&nbsp; Arizona State University Sustainable <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/36 | 795 | 836 |
| Bullhead City Excise TRB, |  |  |
| 4.00%, 7/1/52 | 1000 | 897 |
| &nbsp;&nbsp; Bullhead City Excise TRB, Second <br> Series,<br>|  |  |
| 2.70%, 7/1/51 | 2500 | 1618 |
| &nbsp;&nbsp; Chandler IDA IDR Bonds, Series 1 <br> (AMT), Intel Corp. Project,<br>|  |  |
| 5.00%, 9/1/27<sup>(1) (2)</sup> <br>| 425 | 433 |
| &nbsp;&nbsp; Gilbert Water Resource Municipal <br> Property Corp. Utility System <br> Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/28 | 500 | 513 |
| 5.00%, 7/1/30 | 500 | 512 |
| 5.00%, 7/1/31 | 600 | 614 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Arizona – 91.7%continued** | **Arizona – 91.7%continued** | **Arizona – 91.7%continued** |
| &nbsp;&nbsp; Glendale IDA Revenue Refunding <br> Bonds, Midwestern University,<br>|  |  |
| 5.00%, 5/15/32 | $500 | $535 |
| &nbsp;&nbsp; Glendale Senior Excise Tax Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/37 | 1000 | 1111 |
| &nbsp;&nbsp; Goodyear McDowell Road <br> Commercial Corridor Improvement <br> District Special Assessment Refunding <br> Bonds (BAM Insured),<br>|  |  |
| 3.35%, 1/1/28 | 785 | 794 |
| &nbsp;&nbsp; Maricopa County Arizona Unified <br> School District No. 69 Paradise <br> Valley G.O. Unlimited Bonds, School <br> Improvement Project,<br>|  |  |
| 4.00%, 7/1/39 | 275 | 272 |
| &nbsp;&nbsp; Maricopa County Buckeye Elementary <br> School District No. 33 G.O. <br> Unlimited Bonds, Series 2020, <br> School Improvement Bonds Projects <br> of 2015 & 2019 (AGM Insured),<br>|  |  |
| 4.00%, 7/1/36 | 305 | 308 |
| &nbsp;&nbsp; Maricopa County Elementary School <br> District No. 1 G.O. Unlimited Bonds, <br> Series B, Project of 2022 (BAM <br> Insured),<br>|  |  |
| 5.00%, 7/1/42 | 540 | 573 |
| &nbsp;&nbsp; Maricopa County Elementary School <br> District No. 28 Kyrene Elementary <br> G.O. Unlimited Bonds, Series A, <br> School Improvement Project of 2017,<br>|  |  |
| 5.00%, 7/1/32 | 250 | 264 |
| &nbsp;&nbsp; Maricopa County Elementary School <br> District No. 33 Buckeye G.O. <br> Unlimited Bonds, Series B, School <br> Improvement Project of 2015 (BAM <br> Insured),<br>|  |  |
| 5.00%, 7/1/38 | 1000 | 1030 |
| &nbsp;&nbsp; Maricopa County Elementary School <br> District No. 66 Roosevelt Elementary <br> G.O. Unlimited Bonds, Series C, <br> Project of 2020 (AGM Insured),<br>|  |  |
| 5.00%, 7/1/30 | 275 | 299 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **35** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**ARIZONA TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Arizona – 91.7%continued** | **Arizona – 91.7%continued** | **Arizona – 91.7%continued** |
| &nbsp;&nbsp; Maricopa County Elementary School <br> District No. 8 G.O. Unlimited Bonds, <br> Series B, Osborn School <br> Improvement Project of 2017 (AGM <br> Insured),<br>|  |  |
| 5.00%, 7/1/35 | $625 | $649 |
| &nbsp;&nbsp; Maricopa County IDA Educational <br> Facilities Revenue Bonds, Creighton <br> University Project,<br>|  |  |
| 5.00%, 7/1/39 | 1285 | 1336 |
| 5.00%, 7/1/47 | 1000 | 1020 |
| &nbsp;&nbsp; Maricopa County IDA Educational <br> Revenue Refunding Bonds, Legacy <br> Traditional School,<br>|  |  |
| 4.25%, 7/1/44 | 300 | 265 |
| &nbsp;&nbsp; Maricopa County IDA Hospital <br> Revenue Refunding Bonds, Series A, <br> HonorHealth,<br>|  |  |
| 5.00%, 9/1/42 | 2000 | 2030 |
| &nbsp;&nbsp; Maricopa County IDA Revenue <br> Refunding Bonds, Banner Health <br> Obligation Group,<br>|  |  |
| 5.00%, 1/1/38 | 1250 | 1271 |
| &nbsp;&nbsp; Maricopa County Special Health Care <br> District G.O. Unlimited Bonds,<br>|  |  |
| 4.00%, 7/1/38 | 2500 | 2430 |
| &nbsp;&nbsp; Maricopa County Tempe Elementary <br> School District No. 3 G.O. Unlimited <br> Bonds, Series A, Project of 2022,<br>|  |  |
| 5.00%, 7/1/36 | 725 | 809 |
| &nbsp;&nbsp; Maricopa County Unified School <br> District No. 41 Gilbert G.O. <br> Unlimited Bonds, Series B, School <br> Improvement Project of 2015,<br>|  |  |
| 5.00%, 7/1/28 | 525 | 549 |
| &nbsp;&nbsp; Maricopa County Unified School <br> District No. 69 Paradise Valley G.O. <br> Unlimited Bonds, Series D, School <br> Improvement Project of 2015,<br>|  |  |
| 5.00%, 7/1/27 | 1000 | 1048 |
| &nbsp;&nbsp; Maricopa County Unified School <br> District No. 95 Queen Creek G.O. <br> Limited Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/26 | 400 | 402 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Arizona – 91.7%continued** | **Arizona – 91.7%continued** | **Arizona – 91.7%continued** |
| &nbsp;&nbsp; Maricopa County Unified School <br> District No. 95 Queen Creek G.O. <br> Unlimited Bonds, School <br> Improvement,<br>|  |  |
| 5.00%, 7/1/37 | $650 | $666 |
| Mesa Utility System Revenue Bonds, |  |  |
| 3.00%, 7/1/44 | 500 | 390 |
| &nbsp;&nbsp; Phoenix Civic Airport Improvement <br> Corp. Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 7/1/34 | 1000 | 1031 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Excise Tax Subordinate Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 4.00%, 7/1/45 | 1000 | 956 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/44 | 1545 | 1585 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Bonds, Series B <br> (AMT),<br>|  |  |
| 3.25%, 7/1/49 | 1330 | 1004 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. Junior <br> Lien Airport Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 7/1/33 | 840 | 867 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Wastewater System Junior Lien <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/34 | 700 | 734 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Water System Junior Lien Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/44 | 2850 | 2960 |
| &nbsp;&nbsp; Phoenix G.O. Unlimited Bonds, Series <br> A,<br>|  |  |
| 5.00%, 7/1/41 | 750 | 812 |
| 5.00%, 7/1/47 | 750 | 789 |
| &nbsp;&nbsp; Phoenix IDA Healthcare Facilities <br> Revenue Bonds, Mayo Clinic,<br>|  |  |
| 4.00%, 11/15/57 | 1000 | 906 |
| &nbsp;&nbsp; Pima County IDA Revenue Refunding <br> Bonds, Tucson Medical Center,<br>|  |  |
| 3.00%, 4/1/51 | 1000 | 689 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **36** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Arizona – 91.7%continued** | **Arizona – 91.7%continued** | **Arizona – 91.7%continued** |
| &nbsp;&nbsp; Pima County Sewer Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 7/1/35 | $625 | $701 |
| &nbsp;&nbsp; Queen Creek Excise Tax & State <br> Shared Revenue Bonds,<br>|  |  |
| 4.00%, 8/1/45 | 1250 | 1165 |
| &nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 12/1/36 | 1105 | 1109 |
| &nbsp;&nbsp; Scottsdale Municipal Property Corp. <br> Excise Tax Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/30 | 1675 | 1785 |
| Sedona Excise TRB (AGM Insured), |  |  |
| 5.00%, 7/1/41 | 100 | 105 |
| &nbsp;&nbsp; Vistancia Community Facilities District <br> G.O. Unlimited Refunding Bonds <br> (BAM Insured),<br>|  |  |
| 4.00%, 7/15/26 | 450 | 456 |
| &nbsp;&nbsp; Yavapai County Jail District Revenue <br> Bonds (BAM Insured),<br>|  |  |
| 5.00%, 7/1/29 | 955 | 1024 |
|  |  | **47709** |
| **Colorado – 2.0%** | **Colorado – 2.0%** | **Colorado – 2.0%** |
| &nbsp;&nbsp; Colorado Springs School District No. <br> 11 COPS (BAM Insured),<br>|  |  |
| 5.25%, 12/15/48 | 990 | **1046** |
| **Florida – 1.0%** | **Florida – 1.0%** | **Florida – 1.0%** |
| &nbsp;&nbsp; Brevard County School Board <br> Refunding COPS, Series A,<br>|  |  |
| 5.00%, 7/1/27 | 500 | **523** |
| **Kansas – 1.0%** | **Kansas – 1.0%** | **Kansas – 1.0%** |
| &nbsp;&nbsp; Sedgwick County Unified School <br> District No. 262 G.O. Unlimited <br> Refunding Bonds (AGM Insured),<br>|  |  |
| 4.50%, 9/1/44 | 515 | **521** |
| **Ohio – 0.3%** | **Ohio – 0.3%** | **Ohio – 0.3%** |
| &nbsp;&nbsp; Ohio State Housing Finance Agency <br> Residential Mortgage Backed <br> Sustainable Revenue Bonds (GNMA, <br> FNMA, FHLMC Insured),<br>|  |  |
| 5.50%, 9/1/29 | 160 | **174** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  | **MUNICIPAL BONDS - 98.7%continued**  |
| **Texas – 0.5%** | **Texas – 0.5%** | **Texas – 0.5%** |
| &nbsp;&nbsp; Wink Loving Independent School <br> District G.O. Unlimited Bonds (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 2/15/33 | $260 | **$262** |
| **Virginia – 2.2%** | **Virginia – 2.2%** | **Virginia – 2.2%** |
| &nbsp;&nbsp; Richmond G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| 4.00%, 7/15/29 | 1095 | **1116** |
| **Total Municipal Bonds** |  |  |
| **(Cost $56,450)** |  | **51351** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.0%**  | **INVESTMENT COMPANIES – 1.0%**  | **INVESTMENT COMPANIES – 1.0%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(3) (4)</sup> <br>| 533856 | $534 |
| **Total Investment Companies** |  |  |
| **(Cost $534)** |  | **534** |
| **Total Investments – 99.7%** | **Total Investments – 99.7%** |  |
| **(Cost $56,984)** | **(Cost $56,984)** | **51885** |
| Other Assets less Liabilities – 0.3% | Other Assets less Liabilities – 0.3% | 155 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$52040** |

---

<sup>(1)</sup> *Maturity date represents the puttable date.*

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of March 31,* *2025 is disclosed.* 

<sup>(3)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(4)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGM - Assured Guaranty Municipal Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| COPS - Certificates of Participation |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **37** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ARIZONA TAX-EXEMPT FUND continued**  | **March 31, 2025**  |

---

---

| |
|:---|
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| IDA - Industrial Development Authority |
| IDR - Industrial Development Revenue |
| PSF - Permanent School Fund |
| TRB - Tax Revenue Bonds |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $51351 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51351 |
| Investment Companies | &nbsp;&nbsp; 534 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 534 |
| Total Investments | &nbsp;&nbsp; $534 | &nbsp;&nbsp; $51351 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51885 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **38** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **BOND INDEX FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 0.4%**  | **ASSET-BACKED SECURITIES – 0.4%**  | **ASSET-BACKED SECURITIES – 0.4%**  |
| **Auto Loan – 0.2%** | **Auto Loan – 0.2%** | **Auto Loan – 0.2%** |
| &nbsp;&nbsp; Ally Auto Receivables Trust, Series <br> 2024-2, Class A3<br>|  |  |
| 4.14%, 7/16/29 | $100 | $99 |
| &nbsp;&nbsp; AmeriCredit Automobile Receivables <br> Trust, Series 2023-2, Class B<br>|  |  |
| 5.84%, 7/18/29 | 50 | 51 |
| &nbsp;&nbsp; AmeriCredit Automobile Receivables <br> Trust, Series 2023-2, Class C<br>|  |  |
| 6.00%, 7/18/29 | 50 | 52 |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| 5.00%, 6/25/27 | 100 | 101 |
| &nbsp;&nbsp; BMW Vehicle Owner Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.56%, 9/25/29 | 100 | 100 |
| &nbsp;&nbsp; Capital One Prime Auto Receivables <br> Trust, Series 2024-1, Class A3<br>|  |  |
| 4.62%, 7/16/29 | 100 | 100 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2023-4, Class A4<br>|  |  |
| 5.96%, 5/15/29 | 50 | 52 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-1, Class A3<br>|  |  |
| 4.92%, 10/16/28 | 100 | 101 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-2, Class A3<br>|  |  |
| 5.50%, 1/16/29 | 100 | 102 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-2, Class B<br>|  |  |
| 5.69%, 11/15/29 | 100 | 102 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-4, Class A3<br>|  |  |
| 4.60%, 10/15/29 | 50 | 50 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2024-P3, Class A3<br>|  |  |
| 4.26%, 10/10/29 | 75 | 75 |
| &nbsp;&nbsp; Carvana Auto Receivables Trust, Series <br> 2024-P3, Class A4<br>|  |  |
| 4.31%, 9/10/30 | 25 | 25 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class B<br>|  |  |
| 4.52%, 7/16/29 | 25 | 25 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class C<br>|  |  |
| 4.67%, 5/17/32 | 25 | 25 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-2A, Class C<br>|  |  |
| 5.74%, 5/15/29 | $50 | $51 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-2A, Class D<br>|  |  |
| 5.92%, 2/15/30 | 50 | 51 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-3A, Class C<br>|  |  |
| 5.70%, 7/16/29 | 50 | 51 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-4A, Class C<br>|  |  |
| 5.48%, 8/15/30 | 50 | 51 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-4A, Class D<br>|  |  |
| 5.81%, 12/16/30 | 50 | 50 |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2024-B, Class A3<br>|  |  |
| 4.99%, 12/15/27 | 100 | 101 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2022-C, Class B<br>|  |  |
| 5.03%, 2/15/28 | 25 | 25 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2022-C, Class C<br>|  |  |
| 5.22%, 3/15/30 | 25 | 25 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2023-C, Class A3<br>|  |  |
| 5.53%, 9/15/28 | 50 | 51 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-A, Class A4<br>|  |  |
| 5.01%, 9/15/29 | 100 | 102 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| 4.07%, 7/15/29 | 100 | 100 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-C, Class B<br>|  |  |
| 4.40%, 8/15/30 | 25 | 25 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.45%, 10/15/29 | 50 | 50 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2024-3, Class A3<br>|  |  |
| 4.21%, 10/20/27 | 100 | 100 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-1, Class A3<br>|  |  |
| 4.66%, 2/21/28 | 50 | 50 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **39** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2024-3, <br> Class A3<br>|  |  |
| 5.13%, 4/16/29 | $100 | $101 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2024-4, <br> Class A3<br>|  |  |
| 4.40%, 8/16/29 | 100 | 100 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-1, <br> Class A3<br>|  |  |
| 4.62%, 12/17/29 | 100 | 101 |
| &nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 5.37%, 3/15/29 | 50 | 51 |
| &nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-B, Class A3<br>|  |  |
| 4.31%, 7/16/29 | 50 | 50 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-1, Class A4<br>|  |  |
| 5.17%, 5/15/30 | 50 | 51 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-3, Class A3<br>|  |  |
| 4.57%, 3/21/29 | 100 | 100 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-4, Class A3<br>|  |  |
| 4.33%, 5/15/29 | 100 | 100 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2025-1, Class A3<br>|  |  |
| 4.57%, 9/21/29 | 100 | 101 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2023-C, Class A3<br>|  |  |
| 5.54%, 10/16/28 | 100 | 101 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.99%, 2/15/29 | 50 | 50 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2024-B, Class A3<br>|  |  |
| 4.84%, 3/15/29 | 50 | 50 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.32%, 10/15/29 | 100 | 100 |
| &nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 5.32%, 1/18/28 | 50 | 51 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series <br> 2024-B, Class A3<br>|  |  |
| 4.23%, 2/15/28 | $50 | $50 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-2, Class A3<br>|  |  |
| 5.95%, 11/15/28 | 100 | 102 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2024-1, Class A3<br>|  |  |
| 4.80%, 4/16/29 | 100 | 100 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2025-1, Class A3<br>|  |  |
| 4.78%, 12/17/29 | 50 | 50 |
| &nbsp;&nbsp; Nissan Auto Lease Trust, Series 2024-B, <br> Class A3<br>|  |  |
| 4.92%, 11/15/27 | 100 | 101 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2022-3, Class C<br>|  |  |
| 4.49%, 8/15/29 | 50 | 50 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-1, Class C<br>|  |  |
| 5.09%, 5/15/30 | 100 | 100 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-4, Class B<br>|  |  |
| 5.77%, 12/15/28 | 50 | 51 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2023-4, Class C<br>|  |  |
| 6.04%, 12/15/31 | 50 | 51 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-1, Class C<br>|  |  |
| 5.45%, 3/15/30 | 50 | 50 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class B<br>|  |  |
| 5.78%, 7/16/29 | 50 | 51 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class C<br>|  |  |
| 5.84%, 6/17/30 | 50 | 51 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class D<br>|  |  |
| 6.28%, 8/15/31 | 25 | 26 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-4, Class B<br>|  |  |
| 4.93%, 9/17/29 | 50 | 50 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-5, Class B<br>|  |  |
| 4.63%, 8/15/29 | 25 | 25 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **40** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** | **Auto Loan – 0.2%continued** |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-5, Class C<br>|  |  |
| 4.78%, 1/15/31 | $25 | $25 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-5, Class D<br>|  |  |
| 5.14%, 2/17/32 | 25 | 25 |
| &nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2022-C, Class A4<br>|  |  |
| 3.77%, 2/15/28 | 100 | 99 |
| &nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2023-D, Class A3<br>|  |  |
| 5.54%, 8/15/28 | 100 | 102 |
| &nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2024-B, Class A3<br>|  |  |
| 5.33%, 1/16/29 | 100 | 101 |
| &nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2024-C, Class A4<br>|  |  |
| 4.83%, 11/15/29 | 100 | 101 |
| &nbsp;&nbsp; Toyota Auto Receivables Owner Trust, <br> Series 2024-D, Class A3<br>|  |  |
| 4.40%, 6/15/29 | 50 | 50 |
| &nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, <br> Series 2023-2, Class A3<br>|  |  |
| 5.48%, 12/20/28 | 100 | 102 |
| &nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, <br> Series 2025-1, Class A3<br>|  |  |
| 4.50%, 8/20/29 | 50 | 50 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2022-C, Class A4<br>|  |  |
| 3.68%, 9/15/28 | 100 | 99 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 4.86%, 3/15/29 | 100 | 100 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-C, Class A3<br>|  |  |
| 4.43%, 12/17/29 | 50 | 50 |
| &nbsp;&nbsp; World Omni Automobile Lease <br> Securitization Trust, Series 2025-A, <br> Class A3<br>|  |  |
| 4.42%, 4/17/28 | 50 | 50 |
| &nbsp;&nbsp; World Omni Select Auto Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.98%, 2/15/30 | 50 | 50 |
|  |  | **4962** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Credit Card – 0.1%** | **Credit Card – 0.1%** | **Credit Card – 0.1%** |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2023-1, Class A<br>|  |  |
| 4.87%, 5/15/28 | $150 | $151 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2023-2, Class A<br>|  |  |
| 4.80%, 5/15/30 | 100 | 101 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2023-4, Class A<br>|  |  |
| 5.15%, 9/15/30 | 100 | 103 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2024-2, Class A<br>|  |  |
| 5.24%, 4/15/31 | 100 | 103 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2024-3, Class A<br>|  |  |
| 4.65%, 7/15/29 | 100 | 101 |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2025-1, Class A<br>|  |  |
| 4.56%, 12/17/29 | 100 | 101 |
| &nbsp;&nbsp; BA Credit Card Trust, Series 2023-A1, <br> Class A1<br>|  |  |
| 4.79%, 5/15/28 | 150 | 151 |
| &nbsp;&nbsp; BA Credit Card Trust, Series 2023-A2, <br> Class A2<br>|  |  |
| 4.98%, 11/15/28 | 100 | 101 |
| &nbsp;&nbsp; BA Credit Card Trust, Series 2024-A1, <br> Class A<br>|  |  |
| 4.93%, 5/15/29 | 125 | 127 |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2021-A2, Class A2<br>|  |  |
| 1.39%, 7/15/30 | 150 | 136 |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2023-A1, Class A<br>|  |  |
| 4.42%, 5/15/28 | 150 | 150 |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2024-A1, Class A<br>|  |  |
| 3.92%, 9/15/29 | 75 | 74 |
| &nbsp;&nbsp; Chase Issuance Trust, Series 2023-A1, <br> Class A<br>|  |  |
| 5.16%, 9/15/28 | 150 | 152 |
| &nbsp;&nbsp; Chase Issuance Trust, Series 2023-A2, <br> Class A<br>|  |  |
| 5.08%, 9/15/30 | 100 | 103 |
| &nbsp;&nbsp; Chase Issuance Trust, Series 2024-A1, <br> Class A<br>|  |  |
| 4.60%, 1/16/29 | 100 | 101 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **41** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Credit Card – 0.1%continued** | **Credit Card – 0.1%continued** | **Credit Card – 0.1%continued** |
| &nbsp;&nbsp; Chase Issuance Trust, Series 2024-A2, <br> Class A<br>|  |  |
| 4.63%, 1/15/31 | $100 | $101 |
| &nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2007-A3, Class A3<br>|  |  |
| 6.15%, 6/15/39 | 50 | 55 |
| &nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2018-A7, Class A7<br>|  |  |
| 3.96%, 10/13/30 | 100 | 99 |
| &nbsp;&nbsp; Discover Card Execution Note Trust, <br> Series 2021-A2, Class A2<br>|  |  |
| 1.03%, 9/15/28 | 100 | 95 |
| &nbsp;&nbsp; Discover Card Execution Note Trust, <br> Series 2023-A2, Class A<br>|  |  |
| 4.93%, 6/15/28 | 100 | 101 |
| &nbsp;&nbsp; First National Master Note Trust, Series <br> 2023-2, Class A<br>|  |  |
| 5.77%, 9/15/29 | 100 | 102 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2023-A1, Class A<br>|  |  |
| 5.54%, 7/15/29 | 100 | 101 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2023-A2, Class A<br>|  |  |
| 5.74%, 10/15/29 | 100 | 102 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | 100 | 101 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A2, Class A<br>|  |  |
| 4.93%, 7/15/30 | 100 | 101 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| 4.94%, 2/15/29 | 100 | 101 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A2, Class A<br>|  |  |
| 4.29%, 10/15/29 | 100 | 100 |
| &nbsp;&nbsp; World Financial Network Credit Card <br> Master Note Trust, Series 2024-B, <br> Class A<br>|  |  |
| 4.62%, 5/15/31 | 100 | 100 |
| &nbsp;&nbsp; World Financial Network Credit Card <br> Master Trust, Series 2024-A, Class A<br>|  |  |
| 5.47%, 2/15/31 | 100 | 102 |
|  |  | **3116** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  | **ASSET-BACKED SECURITIES - 0.4%continued**  |
| **Other – 0.1%** | **Other – 0.1%** | **Other – 0.1%** |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2023-A, <br> Class A3<br>|  |  |
| 4.81%, 8/15/28 | $100 | $100 |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| 4.03%, 1/15/30 | 50 | 50 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner <br> Trust, Series 2018-4, Class A<br>|  |  |
| 4.06%, 11/15/30 | 100 | 98 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.96%, 11/15/28 | 50 | 50 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| 4.06%, 6/15/29 | 50 | 50 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2025-A, Class A3<br>|  |  |
| 4.23%, 9/17/29 | 100 | 100 |
| &nbsp;&nbsp; PSNH Funding LLC 3, Series 2018-1, <br> Class A3<br>|  |  |
| 3.81%, 2/1/35 | 100 | 97 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2023-1, <br> Class A<br>|  |  |
| 4.49%, 1/22/29 | 100 | 100 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2023-7, <br> Class A1A<br>|  |  |
| 5.67%, 11/20/29 | 100 | 102 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2024-3, <br> Class A1A<br>|  |  |
| 5.34%, 4/22/30 | 100 | 102 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2024-6, <br> Class A1A<br>|  |  |
| 4.17%, 8/20/30 | 100 | 100 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2024-8, <br> Class A1A<br>|  |  |
| 4.62%, 11/20/30 | 100 | 101 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2025-3, <br> Class A1A<br>|  |  |
| 4.51%, 3/20/30 | 50 | 50 |
|  |  | **1100** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $9,128)** |  | **9178** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **42** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.7%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.7%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.7%**  |
| **Non Agency – 0.7%** | **Non Agency – 0.7%** | **Non Agency – 0.7%** |
| BANK, Series 2017-BNK7, Class A5 |  |  |
| 3.44%, 9/15/60 | $250 | $242 |
| BANK, Series 2017-BNK9, Class A4 |  |  |
| 3.54%, 11/15/54 | 250 | 242 |
| BANK, Series 2018-BN10, Class A5 |  |  |
| 3.69%, 2/15/61 | 200 | 195 |
| BANK, Series 2018-BN11, Class A3 |  |  |
| 4.05%, 3/15/61 | 200 | 196 |
| BANK, Series 2018-BN12, Class A4 |  |  |
| 4.26%, 5/15/61 | 300 | 295 |
| BANK, Series 2018-BN13, Class A5 |  |  |
| 4.22%, 8/15/61 | 100 | 98 |
| BANK, Series 2018-BN14, Class A4 |  |  |
| 4.23%, 9/15/60 | 200 | 196 |
| BANK, Series 2018-BN15, Class A4 |  |  |
| 4.41%, 11/15/61 | 300 | 296 |
| BANK, Series 2019-BN18, Class A3 |  |  |
| 3.33%, 5/15/62 | 200 | 188 |
| BANK, Series 2019-BN19, Class A3 |  |  |
| 3.18%, 8/15/61 | 300 | 278 |
| BANK, Series 2020-BN28, Class A4 |  |  |
| 1.84%, 3/15/63 | 500 | 428 |
| BANK, Series 2021-BN31, Class A4 |  |  |
| 2.04%, 2/15/54 | 200 | 170 |
| BANK, Series 2021-BN37, Class A5 |  |  |
| 2.62%, 11/15/64 | 200 | 173 |
| BANK, Series 2022-BNK42, Class A5 |  |  |
| 4.49%, 6/15/55 | 200 | 192 |
| BANK, Series 2024-BNK47, Class A5 |  |  |
| 5.72%, 6/15/57 | 200 | 209 |
| BANK, Series 2024-BNK48, Class A5 |  |  |
| 5.05%, 10/15/57 | 200 | 200 |
| BANK, Series 2025-BNK49, Class A5 |  |  |
| 5.62%, 3/15/58 | 200 | 208 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Trust, <br> Series 2019-C3, Class A4<br>|  |  |
| 3.58%, 5/15/52 | 200 | 192 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Trust, <br> Series 2019-C5, Class C<br>|  |  |
| 3.71%, 11/15/52 | 150 | 132 |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2018-C2, Class A5<br>|  |  |
| 4.31%, 12/15/51 | 150 | 148 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp; BBCMS Mortgage Trust, Series <br> 2024-C30, Class A5<br>|  |  |
| 5.53%, 11/15/57 | $200 | $206 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B2, Class A5<br>|  |  |
| 3.88%, 2/15/51 | 150 | 145 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B3, Class A5<br>|  |  |
| 4.03%, 4/10/51 | 100 | 98 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B5, Class A4<br>|  |  |
| 4.21%, 7/15/51 | 200 | 196 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B6, Class B<br>|  |  |
| 4.59%, 10/10/51<sup>(1)</sup> <br>| 125 | 116 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2018-B8, Class A5<br>|  |  |
| 4.23%, 1/15/52 | 100 | 97 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-B16, Class A5<br>|  |  |
| 2.73%, 2/15/53 | 200 | 181 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-B18, Class A5<br>|  |  |
| 1.93%, 7/15/53 | 500 | 428 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2020-IG1, Class A3<br>|  |  |
| 2.69%, 9/15/43 | 100 | 85 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2021-B23, Class A5<br>|  |  |
| 2.07%, 2/15/54 | 200 | 169 |
| &nbsp;&nbsp; BMO Mortgage Trust, Series <br> 2024-C10, Class A5<br>|  |  |
| 5.48%, 11/15/57 | 200 | 205 |
| &nbsp;&nbsp; CD Mortgage Trust, Series 2017-CD4, <br> Class A4<br>|  |  |
| 3.51%, 5/10/50 | 250 | 239 |
| &nbsp;&nbsp; CD Mortgage Trust, Series 2017-CD5, <br> Class A4<br>|  |  |
| 3.43%, 8/15/50 | 250 | 241 |
| &nbsp;&nbsp; CD Mortgage Trust, Series 2017-CD6, <br> Class A5<br>|  |  |
| 3.46%, 11/13/50 | 200 | 192 |
| &nbsp;&nbsp; CD Mortgage Trust, Series 2018-CD7, <br> Class A4<br>|  |  |
| 4.28%, 8/15/51 | 200 | 196 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **43** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp; CD Mortgage Trust, Series 2019-CD8, <br> Class A4<br>|  |  |
| 2.91%, 8/15/57 | $150 | $137 |
| &nbsp;&nbsp; CGMS Commercial Mortgage Trust, <br> Series 2017-B1, Class A4<br>|  |  |
| 3.46%, 8/15/50 | 250 | 242 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2017-P8, Class A4<br>|  |  |
| 3.47%, 9/15/50 | 250 | 239 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-B2, Class A4<br>|  |  |
| 4.01%, 3/10/51 | 100 | 98 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-C5, Class A4<br>|  |  |
| 4.23%, 6/10/51 | 200 | 196 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2018-C6, Class A4<br>|  |  |
| 4.41%, 11/10/51 | 200 | 196 |
| &nbsp;&nbsp; Commercial Mortgage Trust, Series <br> 2018-COR3, Class A3<br>|  |  |
| 4.23%, 5/10/51 | 200 | 194 |
| &nbsp;&nbsp; Commercial Mortgage Trust, Series <br> 2019-GC44, Class C<br>|  |  |
| 3.51%, 8/15/57<sup>(1)</sup> <br>| 150 | 128 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2018-C14, Class A4<br>|  |  |
| 4.42%, 11/15/51 | 300 | 292 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, <br> Series 2018-CX11, Class A5<br>|  |  |
| 4.03%, 4/15/51 | 175 | 171 |
| &nbsp;&nbsp; DBJPM Mortgage Trust, Series <br> 2020-C9, Class A5<br>|  |  |
| 1.93%, 8/15/53 | 100 | 87 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2017-GS7, Class A4<br>|  |  |
| 3.43%, 8/10/50 | 250 | 241 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2017-GS8, Class A4<br>|  |  |
| 3.47%, 11/10/50 | 200 | 193 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2018-GS9, Class A4<br>|  |  |
| 3.99%, 3/10/51 | 150 | 146 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2019-GC40, Class A4<br>|  |  |
| 3.16%, 7/10/52 | 150 | 139 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp; GS Mortgage Securities Trust, Series <br> 2020-GC45, Class A5<br>|  |  |
| 2.91%, 2/13/53 | $300 | $277 |
| &nbsp;&nbsp; JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2017-C5, Class A5<br>|  |  |
| 3.69%, 3/15/50 | 300 | 291 |
| &nbsp;&nbsp; JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2017-JP7, Class A5<br>|  |  |
| 3.45%, 9/15/50 | 100 | 97 |
| &nbsp;&nbsp; JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2019-COR5, Class A4<br>|  |  |
| 3.39%, 6/13/52 | 200 | 185 |
| &nbsp;&nbsp; JPMDB Commercial Mortgage <br> Securities Trust, Series 2017-C7, <br> Class A5<br>|  |  |
| 3.41%, 10/15/50 | 200 | 192 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2018-H4, Class A4<br>|  |  |
| 4.31%, 12/15/51 | 100 | 98 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2018-L1, Class A4<br>|  |  |
| 4.41%, 10/15/51 | 200 | 197 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2019-H7, Class A4<br>|  |  |
| 3.26%, 7/15/52 | 250 | 235 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2020-HR8, Class A4<br>|  |  |
| 2.04%, 7/15/53 | 500 | 435 |
| &nbsp;&nbsp; Morgan Stanley Capital I, Series <br> 2017-HR2, Class A4<br>|  |  |
| 3.59%, 12/15/50 | 200 | 193 |
| &nbsp;&nbsp; MSWF Commercial Mortgage Trust, <br> Series 2023-1, Class A5<br>|  |  |
| 5.75%, 5/15/56 | 250 | 261 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C2, Class A4<br>|  |  |
| 3.49%, 8/15/50 | 250 | 242 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C2, Class B<br>|  |  |
| 3.99%, 8/15/50 | 100 | 95 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C3, Class A4<br>|  |  |
| 3.43%, 8/15/50 | 175 | 168 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **44** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C6, Class A5<br>|  |  |
| 3.58%, 12/15/50 | $100 | $96 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2017-C7, Class A4<br>|  |  |
| 3.68%, 12/15/50 | 150 | 146 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C10, Class A4<br>|  |  |
| 4.31%, 5/15/51 | 200 | 195 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C11, Class A5<br>|  |  |
| 4.24%, 6/15/51 | 150 | 147 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C13, Class A4<br>|  |  |
| 4.33%, 10/15/51 | 200 | 195 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C14, Class A4<br>|  |  |
| 4.45%, 12/15/51 | 100 | 98 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C8, Class A4<br>|  |  |
| 3.98%, 2/15/51 | 150 | 146 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, <br> Series 2018-C9, Class A4<br>|  |  |
| 4.12%, 3/15/51 | 100 | 97 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C39, Class A5<br>|  |  |
| 3.42%, 9/15/50 | 250 | 241 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C40, Class A4<br>|  |  |
| 3.58%, 10/15/50 | 100 | 97 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C41, Class A4<br>|  |  |
| 3.47%, 11/15/50 | 200 | 193 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, Class A4<br>|  |  |
| 3.59%, 12/15/50 | 100 | 96 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2018-C43, Class A4<br>|  |  |
| 4.01%, 3/15/51 | 150 | 146 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2018-C48, Class A5<br>|  |  |
| 4.30%, 1/15/52 | 100 | 98 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2019-C50, Class A5<br>|  |  |
| 3.73%, 5/15/52 | 200 | 190 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued**  |
| **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** | **Non Agency – 0.7%continued** |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2020-C55, Class A5<br>|  |  |
| 2.73%, 2/15/53 | $100 | $91 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2020-C56, Class A5<br>|  |  |
| 2.45%, 6/15/53 | 500 | 447 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2025-5C3, Class A3<br>|  |  |
| 6.10%, 1/15/58 | 250 | 262 |
|  |  | **15718** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $16,616)** |  | **15718** |
| **CORPORATE BONDS – 20.7%**  | **CORPORATE BONDS – 20.7%**  | **CORPORATE BONDS – 20.7%**  |
| **Advertising & Marketing – 0.0%** | **Advertising & Marketing – 0.0%** | **Advertising & Marketing – 0.0%** |
| Interpublic Group of (The) Cos., Inc., |  |  |
| 4.75%, 3/30/30  | 300 | 299 |
| &nbsp;&nbsp; Omnicom Group, Inc./Omnicom <br> Capital, Inc.,<br>|  |  |
| 3.60%, 4/15/26  | 525 | 520 |
|  |  | **819** |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| Boeing (The) Co., |  |  |
| 2.70%, 2/1/27  | 219 | 211 |
| 6.26%, 5/1/27  | 2500 | 2572 |
| 3.25%, 2/1/28  | 1366 | 1310 |
| 3.25%, 3/1/28  | 55 | 53 |
| 3.20%, 3/1/29  | 159 | 149 |
| 2.95%, 2/1/30  | 250 | 228 |
| 5.15%, 5/1/30  | 43 | 43 |
| 6.13%, 2/15/33  | 135 | 140 |
| 6.63%, 2/15/38  | 100 | 107 |
| 5.81%, 5/1/50  | 1060 | 1009 |
| GE Capital Funding LLC, |  |  |
| 4.55%, 5/15/32  | 500 | 488 |
| General Dynamics Corp., |  |  |
| 2.63%, 11/15/27  | 104 | 100 |
| 3.75%, 5/15/28  | 246 | 242 |
| 4.25%, 4/1/40  | 100 | 88 |
| 2.85%, 6/1/41  | 160 | 116 |
| Howmet Aerospace, Inc., |  |  |
| 3.00%, 1/15/29  | 200 | 188 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **45** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Aerospace & Defense – 0.6%continued** | **Aerospace & Defense – 0.6%continued** | **Aerospace & Defense – 0.6%continued** |
| Huntington Ingalls Industries, Inc., |  |  |
| 2.04%, 8/16/28  | $200 | $182 |
| L3Harris Technologies, Inc., |  |  |
| 5.40%, 1/15/27  | 1000 | 1014 |
| 4.40%, 6/15/28  | 449 | 446 |
| 5.50%, 8/15/54  | 100 | 97 |
| Lockheed Martin Corp., |  |  |
| 5.25%, 1/15/33  | 1200 | 1231 |
| 3.60%, 3/1/35  | 135 | 121 |
| 4.07%, 12/15/42  | 168 | 141 |
| 3.80%, 3/1/45  | 230 | 182 |
| 4.09%, 9/15/52  | 20 | 16 |
| Northrop Grumman Corp., |  |  |
| 3.25%, 1/15/28  | 500 | 484 |
| 5.05%, 11/15/40  | 250 | 239 |
| 4.75%, 6/1/43  | 250 | 226 |
| 3.85%, 4/15/45  | 8 | 6 |
| 4.03%, 10/15/47  | 252 | 201 |
| Precision Castparts Corp., |  |  |
| 4.38%, 6/15/45  | 100 | 87 |
| RTX Corp., |  |  |
| 1.90%, 9/1/31  | 71 | 60 |
| 2.38%, 3/15/32  | 68 | 58 |
| 4.50%, 6/1/42  | 250 | 220 |
| 4.80%, 12/15/43  | 400 | 362 |
| 3.75%, 11/1/46  | 750 | 572 |
| 6.40%, 3/15/54  | 300 | 328 |
| Textron, Inc., |  |  |
| 2.45%, 3/15/31  | 250 | 218 |
|  |  | **13535** |
| **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** | **Apparel & Textile Products – 0.1%** |
| NIKE, Inc., |  |  |
| 2.85%, 3/27/30  | 750 | 695 |
| 3.25%, 3/27/40  | 75 | 59 |
| Ralph Lauren Corp., |  |  |
| 2.95%, 6/15/30  | 100 | 92 |
|  |  | **846** |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| Ameriprise Financial, Inc., |  |  |
| 2.88%, 9/15/26  | 435 | 426 |
| Apollo Global Management, Inc., |  |  |
| 6.38%, 11/15/33  | 200 | 217 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Asset Management – 0.3%continued** | **Asset Management – 0.3%continued** | **Asset Management – 0.3%continued** |
| Ares Management Corp., |  |  |
| 6.38%, 11/10/28  | $100 | $106 |
| Barings BDC, Inc., |  |  |
| 3.30%, 11/23/26  | 200 | 193 |
| BlackRock Funding, Inc., |  |  |
| 4.70%, 3/14/29  | 500 | 508 |
| 4.90%, 1/8/35  | 200 | 200 |
| Blackrock, Inc., |  |  |
| 1.90%, 1/28/31  | 720 | 623 |
| Blackstone Private Credit Fund, |  |  |
| 3.25%, 3/15/27  | 300 | 289 |
| 6.00%, 11/22/34 <sup>(2)</sup> <br>| 200 | 192 |
| Blue Owl Capital Corp., |  |  |
| 5.95%, 3/15/29  | 400 | 401 |
| Blue Owl Credit Income Corp., |  |  |
| 7.75%, 9/16/27  | 200 | 209 |
| 5.80%, 3/15/30 <sup>(2)</sup> <br>| 400 | 392 |
| Blue Owl Finance LLC, |  |  |
| 4.13%, 10/7/51  | 200 | 143 |
| Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.21%), <br> 5.64%, 5/19/29 <sup>(3)</sup> <br>| 400 | 413 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.50%), <br> 5.85%, 5/19/34 <sup>(3)</sup> <br>| 200 | 209 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.01%), <br> 6.14%, 8/24/34 <sup>(3)</sup> <br>| 300 | 319 |
| Franklin Resources, Inc., |  |  |
| 2.95%, 8/12/51  | 150 | 95 |
| FS KKR Capital Corp., |  |  |
| 3.25%, 7/15/27  | 200 | 191 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.,<br>|  |  |
| 6.38%, 7/1/34 <sup>(2)</sup> <br>| 100 | 99 |
| Hercules Capital, Inc., |  |  |
| 3.38%, 1/20/27  | 100 | 96 |
| Raymond James Financial, Inc., |  |  |
| 3.75%, 4/1/51  | 100 | 73 |
| TPG Operating Group II L.P., |  |  |
| 5.88%, 3/5/34  | 50 | 51 |
| Voya Financial, Inc., |  |  |
| 4.80%, 6/15/46  | 100 | 86 |
|  |  | **5531** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **46** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| American Honda Finance Corp., |  |  |
| 4.90%, 3/12/27  | $1000 | $1008 |
| Aptiv Swiss Holdings Ltd., |  |  |
| 4.65%, 9/13/29  | 400 | 394 |
| 4.15%, 5/1/52  | 200 | 142 |
| BorgWarner, Inc., |  |  |
| 4.38%, 3/15/45  | 170 | 138 |
| Ford Motor Credit Co. LLC, |  |  |
| 5.85%, 5/17/27  | 1000 | 1005 |
| 7.12%, 11/7/33  | 1800 | 1839 |
| General Motors Co., |  |  |
| 6.80%, 10/1/27  | 118 | 123 |
| 5.00%, 10/1/28  | 227 | 227 |
| 5.60%, 10/15/32  | 183 | 182 |
| 6.25%, 10/2/43  | 350 | 337 |
| 6.75%, 4/1/46  | 145 | 147 |
| 5.40%, 4/1/48  | 267 | 228 |
| General Motors Financial Co., Inc., |  |  |
| 2.70%, 8/20/27  | 658 | 626 |
| 6.00%, 1/9/28  | 500 | 513 |
| 2.40%, 4/10/28  | 119 | 110 |
| 5.80%, 6/23/28  | 500 | 511 |
| 2.40%, 10/15/28  | 254 | 232 |
| 5.65%, 1/17/29  | 84 | 85 |
| 4.30%, 4/6/29  | 82 | 79 |
| 3.60%, 6/21/30  | 99 | 91 |
| 2.35%, 1/8/31  | 33 | 28 |
| 3.10%, 1/12/32  | 33 | 28 |
| Lear Corp., |  |  |
| 3.55%, 1/15/52  | 200 | 130 |
| Toyota Motor Credit Corp., |  |  |
| 3.05%, 3/22/27  | 500 | 488 |
| 4.35%, 10/8/27  | 500 | 500 |
| 4.70%, 1/12/33  | 500 | 495 |
| 4.80%, 1/5/34  | 500 | 493 |
|  |  | **10179** |
| **Banking – 2.7%** | **Banking – 2.7%** | **Banking – 2.7%** |
| Associated Banc-Corp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 3.03%), <br> 6.46%, 8/29/30 <sup>(3)</sup> <br>| 100 | 101 |
| Bank of America Corp., |  |  |
| 3.50%, 4/19/26  | 76 | 75 |
| 4.25%, 10/22/26  | 47 | 47 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Banking – 2.7%continued** | **Banking – 2.7%continued** | **Banking – 2.7%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.91%), <br> 1.66%, 3/11/27 <sup>(3)</sup> <br>| $72 | $70 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.34%), <br> 5.93%, 9/15/27 <sup>(3)</sup> <br>| 1500 | 1529 |
| 4.18%, 11/25/27  | 146 | 145 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.05%), <br> 2.55%, 2/4/28 <sup>(3)</sup> <br>| 18 | 17 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.77%), 3.71%, 4/24/28 <sup>(3)</sup> <br>| 106 | 104 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.04%), <br> 4.95%, 7/22/28 <sup>(3)</sup> <br>| 1500 | 1512 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.33%), 3.97%, 3/5/29 <sup>(3)</sup> <br>| 7 | 7 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.82%, 9/15/29 <sup>(3)</sup> <br>| 500 | 518 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.00%), <br> 5.16%, 1/24/31 <sup>(3)</sup> <br>| 1500 | 1521 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.25%), 2.50%, 2/13/31 <sup>(3)</sup> <br>| 41 | 36 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.15%), <br> 2.59%, 4/29/31 <sup>(3)</sup> <br>| 52 | 47 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.53%), <br> 1.90%, 7/23/31 <sup>(3)</sup> <br>| 336 | 289 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.32%), <br> 2.69%, 4/22/32 <sup>(3)</sup> <br>| 380 | 334 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.16%), <br> 5.02%, 7/22/33 <sup>(3)</sup> <br>| 1403 | 1397 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.91%), <br> 5.29%, 4/25/34 <sup>(3)</sup> <br>| 1000 | 1004 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.84%), <br> 5.87%, 9/15/34 <sup>(3)</sup> <br>| 400 | 417 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.65%), <br> 5.47%, 1/23/35 <sup>(3)</sup> <br>| 600 | 609 |
| 6.11%, 1/29/37  | 150 | 156 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.45%), 3.95%, 1/23/49 <sup>(3)</sup> <br>| 790 | 616 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.78%), 4.33%, 3/15/50 <sup>(3)</sup> <br>| 755 | 622 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 3.41%), 4.08%, 3/20/51 <sup>(3)</sup> <br>| 810 | 636 |
| Bank of America N.A., |  |  |
| 6.00%, 10/15/36  | 250 | 263 |
| BankUnited, Inc., |  |  |
| 5.13%, 6/11/30  | 100 | 98 |
| Citibank N.A., |  |  |
| 5.49%, 12/4/26  | 1000 | 1017 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **47** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Banking – 2.7%continued** | **Banking – 2.7%continued** | **Banking – 2.7%continued** |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.65%), 3.67%, 7/24/28 <sup>(3)</sup> <br>| $28 | $27 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 3.91%), <br> 4.41%, 3/31/31 <sup>(3)</sup> <br>| 1150 | 1121 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.17%), <br> 2.56%, 5/1/32 <sup>(3)</sup> <br>| 800 | 695 |
| 6.63%, 6/15/32  | 100 | 108 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.66%), <br> 6.17%, 5/25/34 <sup>(3)</sup> <br>| 1400 | 1435 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.28%), 5.59%, <br> 11/19/34 <sup>(3)</sup> <br>| 2000 | 2007 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 6.02%, 1/24/36 <sup>(3)</sup> <br>| 500 | 505 |
| 6.13%, 8/25/36  | 125 | 129 |
| 8.13%, 7/15/39  | 332 | 412 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 4.55%), <br> 5.32%, 3/26/41 <sup>(3)</sup> <br>| 180 | 174 |
| 5.88%, 1/30/42  | 30 | 31 |
| 4.65%, 7/23/48  | 300 | 256 |
| Citizens Bank N.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.00%), <br> 4.58%, 8/9/28 <sup>(3)</sup> <br>| 500 | 499 |
| Citizens Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.33%), <br> 6.65%, 4/25/35 <sup>(3)</sup> <br>| 200 | 213 |
| Comerica Bank, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.61%), <br> 5.33%, 8/25/33 <sup>(3)</sup> <br>| 250 | 242 |
| Discover Bank, |  |  |
| 2.70%, 2/6/30  | 250 | 224 |
| Fifth Third Bancorp, |  |  |
| 8.25%, 3/1/38  | 275 | 330 |
| Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.08%), <br> 5.21%, 1/28/31 <sup>(3)</sup> <br>| 1000 | 1014 |
| HSBC Bank U.S.A. N.A., |  |  |
| 7.00%, 1/15/39  | 350 | 395 |
| Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.97%), <br> 4.44%, 8/4/28 <sup>(3)</sup> <br>| 500 | 497 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.02%), <br> 6.21%, 8/21/29 <sup>(3)</sup> <br>| 500 | 520 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Banking – 2.7%continued** | **Banking – 2.7%continued** | **Banking – 2.7%continued** |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.89%), <br> 1.58%, 4/22/27 <sup>(3)</sup> <br>| $297 | $288 |
| 8.00%, 4/29/27  | 658 | 705 |
| 4.25%, 10/1/27  | 299 | 299 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.17%), <br> 2.95%, 2/24/28 <sup>(3)</sup> <br>| 204 | 198 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.56%), <br> 4.32%, 4/26/28 <sup>(3)</sup> <br>| 176 | 175 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.93%), <br> 4.98%, 7/22/28 <sup>(3)</sup> <br>| 1000 | 1009 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.99%), <br> 4.85%, 7/25/28 <sup>(3)</sup> <br>| 33 | 33 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.38%), 4.01%, 4/23/29 <sup>(3)</sup> <br>| 34 | 33 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.45%), <br> 5.30%, 7/24/29 <sup>(3)</sup> <br>| 800 | 816 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.59%), 4.45%, 12/5/29 <sup>(3)</sup> <br>| 59 | 59 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.31%), <br> 5.01%, 1/23/30 <sup>(3)</sup> <br>| 500 | 506 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.90%), <br> 5.14%, 1/24/31 <sup>(3)</sup> <br>| 1500 | 1523 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 2.52%), 2.96%, 5/13/31 <sup>(3)</sup> <br>| 545 | 496 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.58%), <br> 5.72%, 9/14/33 <sup>(3)</sup> <br>| 500 | 514 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.81%), <br> 6.25%, 10/23/34 <sup>(3)</sup> <br>| 1000 | 1074 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.49%), <br> 5.77%, 4/22/35 <sup>(3)</sup> <br>| 1000 | 1039 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 2.46%), 3.11%, 4/22/41 <sup>(3)</sup> <br>| 100 | 75 |
| 5.60%, 7/15/41  | 405 | 413 |
| 5.63%, 8/16/43  | 150 | 150 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.84%), 4.26%, 2/22/48 <sup>(3)</sup> <br>| 114 | 95 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.72%), 4.03%, 7/24/48 <sup>(3)</sup> <br>| 85 | 68 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.64%), 3.96%, 11/15/48 <sup>(3)</sup> <br>| 400 | 316 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.48%), 3.90%, 1/23/49 <sup>(3)</sup> <br>| 700 | 546 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.44%), <br> 3.11%, 4/22/51 <sup>(3)</sup> <br>| 1300 | 866 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **48** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Banking – 2.7%continued** | **Banking – 2.7%continued** | **Banking – 2.7%continued** |
| KeyBank N.A., |  |  |
| 5.00%, 1/26/33  | $500 | $487 |
| Manufacturers & Traders Trust Co., |  |  |
| 4.70%, 1/27/28  | 500 | 501 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.11%), <br> 5.23%, 1/15/31 <sup>(3)</sup> <br>| 2400 | 2439 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.42%), <br> 5.59%, 1/18/36 <sup>(3)</sup> <br>| 300 | 306 |
| Morgan Stanley Bank N.A., |  |  |
| 4.75%, 4/21/26  | 2000 | 2006 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.91%), <br> 5.02%, 1/12/29 <sup>(3)</sup> <br>| 700 | 708 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| 3.15%, 5/19/27  | 455 | 443 |
| 2.55%, 1/22/30  | 545 | 494 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.20%), <br> 5.49%, 5/14/30 <sup>(3)</sup> <br>| 700 | 719 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.93%), <br> 5.07%, 1/24/34 <sup>(3)</sup> <br>| 300 | 297 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.28%), <br> 6.88%, 10/20/34 <sup>(3)</sup> <br>| 400 | 442 |
| Regions Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.06%), <br> 5.50%, 9/6/35 <sup>(3)</sup> <br>| 300 | 296 |
| Santander Holdings U.S.A., Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.36%), <br> 6.50%, 3/9/29 <sup>(3)</sup> <br>| 300 | 311 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.50%), <br> 6.17%, 1/9/30 <sup>(3)</sup> <br>| 500 | 514 |
| State Street Corp., |  |  |
| 4.73%, 2/28/30  | 500 | 503 |
| Synovus Bank, |  |  |
| 5.63%, 2/15/28  | 250 | 251 |
| Truist Bank, |  |  |
| 3.30%, 5/15/26  | 122 | 120 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.61%), <br> 1.27%, 3/2/27 <sup>(3)</sup> <br>| 85 | 82 |
| 1.13%, 8/3/27  | 221 | 205 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.44%), <br> 4.87%, 1/26/29 <sup>(3)</sup> <br>| 1000 | 1006 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.86%), <br> 1.89%, 6/7/29 <sup>(3)</sup> <br>| 57 | 52 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Banking – 2.7%continued** | **Banking – 2.7%continued** | **Banking – 2.7%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.62%), <br> 5.44%, 1/24/30 <sup>(3)</sup> <br>| $800 | $816 |
| U.S. Bancorp, |  |  |
| 2.38%, 7/22/26  | 133 | 130 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.88%), <br> 6.79%, 10/26/27 <sup>(3)</sup> <br>| 1000 | 1033 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.73%), <br> 2.22%, 1/27/28 <sup>(3)</sup> <br>| 322 | 309 |
| 3.90%, 4/26/28  | 402 | 396 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.02%), <br> 5.78%, 6/12/29 <sup>(3)</sup> <br>| 500 | 516 |
| 1.38%, 7/22/30  | 143 | 121 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.60%), <br> 4.84%, 2/1/34 <sup>(3)</sup> <br>| 500 | 486 |
| Wells Fargo & Co., |  |  |
| 3.00%, 10/23/26  | 542 | 530 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.43%), 3.20%, 6/17/27 <sup>(3)</sup> <br>| 15 | 15 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30 <sup>(3)</sup> <br>| 500 | 508 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.99%), <br> 5.56%, 7/25/34 <sup>(3)</sup> <br>| 700 | 712 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.06%), <br> 6.49%, 10/23/34 <sup>(3)</sup> <br>| 300 | 324 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.78%), <br> 5.50%, 1/23/35 <sup>(3)</sup> <br>| 600 | 608 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.53%), <br> 3.07%, 4/30/41 <sup>(3)</sup> <br>| 100 | 74 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.50%), 5.01%, 4/4/51 <sup>(3)</sup> <br>| 1300 | 1170 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.13%), <br> 4.61%, 4/25/53 <sup>(3)</sup> <br>| 1000 | 848 |
| Wells Fargo Bank N.A., |  |  |
| 5.25%, 12/11/26  | 1200 | 1217 |
| 5.85%, 2/1/37  | 500 | 518 |
| 6.60%, 1/15/38  | 50 | 55 |
| Zions Bancorp N.A., |  |  |
| 3.25%, 10/29/29  | 250 | 226 |
|  |  | **58111** |
| **Beverages – 0.4%** | **Beverages – 0.4%** | **Beverages – 0.4%** |
| Brown-Forman Corp., |  |  |
| 4.50%, 7/15/45  | 200 | 171 |
| Coca-Cola (The) Co., |  |  |
| 3.38%, 3/25/27  | 133 | 131 |
| 1.50%, 3/5/28  | 81 | 75 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **49** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Beverages – 0.4%continued** | **Beverages – 0.4%continued** | **Beverages – 0.4%continued** |
| 2.13%, 9/6/29  | $243 | $222 |
| 1.65%, 6/1/30  | 179 | 156 |
| 2.00%, 3/5/31  | 1204 | 1053 |
| 5.00%, 5/13/34  | 500 | 510 |
| 4.65%, 8/14/34  | 500 | 497 |
| Constellation Brands, Inc., |  |  |
| 4.65%, 11/15/28  | 44 | 44 |
| 2.25%, 8/1/31  | 284 | 241 |
| 5.25%, 11/15/48  | 167 | 153 |
| Keurig Dr. Pepper, Inc., |  |  |
| 2.55%, 9/15/26  | 185 | 180 |
| 5.05%, 3/15/29  | 500 | 507 |
| 4.42%, 12/15/46  | 300 | 251 |
| Molson Coors Beverage Co., |  |  |
| 3.00%, 7/15/26  | 170 | 167 |
| 4.20%, 7/15/46  | 300 | 242 |
| Pepsico Singapore Financing I Pte. Ltd., |  |  |
| 4.55%, 2/16/29  | 1800 | 1811 |
| PepsiCo, Inc., |  |  |
| 2.75%, 3/19/30  | 483 | 447 |
| 1.63%, 5/1/30  | 77 | 67 |
| 1.95%, 10/21/31  | 500 | 426 |
| 5.25%, 7/17/54  | 200 | 195 |
|  |  | **7546** |
| **Biotechnology & Pharmaceuticals – 1.1%** | **Biotechnology & Pharmaceuticals – 1.1%** | **Biotechnology & Pharmaceuticals – 1.1%** |
| AbbVie, Inc., |  |  |
| 3.20%, 5/14/26  | 56 | 55 |
| 2.95%, 11/21/26  | 663 | 649 |
| 4.80%, 3/15/29  | 500 | 506 |
| 5.05%, 3/15/34  | 500 | 503 |
| 4.05%, 11/21/39  | 200 | 175 |
| 4.85%, 6/15/44  | 750 | 696 |
| 4.25%, 11/21/49  | 500 | 414 |
| 5.40%, 3/15/54  | 700 | 688 |
| Amgen, Inc., |  |  |
| 5.15%, 3/2/28  | 500 | 509 |
| 5.25%, 3/2/30  | 1500 | 1534 |
| 2.00%, 1/15/32  | 1000 | 836 |
| 5.15%, 11/15/41  | 126 | 119 |
| 5.65%, 3/2/53  | 1000 | 981 |
| 5.75%, 3/2/63  | 200 | 195 |
| Biogen, Inc., |  |  |
| 2.25%, 5/1/30  | 40 | 35 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Biotechnology & Pharmaceuticals – 1.1%continued** | **Biotechnology & Pharmaceuticals – 1.1%continued** | **Biotechnology & Pharmaceuticals – 1.1%continued** |
| 3.25%, 2/15/51  | $200 | $128 |
| Bristol-Myers Squibb Co., |  |  |
| 3.20%, 6/15/26  | 132 | 131 |
| 3.90%, 2/20/28  | 726 | 719 |
| 4.35%, 11/15/47  | 1083 | 907 |
| 5.55%, 2/22/54  | 700 | 690 |
| 6.40%, 11/15/63  | 300 | 328 |
| Eli Lilly & Co., |  |  |
| 4.60%, 8/14/34  | 500 | 492 |
| 4.95%, 2/27/63  | 400 | 364 |
| Gilead Sciences, Inc., |  |  |
| 1.20%, 10/1/27  | 1050 | 973 |
| 5.25%, 10/15/33  | 1000 | 1023 |
| 2.60%, 10/1/40  | 100 | 71 |
| 4.80%, 4/1/44  | 185 | 169 |
| 4.50%, 2/1/45  | 150 | 131 |
| 4.75%, 3/1/46  | 168 | 151 |
| 4.15%, 3/1/47  | 60 | 49 |
| Johnson & Johnson, |  |  |
| 4.90%, 6/1/31  | 500 | 512 |
| 4.38%, 12/5/33  | 332 | 328 |
| 5.95%, 8/15/37  | 32 | 35 |
| 3.70%, 3/1/46  | 600 | 485 |
| 5.25%, 6/1/54  | 200 | 201 |
| 2.45%, 9/1/60  | 120 | 67 |
| Merck & Co., Inc., |  |  |
| 1.70%, 6/10/27  | 263 | 250 |
| 1.90%, 12/10/28  | 279 | 257 |
| 3.40%, 3/7/29  | 389 | 376 |
| 2.15%, 12/10/31  | 688 | 592 |
| 4.50%, 5/17/33  | 1000 | 984 |
| 3.60%, 9/15/42  | 25 | 20 |
| 3.70%, 2/10/45  | 60 | 47 |
| 5.15%, 5/17/63  | 200 | 186 |
| Mylan, Inc., |  |  |
| 4.55%, 4/15/28  | 171 | 168 |
| 5.40%, 11/29/43  | 400 | 335 |
| Novartis Capital Corp., |  |  |
| 2.20%, 8/14/30  | 524 | 468 |
| 4.70%, 9/18/54  | 300 | 270 |
| Pfizer Investment Enterprises Pte. Ltd., |  |  |
| 4.75%, 5/19/33  | 700 | 692 |
| 5.30%, 5/19/53  | 600 | 570 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **50** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Biotechnology & Pharmaceuticals – 1.1%continued** | **Biotechnology & Pharmaceuticals – 1.1%continued** | **Biotechnology & Pharmaceuticals – 1.1%continued** |
| Pfizer, Inc., |  |  |
| 3.45%, 3/15/29  | $24 | $23 |
| 2.63%, 4/1/30  | 500 | 457 |
| 7.20%, 3/15/39  | 311 | 367 |
| 5.60%, 9/15/40  | 194 | 198 |
| 4.30%, 6/15/43  | 100 | 87 |
| 4.13%, 12/15/46  | 262 | 215 |
| Pharmacia LLC, |  |  |
| 6.60%, 12/1/28  | 125 | 134 |
| Regeneron Pharmaceuticals, Inc., |  |  |
| 1.75%, 9/15/30  | 300 | 256 |
| Royalty Pharma PLC, |  |  |
| 3.55%, 9/2/50  | 300 | 201 |
| 5.90%, 9/2/54  | 100 | 96 |
| Sanofi S.A., |  |  |
| 3.63%, 6/19/28  | 250 | 246 |
| &nbsp;&nbsp; Shire Acquisitions Investments Ireland <br> DAC,<br>|  |  |
| 3.20%, 9/23/26  | 6 | 6 |
| Utah Acquisition Sub, Inc., |  |  |
| 3.95%, 6/15/26  | 69 | 68 |
| Wyeth LLC, |  |  |
| 5.95%, 4/1/37  | 625 | 662 |
| Zoetis, Inc., |  |  |
| 3.95%, 9/12/47  | 250 | 198 |
| 4.45%, 8/20/48  | 40 | 34 |
|  |  | **24312** |
| **Brokerage Asset Manager Exchanges – 0.0%** | **Brokerage Asset Manager Exchanges – 0.0%** | **Brokerage Asset Manager Exchanges – 0.0%** |
| Janus Henderson U.S. Holdings, Inc., |  |  |
| 5.45%, 9/10/34  | 30 | 29 |
| LPL Holdings, Inc., |  |  |
| 5.20%, 3/15/30  | 250 | 251 |
|  |  | **280** |
| **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital,<br>|  |  |
| 6.15%, 11/10/26  | 250 | 255 |
| 3.75%, 2/15/28  | 251 | 243 |
| 2.25%, 1/15/29  | 484 | 436 |
| 6.10%, 6/1/29  | 1500 | 1549 |
| 2.80%, 4/1/31  | 650 | 561 |
| 6.55%, 6/1/34  | 500 | 514 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Cable & Satellite – 0.5%continued** | **Cable & Satellite – 0.5%continued** | **Cable & Satellite – 0.5%continued** |
| 5.75%, 4/1/48  | $520 | $449 |
| 3.90%, 6/1/52  | 800 | 517 |
| Comcast Corp., |  |  |
| 4.55%, 1/15/29  | 300 | 301 |
| 5.10%, 6/1/29  | 1500 | 1535 |
| 3.40%, 4/1/30  | 1370 | 1297 |
| 4.25%, 1/15/33  | 400 | 380 |
| 7.05%, 3/15/33  | 140 | 158 |
| 3.75%, 4/1/40  | 1000 | 820 |
| 2.89%, 11/1/51  | 100 | 61 |
| 5.35%, 5/15/53  | 700 | 653 |
| 2.99%, 11/1/63  | 500 | 284 |
| 5.50%, 5/15/64  | 450 | 423 |
| Time Warner Cable LLC, |  |  |
| 7.30%, 7/1/38  | 600 | 630 |
|  |  | **11066** |
| **Capital Goods – 0.0%** | **Capital Goods – 0.0%** | **Capital Goods – 0.0%** |
| Amcor Flexibles North America, Inc., |  |  |
| 5.10%, 3/17/30 <sup>(2)</sup> <br>| 200 | 202 |
| Berry Global, Inc., |  |  |
| 5.80%, 6/15/31  | 300 | 312 |
| CRH America Finance, Inc., |  |  |
| 5.50%, 1/9/35  | 200 | 202 |
|  |  | **716** |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| Air Products and Chemicals, Inc., |  |  |
| 2.80%, 5/15/50  | 300 | 191 |
| Albemarle Corp., |  |  |
| 4.65%, 6/1/27  | 300 | 298 |
| Avery Dennison Corp., |  |  |
| 2.65%, 4/30/30  | 200 | 181 |
| Cabot Corp., |  |  |
| 5.00%, 6/30/32  | 70 | 69 |
| Dow Chemical (The) Co., |  |  |
| 4.25%, 10/1/34  | 470 | 429 |
| 9.40%, 5/15/39  | 174 | 234 |
| 5.25%, 11/15/41  | 200 | 185 |
| 5.55%, 11/30/48  | 200 | 187 |
| DuPont de Nemours, Inc., |  |  |
| 5.42%, 11/15/48  | 300 | 302 |
| Eastman Chemical Co., |  |  |
| 4.80%, 9/1/42  | 200 | 176 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **51** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Chemicals – 0.3%continued** | **Chemicals – 0.3%continued** | **Chemicals – 0.3%continued** |
| Ecolab, Inc., |  |  |
| 2.75%, 8/18/55  | $300 | $180 |
| FMC Corp., |  |  |
| 6.38%, 5/18/53  | 100 | 96 |
| International Flavors & Fragrances, Inc., |  |  |
| 5.00%, 9/26/48  | 67 | 57 |
| Linde, Inc., |  |  |
| 2.00%, 8/10/50  | 200 | 107 |
| Lubrizol (The) Corp., |  |  |
| 6.50%, 10/1/34  | 50 | 56 |
| LYB International Finance B.V., |  |  |
| 5.25%, 7/15/43  | 565 | 510 |
| LYB International Finance III LLC, |  |  |
| 4.20%, 5/1/50  | 35 | 26 |
| Mosaic (The) Co., |  |  |
| 5.45%, 11/15/33  | 250 | 251 |
| NewMarket Corp., |  |  |
| 2.70%, 3/18/31  | 100 | 88 |
| RPM International, Inc., |  |  |
| 3.75%, 3/15/27  | 100 | 98 |
| Sherwin-Williams (The) Co., |  |  |
| 3.45%, 6/1/27  | 205 | 201 |
| 2.95%, 8/15/29  | 167 | 155 |
| 2.30%, 5/15/30  | 153 | 136 |
| 2.20%, 3/15/32  | 475 | 400 |
| 4.55%, 8/1/45  | 30 | 26 |
| Westlake Corp., |  |  |
| 3.60%, 8/15/26  | 701 | 691 |
| 3.38%, 6/15/30  | 249 | 232 |
|  |  | **5562** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| Automatic Data Processing, Inc., |  |  |
| 1.70%, 5/15/28  | 300 | 278 |
| Block Financial LLC, |  |  |
| 3.88%, 8/15/30  | 200 | 188 |
| GXO Logistics, Inc., |  |  |
| 6.50%, 5/6/34  | 200 | 205 |
| Republic Services, Inc., |  |  |
| 3.38%, 11/15/27  | 296 | 289 |
| 3.95%, 5/15/28  | 432 | 426 |
| 2.30%, 3/1/30  | 118 | 106 |
| 5.00%, 12/15/33  | 300 | 300 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Commercial Support Services – 0.1%continued** | **Commercial Support Services – 0.1%continued** | **Commercial Support Services – 0.1%continued** |
| Waste Connections, Inc., |  |  |
| 2.95%, 1/15/52  | $300 | $191 |
| Waste Management, Inc., |  |  |
| 4.15%, 7/15/49  | 200 | 165 |
| 2.50%, 11/15/50  | 500 | 298 |
|  |  | **2446** |
| **Communications – 0.0%** | **Communications – 0.0%** | **Communications – 0.0%** |
| T-Mobile U.S.A., Inc., |  |  |
| 5.88%, 11/15/55 | 300 | **302** |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| Carlisle Cos., Inc., |  |  |
| 2.75%, 3/1/30  | 300 | 272 |
| CRH SMW Finance DAC, |  |  |
| 5.20%, 5/21/29  | 200 | 204 |
| Martin Marietta Materials, Inc., |  |  |
| 3.45%, 6/1/27  | 500 | 489 |
| 5.50%, 12/1/54  | 200 | 190 |
| Owens Corning, |  |  |
| 3.40%, 8/15/26  | 400 | 393 |
| 3.88%, 6/1/30  | 500 | 477 |
| Vulcan Materials Co., |  |  |
| 3.50%, 6/1/30  | 200 | 188 |
| 5.35%, 12/1/34  | 300 | 303 |
|  |  | **2516** |
| **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** |
| D.R. Horton, Inc., |  |  |
| 5.50%, 10/15/35 | 200 | **201** |
| **Consumer Non-Cyclical – 0.1%** | **Consumer Non-Cyclical – 0.1%** | **Consumer Non-Cyclical – 0.1%** |
| Eli Lilly & Co., |  |  |
| 4.90%, 2/12/32  | 1000 | 1015 |
| 5.60%, 2/12/65  | 300 | 303 |
| HCA, Inc., |  |  |
| 6.20%, 3/1/55  | 200 | 198 |
| Solventum Corp., |  |  |
| 5.90%, 4/30/54  | 300 | 297 |
|  |  | **1813** |
| **Consumer Services – 0.1%** | **Consumer Services – 0.1%** | **Consumer Services – 0.1%** |
| California Endowment (The), |  |  |
| 2.50%, 4/1/51  | 100 | 61 |
| California Institute of Technology, |  |  |
| 4.70%, 11/1/11 <sup>(4)</sup> <br>| 110 | 93 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **52** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Consumer Services – 0.1%continued** | **Consumer Services – 0.1%continued** | **Consumer Services – 0.1%continued** |
| Duke University, |  |  |
| 2.68%, 10/1/44  | $200 | $144 |
| Emory University, |  |  |
| 2.97%, 9/1/50  | 500 | 335 |
| Johns Hopkins University, |  |  |
| 4.08%, 7/1/53  | 100 | 82 |
| Massachusetts Institute of Technology, |  |  |
| 5.60%, 7/1/11 <sup>(4)</sup> <br>| 190 | 193 |
| 4.68%, 7/1/14 <sup>(5)</sup> <br>| 15 | 13 |
| 3.89%, 7/1/16 <sup>(6)</sup> <br>| 300 | 213 |
| Northwestern University, |  |  |
| 4.64%, 12/1/44  | 50 | 46 |
| &nbsp;&nbsp; President and Fellows of Harvard <br> College,<br>|  |  |
| 2.52%, 10/15/50  | 300 | 184 |
| &nbsp;&nbsp; Trustees of the University of <br> Pennsylvania (The),<br>|  |  |
| 4.67%, 9/1/12 <sup>(7)</sup> <br>| 100 | 85 |
| University of Southern California, |  |  |
| 2.81%, 10/1/50  | 500 | 324 |
|  |  | **1773** |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| Amcor Finance U.S.A., Inc., |  |  |
| 3.63%, 4/28/26  | 300 | 297 |
| AptarGroup, Inc., |  |  |
| 3.60%, 3/15/32  | 150 | 137 |
| International Paper Co., |  |  |
| 6.00%, 11/15/41  | 350 | 355 |
| Packaging Corp. of America, |  |  |
| 3.05%, 10/1/51  | 200 | 127 |
| Sonoco Products Co., |  |  |
| 2.85%, 2/1/32  | 300 | 261 |
| WestRock MWV LLC, |  |  |
| 7.95%, 2/15/31  | 100 | 115 |
|  |  | **1292** |
| **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** | **Diversified Industrials – 0.1%** |
| 3M Co., |  |  |
| 2.25%, 9/19/26  | 165 | 160 |
| 3.05%, 4/15/30  | 1000 | 932 |
| Dover Corp., |  |  |
| 2.95%, 11/4/29  | 10 | 9 |
| Emerson Electric Co., |  |  |
| 2.80%, 12/21/51  | 300 | 189 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Diversified Industrials – 0.1%continued** | **Diversified Industrials – 0.1%continued** | **Diversified Industrials – 0.1%continued** |
| Honeywell International, Inc., |  |  |
| 2.50%, 11/1/26  | $461 | $448 |
| 1.10%, 3/1/27  | 182 | 172 |
| 2.70%, 8/15/29  | 137 | 128 |
| 3.81%, 11/21/47  | 425 | 329 |
| 5.25%, 3/1/54  | 200 | 190 |
| Illinois Tool Works, Inc., |  |  |
| 3.90%, 9/1/42  | 100 | 83 |
| Parker-Hannifin Corp., |  |  |
| 4.45%, 11/21/44  | 300 | 262 |
|  |  | **2902** |
| **E-Commerce Discretionary – 0.2%** | **E-Commerce Discretionary – 0.2%** | **E-Commerce Discretionary – 0.2%** |
| Amazon.com, Inc., |  |  |
| 1.20%, 6/3/27  | 544 | 512 |
| 1.65%, 5/12/28  | 533 | 494 |
| 4.65%, 12/1/29  | 1000 | 1019 |
| 2.88%, 5/12/41  | 600 | 448 |
| 4.95%, 12/5/44  | 156 | 152 |
| 3.10%, 5/12/51  | 800 | 543 |
| 4.25%, 8/22/57  | 400 | 329 |
| eBay, Inc., |  |  |
| 1.40%, 5/10/26  | 24 | 23 |
| 2.60%, 5/10/31  | 167 | 147 |
| 4.00%, 7/15/42  | 235 | 191 |
|  |  | **3858** |
| **Electric – 0.1%** | **Electric – 0.1%** | **Electric – 0.1%** |
| Duke Energy Carolinas LLC, |  |  |
| 4.85%, 3/15/30  | 500 | 505 |
| Exelon Corp., |  |  |
| 5.88%, 3/15/55  | 200 | 199 |
| Florida Power & Light Co., |  |  |
| 5.80%, 3/15/65  | 300 | 307 |
| Georgia Power Co., |  |  |
| 4.85%, 3/15/31  | 300 | 302 |
| PacifiCorp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.32%), 7.38%, <br> 9/15/55 <sup>(3)</sup> <br>| 400 | 405 |
| Public Service Electric and Gas Co., |  |  |
| 5.50%, 3/1/55  | 150 | 148 |
| Public Service Enterprise Group, Inc., |  |  |
| 4.90%, 3/15/30  | 700 | 703 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **53** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electric – 0.1%continued** | **Electric – 0.1%continued** | **Electric – 0.1%continued** |
| Xcel Energy, Inc., |  |  |
| 5.60%, 4/15/35  | $200 | $201 |
|  |  | **2770** |
| **Electric & Gas Marketing & Trading – 0.0%** | **Electric & Gas Marketing & Trading – 0.0%** | **Electric & Gas Marketing & Trading – 0.0%** |
| Evergy Metro, Inc., |  |  |
| 5.30%, 10/1/41  | 50 | 48 |
| 4.20%, 3/15/48  | 300 | 241 |
|  |  | **289** |
| **Electric Utilities – 1.8%** | **Electric Utilities – 1.8%** | **Electric Utilities – 1.8%** |
| AEP Transmission Co. LLC, |  |  |
| 4.00%, 12/1/46  | 200 | 159 |
| 3.65%, 4/1/50  | 100 | 73 |
| AES (The) Corp., |  |  |
| 5.45%, 6/1/28  | 350 | 356 |
| Alabama Power Co., |  |  |
| 4.30%, 7/15/48  | 300 | 248 |
| Ameren Illinois Co., |  |  |
| 3.85%, 9/1/32  | 500 | 468 |
| Appalachian Power Co., |  |  |
| 7.00%, 4/1/38  | 75 | 83 |
| Arizona Public Service Co., |  |  |
| 4.50%, 4/1/42  | 230 | 197 |
| 4.20%, 8/15/48  | 100 | 79 |
| Avangrid, Inc., |  |  |
| 3.80%, 6/1/29  | 200 | 193 |
| Avista Corp., |  |  |
| 4.00%, 4/1/52  | 100 | 75 |
| Baltimore Gas and Electric Co., |  |  |
| 3.75%, 8/15/47  | 475 | 359 |
| 5.40%, 6/1/53  | 200 | 190 |
| Berkshire Hathaway Energy Co., |  |  |
| 5.15%, 11/15/43  | 300 | 285 |
| Black Hills Corp., |  |  |
| 2.50%, 6/15/30  | 500 | 444 |
| &nbsp;&nbsp; CenterPoint Energy Houston <br> Electric LLC,<br>|  |  |
| 2.40%, 9/1/26  | 50 | 49 |
| 3.55%, 8/1/42  | 40 | 32 |
| 4.25%, 2/1/49  | 500 | 405 |
| Cleco Corporate Holdings LLC, |  |  |
| 4.97%, 5/1/46  | 100 | 86 |
| CMS Energy Corp., |  |  |
| 3.00%, 5/15/26  | 40 | 39 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electric Utilities – 1.8%continued** | **Electric Utilities – 1.8%continued** | **Electric Utilities – 1.8%continued** |
| 3.45%, 8/15/27  | $500 | $488 |
| 4.88%, 3/1/44  | 500 | 448 |
| Commonwealth Edison Co., |  |  |
| 5.30%, 6/1/34  | 300 | 305 |
| 6.45%, 1/15/38  | 200 | 218 |
| 4.60%, 8/15/43  | 100 | 89 |
| Connecticut Light and Power (The) Co., |  |  |
| 4.00%, 4/1/48  | 250 | 198 |
| 5.25%, 1/15/53  | 500 | 475 |
| &nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| 5.38%, 5/15/34  | 300 | 307 |
| 5.85%, 3/15/36  | 100 | 105 |
| 6.75%, 4/1/38  | 100 | 113 |
| 5.50%, 12/1/39  | 85 | 85 |
| 3.95%, 3/1/43  | 120 | 97 |
| 4.45%, 3/15/44  | 100 | 86 |
| 3.85%, 6/15/46  | 100 | 77 |
| 4.65%, 12/1/48  | 100 | 86 |
| 6.15%, 11/15/52  | 500 | 526 |
| Constellation Energy Generation LLC, |  |  |
| 5.75%, 10/1/41  | 430 | 423 |
| &nbsp;&nbsp; Consumers 2023 Securitization <br> Funding LLC,<br>|  |  |
| 5.21%, 9/1/30  | 50 | 51 |
| Dominion Energy South Carolina, Inc., |  |  |
| 6.05%, 1/15/38  | 265 | 282 |
| 5.10%, 6/1/65  | 50 | 44 |
| Dominion Energy, Inc., |  |  |
| 4.25%, 6/1/28  | 500 | 496 |
| 5.25%, 8/1/33  | 250 | 248 |
| 5.95%, 6/15/35  | 500 | 522 |
| 7.00%, 6/15/38  | 20 | 22 |
| 4.90%, 8/1/41  | 35 | 32 |
| 4.05%, 9/15/42  | 100 | 80 |
| DTE Electric Co., |  |  |
| 4.05%, 5/15/48  | 700 | 565 |
| &nbsp;&nbsp; DTE Electric Securitization Funding <br> II LLC,<br>|  |  |
| 6.09%, 9/1/37  | 30 | 33 |
| Duke Energy Carolinas LLC, |  |  |
| 6.45%, 10/15/32  | 106 | 115 |
| 6.10%, 6/1/37  | 150 | 158 |
| 3.75%, 6/1/45  | 350 | 271 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **54** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electric Utilities – 1.8%continued** | **Electric Utilities – 1.8%continued** | **Electric Utilities – 1.8%continued** |
| Duke Energy Corp., |  |  |
| 4.50%, 8/15/32  | $551 | $531 |
| 3.75%, 9/1/46  | 120 | 88 |
| 5.80%, 6/15/54  | 200 | 196 |
| Duke Energy Florida LLC, |  |  |
| 6.35%, 9/15/37  | 340 | 371 |
| 3.40%, 10/1/46  | 290 | 208 |
| Duke Energy Indiana LLC, |  |  |
| 6.12%, 10/15/35  | 500 | 534 |
| 6.35%, 8/15/38  | 25 | 27 |
| 4.90%, 7/15/43  | 500 | 458 |
| Duke Energy Ohio, Inc., |  |  |
| 5.55%, 3/15/54  | 400 | 387 |
| &nbsp;&nbsp; Duke Energy Progress NC Storm <br> Funding LLC,<br>|  |  |
| 2.39%, 7/1/37  | 50 | 41 |
| Entergy Arkansas LLC, |  |  |
| 5.75%, 6/1/54  | 300 | 299 |
| Entergy Louisiana LLC, |  |  |
| 3.05%, 6/1/31  | 950 | 863 |
| 4.75%, 9/15/52  | 300 | 260 |
| Eversource Energy, |  |  |
| 1.65%, 8/15/30  | 165 | 140 |
| Exelon Corp., |  |  |
| 5.63%, 6/15/35  | 75 | 76 |
| 4.70%, 4/15/50  | 100 | 84 |
| 4.10%, 3/15/52  | 550 | 423 |
| FirstEnergy Corp., |  |  |
| 3.40%, 3/1/50  | 300 | 204 |
| Florida Power & Light Co., |  |  |
| 5.65%, 2/1/37  | 335 | 348 |
| 5.95%, 2/1/38  | 150 | 160 |
| 5.96%, 4/1/39  | 250 | 267 |
| 5.60%, 6/15/54  | 300 | 301 |
| Idaho Power Co., |  |  |
| 5.50%, 3/15/53  | 100 | 96 |
| Indiana Michigan Power Co., |  |  |
| 6.05%, 3/15/37  | 200 | 211 |
| 5.63%, 4/1/53  | 500 | 490 |
| Interstate Power and Light Co., |  |  |
| 3.10%, 11/30/51  | 300 | 194 |
| ITC Holdings Corp., |  |  |
| 3.35%, 11/15/27  | 200 | 194 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electric Utilities – 1.8%continued** | **Electric Utilities – 1.8%continued** | **Electric Utilities – 1.8%continued** |
| MidAmerican Energy Co., |  |  |
| 4.80%, 9/15/43  | $100 | $91 |
| 3.65%, 8/1/48  | 300 | 224 |
| National Grid U.S.A., |  |  |
| 5.80%, 4/1/35  | 50 | 51 |
| &nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.,<br>|  |  |
| 5.10%, 5/6/27  | 700 | 710 |
| 8.00%, 3/1/32  | 50 | 59 |
| 4.30%, 3/15/49  | 125 | 103 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.53%), 7.13%, <br> 9/15/53 <sup>(3)</sup> <br>| 400 | 412 |
| Nevada Power Co., |  |  |
| 6.65%, 4/1/36  | 100 | 110 |
| 5.90%, 5/1/53  | 400 | 400 |
| 6.00%, 3/15/54  | 200 | 204 |
| NextEra Energy Capital Holdings, Inc., |  |  |
| 2.25%, 6/1/30  | 1561 | 1381 |
| 2.44%, 1/15/32  | 439 | 375 |
| Northern States Power Co., |  |  |
| 5.65%, 6/15/54  | 400 | 403 |
| Oglethorpe Power Corp., |  |  |
| 4.50%, 4/1/47  | 300 | 246 |
| Ohio Power Co., |  |  |
| 5.65%, 6/1/34  | 300 | 304 |
| Oklahoma Gas and Electric Co., |  |  |
| 4.15%, 4/1/47  | 200 | 159 |
| Oncor Electric Delivery Co. LLC, |  |  |
| 7.50%, 9/1/38  | 145 | 171 |
| 4.10%, 11/15/48  | 300 | 236 |
| 4.60%, 6/1/52  | 300 | 253 |
| Pacific Gas and Electric Co., |  |  |
| 5.55%, 5/15/29  | 500 | 507 |
| 4.55%, 7/1/30  | 1909 | 1848 |
| 5.90%, 6/15/32  | 800 | 816 |
| 4.50%, 7/1/40  | 500 | 425 |
| PacifiCorp, |  |  |
| 5.30%, 2/15/31  | 400 | 408 |
| 6.10%, 8/1/36  | 200 | 209 |
| 6.25%, 10/15/37  | 275 | 290 |
| 4.13%, 1/15/49  | 50 | 39 |
| PG&E Energy Recovery Funding LLC, |  |  |
| 2.82%, 7/15/46  | 50 | 35 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **55** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electric Utilities – 1.8%continued** | **Electric Utilities – 1.8%continued** | **Electric Utilities – 1.8%continued** |
| PG&E Recovery Funding LLC, |  |  |
| 5.05%, 7/15/32  | $20 | $21 |
| 4.84%, 6/1/33  | 100 | 100 |
| 5.26%, 1/15/38  | 25 | 25 |
| 5.54%, 7/15/47  | 50 | 50 |
| PG&E Wildfire Recovery Funding LLC, |  |  |
| 3.59%, 6/1/30  | 14 | 14 |
| 4.02%, 6/1/31  | 63 | 62 |
| 4.72%, 6/1/37  | 100 | 97 |
| 4.45%, 12/1/47  | 135 | 118 |
| 5.21%, 12/1/47  | 100 | 96 |
| 4.67%, 12/1/51  | 100 | 89 |
| 5.10%, 6/1/52  | 75 | 70 |
| PPL Electric Utilities Corp., |  |  |
| 6.25%, 5/15/39  | 275 | 303 |
| 4.15%, 6/15/48  | 300 | 246 |
| Public Service Co. of Colorado, |  |  |
| 4.10%, 6/15/48  | 300 | 233 |
| Public Service Electric and Gas Co., |  |  |
| 3.95%, 5/1/42  | 50 | 41 |
| 3.65%, 9/1/42  | 30 | 24 |
| 4.05%, 5/1/48  | 300 | 242 |
| Public Service Enterprise Group, Inc., |  |  |
| 5.20%, 4/1/29  | 600 | 611 |
| Puget Sound Energy, Inc., |  |  |
| 6.27%, 3/15/37  | 75 | 81 |
| 5.64%, 4/15/41  | 340 | 338 |
| San Diego Gas & Electric Co., |  |  |
| 4.50%, 8/15/40  | 150 | 134 |
| 5.35%, 4/1/53  | 300 | 281 |
| SCE Recovery Funding LLC, |  |  |
| 5.11%, 12/15/47  | 100 | 93 |
| Sempra, |  |  |
| 3.25%, 6/15/27  | 150 | 145 |
| 6.00%, 10/15/39  | 250 | 253 |
| Southern (The) Co., |  |  |
| 4.85%, 3/15/35  | 400 | 387 |
| 4.40%, 7/1/46  | 1000 | 827 |
| Southern California Edison Co., |  |  |
| 6.00%, 1/15/34  | 100 | 103 |
| 5.35%, 7/15/35  | 400 | 391 |
| 5.55%, 1/15/37  | 275 | 268 |
| 5.95%, 2/1/38  | 710 | 715 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electric Utilities – 1.8%continued** | **Electric Utilities – 1.8%continued** | **Electric Utilities – 1.8%continued** |
| 6.05%, 3/15/39  | $50 | $50 |
| 5.50%, 3/15/40  | 150 | 142 |
| 3.90%, 3/15/43  | 150 | 114 |
| 4.13%, 3/1/48  | 90 | 68 |
| Southwestern Electric Power Co., |  |  |
| 4.10%, 9/15/28  | 250 | 246 |
| 3.90%, 4/1/45  | 170 | 130 |
| Tampa Electric Co., |  |  |
| 4.10%, 6/15/42  | 50 | 42 |
| 4.30%, 6/15/48  | 100 | 81 |
| Tucson Electric Power Co., |  |  |
| 5.50%, 4/15/53  | 200 | 191 |
| Union Electric Co., |  |  |
| 3.90%, 9/15/42  | 50 | 41 |
| 4.00%, 4/1/48  | 250 | 197 |
| 5.25%, 1/15/54  | 250 | 234 |
| Virginia Electric and Power Co., |  |  |
| 6.00%, 5/15/37  | 15 | 16 |
| 6.35%, 11/30/37  | 40 | 43 |
| 8.88%, 11/15/38  | 100 | 132 |
| 4.65%, 8/15/43  | 150 | 133 |
| 4.45%, 2/15/44  | 75 | 64 |
| 3.80%, 9/15/47  | 125 | 95 |
| 5.35%, 1/15/54  | 300 | 282 |
| Virginia Power Fuel Securitization LLC, |  |  |
| 4.88%, 5/1/31  | 100 | 101 |
| Wisconsin Electric Power Co., |  |  |
| 4.30%, 10/15/48  | 100 | 84 |
| Wisconsin Public Service Corp., |  |  |
| 4.75%, 11/1/44  | 100 | 90 |
| 3.30%, 9/1/49  | 150 | 104 |
| Xcel Energy, Inc., |  |  |
| 4.60%, 6/1/32  | 1000 | 964 |
| 6.50%, 7/1/36  | 100 | 107 |
|  |  | **38994** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| Amphenol Corp., |  |  |
| 5.00%, 1/15/35  | 300 | 299 |
| Carrier Global Corp., |  |  |
| 2.72%, 2/15/30  | 1000 | 915 |
| 6.20%, 3/15/54  | 75 | 80 |
| Fortive Corp., |  |  |
| 4.30%, 6/15/46  | 105 | 86 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **56** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Electrical Equipment – 0.1%continued** | **Electrical Equipment – 0.1%continued** | **Electrical Equipment – 0.1%continued** |
| Hubbell, Inc., |  |  |
| 2.30%, 3/15/31  | $150 | $130 |
| Johnson Controls International PLC, |  |  |
| 4.95%, 7/2/64  | 110 | 93 |
| Keysight Technologies, Inc., |  |  |
| 3.00%, 10/30/29  | 200 | 185 |
| Lennox International, Inc., |  |  |
| 5.50%, 9/15/28  | 200 | 205 |
| Otis Worldwide Corp., |  |  |
| 3.36%, 2/15/50  | 200 | 138 |
| Rockwell Automation, Inc., |  |  |
| 4.20%, 3/1/49  | 100 | 83 |
| Trane Technologies Financing Ltd., |  |  |
| 4.65%, 11/1/44  | 35 | 31 |
| &nbsp;&nbsp; Trane Technologies Global Holding Co. <br> Ltd.,<br>|  |  |
| 5.75%, 6/15/43  | 150 | 152 |
| Trimble, Inc., |  |  |
| 6.10%, 3/15/33  | 200 | 210 |
| Vontier Corp., |  |  |
| 2.95%, 4/1/31  | 200 | 174 |
|  |  | **2781** |
| **Energy – 0.0%** | **Energy – 0.0%** | **Energy – 0.0%** |
| APA Corp., |  |  |
| 6.10%, 2/15/35 <sup>(2)</sup> <br>| 200 | 199 |
| Chevron U.S.A., Inc., |  |  |
| 4.69%, 4/15/30  | 500 | 504 |
|  |  | **703** |
| **Engineering & Construction – 0.0%** | **Engineering & Construction – 0.0%** | **Engineering & Construction – 0.0%** |
| Nature Conservancy (The), |  |  |
| 3.96%, 3/1/52 | 50 | **40** |
| **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** |
| AppLovin Corp., |  |  |
| 5.13%, 12/1/29  | 500 | 502 |
| Electronic Arts, Inc., |  |  |
| 1.85%, 2/15/31  | 300 | 255 |
| Fox Corp., |  |  |
| 5.58%, 1/25/49  | 300 | 281 |
| Netflix, Inc., |  |  |
| 6.38%, 5/15/29  | 600 | 642 |
| Paramount Global, |  |  |
| 4.20%, 5/19/32  | 600 | 538 |
| 5.85%, 9/1/43  | 197 | 173 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Entertainment Content – 0.3%continued** | **Entertainment Content – 0.3%continued** | **Entertainment Content – 0.3%continued** |
| 5.25%, 4/1/44  | $30 | $24 |
| Take-Two Interactive Software, Inc., |  |  |
| 4.95%, 3/28/28  | 400 | 404 |
| Walt Disney (The) Co., |  |  |
| 3.70%, 3/23/27  | 297 | 294 |
| 6.40%, 12/15/35  | 31 | 35 |
| 4.13%, 12/1/41  | 105 | 89 |
| 4.95%, 10/15/45  | 1200 | 1115 |
| 3.60%, 1/13/51  | 300 | 221 |
| Warnermedia Holdings, Inc., |  |  |
| 5.14%, 3/15/52  | 800 | 583 |
| 5.39%, 3/15/62  | 700 | 507 |
|  |  | **5663** |
| **Food – 0.3%** | **Food – 0.3%** | **Food – 0.3%** |
| Conagra Brands, Inc., |  |  |
| 1.38%, 11/1/27  | 85 | 78 |
| 7.00%, 10/1/28  | 200 | 214 |
| 4.85%, 11/1/28  | 100 | 100 |
| 5.30%, 11/1/38  | 200 | 190 |
| General Mills, Inc., |  |  |
| 2.88%, 4/15/30  | 218 | 200 |
| 2.25%, 10/14/31  | 432 | 369 |
| Hershey (The) Co., |  |  |
| 2.30%, 8/15/26  | 365 | 356 |
| 4.25%, 5/4/28  | 200 | 200 |
| Hormel Foods Corp., |  |  |
| 1.70%, 6/3/28  | 500 | 461 |
| 3.05%, 6/3/51  | 100 | 66 |
| Ingredion, Inc., |  |  |
| 3.20%, 10/1/26  | 250 | 245 |
| J.M. Smucker (The) Co., |  |  |
| 4.38%, 3/15/45  | 250 | 208 |
| 6.50%, 11/15/53  | 100 | 108 |
| &nbsp;&nbsp; JBS U.S.A. Holding Lux S.a.r.l./JBS <br> U.S.A. Food Co./JBS Lux Co. S.a.r.l.,<br>|  |  |
| 3.63%, 1/15/32  | 400 | 361 |
| 7.25%, 11/15/53  | 400 | 451 |
| Kellanova, |  |  |
| 5.75%, 5/16/54  | 200 | 201 |
| Kraft Heinz Foods Co., |  |  |
| 3.88%, 5/15/27  | 400 | 395 |
| 4.88%, 10/1/49  | 800 | 693 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **57** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Food – 0.3%continued** | **Food – 0.3%continued** | **Food – 0.3%continued** |
| McCormick & Co., Inc., |  |  |
| 4.95%, 4/15/33  | $200 | $198 |
| Mondelez International, Inc., |  |  |
| 3.00%, 3/17/32  | 500 | 444 |
| Pilgrim's Pride Corp., |  |  |
| 6.88%, 5/15/34  | 350 | 377 |
| The Campbell's Co., |  |  |
| 3.13%, 4/24/50  | 350 | 230 |
| Tyson Foods, Inc., |  |  |
| 5.10%, 9/28/48  | 300 | 271 |
|  |  | **6416** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| Georgia-Pacific LLC, |  |  |
| 7.75%, 11/15/29 | 500 | **567** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| American Water Capital Corp., |  |  |
| 2.95%, 9/1/27  | 1000 | 966 |
| 6.59%, 10/15/37  | 105 | 116 |
| 4.30%, 12/1/42  | 75 | 65 |
| 3.45%, 5/1/50  | 12 | 8 |
| 3.25%, 6/1/51  | 58 | 39 |
| Atmos Energy Corp., |  |  |
| 4.15%, 1/15/43  | 250 | 211 |
| 4.13%, 10/15/44  | 75 | 62 |
| 6.20%, 11/15/53  | 200 | 214 |
| CenterPoint Energy Resources Corp., |  |  |
| 5.25%, 3/1/28  | 500 | 510 |
| 5.85%, 1/15/41  | 50 | 51 |
| National Fuel Gas Co., |  |  |
| 5.50%, 10/1/26  | 300 | 303 |
| NiSource, Inc., |  |  |
| 4.80%, 2/15/44  | 580 | 514 |
| ONE Gas, Inc., |  |  |
| 4.25%, 9/1/32  | 150 | 143 |
| Piedmont Natural Gas Co., Inc., |  |  |
| 5.05%, 5/15/52  | 200 | 179 |
| Southern California Gas Co., |  |  |
| 3.75%, 9/15/42  | 250 | 194 |
| 4.30%, 1/15/49  | 125 | 100 |
| 5.60%, 4/1/54  | 150 | 146 |
| Southern Co. Gas Capital Corp., |  |  |
| 5.88%, 3/15/41  | 300 | 304 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Gas & Water Utilities – 0.2%continued** | **Gas & Water Utilities – 0.2%continued** | **Gas & Water Utilities – 0.2%continued** |
| Southwest Gas Corp., |  |  |
| 3.80%, 9/29/46  | $50 | $37 |
| Spire Missouri, Inc., |  |  |
| 3.30%, 6/1/51  | 100 | 68 |
| Washington Gas Light Co., |  |  |
| 3.65%, 9/15/49  | 100 | 74 |
|  |  | **4304** |
| **Health Care Facilities & Services – 0.9%** | **Health Care Facilities & Services – 0.9%** | **Health Care Facilities & Services – 0.9%** |
| Advocate Health & Hospitals Corp., |  |  |
| 3.01%, 6/15/50  | 265 | 176 |
| Aetna, Inc., |  |  |
| 6.63%, 6/15/36  | 40 | 43 |
| 6.75%, 12/15/37  | 150 | 161 |
| AHS Hospital Corp., |  |  |
| 5.02%, 7/1/45  | 100 | 96 |
| Ascension Health, |  |  |
| 2.53%, 11/15/29  | 750 | 690 |
| Cardinal Health, Inc., |  |  |
| 4.50%, 11/15/44  | 200 | 169 |
| Cencora, Inc., |  |  |
| 4.25%, 3/1/45  | 60 | 49 |
| 4.30%, 12/15/47  | 100 | 81 |
| Centene Corp., |  |  |
| 2.63%, 8/1/31  | 1000 | 841 |
| Cigna Group (The), |  |  |
| 2.38%, 3/15/31  | 845 | 737 |
| 4.80%, 7/15/46  | 880 | 767 |
| CommonSpirit Health, |  |  |
| 3.82%, 10/1/49  | 200 | 149 |
| CVS Health Corp., |  |  |
| 1.30%, 8/21/27  | 39 | 36 |
| 4.30%, 3/25/28  | 234 | 231 |
| 3.25%, 8/15/29  | 191 | 178 |
| 3.75%, 4/1/30  | 386 | 364 |
| 5.30%, 12/5/43  | 150 | 135 |
| 5.13%, 7/20/45  | 1286 | 1121 |
| 5.05%, 3/25/48  | 319 | 272 |
| 6.00%, 6/1/63  | 400 | 378 |
| Dignity Health, |  |  |
| 5.27%, 11/1/64  | 200 | 180 |
| Elevance Health, Inc., |  |  |
| 4.10%, 3/1/28  | 245 | 242 |
| 6.38%, 6/15/37  | 500 | 540 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **58** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Health Care Facilities & Services – 0.9%continued** | **Health Care Facilities & Services – 0.9%continued** | **Health Care Facilities & Services – 0.9%continued** |
| 4.63%, 5/15/42  | $325 | $287 |
| 3.60%, 3/15/51  | 100 | 71 |
| 5.65%, 6/15/54  | 300 | 289 |
| 5.70%, 2/15/55  | 300 | 293 |
| HCA, Inc., |  |  |
| 4.50%, 2/15/27  | 1426 | 1421 |
| 5.50%, 6/1/33  | 500 | 502 |
| 5.50%, 6/15/47  | 330 | 304 |
| 5.25%, 6/15/49  | 50 | 44 |
| 6.00%, 4/1/54  | 300 | 290 |
| 5.95%, 9/15/54  | 100 | 96 |
| 6.10%, 4/1/64  | 200 | 193 |
| Humana, Inc., |  |  |
| 5.75%, 12/1/28  | 500 | 516 |
| 3.13%, 8/15/29  | 85 | 79 |
| 5.50%, 3/15/53  | 300 | 270 |
| Kaiser Foundation Hospitals, |  |  |
| 3.27%, 11/1/49  | 500 | 351 |
| Laboratory Corp. of America Holdings, |  |  |
| 4.70%, 2/1/45  | 300 | 260 |
| &nbsp;&nbsp; Memorial Sloan-Kettering Cancer <br> Center,<br>|  |  |
| 4.13%, 7/1/52  | 100 | 81 |
| Novant Health, Inc., |  |  |
| 3.32%, 11/1/61  | 120 | 77 |
| NYU Langone Hospitals, |  |  |
| 4.37%, 7/1/47  | 200 | 172 |
| Quest Diagnostics, Inc., |  |  |
| 3.45%, 6/1/26  | 56 | 55 |
| 4.20%, 6/30/29  | 59 | 58 |
| 6.40%, 11/30/33  | 200 | 217 |
| Sutter Health, |  |  |
| 4.09%, 8/15/48  | 500 | 403 |
| UnitedHealth Group, Inc., |  |  |
| 3.45%, 1/15/27  | 300 | 296 |
| 3.70%, 5/15/27  | 55 | 54 |
| 3.88%, 12/15/28  | 218 | 214 |
| 4.25%, 1/15/29  | 500 | 497 |
| 4.00%, 5/15/29  | 600 | 590 |
| 4.80%, 1/15/30  | 1000 | 1011 |
| 2.00%, 5/15/30  | 216 | 191 |
| 2.30%, 5/15/31  | 200 | 175 |
| 6.63%, 11/15/37  | 640 | 719 |
| 6.88%, 2/15/38  | 170 | 195 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Health Care Facilities & Services – 0.9%continued** | **Health Care Facilities & Services – 0.9%continued** | **Health Care Facilities & Services – 0.9%continued** |
| 4.38%, 3/15/42  | $219 | $190 |
| 4.75%, 7/15/45  | 281 | 251 |
| 5.05%, 4/15/53  | 750 | 679 |
| 5.50%, 4/15/64  | 100 | 95 |
| 5.75%, 7/15/64  | 700 | 689 |
|  |  | **19811** |
| **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** | **Home & Office Products – 0.0%** |
| Leggett & Platt, Inc., |  |  |
| 3.50%, 11/15/27  | 500 | 480 |
| Whirlpool Corp., |  |  |
| 5.75%, 3/1/34  | 200 | 196 |
|  |  | **676** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| Fortune Brands Innovations, Inc., |  |  |
| 4.50%, 3/25/52  | 50 | 40 |
| Lennar Corp., |  |  |
| 4.75%, 11/29/27  | 200 | 200 |
| Masco Corp., |  |  |
| 1.50%, 2/15/28  | 500 | 459 |
| MDC Holdings, Inc., |  |  |
| 2.50%, 1/15/31  | 200 | 173 |
| NVR, Inc., |  |  |
| 3.00%, 5/15/30  | 100 | 92 |
| Toll Brothers Finance Corp., |  |  |
| 3.80%, 11/1/29  | 150 | 143 |
|  |  | **1107** |
| **Household Products – 0.2%** | **Household Products – 0.2%** | **Household Products – 0.2%** |
| Church & Dwight Co., Inc., |  |  |
| 3.95%, 8/1/47  | 100 | 78 |
| Colgate-Palmolive Co., |  |  |
| 4.60%, 3/1/33  | 200 | 200 |
| Estee Lauder (The) Cos., Inc., |  |  |
| 6.00%, 5/15/37  | 100 | 106 |
| 4.38%, 6/15/45  | 150 | 124 |
| 4.15%, 3/15/47  | 70 | 55 |
| 5.15%, 5/15/53  | 100 | 95 |
| Haleon U.S. Capital LLC, |  |  |
| 3.63%, 3/24/32  | 600 | 552 |
| Kenvue, Inc., |  |  |
| 4.90%, 3/22/33  | 200 | 200 |
| 5.05%, 3/22/53  | 200 | 187 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **59** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Household Products – 0.2%continued** | **Household Products – 0.2%continued** | **Household Products – 0.2%continued** |
| Kimberly-Clark Corp., |  |  |
| 6.63%, 8/1/37  | $350 | $403 |
| 3.20%, 7/30/46  | 25 | 18 |
| Procter & Gamble (The) Co., |  |  |
| 3.00%, 3/25/30  | 794 | 748 |
| 1.20%, 10/29/30  | 300 | 255 |
|  |  | **3021** |
| **Industrial Intermediate Products – 0.0%** | **Industrial Intermediate Products – 0.0%** | **Industrial Intermediate Products – 0.0%** |
| Timken (The) Co., |  |  |
| 4.13%, 4/1/32 | 100 | **93** |
| **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** |
| WW Grainger, Inc., |  |  |
| 4.60%, 6/15/45 | 100 | **89** |
| **Institutional Financial Services – 0.8%** | **Institutional Financial Services – 0.8%** | **Institutional Financial Services – 0.8%** |
| Bank of New York Mellon (The) Corp., |  |  |
| 3.25%, 5/16/27  | 500 | 490 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.33%), 3.44%, 2/7/28 <sup>(3)</sup> <br>| 1000 | 984 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.09%), <br> 4.98%, 3/14/30 <sup>(3)</sup> <br>| 500 | 507 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.51%), <br> 4.71%, 2/1/34 <sup>(3)</sup> <br>| 500 | 489 |
| BGC Group, Inc., |  |  |
| 6.60%, 6/10/29  | 100 | 103 |
| Cboe Global Markets, Inc., |  |  |
| 3.00%, 3/16/32  | 100 | 90 |
| CME Group, Inc., |  |  |
| 3.75%, 6/15/28  | 300 | 296 |
| 5.30%, 9/15/43  | 45 | 45 |
| Goldman Sachs Group (The), Inc., |  |  |
| 5.95%, 1/15/27  | 613 | 629 |
| 3.85%, 1/26/27  | 623 | 617 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.51%), <br> 4.39%, 6/15/27 <sup>(3)</sup> <br>| 299 | 299 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.82%), <br> 1.54%, 9/10/27 <sup>(3)</sup> <br>| 108 | 103 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.91%), <br> 1.95%, 10/21/27 <sup>(3)</sup> <br>| 445 | 427 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.77%), 3.69%, 6/5/28 <sup>(3)</sup> <br>| 579 | 568 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.42%), 3.81%, 4/23/29 <sup>(3)</sup> <br>| 70 | 68 |
| 3.80%, 3/15/30  | 500 | 478 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Institutional Financial Services – 0.8%continued** | **Institutional Financial Services – 0.8%continued** | **Institutional Financial Services – 0.8%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.09%), <br> 1.99%, 1/27/32 <sup>(3)</sup> <br>| $1500 | $1270 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.95%), <br> 6.56%, 10/24/34 <sup>(3)</sup> <br>| 400 | 437 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.55%), <br> 5.85%, 4/25/35 <sup>(3)</sup> <br>| 700 | 723 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.69%), 4.41%, 4/23/39 <sup>(3)</sup> <br>| 500 | 445 |
| 6.25%, 2/1/41  | 192 | 202 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.51%), <br> 3.21%, 4/22/42 <sup>(3)</sup> <br>| 808 | 596 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 3.44%, 2/24/43 <sup>(3)</sup> <br>| 400 | 303 |
| 4.80%, 7/8/44  | 350 | 312 |
| Intercontinental Exchange, Inc., |  |  |
| 5.20%, 6/15/62  | 600 | 556 |
| Jefferies Financial Group, Inc., |  |  |
| 2.63%, 10/15/31  | 400 | 338 |
| 6.20%, 4/14/34  | 200 | 204 |
| Lazard Group LLC, |  |  |
| 6.00%, 3/15/31  | 125 | 130 |
| Morgan Stanley, |  |  |
| 6.25%, 8/9/26  | 100 | 102 |
| 3.63%, 1/20/27  | 27 | 27 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.26%), <br> 5.66%, 4/18/30 <sup>(3)</sup> <br>| 1000 | 1031 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.22%), <br> 5.04%, 7/19/30 <sup>(3)</sup> <br>| 300 | 302 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.03%), <br> 1.79%, 2/13/32 <sup>(3)</sup> <br>| 36 | 30 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.02%), <br> 1.93%, 4/28/32 <sup>(3)</sup> <br>| 66 | 55 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.88%), <br> 5.42%, 7/21/34 <sup>(3)</sup> <br>| 500 | 506 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.73%), <br> 5.47%, 1/18/35 <sup>(3)</sup> <br>| 700 | 708 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.36%), <br> 2.48%, 9/16/36 <sup>(3)</sup> <br>| 600 | 497 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.43%), 5.95%, <br> 1/19/38 <sup>(3)</sup> <br>| 800 | 809 |
| 6.38%, 7/24/42  | 300 | 327 |
| 4.30%, 1/27/45  | 784 | 660 |
| Nasdaq, Inc., |  |  |
| 5.95%, 8/15/53 <sup>(8)</sup> <br>| 300 | 306 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **60** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Institutional Financial Services – 0.8%continued** | **Institutional Financial Services – 0.8%continued** | **Institutional Financial Services – 0.8%continued** |
| State Street Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 4.82%, 1/26/34 <sup>(3)</sup> <br>| $300 | $295 |
| (Variable, U.S. SOFR + 1.89%), <br> 5.16%, 5/18/34 <sup>(3)</sup> <br>| 400 | 402 |
|  |  | **17766** |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| Aflac, Inc., |  |  |
| 3.60%, 4/1/30  | 500 | 480 |
| Allstate (The) Corp., |  |  |
| 4.50%, 6/15/43  | 45 | 39 |
| 4.20%, 12/15/46  | 100 | 81 |
| &nbsp;&nbsp; (Variable, ICE LIBOR USD 3M + <br> 2.12%), 6.50%, 5/15/57 <sup>(3)</sup> <br>| 225 | 229 |
| American International Group, Inc., |  |  |
| 4.50%, 7/16/44  | 9 | 8 |
| 4.38%, 6/30/50  | 300 | 249 |
| Aon Corp./Aon Global Holdings PLC, |  |  |
| 3.90%, 2/28/52  | 300 | 222 |
| Aon North America, Inc., |  |  |
| 5.13%, 3/1/27  | 2000 | 2022 |
| Arch Capital Group Ltd., |  |  |
| 3.64%, 6/30/50  | 200 | 145 |
| Arthur J Gallagher & Co., |  |  |
| 5.75%, 3/2/53  | 250 | 245 |
| 5.55%, 2/15/55  | 200 | 192 |
| Assurant, Inc., |  |  |
| 4.90%, 3/27/28  | 215 | 216 |
| Athene Holding Ltd., |  |  |
| 6.65%, 2/1/33  | 300 | 320 |
| 6.25%, 4/1/54  | 100 | 100 |
| AXIS Specialty Finance LLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.19%), 4.90%, <br> 1/15/40 <sup>(3)</sup> <br>| 200 | 188 |
| Berkshire Hathaway Finance Corp., |  |  |
| 2.88%, 3/15/32  | 178 | 161 |
| 4.40%, 5/15/42  | 100 | 92 |
| 4.30%, 5/15/43  | 300 | 266 |
| 4.25%, 1/15/49  | 300 | 254 |
| Berkshire Hathaway, Inc., |  |  |
| 4.50%, 2/11/43  | 255 | 238 |
| Brighthouse Financial, Inc., |  |  |
| 3.85%, 12/22/51  | 250 | 162 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Insurance – 0.7%continued** | **Insurance – 0.7%continued** | **Insurance – 0.7%continued** |
| Brown & Brown, Inc., |  |  |
| 4.95%, 3/17/52  | $200 | $172 |
| Chubb (The) Corp., |  |  |
| 6.00%, 5/11/37  | 50 | 54 |
| 6.50%, 5/15/38  | 85 | 95 |
| Chubb INA Holdings LLC, |  |  |
| 3.35%, 5/3/26  | 1000 | 989 |
| 6.70%, 5/15/36  | 50 | 56 |
| 4.15%, 3/13/43  | 100 | 84 |
| 2.85%, 12/15/51  | 100 | 64 |
| CNA Financial Corp., |  |  |
| 5.50%, 6/15/33  | 200 | 204 |
| Corebridge Financial, Inc., |  |  |
| 4.40%, 4/5/52  | 300 | 240 |
| Equitable Holdings, Inc., |  |  |
| 5.00%, 4/20/48  | 136 | 122 |
| Everest Reinsurance Holdings, Inc., |  |  |
| 3.13%, 10/15/52  | 200 | 122 |
| F&G Annuities & Life, Inc., |  |  |
| 7.40%, 1/13/28  | 100 | 104 |
| Hanover Insurance Group (The), Inc., |  |  |
| 4.50%, 4/15/26  | 200 | 199 |
| Hartford Insurance Group (The), Inc., |  |  |
| 5.95%, 10/15/36  | 285 | 297 |
| Lincoln National Corp., |  |  |
| 3.63%, 12/12/26  | 148 | 146 |
| 3.80%, 3/1/28  | 117 | 114 |
| 6.30%, 10/9/37  | 100 | 105 |
| Loews Corp., |  |  |
| 4.13%, 5/15/43  | 75 | 63 |
| Markel Group, Inc., |  |  |
| 5.00%, 5/20/49  | 200 | 176 |
| 3.45%, 5/7/52  | 100 | 68 |
| Marsh & McLennan Cos., Inc., |  |  |
| 5.88%, 8/1/33  | 100 | 106 |
| 5.15%, 3/15/34  | 500 | 505 |
| 5.45%, 3/15/53  | 200 | 194 |
| 5.40%, 3/15/55  | 300 | 290 |
| MetLife, Inc., |  |  |
| 6.38%, 6/15/34  | 485 | 532 |
| 4.72%, 12/15/44  | 370 | 328 |
| 5.25%, 1/15/54  | 100 | 95 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **61** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Insurance – 0.7%continued** | **Insurance – 0.7%continued** | **Insurance – 0.7%continued** |
| Principal Financial Group, Inc., |  |  |
| 5.50%, 3/15/53  | $200 | $196 |
| Progressive (The) Corp., |  |  |
| 2.45%, 1/15/27  | 250 | 242 |
| 4.20%, 3/15/48  | 300 | 249 |
| Prudential Financial, Inc., |  |  |
| 5.20%, 3/14/35  | 400 | 400 |
| 3.00%, 3/10/40  | 300 | 225 |
| 3.94%, 12/7/49  | 335 | 255 |
| Reinsurance Group of America, Inc., |  |  |
| 6.00%, 9/15/33  | 200 | 208 |
| Selective Insurance Group, Inc., |  |  |
| 5.90%, 4/15/35  | 100 | 101 |
| Transatlantic Holdings, Inc., |  |  |
| 8.00%, 11/30/39  | 70 | 86 |
| Travelers (The) Cos., Inc., |  |  |
| 6.25%, 6/15/37  | 375 | 407 |
| 5.45%, 5/25/53  | 200 | 196 |
| Unum Group, |  |  |
| 4.13%, 6/15/51  | 200 | 150 |
| W R Berkley Corp., |  |  |
| 3.55%, 3/30/52  | 200 | 141 |
| Willis North America, Inc., |  |  |
| 2.95%, 9/15/29  | 500 | 462 |
|  |  | **14751** |
| **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** |
| Alphabet, Inc., |  |  |
| 2.05%, 8/15/50  | 75 | 42 |
| 2.25%, 8/15/60  | 400 | 222 |
| Booking Holdings, Inc., |  |  |
| 4.63%, 4/13/30  | 200 | 200 |
| Expedia Group, Inc., |  |  |
| 4.63%, 8/1/27  | 300 | 300 |
| Meta Platforms, Inc., |  |  |
| 4.60%, 5/15/28  | 300 | 304 |
| 4.30%, 8/15/29  | 750 | 750 |
| 4.55%, 8/15/31  | 1000 | 1003 |
| 4.95%, 5/15/33  | 1800 | 1822 |
| Uber Technologies, Inc., |  |  |
| 5.35%, 9/15/54  | 250 | 234 |
|  |  | **4877** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **IT Services – 0.1%** | **IT Services – 0.1%** | **IT Services – 0.1%** |
| Accenture Capital, Inc., |  |  |
| 4.25%, 10/4/31  | $200 | $196 |
| IBM International Capital Pte. Ltd., |  |  |
| 4.90%, 2/5/34  | 300 | 295 |
| 5.30%, 2/5/54  | 300 | 281 |
| International Business Machines Corp., |  |  |
| 6.50%, 1/15/28  | 226 | 238 |
| 1.95%, 5/15/30  | 797 | 701 |
| 4.25%, 5/15/49  | 300 | 245 |
| Kyndryl Holdings, Inc., |  |  |
| 2.70%, 10/15/28  | 500 | 464 |
| Leidos, Inc., |  |  |
| 5.75%, 3/15/33  | 300 | 308 |
|  |  | **2728** |
| **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** |
| Hyatt Hotels Corp., |  |  |
| 5.75%, 1/30/27  | 300 | 305 |
| Las Vegas Sands Corp., |  |  |
| 6.20%, 8/15/34  | 200 | 201 |
| Marriott International, Inc., |  |  |
| 3.13%, 6/15/26  | 130 | 128 |
| 4.80%, 3/15/30  | 400 | 399 |
| 2.85%, 4/15/31  | 500 | 445 |
| McDonald's Corp., |  |  |
| 4.80%, 8/14/28  | 700 | 708 |
| 4.88%, 12/9/45  | 200 | 181 |
| 4.45%, 3/1/47  | 200 | 170 |
| 4.45%, 9/1/48  | 112 | 94 |
| 5.45%, 8/14/53  | 300 | 290 |
| Starbucks Corp., |  |  |
| 3.50%, 11/15/50  | 600 | 418 |
|  |  | **3339** |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| Brunswick Corp., |  |  |
| 5.10%, 4/1/52  | 200 | 152 |
| Hasbro, Inc., |  |  |
| 6.35%, 3/15/40  | 50 | 51 |
|  |  | **203** |
| **Machinery – 0.3%** | **Machinery – 0.3%** | **Machinery – 0.3%** |
| Caterpillar Financial Services Corp., |  |  |
| 1.70%, 1/8/27  | 186 | 178 |
| 3.60%, 8/12/27  | 500 | 493 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **62** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Machinery – 0.3%continued** | **Machinery – 0.3%continued** | **Machinery – 0.3%continued** |
| Caterpillar, Inc., |  |  |
| 3.80%, 8/15/42  | $185 | $152 |
| 4.30%, 5/15/44  | 235 | 205 |
| 3.25%, 9/19/49  | 220 | 155 |
| Deere & Co., |  |  |
| 3.75%, 4/15/50  | 633 | 493 |
| Eaton Corp., |  |  |
| 3.10%, 9/15/27  | 250 | 243 |
| 4.35%, 5/18/28  | 500 | 501 |
| 4.70%, 8/23/52  | 100 | 89 |
| Flowserve Corp., |  |  |
| 2.80%, 1/15/32  | 100 | 85 |
| IDEX Corp., |  |  |
| 2.63%, 6/15/31  | 100 | 87 |
| Ingersoll Rand, Inc., |  |  |
| 5.31%, 6/15/31  | 500 | 512 |
| John Deere Capital Corp., |  |  |
| 4.15%, 9/15/27  | 118 | 118 |
| 4.95%, 7/14/28  | 1000 | 1020 |
| Oshkosh Corp., |  |  |
| 3.10%, 3/1/30  | 100 | 92 |
| Regal Rexnord Corp., |  |  |
| 6.05%, 4/15/28  | 500 | 513 |
| Snap-on, Inc., |  |  |
| 3.10%, 5/1/50  | 100 | 67 |
| Stanley Black & Decker, Inc., |  |  |
| 2.75%, 11/15/50  | 300 | 172 |
| Veralto Corp., |  |  |
| 5.50%, 9/18/26  | 300 | 304 |
| Xylem, Inc., |  |  |
| 2.25%, 1/30/31  | 200 | 175 |
|  |  | **5654** |
| **Medical Equipment & Devices – 0.3%** | **Medical Equipment & Devices – 0.3%** | **Medical Equipment & Devices – 0.3%** |
| Abbott Laboratories, |  |  |
| 1.15%, 1/30/28  | 400 | 370 |
| 4.75%, 11/30/36  | 353 | 347 |
| 6.15%, 11/30/37  | 202 | 224 |
| 4.75%, 4/15/43  | 100 | 95 |
| Agilent Technologies, Inc., |  |  |
| 2.30%, 3/12/31  | 300 | 261 |
| Baxter International, Inc., |  |  |
| 3.50%, 8/15/46  | 350 | 251 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Medical Equipment & Devices – 0.3%continued** | **Medical Equipment & Devices – 0.3%continued** | **Medical Equipment & Devices – 0.3%continued** |
| Becton Dickinson & Co., |  |  |
| 4.69%, 2/13/28  | $800 | $803 |
| 4.69%, 12/15/44  | 210 | 184 |
| Boston Scientific Corp., |  |  |
| 7.38%, 1/15/40  | 240 | 291 |
| DH Europe Finance II S.a.r.l., |  |  |
| 2.60%, 11/15/29  | 1100 | 1015 |
| GE HealthCare Technologies, Inc., |  |  |
| 5.91%, 11/22/32  | 600 | 633 |
| Medtronic, Inc., |  |  |
| 4.63%, 3/15/45  | 406 | 364 |
| Revvity, Inc., |  |  |
| 2.25%, 9/15/31  | 300 | 252 |
| Stryker Corp., |  |  |
| 3.65%, 3/7/28  | 152 | 148 |
| 4.10%, 4/1/43  | 50 | 42 |
| 4.38%, 5/15/44  | 200 | 173 |
| 2.90%, 6/15/50  | 200 | 131 |
| Thermo Fisher Scientific, Inc., |  |  |
| 5.00%, 12/5/26  | 500 | 505 |
| 1.75%, 10/15/28  | 38 | 35 |
| 2.80%, 10/15/41  | 500 | 358 |
| Zimmer Biomet Holdings, Inc., |  |  |
| 2.60%, 11/24/31  | 400 | 350 |
|  |  | **6832** |
| **Metals & Mining – 0.0%** | **Metals & Mining – 0.0%** | **Metals & Mining – 0.0%** |
| Freeport-McMoRan, Inc., |  |  |
| 4.63%, 8/1/30  | 500 | 488 |
| Newmont Corp., |  |  |
| 5.88%, 4/1/35  | 100 | 105 |
| &nbsp;&nbsp; Newmont Corp./Newcrest Finance Pty. <br> Ltd.,<br>|  |  |
| 4.20%, 5/13/50  | 300 | 243 |
|  |  | **836** |
| **Oil & Gas Services & Equipment – 0.1%** | **Oil & Gas Services & Equipment – 0.1%** | **Oil & Gas Services & Equipment – 0.1%** |
| Baker Hughes Holdings LLC, |  |  |
| 5.13%, 9/15/40  | 100 | 97 |
| &nbsp;&nbsp; Baker Hughes Holdings LLC/Baker <br> Hughes Co-Obligor, Inc.,<br>|  |  |
| 2.06%, 12/15/26  | 500 | 482 |
| 4.08%, 12/15/47  | 110 | 87 |
| Halliburton Co., |  |  |
| 2.92%, 3/1/30  | 300 | 275 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **63** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Oil & Gas Services & Equipment – 0.1%continued** | **Oil & Gas Services & Equipment – 0.1%continued** | **Oil & Gas Services & Equipment – 0.1%continued** |
| 4.85%, 11/15/35  | $275 | $264 |
| 7.45%, 9/15/39  | 160 | 188 |
| 4.75%, 8/1/43  | 15 | 13 |
| NOV, Inc., |  |  |
| 3.60%, 12/1/29  | 150 | 142 |
| Schlumberger Investment S.A., |  |  |
| 4.50%, 5/15/28  | 500 | 500 |
|  |  | **2048** |
| **Oil & Gas Supply Chain – 1.4%** | **Oil & Gas Supply Chain – 1.4%** | **Oil & Gas Supply Chain – 1.4%** |
| Boardwalk Pipelines L.P., |  |  |
| 4.45%, 7/15/27  | 150 | 149 |
| BP Capital Markets America, Inc., |  |  |
| 3.12%, 5/4/26  | 397 | 392 |
| 3.02%, 1/16/27  | 312 | 305 |
| 4.23%, 11/6/28  | 428 | 424 |
| 2.72%, 1/12/32  | 110 | 97 |
| 4.99%, 4/10/34  | 500 | 495 |
| 3.38%, 2/8/61  | 800 | 519 |
| BP Capital Markets PLC, |  |  |
| 3.28%, 9/19/27  | 138 | 135 |
| Cheniere Corpus Christi Holdings LLC, |  |  |
| 2.74%, 12/31/39  | 300 | 240 |
| Cheniere Energy Partners L.P., |  |  |
| 5.95%, 6/30/33  | 500 | 514 |
| Cheniere Energy, Inc., |  |  |
| 5.65%, 4/15/34  | 250 | 253 |
| Chevron Corp., |  |  |
| 2.95%, 5/16/26  | 465 | 458 |
| Chevron U.S.A., Inc., |  |  |
| 1.02%, 8/12/27  | 31 | 29 |
| 2.34%, 8/12/50  | 200 | 116 |
| ConocoPhillips Co., |  |  |
| 5.05%, 9/15/33  | 200 | 201 |
| 3.76%, 3/15/42  | 100 | 80 |
| 5.30%, 5/15/53  | 300 | 281 |
| 5.50%, 1/15/55  | 200 | 193 |
| 4.03%, 3/15/62  | 405 | 296 |
| Coterra Energy, Inc., |  |  |
| 4.38%, 3/15/29  | 200 | 197 |
| DCP Midstream Operating L.P., |  |  |
| 5.63%, 7/15/27  | 300 | 305 |
| Devon Energy Corp., |  |  |
| 5.25%, 10/15/27  | 250 | 251 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| 5.75%, 9/15/54  | $300 | $275 |
| Diamondback Energy, Inc., |  |  |
| 5.40%, 4/18/34  | 400 | 399 |
| 6.25%, 3/15/53  | 200 | 200 |
| 5.90%, 4/18/64  | 100 | 94 |
| &nbsp;&nbsp; Eastern Gas Transmission & Storage, <br> Inc.,<br>|  |  |
| 4.60%, 12/15/44  | 200 | 171 |
| Enbridge Energy Partners L.P., |  |  |
| 7.50%, 4/15/38  | 50 | 57 |
| Energy Transfer L.P., |  |  |
| 3.90%, 7/15/26  | 98 | 97 |
| 4.40%, 3/15/27  | 90 | 90 |
| 4.20%, 4/15/27  | 160 | 159 |
| 5.50%, 6/1/27  | 266 | 270 |
| 4.95%, 6/15/28  | 27 | 27 |
| 5.25%, 4/15/29  | 212 | 214 |
| 4.15%, 9/15/29  | 183 | 178 |
| 6.40%, 12/1/30  | 400 | 426 |
| 7.50%, 7/1/38  | 310 | 353 |
| 4.95%, 1/15/43  | 500 | 432 |
| 5.15%, 2/1/43  | 309 | 275 |
| 5.30%, 4/1/44  | 15 | 13 |
| 5.35%, 5/15/45  | 80 | 72 |
| 6.25%, 4/15/49  | 400 | 397 |
| 6.05%, 9/1/54  | 200 | 194 |
| Enterprise Products Operating LLC, |  |  |
| 3.95%, 2/15/27  | 529 | 526 |
| 3.13%, 7/31/29  | 138 | 131 |
| 6.88%, 3/1/33  | 50 | 56 |
| 7.55%, 4/15/38  | 515 | 615 |
| 5.95%, 2/1/41  | 40 | 41 |
| 4.80%, 2/1/49  | 200 | 175 |
| 4.20%, 1/31/50  | 700 | 556 |
| EOG Resources, Inc., |  |  |
| 4.95%, 4/15/50  | 100 | 90 |
| EQT Corp., |  |  |
| 5.75%, 2/1/34  | 200 | 204 |
| Exxon Mobil Corp., |  |  |
| 3.48%, 3/19/30  | 125 | 120 |
| 2.61%, 10/15/30  | 1010 | 917 |
| 3.00%, 8/16/39  | 200 | 156 |
| 4.33%, 3/19/50  | 500 | 417 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **64** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| Hess Corp., |  |  |
| 7.13%, 3/15/33  | $390 | $441 |
| HF Sinclair Corp., |  |  |
| 4.50%, 10/1/30  | 250 | 240 |
| Kinder Morgan Energy Partners L.P., |  |  |
| 7.30%, 8/15/33  | 175 | 196 |
| 6.55%, 9/15/40  | 205 | 216 |
| 7.50%, 11/15/40  | 305 | 352 |
| 6.38%, 3/1/41  | 35 | 36 |
| 5.63%, 9/1/41  | 310 | 292 |
| 5.40%, 9/1/44  | 50 | 46 |
| Kinder Morgan, Inc., |  |  |
| 5.45%, 8/1/52  | 300 | 274 |
| Marathon Petroleum Corp., |  |  |
| 3.80%, 4/1/28  | 38 | 37 |
| 6.50%, 3/1/41  | 300 | 311 |
| MPLX L.P., |  |  |
| 4.80%, 2/15/29  | 300 | 300 |
| 5.20%, 12/1/47  | 407 | 358 |
| 4.70%, 4/15/48  | 400 | 327 |
| 5.65%, 3/1/53  | 100 | 92 |
| Occidental Petroleum Corp., |  |  |
| 6.13%, 1/1/31  | 1160 | 1192 |
| 6.60%, 3/15/46  | 100 | 101 |
| 6.05%, 10/1/54  | 100 | 94 |
| ONEOK Partners L.P., |  |  |
| 6.65%, 10/1/36  | 80 | 86 |
| ONEOK, Inc., |  |  |
| 4.55%, 7/15/28  | 23 | 23 |
| 4.35%, 3/15/29  | 12 | 12 |
| 4.75%, 10/15/31  | 400 | 392 |
| 6.05%, 9/1/33  | 300 | 312 |
| 5.15%, 10/15/43  | 20 | 18 |
| 5.45%, 6/1/47  | 100 | 91 |
| 7.15%, 1/15/51  | 400 | 434 |
| 5.70%, 11/1/54  | 300 | 281 |
| Ovintiv, Inc., |  |  |
| 7.10%, 7/15/53  | 50 | 53 |
| Phillips 66, |  |  |
| 5.88%, 5/1/42  | 140 | 140 |
| Phillips 66 Co., |  |  |
| 4.90%, 10/1/46  | 200 | 172 |
| 5.65%, 6/15/54  | 350 | 325 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** | **Oil & Gas Supply Chain – 1.4%continued** |
| &nbsp;&nbsp; Plains All American Pipeline L.P./PAA <br> Finance Corp.,<br>|  |  |
| 4.50%, 12/15/26  | $139 | $139 |
| 3.55%, 12/15/29  | 554 | 522 |
| 3.80%, 9/15/30  | 137 | 129 |
| Sabine Pass Liquefaction LLC, |  |  |
| 5.00%, 3/15/27  | 268 | 269 |
| 4.50%, 5/15/30  | 300 | 294 |
| Shell Finance U.S., Inc., |  |  |
| 2.38%, 11/7/29  | 287 | 263 |
| 4.13%, 5/11/35  | 300 | 281 |
| 4.55%, 8/12/43  | 60 | 53 |
| 4.38%, 5/11/45  | 390 | 333 |
| 3.75%, 9/12/46  | 230 | 177 |
| Shell International Finance B.V., |  |  |
| 2.88%, 5/10/26  | 33 | 33 |
| 3.88%, 11/13/28  | 9 | 9 |
| 3.63%, 8/21/42  | 230 | 181 |
| 3.13%, 11/7/49  | 100 | 67 |
| 3.00%, 11/26/51  | 150 | 97 |
| Spectra Energy Partners L.P., |  |  |
| 3.38%, 10/15/26  | 360 | 354 |
| 5.95%, 9/25/43  | 89 | 88 |
| 4.50%, 3/15/45  | 110 | 91 |
| Targa Resources Corp., |  |  |
| 6.13%, 3/15/33  | 500 | 522 |
| 6.50%, 2/15/53  | 200 | 208 |
| Tennessee Gas Pipeline Co. LLC, |  |  |
| 7.00%, 3/15/27  | 158 | 164 |
| 7.00%, 10/15/28  | 295 | 316 |
| 7.63%, 4/1/37  | 5 | 6 |
| Valero Energy Corp., |  |  |
| 7.50%, 4/15/32  | 765 | 865 |
| Western Midstream Operating L.P., |  |  |
| 6.15%, 4/1/33  | 700 | 723 |
| Williams (The) Cos., Inc., |  |  |
| 3.75%, 6/15/27  | 548 | 539 |
| 4.90%, 3/15/29  | 500 | 503 |
| 4.65%, 8/15/32  | 600 | 581 |
| 5.15%, 3/15/34  | 500 | 493 |
| 5.80%, 11/15/43  | 200 | 197 |
|  |  | **30068** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **65** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Real Estate Investment Trusts – 0.9%** | **Real Estate Investment Trusts – 0.9%** | **Real Estate Investment Trusts – 0.9%** |
| Alexandria Real Estate Equities, Inc., |  |  |
| 2.75%, 12/15/29  | $1000 | $913 |
| 4.85%, 4/15/49  | 200 | 171 |
| American Homes 4 Rent L.P., |  |  |
| 4.30%, 4/15/52  | 200 | 156 |
| American Tower Corp., |  |  |
| 3.38%, 10/15/26  | 26 | 26 |
| 3.13%, 1/15/27  | 128 | 125 |
| 3.60%, 1/15/28  | 79 | 77 |
| 1.50%, 1/31/28  | 39 | 36 |
| 3.95%, 3/15/29  | 134 | 130 |
| 3.80%, 8/15/29  | 500 | 480 |
| 5.90%, 11/15/33  | 300 | 314 |
| 5.45%, 2/15/34  | 300 | 304 |
| AvalonBay Communities, Inc., |  |  |
| 3.90%, 10/15/46  | 300 | 236 |
| Boston Properties L.P., |  |  |
| 2.75%, 10/1/26  | 30 | 29 |
| 4.50%, 12/1/28  | 100 | 98 |
| 6.50%, 1/15/34  | 500 | 527 |
| Brixmor Operating Partnership L.P., |  |  |
| 2.50%, 8/16/31  | 300 | 258 |
| Camden Property Trust, |  |  |
| 5.85%, 11/3/26  | 500 | 510 |
| COPT Defense Properties L.P., |  |  |
| 2.90%, 12/1/33  | 200 | 162 |
| Crown Castle, Inc., |  |  |
| 3.30%, 7/1/30  | 200 | 183 |
| 5.80%, 3/1/34  | 300 | 306 |
| 5.20%, 2/15/49  | 350 | 313 |
| CubeSmart L.P., |  |  |
| 3.13%, 9/1/26  | 250 | 245 |
| Digital Realty Trust L.P., |  |  |
| 3.60%, 7/1/29  | 300 | 286 |
| EPR Properties, |  |  |
| 3.60%, 11/15/31  | 250 | 223 |
| Equinix, Inc., |  |  |
| 2.15%, 7/15/30  | 1000 | 877 |
| ERP Operating L.P., |  |  |
| 3.50%, 3/1/28  | 500 | 487 |
| 4.50%, 6/1/45  | 55 | 47 |
| Essential Properties L.P., |  |  |
| 2.95%, 7/15/31  | 100 | 87 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** |
| Essex Portfolio L.P., |  |  |
| 4.00%, 3/1/29  | $146 | $142 |
| 3.00%, 1/15/30  | 154 | 142 |
| Extra Space Storage L.P., |  |  |
| 5.70%, 4/1/28  | 700 | 719 |
| Federal Realty OP L.P., |  |  |
| 5.38%, 5/1/28  | 250 | 254 |
| GLP Capital L.P./GLP Financing II, Inc., |  |  |
| 3.25%, 1/15/32  | 300 | 260 |
| Healthpeak OP LLC, |  |  |
| 3.25%, 7/15/26  | 128 | 126 |
| 3.50%, 7/15/29  | 277 | 263 |
| Host Hotels & Resorts L.P., |  |  |
| 3.50%, 9/15/30  | 118 | 108 |
| &nbsp;&nbsp; Invitation Homes Operating Partnership <br> L.P.,<br>|  |  |
| 2.30%, 11/15/28  | 200 | 183 |
| Kilroy Realty L.P., |  |  |
| 4.75%, 12/15/28  | 112 | 110 |
| Kimco Realty OP LLC, |  |  |
| 6.40%, 3/1/34  | 200 | 215 |
| 4.25%, 4/1/45  | 200 | 163 |
| Kite Realty Group Trust, |  |  |
| 4.75%, 9/15/30  | 100 | 99 |
| Mid-America Apartments L.P., |  |  |
| 2.88%, 9/15/51  | 200 | 126 |
| NNN REIT, Inc., |  |  |
| 3.10%, 4/15/50  | 300 | 188 |
| Omega Healthcare Investors, Inc., |  |  |
| 3.25%, 4/15/33  | 300 | 254 |
| &nbsp;&nbsp; Phillips Edison Grocery Center <br> Operating Partnership I L.P.,<br>|  |  |
| 5.75%, 7/15/34  | 100 | 101 |
| Piedmont Operating Partnership L.P., |  |  |
| 9.25%, 7/20/28  | 100 | 110 |
| Prologis L.P., |  |  |
| 4.88%, 6/15/28  | 150 | 152 |
| 1.75%, 7/1/30  | 200 | 172 |
| 4.75%, 6/15/33  | 300 | 294 |
| 5.00%, 1/31/35  | 300 | 298 |
| 5.25%, 6/15/53  | 100 | 95 |
| Public Storage Operating Co., |  |  |
| 5.13%, 1/15/29  | 300 | 307 |
| 2.30%, 5/1/31  | 300 | 260 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **66** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** | **Real Estate Investment Trusts – 0.9%continued** |
| 2.25%, 11/9/31  | $200 | $172 |
| Realty Income Corp., |  |  |
| 3.00%, 1/15/27  | 56 | 55 |
| 3.40%, 1/15/28  | 61 | 59 |
| 2.10%, 3/15/28  | 600 | 559 |
| 3.10%, 12/15/29  | 123 | 115 |
| 4.90%, 7/15/33  | 300 | 294 |
| Regency Centers L.P., |  |  |
| 3.70%, 6/15/30  | 400 | 380 |
| Rexford Industrial Realty L.P., |  |  |
| 5.00%, 6/15/28  | 200 | 201 |
| Safehold GL Holdings LLC, |  |  |
| 6.10%, 4/1/34  | 100 | 103 |
| Simon Property Group L.P., |  |  |
| 2.45%, 9/13/29  | 1001 | 913 |
| 6.75%, 2/1/40  | 242 | 272 |
| 4.25%, 10/1/44  | 148 | 122 |
| Store Capital LLC, |  |  |
| 2.70%, 12/1/31  | 200 | 169 |
| Sun Communities Operating L.P., |  |  |
| 2.30%, 11/1/28  | 300 | 277 |
| Tanger Properties L.P., |  |  |
| 2.75%, 9/1/31  | 100 | 86 |
| UDR, Inc., |  |  |
| 2.10%, 6/15/33  | 300 | 237 |
| Ventas Realty L.P., |  |  |
| 4.75%, 11/15/30  | 300 | 298 |
| 5.70%, 9/30/43  | 100 | 98 |
| VICI Properties L.P., |  |  |
| 5.63%, 5/15/52  | 200 | 182 |
| Welltower OP LLC, |  |  |
| 2.05%, 1/15/29  | 67 | 61 |
| 4.13%, 3/15/29  | 260 | 255 |
| 3.10%, 1/15/30  | 218 | 203 |
| Weyerhaeuser Co., |  |  |
| 4.00%, 3/9/52  | 200 | 150 |
|  |  | **18008** |
| **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** |
| CBRE Services, Inc., |  |  |
| 5.95%, 8/15/34 | 200 | **209** |
| **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** | **Retail - Consumer Staples – 0.2%** |
| Costco Wholesale Corp., |  |  |
| 1.75%, 4/20/32  | 300 | 251 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Retail - Consumer Staples – 0.2%continued** | **Retail - Consumer Staples – 0.2%continued** | **Retail - Consumer Staples – 0.2%continued** |
| Dollar General Corp., |  |  |
| 5.50%, 11/1/52  | $200 | $183 |
| Dollar Tree, Inc., |  |  |
| 2.65%, 12/1/31  | 200 | 172 |
| Kroger (The) Co., |  |  |
| 5.00%, 9/15/34  | 800 | 782 |
| 6.90%, 4/15/38  | 100 | 112 |
| 5.40%, 7/15/40  | 100 | 99 |
| 5.65%, 9/15/64  | 100 | 95 |
| Target Corp., |  |  |
| 4.80%, 1/15/53  | 500 | 450 |
| Walmart, Inc., |  |  |
| 3.70%, 6/26/28  | 251 | 248 |
| 1.80%, 9/22/31  | 2000 | 1715 |
| 4.50%, 4/15/53  | 300 | 265 |
|  |  | **4372** |
| **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** |
| AutoNation, Inc., |  |  |
| 3.85%, 3/1/32  | 300 | 271 |
| AutoZone, Inc., |  |  |
| 5.05%, 7/15/26  | 500 | 504 |
| 3.75%, 4/18/29  | 121 | 117 |
| 4.00%, 4/15/30  | 129 | 124 |
| Dick's Sporting Goods, Inc., |  |  |
| 4.10%, 1/15/52  | 100 | 72 |
| Home Depot (The), Inc., |  |  |
| 4.75%, 6/25/29  | 600 | 607 |
| 5.40%, 9/15/40  | 680 | 685 |
| 5.95%, 4/1/41  | 405 | 428 |
| 4.50%, 12/6/48  | 400 | 344 |
| 3.63%, 4/15/52  | 643 | 472 |
| Lowe's Cos., Inc., |  |  |
| 4.80%, 4/1/26  | 1000 | 1003 |
| 3.35%, 4/1/27  | 115 | 113 |
| 3.65%, 4/5/29  | 76 | 73 |
| 3.75%, 4/1/32  | 500 | 464 |
| 2.80%, 9/15/41  | 200 | 138 |
| 4.05%, 5/3/47  | 94 | 73 |
| 3.00%, 10/15/50  | 700 | 438 |
| 5.85%, 4/1/63  | 200 | 195 |
| O'Reilly Automotive, Inc., |  |  |
| 3.90%, 6/1/29  | 500 | 486 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **67** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Retail - Discretionary – 0.3%continued** | **Retail - Discretionary – 0.3%continued** | **Retail - Discretionary – 0.3%continued** |
| Ross Stores, Inc., |  |  |
| 1.88%, 4/15/31  | $200 | $169 |
| TJX (The) Cos., Inc., |  |  |
| 2.25%, 9/15/26  | 31 | 30 |
| 1.15%, 5/15/28  | 74 | 67 |
|  |  | **6873** |
| **Semiconductors – 0.5%** | **Semiconductors – 0.5%** | **Semiconductors – 0.5%** |
| Advanced Micro Devices, Inc., |  |  |
| 4.39%, 6/1/52  | 150 | 127 |
| Analog Devices, Inc., |  |  |
| 3.45%, 6/15/27  | 500 | 491 |
| 2.80%, 10/1/41  | 300 | 217 |
| Applied Materials, Inc., |  |  |
| 1.75%, 6/1/30  | 500 | 437 |
| 5.85%, 6/15/41  | 100 | 105 |
| Broadcom, Inc., |  |  |
| 4.15%, 2/15/28  | 1000 | 992 |
| 2.45%, 2/15/31 <sup>(2)</sup> <br>| 1024 | 901 |
| 4.15%, 4/15/32 <sup>(2)</sup> <br>| 500 | 474 |
| 4.93%, 5/15/37 <sup>(2) (9)</sup> <br>| 200 | 192 |
| 3.50%, 2/15/41 <sup>(2)</sup> <br>| 200 | 157 |
| 3.75%, 2/15/51 <sup>(2)</sup> <br>| 700 | 524 |
| Intel Corp., |  |  |
| 2.00%, 8/12/31  | 50 | 42 |
| 5.20%, 2/10/33  | 300 | 296 |
| 4.80%, 10/1/41  | 80 | 69 |
| 3.73%, 12/8/47  | 741 | 517 |
| 3.25%, 11/15/49  | 200 | 125 |
| 4.75%, 3/25/50  | 200 | 161 |
| 5.70%, 2/10/53  | 700 | 643 |
| 3.10%, 2/15/60  | 200 | 111 |
| KLA Corp., |  |  |
| 5.25%, 7/15/62  | 250 | 236 |
| Lam Research Corp., |  |  |
| 1.90%, 6/15/30  | 700 | 615 |
| Marvell Technology, Inc., |  |  |
| 5.75%, 2/15/29  | 300 | 309 |
| Micron Technology, Inc., |  |  |
| 5.38%, 4/15/28  | 1000 | 1017 |
| NVIDIA Corp., |  |  |
| 3.50%, 4/1/50  | 400 | 303 |
| QUALCOMM, Inc., |  |  |
| 5.40%, 5/20/33  | 300 | 313 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Semiconductors – 0.5%continued** | **Semiconductors – 0.5%continued** | **Semiconductors – 0.5%continued** |
| 4.80%, 5/20/45  | $300 | $275 |
| 6.00%, 5/20/53  | 200 | 211 |
| Texas Instruments, Inc., |  |  |
| 2.25%, 9/4/29  | 200 | 183 |
| 4.90%, 3/14/33  | 1000 | 1012 |
|  |  | **11055** |
| **Software – 0.5%** | **Software – 0.5%** | **Software – 0.5%** |
| Adobe, Inc., |  |  |
| 2.15%, 2/1/27  | 419 | 404 |
| Autodesk, Inc., |  |  |
| 3.50%, 6/15/27  | 135 | 132 |
| Concentrix Corp., |  |  |
| 6.85%, 8/2/33  | 200 | 207 |
| Fortinet, Inc., |  |  |
| 2.20%, 3/15/31  | 100 | 87 |
| Intuit, Inc., |  |  |
| 5.25%, 9/15/26  | 500 | 506 |
| 5.20%, 9/15/33  | 300 | 306 |
| Microsoft Corp., |  |  |
| 3.40%, 6/15/27  | 500 | 493 |
| 1.35%, 9/15/30  | 800 | 691 |
| 2.50%, 9/15/50  | 200 | 124 |
| 2.92%, 3/17/52  | 674 | 452 |
| 2.68%, 6/1/60  | 100 | 60 |
| 3.04%, 3/17/62  | 1000 | 652 |
| Oracle Corp., |  |  |
| 2.80%, 4/1/27  | 7 | 7 |
| 4.50%, 5/6/28  | 600 | 600 |
| 2.88%, 3/25/31  | 509 | 456 |
| 4.90%, 2/6/33  | 300 | 295 |
| 4.70%, 9/27/34  | 1000 | 955 |
| 3.90%, 5/15/35  | 336 | 299 |
| 3.80%, 11/15/37  | 5 | 4 |
| 5.38%, 7/15/40  | 590 | 564 |
| 3.60%, 4/1/50  | 1000 | 695 |
| 5.55%, 2/6/53  | 500 | 467 |
| 4.38%, 5/15/55  | 25 | 20 |
| 3.85%, 4/1/60  | 500 | 344 |
| Roper Technologies, Inc., |  |  |
| 4.90%, 10/15/34  | 400 | 391 |
| Salesforce, Inc., |  |  |
| 1.50%, 7/15/28  | 1300 | 1190 |
| 1.95%, 7/15/31  | 300 | 258 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **68** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Software – 0.5%continued** | **Software – 0.5%continued** | **Software – 0.5%continued** |
| VMware LLC, |  |  |
| 2.20%, 8/15/31  | $300 | $255 |
| Workday, Inc., |  |  |
| 3.80%, 4/1/32  | 300 | 278 |
|  |  | **11192** |
| **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** | **Specialty Finance – 0.7%** |
| Air Lease Corp., |  |  |
| 1.88%, 8/15/26  | 78 | 75 |
| 3.63%, 12/1/27  | 163 | 159 |
| 2.10%, 9/1/28  | 131 | 120 |
| 4.63%, 10/1/28  | 651 | 648 |
| 3.25%, 10/1/29  | 500 | 468 |
| Ally Financial, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.82%), <br> 6.85%, 1/3/30 <sup>(3)</sup> <br>| 500 | 522 |
| American Express Co., |  |  |
| 1.65%, 11/4/26  | 84 | 81 |
| 5.85%, 11/5/27  | 500 | 518 |
| 4.05%, 5/3/29  | 72 | 71 |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.28%), 5.28%, <br> 7/27/29 <sup>(3)</sup> <br>| 200 | 204 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.94%), <br> 6.49%, 10/30/31 <sup>(3)</sup> <br>| 700 | 756 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.93%), <br> 5.63%, 7/28/34 <sup>(3)</sup> <br>| 300 | 307 |
| Capital One Financial Corp., |  |  |
| 3.75%, 7/28/26  | 150 | 148 |
| 3.75%, 3/9/27  | 250 | 246 |
| 3.65%, 5/11/27  | 144 | 141 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.86%), <br> 1.88%, 11/2/27 <sup>(3)</sup> <br>| 355 | 340 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.08%), <br> 5.47%, 2/1/29 <sup>(3)</sup> <br>| 700 | 712 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.64%), <br> 6.31%, 6/8/29 <sup>(3)</sup> <br>| 500 | 520 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.86%), <br> 6.38%, 6/8/34 <sup>(3)</sup> <br>| 400 | 418 |
| Equifax, Inc., |  |  |
| 2.35%, 9/15/31  | 380 | 326 |
| FactSet Research Systems, Inc., |  |  |
| 3.45%, 3/1/32  | 100 | 90 |
| Fidelity National Financial, Inc., |  |  |
| 3.20%, 9/17/51  | 200 | 123 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Specialty Finance – 0.7%continued** | **Specialty Finance – 0.7%continued** | **Specialty Finance – 0.7%continued** |
| &nbsp;&nbsp; Fidelity National Information Services, <br> Inc.,<br>|  |  |
| 5.10%, 7/15/32  | $400 | $402 |
| Fiserv, Inc., |  |  |
| 5.38%, 8/21/28  | 500 | 511 |
| 3.50%, 7/1/29  | 200 | 190 |
| 5.15%, 8/12/34  | 500 | 496 |
| GATX Corp., |  |  |
| 3.50%, 3/15/28  | 500 | 485 |
| 5.20%, 3/15/44  | 35 | 32 |
| 6.05%, 6/5/54  | 150 | 151 |
| Global Payments, Inc., |  |  |
| 4.95%, 8/15/27  | 1000 | 1008 |
| Mastercard, Inc., |  |  |
| 4.35%, 1/15/32  | 500 | 491 |
| 3.80%, 11/21/46  | 500 | 399 |
| Moody's Corp., |  |  |
| 4.25%, 8/8/32  | 500 | 483 |
| PayPal Holdings, Inc., |  |  |
| 2.85%, 10/1/29  | 300 | 280 |
| 5.15%, 6/1/34  | 500 | 502 |
| S&P Global, Inc., |  |  |
| 2.45%, 3/1/27  | 300 | 291 |
| 5.25%, 9/15/33  | 300 | 307 |
| 3.70%, 3/1/52  | 100 | 75 |
| Synchrony Financial, |  |  |
| 3.95%, 12/1/27  | 400 | 390 |
| Verisk Analytics, Inc., |  |  |
| 5.75%, 4/1/33  | 300 | 312 |
| Visa, Inc., |  |  |
| 2.05%, 4/15/30  | 400 | 359 |
| 4.15%, 12/14/35  | 100 | 95 |
| 2.00%, 8/15/50  | 500 | 274 |
|  |  | **14526** |
| **Steel – 0.0%** | **Steel – 0.0%** | **Steel – 0.0%** |
| Nucor Corp., |  |  |
| 2.98%, 12/15/55  | 275 | 167 |
| Steel Dynamics, Inc., |  |  |
| 3.45%, 4/15/30  | 300 | 282 |
|  |  | **449** |
| **Technology – 0.2%** | **Technology – 0.2%** | **Technology – 0.2%** |
| Adobe, Inc., |  |  |
| 5.30%, 1/17/35  | 200 | 206 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **69** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Technology – 0.2%continued** | **Technology – 0.2%continued** | **Technology – 0.2%continued** |
| Cisco Systems, Inc., |  |  |
| 4.95%, 2/24/32  | $400 | $406 |
| International Business Machines Corp., |  |  |
| 5.20%, 2/10/35  | 700 | 701 |
| Micron Technology, Inc., |  |  |
| 5.80%, 1/15/35  | 100 | 102 |
| Oracle Corp., |  |  |
| 5.25%, 2/3/32  | 600 | 608 |
| Synopsys, Inc., |  |  |
| 4.85%, 4/1/30  | 1000 | 1007 |
|  |  | **3030** |
| **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** | **Technology Hardware – 0.5%** |
| Apple, Inc., |  |  |
| 2.05%, 9/11/26  | 308 | 299 |
| 3.35%, 2/9/27  | 345 | 340 |
| 3.20%, 5/11/27  | 201 | 198 |
| 2.90%, 9/12/27  | 400 | 389 |
| 4.00%, 5/10/28  | 500 | 500 |
| 3.25%, 8/8/29  | 37 | 36 |
| 2.20%, 9/11/29  | 188 | 173 |
| 4.15%, 5/10/30  | 150 | 151 |
| 3.35%, 8/8/32  | 450 | 421 |
| 4.30%, 5/10/33  | 300 | 298 |
| 2.38%, 2/8/41  | 15 | 10 |
| 3.85%, 5/4/43  | 305 | 256 |
| 3.45%, 2/9/45  | 25 | 19 |
| 4.38%, 5/13/45  | 160 | 142 |
| 4.65%, 2/23/46  | 206 | 190 |
| 3.85%, 8/4/46  | 20 | 16 |
| 4.25%, 2/9/47  | 11 | 10 |
| 3.75%, 9/12/47  | 8 | 6 |
| 3.75%, 11/13/47  | 25 | 20 |
| 2.95%, 9/11/49  | 700 | 473 |
| 4.85%, 5/10/53  | 900 | 863 |
| Arrow Electronics, Inc., |  |  |
| 3.88%, 1/12/28  | 250 | 244 |
| CDW LLC/CDW Finance Corp., |  |  |
| 3.28%, 12/1/28  | 500 | 471 |
| Cisco Systems, Inc., |  |  |
| 5.90%, 2/15/39  | 200 | 215 |
| 5.50%, 1/15/40  | 90 | 93 |
| 5.35%, 2/26/64  | 500 | 486 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Technology Hardware – 0.5%continued** | **Technology Hardware – 0.5%continued** | **Technology Hardware – 0.5%continued** |
| Corning, Inc., |  |  |
| 5.35%, 11/15/48  | $300 | $284 |
| Dell International LLC/EMC Corp., |  |  |
| 6.02%, 6/15/26  | 248 | 251 |
| 8.35%, 7/15/46  | 223 | 280 |
| Dell, Inc., |  |  |
| 7.10%, 4/15/28  | 1000 | 1063 |
| Flex Ltd., |  |  |
| 6.00%, 1/15/28  | 300 | 308 |
| Hewlett Packard Enterprise Co., |  |  |
| 1.75%, 4/1/26  | 160 | 156 |
| 4.85%, 10/15/31  | 800 | 792 |
| 6.35%, 10/15/45  | 200 | 205 |
| HP, Inc., |  |  |
| 6.00%, 9/15/41  | 275 | 277 |
| Jabil, Inc., |  |  |
| 3.00%, 1/15/31  | 300 | 269 |
| Juniper Networks, Inc., |  |  |
| 5.95%, 3/15/41  | 100 | 100 |
| Motorola Solutions, Inc., |  |  |
| 5.60%, 6/1/32  | 400 | 413 |
| TD SYNNEX Corp., |  |  |
| 2.65%, 8/9/31  | 150 | 128 |
| Teledyne Technologies, Inc., |  |  |
| 2.75%, 4/1/31  | 200 | 178 |
| Western Digital Corp., |  |  |
| 3.10%, 2/1/32  | 250 | 210 |
|  |  | **11233** |
| **Telecommunications – 0.7%** | **Telecommunications – 0.7%** | **Telecommunications – 0.7%** |
| AT&T, Inc., |  |  |
| 2.75%, 6/1/31  | 359 | 319 |
| 5.40%, 2/15/34  | 1700 | 1727 |
| 4.50%, 5/15/35  | 300 | 282 |
| 3.10%, 2/1/43  | 500 | 358 |
| 4.50%, 3/9/48  | 574 | 476 |
| 3.30%, 2/1/52  | 550 | 364 |
| 3.80%, 12/1/57  | 1200 | 842 |
| 3.65%, 9/15/59  | 500 | 337 |
| T-Mobile U.S.A., Inc., |  |  |
| 4.75%, 2/1/28  | 1066 | 1065 |
| 4.80%, 7/15/28  | 785 | 791 |
| 3.88%, 4/15/30  | 1258 | 1206 |
| 5.15%, 4/15/34  | 500 | 501 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **70** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Telecommunications – 0.7%continued** | **Telecommunications – 0.7%continued** | **Telecommunications – 0.7%continued** |
| 4.50%, 4/15/50  | $400 | $333 |
| 6.00%, 6/15/54  | 200 | 204 |
| 5.50%, 1/15/55  | 500 | 476 |
| Verizon Communications, Inc., |  |  |
| 3.15%, 3/22/30  | 1352 | 1260 |
| 1.68%, 10/30/30  | 818 | 696 |
| 4.78%, 2/15/35 <sup>(2)</sup> <br>| 1465 | 1422 |
| 3.88%, 3/1/52  | 300 | 224 |
| 5.50%, 2/23/54  | 200 | 194 |
| 2.99%, 10/30/56  | 700 | 421 |
| 3.70%, 3/22/61  | 1000 | 689 |
|  |  | **14187** |
| **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** | **Tobacco & Cannabis – 0.2%** |
| Altria Group, Inc., |  |  |
| 6.20%, 11/1/28  | 500 | 525 |
| 2.45%, 2/4/32  | 200 | 169 |
| 4.50%, 5/2/43  | 410 | 339 |
| 5.95%, 2/14/49  | 517 | 510 |
| Philip Morris International, Inc., |  |  |
| 5.25%, 9/7/28  | 800 | 820 |
| 4.88%, 2/13/29  | 600 | 606 |
| 1.75%, 11/1/30  | 181 | 156 |
| 4.13%, 3/4/43  | 591 | 487 |
| 4.88%, 11/15/43  | 100 | 91 |
|  |  | **3703** |
| **Transportation – 0.0%** | **Transportation – 0.0%** | **Transportation – 0.0%** |
| FedEx Corp., |  |  |
| 4.75%, 11/15/45 <sup>(2)</sup> <br>| 600 | 501 |
| Union Pacific Corp., |  |  |
| 5.60%, 12/1/54  | 100 | 101 |
|  |  | **602** |
| **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** |
| &nbsp;&nbsp; American Airlines Pass Through Trust, <br> Series 2021-1, Class A,<br>|  |  |
| 2.88%, 7/11/34  | 260 | 228 |
| Burlington Northern Santa Fe LLC, |  |  |
| 3.25%, 6/15/27  | 325 | 319 |
| 6.20%, 8/15/36  | 455 | 500 |
| 5.15%, 9/1/43  | 280 | 272 |
| 5.20%, 4/15/54  | 400 | 381 |
| 5.50%, 3/15/55  | 150 | 149 |
| CSX Corp., |  |  |
| 2.60%, 11/1/26  | 25 | 24 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Transportation & Logistics – 0.4%continued** | **Transportation & Logistics – 0.4%continued** | **Transportation & Logistics – 0.4%continued** |
| 5.20%, 11/15/33  | $200 | $204 |
| 6.00%, 10/1/36  | 100 | 107 |
| 6.15%, 5/1/37  | 190 | 205 |
| 6.22%, 4/30/40  | 365 | 393 |
| 4.75%, 11/15/48  | 200 | 178 |
| 4.50%, 3/15/49  | 100 | 86 |
| &nbsp;&nbsp; Delta Air Lines Pass Through Trust, <br> Series 2020-1, Class AA,<br>|  |  |
| 2.00%, 6/10/28  | 109 | 102 |
| FedEx Corp., |  |  |
| 4.25%, 5/15/30  | 95 | 93 |
| &nbsp;&nbsp; JetBlue Pass Through Trust, Series <br> 2020-1, Class A,<br>|  |  |
| 4.00%, 11/15/32  | 148 | 138 |
| Kirby Corp., |  |  |
| 4.20%, 3/1/28  | 100 | 98 |
| Norfolk Southern Corp., |  |  |
| 4.45%, 6/15/45  | 275 | 236 |
| 3.94%, 11/1/47  | 300 | 235 |
| 5.35%, 8/1/54  | 100 | 96 |
| 5.95%, 3/15/64  | 200 | 206 |
| Ryder System, Inc., |  |  |
| 5.30%, 3/15/27  | 500 | 507 |
| 6.60%, 12/1/33  | 100 | 109 |
| Southwest Airlines Co., |  |  |
| 5.13%, 6/15/27  | 400 | 403 |
| Union Pacific Corp., |  |  |
| 3.25%, 2/5/50  | 800 | 553 |
| 5.15%, 1/20/63  | 700 | 642 |
| &nbsp;&nbsp; United Airlines Pass Through Trust, <br> Series 2019-1, Class AA,<br>|  |  |
| 4.15%, 8/25/31  | 329 | 314 |
| &nbsp;&nbsp; United Airlines Pass Through Trust, <br> Series 2024-1, Class A,<br>|  |  |
| 5.88%, 2/15/37  | 198 | 199 |
| United Parcel Service, Inc., |  |  |
| 3.75%, 11/15/47  | 180 | 138 |
| 4.25%, 3/15/49  | 73 | 60 |
| 5.30%, 4/1/50  | 377 | 359 |
| 5.60%, 5/22/64  | 200 | 196 |
|  |  | **7730** |
| **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** | **Transportation Equipment – 0.1%** |
| Cummins, Inc., |  |  |
| 1.50%, 9/1/30  | 500 | 428 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **71** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  | **CORPORATE BONDS - 20.7% continued**  |
| **Transportation Equipment – 0.1%continued** | **Transportation Equipment – 0.1%continued** | **Transportation Equipment – 0.1%continued** |
| 4.88%, 10/1/43  | $90 | $85 |
| PACCAR Financial Corp., |  |  |
| 4.00%, 9/26/29  | 200 | 197 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp.,<br>|  |  |
| 4.70%, 9/15/28  | 250 | 250 |
|  |  | **960** |
| **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** | **Wholesale - Consumer Staples – 0.1%** |
| Archer-Daniels-Midland Co., |  |  |
| 2.50%, 8/11/26  | 305 | 298 |
| 3.75%, 9/15/47  | 295 | 225 |
| Bunge Ltd. Finance Corp., |  |  |
| 3.25%, 8/15/26  | 615 | 605 |
| Sysco Corp., |  |  |
| 3.30%, 7/15/26  | 597 | 588 |
| 3.25%, 7/15/27  | 523 | 509 |
| 5.38%, 9/21/35  | 250 | 253 |
| 4.45%, 3/15/48  | 300 | 245 |
|  |  | **2723** |
| **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** | **Wholesale - Discretionary – 0.0%** |
| LKQ Corp., |  |  |
| 5.75%, 6/15/28 | 200 | **204** |
| **Total Corporate Bonds** |  |  |
| **(Cost $469,094)** |  | **443088** |
| **FOREIGN ISSUER BONDS – 6.3%**  | **FOREIGN ISSUER BONDS – 6.3%**  | **FOREIGN ISSUER BONDS – 6.3%**  |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| Brookfield Finance, Inc., |  |  |
| 4.85%, 3/29/29  | 300 | 301 |
| 4.35%, 4/15/30  | 500 | 489 |
| 5.68%, 1/15/35  | 300 | 307 |
| CI Financial Corp., |  |  |
| 4.10%, 6/15/51  | 100 | 72 |
| UBS A.G., |  |  |
| 1.25%, 8/7/26  | 116 | 111 |
| 7.50%, 2/15/28  | 250 | 269 |
| 5.65%, 9/11/28  | 800 | 827 |
| UBS Group A.G., |  |  |
| 4.55%, 4/17/26  | 413 | 413 |
|  |  | **2789** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| Honda Motor Co. Ltd., |  |  |
| 2.53%, 3/10/27  | $1000 | $965 |
| Magna International, Inc., |  |  |
| 5.50%, 3/21/33  | 200 | 202 |
| &nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC,<br>|  |  |
| 8.50%, 1/18/31  | 175 | 206 |
|  |  | **1373** |
| **Banking – 1.8%** | **Banking – 1.8%** | **Banking – 1.8%** |
| Banco Bilbao Vizcaya Argentaria S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.70%), 6.14%, <br> 9/14/28 <sup>(3)</sup> <br>| 400 | 413 |
| Banco Santander S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.00%), 4.18%, <br> 3/24/28 <sup>(3)</sup> <br>| 200 | 198 |
| 3.31%, 6/27/29  | 1400 | 1324 |
| 6.94%, 11/7/33  | 400 | 445 |
| Bank of Montreal, |  |  |
| 2.65%, 3/8/27  | 1000 | 968 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.25%), <br> 4.64%, 9/10/30 <sup>(3)</sup> <br>| 300 | 298 |
| Bank of Nova Scotia (The), |  |  |
| 5.65%, 2/1/34  | 500 | 518 |
| Barclays PLC, |  |  |
| 5.20%, 5/12/26  | 345 | 346 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.05%), 2.28%, <br> 11/24/27 <sup>(3)</sup> <br>| 528 | 507 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.74%), <br> 5.69%, 3/12/30 <sup>(3)</sup> <br>| 500 | 513 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 3.50%), 7.44%, <br> 11/2/33 <sup>(3)</sup> <br>| 500 | 558 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.98%), <br> 6.22%, 5/9/34 <sup>(3)</sup> <br>| 1000 | 1042 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.59%), <br> 5.79%, 2/25/36 <sup>(3)</sup> <br>| 300 | 302 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.30%), 3.33%, <br> 11/24/42 <sup>(3)</sup> <br>| 100 | 73 |
| 5.25%, 8/17/45  | 144 | 136 |
| BPCE S.A., |  |  |
| 3.38%, 12/2/26  | 250 | 246 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **72** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Banking – 1.8%continued** | **Banking – 1.8%continued** | **Banking – 1.8%continued** |
| Canadian Imperial Bank of Commerce, |  |  |
| 3.45%, 4/7/27  | $500 | $490 |
| 6.09%, 10/3/33  | 300 | 317 |
| Cooperatieve Rabobank U.A., |  |  |
| 5.50%, 10/5/26  | 500 | 509 |
| 5.75%, 12/1/43  | 250 | 251 |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 3.65%), <br> 7.08%, 2/10/34 <sup>(3)</sup> <br>| 900 | 948 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.89%, 8/14/27 <sup>(3)</sup> <br>| 600 | 609 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.10%), <br> 2.25%, 11/22/27 <sup>(3)</sup> <br>| 1 | 1 |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.81%), 4.04%, 3/13/28 <sup>(3)</sup> <br>| 200 | 198 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.73%), <br> 2.01%, 9/22/28 <sup>(3)</sup> <br>| 400 | 374 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.04%), <br> 5.13%, 11/19/28 <sup>(3)</sup> <br>| 1500 | 1512 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.97%), <br> 6.16%, 3/9/29 <sup>(3)</sup> <br>| 750 | 777 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.29%), <br> 2.21%, 8/17/29 <sup>(3)</sup> <br>| 150 | 137 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.46%), <br> 5.55%, 3/4/30 <sup>(3)</sup> <br>| 1000 | 1022 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.29%), <br> 5.13%, 3/3/31 <sup>(3)</sup> <br>| 500 | 502 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.95%), <br> 2.36%, 8/18/31 <sup>(3)</sup> <br>| 1300 | 1133 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.87%), <br> 5.40%, 8/11/33 <sup>(3)</sup> <br>| 500 | 505 |
| 6.80%, 6/1/38  | 150 | 160 |
| 5.25%, 3/14/44  | 200 | 187 |
| ING Groep N.V., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.01%), <br> 4.86%, 3/25/29 <sup>(3)</sup> <br>| 700 | 703 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.09%), <br> 6.11%, 9/11/34 <sup>(3)</sup> <br>| 400 | 420 |
| Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.38%), 5.46%, <br> 1/5/28 <sup>(3)</sup> <br>| 500 | 506 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 0.85%), 5.09%, <br> 11/26/28 <sup>(3)</sup> <br>| 500 | 505 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Banking – 1.8%continued** | **Banking – 1.8%continued** | **Banking – 1.8%continued** |
| 4.34%, 1/9/48  | $500 | $394 |
| Mitsubishi UFJ Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 0.75%), 1.54%, <br> 7/20/27 <sup>(3)</sup> <br>| 734 | 706 |
| 3.29%, 7/25/27  | 378 | 369 |
| 3.74%, 3/7/29  | 1500 | 1456 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.53%), 5.48%, <br> 2/22/31 <sup>(3)</sup> <br>| 1000 | 1028 |
| Mizuho Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.33%), 2.59%, 5/25/31 <sup>(3)</sup> <br>| 1000 | 893 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.80%), 5.75%, <br> 5/27/34 <sup>(3)</sup> <br>| 500 | 517 |
| National Australia Bank Ltd., |  |  |
| 4.90%, 1/14/30  | 500 | 510 |
| NatWest Group PLC, |  |  |
| &nbsp;&nbsp; (Variable, ICE LIBOR USD 3M + <br> 1.75%), 4.89%, 5/18/29 <sup>(3)</sup> <br>| 1000 | 1002 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.50%), 5.78%, <br> 3/1/35 <sup>(3)</sup> <br>| 300 | 306 |
| Royal Bank of Canada, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 0.86%), 4.52%, <br> 10/18/28 <sup>(3)</sup> <br>| 1000 | 997 |
| 3.88%, 5/4/32  | 600 | 563 |
| 5.15%, 2/1/34  | 200 | 202 |
| Santander UK Group Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.60%), <br> 6.53%, 1/10/29 <sup>(3)</sup> <br>| 700 | 728 |
| Sumitomo Mitsui Financial Group, Inc., |  |  |
| 3.54%, 1/17/28  | 1250 | 1221 |
| 2.13%, 7/8/30  | 400 | 350 |
| 5.78%, 7/13/33  | 800 | 835 |
| 5.81%, 9/14/33  | 500 | 525 |
| Toronto-Dominion Bank (The), |  |  |
| 1.95%, 1/12/27  | 2052 | 1964 |
| 4.46%, 6/8/32  | 400 | 386 |
| Westpac Banking Corp., |  |  |
| 2.85%, 5/13/26  | 692 | 682 |
| 3.35%, 3/8/27  | 500 | 492 |
| 5.46%, 11/18/27  | 500 | 515 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **73** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Banking – 1.8%continued** | **Banking – 1.8%continued** | **Banking – 1.8%continued** |
| 1.95%, 11/20/28  | $308 | $283 |
| 5.05%, 4/16/29  | 500 | 512 |
| 6.82%, 11/17/33  | 300 | 327 |
|  |  | **37416** |
| **Basic Industry – 0.0%** | **Basic Industry – 0.0%** | **Basic Industry – 0.0%** |
| Rio Tinto Finance U.S.A. PLC, |  |  |
| 5.88%, 3/14/65 | 300 | **303** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| &nbsp;&nbsp; Anheuser-Busch Cos. <br> LLC/Anheuser-Busch InBev <br> Worldwide, Inc.,<br>|  |  |
| 4.90%, 2/1/46  | 1600 | 1476 |
| Anheuser-Busch InBev Worldwide, Inc., |  |  |
| 3.50%, 6/1/30  | 1300 | 1239 |
| 8.00%, 11/15/39  | 310 | 394 |
| 4.95%, 1/15/42  | 190 | 179 |
| Coca-Cola Femsa S.A.B. de C.V., |  |  |
| 1.85%, 9/1/32  | 200 | 163 |
| Diageo Capital PLC, |  |  |
| 5.63%, 10/5/33  | 500 | 519 |
|  |  | **3970** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| Astrazeneca Finance LLC, |  |  |
| 1.20%, 5/28/26  | 38 | 37 |
| AstraZeneca PLC, |  |  |
| 3.13%, 6/12/27  | 31 | 30 |
| 1.38%, 8/6/30  | 731 | 623 |
| 6.45%, 9/15/37  | 450 | 503 |
| 4.00%, 9/18/42  | 250 | 212 |
| GlaxoSmithKline Capital, Inc., |  |  |
| 3.88%, 5/15/28  | 300 | 296 |
| 5.38%, 4/15/34  | 150 | 155 |
| 6.38%, 5/15/38  | 274 | 302 |
| Takeda Pharmaceutical Co. Ltd., |  |  |
| 3.03%, 7/9/40  | 500 | 373 |
| 3.18%, 7/9/50  | 204 | 134 |
|  |  | **2665** |
| **Cable & Satellite – 0.0%** | **Cable & Satellite – 0.0%** | **Cable & Satellite – 0.0%** |
| Grupo Televisa S.A.B., |  |  |
| 6.63%, 1/15/40 | 300 | **277** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Chemicals – 0.0%** | **Chemicals – 0.0%** | **Chemicals – 0.0%** |
| Nutrien Ltd., |  |  |
| 4.13%, 3/15/35  | $23 | $21 |
| 5.88%, 12/1/36  | 27 | 28 |
| 5.63%, 12/1/40  | 150 | 149 |
| 5.80%, 3/27/53  | 200 | 197 |
|  |  | **395** |
| **Commercial Support Services – 0.0%** | **Commercial Support Services – 0.0%** | **Commercial Support Services – 0.0%** |
| Thomson Reuters Corp., |  |  |
| 5.50%, 8/15/35 | 150 | **150** |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| Smurfit Kappa Treasury ULC, |  |  |
| 5.78%, 4/3/54<sup>(2)</sup> <br>| 200 | **197** |
| **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** |
| Alibaba Group Holding Ltd., |  |  |
| 5.25%, 5/26/35 <sup>(2)</sup> <br>| 200 | 201 |
| 4.40%, 12/6/57  | 600 | 486 |
| JD.com, Inc., |  |  |
| 3.38%, 1/14/30  | 300 | 284 |
|  |  | **971** |
| **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** |
| Emera U.S. Finance L.P., |  |  |
| 2.64%, 6/15/31  | 300 | 259 |
| Enel Americas S.A., |  |  |
| 4.00%, 10/25/26  | 200 | 198 |
| National Grid PLC, |  |  |
| 5.60%, 6/12/28  | 150 | 154 |
|  |  | **611** |
| **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** |
| Tyco Electronics Group S.A., |  |  |
| 7.13%, 10/1/37 | 50 | **58** |
| **Energy – 0.0%** | **Energy – 0.0%** | **Energy – 0.0%** |
| &nbsp;&nbsp; South Bow U.S.A. Infrastructure <br> Holdings LLC,<br>|  |  |
| 5.03%, 10/1/29<sup>(2)</sup> <br>| 400 | **397** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| Suzano Austria GmbH, |  |  |
| 3.13%, 1/15/32 | 400 | **341** |
| **Governmental Banks – 0.5%** | **Governmental Banks – 0.5%** | **Governmental Banks – 0.5%** |
| Export Development Canada, |  |  |
| 3.88%, 2/14/28  | 500 | 498 |
| 4.13%, 2/13/29  | 1000 | 1003 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **74** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Governmental Banks – 0.5%continued** | **Governmental Banks – 0.5%continued** | **Governmental Banks – 0.5%continued** |
| Export-Import Bank of Korea, |  |  |
| 2.63%, 5/26/26  | $1000 | $982 |
| 2.50%, 6/29/41  | 500 | 356 |
| &nbsp;&nbsp; Japan Bank for International <br> Cooperation,<br>|  |  |
| 2.75%, 11/16/27  | 1373 | 1326 |
| 4.63%, 7/19/28  | 200 | 203 |
| 3.50%, 10/31/28  | 301 | 294 |
| 1.88%, 4/15/31  | 500 | 435 |
| Korea Development Bank (The), |  |  |
| 4.38%, 2/15/33  | 800 | 780 |
| Kreditanstalt fuer Wiederaufbau, |  |  |
| 2.88%, 4/3/28  | 1215 | 1178 |
| 4.38%, 2/28/34  | 1500 | 1509 |
| 0.00%, 4/18/36 <sup>(10)</sup> <br>| 500 | 308 |
| Landwirtschaftliche Rentenbank, |  |  |
| 3.88%, 6/14/28  | 500 | 499 |
| Oesterreichische Kontrollbank A.G., |  |  |
| 4.25%, 3/1/28  | 500 | 504 |
|  |  | **9875** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Unilever Capital Corp., |  |  |
| 2.00%, 7/28/26  | 674 | 656 |
| 2.90%, 5/5/27  | 326 | 318 |
| 5.90%, 11/15/32  | 125 | 135 |
| 4.63%, 8/12/34  | 100 | 98 |
|  |  | **1207** |
| **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** |
| &nbsp;&nbsp; Triton Container International Ltd./TAL <br> International Container Corp.,<br>|  |  |
| 3.25%, 3/15/32 | 200 | **171** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| Marex Group PLC, |  |  |
| 6.40%, 11/4/29  | 50 | 51 |
| Nomura Holdings, Inc., |  |  |
| 5.39%, 7/6/27  | 1200 | 1218 |
| 6.07%, 7/12/28  | 500 | 519 |
|  |  | **1788** |
| **Insurance – 0.0%** | **Insurance – 0.0%** | **Insurance – 0.0%** |
| Fairfax Financial Holdings Ltd., |  |  |
| 6.35%, 3/22/54  | 200 | 204 |
| Manulife Financial Corp., |  |  |
| 3.70%, 3/16/32  | 300 | 278 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Insurance – 0.0%continued** | **Insurance – 0.0%continued** | **Insurance – 0.0%continued** |
| RenaissanceRe Holdings Ltd., |  |  |
| 5.75%, 6/5/33  | $200 | $203 |
| XL Group Ltd., |  |  |
| 5.25%, 12/15/43  | 50 | 48 |
|  |  | **733** |
| **Internet Media & Services – 0.0%** | **Internet Media & Services – 0.0%** | **Internet Media & Services – 0.0%** |
| Baidu, Inc., |  |  |
| 2.38%, 8/23/31  | 300 | 263 |
| Weibo Corp., |  |  |
| 3.38%, 7/8/30  | 200 | 185 |
|  |  | **448** |
| **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** |
| Sands China Ltd., |  |  |
| 2.30%, 3/8/27 | 700 | **663** |
| **Medical Equipment & Devices – 0.0%** | **Medical Equipment & Devices – 0.0%** | **Medical Equipment & Devices – 0.0%** |
| Koninklijke Philips N.V., |  |  |
| 6.88%, 3/11/38  | 225 | 248 |
| 5.00%, 3/15/42  | 100 | 92 |
|  |  | **340** |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| Barrick North America Finance LLC, |  |  |
| 5.70%, 5/30/41  | 300 | 298 |
| BHP Billiton Finance U.S.A. Ltd., |  |  |
| 4.13%, 2/24/42  | 200 | 169 |
| 5.50%, 9/8/53  | 300 | 295 |
| Rio Tinto Alcan, Inc., |  |  |
| 6.13%, 12/15/33  | 100 | 107 |
| 5.75%, 6/1/35  | 100 | 106 |
| Rio Tinto Finance U.S.A. PLC, |  |  |
| 4.75%, 3/22/42  | 150 | 136 |
| 4.13%, 8/21/42  | 300 | 253 |
| Southern Copper Corp., |  |  |
| 7.50%, 7/27/35  | 300 | 341 |
| 6.75%, 4/16/40  | 90 | 97 |
| Vale Overseas Ltd., |  |  |
| 6.13%, 6/12/33  | 600 | 614 |
|  |  | **2416** |
| **Oil & Gas Supply Chain – 0.3%** | **Oil & Gas Supply Chain – 0.3%** | **Oil & Gas Supply Chain – 0.3%** |
| Canadian Natural Resources Ltd., |  |  |
| 3.85%, 6/1/27  | 395 | 389 |
| 7.20%, 1/15/32  | 15 | 17 |
| 6.45%, 6/30/33  | 135 | 143 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **75** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Oil & Gas Supply Chain – 0.3%continued** | **Oil & Gas Supply Chain – 0.3%continued** | **Oil & Gas Supply Chain – 0.3%continued** |
| 6.75%, 2/1/39  | $200 | $216 |
| Cenovus Energy, Inc., |  |  |
| 3.75%, 2/15/52  | 200 | 137 |
| Enbridge, Inc., |  |  |
| 6.00%, 11/15/28  | 400 | 416 |
| 5.63%, 4/5/34  | 300 | 305 |
| 3.40%, 8/1/51  | 300 | 202 |
| 5.95%, 4/5/54  | 100 | 100 |
| Equinor ASA, |  |  |
| 3.00%, 4/6/27  | 52 | 51 |
| 2.38%, 5/22/30  | 870 | 785 |
| 4.25%, 11/23/41  | 350 | 306 |
| Suncor Energy, Inc., |  |  |
| 7.15%, 2/1/32  | 200 | 219 |
| 5.95%, 12/1/34  | 50 | 52 |
| 6.80%, 5/15/38  | 130 | 140 |
| 3.75%, 3/4/51  | 100 | 70 |
| TotalEnergies Capital International S.A., |  |  |
| 2.83%, 1/10/30  | 500 | 467 |
| TotalEnergies Capital S.A., |  |  |
| 5.15%, 4/5/34  | 400 | 405 |
| 5.28%, 9/10/54  | 500 | 471 |
| TransCanada PipeLines Ltd., |  |  |
| 6.10%, 6/1/40  | 200 | 206 |
| 5.10%, 3/15/49  | 400 | 370 |
| Woodside Finance Ltd., |  |  |
| 5.70%, 9/12/54  | 100 | 93 |
|  |  | **5560** |
| **Regional – 0.2%** | **Regional – 0.2%** | **Regional – 0.2%** |
| Province of Alberta Canada, |  |  |
| 4.50%, 1/24/34  | 500 | 496 |
| Province of British Columbia Canada, |  |  |
| 4.80%, 11/15/28  | 750 | 766 |
| 7.25%, 9/1/36  | 175 | 211 |
| Province of Manitoba Canada, |  |  |
| 4.90%, 5/31/34  | 500 | 509 |
| Province of Ontario Canada, |  |  |
| 2.50%, 4/27/26  | 260 | 255 |
| 4.20%, 1/18/29  | 1000 | 1000 |
| 1.13%, 10/7/30  | 426 | 361 |
| 2.13%, 1/21/32  | 60 | 52 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Regional – 0.2%continued** | **Regional – 0.2%continued** | **Regional – 0.2%continued** |
| Province of Quebec Canada, |  |  |
| 7.50%, 9/15/29  | $375 | $424 |
| 4.50%, 9/8/33  | 500 | 497 |
|  |  | **4571** |
| **Retail - Consumer Staples – 0.0%** | **Retail - Consumer Staples – 0.0%** | **Retail - Consumer Staples – 0.0%** |
| Koninklijke Ahold Delhaize N.V., |  |  |
| 5.70%, 10/1/40 | 116 | **118** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| &nbsp;&nbsp; NXP B.V./NXP Funding LLC/NXP <br> U.S.A., Inc.,<br>|  |  |
| 3.40%, 5/1/30  | 1000 | 931 |
| TSMC Arizona Corp., |  |  |
| 3.13%, 10/25/41  | 500 | 391 |
|  |  | **1322** |
| **Sovereign Agencies – 0.0%** | **Sovereign Agencies – 0.0%** | **Sovereign Agencies – 0.0%** |
| &nbsp;&nbsp; Japan International Cooperation <br> Agency,<br>|  |  |
| 4.00%, 5/23/28 | 400 | **398** |
| **Sovereign Government – 1.0%** | **Sovereign Government – 1.0%** | **Sovereign Government – 1.0%** |
| &nbsp;&nbsp; Canada Government International <br> Bond,<br>|  |  |
| 0.75%, 5/19/26  | 2000 | 1928 |
| Chile Government International Bond, |  |  |
| 2.75%, 1/31/27  | 1000 | 965 |
| 3.50%, 1/25/50  | 210 | 148 |
| 5.33%, 1/5/54  | 500 | 467 |
| 3.10%, 1/22/61  | 500 | 298 |
| &nbsp;&nbsp; Indonesia Government International <br> Bond,<br>|  |  |
| 3.50%, 1/11/28  | 500 | 486 |
| 5.35%, 2/11/49  | 1000 | 963 |
| 5.65%, 1/11/53  | 300 | 294 |
| Israel Government International Bond, |  |  |
| 5.38%, 3/12/29  | 1000 | 1007 |
| 4.50%, 1/30/43  | 200 | 169 |
| 3.88%, 7/3/50  | 600 | 424 |
| Korea International Bond, |  |  |
| 2.75%, 1/19/27  | 200 | 195 |
| 3.50%, 9/20/28  | 500 | 488 |
| &nbsp;&nbsp; Mexico Government International <br> Bond,<br>|  |  |
| 5.40%, 2/9/28  | 1000 | 1008 |
| 3.25%, 4/16/30  | 742 | 669 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **76** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Sovereign Government – 1.0%continued** | **Sovereign Government – 1.0%continued** | **Sovereign Government – 1.0%continued** |
| 4.88%, 5/19/33  | $258 | $236 |
| 3.50%, 2/12/34 <sup>(11)</sup> <br>|  |  |
| 6.35%, 2/9/35  | 500 | 501 |
| 4.75%, 3/8/44  | 1000 | 774 |
| 5.55%, 1/21/45  | 500 | 441 |
| 4.60%, 1/23/46  | 500 | 372 |
| 4.35%, 1/15/47  | 500 | 356 |
| 4.40%, 2/12/52  | 700 | 485 |
| 6.34%, 5/4/53  | 500 | 454 |
| &nbsp;&nbsp; Panama Government International <br> Bond,<br>|  |  |
| 3.88%, 3/17/28  | 565 | 535 |
| 3.16%, 1/23/30  | 33 | 29 |
| 2.25%, 9/29/32  | 102 | 74 |
| 6.88%, 1/31/36  | 500 | 480 |
| 4.50%, 5/15/47  | 250 | 164 |
| 4.50%, 4/1/56  | 1000 | 608 |
| &nbsp;&nbsp; Peruvian Government International <br> Bond,<br>|  |  |
| 6.55%, 3/14/37  | 500 | 533 |
| 3.30%, 3/11/41  | 500 | 366 |
| 5.63%, 11/18/50  | 600 | 570 |
| &nbsp;&nbsp; Philippine Government International <br> Bond,<br>|  |  |
| 7.75%, 1/14/31  | 500 | 576 |
| 6.38%, 10/23/34  | 500 | 546 |
| 5.00%, 1/13/37  | 500 | 490 |
| 3.70%, 2/2/42  | 500 | 397 |
| &nbsp;&nbsp; Republic of Italy Government <br> International Bond,<br>|  |  |
| 2.88%, 10/17/29  | 1200 | 1112 |
| 5.38%, 6/15/33  | 175 | 181 |
| &nbsp;&nbsp; Republic of Poland Government <br> International Bond,<br>|  |  |
| 5.50%, 4/4/53  | 500 | 470 |
| 5.50%, 3/18/54  | 200 | 188 |
| &nbsp;&nbsp; Uruguay Government International <br> Bond,<br>|  |  |
| 7.63%, 3/21/36  | 250 | 295 |
| 5.10%, 6/18/50  | 750 | 694 |
|  |  | **21436** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 3.88%, 1/23/28  | $123 | $121 |
| 5.75%, 6/6/28  | 300 | 308 |
| 3.30%, 1/30/32  | 1000 | 886 |
| 5.30%, 1/19/34  | 200 | 199 |
| ORIX Corp., |  |  |
| 5.00%, 9/13/27  | 300 | 303 |
|  |  | **1817** |
| **Steel – 0.0%** | **Steel – 0.0%** | **Steel – 0.0%** |
| ArcelorMittal S.A., |  |  |
| 6.80%, 11/29/32 | 500 | **538** |
| **Supranationals – 1.0%** | **Supranationals – 1.0%** | **Supranationals – 1.0%** |
| African Development Bank, |  |  |
| 4.38%, 3/14/28  | 1000 | 1011 |
| Asian Development Bank, |  |  |
| 2.50%, 11/2/27  | 500 | 482 |
| 4.50%, 8/25/28  | 700 | 711 |
| 4.00%, 1/12/33  | 2000 | 1973 |
| &nbsp;&nbsp; Asian Infrastructure Investment Bank <br> (The),<br>|  |  |
| 4.13%, 1/18/29  | 1000 | 1004 |
| Council of Europe Development Bank, |  |  |
| 4.13%, 1/24/29  | 500 | 501 |
| &nbsp;&nbsp; European Bank for Reconstruction & <br> Development,<br>|  |  |
| 4.38%, 3/9/28  | 1000 | 1011 |
| European Investment Bank, |  |  |
| 2.13%, 4/13/26  | 1500 | 1470 |
| 3.88%, 3/15/28  | 1000 | 998 |
| 4.00%, 2/15/29  | 1000 | 1000 |
| 3.75%, 11/15/29  | 500 | 494 |
| 4.38%, 10/10/31  | 300 | 304 |
| 3.75%, 2/14/33  | 1900 | 1847 |
| 4.88%, 2/15/36  | 200 | 209 |
| Inter-American Development Bank, |  |  |
| 2.00%, 6/2/26  | 803 | 784 |
| 1.13%, 7/20/28  | 197 | 180 |
| 3.13%, 9/18/28  | 1000 | 973 |
| 1.13%, 1/13/31  | 1000 | 847 |
| 3.50%, 4/12/33  | 300 | 285 |
| 3.88%, 10/28/41  | 200 | 179 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **77** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Supranationals – 1.0%continued** | **Supranationals – 1.0%continued** | **Supranationals – 1.0%continued** |
| &nbsp;&nbsp; International Bank for Reconstruction & <br> Development,<br>|  |  |
| 4.00%, 7/25/30  | $500 | $498 |
| 2.50%, 3/29/32  | 1000 | 898 |
| 3.88%, 8/28/34  | 500 | 482 |
| 4.70%, 11/8/34  | 500 | 498 |
| 4.75%, 2/15/35  | 25 | 26 |
| 5.06%, 2/28/39  | 1000 | 1017 |
| International Finance Corp., |  |  |
| 4.25%, 7/2/29  | 1000 | 1008 |
| Nordic Investment Bank, |  |  |
| 4.38%, 3/14/28  | 700 | 707 |
|  |  | **21397** |
| **Technology – 0.0%** | **Technology – 0.0%** | **Technology – 0.0%** |
| RELX Capital, Inc., |  |  |
| 4.75%, 3/27/30 | 300 | **302** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| America Movil S.A.B. de C.V., |  |  |
| 6.13%, 11/15/37  | 505 | 530 |
| &nbsp;&nbsp; Bell Telephone Co. of Canada or Bell <br> Canada,<br>|  |  |
| 4.46%, 4/1/48  | 500 | 407 |
| British Telecommunications PLC, |  |  |
| 5.13%, 12/4/28  | 200 | 203 |
| 9.63%, 12/15/30  | 100 | 122 |
| &nbsp;&nbsp; Deutsche Telekom International Finance <br> B.V.,<br>|  |  |
| 8.75%, 6/15/30  | 400 | 469 |
| Orange S.A., |  |  |
| 9.00%, 3/1/31  | 610 | 737 |
| Rogers Communications, Inc., |  |  |
| 4.50%, 3/15/43  | 45 | 38 |
| 5.45%, 10/1/43  | 49 | 46 |
| 5.00%, 3/15/44  | 81 | 72 |
| 4.55%, 3/15/52  | 500 | 399 |
| Telefonica Emisiones S.A., |  |  |
| 4.10%, 3/8/27  | 469 | 465 |
| 5.21%, 3/8/47  | 570 | 504 |
| TELUS Corp., |  |  |
| 3.40%, 5/13/32  | 400 | 358 |
| Vodafone Group PLC, |  |  |
| 7.88%, 2/15/30  | 2 | 2 |
| 6.15%, 2/27/37  | 59 | 63 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  | **FOREIGN ISSUER BONDS - 6.3% continued**  |
| **Telecommunications – 0.2%continued** | **Telecommunications – 0.2%continued** | **Telecommunications – 0.2%continued** |
| 4.88%, 6/19/49  | $500 | $426 |
| 5.63%, 2/10/53  | 400 | 375 |
|  |  | **5216** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| BAT Capital Corp., |  |  |
| 4.91%, 4/2/30  | 400 | 400 |
| 7.08%, 8/2/53  | 100 | 110 |
| Reynolds American, Inc., |  |  |
| 7.25%, 6/15/37  | 250 | 278 |
| 6.15%, 9/15/43  | 65 | 65 |
| 5.85%, 8/15/45  | 795 | 758 |
|  |  | **1611** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| Canadian National Railway Co., |  |  |
| 6.90%, 7/15/28  | 25 | 27 |
| 6.25%, 8/1/34  | 15 | 17 |
| 6.20%, 6/1/36  | 40 | 43 |
| 6.38%, 11/15/37  | 20 | 22 |
| 4.40%, 8/5/52  | 300 | 254 |
| Canadian Pacific Railway Co., |  |  |
| 5.95%, 5/15/37  | 710 | 743 |
| 4.95%, 8/15/45  | 100 | 92 |
|  |  | **1198** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $140,114)** |  | **135038** |
| **U.S. GOVERNMENT AGENCIES – 26.2%** <sup>(12)</sup> | **U.S. GOVERNMENT AGENCIES – 26.2%** <sup>(12)</sup> | **U.S. GOVERNMENT AGENCIES – 26.2%** <sup>(12)</sup> |
| **Fannie Mae – 11.5%** | **Fannie Mae – 11.5%** | **Fannie Mae – 11.5%** |
| 2.13%, 4/24/26 | 1000 | 980 |
| 1.88%, 9/24/26 | 1000 | 970 |
| 7.13%, 1/15/30 | 1175 | 1331 |
| 0.88%, 8/5/30 | 600 | 509 |
| 6.63%, 11/15/30 | 200 | 225 |
| 5.63%, 7/15/37 | 250 | 276 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M1, <br> Class A2,<br>|  |  |
| 2.42%, 10/25/26<sup>(1) (11)</sup> <br>|  |  |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M11, <br> Class A2,<br>|  |  |
| 2.98%, 8/25/29 | 107 | 101 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M14, <br> Class A2,<br>|  |  |
| 2.81%, 11/25/27<sup>(1)</sup> <br>| 183 | 176 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **78** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M4, <br> Class A2,<br>|  |  |
| 2.55%, 12/25/26<sup>(1)</sup> <br>| $97 | $94 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2017-M8, <br> Class A2,<br>|  |  |
| 3.06%, 5/25/27 | 216 | 211 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M1, <br> Class A2,<br>|  |  |
| 2.99%, 12/25/27<sup>(1)</sup> <br>| 160 | 155 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M10, <br> Class A2,<br>|  |  |
| 3.36%, 7/25/28<sup>(1)</sup> <br>| 196 | 191 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M12, <br> Class A2,<br>|  |  |
| 3.63%, 8/25/30<sup>(1)</sup> <br>| 110 | 106 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M13, <br> Class A2,<br>|  |  |
| 3.74%, 9/25/30<sup>(1)</sup> <br>| 148 | 143 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M2, <br> Class A2,<br>|  |  |
| 2.91%, 1/25/28<sup>(1)</sup> <br>| 110 | 107 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M4, <br> Class A2,<br>|  |  |
| 3.06%, 3/25/28<sup>(1)</sup> <br>| 71 | 69 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2018-M8, <br> Class A2,<br>|  |  |
| 3.30%, 6/25/28<sup>(1)</sup> <br>| 90 | 88 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M18, <br> Class A2,<br>|  |  |
| 2.47%, 8/25/29 | 92 | 85 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M4, <br> Class A2,<br>|  |  |
| 3.61%, 2/25/31 | 135 | 129 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M7, <br> Class A2,<br>|  |  |
| 3.14%, 4/25/29 | 155 | 148 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2019-M9, <br> Class A2,<br>|  |  |
| 2.94%, 6/25/29 | 133 | 126 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M42, <br> Class A2,<br>|  |  |
| 1.27%, 7/25/30 | 200 | 171 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M46, <br> Class A2,<br>|  |  |
| 1.32%, 5/25/30 | 491 | 430 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2020-M52, <br> Class A2,<br>|  |  |
| 1.32%, 10/25/30<sup>(1)</sup> <br>| $350 | $299 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2021-M11, <br> Class A2,<br>|  |  |
| 1.46%, 3/25/31<sup>(1)</sup> <br>| 200 | 169 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2022-M1, <br> Class A2,<br>|  |  |
| 1.67%, 10/25/31<sup>(1)</sup> <br>| 200 | 168 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2022-M10, <br> Class A2,<br>|  |  |
| 1.94%, 1/25/32<sup>(1)</sup> <br>| 250 | 213 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2023-M1S, <br> Class A2,<br>|  |  |
| 4.50%, 4/25/33<sup>(1)</sup> <br>| 350 | 348 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2023-M6, <br> Class A2,<br>|  |  |
| 4.19%, 7/25/28<sup>(1)</sup> <br>| 248 | 247 |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2025-M1, <br> Class A2,<br>|  |  |
| 4.70%, 1/25/35 | 150 | 150 |
| Pool #256925, |  |  |
| 6.00%, 10/1/37 | 4 | 4 |
| Pool #256959, |  |  |
| 6.00%, 11/1/37 | 28 | 29 |
| Pool #257042, |  |  |
| 6.50%, 1/1/38 | 60 | 63 |
| Pool #257237, |  |  |
| 4.50%, 6/1/28 | 4 | 4 |
| Pool #707791, |  |  |
| 5.00%, 6/1/33 | 26 | 27 |
| Pool #725425, |  |  |
| 5.50%, 4/1/34 | 12 | 12 |
| Pool #730811, |  |  |
| 4.50%, 8/1/33 | 14 | 14 |
| Pool #735222, |  |  |
| 5.00%, 2/1/35 | 7 | 7 |
| Pool #735358, |  |  |
| 5.50%, 2/1/35 | 29 | 30 |
| Pool #735502, |  |  |
| 6.00%, 4/1/35 | 4 | 5 |
| Pool #737853, |  |  |
| 5.00%, 9/1/33 | 64 | 64 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **79** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #745336, |  |  |
| 5.00%, 3/1/36 | $145 | $146 |
| Pool #745418, |  |  |
| 5.50%, 4/1/36 | 11 | 11 |
| Pool #745754, |  |  |
| 5.00%, 9/1/34 | 111 | 111 |
| Pool #745826, |  |  |
| 6.00%, 7/1/36 | 45 | 47 |
| Pool #747383, |  |  |
| 5.50%, 10/1/33 | 28 | 28 |
| Pool #755632, |  |  |
| 5.00%, 4/1/34 | 20 | 20 |
| Pool #772730, |  |  |
| 5.00%, 4/1/34 | 21 | 21 |
| Pool #790406, |  |  |
| 6.00%, 9/1/34 | 12 | 12 |
| Pool #793666, |  |  |
| 5.50%, 9/1/34 | 7 | 7 |
| Pool #796250, |  |  |
| 5.50%, 11/1/34 | 14 | 14 |
| Pool #800471, |  |  |
| 5.50%, 10/1/34 | 27 | 28 |
| Pool #817795, |  |  |
| 6.00%, 8/1/36 | 7 | 7 |
| Pool #826057, |  |  |
| 5.00%, 7/1/35 | 23 | 23 |
| Pool #826585, |  |  |
| 5.00%, 8/1/35 | 32 | 32 |
| Pool #828523, |  |  |
| 5.00%, 7/1/35 | 15 | 15 |
| Pool #831676, |  |  |
| 6.50%, 8/1/36 | 3 | 4 |
| Pool #833067, |  |  |
| 5.50%, 9/1/35 | 56 | 57 |
| Pool #833163, |  |  |
| 5.00%, 9/1/35 | 23 | 23 |
| Pool #845425, |  |  |
| 6.00%, 2/1/36 | 7 | 7 |
| Pool #868435, |  |  |
| 6.00%, 4/1/36 | 53 | 55 |
| Pool #869710, |  |  |
| 6.00%, 4/1/36 | 12 | 12 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #871135, |  |  |
| 6.00%, 1/1/37 | $15 | $16 |
| Pool #885866, |  |  |
| 6.00%, 6/1/36 | 56 | 59 |
| Pool #888100, |  |  |
| 5.50%, 9/1/36 | 51 | 52 |
| Pool #888205, |  |  |
| 6.50%, 2/1/37 | 12 | 13 |
| Pool #889224, |  |  |
| 5.50%, 1/1/37 | 54 | 56 |
| Pool #889401, |  |  |
| 6.00%, 3/1/38 | 26 | 28 |
| Pool #889579, |  |  |
| 6.00%, 5/1/38 | 56 | 58 |
| Pool #889630, |  |  |
| 6.50%, 3/1/38 | 6 | 6 |
| Pool #889970, |  |  |
| 5.00%, 12/1/36 | 40 | 40 |
| Pool #890234, |  |  |
| 6.00%, 10/1/38 | 26 | 27 |
| Pool #890796, |  |  |
| 3.50%, 12/1/45 | 484 | 450 |
| Pool #893363, |  |  |
| 5.00%, 6/1/36 | 9 | 9 |
| Pool #893366, |  |  |
| 5.00%, 4/1/35 | 17 | 17 |
| Pool #898417, |  |  |
| 6.00%, 10/1/36 | 7 | 8 |
| Pool #899079, |  |  |
| 5.00%, 3/1/37 | 15 | 15 |
| Pool #902414, |  |  |
| 5.50%, 11/1/36 | 43 | 44 |
| Pool #906090, |  |  |
| 5.50%, 1/1/37 | 31 | 31 |
| Pool #918515, |  |  |
| 5.00%, 6/1/37 | 26 | 26 |
| Pool #923123, |  |  |
| 5.00%, 4/1/36 | 7 | 7 |
| Pool #923166, |  |  |
| 7.50%, 1/1/37 | 4 | 4 |
| Pool #928261, |  |  |
| 4.50%, 3/1/36 | 27 | 27 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **80** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #928584, |  |  |
| 6.50%, 8/1/37 | $81 | $84 |
| Pool #928909, |  |  |
| 6.00%, 12/1/37<sup>(11)</sup> <br>|  |  |
| Pool #928915, |  |  |
| 6.00%, 11/1/37 | 2 | 2 |
| Pool #930606, |  |  |
| 4.00%, 2/1/39 | 125 | 121 |
| Pool #932023, |  |  |
| 5.00%, 1/1/38 | 20 | 20 |
| Pool #940623, |  |  |
| 5.50%, 8/1/37 | 7 | 7 |
| Pool #943388, |  |  |
| 6.00%, 6/1/37 | 27 | 28 |
| Pool #943617, |  |  |
| 6.00%, 8/1/37 | 10 | 11 |
| Pool #945876, |  |  |
| 5.50%, 8/1/37 | 4 | 4 |
| Pool #947216, |  |  |
| 6.00%, 10/1/37 | 17 | 18 |
| Pool #953018, |  |  |
| 6.50%, 10/1/37 | 29 | 31 |
| Pool #953910, |  |  |
| 6.00%, 11/1/37 | 17 | 17 |
| Pool #955771, |  |  |
| 6.50%, 10/1/37 | 10 | 11 |
| Pool #959604, |  |  |
| 6.50%, 11/1/37 | 3 | 4 |
| Pool #959880, |  |  |
| 5.50%, 11/1/37 | 4 | 4 |
| Pool #962687, |  |  |
| 5.00%, 4/1/38 | 30 | 30 |
| Pool #968037, |  |  |
| 6.00%, 1/1/38 | 22 | 22 |
| Pool #969632, |  |  |
| 6.50%, 1/1/38 | 14 | 15 |
| Pool #970013, |  |  |
| 4.50%, 6/1/38 | 62 | 61 |
| Pool #972452, |  |  |
| 5.50%, 3/1/38 | 38 | 38 |
| Pool #981854, |  |  |
| 5.50%, 7/1/38 | 7 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #986760, |  |  |
| 5.50%, 7/1/38 | $89 | $91 |
| Pool #992472, |  |  |
| 6.00%, 10/1/38 | 8 | 8 |
| Pool #995018, |  |  |
| 5.50%, 6/1/38 | 18 | 18 |
| Pool #995203, |  |  |
| 5.00%, 7/1/35 | 116 | 117 |
| Pool #995879, |  |  |
| 6.00%, 4/1/39 | 23 | 24 |
| Pool #AA0649, |  |  |
| 5.00%, 12/1/38 | 85 | 85 |
| Pool #AA4482, |  |  |
| 4.00%, 4/1/39 | 109 | 105 |
| Pool #AA8978, |  |  |
| 4.50%, 7/1/39 | 20 | 20 |
| Pool #AA9357, |  |  |
| 4.50%, 8/1/39 | 97 | 95 |
| Pool #AB2067, |  |  |
| 3.50%, 1/1/41 | 235 | 219 |
| Pool #AB2092, |  |  |
| 4.00%, 1/1/41 | 145 | 139 |
| Pool #AB2693, |  |  |
| 4.50%, 4/1/41 | 141 | 139 |
| Pool #AB2768, |  |  |
| 4.50%, 4/1/41 | 139 | 137 |
| Pool #AB3035, |  |  |
| 5.00%, 5/1/41 | 253 | 255 |
| Pool #AB3246, |  |  |
| 5.00%, 7/1/41 | 54 | 54 |
| Pool #AB4293, |  |  |
| 3.50%, 1/1/42 | 281 | 262 |
| Pool #AB6016, |  |  |
| 3.50%, 8/1/42 | 167 | 156 |
| Pool #AB7076, |  |  |
| 3.00%, 11/1/42 | 837 | 754 |
| Pool #AB7503, |  |  |
| 3.00%, 1/1/43 | 301 | 271 |
| Pool #AB7733, |  |  |
| 3.00%, 1/1/43 | 664 | 597 |
| Pool #AB9019, |  |  |
| 3.00%, 4/1/43 | 347 | 312 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **81** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #AB9136, |  |  |
| 2.50%, 4/1/43 | $37 | $32 |
| Pool #AB9990, |  |  |
| 3.00%, 7/1/33 | 70 | 67 |
| Pool #AC3263, |  |  |
| 4.50%, 9/1/29 | 29 | 29 |
| Pool #AC6118, |  |  |
| 4.50%, 11/1/39 | 61 | 60 |
| Pool #AC8518, |  |  |
| 5.00%, 12/1/39 | 94 | 95 |
| Pool #AD0119, |  |  |
| 6.00%, 7/1/38 | 75 | 79 |
| Pool #AD0639, |  |  |
| 6.00%, 12/1/38 | 25 | 26 |
| Pool #AD0969, |  |  |
| 5.50%, 8/1/37 | 90 | 92 |
| Pool #AD5241, |  |  |
| 4.50%, 7/1/40 | 70 | 69 |
| Pool #AD5525, |  |  |
| 5.00%, 6/1/40 | 108 | 109 |
| Pool #AD5556, |  |  |
| 4.00%, 6/1/25<sup>(11)</sup> <br>|  |  |
| Pool #AD7859, |  |  |
| 5.00%, 6/1/40 | 43 | 44 |
| Pool #AE0981, |  |  |
| 3.50%, 3/1/41 | 180 | 167 |
| Pool #AE1807, |  |  |
| 4.00%, 10/1/40 | 279 | 269 |
| Pool #AE3873, |  |  |
| 4.50%, 10/1/40 | 46 | 45 |
| Pool #AE5436, |  |  |
| 4.50%, 10/1/40 | 73 | 72 |
| Pool #AE7758, |  |  |
| 3.50%, 11/1/25 | 4 | 4 |
| Pool #AH1295, |  |  |
| 3.50%, 1/1/26 | 9 | 9 |
| Pool #AH3226, |  |  |
| 5.00%, 2/1/41 | 35 | 36 |
| Pool #AH4158, |  |  |
| 4.00%, 1/1/41 | 51 | 49 |
| Pool #AH4450, |  |  |
| 3.00%, 1/1/26 | 5 | 5 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #AH5614, |  |  |
| 3.50%, 2/1/26 | $8 | $8 |
| Pool #AH8854, |  |  |
| 4.50%, 4/1/41 | 64 | 63 |
| Pool #AI1247, |  |  |
| 4.00%, 4/1/26 | 6 | 6 |
| Pool #AI3470, |  |  |
| 4.50%, 6/1/41 | 96 | 94 |
| Pool #AI4361, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 8.09% Cap), 7.39%, 9/1/41<sup>(13)</sup> <br>| 2 | 2 |
| Pool #AI4380, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 7.93% Cap), 6.43%, 11/1/41<sup>(13)</sup> <br>| 5 | 5 |
| Pool #AI5603, |  |  |
| 4.50%, 7/1/41 | 56 | 56 |
| Pool #AI7743, |  |  |
| 4.00%, 8/1/41 | 55 | 53 |
| Pool #AI9555, |  |  |
| 4.00%, 9/1/41 | 134 | 129 |
| Pool #AI9828, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.82%, 1.82% Floor, <br> 7.93% Cap), 6.74%, 11/1/41<sup>(13)</sup> <br>| 3 | 3 |
| Pool #AJ4093, |  |  |
| 3.50%, 10/1/26 | 5 | 4 |
| Pool #AJ4408, |  |  |
| 4.50%, 10/1/41 | 58 | 56 |
| Pool #AJ6086, |  |  |
| 3.00%, 12/1/26 | 15 | 15 |
| Pool #AJ9218, |  |  |
| 4.00%, 2/1/42 | 218 | 210 |
| Pool #AJ9326, |  |  |
| 3.50%, 1/1/42 | 474 | 442 |
| Pool #AJ9355, |  |  |
| 3.00%, 1/1/27 | 35 | 35 |
| Pool #AK4813, |  |  |
| 3.50%, 3/1/42 | 165 | 153 |
| Pool #AK4945, |  |  |
| 3.50%, 2/1/42 | 125 | 117 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **82** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #AK7766, |  |  |
| 2.50%, 3/1/27 | $48 | $47 |
| Pool #AK9444, |  |  |
| 4.00%, 3/1/42 | 26 | 25 |
| Pool #AL0442, |  |  |
| 5.50%, 6/1/40 | 28 | 28 |
| Pool #AL1849, |  |  |
| 6.00%, 2/1/39 | 108 | 114 |
| Pool #AL1939, |  |  |
| 3.50%, 6/1/42 | 426 | 397 |
| Pool #AL2243, |  |  |
| 4.00%, 3/1/42 | 294 | 283 |
| Pool #AL2303, |  |  |
| 4.50%, 6/1/26 | 1 | 1 |
| Pool #AL2397, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.72%, 1.72% Floor, <br> 7.78% Cap), 7.37%, 8/1/42<sup>(13)</sup> <br>| 4 | 4 |
| Pool #AL3803, |  |  |
| 3.00%, 6/1/28 | 88 | 87 |
| Pool #AL4462, |  |  |
| 2.50%, 6/1/28 | 112 | 109 |
| Pool #AL5167, |  |  |
| 3.50%, 1/1/34 | 69 | 66 |
| Pool #AL5254, |  |  |
| 3.00%, 11/1/27 | 55 | 55 |
| Pool #AL5377, |  |  |
| 4.00%, 6/1/44 | 963 | 924 |
| Pool #AL5734, |  |  |
| 3.50%, 9/1/29 | 141 | 139 |
| Pool #AL5785, |  |  |
| 4.00%, 9/1/44 | 574 | 549 |
| Pool #AL6488, |  |  |
| 3.50%, 8/1/43 | 222 | 207 |
| Pool #AL7807, |  |  |
| 3.00%, 11/1/30 | 144 | 141 |
| Pool #AL8951, |  |  |
| 3.00%, 8/1/46 | 287 | 254 |
| Pool #AO0752, |  |  |
| 3.00%, 4/1/42 | 180 | 163 |
| Pool #AO0800, |  |  |
| 3.00%, 4/1/27 | 40 | 39 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #AO4136, |  |  |
| 3.50%, 6/1/42 | $239 | $222 |
| Pool #AO8629, |  |  |
| 3.50%, 7/1/42 | 92 | 85 |
| Pool #AP6273, |  |  |
| 3.00%, 10/1/42 | 257 | 231 |
| Pool #AQ6784, |  |  |
| 3.50%, 12/1/42 | 231 | 215 |
| Pool #AQ8185, |  |  |
| 2.50%, 1/1/28 | 27 | 27 |
| Pool #AQ8647, |  |  |
| 3.50%, 12/1/42 | 366 | 341 |
| Pool #AR1706, |  |  |
| 2.50%, 1/1/28 | 309 | 303 |
| Pool #AR3054, |  |  |
| 3.00%, 1/1/28 | 82 | 80 |
| Pool #AR3792, |  |  |
| 3.00%, 2/1/43 | 189 | 170 |
| Pool #AR9188, |  |  |
| 2.50%, 3/1/43 | 61 | 52 |
| Pool #AR9582, |  |  |
| 3.00%, 3/1/43 | 152 | 136 |
| Pool #AS0018, |  |  |
| 3.00%, 7/1/43 | 179 | 161 |
| Pool #AS0275, |  |  |
| 3.00%, 8/1/33 | 89 | 85 |
| Pool #AS3294, |  |  |
| 4.00%, 9/1/44 | 356 | 338 |
| Pool #AS3600, |  |  |
| 3.00%, 10/1/29 | 313 | 306 |
| Pool #AS4085, |  |  |
| 4.00%, 12/1/44 | 163 | 155 |
| Pool #AS4306, |  |  |
| 3.00%, 1/1/45 | 255 | 227 |
| Pool #AS5500, |  |  |
| 3.00%, 7/1/35 | 96 | 91 |
| Pool #AS5666, |  |  |
| 4.00%, 8/1/45 | 229 | 217 |
| Pool #AS5892, |  |  |
| 3.50%, 10/1/45 | 262 | 242 |
| Pool #AS6262, |  |  |
| 3.50%, 11/1/45 | 334 | 308 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **83** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #AS6398, |  |  |
| 3.50%, 12/1/45 | $292 | $269 |
| Pool #AS6730, |  |  |
| 3.50%, 2/1/46 | 436 | 402 |
| Pool #AS7149, |  |  |
| 3.00%, 5/1/46 | 507 | 454 |
| Pool #AS7157, |  |  |
| 3.00%, 5/1/46 | 192 | 171 |
| Pool #AS7247, |  |  |
| 4.00%, 5/1/46 | 98 | 93 |
| Pool #AS7343, |  |  |
| 3.00%, 6/1/46 | 188 | 166 |
| Pool #AS7480, |  |  |
| 2.00%, 7/1/31 | 47 | 44 |
| Pool #AS7580, |  |  |
| 3.00%, 7/1/46 | 225 | 198 |
| Pool #AS8067, |  |  |
| 3.00%, 10/1/46 | 515 | 457 |
| Pool #AS8074, |  |  |
| 3.00%, 10/1/46 | 159 | 141 |
| Pool #AS8178, |  |  |
| 3.00%, 10/1/36 | 54 | 51 |
| Pool #AS8194, |  |  |
| 2.50%, 10/1/31 | 635 | 607 |
| Pool #AS8424, |  |  |
| 3.00%, 12/1/36 | 96 | 90 |
| Pool #AS8699, |  |  |
| 4.00%, 1/1/47 | 566 | 535 |
| Pool #AS8960, |  |  |
| 4.00%, 3/1/47 | 193 | 181 |
| Pool #AS9505, |  |  |
| 3.00%, 4/1/32 | 174 | 168 |
| Pool #AS9615, |  |  |
| 4.50%, 5/1/47 | 118 | 115 |
| Pool #AT2720, |  |  |
| 3.00%, 5/1/43 | 428 | 385 |
| Pool #AT3180, |  |  |
| 3.00%, 5/1/43 | 216 | 194 |
| Pool #AU1657, |  |  |
| 2.50%, 7/1/28 | 69 | 67 |
| Pool #AU1689, |  |  |
| 3.50%, 8/1/43 | 1003 | 935 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #AU3164, |  |  |
| 3.00%, 8/1/33 | $87 | $83 |
| Pool #AU5919, |  |  |
| 3.50%, 9/1/43 | 331 | 309 |
| Pool #AV2339, |  |  |
| 4.00%, 12/1/43 | 176 | 168 |
| Pool #AW8167, |  |  |
| 3.50%, 2/1/42 | 152 | 141 |
| Pool #AW8595, |  |  |
| 3.00%, 8/1/29 | 65 | 64 |
| Pool #AX2163, |  |  |
| 3.50%, 11/1/44 | 187 | 173 |
| Pool #AX4413, |  |  |
| 4.00%, 11/1/44 | 230 | 218 |
| Pool #AX4839, |  |  |
| 3.50%, 11/1/44 | 276 | 256 |
| Pool #AY3062, |  |  |
| 3.00%, 11/1/26 | 21 | 21 |
| Pool #AY9555, |  |  |
| 3.00%, 5/1/45 | 254 | 225 |
| Pool #AZ1449, |  |  |
| 3.00%, 7/1/45 | 199 | 177 |
| Pool #AZ2936, |  |  |
| 3.00%, 9/1/45 | 137 | 122 |
| Pool #AZ2947, |  |  |
| 4.00%, 9/1/45 | 266 | 252 |
| Pool #AZ4775, |  |  |
| 3.50%, 10/1/45 | 180 | 166 |
| Pool #AZ6684, |  |  |
| 3.00%, 2/1/31 | 235 | 227 |
| Pool #BA2911, |  |  |
| 3.00%, 11/1/30 | 77 | 75 |
| Pool #BC0326, |  |  |
| 3.50%, 12/1/45 | 137 | 126 |
| Pool #BC0822, |  |  |
| 3.50%, 4/1/46 | 1177 | 1083 |
| Pool #BC1510, |  |  |
| 3.00%, 8/1/46 | 167 | 148 |
| Pool #BC9096, |  |  |
| 3.50%, 12/1/46 | 242 | 223 |
| Pool #BE3171, |  |  |
| 2.50%, 2/1/32 | 196 | 188 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **84** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #BH1130, |  |  |
| 3.50%, 4/1/32 | $114 | $112 |
| Pool #BH7032, |  |  |
| 3.50%, 12/1/47 | 109 | 100 |
| Pool #BH7106, |  |  |
| 3.50%, 1/1/48 | 240 | 219 |
| Pool #BJ0648, |  |  |
| 3.50%, 3/1/48 | 247 | 225 |
| Pool #BJ9181, |  |  |
| 5.00%, 5/1/48 | 211 | 211 |
| Pool #BJ9260, |  |  |
| 4.00%, 4/1/48 | 196 | 185 |
| Pool #BJ9977, |  |  |
| 4.00%, 5/1/48 | 149 | 140 |
| Pool #BK0276, |  |  |
| 4.00%, 9/1/48 | 80 | 75 |
| Pool #BK0920, |  |  |
| 4.00%, 7/1/48 | 330 | 311 |
| Pool #BK0922, |  |  |
| 4.50%, 7/1/48 | 56 | 55 |
| Pool #BK3044, |  |  |
| 2.50%, 9/1/50 | 428 | 360 |
| Pool #BK4740, |  |  |
| 4.00%, 8/1/48 | 101 | 95 |
| Pool #BK4764, |  |  |
| 4.00%, 8/1/48 | 98 | 92 |
| Pool #BK4816, |  |  |
| 4.00%, 9/1/48 | 140 | 132 |
| Pool #BM1787, |  |  |
| 4.00%, 9/1/47 | 110 | 104 |
| Pool #BM2001, |  |  |
| 3.50%, 12/1/46 | 70 | 64 |
| Pool #BM3286, |  |  |
| 4.50%, 11/1/47 | 40 | 39 |
| Pool #BM5288, |  |  |
| 3.50%, 1/1/34 | 103 | 100 |
| Pool #BM5804, |  |  |
| 5.00%, 1/1/49 | 218 | 218 |
| Pool #BN1176, |  |  |
| 4.50%, 11/1/48 | 92 | 90 |
| Pool #BN1628, |  |  |
| 4.50%, 11/1/48 | 63 | 61 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #BN5947, |  |  |
| 3.50%, 6/1/49 | $150 | $137 |
| Pool #BN6097, |  |  |
| 4.00%, 6/1/49 | 529 | 497 |
| Pool #BN6683, |  |  |
| 3.50%, 6/1/49 | 221 | 201 |
| Pool #BN8985, |  |  |
| 2.00%, 3/1/51 | 316 | 251 |
| Pool #BN9007, |  |  |
| 2.00%, 3/1/51 | 716 | 575 |
| Pool #BO1012, |  |  |
| 3.50%, 8/1/49 | 84 | 77 |
| Pool #BO1021, |  |  |
| 3.50%, 8/1/49 | 108 | 99 |
| Pool #BO1169, |  |  |
| 3.50%, 7/1/49 | 74 | 67 |
| Pool #BO1444, |  |  |
| 3.00%, 10/1/49 | 180 | 158 |
| Pool #BO1461, |  |  |
| 3.00%, 10/1/49 | 102 | 90 |
| Pool #BO3181, |  |  |
| 2.50%, 10/1/49 | 388 | 327 |
| Pool #BO4708, |  |  |
| 3.00%, 11/1/49 | 334 | 293 |
| Pool #BO8620, |  |  |
| 3.00%, 12/1/49 | 391 | 343 |
| Pool #BP3454, |  |  |
| 2.00%, 5/1/36 | 393 | 356 |
| Pool #BP4660, |  |  |
| 2.50%, 5/1/50 | 123 | 104 |
| Pool #BP6496, |  |  |
| 2.00%, 7/1/35 | 567 | 516 |
| Pool #BP6626, |  |  |
| 2.00%, 8/1/50 | 779 | 624 |
| Pool #BP6683, |  |  |
| 2.50%, 9/1/50 | 527 | 443 |
| Pool #BP7273, |  |  |
| 2.50%, 8/1/50 | 309 | 260 |
| Pool #BP7585, |  |  |
| 2.00%, 9/1/50 | 2587 | 2075 |
| Pool #BQ0202, |  |  |
| 2.50%, 8/1/50 | 397 | 335 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **85** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #BQ1147, |  |  |
| 2.50%, 10/1/50 | $575 | $486 |
| Pool #BQ1351, |  |  |
| 2.50%, 8/1/50 | 494 | 417 |
| Pool #BQ4077, |  |  |
| 2.00%, 12/1/50 | 831 | 662 |
| Pool #BQ5056, |  |  |
| 2.00%, 10/1/50 | 308 | 248 |
| Pool #BQ5979, |  |  |
| 2.00%, 11/1/50 | 1326 | 1070 |
| Pool #BR1035, |  |  |
| 2.00%, 5/1/51 | 5229 | 4172 |
| Pool #BR4450, |  |  |
| 1.50%, 2/1/36 | 564 | 496 |
| Pool #BR6042, |  |  |
| 2.00%, 2/1/51 | 1862 | 1490 |
| Pool #BR9755, |  |  |
| 2.00%, 4/1/51 | 1259 | 1019 |
| Pool #BR9761, |  |  |
| 2.00%, 4/1/51 | 949 | 756 |
| Pool #BT1034, |  |  |
| 2.00%, 7/1/51 | 1783 | 1428 |
| Pool #BT2034, |  |  |
| 2.50%, 3/1/42 | 766 | 671 |
| Pool #BT4528, |  |  |
| 2.50%, 9/1/51 | 8447 | 7180 |
| Pool #BT8308, |  |  |
| 4.50%, 8/1/52 | 768 | 736 |
| Pool #BT9031, |  |  |
| 2.00%, 8/1/41 | 751 | 641 |
| Pool #BU0066, |  |  |
| 2.50%, 10/1/51 | 905 | 764 |
| Pool #BU4046, |  |  |
| 5.00%, 7/1/53 | 891 | 875 |
| Pool #BX1915, |  |  |
| 6.00%, 1/1/53 | 692 | 709 |
| Pool #BX6021, |  |  |
| 5.00%, 2/1/53 | 337 | 332 |
| Pool #BY0545, |  |  |
| 5.00%, 5/1/53 | 2091 | 2051 |
| Pool #BY4424, |  |  |
| 5.50%, 7/1/53 | 820 | 820 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #CA0110, |  |  |
| 3.50%, 8/1/47 | $202 | $184 |
| Pool #CA0619, |  |  |
| 4.00%, 10/1/47 | 62 | 59 |
| Pool #CA0620, |  |  |
| 4.00%, 10/1/47 | 775 | 731 |
| Pool #CA0656, |  |  |
| 3.50%, 11/1/47 | 589 | 539 |
| Pool #CA0859, |  |  |
| 3.50%, 12/1/47 | 420 | 384 |
| Pool #CA0917, |  |  |
| 3.50%, 12/1/47 | 371 | 339 |
| Pool #CA1370, |  |  |
| 4.00%, 3/1/48 | 202 | 191 |
| Pool #CA1378, |  |  |
| 4.00%, 3/1/48 | 162 | 152 |
| Pool #CA1564, |  |  |
| 4.50%, 4/1/48 | 69 | 67 |
| Pool #CA1711, |  |  |
| 4.50%, 5/1/48 | 205 | 199 |
| Pool #CA1902, |  |  |
| 4.50%, 6/1/48 | 201 | 196 |
| Pool #CA1909, |  |  |
| 4.50%, 6/1/48 | 107 | 104 |
| Pool #CA1951, |  |  |
| 4.00%, 7/1/48 | 106 | 100 |
| Pool #CA1952, |  |  |
| 4.50%, 6/1/48 | 47 | 46 |
| Pool #CA2056, |  |  |
| 4.50%, 7/1/48 | 62 | 61 |
| Pool #CA2208, |  |  |
| 4.50%, 8/1/48 | 62 | 61 |
| Pool #CA2256, |  |  |
| 3.50%, 8/1/33 | 92 | 90 |
| Pool #CA2366, |  |  |
| 3.50%, 9/1/48 | 66 | 60 |
| Pool #CA2375, |  |  |
| 4.00%, 9/1/48 | 294 | 277 |
| Pool #CA2559, |  |  |
| 4.00%, 11/1/33 | 116 | 115 |
| Pool #CA2729, |  |  |
| 4.50%, 11/1/48 | 252 | 245 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **86** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #CA3640, |  |  |
| 4.00%, 6/1/49 | $267 | $251 |
| Pool #CA4029, |  |  |
| 4.00%, 8/1/49 | 697 | 657 |
| Pool #CA4143, |  |  |
| 3.00%, 9/1/49 | 2217 | 1949 |
| Pool #CA4420, |  |  |
| 3.00%, 10/1/49 | 333 | 293 |
| Pool #CA4792, |  |  |
| 3.00%, 12/1/49 | 199 | 175 |
| Pool #CA5020, |  |  |
| 3.50%, 1/1/50 | 385 | 351 |
| Pool #CA5452, |  |  |
| 3.00%, 3/1/50 | 636 | 559 |
| Pool #CA5508, |  |  |
| 3.00%, 4/1/50 | 786 | 686 |
| Pool #CA5700, |  |  |
| 2.50%, 5/1/50 | 3461 | 2927 |
| Pool #CA6072, |  |  |
| 2.50%, 6/1/50 | 328 | 276 |
| Pool #CA6074, |  |  |
| 2.50%, 6/1/50 | 459 | 386 |
| Pool #CA6144, |  |  |
| 2.50%, 6/1/50 | 519 | 437 |
| Pool #CA6290, |  |  |
| 3.00%, 7/1/50 | 383 | 337 |
| Pool #CA6305, |  |  |
| 2.50%, 7/1/50 | 895 | 752 |
| Pool #CA6339, |  |  |
| 2.50%, 7/1/50 | 929 | 781 |
| Pool #CA6346, |  |  |
| 2.50%, 7/1/50 | 535 | 450 |
| Pool #CA6563, |  |  |
| 2.50%, 8/1/35 | 419 | 390 |
| Pool #CA6601, |  |  |
| 2.50%, 8/1/50 | 387 | 325 |
| Pool #CA6951, |  |  |
| 2.50%, 9/1/50 | 361 | 304 |
| Pool #CA6962, |  |  |
| 2.50%, 9/1/50 | 538 | 454 |
| Pool #CA7216, |  |  |
| 2.00%, 10/1/50 | 2286 | 1835 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #CA7232, |  |  |
| 2.50%, 10/1/50 | $1021 | $858 |
| Pool #CA7596, |  |  |
| 2.00%, 11/1/50 | 393 | 313 |
| Pool #CA7600, |  |  |
| 2.50%, 11/1/50 | 1067 | 897 |
| Pool #CA7697, |  |  |
| 1.50%, 11/1/50 | 1381 | 1048 |
| Pool #CA7736, |  |  |
| 2.50%, 11/1/50 | 1072 | 901 |
| Pool #CA8043, |  |  |
| 2.50%, 12/1/50 | 645 | 543 |
| Pool #CA9143, |  |  |
| 2.00%, 2/1/36 | 722 | 658 |
| Pool #CA9355, |  |  |
| 2.00%, 3/1/41 | 418 | 357 |
| Pool #CA9418, |  |  |
| 1.50%, 3/1/36 | 119 | 105 |
| Pool #CB0113, |  |  |
| 2.00%, 4/1/41 | 647 | 552 |
| Pool #CB0325, |  |  |
| 2.00%, 4/1/51 | 1498 | 1198 |
| Pool #CB1903, |  |  |
| 2.50%, 10/1/51 | 1458 | 1231 |
| Pool #CB2049, |  |  |
| 2.50%, 11/1/51 | 1621 | 1349 |
| Pool #CB2079, |  |  |
| 2.00%, 11/1/51 | 3738 | 3006 |
| Pool #CB3597, |  |  |
| 3.50%, 5/1/52 | 1445 | 1304 |
| Pool #CB3705, |  |  |
| 3.00%, 5/1/37 | 216 | 206 |
| Pool #CB4377, |  |  |
| 4.00%, 8/1/52 | 505 | 472 |
| Pool #CB5094, |  |  |
| 6.50%, 11/1/52 | 1154 | 1212 |
| Pool #CB6031, |  |  |
| 5.00%, 4/1/53 | 85 | 84 |
| Pool #CB6034, |  |  |
| 6.50%, 4/1/53 | 286 | 296 |
| Pool #CB6750, |  |  |
| 5.50%, 7/1/53 | 969 | 971 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **87** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #CB6755, |  |  |
| 6.00%, 7/1/53 | $836 | $855 |
| Pool #CB6933, |  |  |
| 6.50%, 8/1/53 | 255 | 267 |
| Pool #CB7120, |  |  |
| 6.00%, 9/1/53 | 350 | 358 |
| Pool #CB7123, |  |  |
| 6.00%, 9/1/53 | 332 | 340 |
| Pool #CB7444, |  |  |
| 6.50%, 11/1/53 | 836 | 876 |
| Pool #CB8484, |  |  |
| 5.50%, 5/1/54 | 679 | 679 |
| Pool #CB8821, |  |  |
| 6.00%, 7/1/54 | 925 | 949 |
| Pool #CB9323, |  |  |
| 5.50%, 10/1/54 | 975 | 983 |
| Pool #DA0508, |  |  |
| 6.00%, 10/1/53 | 319 | 324 |
| Pool #FA0684, |  |  |
| 6.00%, 2/1/55 | 1993 | 2024 |
| Pool #FM1496, |  |  |
| 3.50%, 9/1/49 | 1083 | 988 |
| Pool #FM1708, |  |  |
| 3.00%, 12/1/45 | 213 | 191 |
| Pool #FM1742, |  |  |
| 3.00%, 10/1/49 | 210 | 185 |
| Pool #FM1938, |  |  |
| 4.50%, 9/1/49 | 348 | 338 |
| Pool #FM2305, |  |  |
| 3.50%, 2/1/50 | 540 | 492 |
| Pool #FM2715, |  |  |
| 3.00%, 3/1/50 | 139 | 123 |
| Pool #FM2778, |  |  |
| 3.00%, 3/1/50 | 904 | 794 |
| Pool #FM2963, |  |  |
| 3.00%, 2/1/50 | 753 | 665 |
| Pool #FM3125, |  |  |
| 3.50%, 3/1/50 | 757 | 688 |
| Pool #FM3225, |  |  |
| 3.00%, 5/1/50 | 501 | 441 |
| Pool #FM3610, |  |  |
| 4.00%, 6/1/50 | 282 | 265 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #FM3747, |  |  |
| 2.50%, 8/1/50 | $839 | $707 |
| Pool #FM4055, |  |  |
| 2.50%, 8/1/50 | 5706 | 4819 |
| Pool #FM4149, |  |  |
| 3.00%, 9/1/50 | 2544 | 2234 |
| Pool #FM4193, |  |  |
| 2.50%, 9/1/50 | 586 | 495 |
| Pool #FM4476, |  |  |
| 2.00%, 10/1/50 | 1545 | 1245 |
| Pool #FM4544, |  |  |
| 2.00%, 10/1/50 | 805 | 646 |
| Pool #FM4598, |  |  |
| 2.00%, 11/1/40 | 182 | 155 |
| Pool #FM4734, |  |  |
| 2.00%, 11/1/35 | 949 | 865 |
| Pool #FM4799, |  |  |
| 2.00%, 11/1/50 | 677 | 547 |
| Pool #FM4868, |  |  |
| 2.00%, 11/1/50 | 1133 | 915 |
| Pool #FM4951, |  |  |
| 1.50%, 11/1/35 | 446 | 393 |
| Pool #FM5087, |  |  |
| 2.00%, 12/1/50 | 473 | 381 |
| Pool #FM5210, |  |  |
| 2.00%, 12/1/50 | 681 | 557 |
| Pool #FM5534, |  |  |
| 2.00%, 1/1/41 | 269 | 230 |
| Pool #FM5570, |  |  |
| 2.00%, 1/1/36 | 550 | 502 |
| Pool #FM5849, |  |  |
| 2.00%, 12/1/50 | 889 | 708 |
| Pool #FM6055, |  |  |
| 2.00%, 2/1/51 | 1747 | 1406 |
| Pool #FM6099, |  |  |
| 2.00%, 2/1/51 | 1757 | 1397 |
| Pool #FM6338, |  |  |
| 2.00%, 2/1/51 | 1097 | 883 |
| Pool #FM6496, |  |  |
| 2.00%, 2/1/51 | 495 | 401 |
| Pool #FM6550, |  |  |
| 2.00%, 3/1/51 | 349 | 281 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **88** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #FM6943, |  |  |
| 2.00%, 4/1/51 | $1179 | $952 |
| Pool #FM6964, |  |  |
| 2.00%, 5/1/51 | 941 | 762 |
| Pool #FM6991, |  |  |
| 2.00%, 4/1/51 | 1438 | 1160 |
| Pool #FM7078, |  |  |
| 2.00%, 4/1/51 | 1115 | 904 |
| Pool #FM7080, |  |  |
| 2.00%, 4/1/51 | 572 | 463 |
| Pool #FM7411, |  |  |
| 2.00%, 5/1/51 | 2958 | 2352 |
| Pool #FM7429, |  |  |
| 1.50%, 5/1/36 | 190 | 168 |
| Pool #FM7622, |  |  |
| 2.00%, 5/1/51 | 747 | 604 |
| Pool #FM8146, |  |  |
| 2.00%, 7/1/36 | 1254 | 1140 |
| Pool #FM8848, |  |  |
| 2.50%, 9/1/41 | 730 | 644 |
| Pool #FS0153, |  |  |
| 2.00%, 12/1/36 | 340 | 310 |
| Pool #FS1096, |  |  |
| 2.00%, 1/1/51 | 1272 | 1020 |
| Pool #FS2039, |  |  |
| 2.00%, 2/1/51 | 827 | 663 |
| Pool #FS2442, |  |  |
| 4.00%, 7/1/52 | 765 | 715 |
| Pool #FS2815, |  |  |
| 4.00%, 9/1/52 | 405 | 382 |
| Pool #FS3086, |  |  |
| 5.50%, 10/1/52 | 1519 | 1532 |
| Pool #FS3402, |  |  |
| 5.00%, 11/1/52 | 327 | 322 |
| Pool #FS3421, |  |  |
| 5.00%, 12/1/52 | 340 | 334 |
| Pool #FS3452, |  |  |
| 5.00%, 12/1/52 | 570 | 568 |
| Pool #FS3747, |  |  |
| 5.50%, 12/1/52 | 621 | 622 |
| Pool #FS3762, |  |  |
| 5.00%, 12/1/52 | 468 | 461 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #FS3921, |  |  |
| 5.50%, 2/1/53 | $413 | $419 |
| Pool #FS4041, |  |  |
| 5.50%, 3/1/53 | 607 | 608 |
| Pool #FS4047, |  |  |
| 3.50%, 12/1/42 | 167 | 155 |
| Pool #FS4463, |  |  |
| 1.50%, 8/1/37 | 492 | 432 |
| Pool #FS4485, |  |  |
| 6.00%, 5/1/53 | 570 | 584 |
| Pool #FS4522, |  |  |
| 5.00%, 5/1/53 | 168 | 164 |
| Pool #FS4842, |  |  |
| 5.50%, 6/1/53 | 253 | 255 |
| Pool #FS4931, |  |  |
| 6.00%, 6/1/53 | 858 | 875 |
| Pool #FS5115, |  |  |
| 5.50%, 6/1/53 | 459 | 459 |
| Pool #FS5116, |  |  |
| 5.50%, 6/1/53 | 423 | 426 |
| Pool #FS5119, |  |  |
| 6.00%, 7/1/53 | 2501 | 2567 |
| Pool #FS5304, |  |  |
| 5.50%, 7/1/53 | 172 | 173 |
| Pool #FS5396, |  |  |
| 5.00%, 7/1/53 | 1843 | 1828 |
| Pool #FS5436, |  |  |
| 5.50%, 8/1/53 | 281 | 284 |
| Pool #FS5562, |  |  |
| 2.00%, 3/1/52 | 3089 | 2478 |
| Pool #FS5584, |  |  |
| 6.50%, 8/1/53 | 413 | 432 |
| Pool #FS5696, |  |  |
| 2.00%, 4/1/51 | 271 | 218 |
| Pool #FS5709, |  |  |
| 5.00%, 8/1/53 | 794 | 783 |
| Pool #FS5838, |  |  |
| 6.00%, 9/1/53 | 1180 | 1214 |
| Pool #FS5946, |  |  |
| 2.00%, 3/1/37 | 2502 | 2265 |
| Pool #FS5965, |  |  |
| 6.00%, 10/1/53 | 349 | 358 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **89** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #FS6092, |  |  |
| 6.00%, 10/1/53 | $314 | $320 |
| Pool #FS6315, |  |  |
| 6.50%, 11/1/53 | 412 | 428 |
| Pool #FS6461, |  |  |
| 6.00%, 10/1/53 | 421 | 432 |
| Pool #FS6533, |  |  |
| 6.00%, 6/1/53 | 1745 | 1795 |
| Pool #FS6611, |  |  |
| 7.00%, 12/1/53 | 1446 | 1515 |
| Pool #FS6635, |  |  |
| 3.00%, 11/1/53 | 1395 | 1211 |
| Pool #FS6855, |  |  |
| 6.50%, 2/1/54 | 509 | 530 |
| Pool #FS7033, |  |  |
| 6.00%, 8/1/53 | 611 | 625 |
| Pool #FS8129, |  |  |
| 5.50%, 5/1/54 | 554 | 559 |
| Pool #FS8144, |  |  |
| 5.50%, 5/1/54 | 926 | 938 |
| Pool #MA0361, |  |  |
| 4.00%, 3/1/30 | 25 | 25 |
| Pool #MA0711, |  |  |
| 3.50%, 4/1/31 | 51 | 50 |
| Pool #MA1138, |  |  |
| 3.50%, 8/1/32 | 92 | 90 |
| Pool #MA1141, |  |  |
| 3.00%, 8/1/32 | 44 | 42 |
| Pool #MA1200, |  |  |
| 3.00%, 10/1/32 | 255 | 243 |
| Pool #MA2320, |  |  |
| 3.00%, 7/1/35 | 213 | 200 |
| Pool #MA2473, |  |  |
| 3.50%, 12/1/35 | 85 | 82 |
| Pool #MA2512, |  |  |
| 4.00%, 1/1/46 | 114 | 108 |
| Pool #MA2670, |  |  |
| 3.00%, 7/1/46 | 527 | 468 |
| Pool #MA2672, |  |  |
| 3.00%, 7/1/36 | 110 | 103 |
| Pool #MA2705, |  |  |
| 3.00%, 8/1/46 | 383 | 340 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #MA2737, |  |  |
| 3.00%, 9/1/46 | $178 | $158 |
| Pool #MA2771, |  |  |
| 3.00%, 10/1/46 | 192 | 170 |
| Pool #MA2775, |  |  |
| 2.50%, 10/1/31 | 93 | 89 |
| Pool #MA2781, |  |  |
| 2.50%, 10/1/46 | 145 | 123 |
| Pool #MA2804, |  |  |
| 3.00%, 11/1/36 | 216 | 202 |
| Pool #MA2863, |  |  |
| 3.00%, 1/1/47 | 3174 | 2809 |
| Pool #MA2895, |  |  |
| 3.00%, 2/1/47 | 198 | 175 |
| Pool #MA3028, |  |  |
| 3.50%, 6/1/37 | 167 | 160 |
| Pool #MA3057, |  |  |
| 3.50%, 7/1/47 | 298 | 273 |
| Pool #MA3058, |  |  |
| 4.00%, 7/1/47 | 111 | 105 |
| Pool #MA3059, |  |  |
| 3.50%, 7/1/37 | 28 | 27 |
| Pool #MA3073, |  |  |
| 4.50%, 7/1/47 | 225 | 219 |
| Pool #MA3127, |  |  |
| 3.00%, 9/1/37 | 68 | 63 |
| Pool #MA3150, |  |  |
| 4.50%, 10/1/47 | 126 | 123 |
| Pool #MA3181, |  |  |
| 3.50%, 11/1/37 | 45 | 43 |
| Pool #MA3182, |  |  |
| 3.50%, 11/1/47 | 364 | 333 |
| Pool #MA3184, |  |  |
| 4.50%, 11/1/47 | 43 | 42 |
| Pool #MA3185, |  |  |
| 3.00%, 11/1/37 | 75 | 70 |
| Pool #MA3188, |  |  |
| 3.00%, 11/1/32 | 211 | 204 |
| Pool #MA3211, |  |  |
| 4.00%, 12/1/47 | 69 | 65 |
| Pool #MA3239, |  |  |
| 4.00%, 1/1/48 | 295 | 278 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **90** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #MA3276, |  |  |
| 3.50%, 2/1/48 | $301 | $274 |
| Pool #MA3281, |  |  |
| 4.00%, 2/1/38 | 157 | 153 |
| Pool #MA3334, |  |  |
| 4.50%, 4/1/48 | 224 | 218 |
| Pool #MA3385, |  |  |
| 4.50%, 6/1/48 | 76 | 74 |
| Pool #MA3413, |  |  |
| 4.00%, 7/1/38 | 27 | 26 |
| Pool #MA3443, |  |  |
| 4.00%, 8/1/48 | 70 | 66 |
| Pool #MA3444, |  |  |
| 4.50%, 8/1/48 | 66 | 64 |
| Pool #MA3467, |  |  |
| 4.00%, 9/1/48 | 68 | 64 |
| Pool #MA3492, |  |  |
| 4.00%, 10/1/38 | 23 | 23 |
| Pool #MA3547, |  |  |
| 3.00%, 12/1/33 | 122 | 118 |
| Pool #MA3590, |  |  |
| 4.00%, 2/1/39 | 23 | 23 |
| Pool #MA3685, |  |  |
| 3.00%, 6/1/49 | 117 | 103 |
| Pool #MA3692, |  |  |
| 3.50%, 7/1/49 | 90 | 82 |
| Pool #MA3695, |  |  |
| 3.00%, 7/1/34 | 47 | 45 |
| Pool #MA3744, |  |  |
| 3.00%, 8/1/49 | 131 | 114 |
| Pool #MA3765, |  |  |
| 2.50%, 9/1/49 | 276 | 233 |
| Pool #MA3870, |  |  |
| 2.50%, 12/1/49 | 144 | 122 |
| Pool #MA3871, |  |  |
| 3.00%, 12/1/49 | 134 | 117 |
| Pool #MA3896, |  |  |
| 2.50%, 1/1/35 | 748 | 695 |
| Pool #MA3898, |  |  |
| 3.50%, 1/1/35 | 240 | 233 |
| Pool #MA3902, |  |  |
| 2.50%, 1/1/50 | 139 | 117 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #MA3934, |  |  |
| 3.00%, 2/1/40 | $85 | $79 |
| Pool #MA3958, |  |  |
| 3.00%, 3/1/40 | 87 | 80 |
| Pool #MA4013, |  |  |
| 2.50%, 5/1/35 | 160 | 148 |
| Pool #MA4014, |  |  |
| 3.00%, 5/1/35 | 252 | 239 |
| Pool #MA4053, |  |  |
| 2.50%, 6/1/35 | 663 | 616 |
| Pool #MA4072, |  |  |
| 2.50%, 7/1/40 | 197 | 176 |
| Pool #MA4078, |  |  |
| 2.50%, 7/1/50 | 1184 | 994 |
| Pool #MA4094, |  |  |
| 2.50%, 8/1/40 | 219 | 195 |
| Pool #MA4096, |  |  |
| 2.50%, 8/1/50 | 742 | 623 |
| Pool #MA4099, |  |  |
| 2.50%, 8/1/35 | 684 | 636 |
| Pool #MA4100, |  |  |
| 2.00%, 8/1/50 | 1477 | 1186 |
| Pool #MA4119, |  |  |
| 2.00%, 9/1/50 | 1736 | 1390 |
| Pool #MA4122, |  |  |
| 1.50%, 9/1/35 | 240 | 212 |
| Pool #MA4123, |  |  |
| 2.00%, 9/1/35 | 840 | 765 |
| Pool #MA4128, |  |  |
| 2.00%, 9/1/40 | 375 | 328 |
| Pool #MA4153, |  |  |
| 2.50%, 10/1/40 | 108 | 96 |
| Pool #MA4154, |  |  |
| 1.50%, 10/1/35 | 366 | 323 |
| Pool #MA4155, |  |  |
| 2.00%, 10/1/35 | 923 | 841 |
| Pool #MA4181, |  |  |
| 1.50%, 11/1/50 | 2222 | 1681 |
| Pool #MA4232, |  |  |
| 2.00%, 1/1/41 | 322 | 276 |
| Pool #MA4254, |  |  |
| 1.50%, 2/1/51 | 492 | 371 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **91** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #MA4266, |  |  |
| 1.50%, 2/1/41 | $482 | $400 |
| Pool #MA4278, |  |  |
| 1.50%, 3/1/36 | 1655 | 1457 |
| Pool #MA4280, |  |  |
| 1.50%, 3/1/51 | 854 | 646 |
| Pool #MA4305, |  |  |
| 2.00%, 4/1/51 | 2690 | 2153 |
| Pool #MA4310, |  |  |
| 1.50%, 4/1/41 | 289 | 240 |
| Pool #MA4326, |  |  |
| 2.50%, 5/1/51 | 1027 | 859 |
| Pool #MA4333, |  |  |
| 2.00%, 5/1/41 | 765 | 654 |
| Pool #MA4334, |  |  |
| 2.50%, 5/1/41 | 280 | 248 |
| Pool #MA4496, |  |  |
| 1.50%, 12/1/36 | 1788 | 1570 |
| Pool #MA4500, |  |  |
| 1.50%, 12/1/41 | 391 | 326 |
| Pool #MA4692, |  |  |
| 2.50%, 8/1/37 | 150 | 139 |
| Pool #MA4731, |  |  |
| 3.50%, 9/1/52 | 959 | 866 |
| Pool #MA4732, |  |  |
| 4.00%, 9/1/52 | 4611 | 4303 |
| Pool #MA4733, |  |  |
| 4.50%, 9/1/52 | 5025 | 4815 |
| Pool #MA4779, |  |  |
| 4.00%, 10/1/42 | 156 | 149 |
| Pool #MA4805, |  |  |
| 4.50%, 11/1/52 | 2325 | 2228 |
| Pool #MA4823, |  |  |
| 4.50%, 10/1/37 | 191 | 190 |
| Pool #MA4915, |  |  |
| 5.00%, 2/1/38 | 160 | 161 |
| Pool #MA4991, |  |  |
| 5.50%, 4/1/38 | 100 | 102 |
| Pool #MA5039, |  |  |
| 5.50%, 6/1/53 | 682 | 682 |
| Pool #MA5042, |  |  |
| 4.50%, 6/1/38 | 74 | 74 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** | **Fannie Mae – 11.5%continued** |
| Pool #MA5060, |  |  |
| 5.00%, 6/1/43 | $77 | $77 |
| Pool #MA5088, |  |  |
| 6.00%, 7/1/38 | 128 | 132 |
| Pool #MA5330, |  |  |
| 5.50%, 4/1/39 | 76 | 78 |
| Pool #MA5389, |  |  |
| 6.00%, 6/1/54 | 1143 | 1161 |
| Pool #MA5557, |  |  |
| 4.50%, 12/1/39 | 192 | 190 |
| Pool #MA5559, |  |  |
| 5.50%, 12/1/39 | 276 | 281 |
| Pool #MA5590, |  |  |
| 5.00%, 1/1/40 | 477 | 480 |
| Pool #MA5596, |  |  |
| 4.50%, 1/1/45 | 98 | 95 |
| Pool #MA5597, |  |  |
| 5.00%, 1/1/45 | 196 | 195 |
| Pool TBA, |  |  |
| 4/1/53<sup>(14)</sup> <br>| 2500 | 2450 |
| 4/1/54<sup>(14)</sup> <br>| 7500 | 7490 |
| 4/1/54<sup>(14)</sup> <br>| 4500 | 4570 |
| 4/1/55<sup>(14)</sup> <br>| 3000 | 3093 |
|  |  | **247771** |
| **Federal Farm Credit Bank – 0.2%** | **Federal Farm Credit Bank – 0.2%** | **Federal Farm Credit Bank – 0.2%** |
| &nbsp;&nbsp; Federal Farm Credit Banks Funding <br> Corp.,<br>|  |  |
| 3.38%, 9/15/27 | 1475 | 1456 |
| 4.58%, 9/20/27 | 2000 | 1999 |
|  |  | **3455** |
| **Federal Home Loan Bank – 0.2%** | **Federal Home Loan Bank – 0.2%** | **Federal Home Loan Bank – 0.2%** |
| 1.10%, 8/20/26 | 2000 | 1920 |
| 4.13%, 9/10/27 | 875 | 880 |
| 3.25%, 11/16/28 | 1000 | 978 |
| 5.50%, 7/15/36 | 500 | 543 |
|  |  | **4321** |
| **Freddie Mac – 8.1%** | **Freddie Mac – 8.1%** | **Freddie Mac – 8.1%** |
| Federal Home Loan Mortgage Corp., |  |  |
| 6.75%, 3/15/31 | 700 | 797 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K058, Class A2,<br>|  |  |
| 2.65%, 8/25/26 | 250 | 244 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **92** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K059, Class A2,<br>|  |  |
| 3.12%, 9/25/26 | $100 | $98 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K065, Class A2,<br>|  |  |
| 3.24%, 4/25/27 | 350 | 343 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K067, Class A2,<br>|  |  |
| 3.19%, 7/25/27 | 250 | 244 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K068, Class A2,<br>|  |  |
| 3.24%, 8/25/27 | 150 | 147 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K069, Class A2,<br>|  |  |
| 3.19%, 9/25/27 | 148 | 144 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K072, Class A2,<br>|  |  |
| 3.44%, 12/25/27 | 150 | 147 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K074, Class A2,<br>|  |  |
| 3.60%, 1/25/28 | 150 | 147 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K075, Class A2,<br>|  |  |
| 3.65%, 2/25/28 | 150 | 147 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K076, Class A2,<br>|  |  |
| 3.90%, 4/25/28 | 150 | 148 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K077, Class A2,<br>|  |  |
| 3.85%, 5/25/28 | 200 | 198 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K078, Class A2,<br>|  |  |
| 3.85%, 6/25/28 | 150 | 148 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K079, Class A2,<br>|  |  |
| 3.93%, 6/25/28 | $200 | $198 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K080, Class A2,<br>|  |  |
| 3.93%, 7/25/28 | 200 | 198 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K081, Class A2,<br>|  |  |
| 3.90%, 8/25/28 | 200 | 198 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K083, Class A2,<br>|  |  |
| 4.05%, 9/25/28 | 200 | 199 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K086, Class A2,<br>|  |  |
| 3.86%, 11/25/28 | 200 | 197 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K091, Class A2,<br>|  |  |
| 3.51%, 3/25/29 | 150 | 146 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K092, Class A2,<br>|  |  |
| 3.30%, 4/25/29 | 300 | 289 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K093, Class A2,<br>|  |  |
| 2.98%, 5/25/29 | 200 | 191 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K094, Class A2,<br>|  |  |
| 2.90%, 6/25/29 | 300 | 284 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K102, Class A2,<br>|  |  |
| 2.54%, 10/25/29 | 250 | 232 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K104, Class A2,<br>|  |  |
| 2.25%, 1/25/30 | 250 | 228 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **93** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K105, Class A2,<br>|  |  |
| 1.87%, 1/25/30 | $200 | $179 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K110, Class A2,<br>|  |  |
| 1.48%, 4/25/30 | 335 | 293 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K111, Class A2,<br>|  |  |
| 1.35%, 5/25/30 | 500 | 432 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K112, Class A2,<br>|  |  |
| 1.31%, 5/25/30 | 500 | 431 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K113, Class A2,<br>|  |  |
| 1.34%, 6/25/30 | 500 | 432 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K117, Class A2,<br>|  |  |
| 1.41%, 8/25/30 | 100 | 86 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K119, Class A2,<br>|  |  |
| 1.57%, 9/25/30 | 250 | 216 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K122, Class A2,<br>|  |  |
| 1.52%, 11/25/30 | 200 | 172 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K129, Class A2,<br>|  |  |
| 1.91%, 5/25/31 | 300 | 261 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K141, Class A2,<br>|  |  |
| 2.25%, 2/25/32 | 200 | 174 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K144, Class A2,<br>|  |  |
| 2.45%, 4/25/32 | 500 | 439 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K147, Class A2,<br>|  |  |
| 3.00%, 6/25/32 | $250 | $227 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K148, Class A2,<br>|  |  |
| 3.50%, 7/25/32 | 300 | 281 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-151, Class A2,<br>|  |  |
| 3.80%, 10/25/32 | 300 | 286 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1510, Class A2,<br>|  |  |
| 3.72%, 1/25/31 | 100 | 97 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1510, Class A3,<br>|  |  |
| 3.79%, 1/25/34 | 100 | 94 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1511, Class A2,<br>|  |  |
| 3.47%, 3/25/31 | 100 | 95 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1511, Class A3,<br>|  |  |
| 3.54%, 3/25/34 | 100 | 92 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1512, Class A2,<br>|  |  |
| 2.99%, 5/25/31 | 100 | 92 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1512, Class A3,<br>|  |  |
| 3.06%, 4/25/34 | 100 | 89 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1515, Class A2,<br>|  |  |
| 1.94%, 2/25/35 | 100 | 79 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1517, Class A2,<br>|  |  |
| 1.72%, 7/25/35 | 200 | 154 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **94** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1518, Class A2,<br>|  |  |
| 1.86%, 10/25/35 | $100 | $77 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1519, Class A2,<br>|  |  |
| 2.01%, 12/25/35 | 150 | 117 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-1520, Class A2,<br>|  |  |
| 2.44%, 2/25/36 | 150 | 122 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K1522, Class A2,<br>|  |  |
| 2.36%, 10/25/36 | 100 | 79 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-153, Class A2,<br>|  |  |
| 3.82%, 12/25/32 | 500 | 477 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K154, Class A2,<br>|  |  |
| 3.42%, 4/25/32 | 100 | 96 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-154, Class A2,<br>|  |  |
| 4.35%, 1/25/33 | 200 | 197 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K155, Class A3,<br>|  |  |
| 3.75%, 4/25/33 | 100 | 95 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K157, Class A2,<br>|  |  |
| 3.99%, 5/25/33 | 100 | 98 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K157, Class A3,<br>|  |  |
| 3.99%, 8/25/33 | 100 | 96 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-158, Class A2,<br>|  |  |
| 4.05%, 7/25/33 | 200 | 193 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-159, Class A2,<br>|  |  |
| 4.50%, 7/25/33 | $200 | $199 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-161, Class A2,<br>|  |  |
| 4.90%, 10/25/33 | 100 | 102 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-164, Class A2,<br>|  |  |
| 5.00%, 5/25/34 | 150 | 154 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K-169, Class A2,<br>|  |  |
| 4.66%, 12/25/34 | 200 | 201 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K508, Class A2,<br>|  |  |
| 4.74%, 8/25/28 | 100 | 101 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K510, Class A2,<br>|  |  |
| 5.07%, 10/25/28 | 500 | 511 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K754, Class A2,<br>|  |  |
| 4.94%, 11/25/30 | 250 | 256 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K755, Class A2,<br>|  |  |
| 5.20%, 2/25/31 | 150 | 156 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K757, Class A2,<br>|  |  |
| 4.46%, 8/25/31 | 100 | 100 |
| &nbsp;&nbsp; Freddie Mac Multifamily Structured <br> Pass Through Certificates, Series <br> K760, Class A2,<br>|  |  |
| 4.55%, 1/25/32 | 100 | 100 |
| Pool #QA0127, |  |  |
| 3.50%, 6/1/49 | 513 | 467 |
| Pool #QA1132, |  |  |
| 3.50%, 7/1/49 | 173 | 158 |
| Pool #QA1263, |  |  |
| 3.50%, 7/1/49 | 182 | 166 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **95** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #QA1752, |  |  |
| 3.50%, 8/1/49 | $1072 | $977 |
| Pool #QA1883, |  |  |
| 4.00%, 8/1/49 | 294 | 277 |
| Pool #QA3149, |  |  |
| 3.00%, 10/1/49 | 309 | 272 |
| Pool #QA4699, |  |  |
| 3.00%, 11/1/49 | 183 | 161 |
| Pool #QA8043, |  |  |
| 3.00%, 3/1/50 | 1440 | 1267 |
| Pool #QB0211, |  |  |
| 2.50%, 6/1/50 | 449 | 376 |
| Pool #QB2516, |  |  |
| 2.50%, 8/1/50 | 336 | 282 |
| Pool #QB2545, |  |  |
| 2.00%, 8/1/50 | 1920 | 1540 |
| Pool #QB2682, |  |  |
| 2.50%, 8/1/50 | 377 | 317 |
| Pool #QB2966, |  |  |
| 2.50%, 9/1/50 | 122 | 103 |
| Pool #QB3199, |  |  |
| 2.00%, 9/1/50 | 657 | 527 |
| Pool #QB4275, |  |  |
| 2.00%, 10/1/50 | 270 | 216 |
| Pool #QB5128, |  |  |
| 2.00%, 10/1/50 | 963 | 772 |
| Pool #QB5507, |  |  |
| 2.00%, 11/1/50 | 684 | 555 |
| Pool #QB6246, |  |  |
| 2.00%, 12/1/50 | 318 | 258 |
| Pool #QB6448, |  |  |
| 2.00%, 12/1/50 | 1038 | 832 |
| Pool #QB8131, |  |  |
| 2.00%, 2/1/51 | 3307 | 2651 |
| Pool #QB8132, |  |  |
| 2.00%, 1/1/51 | 851 | 677 |
| Pool #QB9266, |  |  |
| 2.00%, 3/1/51 | 438 | 354 |
| Pool #QB9410, |  |  |
| 2.00%, 1/1/51 | 1312 | 1050 |
| Pool #QC1443, |  |  |
| 2.00%, 5/1/51 | 1764 | 1426 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #QC1809, |  |  |
| 2.00%, 5/1/51 | $428 | $344 |
| Pool #QC2062, |  |  |
| 2.00%, 5/1/51 | 732 | 582 |
| Pool #QC3259, |  |  |
| 2.00%, 6/1/51 | 2848 | 2265 |
| Pool #QC9442, |  |  |
| 2.50%, 10/1/51 | 3739 | 3138 |
| Pool #QD0822, |  |  |
| 3.00%, 11/1/51 | 1030 | 906 |
| Pool #QD2146, |  |  |
| 2.00%, 12/1/51 | 828 | 664 |
| Pool #QE9161, |  |  |
| 4.50%, 9/1/52 | 754 | 723 |
| Pool #QF7121, |  |  |
| 5.50%, 2/1/53 | 838 | 837 |
| Pool #QG5959, |  |  |
| 5.00%, 7/1/53 | 906 | 890 |
| Pool #QG7215, |  |  |
| 5.50%, 7/1/53 | 871 | 871 |
| Pool #QG8401, |  |  |
| 5.50%, 8/1/53 | 660 | 660 |
| Pool #QG8408, |  |  |
| 5.00%, 8/1/53 | 1165 | 1144 |
| Pool #QH1135, |  |  |
| 7.00%, 9/1/53 | 367 | 388 |
| Pool #QI2828, |  |  |
| 5.50%, 4/1/54 | 1008 | 1008 |
| Pool #QJ5279, |  |  |
| 6.00%, 10/1/54 | 970 | 989 |
| Pool #QK0622, |  |  |
| 1.50%, 2/1/41 | 477 | 396 |
| Pool #QN0818, |  |  |
| 2.50%, 10/1/34 | 201 | 188 |
| Pool #QN5018, |  |  |
| 2.00%, 1/1/36 | 489 | 445 |
| Pool #QN5866, |  |  |
| 2.00%, 4/1/36 | 263 | 239 |
| Pool #QN6394, |  |  |
| 1.50%, 5/1/36 | 1405 | 1237 |
| Pool #QN7743, |  |  |
| 2.00%, 9/1/36 | 754 | 684 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **96** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #QN8899, |  |  |
| 2.00%, 12/1/36 | $704 | $637 |
| Pool #RA1196, |  |  |
| 4.00%, 8/1/49 | 690 | 650 |
| Pool #RA1343, |  |  |
| 3.00%, 9/1/49 | 1977 | 1738 |
| Pool #RA1493, |  |  |
| 3.00%, 10/1/49 | 365 | 322 |
| Pool #RA1501, |  |  |
| 3.00%, 10/1/49 | 118 | 104 |
| Pool #RA2010, |  |  |
| 3.50%, 1/1/50 | 219 | 200 |
| Pool #RA2117, |  |  |
| 3.00%, 2/1/50 | 283 | 249 |
| Pool #RA2386, |  |  |
| 3.00%, 4/1/50 | 733 | 644 |
| Pool #RA2457, |  |  |
| 3.00%, 4/1/50 | 438 | 385 |
| Pool #RA2730, |  |  |
| 2.50%, 6/1/50 | 264 | 223 |
| Pool #RA2790, |  |  |
| 2.50%, 6/1/50 | 416 | 350 |
| Pool #RA2853, |  |  |
| 2.50%, 6/1/50 | 505 | 424 |
| Pool #RA2959, |  |  |
| 2.50%, 7/1/50 | 490 | 412 |
| Pool #RA3086, |  |  |
| 2.50%, 7/1/50 | 366 | 308 |
| Pool #RA3306, |  |  |
| 2.50%, 8/1/50 | 345 | 290 |
| Pool #RA3524, |  |  |
| 2.00%, 9/1/50 | 1839 | 1481 |
| Pool #RA3563, |  |  |
| 2.00%, 9/1/50 | 915 | 734 |
| Pool #RA3578, |  |  |
| 2.00%, 9/1/50 | 1201 | 967 |
| Pool #RA3580, |  |  |
| 2.00%, 9/1/50 | 1129 | 910 |
| Pool #RA3662, |  |  |
| 2.50%, 10/1/50 | 557 | 468 |
| Pool #RA3663, |  |  |
| 2.50%, 10/1/50 | 573 | 483 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #RA3723, |  |  |
| 2.00%, 10/1/50 | $1161 | $935 |
| Pool #RA3765, |  |  |
| 2.50%, 10/1/50 | 562 | 473 |
| Pool #RA3913, |  |  |
| 2.50%, 11/1/50 | 2841 | 2407 |
| Pool #RA4209, |  |  |
| 1.50%, 12/1/50 | 1691 | 1282 |
| Pool #RA4218, |  |  |
| 2.50%, 12/1/50 | 7080 | 5966 |
| Pool #RA5204, |  |  |
| 2.00%, 5/1/51 | 1493 | 1188 |
| Pool #RA5373, |  |  |
| 2.00%, 6/1/51 | 695 | 559 |
| Pool #RA6333, |  |  |
| 2.00%, 11/1/51 | 3631 | 2889 |
| Pool #RA6340, |  |  |
| 2.50%, 11/1/51 | 2362 | 1981 |
| Pool #RA7097, |  |  |
| 3.50%, 4/1/52 | 796 | 722 |
| Pool #RA7099, |  |  |
| 2.00%, 1/1/51 | 2547 | 2040 |
| Pool #RA8761, |  |  |
| 5.50%, 3/1/53 | 505 | 510 |
| Pool #RA8791, |  |  |
| 5.00%, 4/1/53 | 1242 | 1221 |
| Pool #RB0452, |  |  |
| 2.00%, 2/1/41 | 784 | 670 |
| Pool #RB5032, |  |  |
| 2.50%, 2/1/40 | 63 | 56 |
| Pool #RB5033, |  |  |
| 3.00%, 2/1/40 | 235 | 217 |
| Pool #RB5043, |  |  |
| 2.50%, 4/1/40 | 117 | 105 |
| Pool #RB5048, |  |  |
| 2.50%, 5/1/40 | 64 | 57 |
| Pool #RB5059, |  |  |
| 2.50%, 7/1/40 | 82 | 73 |
| Pool #RB5066, |  |  |
| 2.50%, 8/1/40 | 221 | 197 |
| Pool #RB5076, |  |  |
| 2.00%, 8/1/40 | 473 | 414 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **97** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #RB5085, |  |  |
| 2.00%, 11/1/40 | $427 | $365 |
| Pool #RB5095, |  |  |
| 2.00%, 1/1/41 | 321 | 274 |
| Pool #RB5110, |  |  |
| 1.50%, 5/1/41 | 1028 | 852 |
| Pool #RB5111, |  |  |
| 2.00%, 5/1/41 | 428 | 366 |
| Pool #RB5131, |  |  |
| 2.00%, 10/1/41 | 748 | 638 |
| Pool #RC1857, |  |  |
| 1.50%, 2/1/36 | 467 | 411 |
| Pool #RC2045, |  |  |
| 2.00%, 6/1/36 | 234 | 212 |
| Pool #RJ1229, |  |  |
| 6.00%, 4/1/54 | 915 | 931 |
| Pool #RJ2693, |  |  |
| 5.00%, 10/1/54 | 490 | 482 |
| Pool #SB0048, |  |  |
| 3.00%, 8/1/34 | 377 | 360 |
| Pool #SB0330, |  |  |
| 2.00%, 5/1/35 | 317 | 289 |
| Pool #SB0434, |  |  |
| 2.00%, 10/1/35 | 530 | 482 |
| Pool #SB0571, |  |  |
| 2.00%, 10/1/36 | 1038 | 939 |
| Pool #SB0726, |  |  |
| 4.00%, 8/1/37 | 286 | 279 |
| Pool #SB0834, |  |  |
| 2.50%, 2/1/36 | 837 | 779 |
| Pool #SB0955, |  |  |
| 5.50%, 8/1/38 | 70 | 71 |
| Pool #SB8045, |  |  |
| 2.50%, 5/1/35 | 138 | 128 |
| Pool #SB8046, |  |  |
| 3.00%, 5/1/35 | 237 | 225 |
| Pool #SB8057, |  |  |
| 2.00%, 8/1/35 | 480 | 437 |
| Pool #SB8058, |  |  |
| 2.50%, 8/1/35 | 549 | 509 |
| Pool #SB8061, |  |  |
| 2.00%, 9/1/35 | 851 | 775 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #SB8067, |  |  |
| 1.50%, 9/1/35 | $222 | $196 |
| Pool #SB8068, |  |  |
| 1.50%, 10/1/35 | 240 | 212 |
| Pool #SB8069, |  |  |
| 2.00%, 10/1/35 | 681 | 620 |
| Pool #SB8073, |  |  |
| 1.50%, 11/1/35 | 311 | 274 |
| Pool #SB8078, |  |  |
| 1.50%, 12/1/35 | 656 | 579 |
| Pool #SB8083, |  |  |
| 1.50%, 1/1/36 | 381 | 335 |
| Pool #SB8092, |  |  |
| 1.50%, 3/1/36 | 683 | 602 |
| Pool #SB8122, |  |  |
| 1.50%, 10/1/36 | 1442 | 1269 |
| Pool #SB8177, |  |  |
| 3.50%, 9/1/37 | 212 | 204 |
| Pool #SB8178, |  |  |
| 4.00%, 9/1/37 | 200 | 195 |
| Pool #SB8182, |  |  |
| 3.00%, 10/1/37 | 295 | 279 |
| Pool #SB8206, |  |  |
| 5.00%, 1/1/38 | 133 | 134 |
| Pool #SB8208, |  |  |
| 5.50%, 1/1/38 | 66 | 67 |
| Pool #SB8233, |  |  |
| 4.50%, 6/1/38 | 194 | 193 |
| Pool #SB8247, |  |  |
| 5.00%, 8/1/38 | 72 | 73 |
| Pool #SB8501, |  |  |
| 2.00%, 8/1/35 | 538 | 490 |
| Pool #SD0163, |  |  |
| 3.00%, 12/1/49 | 542 | 477 |
| Pool #SD0261, |  |  |
| 3.00%, 2/1/50 | 216 | 190 |
| Pool #SD0262, |  |  |
| 3.50%, 2/1/50 | 357 | 328 |
| Pool #SD0410, |  |  |
| 2.50%, 8/1/50 | 1123 | 947 |
| Pool #SD0414, |  |  |
| 2.50%, 8/1/50 | 204 | 172 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **98** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #SD0467, |  |  |
| 2.00%, 12/1/50 | $554 | $441 |
| Pool #SD0537, |  |  |
| 2.00%, 3/1/51 | 2938 | 2336 |
| Pool #SD0608, |  |  |
| 2.50%, 5/1/51 | 2635 | 2244 |
| Pool #SD0764, |  |  |
| 2.50%, 10/1/51 | 2273 | 1920 |
| Pool #SD1592, |  |  |
| 4.00%, 8/1/52 | 679 | 634 |
| Pool #SD1596, |  |  |
| 4.00%, 9/1/52 | 572 | 538 |
| Pool #SD1855, |  |  |
| 5.00%, 9/1/52 | 507 | 500 |
| Pool #SD1958, |  |  |
| 5.00%, 11/1/52 | 334 | 333 |
| Pool #SD2236, |  |  |
| 5.50%, 11/1/52 | 1074 | 1079 |
| Pool #SD2258, |  |  |
| 5.00%, 1/1/53 | 638 | 628 |
| Pool #SD2266, |  |  |
| 5.00%, 1/1/53 | 540 | 533 |
| Pool #SD2666, |  |  |
| 5.00%, 3/1/53 | 618 | 609 |
| Pool #SD2693, |  |  |
| 6.50%, 4/1/53 | 553 | 580 |
| Pool #SD2922, |  |  |
| 5.00%, 5/1/53 | 447 | 440 |
| Pool #SD2936, |  |  |
| 5.00%, 4/1/53 | 348 | 344 |
| Pool #SD3074, |  |  |
| 5.50%, 5/1/53 | 870 | 870 |
| Pool #SD3683, |  |  |
| 5.50%, 9/1/53 | 946 | 951 |
| Pool #SD3713, |  |  |
| 6.50%, 8/1/53 | 874 | 912 |
| Pool #SD3714, |  |  |
| 6.50%, 8/1/53 | 497 | 517 |
| Pool #SD3904, |  |  |
| 6.50%, 9/1/53 | 392 | 408 |
| Pool #SD3913, |  |  |
| 5.50%, 9/1/53 | 267 | 269 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #SD3990, |  |  |
| 5.50%, 9/1/53 | $902 | $915 |
| Pool #SD3992, |  |  |
| 5.50%, 9/1/53 | 543 | 550 |
| Pool #SD4204, |  |  |
| 6.50%, 10/1/53 | 668 | 696 |
| Pool #SD4262, |  |  |
| 6.00%, 11/1/53 | 610 | 629 |
| Pool #SD4668, |  |  |
| 6.00%, 10/1/53 | 423 | 432 |
| Pool #SD4702, |  |  |
| 6.50%, 1/1/54 | 567 | 591 |
| Pool #SD4919, |  |  |
| 6.50%, 2/1/54 | 435 | 459 |
| Pool #SD5058, |  |  |
| 5.50%, 3/1/54 | 284 | 286 |
| Pool #SD5316, |  |  |
| 6.00%, 4/1/54 | 828 | 841 |
| Pool #SD5958, |  |  |
| 6.50%, 8/1/54 | 1054 | 1088 |
| Pool #SD7512, |  |  |
| 3.00%, 2/1/50 | 458 | 404 |
| Pool #SD7536, |  |  |
| 2.50%, 2/1/51 | 5207 | 4405 |
| Pool #SD7539, |  |  |
| 2.00%, 4/1/51 | 355 | 287 |
| Pool #SD7541, |  |  |
| 2.00%, 5/1/51 | 1913 | 1546 |
| Pool #SD8019, |  |  |
| 4.50%, 10/1/49 | 302 | 293 |
| Pool #SD8023, |  |  |
| 2.50%, 11/1/49 | 263 | 222 |
| Pool #SD8029, |  |  |
| 2.50%, 12/1/49 | 295 | 249 |
| Pool #SD8037, |  |  |
| 2.50%, 1/1/50 | 299 | 252 |
| Pool #SD8083, |  |  |
| 2.50%, 8/1/50 | 677 | 569 |
| Pool #SD8090, |  |  |
| 2.00%, 9/1/50 | 2141 | 1718 |
| Pool #SD8097, |  |  |
| 2.00%, 8/1/50 | 1872 | 1503 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **99** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #SD8104, |  |  |
| 1.50%, 11/1/50 | $3685 | $2791 |
| Pool #SD8112, |  |  |
| 1.50%, 12/1/50 | 1095 | 828 |
| Pool #SD8139, |  |  |
| 1.50%, 4/1/51 | 2098 | 1586 |
| Pool #SD8213, |  |  |
| 3.00%, 5/1/52 | 1440 | 1249 |
| Pool #SD8225, |  |  |
| 3.00%, 7/1/52 | 1751 | 1519 |
| Pool #SD8266, |  |  |
| 4.50%, 11/1/52 | 2338 | 2240 |
| Pool #SD8325, |  |  |
| 6.00%, 5/1/53 | 877 | 892 |
| Pool #SD8331, |  |  |
| 5.50%, 6/1/53 | 596 | 596 |
| Pool #SD8332, |  |  |
| 6.00%, 6/1/53 | 651 | 661 |
| Pool #SD8374, |  |  |
| 6.50%, 11/1/53 | 363 | 374 |
| Pool #SD8386, |  |  |
| 7.00%, 12/1/53 | 312 | 325 |
| Pool #SD8399, |  |  |
| 7.50%, 1/1/54 | 172 | 182 |
| 6.50%, 2/1/54 | 684 | 708 |
| Pool #ZA1036, |  |  |
| 4.50%, 2/1/40 | 61 | 60 |
| Pool #ZA1159, |  |  |
| 3.50%, 4/1/42 | 180 | 168 |
| Pool #ZA1165, |  |  |
| 3.50%, 4/1/42 | 269 | 251 |
| Pool #ZA1254, |  |  |
| 3.00%, 10/1/42 | 820 | 737 |
| Pool #ZA1334, |  |  |
| 3.50%, 7/1/42 | 94 | 88 |
| Pool #ZA1361, |  |  |
| 3.50%, 5/1/43 | 136 | 127 |
| Pool #ZA1375, |  |  |
| 4.00%, 9/1/44 | 77 | 73 |
| Pool #ZA1378, |  |  |
| 3.50%, 10/1/44 | 126 | 117 |
| Pool #ZA2773, |  |  |
| 2.50%, 8/1/27 | 27 | 26 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #ZA3862, |  |  |
| 2.50%, 5/1/31 | $183 | $175 |
| Pool #ZA4194, |  |  |
| 3.00%, 4/1/43 | 195 | 176 |
| Pool #ZA4214, |  |  |
| 3.00%, 5/1/43 | 296 | 266 |
| Pool #ZA4715, |  |  |
| 4.00%, 9/1/46 | 483 | 457 |
| Pool #ZA5107, |  |  |
| 4.00%, 11/1/47 | 144 | 136 |
| Pool #ZA5642, |  |  |
| 4.00%, 9/1/48 | 136 | 128 |
| Pool #ZA5950, |  |  |
| 4.50%, 11/1/48 | 357 | 347 |
| Pool #ZI6135, |  |  |
| 5.00%, 9/1/34 | 275 | 277 |
| Pool #ZI6854, |  |  |
| 4.50%, 12/1/37 | 40 | 39 |
| Pool #ZI7645, |  |  |
| 5.00%, 6/1/38 | 68 | 69 |
| Pool #ZI8519, |  |  |
| 4.50%, 2/1/39 | 13 | 13 |
| Pool #ZI9349, |  |  |
| 4.50%, 10/1/39 | 214 | 210 |
| Pool #ZI9657, |  |  |
| 4.50%, 1/1/40 | 268 | 263 |
| Pool #ZI9939, |  |  |
| 4.50%, 4/1/40 | 82 | 81 |
| Pool #ZJ0631, |  |  |
| 4.50%, 10/1/40 | 96 | 95 |
| Pool #ZJ1046, |  |  |
| 4.00%, 1/1/41 | 142 | 137 |
| Pool #ZJ1052, |  |  |
| 4.00%, 1/1/41 | 130 | 125 |
| Pool #ZJ1228, |  |  |
| 4.00%, 2/1/41 | 187 | 180 |
| Pool #ZJ1359, |  |  |
| 4.50%, 3/1/41 | 90 | 89 |
| Pool #ZK5468, |  |  |
| 2.00%, 5/1/28 | 159 | 154 |
| Pool #ZL1714, |  |  |
| 4.50%, 7/1/41 | 127 | 125 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **100** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #ZL1806, |  |  |
| 4.50%, 8/1/41 | $371 | $366 |
| Pool #ZL1922, |  |  |
| 4.00%, 9/1/41 | 40 | 38 |
| Pool #ZL2350, |  |  |
| 3.50%, 11/1/41 | 64 | 59 |
| Pool #ZL3211, |  |  |
| 3.50%, 6/1/42 | 254 | 236 |
| Pool #ZL3551, |  |  |
| 3.50%, 8/1/42 | 381 | 355 |
| Pool #ZL4709, |  |  |
| 3.00%, 1/1/43 | 264 | 237 |
| Pool #ZL5074, |  |  |
| 3.00%, 2/1/43 | 121 | 109 |
| Pool #ZL5915, |  |  |
| 3.50%, 5/1/43 | 561 | 523 |
| Pool #ZL5927, |  |  |
| 3.00%, 5/1/43 | 158 | 142 |
| Pool #ZL6381, |  |  |
| 3.00%, 6/1/43 | 269 | 242 |
| Pool #ZL6467, |  |  |
| 3.00%, 7/1/43 | 207 | 186 |
| Pool #ZL6920, |  |  |
| 3.50%, 8/1/43 | 76 | 70 |
| Pool #ZL7780, |  |  |
| 4.00%, 2/1/44 | 206 | 197 |
| Pool #ZL8709, |  |  |
| 4.00%, 11/1/44 | 83 | 79 |
| Pool #ZM0489, |  |  |
| 4.00%, 11/1/45 | 152 | 144 |
| Pool #ZM0617, |  |  |
| 3.50%, 12/1/45 | 191 | 177 |
| Pool #ZM1194, |  |  |
| 3.00%, 6/1/46 | 233 | 207 |
| Pool #ZM1933, |  |  |
| 3.00%, 10/1/46 | 267 | 236 |
| Pool #ZM2167, |  |  |
| 3.00%, 11/1/46 | 432 | 382 |
| Pool #ZM2286, |  |  |
| 3.50%, 12/1/46 | 700 | 641 |
| Pool #ZM3525, |  |  |
| 3.50%, 6/1/47 | 102 | 93 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #ZM4305, |  |  |
| 3.50%, 9/1/47 | $397 | $363 |
| Pool #ZM4711, |  |  |
| 4.00%, 11/1/47 | 601 | 568 |
| Pool #ZM4736, |  |  |
| 3.50%, 11/1/47 | 143 | 131 |
| Pool #ZM4908, |  |  |
| 3.50%, 11/1/47 | 276 | 252 |
| Pool #ZM5133, |  |  |
| 3.50%, 12/1/47 | 119 | 109 |
| Pool #ZM5397, |  |  |
| 3.50%, 1/1/48 | 204 | 186 |
| Pool #ZM5659, |  |  |
| 3.50%, 2/1/48 | 226 | 206 |
| Pool #ZM5917, |  |  |
| 4.00%, 3/1/48 | 160 | 151 |
| Pool #ZM6682, |  |  |
| 4.50%, 5/1/48 | 135 | 131 |
| Pool #ZM7370, |  |  |
| 4.00%, 7/1/48 | 106 | 100 |
| Pool #ZM7378, |  |  |
| 5.00%, 7/1/48 | 130 | 129 |
| Pool #ZM7849, |  |  |
| 4.00%, 8/1/48 | 48 | 45 |
| Pool #ZM8045, |  |  |
| 4.00%, 9/1/48 | 152 | 143 |
| Pool #ZM8575, |  |  |
| 4.50%, 10/1/48 | 87 | 84 |
| Pool #ZN1506, |  |  |
| 3.50%, 11/1/48 | 533 | 487 |
| Pool #ZN3447, |  |  |
| 3.50%, 2/1/49 | 113 | 103 |
| Pool #ZS0932, |  |  |
| 4.50%, 8/1/34 | 7 | 7 |
| Pool #ZS1567, |  |  |
| 5.00%, 8/1/37 | 10 | 10 |
| Pool #ZS2391, |  |  |
| 5.00%, 9/1/38 | 18 | 18 |
| Pool #ZS2499, |  |  |
| 5.00%, 3/1/38 | 42 | 42 |
| Pool #ZS2533, |  |  |
| 4.50%, 2/1/39 | 44 | 43 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **101** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #ZS2827, |  |  |
| 4.50%, 11/1/39 | $108 | $107 |
| Pool #ZS3554, |  |  |
| 3.50%, 7/1/42 | 174 | 163 |
| Pool #ZS3596, |  |  |
| 4.00%, 6/1/42 | 453 | 435 |
| Pool #ZS4078, |  |  |
| 3.50%, 1/1/45 | 244 | 226 |
| Pool #ZS4127, |  |  |
| 4.50%, 7/1/44 | 105 | 102 |
| Pool #ZS4472, |  |  |
| 3.50%, 2/1/42 | 167 | 156 |
| Pool #ZS4536, |  |  |
| 3.50%, 10/1/43 | 243 | 227 |
| Pool #ZS4584, |  |  |
| 3.00%, 9/1/44 | 92 | 82 |
| Pool #ZS4600, |  |  |
| 4.00%, 1/1/45 | 255 | 241 |
| Pool #ZS4607, |  |  |
| 3.50%, 3/1/45 | 323 | 299 |
| Pool #ZS4617, |  |  |
| 3.00%, 6/1/45 | 167 | 147 |
| Pool #ZS4618, |  |  |
| 3.50%, 6/1/45 | 262 | 242 |
| Pool #ZS4621, |  |  |
| 3.00%, 7/1/45 | 404 | 359 |
| Pool #ZS4627, |  |  |
| 4.00%, 8/1/45 | 87 | 83 |
| Pool #ZS4629, |  |  |
| 3.00%, 9/1/45 | 515 | 459 |
| Pool #ZS4630, |  |  |
| 3.50%, 9/1/45 | 177 | 163 |
| Pool #ZS4634, |  |  |
| 4.00%, 10/1/45 | 105 | 100 |
| Pool #ZS4639, |  |  |
| 4.00%, 11/1/45 | 107 | 102 |
| Pool #ZS4642, |  |  |
| 3.50%, 12/1/45 | 363 | 335 |
| Pool #ZS4655, |  |  |
| 3.50%, 3/1/46 | 178 | 164 |
| Pool #ZS4667, |  |  |
| 3.00%, 6/1/46 | 257 | 228 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #ZS4671, |  |  |
| 3.00%, 8/1/46 | $580 | $515 |
| Pool #ZS4677, |  |  |
| 3.00%, 9/1/46 | 161 | 143 |
| Pool #ZS4703, |  |  |
| 3.00%, 2/1/47 | 169 | 149 |
| Pool #ZS4722, |  |  |
| 3.50%, 6/1/47 | 161 | 147 |
| Pool #ZS4730, |  |  |
| 3.50%, 8/1/47 | 61 | 55 |
| Pool #ZS4740, |  |  |
| 4.00%, 10/1/47 | 289 | 272 |
| Pool #ZS4743, |  |  |
| 3.50%, 11/1/47 | 399 | 364 |
| Pool #ZS4745, |  |  |
| 4.50%, 11/1/47 | 268 | 261 |
| Pool #ZS4747, |  |  |
| 3.50%, 12/1/47 | 110 | 101 |
| Pool #ZS4748, |  |  |
| 4.00%, 12/1/47 | 298 | 281 |
| Pool #ZS4749, |  |  |
| 4.50%, 12/1/47 | 91 | 89 |
| Pool #ZS4752, |  |  |
| 4.00%, 1/1/48 | 236 | 224 |
| Pool #ZS4759, |  |  |
| 3.50%, 3/1/48 | 235 | 215 |
| Pool #ZS4769, |  |  |
| 4.00%, 5/1/48 | 126 | 119 |
| Pool #ZS4773, |  |  |
| 4.50%, 6/1/48 | 39 | 38 |
| Pool #ZS4781, |  |  |
| 4.50%, 7/1/48 | 98 | 95 |
| Pool #ZS4785, |  |  |
| 4.00%, 8/1/48 | 96 | 91 |
| Pool #ZS8023, |  |  |
| 2.00%, 8/1/32 | 35 | 33 |
| Pool #ZS8628, |  |  |
| 2.00%, 11/1/31 | 57 | 54 |
| Pool #ZS8639, |  |  |
| 2.00%, 1/1/32 | 20 | 19 |
| Pool #ZS9449, |  |  |
| 3.50%, 8/1/45 | 264 | 245 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **102** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** | **Freddie Mac – 8.1%continued** |
| Pool #ZS9495, |  |  |
| 3.50%, 10/1/45 | $419 | $388 |
| Pool #ZS9580, |  |  |
| 3.50%, 12/1/45 | 386 | 357 |
| Pool #ZS9805, |  |  |
| 3.00%, 9/1/46 | 399 | 354 |
| Pool #ZS9827, |  |  |
| 3.00%, 10/1/46 | 355 | 315 |
| Pool #ZT0495, |  |  |
| 4.50%, 8/1/48 | 41 | 40 |
| Pool #ZT0524, |  |  |
| 4.50%, 9/1/48 | 225 | 219 |
| Pool #ZT0712, |  |  |
| 4.00%, 10/1/48 | 138 | 130 |
| Pool #ZT0787, |  |  |
| 4.00%, 10/1/48 | 129 | 122 |
| Pool #ZT1702, |  |  |
| 4.00%, 1/1/49 | 237 | 223 |
| Pool #ZT2091, |  |  |
| 3.00%, 6/1/34 | 53 | 51 |
|  |  | **173717** |
| **Freddie Mac Gold – 0.2%** | **Freddie Mac Gold – 0.2%** | **Freddie Mac Gold – 0.2%** |
| Pool #A16753, |  |  |
| 5.00%, 11/1/33 | 22 | 22 |
| Pool #A17665, |  |  |
| 5.00%, 1/1/34 | 21 | 21 |
| Pool #A27950, |  |  |
| 5.50%, 11/1/34 | 50 | 51 |
| Pool #A31136, |  |  |
| 5.50%, 1/1/35 | 103 | 105 |
| Pool #A39306, |  |  |
| 5.50%, 11/1/35 | 20 | 20 |
| Pool #A46224, |  |  |
| 5.00%, 7/1/35 | 5 | 5 |
| Pool #A48104, |  |  |
| 5.00%, 1/1/36 | 21 | 21 |
| Pool #A57604, |  |  |
| 5.00%, 3/1/37 | 30 | 30 |
| Pool #A58718, |  |  |
| 5.50%, 3/1/37 | 4 | 4 |
| Pool #A59081, |  |  |
| 5.50%, 4/1/37 | 23 | 23 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** |
| Pool #A61560, |  |  |
| 5.50%, 10/1/36 | $59 | $60 |
| Pool #A64474, |  |  |
| 5.50%, 9/1/37 | 6 | 6 |
| Pool #A67116, |  |  |
| 7.00%, 10/1/37 | 12 | 13 |
| Pool #A68761, |  |  |
| 5.50%, 9/1/37 | 96 | 98 |
| Pool #A69303, |  |  |
| 6.00%, 11/1/37 | 3 | 3 |
| Pool #A73778, |  |  |
| 5.00%, 2/1/38 | 30 | 30 |
| Pool #A74134, |  |  |
| 7.00%, 2/1/38 | 16 | 17 |
| Pool #A83008, |  |  |
| 5.50%, 11/1/38 | 80 | 82 |
| Pool #A91541, |  |  |
| 5.00%, 3/1/40 | 61 | 62 |
| Pool #C91009, |  |  |
| 5.00%, 11/1/26 | 1 | 1 |
| Pool #C91247, |  |  |
| 5.00%, 4/1/29 | 18 | 18 |
| Pool #C91370, |  |  |
| 4.50%, 5/1/31 | 45 | 45 |
| Pool #C91826, |  |  |
| 3.00%, 5/1/35 | 68 | 64 |
| Pool #C91858, |  |  |
| 3.00%, 12/1/35 | 69 | 65 |
| Pool #C91879, |  |  |
| 3.00%, 6/1/36 | 84 | 79 |
| Pool #C91908, |  |  |
| 3.00%, 1/1/37 | 41 | 38 |
| Pool #D97564, |  |  |
| 5.00%, 1/1/28 | 38 | 38 |
| Pool #D99094, |  |  |
| 3.00%, 3/1/32 | 56 | 54 |
| Pool #E04044, |  |  |
| 3.50%, 8/1/27 | 62 | 61 |
| Pool #G02064, |  |  |
| 5.00%, 2/1/36 | 33 | 33 |
| Pool #G02069, |  |  |
| 5.50%, 3/1/36 | 5 | 5 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **103** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** |
| Pool #G02386, |  |  |
| 6.00%, 11/1/36 | $47 | $49 |
| Pool #G02391, |  |  |
| 6.00%, 11/1/36 | 2 | 2 |
| Pool #G02540, |  |  |
| 5.00%, 11/1/34 | 17 | 17 |
| Pool #G02649, |  |  |
| 6.00%, 1/1/37 | 2 | 2 |
| Pool #G02789, |  |  |
| 6.00%, 4/1/37 | 238 | 249 |
| Pool #G02911, |  |  |
| 6.00%, 4/1/37 | 4 | 4 |
| Pool #G02973, |  |  |
| 6.00%, 6/1/37 | 7 | 7 |
| Pool #G03121, |  |  |
| 5.00%, 6/1/36 | 30 | 30 |
| Pool #G03134, |  |  |
| 5.50%, 8/1/36 | 14 | 14 |
| Pool #G03218, |  |  |
| 6.00%, 9/1/37 | 4 | 5 |
| Pool #G03351, |  |  |
| 6.00%, 9/1/37 | 13 | 14 |
| Pool #G03513, |  |  |
| 6.00%, 11/1/37 | 16 | 17 |
| Pool #G03600, |  |  |
| 7.00%, 11/1/37 | 7 | 8 |
| Pool #G03737, |  |  |
| 6.50%, 11/1/37 | 102 | 107 |
| Pool #G03992, |  |  |
| 6.00%, 3/1/38 | 11 | 11 |
| Pool #G04287, |  |  |
| 5.00%, 5/1/38 | 27 | 27 |
| Pool #G04459, |  |  |
| 5.50%, 6/1/38 | 26 | 26 |
| Pool #G04611, |  |  |
| 6.00%, 7/1/38 | 51 | 54 |
| Pool #G04650, |  |  |
| 6.50%, 9/1/38 | 21 | 22 |
| Pool #G05733, |  |  |
| 5.00%, 11/1/39 | 82 | 83 |
| Pool #G05969, |  |  |
| 5.00%, 8/1/40 | 40 | 40 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** |
| Pool #G06767, |  |  |
| 5.00%, 10/1/41 | $174 | $176 |
| Pool #G06947, |  |  |
| 6.00%, 5/1/40 | 59 | 62 |
| Pool #G08189, |  |  |
| 7.00%, 3/1/37 | 12 | 12 |
| Pool #G08192, |  |  |
| 5.50%, 4/1/37 | 12 | 13 |
| Pool #G08341, |  |  |
| 5.00%, 4/1/39 | 210 | 212 |
| Pool #G14554, |  |  |
| 4.50%, 7/1/26<sup>(11)</sup> <br>|  |  |
| Pool #G14891, |  |  |
| 3.00%, 10/1/28 | 46 | 45 |
| Pool #G15134, |  |  |
| 3.00%, 5/1/29 | 36 | 35 |
| Pool #G16774, |  |  |
| 3.50%, 2/1/34 | 79 | 78 |
| Pool #G18438, |  |  |
| 2.50%, 6/1/27 | 34 | 33 |
| Pool #G18571, |  |  |
| 2.50%, 10/1/30 | 87 | 84 |
| Pool #G18664, |  |  |
| 3.50%, 10/1/32 | 72 | 71 |
| Pool #G30327, |  |  |
| 4.50%, 1/1/27 | 3 | 3 |
| Pool #G67713, |  |  |
| 4.00%, 6/1/48 | 470 | 444 |
| Pool #J14808, |  |  |
| 3.50%, 3/1/26 | 25 | 25 |
| Pool #J16932, |  |  |
| 3.00%, 10/1/26 | 17 | 16 |
| Pool #J17055, |  |  |
| 3.00%, 11/1/26 | 17 | 17 |
| Pool #J17232, |  |  |
| 3.00%, 11/1/26 | 16 | 16 |
| Pool #J20834, |  |  |
| 2.50%, 10/1/27 | 61 | 59 |
| Pool #J22069, |  |  |
| 2.50%, 1/1/28 | 18 | 18 |
| Pool #K90641, |  |  |
| 3.50%, 6/1/33 | 20 | 20 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **104** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** | **Freddie Mac Gold – 0.2%continued** |
| Pool #V60886, |  |  |
| 2.50%, 8/1/30 | $56 | $54 |
| Pool #V60902, |  |  |
| 2.50%, 8/1/30 | 46 | 45 |
| Pool #V61347, |  |  |
| 2.50%, 10/1/31 | 200 | 191 |
|  |  | **3691** |
| **Government National Mortgage Association I – 0.2%** | **Government National Mortgage Association I – 0.2%** | **Government National Mortgage Association I – 0.2%** |
| Pool #510835, |  |  |
| 5.50%, 2/15/35 | 7 | 7 |
| Pool #553463, |  |  |
| 3.50%, 1/15/42 | 224 | 211 |
| Pool #597889, |  |  |
| 5.50%, 6/15/33 | 51 | 54 |
| Pool #614169, |  |  |
| 5.00%, 7/15/33 | 12 | 12 |
| Pool #616879, |  |  |
| 3.50%, 2/15/42 | 172 | 161 |
| Pool #617739, |  |  |
| 6.00%, 10/15/37 | 3 | 3 |
| Pool #634431, |  |  |
| 6.00%, 9/15/34 | 9 | 9 |
| Pool #641416, |  |  |
| 5.50%, 4/15/35 | 40 | 41 |
| Pool #646341, |  |  |
| 6.00%, 11/15/36 | 6 | 6 |
| Pool #648538, |  |  |
| 5.00%, 12/15/35 | 44 | 44 |
| Pool #651753, |  |  |
| 5.50%, 3/15/36 | 3 | 4 |
| Pool #670030, |  |  |
| 3.00%, 7/15/45 | 155 | 139 |
| Pool #675211, |  |  |
| 6.50%, 3/15/38 | 5 | 5 |
| Pool #675484, |  |  |
| 5.50%, 6/15/38 | 13 | 13 |
| Pool #676360, |  |  |
| 6.50%, 10/15/37 | 1 | 2 |
| Pool #682899, |  |  |
| 6.00%, 9/15/40 | 72 | 74 |
| Pool #687824, |  |  |
| 5.50%, 8/15/38 | 34 | 35 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association I – 0.2%continued** | **Government National Mortgage Association I – 0.2%continued** | **Government National Mortgage Association I – 0.2%continued** |
| Pool #687900, |  |  |
| 5.00%, 9/15/38 | $49 | $49 |
| Pool #687901, |  |  |
| 5.00%, 9/15/38 | 16 | 16 |
| Pool #692309, |  |  |
| 6.00%, 1/15/39 | 14 | 14 |
| Pool #697645, |  |  |
| 5.50%, 10/15/38 | 15 | 16 |
| Pool #698236, |  |  |
| 5.00%, 6/15/39 | 87 | 87 |
| Pool #698336, |  |  |
| 4.50%, 5/15/39 | 87 | 85 |
| Pool #699277, |  |  |
| 6.00%, 9/15/38 | 2 | 3 |
| Pool #700918, |  |  |
| 5.50%, 11/15/38 | 15 | 16 |
| Pool #700972, |  |  |
| 5.50%, 11/15/38 | 8 | 8 |
| Pool #703677, |  |  |
| 5.50%, 6/15/39 | 70 | 72 |
| Pool #704185, |  |  |
| 5.50%, 1/15/39 | 10 | 10 |
| Pool #704514, |  |  |
| 4.50%, 5/15/39 | 189 | 186 |
| Pool #717175, |  |  |
| 4.50%, 6/15/39 | 94 | 92 |
| Pool #719262, |  |  |
| 5.00%, 8/15/40 | 55 | 55 |
| Pool #720202, |  |  |
| 4.50%, 7/15/39 | 73 | 72 |
| Pool #723231, |  |  |
| 4.00%, 10/15/39 | 74 | 71 |
| Pool #723339, |  |  |
| 5.00%, 9/15/39 | 41 | 42 |
| Pool #728629, |  |  |
| 4.50%, 1/15/40 | 124 | 123 |
| Pool #736768, |  |  |
| 3.00%, 11/15/42 | 401 | 364 |
| Pool #737286, |  |  |
| 4.50%, 5/15/40 | 100 | 97 |
| Pool #737416, |  |  |
| 3.50%, 9/15/25 | 1 | 1 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **105** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association I – 0.2%continued** | **Government National Mortgage Association I – 0.2%continued** | **Government National Mortgage Association I – 0.2%continued** |
| Pool #738134, |  |  |
| 3.50%, 4/15/26 | $5 | $5 |
| Pool #738247, |  |  |
| 4.50%, 4/15/41 | 53 | 52 |
| Pool #745215, |  |  |
| 4.00%, 7/15/25 | 1 | 1 |
| Pool #747643, |  |  |
| 4.50%, 8/15/40 | 135 | 132 |
| Pool #760874, |  |  |
| 3.50%, 2/15/26 | 3 | 3 |
| Pool #768800, |  |  |
| 4.50%, 6/15/41 | 28 | 28 |
| Pool #773939, |  |  |
| 4.00%, 11/15/41 | 170 | 162 |
| Pool #778957, |  |  |
| 3.50%, 3/15/42 | 214 | 201 |
| Pool #782131, |  |  |
| 5.50%, 12/15/36 | 13 | 13 |
| Pool #782150, |  |  |
| 5.50%, 4/15/37 | 18 | 18 |
| Pool #782259, |  |  |
| 5.00%, 2/15/36 | 35 | 35 |
| Pool #782272, |  |  |
| 5.50%, 2/15/38 | 32 | 33 |
| Pool #782498, |  |  |
| 6.00%, 12/15/38 | 15 | 15 |
| Pool #782584, |  |  |
| 5.00%, 3/15/39 | 20 | 20 |
| Pool #782696, |  |  |
| 5.00%, 6/15/39 | 88 | 89 |
| Pool #782831, |  |  |
| 6.00%, 12/15/39 | 11 | 12 |
| Pool #783176, |  |  |
| 4.00%, 11/15/40 | 239 | 228 |
| Pool #783740, |  |  |
| 2.50%, 12/15/27 | 15 | 15 |
| Pool #AA5391, |  |  |
| 3.50%, 6/15/42 | 13 | 12 |
| Pool #AA6089, |  |  |
| 3.00%, 2/15/43 | 165 | 150 |
| Pool #AB2761, |  |  |
| 3.50%, 8/15/42 | 43 | 40 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association I – 0.2%continued** | **Government National Mortgage Association I – 0.2%continued** | **Government National Mortgage Association I – 0.2%continued** |
| Pool #AB2891, |  |  |
| 3.00%, 9/15/42 | $60 | $55 |
| Pool #AD8781, |  |  |
| 3.00%, 3/15/43 | 145 | 132 |
| Pool #AD9016, |  |  |
| 3.00%, 4/15/43 | 115 | 104 |
| Pool #AL1763, |  |  |
| 3.50%, 1/15/45 | 58 | 54 |
|  |  | **3908** |
| **Government National Mortgage Association II – 5.8%** | **Government National Mortgage Association II – 5.8%** | **Government National Mortgage Association II – 5.8%** |
| Pool #3570, |  |  |
| 6.00%, 6/20/34 | 16 | 16 |
| Pool #3665, |  |  |
| 5.50%, 1/20/35 | 40 | 42 |
| Pool #3852, |  |  |
| 6.00%, 5/20/36 | 7 | 8 |
| Pool #3879, |  |  |
| 6.00%, 7/20/36 | 19 | 20 |
| Pool #3910, |  |  |
| 6.00%, 10/20/36 | 10 | 11 |
| Pool #3994, |  |  |
| 5.00%, 6/20/37 | 7 | 7 |
| Pool #4018, |  |  |
| 6.50%, 8/20/37 | 27 | 28 |
| Pool #4026, |  |  |
| 5.00%, 9/20/37 | 8 | 8 |
| Pool #4027, |  |  |
| 5.50%, 9/20/37 | 4 | 4 |
| Pool #4040, |  |  |
| 6.50%, 10/20/37 | 6 | 6 |
| Pool #4098, |  |  |
| 5.50%, 3/20/38 | 33 | 34 |
| Pool #4116, |  |  |
| 6.50%, 4/20/38 | 13 | 13 |
| Pool #4170, |  |  |
| 6.00%, 6/20/38 | 25 | 26 |
| Pool #4194, |  |  |
| 5.50%, 7/20/38 | 57 | 58 |
| Pool #4243, |  |  |
| 5.00%, 9/20/38 | 14 | 15 |
| Pool #4244, |  |  |
| 5.50%, 9/20/38 | 17 | 17 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **106** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** |
| Pool #4245, |  |  |
| 6.00%, 9/20/38 | $9 | $9 |
| Pool #4269, |  |  |
| 6.50%, 10/20/38 | 13 | 13 |
| Pool #4290, |  |  |
| 5.50%, 11/20/38 | 11 | 11 |
| Pool #4344, |  |  |
| 6.00%, 1/20/39 | 19 | 20 |
| Pool #4345, |  |  |
| 6.50%, 1/20/39 | 14 | 15 |
| Pool #4425, |  |  |
| 5.50%, 4/20/39 | 33 | 34 |
| Pool #4559, |  |  |
| 5.00%, 10/20/39 | 69 | 70 |
| Pool #4561, |  |  |
| 6.00%, 10/20/39 | 40 | 42 |
| Pool #4617, |  |  |
| 4.50%, 1/20/40 | 20 | 20 |
| Pool #4619, |  |  |
| 5.50%, 1/20/40 | 78 | 80 |
| Pool #4713, |  |  |
| 4.50%, 6/20/40 | 59 | 58 |
| Pool #4747, |  |  |
| 5.00%, 7/20/40 | 52 | 53 |
| Pool #4923, |  |  |
| 4.50%, 1/20/41 | 53 | 52 |
| Pool #5050, |  |  |
| 4.00%, 5/20/26 | 7 | 7 |
| Pool #5081, |  |  |
| 4.00%, 6/20/41 | 87 | 83 |
| Pool #5082, |  |  |
| 4.50%, 6/20/41 | 87 | 85 |
| Pool #5114, |  |  |
| 4.00%, 7/20/41 | 324 | 311 |
| Pool #5141, |  |  |
| 5.00%, 8/20/41 | 50 | 51 |
| Pool #5175, |  |  |
| 4.50%, 9/20/41 | 52 | 51 |
| Pool #5202, |  |  |
| 3.50%, 10/20/41 | 137 | 129 |
| Pool #5203, |  |  |
| 4.00%, 10/20/41 | 81 | 78 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** |
| Pool #5232, |  |  |
| 3.50%, 11/20/41 | $257 | $241 |
| Pool #5264, |  |  |
| 5.50%, 12/20/41 | 6 | 6 |
| Pool #5280, |  |  |
| 4.00%, 1/20/42 | 94 | 90 |
| Pool #5304, |  |  |
| 3.50%, 2/20/42 | 96 | 90 |
| Pool #5317, |  |  |
| 5.50%, 2/20/42 | 42 | 43 |
| Pool #5331, |  |  |
| 3.50%, 3/20/42 | 151 | 142 |
| Pool #737602, |  |  |
| 4.00%, 11/20/40 | 120 | 114 |
| Pool #752757, |  |  |
| 4.50%, 11/20/40 | 169 | 165 |
| Pool #755677, |  |  |
| 4.00%, 12/20/40 | 66 | 63 |
| Pool #782433, |  |  |
| 6.00%, 10/20/38 | 36 | 37 |
| Pool #784345, |  |  |
| 3.50%, 7/20/47 | 320 | 304 |
| Pool #AA5970, |  |  |
| 3.00%, 1/20/43 | 450 | 401 |
| Pool #AA6160, |  |  |
| 3.50%, 3/20/43 | 135 | 126 |
| Pool #AA6243, |  |  |
| 3.50%, 4/20/43 | 45 | 42 |
| Pool #AF5097, |  |  |
| 4.00%, 8/20/43 | 389 | 373 |
| Pool #AJ0645, |  |  |
| 3.50%, 7/20/44 | 109 | 100 |
| Pool #AJ3643, |  |  |
| 4.00%, 10/20/44 | 279 | 265 |
| Pool #AO7682, |  |  |
| 4.00%, 8/20/45 | 276 | 261 |
| Pool #BE9902, |  |  |
| 4.50%, 6/20/48 | 53 | 51 |
| Pool #MA0022, |  |  |
| 3.50%, 4/20/42 | 149 | 140 |
| Pool #MA0088, |  |  |
| 3.50%, 5/20/42 | 339 | 317 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **107** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** |
| Pool #MA0220, |  |  |
| 3.50%, 7/20/42 | $176 | $164 |
| Pool #MA0318, |  |  |
| 3.50%, 8/20/42 | 329 | 308 |
| Pool #MA0321, |  |  |
| 5.00%, 8/20/42 | 77 | 78 |
| Pool #MA0391, |  |  |
| 3.00%, 9/20/42 | 761 | 690 |
| Pool #MA0392, |  |  |
| 3.50%, 9/20/42 | 146 | 137 |
| Pool #MA0698, |  |  |
| 3.00%, 1/20/43 | 178 | 162 |
| Pool #MA0826, |  |  |
| 3.00%, 3/20/28 | 18 | 18 |
| Pool #MA0850, |  |  |
| 2.50%, 3/20/43 | 74 | 64 |
| Pool #MA0851, |  |  |
| 3.00%, 3/20/43 | 258 | 234 |
| Pool #MA0934, |  |  |
| 3.50%, 4/20/43 | 102 | 95 |
| Pool #MA1011, |  |  |
| 3.00%, 5/20/43 | 301 | 272 |
| Pool #MA1012, |  |  |
| 3.50%, 5/20/43 | 275 | 257 |
| Pool #MA1089, |  |  |
| 3.00%, 6/20/43 | 318 | 288 |
| Pool #MA1224, |  |  |
| 3.50%, 8/20/43 | 223 | 208 |
| Pool #MA1285, |  |  |
| 3.50%, 9/20/43 | 132 | 123 |
| Pool #MA1839, |  |  |
| 4.00%, 4/20/44 | 67 | 64 |
| Pool #MA1920, |  |  |
| 4.00%, 5/20/44 | 71 | 68 |
| Pool #MA2224, |  |  |
| 4.00%, 9/20/44 | 401 | 384 |
| Pool #MA2444, |  |  |
| 3.00%, 12/20/44 | 47 | 43 |
| Pool #MA2521, |  |  |
| 3.50%, 1/20/45 | 198 | 184 |
| Pool #MA2522, |  |  |
| 4.00%, 1/20/45 | 85 | 82 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** |
| Pool #MA2677, |  |  |
| 3.00%, 3/20/45 | $95 | $85 |
| Pool #MA2753, |  |  |
| 3.00%, 4/20/45 | 261 | 235 |
| Pool #MA2754, |  |  |
| 3.50%, 4/20/45 | 106 | 98 |
| Pool #MA2891, |  |  |
| 3.00%, 6/20/45 | 291 | 262 |
| Pool #MA2892, |  |  |
| 3.50%, 6/20/45 | 100 | 93 |
| Pool #MA2960, |  |  |
| 3.00%, 7/20/45 | 240 | 216 |
| Pool #MA3034, |  |  |
| 3.50%, 8/20/45 | 291 | 271 |
| Pool #MA3104, |  |  |
| 3.00%, 9/20/45 | 347 | 312 |
| Pool #MA3106, |  |  |
| 4.00%, 9/20/45 | 252 | 241 |
| Pool #MA3172, |  |  |
| 3.00%, 10/20/45 | 64 | 57 |
| Pool #MA3174, |  |  |
| 4.00%, 10/20/45 | 140 | 133 |
| Pool #MA3244, |  |  |
| 3.50%, 11/20/45 | 223 | 207 |
| Pool #MA3245, |  |  |
| 4.00%, 11/20/45 | 514 | 491 |
| Pool #MA3310, |  |  |
| 3.50%, 12/20/45 | 832 | 772 |
| Pool #MA3378, |  |  |
| 4.50%, 1/20/46 | 319 | 312 |
| Pool #MA3521, |  |  |
| 3.50%, 3/20/46 | 411 | 382 |
| Pool #MA3522, |  |  |
| 4.00%, 3/20/46 | 118 | 113 |
| Pool #MA3596, |  |  |
| 3.00%, 4/20/46 | 235 | 211 |
| Pool #MA3597, |  |  |
| 3.50%, 4/20/46 | 418 | 387 |
| Pool #MA3662, |  |  |
| 3.00%, 5/20/46 | 391 | 352 |
| Pool #MA3663, |  |  |
| 3.50%, 5/20/46 | 246 | 228 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **108** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** |
| Pool #MA3664, |  |  |
| 4.00%, 5/20/46 | $114 | $109 |
| Pool #MA3735, |  |  |
| 3.00%, 6/20/46 | 472 | 425 |
| Pool #MA3736, |  |  |
| 3.50%, 6/20/46 | 320 | 296 |
| Pool #MA3778, |  |  |
| 3.00%, 7/20/31 | 43 | 42 |
| Pool #MA3802, |  |  |
| 3.00%, 7/20/46 | 558 | 501 |
| Pool #MA3873, |  |  |
| 3.00%, 8/20/46 | 215 | 193 |
| Pool #MA3874, |  |  |
| 3.50%, 8/20/46 | 224 | 208 |
| Pool #MA3936, |  |  |
| 3.00%, 9/20/46 | 490 | 440 |
| Pool #MA4002, |  |  |
| 2.50%, 10/20/46 | 37 | 32 |
| Pool #MA4003, |  |  |
| 3.00%, 10/20/46 | 327 | 294 |
| Pool #MA4067, |  |  |
| 2.50%, 11/20/46 | 306 | 266 |
| Pool #MA4125, |  |  |
| 2.50%, 12/20/46 | 21 | 18 |
| Pool #MA4196, |  |  |
| 3.50%, 1/20/47 | 338 | 313 |
| Pool #MA4322, |  |  |
| 4.00%, 3/20/47 | 129 | 122 |
| Pool #MA4382, |  |  |
| 3.50%, 4/20/47 | 107 | 99 |
| Pool #MA4509, |  |  |
| 3.00%, 6/20/47 | 513 | 460 |
| Pool #MA4512, |  |  |
| 4.50%, 6/20/47 | 188 | 184 |
| Pool #MA4624, |  |  |
| 3.00%, 8/20/32 | 38 | 37 |
| Pool #MA4652, |  |  |
| 3.50%, 8/20/47 | 441 | 407 |
| Pool #MA4718, |  |  |
| 3.00%, 9/20/47 | 257 | 230 |
| Pool #MA4778, |  |  |
| 3.50%, 10/20/47 | 428 | 395 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** |
| Pool #MA4838, |  |  |
| 4.00%, 11/20/47 | $61 | $57 |
| Pool #MA4900, |  |  |
| 3.50%, 12/20/47 | 434 | 401 |
| Pool #MA4962, |  |  |
| 3.50%, 1/20/48 | 398 | 368 |
| Pool #MA4963, |  |  |
| 4.00%, 1/20/48 | 148 | 140 |
| Pool #MA5021, |  |  |
| 4.50%, 2/20/48 | 193 | 188 |
| Pool #MA5077, |  |  |
| 3.50%, 3/20/48 | 463 | 427 |
| Pool #MA5137, |  |  |
| 4.00%, 4/20/48 | 62 | 59 |
| Pool #MA5191, |  |  |
| 3.50%, 5/20/48 | 273 | 251 |
| Pool #MA5264, |  |  |
| 4.00%, 6/20/48 | 156 | 147 |
| Pool #MA5265, |  |  |
| 4.50%, 6/20/48 | 156 | 152 |
| Pool #MA5266, |  |  |
| 5.00%, 6/20/48 | 201 | 200 |
| Pool #MA5330, |  |  |
| 4.00%, 7/20/48 | 207 | 195 |
| Pool #MA5331, |  |  |
| 4.50%, 7/20/48 | 316 | 308 |
| Pool #MA5398, |  |  |
| 4.00%, 8/20/48 | 146 | 138 |
| Pool #MA5399, |  |  |
| 4.50%, 8/20/48 | 156 | 152 |
| Pool #MA5466, |  |  |
| 4.00%, 9/20/48 | 355 | 335 |
| Pool #MA5467, |  |  |
| 4.50%, 9/20/48 | 182 | 177 |
| Pool #MA5528, |  |  |
| 4.00%, 10/20/48 | 204 | 192 |
| Pool #MA5529, |  |  |
| 4.50%, 10/20/48 | 178 | 174 |
| Pool #MA5595, |  |  |
| 4.00%, 11/20/48 | 72 | 68 |
| Pool #MA5653, |  |  |
| 5.00%, 12/20/48 | 228 | 228 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **109** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** |
| Pool #MA5818, |  |  |
| 4.50%, 3/20/49 | $181 | $176 |
| Pool #MA5931, |  |  |
| 4.00%, 5/20/49 | 369 | 347 |
| Pool #MA5985, |  |  |
| 3.50%, 6/20/49 | 385 | 354 |
| Pool #MA6040, |  |  |
| 4.00%, 7/20/49 | 437 | 412 |
| Pool #MA6218, |  |  |
| 3.00%, 10/20/49 | 643 | 572 |
| Pool #MA6310, |  |  |
| 3.00%, 12/20/34 | 34 | 32 |
| Pool #MA6337, |  |  |
| 2.50%, 12/20/49 | 137 | 117 |
| Pool #MA6338, |  |  |
| 3.00%, 12/20/49 | 1462 | 1300 |
| Pool #MA6339, |  |  |
| 3.50%, 12/20/49 | 743 | 683 |
| Pool #MA6408, |  |  |
| 2.50%, 1/20/50 | 362 | 310 |
| Pool #MA6409, |  |  |
| 3.00%, 1/20/50 | 420 | 374 |
| Pool #MA6410, |  |  |
| 3.50%, 1/20/50 | 747 | 687 |
| Pool #MA6654, |  |  |
| 2.00%, 5/20/50 | 1085 | 889 |
| Pool #MA6655, |  |  |
| 2.50%, 5/20/50 | 301 | 257 |
| Pool #MA6709, |  |  |
| 2.50%, 6/20/50 | 1396 | 1196 |
| Pool #MA6765, |  |  |
| 2.50%, 7/20/50 | 1609 | 1375 |
| Pool #MA6819, |  |  |
| 2.50%, 8/20/50 | 895 | 765 |
| Pool #MA6820, |  |  |
| 3.00%, 8/20/50 | 694 | 616 |
| Pool #MA6865, |  |  |
| 2.50%, 9/20/50 | 696 | 596 |
| Pool #MA6866, |  |  |
| 3.00%, 9/20/50 | 3324 | 2954 |
| Pool #MA6930, |  |  |
| 2.00%, 10/20/50 | 1069 | 875 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** |
| Pool #MA6994, |  |  |
| 2.00%, 11/20/50 | $1398 | $1144 |
| Pool #MA6995, |  |  |
| 2.50%, 11/20/50 | 1112 | 950 |
| Pool #MA7051, |  |  |
| 2.00%, 12/20/50 | 931 | 762 |
| Pool #MA7052, |  |  |
| 2.50%, 12/20/50 | 1273 | 1087 |
| Pool #MA7135, |  |  |
| 2.00%, 1/20/51 | 2523 | 2064 |
| Pool #MA7136, |  |  |
| 2.50%, 1/20/51 | 1461 | 1247 |
| Pool #MA7164, |  |  |
| 2.00%, 2/20/36 | 291 | 266 |
| Pool #MA7192, |  |  |
| 2.00%, 2/20/51 | 2950 | 2414 |
| Pool #MA7254, |  |  |
| 2.00%, 3/20/51 | 3263 | 2671 |
| Pool #MA7312, |  |  |
| 2.50%, 4/20/51 | 1249 | 1066 |
| Pool #MA7366, |  |  |
| 2.00%, 5/20/51 | 753 | 616 |
| Pool #MA7367, |  |  |
| 2.50%, 5/20/51 | 1935 | 1651 |
| Pool #MA7417, |  |  |
| 2.00%, 6/20/51 | 2979 | 2437 |
| Pool #MA7418, |  |  |
| 2.50%, 6/20/51 | 1349 | 1151 |
| Pool #MA7471, |  |  |
| 2.00%, 7/20/51 | 2721 | 2227 |
| Pool #MA7472, |  |  |
| 2.50%, 7/20/51 | 2098 | 1791 |
| Pool #MA7534, |  |  |
| 2.50%, 8/20/51 | 1857 | 1585 |
| Pool #MA7535, |  |  |
| 3.00%, 8/20/51 | 874 | 774 |
| Pool #MA7588, |  |  |
| 2.00%, 9/20/51 | 1484 | 1214 |
| Pool #MA7589, |  |  |
| 2.50%, 9/20/51 | 2179 | 1860 |
| Pool #MA7590, |  |  |
| 3.00%, 9/20/51 | 944 | 837 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **110** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** |
| Pool #MA7647, |  |  |
| 1.50%, 10/20/51 | $390 | $306 |
| Pool #MA7649, |  |  |
| 2.50%, 10/20/51 | 1417 | 1209 |
| Pool #MA7704, |  |  |
| 2.00%, 11/20/51 | 1535 | 1256 |
| Pool #MA7705, |  |  |
| 2.50%, 11/20/51 | 1507 | 1286 |
| Pool #MA7880, |  |  |
| 2.00%, 2/20/52 | 1600 | 1309 |
| Pool #MA7881, |  |  |
| 2.50%, 2/20/52 | 1176 | 1004 |
| Pool #MA7936, |  |  |
| 2.50%, 3/20/52 | 785 | 670 |
| Pool #MA7988, |  |  |
| 3.00%, 4/20/52 | 1591 | 1410 |
| Pool #MA7989, |  |  |
| 3.50%, 4/20/52 | 484 | 445 |
| Pool #MA8148, |  |  |
| 3.00%, 7/20/52 | 558 | 494 |
| Pool #MA8151, |  |  |
| 4.50%, 7/20/52 | 1639 | 1577 |
| Pool #MA8199, |  |  |
| 3.50%, 8/20/52 | 897 | 822 |
| Pool #MA8201, |  |  |
| 4.50%, 8/20/52 | 660 | 634 |
| Pool #MA8266, |  |  |
| 3.50%, 9/20/52 | 837 | 767 |
| Pool #MA8267, |  |  |
| 4.00%, 9/20/52 | 1692 | 1586 |
| Pool #MA8268, |  |  |
| 4.50%, 9/20/52 | 832 | 799 |
| Pool #MA8429, |  |  |
| 5.50%, 11/20/52 | 233 | 234 |
| Pool #MA8430, |  |  |
| 6.00%, 11/20/52 | 65 | 66 |
| Pool #MA8489, |  |  |
| 4.50%, 12/20/52 | 1725 | 1663 |
| Pool #MA8490, |  |  |
| 5.00%, 12/20/52 | 1659 | 1639 |
| Pool #MA8491, |  |  |
| 5.50%, 12/20/52 | 1521 | 1527 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** |
| Pool #MA8492, |  |  |
| 6.00%, 12/20/52 | $1239 | $1259 |
| Pool #MA8569, |  |  |
| 5.00%, 1/20/53 | 1656 | 1631 |
| Pool #MA8723, |  |  |
| 4.00%, 3/20/53 | 1640 | 1538 |
| Pool #MA8945, |  |  |
| 4.00%, 6/20/53 | 271 | 254 |
| Pool #MA8947, |  |  |
| 5.00%, 6/20/53 | 895 | 883 |
| Pool #MA8948, |  |  |
| 5.50%, 6/20/53 | 834 | 837 |
| Pool #MA8949, |  |  |
| 6.00%, 6/20/53 | 1764 | 1799 |
| Pool #MA8950, |  |  |
| 6.50%, 6/20/53 | 822 | 844 |
| Pool #MA9015, |  |  |
| 4.50%, 7/20/53 | 917 | 881 |
| Pool #MA9016, |  |  |
| 5.00%, 7/20/53 | 2165 | 2132 |
| Pool #MA9017, |  |  |
| 5.50%, 7/20/53 | 1344 | 1352 |
| Pool #MA9106, |  |  |
| 5.50%, 8/20/53 | 843 | 846 |
| Pool #MA9107, |  |  |
| 6.00%, 8/20/53 | 358 | 365 |
| Pool #MA9240, |  |  |
| 5.00%, 10/20/53 | 745 | 735 |
| Pool #MA9241, |  |  |
| 5.50%, 10/20/53 | 678 | 681 |
| Pool #MA9242, |  |  |
| 6.00%, 10/20/53 | 736 | 751 |
| Pool #MA9243, |  |  |
| 6.50%, 10/20/53 | 300 | 308 |
| Pool #MA9244, |  |  |
| 7.00%, 10/20/53 | 242 | 250 |
| Pool #MA9305, |  |  |
| 5.50%, 11/20/53 | 1118 | 1122 |
| Pool #MA9306, |  |  |
| 6.00%, 11/20/53 | 519 | 529 |
| Pool #MA9307, |  |  |
| 6.50%, 11/20/53 | 308 | 316 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **111** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 26.2%** <sup>(12)</sup>**continued** |
| **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** | **Government National Mortgage Association II – 5.8%continued** |
| Pool #MA9366, |  |  |
| 7.50%, 12/20/53 | $74 | $76 |
| Pool #MA9424, |  |  |
| 6.00%, 1/20/54 | 355 | 361 |
| Pool #MA9425, |  |  |
| 6.50%, 1/20/54 | 719 | 737 |
| Pool #MA9426, |  |  |
| 7.00%, 1/20/54 | 359 | 371 |
| Pool #MA9541, |  |  |
| 5.50%, 3/20/54 | 2220 | 2228 |
| Pool #MA9604, |  |  |
| 5.00%, 4/20/54 | 384 | 378 |
| Pool #MA9605, |  |  |
| 5.50%, 4/20/54 | 468 | 469 |
| Pool #MA9606, |  |  |
| 6.00%, 4/20/54 | 684 | 696 |
| Pool #MA9669, |  |  |
| 6.00%, 5/20/54 | 1553 | 1581 |
| Pool #MA9670, |  |  |
| 6.50%, 5/20/54 | 1124 | 1152 |
| Pool #MA9906, |  |  |
| 5.50%, 9/20/54 | 1280 | 1283 |
| Pool #MA9907, |  |  |
| 6.00%, 9/20/54 | 393 | 399 |
| Pool #MB0025, |  |  |
| 5.00%, 11/20/54 | 991 | 976 |
| Pool #MB0090, |  |  |
| 4.50%, 12/20/54 | 1393 | 1337 |
| Pool #MB0091, |  |  |
| 5.00%, 12/20/54 | 2483 | 2443 |
| Pool #MB0092, |  |  |
| 5.50%, 12/20/54 | 994 | 996 |
|  |  | **123965** |
| **Tennessee Valley Authority – 0.0%** | **Tennessee Valley Authority – 0.0%** | **Tennessee Valley Authority – 0.0%** |
| 5.25%, 9/15/39 | 1050 | **1099** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $626,096)** |  | **561927** |
| **U.S. GOVERNMENT OBLIGATIONS – 43.7%**  | **U.S. GOVERNMENT OBLIGATIONS – 43.7%**  | **U.S. GOVERNMENT OBLIGATIONS – 43.7%**  |
| **U.S. Treasury Bonds – 9.3%** | **U.S. Treasury Bonds – 9.3%** | **U.S. Treasury Bonds – 9.3%** |
| 6.63%, 2/15/27 | 5000 | 5261 |
| 4.50%, 2/15/36 | 700 | 721 |
| 4.75%, 2/15/37 | 500 | 525 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  |
| **U.S. Treasury Bonds – 9.3%continued** | **U.S. Treasury Bonds – 9.3%continued** | **U.S. Treasury Bonds – 9.3%continued** |
| 5.00%, 5/15/37 | $500 | $535 |
| 4.38%, 2/15/38 | 600 | 604 |
| 4.50%, 5/15/38 | 600 | 612 |
| 3.50%, 2/15/39 | 500 | 456 |
| 4.25%, 5/15/39 | 1000 | 985 |
| 4.50%, 8/15/39 | 1000 | 1010 |
| 4.38%, 11/15/39 | 1000 | 995 |
| 4.63%, 2/15/40 | 1000 | 1021 |
| 1.13%, 5/15/40 | 3500 | 2215 |
| 1.13%, 8/15/40 | 3500 | 2193 |
| 3.88%, 8/15/40 | 1000 | 935 |
| 1.38%, 11/15/40 | 4250 | 2762 |
| 1.88%, 2/15/41 | 3700 | 2596 |
| 4.75%, 2/15/41 | 1000 | 1031 |
| 2.25%, 5/15/41 | 3750 | 2779 |
| 4.38%, 5/15/41 | 1000 | 986 |
| 1.75%, 8/15/41 | 5500 | 3727 |
| 3.75%, 8/15/41 | 1000 | 911 |
| 2.00%, 11/15/41 | 1500 | 1054 |
| 3.13%, 11/15/41 | 1000 | 836 |
| 2.38%, 2/15/42 | 4000 | 2969 |
| 3.13%, 2/15/42 | 1000 | 833 |
| 3.00%, 5/15/42 | 750 | 611 |
| 3.25%, 5/15/42 | 3000 | 2535 |
| 2.75%, 8/15/42 | 1500 | 1171 |
| 3.38%, 8/15/42 | 3000 | 2572 |
| 2.75%, 11/15/42 | 2000 | 1556 |
| 4.00%, 11/15/42 | 3000 | 2798 |
| 3.13%, 2/15/43 | 1000 | 821 |
| 3.88%, 2/15/43 | 3000 | 2746 |
| 2.88%, 5/15/43 | 2500 | 1969 |
| 3.88%, 5/15/43 | 3000 | 2738 |
| 3.63%, 8/15/43 | 2000 | 1758 |
| 4.38%, 8/15/43 | 3300 | 3216 |
| 3.75%, 11/15/43 | 2000 | 1786 |
| 4.75%, 11/15/43 | 3000 | 3065 |
| 3.63%, 2/15/44 | 2000 | 1750 |
| 4.50%, 2/15/44 | 3000 | 2964 |
| 3.38%, 5/15/44 | 1000 | 841 |
| 4.63%, 5/15/44 | 3500 | 3511 |
| 3.13%, 8/15/44 | 2000 | 1613 |
| 4.13%, 8/15/44 | 3000 | 2811 |
| 3.00%, 11/15/44 | 2000 | 1576 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **112** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  |
| **U.S. Treasury Bonds – 9.3%continued** | **U.S. Treasury Bonds – 9.3%continued** | **U.S. Treasury Bonds – 9.3%continued** |
| 4.63%, 11/15/44 | $2000 | $2002 |
| 2.50%, 2/15/45 | 2000 | 1442 |
| 3.00%, 5/15/45 | 1500 | 1177 |
| 2.88%, 8/15/45 | 1000 | 766 |
| 3.00%, 11/15/45 | 1000 | 781 |
| 2.50%, 2/15/46 | 2000 | 1422 |
| 2.50%, 5/15/46 | 2000 | 1417 |
| 2.25%, 8/15/46 | 3000 | 2018 |
| 2.88%, 11/15/46 | 1500 | 1133 |
| 3.00%, 2/15/47 | 2000 | 1540 |
| 3.00%, 5/15/47 | 2000 | 1536 |
| 2.75%, 8/15/47 | 3000 | 2194 |
| 2.75%, 11/15/47 | 3000 | 2188 |
| 3.00%, 2/15/48 | 3000 | 2287 |
| 3.13%, 5/15/48 | 3500 | 2724 |
| 3.00%, 8/15/48 | 4000 | 3037 |
| 3.38%, 11/15/48 | 4000 | 3247 |
| 3.00%, 2/15/49 | 4000 | 3025 |
| 2.88%, 5/15/49 | 3500 | 2580 |
| 2.25%, 8/15/49 | 3500 | 2258 |
| 2.38%, 11/15/49 | 3500 | 2315 |
| 2.00%, 2/15/50 | 4500 | 2723 |
| 1.25%, 5/15/50 | 5000 | 2483 |
| 1.38%, 8/15/50 | 5500 | 2803 |
| 1.63%, 11/15/50 | 5000 | 2722 |
| 1.88%, 2/15/51 | 6000 | 3479 |
| 2.38%, 5/15/51 | 6000 | 3924 |
| 2.00%, 8/15/51 | 6000 | 3573 |
| 1.88%, 11/15/51 | 5000 | 2876 |
| 2.25%, 2/15/52 | 5000 | 3154 |
| 2.88%, 5/15/52 | 4100 | 2977 |
| 3.00%, 8/15/52 | 4000 | 2979 |
| 4.00%, 11/15/52 | 5000 | 4509 |
| 3.63%, 2/15/53 | 4500 | 3790 |
| 3.63%, 5/15/53 | 4500 | 3790 |
| 4.13%, 8/15/53 | 4000 | 3686 |
| 4.75%, 11/15/53 | 4800 | 4906 |
| 4.25%, 2/15/54 | 5000 | 4711 |
| 4.63%, 5/15/54 | 5000 | 5016 |
| 4.25%, 8/15/54 | 5300 | 5003 |
| 4.50%, 11/15/54 | 5300 | 5222 |
| 4.63%, 2/15/55 | 600 | 604 |
|  |  | **198979** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  |
| **U.S. Treasury Notes – 34.4%** | **U.S. Treasury Notes – 34.4%** | **U.S. Treasury Notes – 34.4%** |
| 0.75%, 4/30/26 | $5000 | $4827 |
| 4.88%, 4/30/26 | 5000 | 5043 |
| 1.63%, 5/15/26 | 5000 | 4869 |
| 3.63%, 5/15/26 | 5000 | 4978 |
| 0.75%, 5/31/26 | 5000 | 4815 |
| 4.88%, 5/31/26 | 5000 | 5047 |
| 4.13%, 6/15/26 | 5000 | 5008 |
| 0.88%, 6/30/26 | 10000 | 9622 |
| 4.50%, 7/15/26 | 5000 | 5031 |
| 1.50%, 8/15/26 | 10000 | 9671 |
| 4.38%, 8/15/26 | 5000 | 5026 |
| 0.75%, 8/31/26 | 5000 | 4780 |
| 3.75%, 8/31/26 | 5000 | 4985 |
| 4.63%, 9/15/26 | 5000 | 5047 |
| 1.63%, 9/30/26 | 5000 | 4833 |
| 3.50%, 9/30/26 | 5000 | 4967 |
| 4.63%, 10/15/26 | 10000 | 10099 |
| 1.13%, 10/31/26 | 5000 | 4785 |
| 2.00%, 11/15/26 | 10000 | 9697 |
| 4.63%, 11/15/26 | 10000 | 10104 |
| 1.25%, 11/30/26 | 5000 | 4786 |
| 4.25%, 11/30/26 | 5000 | 5024 |
| 4.38%, 12/15/26 | 5000 | 5035 |
| 1.25%, 12/31/26 | 5000 | 4775 |
| 4.25%, 12/31/26 | 5000 | 5026 |
| 1.50%, 1/31/27 | 10000 | 9575 |
| 4.13%, 1/31/27 | 5000 | 5017 |
| 2.25%, 2/15/27 | 5000 | 4850 |
| 1.13%, 2/28/27 | 5000 | 4745 |
| 4.13%, 2/28/27 | 5000 | 5019 |
| 4.25%, 3/15/27 | 5000 | 5031 |
| 2.50%, 3/31/27 | 5000 | 4867 |
| 3.88%, 3/31/27 | 5000 | 4998 |
| 2.75%, 4/30/27 | 5000 | 4886 |
| 2.38%, 5/15/27 | 5000 | 4845 |
| 0.50%, 5/31/27 | 5000 | 4650 |
| 4.63%, 6/15/27 | 5000 | 5077 |
| 3.25%, 6/30/27 | 5000 | 4933 |
| 4.38%, 7/15/27 | 5000 | 5052 |
| 2.75%, 7/31/27 | 5000 | 4873 |
| 3.75%, 8/15/27 | 5000 | 4983 |
| 0.50%, 8/31/27 | 5000 | 4612 |
| 3.13%, 8/31/27 | 5000 | 4911 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **113** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  |
| **U.S. Treasury Notes – 34.4%continued** | **U.S. Treasury Notes – 34.4%continued** | **U.S. Treasury Notes – 34.4%continued** |
| 3.38%, 9/15/27 | $5000 | $4941 |
| 0.38%, 9/30/27 | 5000 | 4586 |
| 4.13%, 9/30/27 | 5000 | 5029 |
| 3.88%, 10/15/27 | 5000 | 4997 |
| 0.50%, 10/31/27 | 5000 | 4587 |
| 4.13%, 10/31/27 | 5000 | 5028 |
| 2.25%, 11/15/27 | 5000 | 4796 |
| 0.63%, 11/30/27 | 5000 | 4590 |
| 4.00%, 12/15/27 | 4000 | 4012 |
| 0.63%, 12/31/27 | 5000 | 4578 |
| 3.88%, 12/31/27 | 5000 | 4999 |
| 0.75%, 1/31/28 | 5000 | 4583 |
| 2.75%, 2/15/28 | 5000 | 4847 |
| 4.00%, 2/29/28 | 5000 | 5015 |
| 1.25%, 3/31/28 | 5000 | 4631 |
| 3.63%, 3/31/28 | 5000 | 4964 |
| 1.25%, 4/30/28 | 5500 | 5082 |
| 3.50%, 4/30/28 | 5000 | 4942 |
| 2.88%, 5/15/28 | 5000 | 4850 |
| 3.63%, 5/31/28 | 2000 | 1984 |
| 1.25%, 6/30/28 | 5000 | 4599 |
| 4.00%, 6/30/28 | 5000 | 5017 |
| 1.00%, 7/31/28 | 5000 | 4551 |
| 4.13%, 7/31/28 | 5000 | 5035 |
| 2.88%, 8/15/28 | 5000 | 4839 |
| 1.13%, 8/31/28 | 5000 | 4560 |
| 1.25%, 9/30/28 | 5000 | 4568 |
| 4.63%, 9/30/28 | 5000 | 5116 |
| 1.38%, 10/31/28 | 5000 | 4580 |
| 4.88%, 10/31/28 | 5000 | 5159 |
| 3.13%, 11/15/28 | 5000 | 4868 |
| 1.50%, 11/30/28 | 5000 | 4592 |
| 4.38%, 11/30/28 | 5000 | 5078 |
| 1.38%, 12/31/28 | 5000 | 4562 |
| 3.75%, 12/31/28 | 5000 | 4971 |
| 1.75%, 1/31/29 | 5000 | 4618 |
| 4.00%, 1/31/29 | 5000 | 5014 |
| 2.63%, 2/15/29 | 5000 | 4770 |
| 1.88%, 2/28/29 | 5000 | 4632 |
| 4.25%, 2/28/29 | 5000 | 5059 |
| 2.38%, 3/31/29 | 5000 | 4715 |
| 4.13%, 3/31/29 | 5000 | 5037 |
| 2.88%, 4/30/29 | 5000 | 4804 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  |
| **U.S. Treasury Notes – 34.4%continued** | **U.S. Treasury Notes – 34.4%continued** | **U.S. Treasury Notes – 34.4%continued** |
| 4.63%, 4/30/29 | $5000 | $5130 |
| 2.38%, 5/15/29 | 5000 | 4707 |
| 2.75%, 5/31/29 | 5000 | 4776 |
| 4.50%, 5/31/29 | 5000 | 5108 |
| 3.25%, 6/30/29 | 5000 | 4867 |
| 4.25%, 6/30/29 | 5000 | 5061 |
| 4.00%, 7/31/29 | 5000 | 5013 |
| 1.63%, 8/15/29 | 5000 | 4545 |
| 3.13%, 8/31/29 | 5000 | 4837 |
| 3.50%, 9/30/29 | 5000 | 4909 |
| 3.88%, 9/30/29 | 5000 | 4986 |
| 4.00%, 10/31/29 | 3000 | 3007 |
| 3.88%, 11/30/29 | 5000 | 4985 |
| 4.38%, 12/31/29 | 5000 | 5091 |
| 4.25%, 1/31/30 | 5000 | 5064 |
| 1.50%, 2/15/30 | 5000 | 4460 |
| 4.00%, 2/28/30 | 8500 | 8519 |
| 3.50%, 4/30/30 | 5000 | 4893 |
| 0.63%, 5/15/30 | 5000 | 4230 |
| 3.75%, 5/31/30 | 5000 | 4947 |
| 4.13%, 8/31/30 | 2000 | 2013 |
| 4.00%, 1/31/31 | 5000 | 4994 |
| 1.13%, 2/15/31 | 5000 | 4256 |
| 4.13%, 3/31/31 | 5000 | 5025 |
| 4.63%, 4/30/31 | 5000 | 5157 |
| 1.63%, 5/15/31 | 5000 | 4351 |
| 4.63%, 5/31/31 | 5000 | 5156 |
| 4.25%, 6/30/31 | 5000 | 5055 |
| 1.25%, 8/15/31 | 10000 | 8436 |
| 3.75%, 8/31/31 | 5000 | 4912 |
| 1.38%, 11/15/31 | 5000 | 4223 |
| 1.88%, 2/15/32 | 5000 | 4342 |
| 2.88%, 5/15/32 | 5000 | 4626 |
| 2.75%, 8/15/32 | 5000 | 4571 |
| 4.13%, 11/15/32 | 5000 | 5007 |
| 3.50%, 2/15/33 | 5000 | 4789 |
| 3.38%, 5/15/33 | 5000 | 4736 |
| 3.88%, 8/15/33 | 15000 | 14701 |
| 4.50%, 11/15/33 | 15000 | 15359 |
| 4.00%, 2/15/34 | 15000 | 14796 |
| 4.38%, 5/15/34 | 15000 | 15203 |
| 3.88%, 8/15/34 | 18000 | 17544 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **114** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 43.7%continued**  |
| **U.S. Treasury Notes – 34.4%continued** | **U.S. Treasury Notes – 34.4%continued** | **U.S. Treasury Notes – 34.4%continued** |
| 4.25%, 11/15/34 | $15000 | $15045 |
| 4.63%, 2/15/35 | 20000 | 20662 |
|  |  | **738683** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $983,603)** |  | **937662** |
| **MUNICIPAL BONDS – 0.5%**  | **MUNICIPAL BONDS – 0.5%**  | **MUNICIPAL BONDS – 0.5%**  |
| **Arizona – 0.0%** | **Arizona – 0.0%** | **Arizona – 0.0%** |
| &nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> Revenue Bonds, Build America <br> Bonds,<br>|  |  |
| 4.84%, 1/1/41 | 110 | **104** |
| **California – 0.2%** | **California – 0.2%** | **California – 0.2%** |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Subordinate Revenue Bonds, Series <br> S1, Build America Bonds,<br>|  |  |
| 7.04%, 4/1/50 | 150 | 175 |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Taxable Revenue Bonds, Series S3, <br> Build America Bonds,<br>|  |  |
| 6.91%, 10/1/50 | 150 | 173 |
| &nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Build America Bonds,<br>|  |  |
| 7.30%, 10/1/39 | 920 | 1068 |
| 7.63%, 3/1/40 | 405 | 487 |
| 7.60%, 11/1/40 | 100 | 122 |
| &nbsp;&nbsp; East Bay Municipal Utility District Water <br> System Subordinated Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| 5.87%, 6/1/40 | 300 | 315 |
| &nbsp;&nbsp; Los Angeles Community College District <br> G.O. Unlimited Bonds, Build America <br> Bonds,<br>|  |  |
| 6.75%, 8/1/49 | 150 | 169 |
| &nbsp;&nbsp; San Diego County Water Authority <br> Financing Agency Water Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| 6.14%, 5/1/49 | 100 | 105 |
| &nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| 6.95%, 11/1/50 | 75 | 85 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  |
| **California – 0.2%continued** | **California – 0.2%continued** | **California – 0.2%continued** |
| &nbsp;&nbsp; University of California Taxable <br> General Revenue Bonds, Series AD,<br>|  |  |
| 4.86%, 5/15/12<sup>(7)</sup> <br>| $500 | $430 |
|  |  | **3129** |
| **Connecticut – 0.0%** | **Connecticut – 0.0%** | **Connecticut – 0.0%** |
| &nbsp;&nbsp; Connecticut State Taxable G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| 5.85%, 3/15/32 | 300 | **320** |
| **Georgia – 0.0%** | **Georgia – 0.0%** | **Georgia – 0.0%** |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Build America <br> Bonds,<br>|  |  |
| 6.66%, 4/1/57 | 93 | 102 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| 6.64%, 4/1/57 | 64 | 70 |
| 7.06%, 4/1/57 | 282 | 317 |
|  |  | **489** |
| **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** |
| &nbsp;&nbsp; Chicago Transit Authority Sales & <br> Transfer Tax Receipts Pension <br> Funding Taxable Revenue Bonds, <br> Series A,<br>|  |  |
| 6.90%, 12/1/40 | 272 | 301 |
| &nbsp;&nbsp; Chicago Transit Authority Sales Tax <br> Receipts Revenue Bonds, Series B, <br> Build America Bonds,<br>|  |  |
| 6.20%, 12/1/40 | 140 | 146 |
| &nbsp;&nbsp; Illinois State Taxable Pension G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.10%, 6/1/33 | 664 | 662 |
|  |  | **1109** |
| **Massachusetts – 0.0%** | **Massachusetts – 0.0%** | **Massachusetts – 0.0%** |
| &nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series D, Build America <br> Bonds,<br>|  |  |
| 4.50%, 8/1/31 | 250 | 245 |
| &nbsp;&nbsp; Massachusetts State School Building <br> Authority Sales TRB, Build America <br> Bonds,<br>|  |  |
| 5.72%, 8/15/39 | 100 | 103 |
|  |  | **348** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **115** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**BOND INDEX FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  |
| **Mississippi – 0.0%** | **Mississippi – 0.0%** | **Mississippi – 0.0%** |
| &nbsp;&nbsp; Mississippi State G.O. Unlimited Bonds, <br> Series F, Build America Bonds,<br>|  |  |
| 5.25%, 11/1/34 | $100 | **$101** |
| **Nevada – 0.0%** | **Nevada – 0.0%** | **Nevada – 0.0%** |
| &nbsp;&nbsp; Clark County Airport System Taxable <br> Revenue Bonds, Series C, Build <br> America Bonds,<br>|  |  |
| 6.82%, 7/1/45 | 200 | **226** |
| **New Jersey – 0.0%** | **New Jersey – 0.0%** | **New Jersey – 0.0%** |
| &nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Revenue Bonds, <br> Series B, Build America Bonds,<br>|  |  |
| 6.56%, 12/15/40 | 200 | 220 |
| &nbsp;&nbsp; New Jersey State Turnpike Authority <br> Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| 7.41%, 1/1/40 | 125 | 150 |
| &nbsp;&nbsp; Rutgers State University Revenue Bonds, <br> Build America Bonds,<br>|  |  |
| 5.67%, 5/1/40 | 145 | 147 |
|  |  | **517** |
| **New York – 0.1%** | **New York – 0.1%** | **New York – 0.1%** |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Dedicated Tax Fund, Build America <br> Revenue Bonds,<br>|  |  |
| 7.34%, 11/15/39 | 70 | 83 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| 6.81%, 11/15/40 | 60 | 66 |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| 5.75%, 6/15/41 | 200 | 206 |
| 5.72%, 6/15/42 | 250 | 256 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Build <br> America Bonds,<br>|  |  |
| 5.52%, 10/1/37 | 100 | 102 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Personal Income TRB, Series D, Build <br> America Bonds,<br>|  |  |
| 5.60%, 3/15/40 | 250 | 256 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  |
| **New York – 0.1%continued** | **New York – 0.1%continued** | **New York – 0.1%continued** |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Build <br> America Revenue Bonds, Unrefunded <br> Balance,<br>|  |  |
| 5.63%, 3/15/39 | $75 | $77 |
| &nbsp;&nbsp; New York State Urban Development <br> Corp. Taxable Revenue Bonds, Build <br> America Bonds,<br>|  |  |
| 5.77%, 3/15/39 | 75 | 77 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Consolidated 164th Taxable <br> Revenue Bonds,<br>|  |  |
| 5.65%, 11/1/40 | 350 | 368 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Consolidated 165th Taxable <br> Revenue Bonds,<br>|  |  |
| 5.65%, 11/1/40 | 200 | 210 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Consolidated 168th Revenue <br> Bonds,<br>|  |  |
| 4.93%, 10/1/51 | 250 | 236 |
|  |  | **1937** |
| **Ohio – 0.0%** | **Ohio – 0.0%** | **Ohio – 0.0%** |
| &nbsp;&nbsp; American Municipal Power-Ohio, Inc., <br> Revenue Bonds, Subseries B, Build <br> America Bonds,<br>|  |  |
| 6.45%, 2/15/44 | 200 | 213 |
| &nbsp;&nbsp; American Municipal Power-Ohio, Inc., <br> Taxable Revenue Bonds, Series B, <br> Build America Bonds, Combined <br> Hydroelectric Projects,<br>|  |  |
| 8.08%, 2/15/50 | 300 | 380 |
| &nbsp;&nbsp; Ohio State University Revenue Bonds, <br> Series C, Build America Bonds,<br>|  |  |
| 4.91%, 6/1/40 | 190 | 184 |
| &nbsp;&nbsp; Ohio State University Taxable Revenue <br> Bonds, Series A,<br>|  |  |
| 4.80%, 6/1/11<sup>(4)</sup> <br>| 200 | 173 |
|  |  | **950** |
| **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** | **Pennsylvania – 0.0%** |
| &nbsp;&nbsp; State Public School Building Authority <br> Taxable Revenue Bonds, Series A, <br> Qualified School Construction <br> Bonds,<br>|  |  |
| 5.00%, 9/15/27 | 200 | **203** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **116** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  | **MUNICIPAL BONDS - 0.5%continued**  |
| **Tennessee – 0.0%** | **Tennessee – 0.0%** | **Tennessee – 0.0%** |
| &nbsp;&nbsp; Metropolitan Government of Nashville <br> & Davidson County Convention <br> Center Authority Subordinate <br> Taxable Revenue Bonds, Series B, <br> Build America Bonds,<br>|  |  |
| 6.73%, 7/1/43 | $100 | **$109** |
| **Texas – 0.1%** | **Texas – 0.1%** | **Texas – 0.1%** |
| &nbsp;&nbsp; Dallas Area Rapid Transit Sales TRB, <br> Build America Bonds,<br>|  |  |
| 5.02%, 12/1/48 | 180 | 167 |
| &nbsp;&nbsp; Dallas Independent School District <br> Taxable G.O. Unlimited Bonds, <br> Series C, Build America Bonds (PSF, <br> Gtd.),<br>|  |  |
| 6.45%, 2/15/35 | 200 | 201 |
| &nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| 6.72%, 1/1/49 | 125 | 141 |
| &nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Bonds, Build America Bonds,<br>|  |  |
| 5.99%, 2/1/39 | 200 | 211 |
| &nbsp;&nbsp; Texas State Taxable G.O. Unlimited <br> Bonds, Build America Bonds,<br>|  |  |
| 5.52%, 4/1/39 | 200 | 205 |
| &nbsp;&nbsp; Texas Transportation Commission State <br> Highway Fund Taxable Revenue <br> Bonds, Series B, First Tier,<br>|  |  |
| 5.18%, 4/1/30 | 300 | 305 |
| &nbsp;&nbsp; University of Texas Revenue Bonds, <br> Series C, Build America Bonds,<br>|  |  |
| 4.79%, 8/15/46 | 100 | 96 |
|  |  | **1326** |
| **Virginia – 0.0%** | **Virginia – 0.0%** | **Virginia – 0.0%** |
| &nbsp;&nbsp; University of Virginia University Taxable <br> Revenue Refunding Bonds,<br>|  |  |
| 2.26%, 9/1/50 | 300 | **173** |
| **Washington – 0.0%** | **Washington – 0.0%** | **Washington – 0.0%** |
| &nbsp;&nbsp; Central Puget Sound Regional <br> Transportation Authority Sales & Use <br> TRB, Build America Bonds,<br>|  |  |
| 5.49%, 11/1/39 | 80 | **81** |
| **Total Municipal Bonds** |  |  |
| **(Cost $11,054)** |  | **11122** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| &nbsp;&nbsp; Escrow Lehman Brothers Holdings <br> Capital Trust VII <sup>(15) (16) \*</sup> <br>| 50000 | $— |
| **Total Other** |  |  |
| **(Cost $39)** |  | **—** |
| **INVESTMENT COMPANIES – 2.0%**  | **INVESTMENT COMPANIES – 2.0%**  | **INVESTMENT COMPANIES – 2.0%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(17) (18)</sup> <br>| 41789414 | 41789 |
| **Total Investment Companies** |  |  |
| **(Cost $41,789)** |  | **41789** |
| **Total Investments – 100.5%** | **Total Investments – 100.5%** |  |
| **(Cost $2,297,533)** | **(Cost $2,297,533)** | **2155522** |
| Liabilities less Other Assets – (0.5%) | Liabilities less Other Assets – (0.5%) | (11506)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2144016** |

---

<sup>(1)</sup> *Variable or floating rate security, the interest rate of which adjusts* *periodically based on changes in current interest rates and prepayments on* *the underlying pool of assets.* 

<sup>(2)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2025, the value of these securities amounted to approximately $6,050,000* *or 0.3% of net assets.* 

<sup>(3)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of March 31, 2025.* 

<sup>(4)</sup> *Century bond maturing in 2111.*

<sup>(5)</sup> *Century bond maturing in 2114.*

<sup>(6)</sup> *Century bond maturing in 2116.*

<sup>(7)</sup> *Century bond maturing in 2112.*

<sup>(8)</sup> *Investment in affiliate.*

<sup>(9)</sup> *Security exempt from registration pursuant to Regulation S under the* *Securities Act of 1933. Regulation S applies to securities offerings that are* *made outside of the United States and do not involve direct selling efforts in* *the United States and as such may have restrictions on resale.* 

<sup>(10)</sup> *Zero coupon bond.*

<sup>(11)</sup> *Principal Amount and Value rounds to less than one thousand.*

<sup>(12)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(13)</sup> *Variable or floating rate security. Rate as of March 31, 2025 is disclosed.*

<sup>(14)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2025.*

<sup>(15)</sup> *Issuer has defaulted on terms of debt obligation.*

<sup>(16)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(17)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(18)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

*\** *Non-Income Producing Security*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **117** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **BOND INDEX FUND continued**  | **March 31, 2025**  |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1Y - 1 Year |
| 3M - 3 Month |
| 5Y - 5 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| G.O. - General Obligation |
| Gtd. - Guaranteed |
| IBOR - Interbank Offered Rates  |
| ICE - Intercontinental Exchange |
| LIBOR - London Interbank Offered Rate |
| PSF - Permanent School Fund |
| SOFR - Secured Overnight Financing Rate |
| TBA - To be announced |
| TRB - Tax Revenue Bonds |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $9178 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9178 |
| &nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 15718 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15718 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 443088 | &nbsp;&nbsp; — | &nbsp;&nbsp; 443088 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 135038 | &nbsp;&nbsp; — | &nbsp;&nbsp; 135038 |
| &nbsp;&nbsp; U.S. Government <br> Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 561927 | &nbsp;&nbsp; — | &nbsp;&nbsp; 561927 |
| &nbsp;&nbsp; U.S. Government <br> Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 937662 | &nbsp;&nbsp; — | &nbsp;&nbsp; 937662 |
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11122 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11122 |
| Investment Companies | &nbsp;&nbsp; 41789 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41789 |
| Total Investments | &nbsp;&nbsp; $41789 | &nbsp;&nbsp; $2113733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2155522 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **118** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 98.8%**  | **MUNICIPAL BONDS – 98.8%**  | **MUNICIPAL BONDS – 98.8%**  |
| **California – 98.8%** | **California – 98.8%** | **California – 98.8%** |
| &nbsp;&nbsp; Alameda County Unified School District <br> G.O. Unlimited Bonds, Series B, <br> Election of 2014,<br>|  |  |
| 5.00%, 8/1/42 | $2000 | $2054 |
| &nbsp;&nbsp; Albany Unified School District G.O. <br> Unlimited Bonds, Series B, Measure <br> B, Election of 2016,<br>|  |  |
| 5.00%, 8/1/43 | 1000 | 1020 |
| &nbsp;&nbsp; Azusa Unified School District G.O. <br> Unlimited Bonds, Series C, Election <br> of 2014,<br>|  |  |
| 5.00%, 8/1/44 | 1700 | 1761 |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Revenue Refunding Bonds, San <br> Francisco Bay Area,<br>|  |  |
| 2.95%, 4/1/26<sup>(1) (2)</sup> <br>| 6995 | 6972 |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Subordinate Revenue Refunding <br> Bonds, Series S-11,<br>|  |  |
| 5.00%, 4/1/32 | 795 | 906 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| 4.00%, 8/1/31<sup>(1) (2)</sup> <br>| 3500 | 3498 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Revenue Bonds, Clean <br> Energy Project, Green Bonds,<br>|  |  |
| 4.00%, 12/1/27<sup>(1) (2)</sup> <br>| 1400 | 1412 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 5.00%, 8/1/33<sup>(1) (2)</sup> <br>| 2000 | 2169 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Series E, Clean Energy <br> Project,<br>|  |  |
| 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 2320 | 2476 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Revenue Bonds, <br> Clean Energy Project, Green Bonds,<br>|  |  |
| 5.00%, 8/1/29<sup>(1) (2)</sup> <br>| 750 | 783 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 4605 | 4960 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  |
| **California – 98.8%continued** | **California – 98.8%continued** | **California – 98.8%continued** |
| &nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-2, Class A Social <br> Certificates (FHLMC Insured),<br>|  |  |
| 3.75%, 3/25/35 | $1904 | $1862 |
| &nbsp;&nbsp; California Public Finance Authority <br> Revenue Refunding Bonds, Series A, <br> PIH Health,<br>|  |  |
| 5.00%, 6/1/32 | 1500 | 1657 |
| &nbsp;&nbsp; California School Finance Authority <br> Educational Facilities Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 7/1/40 | 800 | 740 |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, University <br> of the Pacific,<br>|  |  |
| 11/1/43<sup>(3)</sup> <br>| 610 | 656 |
| 11/1/44<sup>(3)</sup> <br>| 700 | 748 |
| &nbsp;&nbsp; California State Enterprise Development <br> Authority Lease Revenue Bonds, <br> Riverside County - Mead Valley <br> Wellness Village Project,<br>|  |  |
| 5.00%, 11/1/32 | 2875 | 3242 |
| &nbsp;&nbsp; California State Enterprise Development <br> Authority Lease Revenue Bonds, <br> Riverside County Library Facilities <br> Project,<br>|  |  |
| 3.00%, 11/1/44 | 3000 | 2322 |
| California State G.O. Unlimited Bonds, |  |  |
| 5.00%, 11/1/32 | 1540 | 1681 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/28 | 4000 | 4188 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds, Bid Group C,<br>|  |  |
| 5.00%, 8/1/28 | 4000 | 4107 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Cedars-Sinai <br> Medical Center,<br>|  |  |
| 5.00%, 11/15/27 | 250 | 254 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Sutter Health, <br> Prerefunded,<br>|  |  |
| 5.00%, 11/15/26<sup>(4)</sup> <br>| 1215 | 1261 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **119** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  |
| **California – 98.8%continued** | **California – 98.8%continued** | **California – 98.8%continued** |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Children's Hospital <br> of Orange County,<br>|  |  |
| 5.00%, 5/1/31<sup>(1) (2)</sup> <br>| $1855 | $2047 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Series B-2, Scripps <br> Health,<br>|  |  |
| 5.00%, 2/4/31<sup>(1) (2)</sup> <br>| 1350 | 1484 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> National Charter Equitable School <br> Revolving Fund Revenue Bonds,<br>|  |  |
| 5.00%, 11/1/29 | 2045 | 2187 |
| 5.00%, 11/1/33 | 200 | 219 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Revenue Bonds, UCSF <br> 2130 Third Street,<br>|  |  |
| 5.00%, 5/15/36 | 1000 | 1044 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Refunding Bonds, <br> Los Angeles Museum of Art Project,<br>|  |  |
| 1.20%, 6/1/28<sup>(1) (2)</sup> <br>| 3000 | 2705 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority MFH Revenue Bonds, <br> Pass-Through Park Western <br> Apartments (FNMA Insured),<br>|  |  |
| 2.65%, 8/1/36 | 3269 | 2716 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, <br> HumanGood, California Obligated <br> Group,<br>|  |  |
| 3.00%, 10/1/46 | 1000 | 777 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Series A, <br> National University,<br>|  |  |
| 5.00%, 4/1/36 | 2245 | 2376 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Refunding Bonds, <br> Southwestern Law School,<br>|  |  |
| 4.00%, 11/1/41 | 400 | 357 |
| &nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Series C,<br>|  |  |
| 5.00%, 8/1/31 | 1500 | 1664 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  |
| **California – 98.8%continued** | **California – 98.8%continued** | **California – 98.8%continued** |
| &nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Various Capital Projects,<br>|  |  |
| 5.00%, 9/1/32 | $3500 | $3912 |
| &nbsp;&nbsp; California State Statewide Communities <br> Development Authority Student <br> Housing Revenue Refunding Bonds, <br> CHF-Irvine, LLC-Phase I (BAM <br> Insured),<br>|  |  |
| 5.00%, 5/15/33 | 4630 | 4974 |
| &nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.00%, 11/1/31 | 4560 | 4748 |
| 5.25%, 10/1/39 | 1500 | 1524 |
| &nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Refunding Bonds <br> (BAM-TCRS Insured),<br>|  |  |
| 5.00%, 9/1/35 | 3500 | 3575 |
| &nbsp;&nbsp; CSCDA Community Improvement <br> Authority Essential Housing Senior <br> Revenue Bonds, Crescent West <br> Hollywood,<br>|  |  |
| 3.25%, 7/1/43 | 1000 | 767 |
| &nbsp;&nbsp; Desert Sands Unified School District <br> G.O. Unlimited Bonds, Election of <br> 2014,<br>|  |  |
| 5.00%, 8/1/39 | 1330 | 1370 |
| &nbsp;&nbsp; Desert Sands Unified School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 8/1/32<sup>(3)</sup> <br>| 1230 | 1404 |
| &nbsp;&nbsp; East Side Union High School District <br> Santa Clara County G.O. Unlimited <br> Bonds, Series B (AGM Insured),<br>|  |  |
| 5.00%, 8/1/32 | 4610 | 5254 |
| &nbsp;&nbsp; Evergreen School District G.O. <br> Unlimited Bonds, Election of 2014,<br>|  |  |
| 5.00%, 8/1/46 | 1000 | 1034 |
| &nbsp;&nbsp; Fremont Unified School District <br> Alameda County G.O. Unlimited <br> Bonds, Series D,<br>|  |  |
| 2.00%, 8/1/35 | 3985 | 3169 |
| &nbsp;&nbsp; Garden Grove Public Financing <br> Authority Lease Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 4/1/29 | 300 | 327 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **120** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  |
| **California – 98.8%continued** | **California – 98.8%continued** | **California – 98.8%continued** |
| &nbsp;&nbsp; Garden Grove Public Financing <br> Authority Lease Revenue Bonds, <br> Series A (BAM Insured),<br>|  |  |
| 5.00%, 4/1/32 | $580 | $659 |
| &nbsp;&nbsp; Golden State Tobacco Securitization <br> Corp. Tobacco Settlement Taxable <br> Revenue Refunding Bonds, Series <br> A-1,<br>|  |  |
| 2.16%, 6/1/26 | 1000 | 972 |
| 2.53%, 6/1/28 | 1500 | 1404 |
| &nbsp;&nbsp; Imperial Irrigation District Electric <br> Revenue Bonds, Series B-1,<br>|  |  |
| 5.00%, 11/1/46 | 2500 | 2543 |
| &nbsp;&nbsp; Irvine Unified School District Special <br> Refunding Tax Bonds, Community <br> Facilities District No. 01-1 (BAM <br> Insured),<br>|  |  |
| 5.00%, 9/1/32 | 1400 | 1581 |
| &nbsp;&nbsp; Long Beach Harbor Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 5/15/30 | 1300 | 1336 |
| &nbsp;&nbsp; Long Beach Harbor Revenue Refunding <br> Bonds, Series C,<br>|  |  |
| 5.00%, 5/15/47 | 3000 | 3059 |
| &nbsp;&nbsp; Los Angeles Community College District <br> G.O. Unlimited Bonds, Series K, <br> Election of 2008,<br>|  |  |
| 3.00%, 8/1/39 | 2000 | 1762 |
| &nbsp;&nbsp; Los Angeles County Metropolitan <br> Transportation Authority Sales Senior <br> TRB, Series B,<br>|  |  |
| 5.00%, 7/1/36 | 2975 | 3132 |
| &nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series D,<br>|  |  |
| 5.00%, 12/1/29 | 1665 | 1685 |
| &nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 12/1/29 | 2630 | 2662 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International,<br>|  |  |
| 5.00%, 5/15/30 | 1465 | 1529 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  |
| **California – 98.8%continued** | **California – 98.8%continued** | **California – 98.8%continued** |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International <br> Airport,<br>|  |  |
| 5.25%, 5/15/31 | $2000 | $2085 |
| 5.00%, 5/15/44 | 1500 | 1517 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds (AMT), Unrefunded <br> Balance,<br>|  |  |
| 5.00%, 5/15/32 | 2840 | 3025 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Revenue Refunding Bonds, Series B <br> (AMT),<br>|  |  |
| 5.00%, 5/15/27 | 3435 | 3553 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series E,<br>|  |  |
| 5.00%, 7/1/33 | 4210 | 4656 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks System Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/43 | 1850 | 1885 |
| &nbsp;&nbsp; Los Angeles Municipal Improvement <br> Corp. Lease Revenue Bonds, Capital <br> Equipment and Real Property,<br>|  |  |
| 5.00%, 5/1/30 | 600 | 658 |
| &nbsp;&nbsp; Los Angeles Special Refunding Tax <br> Bonds, Community Facilities District <br> No. 4 Playa Vista,<br>|  |  |
| 5.00%, 9/1/30 | 775 | 851 |
| &nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Bonds, Series B-1, <br> Election 2008 (BAM Insured),<br>|  |  |
| 5.00%, 7/1/31 | 1500 | 1578 |
| &nbsp;&nbsp; Los Angeles Unified School District <br> G.O. Unlimited Bonds, Series B-1, <br> Election of 2008,<br>|  |  |
| 5.00%, 7/1/30 | 190 | 200 |
| &nbsp;&nbsp; Menifee Special Tax, Community <br> Facilities District McCall,<br>|  |  |
| 3.00%, 9/1/42 | 385 | 297 |
| 4.00%, 9/1/51 | 1000 | 863 |
| &nbsp;&nbsp; Metropolitan Water District of Southern <br> California Waterworks Revenue <br> Bonds, Series B-3,<br>|  |  |
| 5.00%, 7/1/31<sup>(1) (2)</sup> <br>| 2920 | 3199 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **121** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  |
| **California – 98.8%continued** | **California – 98.8%continued** | **California – 98.8%continued** |
| &nbsp;&nbsp; Moreland School District Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 8/1/32 | $1300 | $1480 |
| &nbsp;&nbsp; Mountain View Los Altos Union High <br> School District G.O. Unlimited <br> Convertible CABS, Series A, Election <br> of 2010,<br>|  |  |
| 5.15%, 8/1/30 | 2250 | 2459 |
| &nbsp;&nbsp; Natomas Unified School District G.O. <br> Unlimited Bonds (AGM Insured),<br>|  |  |
| 3.00%, 8/1/39 | 1655 | 1412 |
| 3.00%, 8/1/40 | 2325 | 1938 |
| 3.00%, 8/1/41 | 2590 | 2113 |
| &nbsp;&nbsp; Natomas Unified School District G.O. <br> Unlimited Bonds, Election of 2014 <br> (BAM Insured),<br>|  |  |
| 5.00%, 8/1/33 | 1185 | 1217 |
| &nbsp;&nbsp; Orange County Community Facilities <br> District No. 2021-1 Rienda Special <br> Tax Bonds, Series A,<br>|  |  |
| 5.00%, 8/15/37 | 1000 | 1054 |
| &nbsp;&nbsp; Oxnard Union High School District <br> G.O. Unlimited BANS,<br>|  |  |
| 6.00%, 2/1/30 | 1000 | 1141 |
| &nbsp;&nbsp; Oxnard Union High School District <br> G.O. Unlimited Bonds, Series A, <br> Election of 2018, Prerefunded,<br>|  |  |
| 5.00%, 8/1/26<sup>(4)</sup> <br>| 2000 | 2062 |
| &nbsp;&nbsp; Oxnard Union High School District <br> G.O. Unlimited Bonds, Series B,<br>|  |  |
| 5.00%, 8/1/45 | 2000 | 2059 |
| &nbsp;&nbsp; Palm Springs Unified School District <br> G.O. Unlimited Bonds, Series D, <br> Election of 2008,<br>|  |  |
| 2.00%, 8/1/27 | 1970 | 1899 |
| &nbsp;&nbsp; Peralta Community College District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 8/1/33<sup>(3)</sup> <br>| 2150 | 2439 |
| &nbsp;&nbsp; Perris Union High School District G.O. <br> Unlimited Bonds, Series C, Election <br> of 2012,<br>|  |  |
| 3.00%, 9/1/39 | 800 | 688 |
| 3.00%, 9/1/40 | 875 | 737 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  |
| **California – 98.8%continued** | **California – 98.8%continued** | **California – 98.8%continued** |
| &nbsp;&nbsp; Rancho Cucamonga Redevelopment <br> Agency Successor Agency Tax <br> Allocation Revenue Refunding Bonds, <br> Rancho Redevelopment Project,<br>|  |  |
| 5.00%, 9/1/32 | $1500 | $1696 |
| &nbsp;&nbsp; Redlands Unified School District G.O. <br> Unlimited Refunding Bonds, San <br> Bernardino County,<br>|  |  |
| 3.00%, 7/1/30 | 2295 | 2254 |
| &nbsp;&nbsp; Redwood City Public Facilities & <br> Infrastructure Authority Lease <br> Revenue Bonds, Veterans Memorial <br> Building,<br>|  |  |
| 3.00%, 6/1/41 | 2230 | 1857 |
| &nbsp;&nbsp; Rialto Unified School District COPS, <br> Kitchen And Meeting (BAM Insured),<br>|  |  |
| 5.00%, 9/1/31 | 270 | 298 |
| &nbsp;&nbsp; Sacramento County Airport System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/29 | 565 | 604 |
| 5.00%, 7/1/31 | 500 | 532 |
| &nbsp;&nbsp; Sacramento County Airport System <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/29 | 680 | 727 |
| &nbsp;&nbsp; Sacramento County Special Refunding <br> Tax Bonds, Metro Air Park <br> Community Facilities,<br>|  |  |
| 5.00%, 9/1/27 | 1000 | 1039 |
| &nbsp;&nbsp; San Diego Association of Governments <br> South Bay Expressway Toll Senior <br> Lien Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/29 | 850 | 886 |
| 5.00%, 7/1/37 | 1000 | 1033 |
| &nbsp;&nbsp; San Diego Public Facilities Financing <br> Authority Lease Revenue Refunding <br> Bonds, Capital Improvement Project,<br>|  |  |
| 5.00%, 10/15/31 | 1000 | 1124 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series (AMT),<br>|  |  |
| 5.25%, 5/1/41 | 1000 | 1059 |
| &nbsp;&nbsp; San Francisco City & County COPS, <br> Multiple Capital Projects,<br>|  |  |
| 2.00%, 10/1/33 | 2800 | 2348 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **122** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  |
| **California – 98.8%continued** | **California – 98.8%continued** | **California – 98.8%continued** |
| &nbsp;&nbsp; San Francisco City & County <br> Infrastructure & Revitalization Tax <br> Allocation Bonds, Facilities <br> Increment, Treasure Island,<br>|  |  |
| 5.00%, 9/1/37 | $375 | $390 |
| &nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Wastewater <br> Sustainable Revenue Bonds, Series C <br> (SSIP),<br>|  |  |
| 5.00%, 10/1/31 | 2000 | 2269 |
| &nbsp;&nbsp; San Francisco City & County <br> Redevelopment Successor Agency <br> Tax Allocation Refunding Bonds, <br> Mission Bay South Redevelopment <br> (AGC Insured),<br>|  |  |
| 5.00%, 8/1/31 | 1150 | 1275 |
| 5.00%, 8/1/32 | 1420 | 1587 |
| &nbsp;&nbsp; San Francisco City & County Unified <br> School District G.O. Unlimited <br> Bonds, Proposition A, Series F&C,<br>|  |  |
| 3.25%, 6/15/32 | 1500 | 1437 |
| &nbsp;&nbsp; San Francisco City & County Unified <br> School District G.O. Unlimited <br> Bonds, Series A, Election of 2016,<br>|  |  |
| 4.00%, 6/15/35 | 1000 | 1004 |
| &nbsp;&nbsp; San Francisco County Transportation <br> Authority Sales TRB,<br>|  |  |
| 3.00%, 2/1/30 | 5000 | 4906 |
| &nbsp;&nbsp; San Joaquin Valley Clean Energy <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| 5.50%, 7/1/35<sup>(1) (2)</sup> <br>| 1500 | 1673 |
| &nbsp;&nbsp; San Leandro Unified School District <br> G.O. Unlimited Bonds, Series B, <br> Election 2016 (BAM Insured),<br>|  |  |
| 5.00%, 8/1/32 | 560 | 594 |
| &nbsp;&nbsp; Santa Clara County Financing Authority <br> Revenue Refunding Bonds, Series Q,<br>|  |  |
| 3.00%, 5/15/35 | 2500 | 2285 |
| &nbsp;&nbsp; Santa Clarita Community College <br> District G.O. Unlimited Bonds,<br>|  |  |
| 3.00%, 8/1/44 | 1000 | 793 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  | **MUNICIPAL BONDS - 98.8%continued**  |
| **California – 98.8%continued** | **California – 98.8%continued** | **California – 98.8%continued** |
| &nbsp;&nbsp; Santa Rosa Elementary School District <br> G.O. Unlimited Bonds, Series D, <br> Election of 2014 (AGM Insured), <br> Prerefunded,<br>|  |  |
| 5.00%, 8/1/26<sup>(4)</sup> <br>| $1145 | $1166 |
| &nbsp;&nbsp; Santa Rosa High School District G.O. <br> Unlimited Bonds, Series C, Election <br> of 2014 (AGM Insured),<br>|  |  |
| 5.00%, 8/1/43 | 1000 | 1019 |
| &nbsp;&nbsp; Silicon Valley Clean Water Wastewater <br> Revenue Bonds, Series B,<br>|  |  |
| 0.50%, 3/1/26 | 3000 | 2914 |
| &nbsp;&nbsp; Southern California Financing Authority <br> Water Replenishment Assessment <br> Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/43 | 2000 | 2079 |
| &nbsp;&nbsp; Temecula Valley Unified School District <br> Financing Authority Special Tax <br> Refunding Bonds (BAM Insured),<br>|  |  |
| 5.00%, 9/1/32 | 670 | 756 |
| &nbsp;&nbsp; Transbay Joint Powers Authority Senior <br> Tax Allocation Bonds, Green Bonds,<br>|  |  |
| 5.00%, 10/1/29 | 465 | 485 |
| 5.00%, 10/1/34 | 600 | 617 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 5/15/31 | 4500 | 5035 |
| &nbsp;&nbsp; Val Verde Unified School District <br> Special Refunding Tax Bonds,<br>|  |  |
| 5.00%, 9/1/32 | 245 | 279 |
| &nbsp;&nbsp; Ventura Unified School District G.O. <br> Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/31 | 710 | 771 |
| &nbsp;&nbsp; West Contra Costa Unified School <br> District 2020 Election G.O. <br> Unlimited Bonds, Series B (BAM <br> Insured),<br>|  |  |
| 5.00%, 8/1/31 | 235 | 263 |
|  |  | **218806** |
| **Total Municipal Bonds** |  |  |
| **(Cost $232,988)** |  | **218806** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **123** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 2.5%**  | **INVESTMENT COMPANIES – 2.5%**  | **INVESTMENT COMPANIES – 2.5%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(5) (6)</sup> <br>| 5562694 | $5563 |
| **Total Investment Companies** |  |  |
| **(Cost $5,563)** |  | **5563** |
| **Total Investments – 101.3%** | **Total Investments – 101.3%** |  |
| **(Cost $238,551)** | **(Cost $238,551)** | **224369** |
| Liabilities less Other Assets – (1.3%) | Liabilities less Other Assets – (1.3%) | (2900)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$221469** |

---

<sup>(1)</sup> *Maturity date represents the puttable date.*

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of March 31,* *2025 is disclosed.* 

<sup>(3)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2025.*

<sup>(4)</sup> *Maturity date represents the prerefunded date.*

<sup>(5)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(6)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AGM - Assured Guaranty Municipal Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| BANS - Bond Anticipation Notes |
| CABS - Capital Appreciation Bonds |
| CHF - Collegiate Housing Foundation |
| COPS - Certificates of Participation |
| CSCDA - California Statewide Communities Development Authority |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| MFH - Multi-Family Housing |
| TCRS - Transferable Custodial Receipts |

---

TRB - Tax Revenue Bonds<br>

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $218806 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $218806 |
| Investment Companies | &nbsp;&nbsp; 5563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5563 |
| Total Investments | &nbsp;&nbsp; $5563 | &nbsp;&nbsp; $218806 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $224369 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **124** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **CALIFORNIA TAX-EXEMPT FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 98.1%**  | **MUNICIPAL BONDS – 98.1%**  | **MUNICIPAL BONDS – 98.1%**  |
| **California – 98.1%** | **California – 98.1%** | **California – 98.1%** |
| &nbsp;&nbsp; Alameda County Unified School District <br> G.O. Unlimited Bonds, Series B, <br> Election of 2014,<br>|  |  |
| 5.00%, 8/1/42 | $500 | $513 |
| &nbsp;&nbsp; Antioch Unified School District G.O. <br> Unlimited Bonds, Series A, Election <br> of 2024 (AGC Insured),<br>|  |  |
| 5.00%, 8/1/42 | 900 | 964 |
| &nbsp;&nbsp; Bay Area Toll Authority Subordinate <br> Toll Bridge Revenue Refunding <br> Bonds, Series S-H, Prerefunded,<br>|  |  |
| 5.00%, 4/1/29<sup>(1)</sup> <br>| 1000 | 1090 |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Revenue Refunding Bonds, San <br> Francisco Bay Area,<br>|  |  |
| 2.95%, 4/1/26<sup>(2) (3)</sup> <br>| 3675 | 3663 |
| &nbsp;&nbsp; Beaumont Unified School District G.O. <br> Unlimited Bonds, Series D, Election of <br> 2008 (BAM Insured), Prerefunded,<br>|  |  |
| 5.25%, 2/15/27<sup>(1)</sup> <br>| 1500 | 1570 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Revenue Bonds, Clean <br> Energy Project, Green Bonds,<br>|  |  |
| 4.00%, 12/1/27<sup>(2) (3)</sup> <br>| 600 | 605 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 5.00%, 8/1/33<sup>(2) (3)</sup> <br>| 1500 | 1627 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Series E, Clean Energy <br> Project,<br>|  |  |
| 5.00%, 9/1/32<sup>(2) (3)</sup> <br>| 1385 | 1478 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| 5.00%, 9/1/32<sup>(2) (3)</sup> <br>| 500 | 539 |
| &nbsp;&nbsp; California County Tobacco <br> Securitization Agency Tobacco <br> Settlement Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 4.00%, 6/1/35 | 885 | 886 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  |
| **California – 98.1%continued** | **California – 98.1%continued** | **California – 98.1%continued** |
| &nbsp;&nbsp; California County Tobacco <br> Securitization Agency Tobacco <br> Settlement Revenue Refunding Bonds, <br> Sonoma County Securitization,<br>|  |  |
| 5.00%, 6/1/29 | $310 | $326 |
| &nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-1, Class A <br> Certificates,<br>|  |  |
| 3.50%, 11/20/35 | 1173 | 1120 |
| &nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-2, Class A Social <br> Certificates (FHLMC Insured),<br>|  |  |
| 3.75%, 3/25/35 | 476 | 466 |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, Art Center <br> College of Design,<br>|  |  |
| 3.00%, 12/1/51 | 600 | 411 |
| &nbsp;&nbsp; California State Educational Facilities <br> Authority Revenue Bonds, University <br> of the Pacific,<br>|  |  |
| 11/1/55<sup>(4)</sup> <br>| 1500 | 1566 |
| &nbsp;&nbsp; California State Enterprise Development <br> Authority Lease Revenue Bonds, <br> Riverside County - Mead Valley <br> Wellness Village Project,<br>|  |  |
| 5.00%, 11/1/31 | 1040 | 1161 |
| 5.00%, 11/1/32 | 905 | 1020 |
| California State G.O. Unlimited Bonds, |  |  |
| 3.00%, 12/1/46 | 300 | 238 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 9/1/26 | 3150 | 3249 |
| 5.00%, 9/1/42 | 1000 | 1073 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds, Group B,<br>|  |  |
| 5.00%, 10/1/28 | 790 | 845 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue Bonds, <br> Subseries A-2, Kaiser Permanente,<br>|  |  |
| 4.00%, 11/1/44 | 2000 | 1895 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Lucile Salter <br> Packard Children's Hospital,<br>|  |  |
| 5.00%, 8/15/34 | 1250 | 1440 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **125** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CALIFORNIA TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  |
| **California – 98.1%continued** | **California – 98.1%continued** | **California – 98.1%continued** |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Revenue <br> Refunding Bonds, Sutter Health, <br> Prerefunded,<br>|  |  |
| 5.00%, 11/15/26<sup>(1)</sup> <br>| $410 | $426 |
| &nbsp;&nbsp; California State Health Facilities <br> Financing Authority Variable <br> Revenue Bonds, Children's Hospital <br> of Orange County,<br>|  |  |
| 5.00%, 5/1/31<sup>(2) (3)</sup> <br>| 225 | 248 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> National Charter Equitable School <br> Revolving Fund Revenue Bonds,<br>|  |  |
| 5.00%, 11/1/42 | 275 | 290 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Revenue Bonds, Equitable School <br> Revolving Fund,<br>|  |  |
| 5.00%, 11/1/44 | 625 | 639 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Refunding Bonds,<br>|  |  |
| 1.75%, 8/1/26<sup>(2) (3)</sup> <br>| 3500 | 3404 |
| &nbsp;&nbsp; California State Infrastructure & <br> Economic Development Bank <br> Variable Revenue Refunding Bonds, <br> Los Angeles Museum of Art Project,<br>|  |  |
| 1.20%, 6/1/28<sup>(2) (3)</sup> <br>| 2000 | 1803 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Lease Revenue Bonds, <br> Orange County Civic Center <br> Infrastructure Improvement Program,<br>|  |  |
| 5.00%, 6/1/32 | 1500 | 1582 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, California <br> Institute of the Arts,<br>|  |  |
| 4.00%, 10/1/51 | 250 | 206 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, <br> HumanGood, California Obligated <br> Group,<br>|  |  |
| 3.00%, 10/1/49 | 1000 | 744 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Samuel <br> Merritt University,<br>|  |  |
| 5.25%, 6/1/53 | 500 | 526 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  |
| **California – 98.1%continued** | **California – 98.1%continued** | **California – 98.1%continued** |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Bonds, Series A, <br> National University,<br>|  |  |
| 5.00%, 4/1/40 | $1000 | $1043 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Revenue Refunding Bonds, <br> Southwestern Law School,<br>|  |  |
| 4.00%, 11/1/41 | 175 | 156 |
| &nbsp;&nbsp; California State Public Works Board <br> Lease Revenue Refunding Bonds, <br> Various Capital Projects,<br>|  |  |
| 5.00%, 9/1/27 | 2815 | 2957 |
| &nbsp;&nbsp; California State Statewide Communities <br> Development Authority Student <br> Housing Revenue Refunding Bonds, <br> CHF-Irvine, LLC-Phase I (BAM <br> Insured),<br>|  |  |
| 5.00%, 5/15/33 | 500 | 537 |
| 3.00%, 5/15/51 | 500 | 368 |
| &nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.00%, 11/1/31 | 1000 | 1041 |
| &nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Refunding Bonds <br> (BAM-TCRS Insured),<br>|  |  |
| 5.00%, 9/1/35 | 2000 | 2043 |
| &nbsp;&nbsp; Carlsbad Unified School District G.O. <br> Unlimited Bonds, Series A, Election <br> of 2018,<br>|  |  |
| 3.00%, 8/1/42 | 550 | 446 |
| &nbsp;&nbsp; Coachella Valley Water District <br> Revenue COPS, Series A, Oasis <br> Project,<br>|  |  |
| 4.00%, 8/1/46 | 1750 | 1683 |
| &nbsp;&nbsp; CSCDA Community Improvement <br> Authority Essential Housing Senior <br> Revenue Bonds, Crescent West <br> Hollywood,<br>|  |  |
| 4.30%, 7/1/59 | 500 | 407 |
| &nbsp;&nbsp; East Side Union High School District <br> Santa Clara County G.O. Unlimited <br> Refunding Bonds, Series A (AGM <br> Insured),<br>|  |  |
| 5.00%, 8/1/26 | 1700 | 1757 |
| &nbsp;&nbsp; Evergreen School District G.O. <br> Unlimited Bonds, Election of 2014,<br>|  |  |
| 5.00%, 8/1/46 | 1300 | 1345 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **126** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  |
| **California – 98.1%continued** | **California – 98.1%continued** | **California – 98.1%continued** |
| &nbsp;&nbsp; Foothill Eastern Transportation Corridor <br> Agency Toll Road Senior Lien <br> Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 1/15/46 | $250 | $238 |
| &nbsp;&nbsp; Fremont Unified School District <br> Alameda County G.O. Unlimited <br> Bonds, Series D,<br>|  |  |
| 2.00%, 8/1/35 | 1610 | 1280 |
| &nbsp;&nbsp; Garden Grove Public Financing <br> Authority Lease Revenue Bonds, <br> Series A (BAM Insured),<br>|  |  |
| 5.00%, 4/1/31 | 295 | 331 |
| &nbsp;&nbsp; Imperial Irrigation District Electric <br> Revenue Bonds, Series B-1,<br>|  |  |
| 5.00%, 11/1/46 | 1500 | 1526 |
| &nbsp;&nbsp; Los Angeles Community College District <br> 2008 Election G.O. Unlimited <br> Refunding Bonds, Series K,<br>|  |  |
| 4.00%, 8/1/39 | 2915 | 2906 |
| &nbsp;&nbsp; Los Angeles County Community <br> Facilities District No. 2021-01 <br> Special TRB, Valencia Facilities,<br>|  |  |
| 5.00%, 9/1/52 | 500 | 507 |
| &nbsp;&nbsp; Los Angeles County Metropolitan <br> Transportation Authority Measure R <br> Sales Tax Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 6/1/35 | 1000 | 1157 |
| &nbsp;&nbsp; Los Angeles County Metropolitan <br> Transportation Authority Sales Senior <br> TRB, Series B,<br>|  |  |
| 5.00%, 7/1/34 | 525 | 555 |
| 5.00%, 7/1/36 | 2000 | 2106 |
| &nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series F, Green Bonds,<br>|  |  |
| 2.63%, 12/1/51 | 1600 | 1075 |
| &nbsp;&nbsp; Los Angeles County Public Works <br> Financing Authority Lease Revenue <br> Bonds, Series H,<br>|  |  |
| 5.25%, 12/1/41 | 1000 | 1125 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Senior Revenue Bonds <br> (AMT), Private Activity,<br>|  |  |
| 5.50%, 5/15/47 | 1000 | 1049 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  |
| **California – 98.1%continued** | **California – 98.1%continued** | **California – 98.1%continued** |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International,<br>|  |  |
| 5.00%, 5/15/31 | $1000 | $1041 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International <br> Airport,<br>|  |  |
| 5.00%, 5/15/44 | 500 | 506 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds, Series A (AMT), P3 <br> Project,<br>|  |  |
| 5.00%, 5/15/46 | 500 | 506 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 7/1/40 | 1000 | 1044 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series C,<br>|  |  |
| 5.00%, 7/1/52 | 500 | 511 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/38 | 450 | 485 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks System Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/39 | 525 | 550 |
| &nbsp;&nbsp; Los Angeles Harbor Department <br> Sustainable Revenue Refunding <br> Bonds, Exempt Facility,<br>|  |  |
| 5.00%, 8/1/44 | 375 | 412 |
| &nbsp;&nbsp; Los Angeles Unified School District <br> Sustainable G.O. Unlimited Bonds, <br> Series QRR,<br>|  |  |
| 5.00%, 7/1/38 | 2540 | 2872 |
| &nbsp;&nbsp; Los Angeles Wastewater System <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/43 | 2000 | 2000 |
| &nbsp;&nbsp; Los Rios Community College District <br> G.O. Unlimited Bonds, Series D,<br>|  |  |
| 3.00%, 8/1/44 | 1000 | 793 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **127** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CALIFORNIA TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  |
| **California – 98.1%continued** | **California – 98.1%continued** | **California – 98.1%continued** |
| &nbsp;&nbsp; Lucia Mar Unified School District G.O. <br> Unlimited Bonds, Series B, Election of <br> 2016,<br>|  |  |
| 5.00%, 8/1/42 | $1450 | $1497 |
| &nbsp;&nbsp; Menifee Special Tax, Community <br> Facilities District McCall,<br>|  |  |
| 3.00%, 9/1/42 | 165 | 127 |
| Mesa Water District COPS, |  |  |
| 4.00%, 3/15/45 | 1150 | 1121 |
| &nbsp;&nbsp; Metropolitan Water District of Southern <br> California Waterworks Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/38 | 405 | 445 |
| &nbsp;&nbsp; Metropolitan Water District of Southern <br> California Waterworks Revenue <br> Bonds, Series B-3,<br>|  |  |
| 5.00%, 7/1/31<sup>(2) (3)</sup> <br>| 1990 | 2180 |
| &nbsp;&nbsp; Modesto High School District Stanislaus <br> County G.O. Unlimited Bonds, Series <br> A,<br>|  |  |
| 5.00%, 8/1/48 | 1000 | 1057 |
| &nbsp;&nbsp; Monterey County Financing Authority <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 9/1/37 | 1170 | 1229 |
| &nbsp;&nbsp; Mountain View-Whisman School <br> District G.O. Unlimited Bonds, Series <br> B,<br>|  |  |
| 4.25%, 9/1/45 | 500 | 502 |
| &nbsp;&nbsp; Newport Mesa Unified School District <br> G.O. Unlimited CABS, Election of <br> 2005,<br>|  |  |
| 0.00%, 8/1/33<sup>(5)</sup> <br>| 7000 | 5259 |
| &nbsp;&nbsp; Oxnard Union High School District <br> G.O. Unlimited Bonds, Series B,<br>|  |  |
| 5.00%, 8/1/45 | 1000 | 1029 |
| &nbsp;&nbsp; Perris Union High School District G.O. <br> Unlimited Bonds, Series C, Election <br> of 2012,<br>|  |  |
| 3.00%, 9/1/45 | 1865 | 1455 |
| &nbsp;&nbsp; Rancho Cucamonga Redevelopment <br> Agency Successor Agency Tax <br> Allocation Revenue Refunding Bonds, <br> Rancho Redevelopment Project,<br>|  |  |
| 5.00%, 9/1/32 | 1000 | 1131 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  |
| **California – 98.1%continued** | **California – 98.1%continued** | **California – 98.1%continued** |
| &nbsp;&nbsp; Redwood City Public Facilities & <br> Infrastructure Authority Lease <br> Revenue Bonds, Veterans Memorial <br> Building,<br>|  |  |
| 3.00%, 6/1/51 | $1750 | $1273 |
| &nbsp;&nbsp; Riverside County Public Financing <br> Authority Lease Revenue Bonds, <br> Capital Facilities Project, <br> Prerefunded,<br>|  |  |
| 5.00%, 11/1/25<sup>(1)</sup> <br>| 1500 | 1521 |
| &nbsp;&nbsp; Riverside County Transportation <br> Commission Toll Senior Lien Revenue <br> Refunding Bonds, RCTC 91 Express <br> Lanes,<br>|  |  |
| 4.00%, 6/1/46 | 750 | 712 |
| &nbsp;&nbsp; Sacramento County Special Refunding <br> Tax Bonds, Metro Air Park <br> Community Facilities,<br>|  |  |
| 5.00%, 9/1/34 | 1000 | 1058 |
| &nbsp;&nbsp; Sacramento Municipal Utility District <br> Electric Revenue Refunding Bonds, <br> Series L,<br>|  |  |
| 5.00%, 8/15/27 | 500 | 529 |
| &nbsp;&nbsp; San Carlos School District G.O. <br> Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/41 | 400 | 447 |
| &nbsp;&nbsp; San Diego Community College District <br> G.O. Unlimited Bonds, Series A-1,<br>|  |  |
| 5.00%, 8/1/55 | 1500 | 1607 |
| &nbsp;&nbsp; San Diego Public Facilities Financing <br> Authority Lease Revenue Refunding <br> Bonds, Capital Improvement Project,<br>|  |  |
| 5.00%, 10/15/32 | 850 | 966 |
| &nbsp;&nbsp; San Diego Unified School District <br> Sustainable G.O. Unlimited Bonds,<br>|  |  |
| 5.00%, 7/1/53 | 475 | 501 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 5/1/42 | 1500 | 1510 |
| 5.00%, 5/1/49 | 1000 | 1007 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series E (AMT),<br>|  |  |
| 5.00%, 5/1/45 | 1000 | 1010 |
| 5.00%, 5/1/50 | 1500 | 1507 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **128** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  |
| **California – 98.1%continued** | **California – 98.1%continued** | **California – 98.1%continued** |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Refunding Bonds, Second <br> Series A (AMT),<br>|  |  |
| 5.00%, 5/1/30 | $915 | $974 |
| &nbsp;&nbsp; San Francisco City & County COPS, <br> Multiple Capital Projects,<br>|  |  |
| 2.00%, 10/1/33 | 1200 | 1006 |
| &nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Wastewater <br> Sustainable Revenue Bonds, Series C <br> (SSIP),<br>|  |  |
| 5.00%, 10/1/40 | 2000 | 2232 |
| &nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Bonds, Series D, Hetch Hetchy <br> Water,<br>|  |  |
| 3.00%, 11/1/50 | 600 | 441 |
| &nbsp;&nbsp; San Francisco City & County Public <br> Utilities Commission Water Revenue <br> Refunding Bonds, Subseries C, <br> Green Bonds,<br>|  |  |
| 4.00%, 11/1/41 | 1000 | 1002 |
| &nbsp;&nbsp; San Francisco City & County <br> Redevelopment Successor Agency <br> Tax Allocation Refunding Bonds, <br> Mission Bay South Redevelopment <br> (AGC Insured),<br>|  |  |
| 5.00%, 8/1/43 | 1575 | 1691 |
| &nbsp;&nbsp; San Francisco City & County Unified <br> School District G.O. Unlimited <br> Bonds, Series A, Election of 2016,<br>|  |  |
| 4.00%, 6/15/35 | 500 | 502 |
| &nbsp;&nbsp; San Francisco Community College <br> District G.O. Unlimited Bonds, Series <br> A, Election of 2020,<br>|  |  |
| 3.00%, 6/15/45 | 1000 | 773 |
| &nbsp;&nbsp; San Joaquin Hills Transportation <br> Corridor Agency Toll Road Senior <br> Lien Revenue Refunding Bonds,<br>|  |  |
| 4.00%, 1/15/34 | 500 | 511 |
| &nbsp;&nbsp; San Joaquin Valley Clean Energy <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| 5.50%, 7/1/35<sup>(2) (3)</sup> <br>| 1000 | 1116 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  |
| **California – 98.1%continued** | **California – 98.1%continued** | **California – 98.1%continued** |
| &nbsp;&nbsp; San Jose Financing Authority <br> Wastewater Revenue Bonds, Series <br> B, Green Bonds,<br>|  |  |
| 5.00%, 11/1/41 | $500 | $551 |
| &nbsp;&nbsp; San Jose G.O. Unlimited Bonds, Series <br> A-1,<br>|  |  |
| 5.00%, 9/1/42 | 1310 | 1369 |
| &nbsp;&nbsp; San Rafael Elementary School District <br> G.O. Unlimited Bonds, Series B, <br> Election of 2022,<br>|  |  |
| 5.00%, 8/1/49 | 1500 | 1606 |
| &nbsp;&nbsp; Santa Clarita Community College <br> District G.O. Unlimited Bonds, <br> Election of 2016,<br>|  |  |
| 5.25%, 8/1/48 | 1000 | 1082 |
| &nbsp;&nbsp; Santa Cruz County Capital Financing <br> Authority Lease Revenue Bonds, <br> Series A-1,<br>|  |  |
| 4.00%, 6/1/32 | 300 | 311 |
| 4.00%, 6/1/34 | 330 | 339 |
| &nbsp;&nbsp; Silicon Valley Clean Water Wastewater <br> Revenue Bonds, Series B,<br>|  |  |
| 0.50%, 3/1/26 | 2000 | 1943 |
| &nbsp;&nbsp; Sonoma County Junior College District <br> G.O. Unlimited Bonds, Series B,<br>|  |  |
| 3.00%, 8/1/36 | 900 | 824 |
| &nbsp;&nbsp; South Bayside Waste Management <br> Authority Solid Waste Enterprise <br> Revenue Refunding Bonds, Shoreway <br> Environmental Center, Green Bonds, <br> Escrowed to Maturity (AGM <br> Insured),<br>|  |  |
| 5.00%, 9/1/32 | 15 | 16 |
| &nbsp;&nbsp; Southwestern Community College <br> District G.O. Unlimited Bonds, Series <br> D,<br>|  |  |
| 4.00%, 8/1/33 | 650 | 684 |
| &nbsp;&nbsp; Temecula Valley Unified School District <br> Financing Authority Special Tax <br> Refunding Bonds (BAM Insured),<br>|  |  |
| 5.00%, 9/1/32 | 2575 | 2906 |
| &nbsp;&nbsp; Tobacco Securitization Authority <br> Tobacco Settlement Senior Revenue <br> Refunding Bonds, Sacramento <br> County,<br>|  |  |
| 4.00%, 6/1/37 | 700 | 687 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **129** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CALIFORNIA TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  | **MUNICIPAL BONDS - 98.1%continued**  |
| **California – 98.1%continued** | **California – 98.1%continued** | **California – 98.1%continued** |
| &nbsp;&nbsp; Transbay Joint Powers Authority Senior <br> Tax Allocation Bonds, Green Bonds,<br>|  |  |
| 5.00%, 10/1/45 | $1000 | $1003 |
| &nbsp;&nbsp; Turlock Irrigation District Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 1/1/37 | 805 | 866 |
| &nbsp;&nbsp; University of California General <br> Revenue Refunding Bonds, Series AZ,<br>|  |  |
| 5.00%, 5/15/34 | 85 | 90 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 5/15/31 | 1375 | 1539 |
| 5.00%, 5/15/35 | 1500 | 1688 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series BH,<br>|  |  |
| 4.00%, 5/15/46 | 2000 | 1932 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series O, Limited <br> Project,<br>|  |  |
| 5.00%, 5/15/58 | 2500 | 2555 |
| &nbsp;&nbsp; Upper Santa Clara Valley Joint Powers <br> Authority Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 4.00%, 8/1/45 | 1200 | 1156 |
| &nbsp;&nbsp; Western Placer Waste Management <br> Authority Solid Waste Revenue <br> Bonds, Material Recovery Facility <br> Project,<br>|  |  |
| 5.00%, 6/1/40 | 625 | 686 |
|  |  | **140732** |
| **Total Municipal Bonds** |  |  |
| **(Cost $149,270)** |  | **140732** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.9%**  | **INVESTMENT COMPANIES – 1.9%**  | **INVESTMENT COMPANIES – 1.9%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(6) (7)</sup> <br>| 2722713 | $2723 |
| **Total Investment Companies** |  |  |
| **(Cost $2,723)** |  | **2723** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $151,993)** | **(Cost $151,993)** | **143455** |
| Liabilities less Other Assets – (0.0%) | Liabilities less Other Assets – (0.0%) | (68)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$143387** |

---

<sup>(1)</sup> *Maturity date represents the prerefunded date.*

<sup>(2)</sup> *Maturity date represents the puttable date.*

<sup>(3)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of March 31,* *2025 is disclosed.* 

<sup>(4)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2025.*

<sup>(5)</sup> *Zero coupon bond.*

<sup>(6)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(7)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AGM - Assured Guaranty Municipal Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| CABS - Capital Appreciation Bonds |
| CHF - Collegiate Housing Foundation |
| COPS - Certificates of Participation |
| CSCDA - California Statewide Communities Development Authority |
| FHLMC - Federal Home Loan Mortgage Corporation |
| G.O. - General Obligation |
| TCRS - Transferable Custodial Receipts |
| TRB - Tax Revenue Bonds |

---

*Percentages shown are based on Net Assets.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **130** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $140732 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $140732 |
| Investment Companies | &nbsp;&nbsp; 2723 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2723 |
| Total Investments | &nbsp;&nbsp; $2723 | &nbsp;&nbsp; $140732 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $143455 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **131** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CORE BOND FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 20.1%**  | **ASSET-BACKED SECURITIES – 20.1%**  | **ASSET-BACKED SECURITIES – 20.1%**  |
| **Auto Loan – 11.2%** | **Auto Loan – 11.2%** | **Auto Loan – 11.2%** |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class A3<br>|  |  |
| 4.50%, 9/15/28 | $2390 | $2390 |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2023-B, Class A3<br>|  |  |
| 5.91%, 10/15/26 | 223 | 224 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2023-B, Class A3<br>|  |  |
| 5.23%, 5/15/28 | 130 | 131 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-B, Class A4<br>|  |  |
| 4.96%, 5/15/30 | 150 | 153 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-1, <br> Class A3<br>|  |  |
| 4.66%, 2/16/28 | 65 | 65 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-2, <br> Class A3<br>|  |  |
| 4.47%, 2/16/28 | 144 | 144 |
| &nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2023-A, Class A3<br>|  |  |
| 5.05%, 12/15/27 | 960 | 963 |
| &nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 5.37%, 3/15/29 | 110 | 111 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization <br> Trust, Series 2024-B, Class A3<br>|  |  |
| 5.41%, 5/17/27<sup>(1)</sup> <br>| 150 | 151 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2023-A, Class A3<br>|  |  |
| 4.58%, 4/15/27 | 145 | 145 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2021-1, Class A4<br>|  |  |
| 0.73%, 12/15/27 | 3602 | 3536 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-1, Class A3<br>|  |  |
| 4.51%, 11/15/27 | 91 | 91 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class A3<br>|  |  |
| 5.63%, 11/15/28 | 1335 | 1345 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class C<br>|  |  |
| 5.06%, 5/15/31 | 549 | 551 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 20.1%continued**  | **ASSET-BACKED SECURITIES - 20.1%continued**  | **ASSET-BACKED SECURITIES - 20.1%continued**  |
| **Auto Loan – 11.2%continued** | **Auto Loan – 11.2%continued** | **Auto Loan – 11.2%continued** |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, <br> Class B<br>|  |  |
| 5.11%, 8/21/28<sup>(1)</sup> <br>| $500 | $501 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-3, Class A3<br>|  |  |
| 5.82%, 5/17/27<sup>(1)</sup> <br>| 250 | 251 |
|  |  | **10752** |
| **Credit Card – 0.3%** | **Credit Card – 0.3%** | **Credit Card – 0.3%** |
| &nbsp;&nbsp; Discover Card Execution Note Trust, <br> Series 2023-A1, Class A<br>|  |  |
| 4.31%, 3/15/28 | 230 | 230 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | 77 | 78 |
|  |  | **308** |
| **Other – 2.9%** | **Other – 2.9%** | **Other – 2.9%** |
| &nbsp;&nbsp; 321 Henderson Receivables I LLC, <br> Series 2007-3A, Class A<br>|  |  |
| 6.15%, 10/15/48<sup>(1)</sup> <br>| 233 | 240 |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-A, <br> Class A3<br>|  |  |
| 4.77%, 6/15/29 | 100 | 101 |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| 4.03%, 1/15/30 | 200 | 199 |
| &nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-1, Class A3<br>|  |  |
| 5.65%, 9/22/28<sup>(1)</sup> <br>| 165 | 165 |
| &nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-3, Class A3<br>|  |  |
| 5.93%, 4/23/29<sup>(1)</sup> <br>| 120 | 121 |
| &nbsp;&nbsp; Finance of America Structured <br> Securities Trust, Series 2023-S2, <br> Class A1<br>|  |  |
| 6.50%, 4/25/73<sup>(1)</sup> <br>| 275 | 276 |
| J.G. Wentworth XLI LLC |  |  |
| 3.74%, 10/17/72<sup>(1)</sup> <br>| 414 | 369 |
| &nbsp;&nbsp; JGWPT XXVII LLC, Series 2012-3A, <br> Class A<br>|  |  |
| 3.22%, 9/15/65<sup>(1)</sup> <br>| 129 | 117 |
| &nbsp;&nbsp; JGWPT XXX LLC, Series 2013-3A, <br> Class A<br>|  |  |
| 4.08%, 1/17/73<sup>(1)</sup> <br>| 330 | 311 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **132** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 20.1%continued**  | **ASSET-BACKED SECURITIES - 20.1%continued**  | **ASSET-BACKED SECURITIES - 20.1%continued**  |
| **Other – 2.9%continued** | **Other – 2.9%continued** | **Other – 2.9%continued** |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.96%, 11/15/28 | $35 | $35 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| 4.06%, 6/15/29 | 500 | 497 |
| &nbsp;&nbsp; MMAF Equipment Finance LLC, Series <br> 2022-B, Class A4<br>|  |  |
| 5.67%, 10/9/48<sup>(1)</sup> <br>| 160 | 160 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2023-2, <br> Class A<br>|  |  |
| 4.89%, 4/13/28 | 250 | 250 |
|  |  | **2841** |
| **Whole Loan – 5.7%** | **Whole Loan – 5.7%** | **Whole Loan – 5.7%** |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 4.74% on 6/25/25), <br> 4.75%, 9/26/67<sup>(1) (2)</sup> <br>| 231 | 229 |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2024-4, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.72% on 4/25/28), <br> 6.20%, 1/25/69<sup>(1) (2)</sup> <br>| 559 | 564 |
| Colt, Series 2024-7, Class A2 |  |  |
| &nbsp;&nbsp; (Step to 6.79% on 12/25/28), <br> 5.79%, 12/26/69<sup>(1) (2)</sup> <br>| 292 | 291 |
| &nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2022-7, Class 1A2<br>|  |  |
| 3.00%, 12/25/52<sup>(1) (3)</sup> <br>| 264 | 224 |
| &nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2023-1, Class A3A<br>|  |  |
| 5.00%, 6/25/53<sup>(1) (3)</sup> <br>| 198 | 192 |
| &nbsp;&nbsp; Mello Mortgage Capital Acceptance, <br> Series 2021-MTG2, Class A1<br>|  |  |
| 2.50%, 6/25/51<sup>(1) (3)</sup> <br>| 263 | 215 |
| &nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 7.64% on 10/25/27), <br> 6.84%, 4/25/63<sup>(1) (2)</sup> <br>| 331 | 334 |
| &nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 7.64% on 10/25/27), <br> 7.30%, 4/25/63<sup>(1) (2)</sup> <br>| 70 | 71 |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM16, <br> Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.89% on 11/25/28), <br> 5.89%, 10/25/64<sup>(1) (2)</sup> <br>| 434 | 436 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 20.1%continued**  | **ASSET-BACKED SECURITIES - 20.1%continued**  | **ASSET-BACKED SECURITIES - 20.1%continued**  |
| **Whole Loan – 5.7%continued** | **Whole Loan – 5.7%continued** | **Whole Loan – 5.7%continued** |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM2, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.88% on 2/25/28), <br> 5.88%, 12/25/63<sup>(1) (2)</sup> <br>| $177 | $178 |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM9, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 7.20% on 7/25/28), <br> 6.03%, 1/25/64<sup>(1) (2)</sup> <br>| 251 | 253 |
| &nbsp;&nbsp; PMT Loan Trust, Series 2024-INV1, <br> Class A2<br>|  |  |
| 6.00%, 10/25/59<sup>(1) (3)</sup> <br>| 486 | 490 |
| &nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2024-1, Class A13<br>|  |  |
| 5.50%, 12/25/54<sup>(1) (3)</sup> <br>| 763 | 750 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, <br> Class M1A<br>|  |  |
| 6.42%, 1/25/65<sup>(1)</sup> <br>| 508 | 509 |
| &nbsp;&nbsp; Sequoia Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| 5.00%, 1/25/53<sup>(1)</sup> <br>| 85 | 82 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-1, Class A1<br>|  |  |
| 3.75%, 7/25/62<sup>(1)</sup> <br>| 609 | 574 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-4, Class A1<br>|  |  |
| 3.75%, 9/25/62<sup>(1)</sup> <br>| 70 | 67 |
|  |  | **5459** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $19,366)** |  | **19360** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.4%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.4%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.4%**  |
| **Non Agency – 4.4%** | **Non Agency – 4.4%** | **Non Agency – 4.4%** |
| BANK, Series 2021-BN37, Class A5 |  |  |
| 2.62%, 11/15/64 | 250 | 216 |
| &nbsp;&nbsp; BANK5 Trust, Series 2024-5YR6, <br> Class A3<br>|  |  |
| 6.23%, 5/15/57 | 140 | 147 |
| BANK5, Series 2023-5YR2, Class A3 |  |  |
| 6.66%, 7/15/56 | 210 | 221 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2023-V3, Class A3<br>|  |  |
| 6.36%, 7/15/56 | 260 | 271 |
| BMARK, Series 2023-V4, Class C |  |  |
| 7.46%, 11/15/56<sup>(3)</sup> <br>| 352 | 368 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **133** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.4%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.4%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.4%continued**  |
| **Non Agency – 4.4%continued** | **Non Agency – 4.4%continued** | **Non Agency – 4.4%continued** |
| BX Trust, Series 2024-PAT, Class A |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 6.41%, <br> 3/15/41<sup>(1) (4)</sup> <br>| $343 | $343 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2016-P3, Class AS<br>|  |  |
| 3.59%, 4/15/49 | 165 | 157 |
| &nbsp;&nbsp; COMM Mortgage Trust, Series <br> 2024-277P, Class B<br>|  |  |
| 7.00%, 8/10/44<sup>(1) (3)</sup> <br>| 800 | 848 |
| &nbsp;&nbsp; FIVE Mortgage Trust, Series 2023-V1, <br> Class A3<br>|  |  |
| 5.67%, 2/10/56 | 260 | 265 |
| &nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2016-C32, <br> Class A4<br>|  |  |
| 3.72%, 12/15/49 | 80 | 78 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2016-UBS9, Class AS<br>|  |  |
| 3.90%, 3/15/49 | 115 | 112 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2016-C35, Class A4<br>|  |  |
| 2.93%, 7/15/48 | 90 | 88 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2024-C63, Class A5<br>|  |  |
| 5.31%, 8/15/57 | 1100 | 1120 |
|  |  | **4234** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $4,199)** |  | **4234** |
| **CORPORATE BONDS – 21.9%**  | **CORPORATE BONDS – 21.9%**  | **CORPORATE BONDS – 21.9%**  |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| Boeing (The) Co., |  |  |
| 6.30%, 5/1/29  | 20 | 21 |
| 5.81%, 5/1/50  | 60 | 57 |
| 6.86%, 5/1/54  | 110 | 120 |
| Howmet Aerospace, Inc., |  |  |
| 4.85%, 10/15/31  | 110 | 110 |
| Lockheed Martin Corp., |  |  |
| 4.70%, 12/15/31  | 230 | 229 |
|  |  | **537** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 21.9% continued**  | **CORPORATE BONDS - 21.9% continued**  | **CORPORATE BONDS - 21.9% continued**  |
| **Asset Management – 1.6%** | **Asset Management – 1.6%** | **Asset Management – 1.6%** |
| Ares Capital Corp., |  |  |
| 5.95%, 7/15/29  | $160 | $163 |
| Blackstone Private Credit Fund, |  |  |
| 2.63%, 12/15/26  | 300 | 287 |
| 5.95%, 7/16/29  | 160 | 162 |
| 5.25%, 4/1/30 <sup>(1)</sup> <br>| 300 | 293 |
| Blue Owl Credit Income Corp., |  |  |
| 7.95%, 6/13/28  | 450 | 477 |
| 6.60%, 9/15/29 <sup>(1)</sup> <br>| 160 | 162 |
|  |  | **1544** |
| **Automotive – 0.8%** | **Automotive – 0.8%** | **Automotive – 0.8%** |
| American Honda Finance Corp., |  |  |
| 4.40%, 9/5/29  | 450 | 444 |
| Toyota Motor Credit Corp., |  |  |
| 4.60%, 10/10/31  | 340 | 337 |
|  |  | **781** |
| **Banking – 5.6%** | **Banking – 5.6%** | **Banking – 5.6%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.82%, 9/15/29 <sup>(5)</sup> <br>| 165 | 171 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.22%), <br> 2.65%, 3/11/32 <sup>(5)</sup> <br>| 84 | 74 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.32%), <br> 2.69%, 4/22/32 <sup>(5)</sup> <br>| 354 | 312 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 2.57%, 10/20/32 <sup>(5)</sup> <br>| 210 | 181 |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.04%), <br> 6.18%, 1/30/36 <sup>(5)</sup> <br>| 310 | 309 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.41%), 3.52%, 10/27/28 <sup>(5)</sup> <br>| 131 | 127 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 3.91%), <br> 4.41%, 3/31/31 <sup>(5)</sup> <br>| 133 | 130 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.06%), <br> 5.83%, 2/13/35 <sup>(5)</sup> <br>| 180 | 179 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.45%), <br> 5.45%, 6/11/35 <sup>(5)</sup> <br>| 170 | 171 |
| Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.34%), <br> 6.34%, 7/27/29 <sup>(5)</sup> <br>| 130 | 136 |
| Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.70%), 6.14%, <br> 11/18/39 <sup>(5)</sup> <br>| 270 | 272 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **134** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 21.9% continued**  | **CORPORATE BONDS - 21.9% continued**  | **CORPORATE BONDS - 21.9% continued**  |
| **Banking – 5.6%continued** | **Banking – 5.6%continued** | **Banking – 5.6%continued** |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.15%), 6.50%, <br> 4/1/30 <sup>(5) (6)</sup> <br>| $300 | $307 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 4/22/30 <sup>(5)</sup> <br>| 700 | 722 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.07%), <br> 1.95%, 2/4/32 <sup>(5)</sup> <br>| 157 | 134 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.08%), <br> 4.91%, 7/25/33 <sup>(5)</sup> <br>| 252 | 250 |
| KeyBank N.A., |  |  |
| 5.00%, 1/26/33  | 210 | 205 |
| M&T Bank Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.80%), <br> 7.41%, 10/30/29 <sup>(5)</sup> <br>| 160 | 172 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.85%), 4.63%, <br> 6/6/33 <sup>(5)</sup> <br>| 74 | 71 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.36%), <br> 5.87%, 6/8/34 <sup>(5)</sup> <br>| 460 | 473 |
| U.S. Bancorp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.09%), <br> 5.85%, 10/21/33 <sup>(5)</sup> <br>| 281 | 291 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.10%), <br> 2.39%, 6/2/28 <sup>(5)</sup> <br>| 159 | 152 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30 <sup>(5)</sup> <br>| 300 | 305 |
| (Variable, U.S. SOFR + 1.99%), <br> 5.56%, 7/25/34 <sup>(5)</sup> <br>| 250 | 254 |
|  |  | **5398** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| Constellation Brands, Inc., |  |  |
| 2.88%, 5/1/30 | 44 | **40** |
| **Biotechnology & Pharmaceuticals – 0.6%** | **Biotechnology & Pharmaceuticals – 0.6%** | **Biotechnology & Pharmaceuticals – 0.6%** |
| AbbVie, Inc., |  |  |
| 3.20%, 11/21/29  | 300 | 283 |
| Pfizer, Inc., |  |  |
| 1.70%, 5/28/30  | 300 | 262 |
|  |  | **545** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 21.9% continued**  | **CORPORATE BONDS - 21.9% continued**  | **CORPORATE BONDS - 21.9% continued**  |
| **Brokerage Asset Manager Exchanges – 0.4%** | **Brokerage Asset Manager Exchanges – 0.4%** | **Brokerage Asset Manager Exchanges – 0.4%** |
| Citadel L.P., |  |  |
| 6.38%, 1/23/32<sup>(1)</sup> <br>| $390 | **$400** |
| **Cable & Satellite – 0.0%** | **Cable & Satellite – 0.0%** | **Cable & Satellite – 0.0%** |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital,<br>|  |  |
| 5.05%, 3/30/29 | 24 | **24** |
| **Capital Goods – 0.7%** | **Capital Goods – 0.7%** | **Capital Goods – 0.7%** |
| CRH America Finance, Inc., |  |  |
| 5.50%, 1/9/35  | 290 | 294 |
| Republic Services, Inc., |  |  |
| 5.15%, 3/15/35  | 380 | 382 |
|  |  | **676** |
| **Construction Materials – 0.6%** | **Construction Materials – 0.6%** | **Construction Materials – 0.6%** |
| Owens Corning, |  |  |
| 5.70%, 6/15/34  | 65 | 67 |
| Vulcan Materials Co., |  |  |
| 5.35%, 12/1/34  | 525 | 530 |
|  |  | **597** |
| **Consumer Cyclical – 0.7%** | **Consumer Cyclical – 0.7%** | **Consumer Cyclical – 0.7%** |
| Expedia Group, Inc., |  |  |
| 5.40%, 2/15/35 | 650 | **647** |
| **Consumer Non-Cyclical – 0.4%** | **Consumer Non-Cyclical – 0.4%** | **Consumer Non-Cyclical – 0.4%** |
| Mars, Inc., |  |  |
| 5.70%, 5/1/55<sup>(1)</sup> <br>| 400 | **400** |
| **Electric Utilities – 1.2%** | **Electric Utilities – 1.2%** | **Electric Utilities – 1.2%** |
| Ameren Corp., |  |  |
| 3.50%, 1/15/31  | 93 | 86 |
| Berkshire Hathaway Energy Co., |  |  |
| 1.65%, 5/15/31  | 130 | 109 |
| &nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| 3.35%, 4/1/30  | 2 | 2 |
| Duke Energy Progress LLC, |  |  |
| 3.40%, 4/1/32  | 114 | 104 |
| 5.25%, 3/15/33  | 173 | 176 |
| Entergy Texas, Inc., |  |  |
| 1.75%, 3/15/31  | 107 | 91 |
| PacifiCorp, |  |  |
| 5.45%, 2/15/34  | 230 | 232 |
| San Diego Gas & Electric Co., |  |  |
| 1.70%, 10/1/30  | 150 | 127 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **135** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 21.9% continued**  | **CORPORATE BONDS - 21.9% continued**  | **CORPORATE BONDS - 21.9% continued**  |
| **Electric Utilities – 1.2%continued** | **Electric Utilities – 1.2%continued** | **Electric Utilities – 1.2%continued** |
| Southern (The) Co., |  |  |
| 3.70%, 4/30/30  | $87 | $83 |
| Virginia Electric and Power Co., |  |  |
| 2.40%, 3/30/32  | 92 | 78 |
| Xcel Energy, Inc., |  |  |
| 2.60%, 12/1/29  | 89 | 81 |
|  |  | **1169** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| Hubbell, Inc., |  |  |
| 2.30%, 3/15/31 | 180 | **156** |
| **Energy – 0.5%** | **Energy – 0.5%** | **Energy – 0.5%** |
| Cheniere Energy Partners L.P., |  |  |
| 5.75%, 8/15/34  | 65 | 66 |
| Marathon Petroleum Corp., |  |  |
| 5.70%, 3/1/35  | 380 | 378 |
|  |  | **444** |
| **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** | **Entertainment Content – 0.2%** |
| Discovery Communications LLC, |  |  |
| 3.63%, 5/15/30 | 225 | **202** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| Tyson Foods, Inc., |  |  |
| 4.35%, 3/1/29 | 47 | **46** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| Southern Co. Gas Capital Corp., |  |  |
| 1.75%, 1/15/31 | 133 | **112** |
| **Health Care Facilities & Services – 1.5%** | **Health Care Facilities & Services – 1.5%** | **Health Care Facilities & Services – 1.5%** |
| Cardinal Health, Inc., |  |  |
| 5.35%, 11/15/34  | 450 | 451 |
| Cencora, Inc., |  |  |
| 5.15%, 2/15/35  | 270 | 270 |
| CVS Health Corp., |  |  |
| 5.25%, 1/30/31  | 73 | 74 |
| 5.55%, 6/1/31  | 225 | 230 |
| 5.30%, 6/1/33  | 85 | 84 |
| Elevance Health, Inc., |  |  |
| 5.38%, 6/15/34  | 60 | 61 |
| 5.70%, 2/15/55  | 270 | 263 |
|  |  | **1433** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| Mohawk Industries, Inc., |  |  |
| 5.85%, 9/18/28 | 2 | **2** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 21.9% continued**  | **CORPORATE BONDS - 21.9% continued**  | **CORPORATE BONDS - 21.9% continued**  |
| **Institutional Financial Services – 1.4%** | **Institutional Financial Services – 1.4%** | **Institutional Financial Services – 1.4%** |
| Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 5.05%, 7/23/30 <sup>(5)</sup> <br>| $300 | $303 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.55%), <br> 5.33%, 7/23/35 <sup>(5)</sup> <br>| 250 | 249 |
| Jefferies Financial Group, Inc., |  |  |
| 6.20%, 4/14/34  | 45 | 46 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 5.45%, 7/20/29 <sup>(5)</sup> <br>| 262 | 268 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 6.41%, 11/1/29 <sup>(5)</sup> <br>| 159 | 168 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.14%), <br> 2.70%, 1/22/31 <sup>(5)</sup> <br>| 187 | 169 |
| (Variable, U.S. SOFR + 1.58%), <br> 5.83%, 4/19/35 <sup>(5)</sup> <br>| 120 | 124 |
|  |  | **1327** |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| Arthur J Gallagher & Co., |  |  |
| 5.15%, 2/15/35  | 270 | 267 |
| Corebridge Financial, Inc., |  |  |
| 5.75%, 1/15/34  | 79 | 81 |
| Marsh & McLennan Cos., Inc., |  |  |
| 5.15%, 3/15/34  | 190 | 192 |
| Sammons Financial Group, Inc., |  |  |
| 6.88%, 4/15/34 <sup>(1)</sup> <br>| 105 | 112 |
|  |  | **652** |
| **Machinery – 0.4%** | **Machinery – 0.4%** | **Machinery – 0.4%** |
| John Deere Capital Corp., |  |  |
| 4.40%, 9/8/31 | 375 | **371** |
| **Oil & Gas Supply Chain – 0.8%** | **Oil & Gas Supply Chain – 0.8%** | **Oil & Gas Supply Chain – 0.8%** |
| Energy Transfer L.P., |  |  |
| 3.75%, 5/15/30  | 225 | 213 |
| ONEOK, Inc., |  |  |
| 6.05%, 9/1/33  | 58 | 60 |
| Ovintiv, Inc., |  |  |
| 6.25%, 7/15/33  | 325 | 336 |
| Phillips 66, |  |  |
| 2.15%, 12/15/30  | 188 | 163 |
|  |  | **772** |
| **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** | **Real Estate Investment Trusts – 0.8%** |
| AvalonBay Communities, Inc., |  |  |
| 2.30%, 3/1/30  | 37 | 33 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **136** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 21.9% continued**  | **CORPORATE BONDS - 21.9% continued**  | **CORPORATE BONDS - 21.9% continued**  |
| **Real Estate Investment Trusts – 0.8%continued** | **Real Estate Investment Trusts – 0.8%continued** | **Real Estate Investment Trusts – 0.8%continued** |
| Boston Properties L.P., |  |  |
| 2.55%, 4/1/32  | $44 | $36 |
| Essex Portfolio L.P., |  |  |
| 2.65%, 3/15/32  | 66 | 57 |
| NNN REIT, Inc., |  |  |
| 5.50%, 6/15/34  | 130 | 131 |
| Omega Healthcare Investors, Inc., |  |  |
| 3.38%, 2/1/31  | 18 | 16 |
| Simon Property Group L.P., |  |  |
| 2.45%, 9/13/29  | 43 | 39 |
| Store Capital LLC, |  |  |
| 5.40%, 4/30/30 <sup>(1)</sup> <br>| 480 | 481 |
|  |  | **793** |
| **Retail - Discretionary – 0.0%** | **Retail - Discretionary – 0.0%** | **Retail - Discretionary – 0.0%** |
| Tractor Supply Co., |  |  |
| 1.75%, 11/1/30 | 23 | **20** |
| **Semiconductors – 0.4%** | **Semiconductors – 0.4%** | **Semiconductors – 0.4%** |
| Broadcom, Inc., |  |  |
| 4.80%, 10/15/34  | 110 | 107 |
| Intel Corp., |  |  |
| 5.13%, 2/10/30  | 224 | 226 |
| KLA Corp., |  |  |
| 5.65%, 11/1/34  | 71 | 74 |
|  |  | **407** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| Fortinet, Inc., |  |  |
| 2.20%, 3/15/31  | 97 | 85 |
| VMware LLC, |  |  |
| 1.80%, 8/15/28  | 42 | 38 |
|  |  | **123** |
| **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** | **Specialty Finance – 0.2%** |
| Broadridge Financial Solutions, Inc., |  |  |
| 2.90%, 12/1/29  | 42 | 39 |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.26%), <br> 6.05%, 2/1/35 <sup>(5)</sup> <br>| 50 | 51 |
| GATX Corp., |  |  |
| 4.00%, 6/30/30  | 9 | 8 |
| Synchrony Financial, |  |  |
| (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30 <sup>(5)</sup> <br>| 120 | 122 |
|  |  | **220** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 21.9% continued**  | **CORPORATE BONDS - 21.9% continued**  | **CORPORATE BONDS - 21.9% continued**  |
| **Technology – 0.9%** | **Technology – 0.9%** | **Technology – 0.9%** |
| Foundry JV Holdco LLC, |  |  |
| 6.30%, 1/25/39 <sup>(1)</sup> <br>| $450 | $466 |
| Synopsys, Inc., |  |  |
| 5.15%, 4/1/35  | 420 | 422 |
|  |  | **888** |
| **Technology Hardware – 0.0%** | **Technology Hardware – 0.0%** | **Technology Hardware – 0.0%** |
| Motorola Solutions, Inc., |  |  |
| 2.30%, 11/15/30 | 44 | **38** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| AT&T, Inc., |  |  |
| 4.30%, 2/15/30  | 59 | 58 |
| Verizon Communications, Inc., |  |  |
| 2.55%, 3/21/31  | 82 | 72 |
|  |  | **130** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Philip Morris International, Inc., |  |  |
| 1.75%, 11/1/30 | 102 | **88** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| Ryder System, Inc., |  |  |
| 5.38%, 3/15/29  | 45 | 46 |
| Union Pacific Corp., |  |  |
| 2.38%, 5/20/31  | 54 | 47 |
|  |  | **93** |
| **Total Corporate Bonds** |  |  |
| **(Cost $21,327)** |  | **21075** |
| **FOREIGN ISSUER BONDS – 7.9%**  | **FOREIGN ISSUER BONDS – 7.9%**  | **FOREIGN ISSUER BONDS – 7.9%**  |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Rolls-Royce PLC, |  |  |
| 5.75%, 10/15/27<sup>(1)</sup> <br>| 70 | **72** |
| **Asset Management – 0.4%** | **Asset Management – 0.4%** | **Asset Management – 0.4%** |
| UBS Group A.G., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.00%), 6.30%, <br> 9/22/34<sup>(1) (5)</sup> <br>| 360 | **383** |
| **Banking – 3.1%** | **Banking – 3.1%** | **Banking – 3.1%** |
| ANZ Bank New Zealand Ltd., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.70%), 5.55%, <br> 8/11/32 <sup>(1) (5)</sup> <br>| 200 | 203 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **137** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 7.9% continued**  | **FOREIGN ISSUER BONDS - 7.9% continued**  | **FOREIGN ISSUER BONDS - 7.9% continued**  |
| **Banking – 3.1%continued** | **Banking – 3.1%continued** | **Banking – 3.1%continued** |
| &nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.29%), 2.95%, <br> 7/22/30 <sup>(1) (5)</sup> <br>| $322 | $320 |
| Banco Santander S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.00%), 4.18%, <br> 3/24/28 <sup>(5)</sup> <br>| 200 | 198 |
| &nbsp;&nbsp; Banque Federative du Credit Mutuel <br> S.A.,<br>|  |  |
| 5.54%, 1/22/30 <sup>(1)</sup> <br>| 500 | 515 |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.65%), 5.50%, <br> 8/9/28 <sup>(5)</sup> <br>| 200 | 203 |
| Commonwealth Bank of Australia, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.32%), 5.93%, <br> 3/14/46 <sup>(1) (5)</sup> <br>| 200 | 198 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.90%), <br> 5.87%, 11/18/35 <sup>(5)</sup> <br>| 330 | 329 |
| KBC Group N.V., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.10%), 5.80%, <br> 1/19/29 <sup>(1) (5)</sup> <br>| 200 | 205 |
| Macquarie Group Ltd., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.13%), <br> 4.10%, 6/21/28 <sup>(1) (5)</sup> <br>| 280 | 277 |
| NatWest Group PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.55%), 3.07%, <br> 5/22/28 <sup>(5)</sup> <br>| 250 | 242 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.20%), 6.48%, <br> 6/1/34 <sup>(5)</sup> <br>| 200 | 208 |
| Westpac Banking Corp., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.00%), 4.11%, <br> 7/24/34 <sup>(5)</sup> <br>| 97 | 92 |
|  |  | **2990** |
| **Basic Industry – 1.2%** | **Basic Industry – 1.2%** | **Basic Industry – 1.2%** |
| BHP Billiton Finance U.S.A. Ltd., |  |  |
| 5.30%, 2/21/35  | 650 | 655 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 7.9% continued**  | **FOREIGN ISSUER BONDS - 7.9% continued**  | **FOREIGN ISSUER BONDS - 7.9% continued**  |
| **Basic Industry – 1.2%continued** | **Basic Industry – 1.2%continued** | **Basic Industry – 1.2%continued** |
| Rio Tinto Finance U.S.A. PLC, |  |  |
| 5.75%, 3/14/55  | $540 | $541 |
|  |  | **1196** |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| Coca-Cola Europacific Partners PLC, |  |  |
| 1.50%, 1/15/27 <sup>(1)</sup> <br>| 1 | 1 |
| Coca-Cola Femsa S.A.B. de C.V., |  |  |
| 1.85%, 9/1/32  | 205 | 167 |
|  |  | **168** |
| **Energy – 0.7%** | **Energy – 0.7%** | **Energy – 0.7%** |
| Harbour Energy PLC, |  |  |
| 4/1/35<sup>(1) (7)</sup> <br>| 700 | **697** |
| **Finance Companies – 0.6%** | **Finance Companies – 0.6%** | **Finance Companies – 0.6%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 5.38%, 12/15/31 | 600 | **605** |
| **Insurance – 0.6%** | **Insurance – 0.6%** | **Insurance – 0.6%** |
| Nippon Life Insurance Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.95%), 6.25%, <br> 9/13/53 <sup>(1) (5)</sup> <br>| 200 | 208 |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.59%), 5.95%, <br> 4/16/54 <sup>(1) (5)</sup> <br>| 390 | 392 |
|  |  | **600** |
| **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 3.00%, 10/29/28  | 190 | 179 |
| 4.63%, 9/10/29  | 150 | 148 |
| 3.40%, 10/29/33  | 53 | 45 |
| Macquarie Airfinance Holdings Ltd., |  |  |
| 6.50%, 3/26/31 <sup>(1)</sup> <br>| 97 | 101 |
|  |  | **473** |
| **Technology – 0.4%** | **Technology – 0.4%** | **Technology – 0.4%** |
| RELX Capital, Inc., |  |  |
| 5.25%, 3/27/35 | 330 | **333** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Imperial Brands Finance PLC, |  |  |
| 5.88%, 7/1/34<sup>(1)</sup> <br>| 80 | **81** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $7,560)** |  | **7598** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **138** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 29.6%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 29.6%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 29.6%** <sup>(8)</sup> |
| **Fannie Mae – 15.0%** | **Fannie Mae – 15.0%** | **Fannie Mae – 15.0%** |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2013-M6, <br> Class 1AC,<br>|  |  |
| 3.39%, 2/25/43<sup>(3)</sup> <br>| $677 | $651 |
| Pool #889641, |  |  |
| 5.50%, 8/1/37 | 86 | 87 |
| Pool #995802, |  |  |
| 5.50%, 12/1/35 | 86 | 88 |
| Pool #AB5209, |  |  |
| 3.00%, 5/1/32 | 165 | 158 |
| Pool #AD0248, |  |  |
| 5.50%, 11/1/37 | 157 | 160 |
| Pool #AD0494, |  |  |
| 5.50%, 8/1/37 | 87 | 89 |
| Pool #AD0925, |  |  |
| 5.00%, 4/1/40 | 88 | 89 |
| Pool #AL5119, |  |  |
| 4.00%, 4/1/34 | 89 | 87 |
| Pool #AL6041, |  |  |
| 4.00%, 8/1/33 | 417 | 411 |
| Pool #AL7497, |  |  |
| 3.50%, 9/1/40 | 181 | 169 |
| Pool #AL8352, |  |  |
| 3.00%, 10/1/44 | 210 | 188 |
| Pool #AQ5150, |  |  |
| 2.50%, 11/1/42 | 572 | 497 |
| Pool #AS3655, |  |  |
| 4.50%, 10/1/44 | 115 | 113 |
| Pool #AS6520, |  |  |
| 3.50%, 1/1/46 | 205 | 189 |
| Pool #AS6730, |  |  |
| 3.50%, 2/1/46 | 262 | 241 |
| Pool #AS7088, |  |  |
| 2.50%, 5/1/31 | 66 | 63 |
| Pool #AS8576, |  |  |
| 4.50%, 12/1/46 | 146 | 142 |
| Pool #BH6175, |  |  |
| 3.50%, 7/1/47 | 66 | 61 |
| Pool #BJ0686, |  |  |
| 4.00%, 4/1/48 | 114 | 107 |
| Pool #BM1761, |  |  |
| 4.00%, 8/1/44 | 107 | 103 |
| Pool #BM4056, |  |  |
| 4.00%, 3/1/45 | 132 | 127 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 15.0%continued** | **Fannie Mae – 15.0%continued** | **Fannie Mae – 15.0%continued** |
| Pool #BM5984, |  |  |
| 5.00%, 5/1/49 | $57 | $57 |
| Pool #BM5996, |  |  |
| 5.00%, 12/1/48 | 41 | 41 |
| Pool #BW9921, |  |  |
| 5.00%, 10/1/52 | 272 | 268 |
| Pool #BX4910, |  |  |
| 5.00%, 1/1/53 | 216 | 214 |
| Pool #BX7244, |  |  |
| 5.50%, 2/1/53 | 246 | 246 |
| Pool #BX7768, |  |  |
| 5.00%, 3/1/53 | 262 | 258 |
| Pool #BY5368, |  |  |
| 6.00%, 7/1/53 | 82 | 84 |
| Pool #CA6359, |  |  |
| 2.50%, 7/1/50 | 259 | 220 |
| Pool #CB1666, |  |  |
| 2.50%, 9/1/51 | 156 | 131 |
| Pool #CB2286, |  |  |
| 2.50%, 12/1/51 | 236 | 198 |
| Pool #CB3515, |  |  |
| 3.50%, 5/1/52 | 208 | 188 |
| Pool #CB4842, |  |  |
| 5.50%, 10/1/52 | 240 | 241 |
| Pool #CB4844, |  |  |
| 5.50%, 10/1/52 | 125 | 125 |
| Pool #CB5113, |  |  |
| 5.50%, 11/1/52 | 75 | 75 |
| Pool #CB7114, |  |  |
| 5.50%, 9/1/53 | 135 | 135 |
| Pool #CB8223, |  |  |
| 6.00%, 3/1/54 | 189 | 193 |
| Pool #DA0017, |  |  |
| 6.00%, 9/1/53 | 226 | 232 |
| Pool #FM1303, |  |  |
| 3.00%, 1/1/48 | 392 | 349 |
| Pool #FM1472, |  |  |
| 3.50%, 3/1/34 | 26 | 25 |
| Pool #FM1534, |  |  |
| 4.50%, 9/1/49 | 193 | 188 |
| Pool #FM2671, |  |  |
| 4.00%, 1/1/48 | 90 | 86 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **139** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 15.0%continued** | **Fannie Mae – 15.0%continued** | **Fannie Mae – 15.0%continued** |
| Pool #FM2921, |  |  |
| 2.50%, 4/1/50 | $528 | $445 |
| Pool #FM3173, |  |  |
| 3.50%, 7/1/47 | 319 | 298 |
| Pool #FM3201, |  |  |
| 3.50%, 4/1/34 | 79 | 78 |
| Pool #FM3727, |  |  |
| 3.00%, 7/1/50 | 251 | 220 |
| Pool #FM4491, |  |  |
| 3.50%, 12/1/36 | 215 | 207 |
| Pool #FM5237, |  |  |
| 5.00%, 7/1/47 | 130 | 131 |
| Pool #FM6125, |  |  |
| 2.50%, 1/1/51 | 295 | 250 |
| Pool #FM8215, |  |  |
| 2.50%, 3/1/51 | 258 | 218 |
| Pool #FP0012, |  |  |
| 3.00%, 8/1/51 | 234 | 207 |
| Pool #FS2701, |  |  |
| 2.50%, 2/1/35 | 171 | 164 |
| Pool #FS3063, |  |  |
| 4.50%, 10/1/52 | 357 | 344 |
| Pool #FS3120, |  |  |
| 5.00%, 9/1/52 | 376 | 370 |
| Pool #FS3384, |  |  |
| 4.50%, 10/1/50 | 301 | 292 |
| Pool #FS3391, |  |  |
| 2.50%, 8/1/51 | 301 | 255 |
| Pool #FS3662, |  |  |
| 5.00%, 1/1/53 | 262 | 258 |
| Pool #FS4040, |  |  |
| 5.00%, 2/1/53 | 249 | 246 |
| Pool #FS4045, |  |  |
| 5.50%, 2/1/53 | 242 | 242 |
| Pool #FS4267, |  |  |
| 4.50%, 3/1/38 | 286 | 284 |
| Pool #FS4300, |  |  |
| 5.50%, 4/1/53 | 170 | 172 |
| Pool #FS4610, |  |  |
| 6.50%, 6/1/40 | 114 | 119 |
| Pool #FS4653, |  |  |
| 5.50%, 5/1/53 | 166 | 166 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 15.0%continued** | **Fannie Mae – 15.0%continued** | **Fannie Mae – 15.0%continued** |
| Pool #FS4663, |  |  |
| 5.00%, 5/1/53 | $268 | $264 |
| Pool #FS5441, |  |  |
| 6.00%, 8/1/53 | 261 | 268 |
| Pool #FS5952, |  |  |
| 6.50%, 10/1/53 | 191 | 200 |
| Pool #FS6869, |  |  |
| 7.00%, 1/1/40 | 63 | 66 |
| Pool #MA2232, |  |  |
| 3.50%, 4/1/35 | 154 | 148 |
| Pool #MA2864, |  |  |
| 3.50%, 1/1/47 | 255 | 235 |
| Pool #MA3088, |  |  |
| 4.00%, 8/1/47 | 179 | 169 |
| Pool #MA3183, |  |  |
| 4.00%, 11/1/47 | 351 | 331 |
| Pool #MA3184, |  |  |
| 4.50%, 11/1/47 | 65 | 63 |
| Pool #MA3448, |  |  |
| 5.00%, 8/1/48 | 95 | 95 |
| Pool #MA4186, |  |  |
| 3.00%, 10/1/35 | 98 | 93 |
| Pool #MA5098, |  |  |
| 5.50%, 7/1/43 | 178 | 180 |
|  |  | **14452** |
| **Freddie Mac – 11.5%** | **Freddie Mac – 11.5%** | **Freddie Mac – 11.5%** |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 3013, <br> Class HZ,<br>|  |  |
| 5.00%, 8/15/35 | 155 | 158 |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 4077, <br> Class TO,<br>|  |  |
| 0.00%, 5/15/41<sup>(9)</sup> <br>| 282 | 214 |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 5391, <br> Class A,<br>|  |  |
| 5.50%, 11/25/51 | 153 | 155 |
| Pool #1B3575, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 11.42% Cap), 7.55%, 9/1/37<sup>(4)</sup> <br>| 4 | 4 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **140** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 11.5%continued** | **Freddie Mac – 11.5%continued** | **Freddie Mac – 11.5%continued** |
| Pool #1G2296, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 2.09%, 2.09% Floor, <br> 11.34% Cap), 6.71%, 11/1/37<sup>(4)</sup> <br>| $8 | $8 |
| Pool #QD2946, |  |  |
| 2.50%, 12/1/51 | 250 | 209 |
| Pool #QF3725, |  |  |
| 5.00%, 11/1/52 | 259 | 254 |
| Pool #QF8053, |  |  |
| 5.50%, 2/1/53 | 347 | 348 |
| Pool #QF8924, |  |  |
| 5.50%, 3/1/53 | 268 | 270 |
| Pool #QG4632, |  |  |
| 5.50%, 6/1/53 | 258 | 258 |
| Pool #RA3913, |  |  |
| 2.50%, 11/1/50 | 592 | 502 |
| Pool #RA7677, |  |  |
| 5.00%, 7/1/52 | 243 | 240 |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | 253 | 255 |
| Pool #RA9840, |  |  |
| 5.50%, 9/1/53 | 254 | 257 |
| Pool #RD5026, |  |  |
| 3.00%, 4/1/30 | 37 | 37 |
| Pool #SB0084, |  |  |
| 3.00%, 2/1/32 | 190 | 186 |
| Pool #SB0216, |  |  |
| 3.00%, 12/1/32 | 62 | 61 |
| Pool #SB0328, |  |  |
| 3.00%, 6/1/34 | 195 | 189 |
| Pool #SB0826, |  |  |
| 2.50%, 1/1/35 | 197 | 187 |
| Pool #SB8502, |  |  |
| 2.00%, 8/1/35 | 446 | 406 |
| Pool #SD0882, |  |  |
| 2.50%, 2/1/52 | 101 | 85 |
| Pool #SD1518, |  |  |
| 4.50%, 8/1/52 | 256 | 246 |
| Pool #SD1659, |  |  |
| 2.50%, 2/1/52 | 301 | 254 |
| Pool #SD1703, |  |  |
| 5.00%, 9/1/52 | 378 | 371 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 11.5%continued** | **Freddie Mac – 11.5%continued** | **Freddie Mac – 11.5%continued** |
| Pool #SD2334, |  |  |
| 5.00%, 2/1/53 | $266 | $262 |
| Pool #SD2347, |  |  |
| 5.50%, 2/1/53 | 250 | 252 |
| Pool #SD2477, |  |  |
| 5.50%, 3/1/53 | 273 | 276 |
| Pool #SD2642, |  |  |
| 5.50%, 4/1/53 | 258 | 260 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 82 | 84 |
| Pool #SD2757, |  |  |
| 5.00%, 5/1/53 | 258 | 254 |
| Pool #SD2876, |  |  |
| 3.00%, 7/1/46 | 251 | 226 |
| Pool #SD2902, |  |  |
| 5.50%, 5/1/53 | 161 | 161 |
| Pool #SD2920, |  |  |
| 5.50%, 5/1/53 | 261 | 263 |
| Pool #SD2922, |  |  |
| 5.00%, 5/1/53 | 268 | 264 |
| Pool #SD2999, |  |  |
| 5.50%, 6/1/53 | 264 | 266 |
| Pool #SD3133, |  |  |
| 5.00%, 6/1/53 | 200 | 198 |
| Pool #SD3136, |  |  |
| 5.50%, 6/1/53 | 264 | 266 |
| Pool #SD3174, |  |  |
| 5.50%, 6/1/53 | 261 | 263 |
| Pool #SD3189, |  |  |
| 6.00%, 6/1/53 | 188 | 193 |
| Pool #SD3251, |  |  |
| 6.00%, 7/1/53 | 241 | 246 |
| Pool #SD3515, |  |  |
| 6.00%, 7/1/53 | 159 | 163 |
| Pool #SD3760, |  |  |
| 6.00%, 8/1/53 | 207 | 213 |
| Pool #SD4013, |  |  |
| 4.00%, 5/1/53 | 181 | 169 |
| Pool #SD4027, |  |  |
| 6.50%, 10/1/53 | 232 | 245 |
| Pool #SD4285, |  |  |
| 5.50%, 11/1/53 | 213 | 214 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **141** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**CORE BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 11.5%continued** | **Freddie Mac – 11.5%continued** | **Freddie Mac – 11.5%continued** |
| Pool #SD5136, |  |  |
| 6.00%, 4/1/54 | $189 | $194 |
| Pool #ZK7457, |  |  |
| 3.50%, 2/1/29 | 53 | 52 |
| Pool #ZM5332, |  |  |
| 3.00%, 1/1/48 | 201 | 177 |
| Pool #ZS4687, |  |  |
| 2.50%, 11/1/46 | 138 | 117 |
| Pool #ZT1333, |  |  |
| 2.50%, 10/1/31 | 395 | 379 |
| &nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| 2.75%, 9/25/29 | 272 | 259 |
|  |  | **11070** |
| **Freddie Mac Gold – 0.7%** | **Freddie Mac Gold – 0.7%** | **Freddie Mac Gold – 0.7%** |
| Pool #G07505, |  |  |
| 7.00%, 2/1/39 | 117 | 128 |
| Pool #G16396, |  |  |
| 3.50%, 2/1/33 | 52 | 51 |
| Pool #G30926, |  |  |
| 3.50%, 4/1/36 | 47 | 46 |
| Pool #G60948, |  |  |
| 3.00%, 1/1/47 | 166 | 145 |
| Pool #Q15842, |  |  |
| 3.00%, 2/1/43 | 285 | 257 |
| Pool #Q42460, |  |  |
| 4.00%, 6/1/46 | 56 | 53 |
| Pool #Q63667, |  |  |
| 4.50%, 5/1/49 | 58 | 56 |
|  |  | **736** |
| **Government National Mortgage Association – 0.1%** | **Government National Mortgage Association – 0.1%** | **Government National Mortgage Association – 0.1%** |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| 2.50%, 8/20/46 | 166 | **153** |
| **Government National Mortgage Association I – 0.5%** | **Government National Mortgage Association I – 0.5%** | **Government National Mortgage Association I – 0.5%** |
| Pool #604183, |  |  |
| 5.50%, 4/15/33 | 1 | 1 |
| Pool #633627, |  |  |
| 5.50%, 9/15/34 | 2 | 2 |
| Pool #757013, |  |  |
| 3.50%, 12/15/40 | 242 | 227 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 29.6%** <sup>(8)</sup>**continued** |
| **Government National Mortgage Association I – 0.5%continued** | **Government National Mortgage Association I – 0.5%continued** | **Government National Mortgage Association I – 0.5%continued** |
| Pool #786470, |  |  |
| 5.00%, 11/15/40 | $234 | $237 |
|  |  | **467** |
| **Government National Mortgage Association II – 1.8%** | **Government National Mortgage Association II – 1.8%** | **Government National Mortgage Association II – 1.8%** |
| Pool #784801, |  |  |
| 3.50%, 6/20/47 | 242 | 223 |
| Pool #786922, |  |  |
| 5.50%, 9/1/53 | 235 | 237 |
| Pool #MA0089, |  |  |
| 4.00%, 5/20/42 | 360 | 346 |
| Pool #MA0782, |  |  |
| 3.00%, 2/20/43 | 127 | 115 |
| Pool #MA1287, |  |  |
| 4.50%, 9/20/43 | 62 | 61 |
| Pool #MA1996, |  |  |
| 4.00%, 6/20/44 | 64 | 61 |
| Pool #MA2755, |  |  |
| 4.00%, 4/20/45 | 48 | 46 |
| Pool #MA3666, |  |  |
| 5.00%, 5/20/46 | 120 | 121 |
| Pool #MA8346, |  |  |
| 4.00%, 10/20/52 | 256 | 241 |
| Pool #MA8724, |  |  |
| 4.50%, 3/20/53 | 263 | 253 |
|  |  | **1704** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $29,742)** |  | **28582** |
| **U.S. GOVERNMENT OBLIGATIONS – 15.5%**  | **U.S. GOVERNMENT OBLIGATIONS – 15.5%**  | **U.S. GOVERNMENT OBLIGATIONS – 15.5%**  |
| **U.S. Treasury Bonds – 9.5%** | **U.S. Treasury Bonds – 9.5%** | **U.S. Treasury Bonds – 9.5%** |
| 4.25%, 11/15/40 | 920 | 897 |
| 4.63%, 5/15/44 | 5329 | 5347 |
| 4.50%, 11/15/54 | 2984 | 2940 |
|  |  | **9184** |
| **U.S. Treasury Notes – 3.6%** | **U.S. Treasury Notes – 3.6%** | **U.S. Treasury Notes – 3.6%** |
| 3.50%, 9/30/26<sup>(10)</sup> <br>| 35 | 35 |
| 3.88%, 10/15/27<sup>(10)</sup> <br>| 480 | 480 |
| 4.38%, 12/31/29 | 1477 | 1504 |
| 4.25%, 1/31/30 | 500 | 506 |
| 3.88%, 8/15/34 | 965 | 940 |
|  |  | **3465** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **142** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 15.5%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 15.5%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 15.5%continued**  |
| **U.S. Treasury Strips – 2.4%** | **U.S. Treasury Strips – 2.4%** | **U.S. Treasury Strips – 2.4%** |
| 1.54%, 2/15/51<sup>(11)</sup> <br>| $7762 | **$2315** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $17,321)** |  | **14964** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.8%**  | **INVESTMENT COMPANIES – 0.8%**  | **INVESTMENT COMPANIES – 0.8%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(12) (13)</sup> <br>| 768559 | $769 |
| **Total Investment Companies** |  |  |
| **(Cost $769)** |  | **769** |
| **Total Investments – 100.2%** | **Total Investments – 100.2%** |  |
| **(Cost $100,284)** | **(Cost $100,284)** | **96582** |
| Liabilities less Other Assets – (0.2%) | Liabilities less Other Assets – (0.2%) | (197)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$96385** |

---

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2025, the value of these securities amounted to approximately* *$15,279,000 or 15.9% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of March 31, 2025 is disclosed.*

<sup>(3)</sup> *Variable or floating rate security, the interest rate of which adjusts* *periodically based on changes in current interest rates and prepayments on* *the underlying pool of assets.* 

<sup>(4)</sup> *Variable or floating rate security. Rate as of March 31, 2025 is disclosed.*

<sup>(5)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of March 31, 2025.* 

<sup>(6)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(7)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2025.*

<sup>(8)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(9)</sup> *Zero coupon bond.*

<sup>(10)</sup> *All or a portion of this security has been pledged as collateral to cover* *margin requirements for open futures contracts.* 

<sup>(11)</sup> *Discount rate at the time of purchase.*

<sup>(12)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(13)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1M - 1 Month |
| 1Y - 1 Year |
| 3M - 3 Month |

---

---

| |
|:---|
| 5Y - 5 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| IBOR - Interbank Offered Rates  |
| REIT - Real Estate Investment Trust |
| REMICS - Real Estate Mortgage Investment Conduits |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| (52)<br>| $(10773)<br>| Short | 6/25 | $(34)<br>|
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| 160 | 17305 | Long | 6/25 | 136 |
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (34)<br>| (3880)<br>| Short | 6/25 | (48)<br>|
| &nbsp;&nbsp; Ultra Long <br> U.S. Treasury <br> Bond<br>| 7 | 856 | Long | 6/25 | 7 |
| Total |  |  |  |  | $61 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **143** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **CORE BOND FUND continued**  | **March 31, 2025**  |

---

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $19360 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19360 |
| &nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4234 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4234 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 21075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21075 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 7598 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7598 |
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 28582 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28582 |
| U.S. Government Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 14964 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14964 |
| Investment Companies | &nbsp;&nbsp; 769 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 769 |
| Total Investments | &nbsp;&nbsp; $769 | &nbsp;&nbsp; $95813 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $96582 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $143 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $143 |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (82)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (82)<br>|
| Total Other Financial Instruments | &nbsp;&nbsp; $61 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **144** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **FIXED INCOME FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 13.6%**  | **ASSET-BACKED SECURITIES – 13.6%**  | **ASSET-BACKED SECURITIES – 13.6%**  |
| **Auto Loan – 3.1%** | **Auto Loan – 3.1%** | **Auto Loan – 3.1%** |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class B<br>|  |  |
| 4.52%, 7/16/29 | $500 | $499 |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2023-B, Class A3<br>|  |  |
| 5.91%, 10/15/26 | 919 | 923 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2023-B, Class A3<br>|  |  |
| 5.23%, 5/15/28 | 480 | 484 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2024-B, Class A4<br>|  |  |
| 4.96%, 5/15/30 | 510 | 518 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-1, <br> Class A3<br>|  |  |
| 4.66%, 2/16/28 | 309 | 310 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-2, <br> Class A3<br>|  |  |
| 4.47%, 2/16/28 | 601 | 601 |
| &nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 5.37%, 3/15/29 | 410 | 415 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization <br> Trust, Series 2024-B, Class A3<br>|  |  |
| 5.41%, 5/17/27<sup>(1)</sup> <br>| 550 | 555 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2023-A, Class A3<br>|  |  |
| 4.58%, 4/15/27 | 611 | 610 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-1, Class A3<br>|  |  |
| 4.51%, 11/15/27 | 358 | 358 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-2, Class A3<br>|  |  |
| 5.63%, 11/15/28 | 420 | 423 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class C<br>|  |  |
| 5.06%, 5/15/31 | 1805 | 1811 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, <br> Class B<br>|  |  |
| 5.11%, 8/21/28<sup>(1)</sup> <br>| 1600 | 1603 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-3, Class A3<br>|  |  |
| 5.82%, 5/17/27<sup>(1)</sup> <br>| 1060 | 1065 |
|  |  | **10175** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 13.6%continued**  | **ASSET-BACKED SECURITIES - 13.6%continued**  | **ASSET-BACKED SECURITIES - 13.6%continued**  |
| **Credit Card – 0.4%** | **Credit Card – 0.4%** | **Credit Card – 0.4%** |
| &nbsp;&nbsp; Discover Card Execution Note Trust, <br> Series 2023-A1, Class A<br>|  |  |
| 4.31%, 3/15/28 | $940 | $939 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | 301 | 305 |
|  |  | **1244** |
| **Other – 3.7%** | **Other – 3.7%** | **Other – 3.7%** |
| &nbsp;&nbsp; 321 Henderson Receivables I LLC, <br> Series 2007-3A, Class A<br>|  |  |
| 6.15%, 10/15/48<sup>(1)</sup> <br>| 1000 | 1032 |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-A, <br> Class A3<br>|  |  |
| 4.77%, 6/15/29 | 400 | 402 |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| 4.03%, 1/15/30 | 1000 | 993 |
| &nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-1, Class A3<br>|  |  |
| 5.65%, 9/22/28<sup>(1)</sup> <br>| 665 | 667 |
| &nbsp;&nbsp; Dell Equipment Finance Trust, Series <br> 2023-3, Class A3<br>|  |  |
| 5.93%, 4/23/29<sup>(1)</sup> <br>| 490 | 495 |
| &nbsp;&nbsp; Finance of America Structured <br> Securities Trust, Series 2023-S2, <br> Class A1<br>|  |  |
| 6.50%, 4/25/73<sup>(1)</sup> <br>| 1098 | 1105 |
| J.G. Wentworth XLI LLC |  |  |
| 3.74%, 10/17/72<sup>(1)</sup> <br>| 2068 | 1842 |
| &nbsp;&nbsp; JGWPT XXVII LLC, Series 2012-3A, <br> Class A<br>|  |  |
| 3.22%, 9/15/65<sup>(1)</sup> <br>| 486 | 438 |
| &nbsp;&nbsp; JGWPT XXX LLC, Series 2013-3A, <br> Class A<br>|  |  |
| 4.08%, 1/17/73<sup>(1)</sup> <br>| 1186 | 1118 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.96%, 11/15/28 | 130 | 131 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| 4.06%, 6/15/29 | 1900 | 1888 |
| &nbsp;&nbsp; MMAF Equipment Finance LLC, Series <br> 2022-B, Class A4<br>|  |  |
| 5.67%, 10/9/48<sup>(1)</sup> <br>| 530 | 531 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **145** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 13.6%continued**  | **ASSET-BACKED SECURITIES - 13.6%continued**  | **ASSET-BACKED SECURITIES - 13.6%continued**  |
| **Other – 3.7%continued** | **Other – 3.7%continued** | **Other – 3.7%continued** |
| &nbsp;&nbsp; MMAF Equipment Finance LLC, Series <br> 2024-A, Class A3<br>|  |  |
| 4.95%, 7/14/31<sup>(1)</sup> <br>| $500 | $506 |
| &nbsp;&nbsp; Verizon Master Trust, Series 2023-2, <br> Class A<br>|  |  |
| 4.89%, 4/13/28 | 1040 | 1040 |
|  |  | **12188** |
| **Whole Loan – 6.4%** | **Whole Loan – 6.4%** | **Whole Loan – 6.4%** |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 4.74% on 6/25/25), <br> 4.75%, 9/26/67<sup>(1) (2)</sup> <br>| 933 | 925 |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, Series <br> 2024-4, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.72% on 4/25/28), <br> 6.20%, 1/25/69<sup>(1) (2)</sup> <br>| 2075 | 2092 |
| Colt, Series 2024-7, Class A2 |  |  |
| &nbsp;&nbsp; (Step to 6.79% on 12/25/28), <br> 5.79%, 12/26/69<sup>(1) (2)</sup> <br>| 1360 | 1359 |
| &nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2022-7, Class 1A2<br>|  |  |
| 3.00%, 12/25/52<sup>(1) (3)</sup> <br>| 1146 | 972 |
| &nbsp;&nbsp; J.P. Morgan Mortgage Trust, Series <br> 2023-1, Class A3A<br>|  |  |
| 5.00%, 6/25/53<sup>(1) (3)</sup> <br>| 830 | 807 |
| &nbsp;&nbsp; Mello Mortgage Capital Acceptance, <br> Series 2021-MTG2, Class A1<br>|  |  |
| 2.50%, 6/25/51<sup>(1) (3)</sup> <br>| 1118 | 913 |
| &nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 7.64% on 10/25/27), <br> 6.84%, 4/25/63<sup>(1) (2)</sup> <br>| 1189 | 1202 |
| &nbsp;&nbsp; OBX Trust, Series 2023-NQM7, <br> Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 7.64% on 10/25/27), <br> 7.30%, 4/25/63<sup>(1) (2)</sup> <br>| 302 | 306 |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM16, <br> Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.89% on 11/25/28), <br> 5.89%, 10/25/64<sup>(1) (2)</sup> <br>| 1897 | 1902 |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM2, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.88% on 2/25/28), <br> 5.88%, 12/25/63<sup>(1) (2)</sup> <br>| 700 | 702 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 13.6%continued**  | **ASSET-BACKED SECURITIES - 13.6%continued**  | **ASSET-BACKED SECURITIES - 13.6%continued**  |
| **Whole Loan – 6.4%continued** | **Whole Loan – 6.4%continued** | **Whole Loan – 6.4%continued** |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM9, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 7.20% on 7/25/28), <br> 6.03%, 1/25/64<sup>(1) (2)</sup> <br>| $939 | $945 |
| &nbsp;&nbsp; PMT Loan Trust, Series 2024-INV1, <br> Class A2<br>|  |  |
| 6.00%, 10/25/59<sup>(1) (3)</sup> <br>| 1750 | 1765 |
| &nbsp;&nbsp; Provident Funding Mortgage Trust, <br> Series 2024-1, Class A13<br>|  |  |
| 5.50%, 12/25/54<sup>(1) (3)</sup> <br>| 2765 | 2719 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, <br> Class M1A<br>|  |  |
| 6.42%, 1/25/65<sup>(1)</sup> <br>| 1676 | 1680 |
| &nbsp;&nbsp; Sequoia Mortgage Trust, Series <br> 2023-1, Class A1<br>|  |  |
| 5.00%, 1/25/53<sup>(1)</sup> <br>| 597 | 576 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-1, Class A1<br>|  |  |
| 3.75%, 7/25/62<sup>(1)</sup> <br>| 1898 | 1790 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, Series <br> 2022-4, Class A1<br>|  |  |
| 3.75%, 9/25/62<sup>(1)</sup> <br>| 350 | 332 |
|  |  | **20987** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $44,638)** |  | **44594** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.8%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.8%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.8%**  |
| **Non Agency – 4.8%** | **Non Agency – 4.8%** | **Non Agency – 4.8%** |
| BANK, Series 2021-BN37, Class A5 |  |  |
| 2.62%, 11/15/64 | 898 | 777 |
| &nbsp;&nbsp; BANK5 Trust, Series 2024-5YR6, <br> Class A3<br>|  |  |
| 6.23%, 5/15/57 | 590 | 618 |
| BANK5, Series 2023-5YR2, Class A3 |  |  |
| 6.66%, 7/15/56 | 853 | 898 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, Series <br> 2023-V3, Class A3<br>|  |  |
| 6.36%, 7/15/56 | 1090 | 1136 |
| BMARK, Series 2023-V4, Class C |  |  |
| 7.46%, 11/15/56<sup>(3)</sup> <br>| 1265 | 1324 |
| BX Trust, Series 2024-PAT, Class A |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 6.41%, <br> 3/15/41<sup>(1) (4)</sup> <br>| 1208 | 1206 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **146** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.8%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.8%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.8%continued**  |
| **Non Agency – 4.8%continued** | **Non Agency – 4.8%continued** | **Non Agency – 4.8%continued** |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, <br> Series 2016-P3, Class AS<br>|  |  |
| 3.59%, 4/15/49 | $610 | $582 |
| &nbsp;&nbsp; COMM Mortgage Trust, Series <br> 2024-277P, Class B<br>|  |  |
| 7.00%, 8/10/44<sup>(1) (3)</sup> <br>| 2900 | 3072 |
| &nbsp;&nbsp; FIVE Mortgage Trust, Series 2023-V1, <br> Class A3<br>|  |  |
| 5.67%, 2/10/56 | 1140 | 1163 |
| &nbsp;&nbsp; Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series 2016-C32, <br> Class A4<br>|  |  |
| 3.72%, 12/15/49 | 350 | 343 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series <br> 2016-UBS9, Class AS<br>|  |  |
| 3.90%, 3/15/49 | 449 | 438 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2016-C35, Class A4<br>|  |  |
| 2.93%, 7/15/48 | 370 | 361 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage <br> Trust, Series 2024-C63, Class A5<br>|  |  |
| 5.31%, 8/15/57 | 3960 | 4031 |
|  |  | **15949** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $15,811)** |  | **15949** |
| **CORPORATE BONDS – 29.3%**  | **CORPORATE BONDS – 29.3%**  | **CORPORATE BONDS – 29.3%**  |
| **Advertising & Marketing – 0.2%** | **Advertising & Marketing – 0.2%** | **Advertising & Marketing – 0.2%** |
| Neptune Bidco U.S., Inc., |  |  |
| 9.29%, 4/15/29<sup>(1)</sup> <br>| 825 | **716** |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| Boeing (The) Co., |  |  |
| 6.30%, 5/1/29  | 90 | 94 |
| 5.81%, 5/1/50  | 210 | 200 |
| 6.86%, 5/1/54  | 435 | 473 |
| Howmet Aerospace, Inc., |  |  |
| 4.85%, 10/15/31  | 420 | 418 |
| Lockheed Martin Corp., |  |  |
| 4.70%, 12/15/31  | 790 | 788 |
|  |  | **1973** |
| **Asset Management – 2.0%** | **Asset Management – 2.0%** | **Asset Management – 2.0%** |
| Ares Capital Corp., |  |  |
| 5.95%, 7/15/29  | 610 | 620 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  |
| **Asset Management – 2.0%continued** | **Asset Management – 2.0%continued** | **Asset Management – 2.0%continued** |
| Blackstone Private Credit Fund, |  |  |
| 2.63%, 12/15/26  | $720 | $690 |
| 5.95%, 7/16/29  | 595 | 601 |
| 5.25%, 4/1/30 <sup>(1)</sup> <br>| 1125 | 1098 |
| Blue Owl Credit Income Corp., |  |  |
| 7.95%, 6/13/28  | 2000 | 2118 |
| 6.60%, 9/15/29 <sup>(1)</sup> <br>| 620 | 630 |
| &nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| 5.25%, 5/15/27  | 835 | 794 |
|  |  | **6551** |
| **Automotive – 1.1%** | **Automotive – 1.1%** | **Automotive – 1.1%** |
| American Honda Finance Corp., |  |  |
| 4.40%, 9/5/29  | 1825 | 1800 |
| Ford Motor Credit Co. LLC, |  |  |
| 4.95%, 5/28/27  | 313 | 308 |
| 6.80%, 11/7/28  | 305 | 314 |
| Toyota Motor Credit Corp., |  |  |
| 4.60%, 10/10/31  | 1230 | 1218 |
|  |  | **3640** |
| **Banking – 6.5%** | **Banking – 6.5%** | **Banking – 6.5%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.82%, 9/15/29 <sup>(5)</sup> <br>| 1092 | 1132 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.32%), <br> 2.69%, 4/22/32 <sup>(5)</sup> <br>| 3210 | 2825 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 2.57%, 10/20/32 <sup>(5)</sup> <br>| 954 | 823 |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.04%), <br> 6.18%, 1/30/36 <sup>(5)</sup> <br>| 1140 | 1137 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 1.41%), 3.52%, 10/27/28 <sup>(5)</sup> <br>| 1010 | 982 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.06%), <br> 5.83%, 2/13/35 <sup>(5)</sup> <br>| 690 | 687 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.45%), <br> 5.45%, 6/11/35 <sup>(5)</sup> <br>| 690 | 694 |
| Fifth Third Bancorp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.34%), <br> 6.34%, 7/27/29 <sup>(5)</sup> <br>| 400 | 418 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **147** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  |
| **Banking – 6.5%continued** | **Banking – 6.5%continued** | **Banking – 6.5%continued** |
| Huntington Bancshares, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.70%), 6.14%, <br> 11/18/39 <sup>(5)</sup> <br>| $1020 | $1027 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.15%), 6.50%, <br> 4/1/30 <sup>(5) (6)</sup> <br>| 1135 | 1161 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 4/22/30 <sup>(5)</sup> <br>| 2000 | 2063 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.07%), <br> 1.95%, 2/4/32 <sup>(5)</sup> <br>| 590 | 502 |
| KeyBank N.A., |  |  |
| 5.00%, 1/26/33  | 660 | 643 |
| M&T Bank Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.80%), <br> 7.41%, 10/30/29 <sup>(5)</sup> <br>| 660 | 711 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.85%), 4.63%, <br> 6/6/33 <sup>(5)</sup> <br>| 257 | 245 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.36%), <br> 5.87%, 6/8/34 <sup>(5)</sup> <br>| 2010 | 2068 |
| U.S. Bancorp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.09%), <br> 5.85%, 10/21/33 <sup>(5)</sup> <br>| 1360 | 1409 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.10%), <br> 2.39%, 6/2/28 <sup>(5)</sup> <br>| 810 | 773 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 1/23/30 <sup>(5)</sup> <br>| 1000 | 1017 |
| (Variable, U.S. SOFR + 1.99%), <br> 5.56%, 7/25/34 <sup>(5)</sup> <br>| 900 | 916 |
|  |  | **21233** |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| &nbsp;&nbsp; Pernod Ricard International <br> Finance LLC,<br>|  |  |
| 1.63%, 4/1/31<sup>(1)</sup> <br>| 370 | **307** |
| **Biotechnology & Pharmaceuticals – 0.6%** | **Biotechnology & Pharmaceuticals – 0.6%** | **Biotechnology & Pharmaceuticals – 0.6%** |
| AbbVie, Inc., |  |  |
| 3.20%, 11/21/29  | 1000 | 944 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  |
| **Biotechnology & Pharmaceuticals – 0.6%continued** | **Biotechnology & Pharmaceuticals – 0.6%continued** | **Biotechnology & Pharmaceuticals – 0.6%continued** |
| Pfizer, Inc., |  |  |
| 1.70%, 5/28/30  | $1000 | $873 |
|  |  | **1817** |
| **Brokerage Asset Manager Exchanges – 0.4%** | **Brokerage Asset Manager Exchanges – 0.4%** | **Brokerage Asset Manager Exchanges – 0.4%** |
| Citadel L.P., |  |  |
| 6.38%, 1/23/32<sup>(1)</sup> <br>| 1440 | **1478** |
| **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** | **Cable & Satellite – 0.5%** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.,<br>|  |  |
| 5.00%, 2/1/28 <sup>(1)</sup> <br>| 825 | 801 |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital,<br>|  |  |
| 5.05%, 3/30/29  | 85 | 84 |
| Comcast Corp., |  |  |
| 1.50%, 2/15/31  | 500 | 418 |
| CSC Holdings LLC, |  |  |
| 4.63%, 12/1/30 <sup>(1)</sup> <br>| 920 | 448 |
|  |  | **1751** |
| **Capital Goods – 0.8%** | **Capital Goods – 0.8%** | **Capital Goods – 0.8%** |
| CRH America Finance, Inc., |  |  |
| 5.50%, 1/9/35  | 1320 | 1337 |
| Republic Services, Inc., |  |  |
| 5.15%, 3/15/35  | 1190 | 1197 |
|  |  | **2534** |
| **Construction Materials – 0.7%** | **Construction Materials – 0.7%** | **Construction Materials – 0.7%** |
| Owens Corning, |  |  |
| 5.70%, 6/15/34  | 250 | 257 |
| Vulcan Materials Co., |  |  |
| 5.35%, 12/1/34  | 1975 | 1993 |
|  |  | **2250** |
| **Consumer Cyclical – 0.8%** | **Consumer Cyclical – 0.8%** | **Consumer Cyclical – 0.8%** |
| Carnival Corp., |  |  |
| 6.13%, 2/15/33 <sup>(1)</sup> <br>| 530 | 522 |
| Expedia Group, Inc., |  |  |
| 5.40%, 2/15/35  | 2225 | 2216 |
|  |  | **2738** |
| **Consumer Non-Cyclical – 0.4%** | **Consumer Non-Cyclical – 0.4%** | **Consumer Non-Cyclical – 0.4%** |
| Mars, Inc., |  |  |
| 5.70%, 5/1/55<sup>(1)</sup> <br>| 1300 | **1299** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **148** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  |
| **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** |
| Berkshire Hathaway Energy Co., |  |  |
| 1.65%, 5/15/31  | $395 | $330 |
| &nbsp;&nbsp; Consolidated Edison Co. of New York, <br> Inc.,<br>|  |  |
| 3.35%, 4/1/30  | 7 | 7 |
| Entergy Texas, Inc., |  |  |
| 1.75%, 3/15/31  | 387 | 328 |
| PacifiCorp, |  |  |
| 5.45%, 2/15/34  | 900 | 907 |
| &nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| 4.50%, 8/15/28 <sup>(1)</sup> <br>| 230 | 214 |
| San Diego Gas & Electric Co., |  |  |
| 1.70%, 10/1/30  | 495 | 421 |
| Southern (The) Co., |  |  |
| 3.70%, 4/30/30  | 170 | 162 |
| Xcel Energy, Inc., |  |  |
| 2.60%, 12/1/29  | 125 | 114 |
|  |  | **2483** |
| **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** | **Electrical Equipment – 0.2%** |
| Hubbell, Inc., |  |  |
| 2.30%, 3/15/31 | 660 | **572** |
| **Energy – 0.5%** | **Energy – 0.5%** | **Energy – 0.5%** |
| Cheniere Energy Partners L.P., |  |  |
| 5.75%, 8/15/34  | 260 | 264 |
| Marathon Petroleum Corp., |  |  |
| 5.70%, 3/1/35  | 1380 | 1374 |
|  |  | **1638** |
| **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** |
| Discovery Communications LLC, |  |  |
| 3.63%, 5/15/30  | 1000 | 900 |
| TEGNA, Inc., |  |  |
| 5.00%, 9/15/29  | 775 | 719 |
|  |  | **1619** |
| **Finance Companies – 0.2%** | **Finance Companies – 0.2%** | **Finance Companies – 0.2%** |
| Air Lease Corp., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 0.00%), 6.00%, <br> 9/24/29<sup>(5) (6)</sup> <br>| 800 | **781** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| Southern Co. Gas Capital Corp., |  |  |
| 1.75%, 1/15/31 | 600 | **506** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  |
| **Health Care Facilities & Services – 2.6%** | **Health Care Facilities & Services – 2.6%** | **Health Care Facilities & Services – 2.6%** |
| Cardinal Health, Inc., |  |  |
| 5.35%, 11/15/34  | $1850 | $1857 |
| Cencora, Inc., |  |  |
| 5.15%, 2/15/35  | 1010 | 1010 |
| CHS/Community Health Systems, Inc., |  |  |
| 5.25%, 5/15/30 <sup>(1)</sup> <br>| 825 | 681 |
| CVS Health Corp., |  |  |
| 5.25%, 1/30/31  | 200 | 202 |
| 5.55%, 6/1/31  | 1000 | 1021 |
| 5.30%, 6/1/33  | 245 | 242 |
| DaVita, Inc., |  |  |
| 3.75%, 2/15/31 <sup>(1)</sup> <br>| 825 | 718 |
| Elevance Health, Inc., |  |  |
| 5.38%, 6/15/34  | 250 | 253 |
| 5.70%, 2/15/55  | 950 | 926 |
| UnitedHealth Group, Inc., |  |  |
| 4.00%, 5/15/29  | 770 | 757 |
| 5.35%, 2/15/33  | 710 | 728 |
|  |  | **8395** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| Mohawk Industries, Inc., |  |  |
| 5.85%, 9/18/28 | 7 | **7** |
| **Institutional Financial Services – 1.8%** | **Institutional Financial Services – 1.8%** | **Institutional Financial Services – 1.8%** |
| Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 5.05%, 7/23/30 <sup>(5)</sup> <br>| 1000 | 1008 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.55%), <br> 5.33%, 7/23/35 <sup>(5)</sup> <br>| 900 | 895 |
| Jane Street Group/JSG Finance, Inc., |  |  |
| 7.13%, 4/30/31 <sup>(1)</sup> <br>| 1392 | 1430 |
| Jefferies Financial Group, Inc., |  |  |
| 6.20%, 4/14/34  | 175 | 178 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 5.45%, 7/20/29 <sup>(5)</sup> <br>| 1170 | 1197 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.83%), <br> 6.41%, 11/1/29 <sup>(5)</sup> <br>| 660 | 697 |
| (Variable, U.S. SOFR + 1.58%), <br> 5.83%, 4/19/35 <sup>(5)</sup> <br>| 460 | 477 |
|  |  | **5882** |
| **Insurance – 1.5%** | **Insurance – 1.5%** | **Insurance – 1.5%** |
| Arthur J Gallagher & Co., |  |  |
| 5.15%, 2/15/35  | 1000 | 991 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **149** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  |
| **Insurance – 1.5%continued** | **Insurance – 1.5%continued** | **Insurance – 1.5%continued** |
| Constellation Insurance, Inc., |  |  |
| 6.80%, 1/24/30 <sup>(1)</sup> <br>| $2095 | $2070 |
| Corebridge Financial, Inc., |  |  |
| 5.75%, 1/15/34  | 350 | 359 |
| Panther Escrow Issuer LLC, |  |  |
| 7.13%, 6/1/31 <sup>(1)</sup> <br>| 900 | 917 |
| Sammons Financial Group, Inc., |  |  |
| 6.88%, 4/15/34 <sup>(1)</sup> <br>| 430 | 458 |
|  |  | **4795** |
| **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** | **Leisure Facilities & Services – 0.2%** |
| Carnival Corp., |  |  |
| 6.00%, 5/1/29<sup>(1)</sup> <br>| 825 | **819** |
| **Machinery – 0.4%** | **Machinery – 0.4%** | **Machinery – 0.4%** |
| John Deere Capital Corp., |  |  |
| 4.40%, 9/8/31 | 1475 | **1460** |
| **Oil & Gas Supply Chain – 1.3%** | **Oil & Gas Supply Chain – 1.3%** | **Oil & Gas Supply Chain – 1.3%** |
| Energy Transfer L.P., |  |  |
| 3.75%, 5/15/30  | 1000 | 946 |
| ONEOK, Inc., |  |  |
| 6.05%, 9/1/33  | 180 | 187 |
| Ovintiv, Inc., |  |  |
| 6.25%, 7/15/33  | 1200 | 1240 |
| Phillips 66, |  |  |
| 2.15%, 12/15/30  | 340 | 295 |
| WPX Energy, Inc., |  |  |
| 4.50%, 1/15/30  | 1593 | 1477 |
|  |  | **4145** |
| **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** | **Real Estate Investment Trusts – 0.7%** |
| AvalonBay Communities, Inc., |  |  |
| 2.30%, 3/1/30  | 110 | 99 |
| NNN REIT, Inc., |  |  |
| 5.50%, 6/15/34  | 510 | 513 |
| Simon Property Group L.P., |  |  |
| 2.45%, 9/13/29  | 205 | 187 |
| Store Capital LLC, |  |  |
| 5.40%, 4/30/30 <sup>(1)</sup> <br>| 1580 | 1582 |
|  |  | **2381** |
| **Semiconductors – 0.3%** | **Semiconductors – 0.3%** | **Semiconductors – 0.3%** |
| Intel Corp., |  |  |
| 5.13%, 2/10/30 | 980 | **987** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  |
| **Software – 0.4%** | **Software – 0.4%** | **Software – 0.4%** |
| Cloud Software Group, Inc., |  |  |
| 6.50%, 3/31/29 <sup>(1)</sup> <br>| $825 | $802 |
| Fortinet, Inc., |  |  |
| 2.20%, 3/15/31  | 275 | 239 |
| VMware LLC, |  |  |
| 1.80%, 8/15/28  | 135 | 123 |
| 4.70%, 5/15/30  | 205 | 203 |
|  |  | **1367** |
| **Specialty Finance – 1.3%** | **Specialty Finance – 1.3%** | **Specialty Finance – 1.3%** |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.26%), <br> 6.05%, 2/1/35 <sup>(5)</sup> <br>| 220 | 225 |
| Enova International, Inc., |  |  |
| 9.13%, 8/1/29 <sup>(1)</sup> <br>| 825 | 850 |
| &nbsp;&nbsp; Fortress Transportation and <br> Infrastructure Investors LLC,<br>|  |  |
| 7.00%, 6/15/32 <sup>(1)</sup> <br>| 1165 | 1181 |
| GATX Corp., |  |  |
| 4.00%, 6/30/30  | 5 | 5 |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp.,<br>|  |  |
| 4.25%, 2/1/27 <sup>(1)</sup> <br>| 690 | 672 |
| OneMain Finance Corp., |  |  |
| 5.38%, 11/15/29  | 825 | 785 |
| Synchrony Financial, |  |  |
| (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30 <sup>(5)</sup> <br>| 450 | 456 |
|  |  | **4174** |
| **Technology – 0.9%** | **Technology – 0.9%** | **Technology – 0.9%** |
| Foundry JV Holdco LLC, |  |  |
| 6.30%, 1/25/39 <sup>(1)</sup> <br>| 1650 | 1709 |
| Synopsys, Inc., |  |  |
| 5.15%, 4/1/35  | 1370 | 1377 |
|  |  | **3086** |
| **Telecommunications – 0.1%** | **Telecommunications – 0.1%** | **Telecommunications – 0.1%** |
| AT&T, Inc., |  |  |
| 4.30%, 2/15/30  | 92 | 90 |
| Verizon Communications, Inc., |  |  |
| 2.55%, 3/21/31  | 305 | 269 |
|  |  | **359** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **150** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  | **CORPORATE BONDS - 29.3% continued**  |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Philip Morris International, Inc., |  |  |
| 1.75%, 11/1/30 | $350 | **$301** |
| **Transportation & Logistics – 0.6%** | **Transportation & Logistics – 0.6%** | **Transportation & Logistics – 0.6%** |
| AS Mileage Plan IP Ltd., |  |  |
| 5.31%, 10/20/31 <sup>(1)</sup> <br>| 333 | 326 |
| Ryder System, Inc., |  |  |
| 5.38%, 3/15/29  | 180 | 184 |
| Union Pacific Corp., |  |  |
| 2.38%, 5/20/31  | 205 | 181 |
| XPO, Inc., |  |  |
| 7.13%, 2/1/32 <sup>(1)</sup> <br>| 1340 | 1373 |
|  |  | **2064** |
| **Total Corporate Bonds** |  |  |
| **(Cost $97,428)** |  | **96108** |
| **FOREIGN ISSUER BONDS – 7.5%**  | **FOREIGN ISSUER BONDS – 7.5%**  | **FOREIGN ISSUER BONDS – 7.5%**  |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Rolls-Royce PLC, |  |  |
| 5.75%, 10/15/27<sup>(1)</sup> <br>| 375 | **384** |
| **Asset Management – 0.5%** | **Asset Management – 0.5%** | **Asset Management – 0.5%** |
| UBS Group A.G., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.00%), 6.30%, <br> 9/22/34<sup>(1) (5)</sup> <br>| 1640 | **1743** |
| **Banking – 2.6%** | **Banking – 2.6%** | **Banking – 2.6%** |
| ANZ Bank New Zealand Ltd., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.70%), 5.55%, <br> 8/11/32 <sup>(1) (5)</sup> <br>| 200 | 203 |
| &nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.29%), 2.95%, <br> 7/22/30 <sup>(1) (5)</sup> <br>| 620 | 616 |
| Banco Santander S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.00%), 4.18%, <br> 3/24/28 <sup>(5)</sup> <br>| 600 | 594 |
| &nbsp;&nbsp; Banque Federative du Credit Mutuel <br> S.A.,<br>|  |  |
| 5.54%, 1/22/30 <sup>(1)</sup> <br>| 1775 | 1828 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 7.5% continued**  | **FOREIGN ISSUER BONDS - 7.5% continued**  | **FOREIGN ISSUER BONDS - 7.5% continued**  |
| **Banking – 2.6%continued** | **Banking – 2.6%continued** | **Banking – 2.6%continued** |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.65%), 5.50%, <br> 8/9/28 <sup>(5)</sup> <br>| $200 | $203 |
| BNP Paribas S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.22%), <br> 2.16%, 9/15/29 <sup>(1) (5)</sup> <br>| 430 | 393 |
| Commonwealth Bank of Australia, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.32%), 5.93%, <br> 3/14/46 <sup>(1) (5)</sup> <br>| 670 | 663 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.90%), <br> 5.87%, 11/18/35 <sup>(5)</sup> <br>| 1400 | 1395 |
| KBC Group N.V., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.10%), 5.80%, <br> 1/19/29 <sup>(1) (5)</sup> <br>| 620 | 637 |
| Macquarie Group Ltd., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.13%), <br> 4.10%, 6/21/28 <sup>(1) (5)</sup> <br>| 1360 | 1344 |
| NatWest Group PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.10%), 4.60%, <br> 6/28/31 <sup>(5) (6)</sup> <br>| 250 | 211 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.75%), 8.13%, <br> 11/10/33 <sup>(5) (6)</sup> <br>| 200 | 210 |
| Westpac Banking Corp., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.00%), 4.11%, <br> 7/24/34 <sup>(5)</sup> <br>| 75 | 72 |
|  |  | **8369** |
| **Basic Industry – 1.3%** | **Basic Industry – 1.3%** | **Basic Industry – 1.3%** |
| BHP Billiton Finance U.S.A. Ltd., |  |  |
| 5.30%, 2/21/35  | 2250 | 2269 |
| Rio Tinto Finance U.S.A. PLC, |  |  |
| 5.75%, 3/14/55  | 1840 | 1843 |
|  |  | **4112** |
| **Energy – 0.7%** | **Energy – 0.7%** | **Energy – 0.7%** |
| Harbour Energy PLC, |  |  |
| 4/1/35<sup>(1) (7)</sup> <br>| 2300 | **2290** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **151** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 7.5% continued**  | **FOREIGN ISSUER BONDS - 7.5% continued**  | **FOREIGN ISSUER BONDS - 7.5% continued**  |
| **Finance Companies – 0.7%** | **Finance Companies – 0.7%** | **Finance Companies – 0.7%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 5.38%, 12/15/31 | $2150 | **$2166** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| NBM U.S. Holdings, Inc., |  |  |
| 7.00%, 5/14/26<sup>(1)</sup> <br>| 333 | **333** |
| **Insurance – 0.6%** | **Insurance – 0.6%** | **Insurance – 0.6%** |
| Nippon Life Insurance Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.95%), 6.25%, <br> 9/13/53 <sup>(1) (5)</sup> <br>| 600 | 624 |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.59%), 5.95%, <br> 4/16/54 <sup>(1) (5)</sup> <br>| 1470 | 1478 |
|  |  | **2102** |
| **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** | **Leisure Facilities & Services – 0.0%** |
| Sands China Ltd., |  |  |
| 2.85%, 3/8/29<sup>(8)</sup> <br>|  | **—** |
| **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** | **Specialty Finance – 0.5%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 3.00%, 10/29/28  | 405 | 381 |
| 4.63%, 9/10/29  | 860 | 851 |
| Macquarie Airfinance Holdings Ltd., |  |  |
| 6.50%, 3/26/31 <sup>(1)</sup> <br>| 375 | 390 |
|  |  | **1622** |
| **Technology – 0.3%** | **Technology – 0.3%** | **Technology – 0.3%** |
| RELX Capital, Inc., |  |  |
| 5.25%, 3/27/35 | 1120 | **1129** |
| **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** | **Tobacco & Cannabis – 0.1%** |
| Imperial Brands Finance PLC, |  |  |
| 5.88%, 7/1/34<sup>(1)</sup> <br>| 345 | **350** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $24,322)** |  | **24600** |
| **U.S. GOVERNMENT AGENCIES – 33.7%** <sup>(9)</sup> | **U.S. GOVERNMENT AGENCIES – 33.7%** <sup>(9)</sup> | **U.S. GOVERNMENT AGENCIES – 33.7%** <sup>(9)</sup> |
| **Fannie Mae – 16.3%** | **Fannie Mae – 16.3%** | **Fannie Mae – 16.3%** |
| &nbsp;&nbsp; Fannie Mae-Aces, Series 2013-M6, <br> Class 1AC,<br>|  |  |
| 3.39%, 2/25/43<sup>(3)</sup> <br>| 2493 | 2399 |
| Pool #545003, |  |  |
| 8.00%, 5/1/31<sup>(8)</sup> <br>|  |  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** |
| **Fannie Mae – 16.3%continued** | **Fannie Mae – 16.3%continued** | **Fannie Mae – 16.3%continued** |
| Pool #545437, |  |  |
| 7.00%, 2/1/32 | $12 | $13 |
| Pool #545556, |  |  |
| 7.00%, 4/1/32 | 7 | 7 |
| Pool #555189, |  |  |
| 7.00%, 12/1/32 | 60 | 62 |
| Pool #581806, |  |  |
| 7.00%, 7/1/31 | 11 | 11 |
| Pool #585617, |  |  |
| 7.00%, 5/1/31<sup>(8)</sup> <br>|  |  |
| Pool #889641, |  |  |
| 5.50%, 8/1/37 | 367 | 375 |
| Pool #995802, |  |  |
| 5.50%, 12/1/35 | 370 | 377 |
| Pool #AB5209, |  |  |
| 3.00%, 5/1/32 | 1427 | 1370 |
| Pool #AB9546, |  |  |
| 3.50%, 6/1/28 | 25 | 24 |
| Pool #AD0248, |  |  |
| 5.50%, 11/1/37 | 672 | 685 |
| Pool #AD0494, |  |  |
| 5.50%, 8/1/37 | 374 | 381 |
| Pool #AD0925, |  |  |
| 5.00%, 4/1/40 | 44 | 45 |
| Pool #AK9457, |  |  |
| 3.50%, 3/1/32 | 68 | 66 |
| Pool #AL3063, |  |  |
| 3.50%, 1/1/28 | 66 | 65 |
| Pool #AL5119, |  |  |
| 4.00%, 4/1/34 | 583 | 573 |
| Pool #AL7497, |  |  |
| 3.50%, 9/1/40 | 881 | 821 |
| Pool #AL8876, |  |  |
| 3.00%, 10/1/44 | 266 | 239 |
| Pool #AO2961, |  |  |
| 4.00%, 5/1/42 | 140 | 135 |
| Pool #AQ9360, |  |  |
| 2.50%, 1/1/28 | 24 | 24 |
| Pool #AS1991, |  |  |
| 3.50%, 3/1/29 | 143 | 141 |
| Pool #AS3655, |  |  |
| 4.50%, 10/1/44 | 434 | 424 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **152** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** |
| **Fannie Mae – 16.3%continued** | **Fannie Mae – 16.3%continued** | **Fannie Mae – 16.3%continued** |
| Pool #AS6520, |  |  |
| 3.50%, 1/1/46 | $895 | $824 |
| Pool #AS7088, |  |  |
| 2.50%, 5/1/31 | 770 | 737 |
| Pool #AS8576, |  |  |
| 4.50%, 12/1/46 | 700 | 683 |
| Pool #BH6175, |  |  |
| 3.50%, 7/1/47 | 360 | 329 |
| Pool #BJ0686, |  |  |
| 4.00%, 4/1/48 | 456 | 429 |
| Pool #BJ3524, |  |  |
| 4.00%, 11/1/47 | 940 | 886 |
| Pool #BM1761, |  |  |
| 4.00%, 8/1/44 | 153 | 146 |
| Pool #BM1762, |  |  |
| 3.00%, 11/1/45 | 1815 | 1632 |
| Pool #BM4056, |  |  |
| 4.00%, 3/1/45 | 449 | 432 |
| Pool #BM5984, |  |  |
| 5.00%, 5/1/49 | 103 | 103 |
| Pool #BM5996, |  |  |
| 5.00%, 12/1/48 | 73 | 74 |
| Pool #BV4119, |  |  |
| 2.50%, 3/1/52 | 941 | 787 |
| Pool #BW9887, |  |  |
| 5.00%, 10/1/52 | 978 | 962 |
| Pool #BW9921, |  |  |
| 5.00%, 10/1/52 | 1045 | 1031 |
| Pool #BX4910, |  |  |
| 5.00%, 1/1/53 | 1010 | 998 |
| Pool #BX7244, |  |  |
| 5.50%, 2/1/53 | 984 | 984 |
| Pool #BX7768, |  |  |
| 5.00%, 3/1/53 | 1222 | 1204 |
| Pool #BY5368, |  |  |
| 6.00%, 7/1/53 | 326 | 332 |
| Pool #CA6359, |  |  |
| 2.50%, 7/1/50 | 1012 | 859 |
| Pool #CA6417, |  |  |
| 3.00%, 7/1/50 | 738 | 648 |
| Pool #CB1666, |  |  |
| 2.50%, 9/1/51 | 621 | 523 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** |
| **Fannie Mae – 16.3%continued** | **Fannie Mae – 16.3%continued** | **Fannie Mae – 16.3%continued** |
| Pool #CB2286, |  |  |
| 2.50%, 12/1/51 | $1099 | $926 |
| Pool #CB3515, |  |  |
| 3.50%, 5/1/52 | 831 | 753 |
| Pool #CB4844, |  |  |
| 5.50%, 10/1/52 | 457 | 459 |
| Pool #CB5113, |  |  |
| 5.50%, 11/1/52 | 297 | 298 |
| Pool #CB7114, |  |  |
| 5.50%, 9/1/53 | 593 | 594 |
| Pool #DA0017, |  |  |
| 6.00%, 9/1/53 | 966 | 989 |
| Pool #FM1303, |  |  |
| 3.00%, 1/1/48 | 877 | 780 |
| Pool #FM1438, |  |  |
| 3.00%, 8/1/38 | 330 | 312 |
| Pool #FM1472, |  |  |
| 3.50%, 3/1/34 | 20 | 20 |
| Pool #FM1534, |  |  |
| 4.50%, 9/1/49 | 815 | 793 |
| Pool #FM1572, |  |  |
| 3.00%, 9/1/48 | 556 | 492 |
| Pool #FM2671, |  |  |
| 4.00%, 1/1/48 | 291 | 275 |
| Pool #FM2921, |  |  |
| 2.50%, 4/1/50 | 1311 | 1105 |
| Pool #FM3201, |  |  |
| 3.50%, 4/1/34 | 431 | 424 |
| Pool #FM4491, |  |  |
| 3.50%, 12/1/36 | 862 | 829 |
| Pool #FM6125, |  |  |
| 2.50%, 1/1/51 | 1175 | 995 |
| Pool #FM8215, |  |  |
| 2.50%, 3/1/51 | 984 | 832 |
| Pool #FP0012, |  |  |
| 3.00%, 8/1/51 | 857 | 758 |
| Pool #FS2701, |  |  |
| 2.50%, 2/1/35 | 742 | 711 |
| Pool #FS3063, |  |  |
| 4.50%, 10/1/52 | 1032 | 993 |
| Pool #FS3120, |  |  |
| 5.00%, 9/1/52 | 1406 | 1383 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **153** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** |
| **Fannie Mae – 16.3%continued** | **Fannie Mae – 16.3%continued** | **Fannie Mae – 16.3%continued** |
| Pool #FS3391, |  |  |
| 2.50%, 8/1/51 | $1155 | $976 |
| Pool #FS3662, |  |  |
| 5.00%, 1/1/53 | 1048 | 1033 |
| Pool #FS4040, |  |  |
| 5.00%, 2/1/53 | 1080 | 1065 |
| Pool #FS4045, |  |  |
| 5.50%, 2/1/53 | 1050 | 1051 |
| Pool #FS4267, |  |  |
| 4.50%, 3/1/38 | 929 | 924 |
| Pool #FS4610, |  |  |
| 6.50%, 6/1/40 | 443 | 466 |
| Pool #FS4653, |  |  |
| 5.50%, 5/1/53 | 746 | 746 |
| Pool #FS4663, |  |  |
| 5.00%, 5/1/53 | 1162 | 1142 |
| Pool #FS5441, |  |  |
| 6.00%, 8/1/53 | 958 | 984 |
| Pool #FS5952, |  |  |
| 6.50%, 10/1/53 | 752 | 788 |
| Pool #FS5965, |  |  |
| 6.00%, 10/1/53 | 140 | 143 |
| Pool #FS6176, |  |  |
| 5.00%, 12/1/47 | 775 | 781 |
| Pool #FS6869, |  |  |
| 7.00%, 1/1/40 | 235 | 246 |
| Pool #MA0878, |  |  |
| 4.00%, 10/1/31 | 257 | 255 |
| Pool #MA2522, |  |  |
| 3.50%, 2/1/46 | 1137 | 1048 |
| Pool #MA2864, |  |  |
| 3.50%, 1/1/47 | 716 | 658 |
| Pool #MA3004, |  |  |
| 4.00%, 5/1/37 | 283 | 277 |
| Pool #MA3088, |  |  |
| 4.00%, 8/1/47 | 553 | 522 |
| Pool #MA3183, |  |  |
| 4.00%, 11/1/47 | 259 | 245 |
| Pool #MA3184, |  |  |
| 4.50%, 11/1/47 | 22 | 22 |
| Pool #MA3211, |  |  |
| 4.00%, 12/1/47 | 1200 | 1134 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** |
| **Fannie Mae – 16.3%continued** | **Fannie Mae – 16.3%continued** | **Fannie Mae – 16.3%continued** |
| Pool #MA3448, |  |  |
| 5.00%, 8/1/48 | $411 | $411 |
| Pool #MA4186, |  |  |
| 3.00%, 10/1/35 | 361 | 343 |
| Pool #MA5098, |  |  |
| 5.50%, 7/1/43 | 683 | 690 |
|  |  | **53511** |
| **Freddie Mac – 14.3%** | **Freddie Mac – 14.3%** | **Freddie Mac – 14.3%** |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 3013, <br> Class HZ,<br>|  |  |
| 5.00%, 8/15/35 | 530 | 538 |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 4077, <br> Class TO,<br>|  |  |
| 0.00%, 5/15/41<sup>(10)</sup> <br>| 925 | 702 |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 5391, <br> Class A,<br>|  |  |
| 5.50%, 11/25/51 | 595 | 602 |
| Pool #1B3575, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.80%, 1.80% Floor, <br> 11.42% Cap), 7.55%, 9/1/37<sup>(4)</sup> <br>| 42 | 43 |
| Pool #1G2296, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 2.09%, 2.09% Floor, <br> 11.34% Cap), 6.71%, 11/1/37<sup>(4)</sup> <br>| 87 | 89 |
| Pool #QD2946, |  |  |
| 2.50%, 12/1/51 | 998 | 837 |
| Pool #QD9323, |  |  |
| 2.50%, 4/1/52 | 1250 | 1047 |
| Pool #QF3725, |  |  |
| 5.00%, 11/1/52 | 1122 | 1102 |
| Pool #QF8053, |  |  |
| 5.50%, 2/1/53 | 1427 | 1433 |
| Pool #QF8924, |  |  |
| 5.50%, 3/1/53 | 1160 | 1169 |
| Pool #QG4632, |  |  |
| 5.50%, 6/1/53 | 1116 | 1117 |
| Pool #RA3913, |  |  |
| 2.50%, 11/1/50 | 1262 | 1070 |
| Pool #RA7677, |  |  |
| 5.00%, 7/1/52 | 1052 | 1041 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **154** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** |
| **Freddie Mac – 14.3%continued** | **Freddie Mac – 14.3%continued** | **Freddie Mac – 14.3%continued** |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | $1010 | $1018 |
| Pool #RA9840, |  |  |
| 5.50%, 9/1/53 | 1013 | 1024 |
| Pool #RD5026, |  |  |
| 3.00%, 4/1/30 | 247 | 241 |
| Pool #SB0084, |  |  |
| 3.00%, 2/1/32 | 752 | 735 |
| Pool #SB0216, |  |  |
| 3.00%, 12/1/32 | 353 | 343 |
| Pool #SB0328, |  |  |
| 3.00%, 6/1/34 | 792 | 766 |
| Pool #SB0826, |  |  |
| 2.50%, 1/1/35 | 854 | 812 |
| Pool #SB8502, |  |  |
| 2.00%, 8/1/35 | 1787 | 1627 |
| Pool #SD0033, |  |  |
| 3.00%, 12/1/47 | 608 | 541 |
| Pool #SD0882, |  |  |
| 2.50%, 2/1/52 | 396 | 334 |
| Pool #SD1360, |  |  |
| 5.50%, 7/1/52 | 997 | 999 |
| Pool #SD1518, |  |  |
| 4.50%, 8/1/52 | 1107 | 1067 |
| Pool #SD1659, |  |  |
| 2.50%, 2/1/52 | 1248 | 1050 |
| Pool #SD1703, |  |  |
| 5.00%, 9/1/52 | 1422 | 1397 |
| Pool #SD2334, |  |  |
| 5.00%, 2/1/53 | 1154 | 1134 |
| Pool #SD2347, |  |  |
| 5.50%, 2/1/53 | 998 | 1010 |
| Pool #SD2477, |  |  |
| 5.50%, 3/1/53 | 1182 | 1194 |
| Pool #SD2642, |  |  |
| 5.50%, 4/1/53 | 1119 | 1126 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 139 | 142 |
| Pool #SD2757, |  |  |
| 5.00%, 5/1/53 | 1117 | 1101 |
| Pool #SD2876, |  |  |
| 3.00%, 7/1/46 | 1087 | 978 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** |
| **Freddie Mac – 14.3%continued** | **Freddie Mac – 14.3%continued** | **Freddie Mac – 14.3%continued** |
| Pool #SD2902, |  |  |
| 5.50%, 5/1/53 | $725 | $724 |
| Pool #SD2920, |  |  |
| 5.50%, 5/1/53 | 1131 | 1140 |
| Pool #SD2922, |  |  |
| 5.00%, 5/1/53 | 1163 | 1143 |
| Pool #SD2999, |  |  |
| 5.50%, 6/1/53 | 1143 | 1151 |
| Pool #SD3133, |  |  |
| 5.00%, 6/1/53 | 702 | 694 |
| Pool #SD3136, |  |  |
| 5.50%, 6/1/53 | 967 | 975 |
| Pool #SD3174, |  |  |
| 5.50%, 6/1/53 | 958 | 965 |
| Pool #SD3189, |  |  |
| 6.00%, 6/1/53 | 736 | 754 |
| Pool #SD3251, |  |  |
| 6.00%, 7/1/53 | 979 | 1003 |
| Pool #SD3515, |  |  |
| 6.00%, 7/1/53 | 616 | 632 |
| Pool #SD3760, |  |  |
| 6.00%, 8/1/53 | 859 | 882 |
| Pool #SD4027, |  |  |
| 6.50%, 10/1/53 | 933 | 984 |
| Pool #SD4285, |  |  |
| 5.50%, 11/1/53 | 788 | 795 |
| Pool #SD5136, |  |  |
| 6.00%, 4/1/54 | 757 | 775 |
| Pool #ZK7457, |  |  |
| 3.50%, 2/1/29 | 621 | 613 |
| Pool #ZM4714, |  |  |
| 3.50%, 11/1/47 | 1329 | 1214 |
| Pool #ZM5332, |  |  |
| 3.00%, 1/1/48 | 483 | 426 |
| Pool #ZS4687, |  |  |
| 2.50%, 11/1/46 | 479 | 408 |
| Pool #ZT1333, |  |  |
| 2.50%, 10/1/31 | 1429 | 1372 |
| &nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| 2.75%, 9/25/29 | 873 | 829 |
|  |  | **46908** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **155** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** |
| **Freddie Mac Gold – 0.7%** | **Freddie Mac Gold – 0.7%** | **Freddie Mac Gold – 0.7%** |
| Pool #A87842, |  |  |
| 4.50%, 8/1/39 | $148 | $146 |
| Pool #C00910, |  |  |
| 7.50%, 1/1/30 | 36 | 37 |
| Pool #G07068, |  |  |
| 5.00%, 7/1/41 | 222 | 224 |
| Pool #G07505, |  |  |
| 7.00%, 2/1/39 | 475 | 517 |
| Pool #G15612, |  |  |
| 3.50%, 12/1/29 | 17 | 17 |
| Pool #G16396, |  |  |
| 3.50%, 2/1/33 | 608 | 597 |
| Pool #G18643, |  |  |
| 2.50%, 5/1/32 | 53 | 51 |
| Pool #G30926, |  |  |
| 3.50%, 4/1/36 | 201 | 194 |
| Pool #G60948, |  |  |
| 3.00%, 1/1/47 | 292 | 256 |
| Pool #G61723, |  |  |
| 3.50%, 1/1/43 | 74 | 69 |
| Pool #Q42460, |  |  |
| 4.00%, 6/1/46 | 225 | 213 |
| Pool #Q63667, |  |  |
| 4.50%, 5/1/49 | 192 | 187 |
|  |  | **2508** |
| **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| 2.50%, 8/20/46 | 703 | **646** |
| **Government National Mortgage Association I – 0.6%** | **Government National Mortgage Association I – 0.6%** | **Government National Mortgage Association I – 0.6%** |
| Pool #757013, |  |  |
| 3.50%, 12/15/40 | 969 | 908 |
| Pool #786470, |  |  |
| 5.00%, 11/15/40 | 1014 | 1028 |
|  |  | **1936** |
| **Government National Mortgage Association II – 1.6%** | **Government National Mortgage Association II – 1.6%** | **Government National Mortgage Association II – 1.6%** |
| Pool #786922, |  |  |
| 5.50%, 9/1/53 | 952 | 960 |
| Pool #MA0089, |  |  |
| 4.00%, 5/20/42 | 1075 | 1032 |
| Pool #MA1996, |  |  |
| 4.00%, 6/20/44 | 200 | 192 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.7%** <sup>(9)</sup>**continued** |
| **Government National Mortgage Association II – 1.6%continued** | **Government National Mortgage Association II – 1.6%continued** | **Government National Mortgage Association II – 1.6%continued** |
| Pool #MA3666, |  |  |
| 5.00%, 5/20/46 | $455 | $460 |
| Pool #MA4008, |  |  |
| 5.50%, 10/20/46 | 67 | 68 |
| Pool #MA6870, |  |  |
| 5.00%, 9/20/50 | 367 | 367 |
| Pool #MA8346, |  |  |
| 4.00%, 10/20/52 | 1109 | 1042 |
| Pool #MA8724, |  |  |
| 4.50%, 3/20/53 | 1137 | 1096 |
|  |  | **5217** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $114,516)** |  | **110726** |
| **U.S. GOVERNMENT OBLIGATIONS – 10.4%**  | **U.S. GOVERNMENT OBLIGATIONS – 10.4%**  | **U.S. GOVERNMENT OBLIGATIONS – 10.4%**  |
| **U.S. Treasury Bonds – 4.7%** | **U.S. Treasury Bonds – 4.7%** | **U.S. Treasury Bonds – 4.7%** |
| 4.25%, 11/15/40 | 77 | 75 |
| 4.63%, 5/15/44<sup>(11)</sup> <br>| 4893 | 4909 |
| 4.50%, 11/15/54 | 10530 | 10375 |
|  |  | **15359** |
| **U.S. Treasury Notes – 3.0%** | **U.S. Treasury Notes – 3.0%** | **U.S. Treasury Notes – 3.0%** |
| 3.50%, 9/30/26 | 44 | 44 |
| 4.38%, 12/31/29<sup>(11)</sup> <br>| 5578 | 5679 |
| 3.88%, 8/15/34 | 4400 | 4289 |
|  |  | **10012** |
| **U.S. Treasury Strips – 2.7%** | **U.S. Treasury Strips – 2.7%** | **U.S. Treasury Strips – 2.7%** |
| 1.47%, 2/15/51<sup>(12)</sup> <br>| 29423 | **8776** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $42,534)** |  | **34147** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **156** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 0.7%**  | **INVESTMENT COMPANIES – 0.7%**  | **INVESTMENT COMPANIES – 0.7%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(13) (14)</sup> <br>| 2380100 | $2380 |
| **Total Investment Companies** |  |  |
| **(Cost $2,380)** |  | **2380** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $341,629)** | **(Cost $341,629)** | **328504** |
| Liabilities less Other Assets – (0.0%) | Liabilities less Other Assets – (0.0%) | (147)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$328357** |

---

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2025, the value of these securities amounted to approximately* *$72,599,000 or 22.1% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of March 31, 2025 is disclosed.*

<sup>(3)</sup> *Variable or floating rate security, the interest rate of which adjusts* *periodically based on changes in current interest rates and prepayments on* *the underlying pool of assets.* 

<sup>(4)</sup> *Variable or floating rate security. Rate as of March 31, 2025 is disclosed.*

<sup>(5)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of March 31, 2025.* 

<sup>(6)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(7)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2025.*

<sup>(8)</sup> *Principal Amount and Value rounds to less than one thousand.*

<sup>(9)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(10)</sup> *Zero coupon bond.*

<sup>(11)</sup> *A portion of this security has been pledged as collateral to cover margin* *requirements for open futures contracts.* 

<sup>(12)</sup> *Discount rate at the time of purchase.*

<sup>(13)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(14)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1M - 1 Month |
| 1Y - 1 Year |
| 3M - 3 Month |
| 5Y - 5 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |

---

---

| |
|:---|
| IBOR - Interbank Offered Rates  |
| REIT - Real Estate Investment Trust |
| REMICS - Real Estate Mortgage Investment Conduits |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| (160)<br>| $(33148)<br>| Short | 6/25 | $(104)<br>|
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| 330 | 35692 | Long | 6/25 | 303 |
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (150)<br>| (17119)<br>| Short | 6/25 | (201)<br>|
| &nbsp;&nbsp; Ultra Long <br> U.S. Treasury <br> Bond<br>| 95 | 11614 | Long | 6/25 | 96 |
| Total |  |  |  |  | $94 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **157** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **FIXED INCOME FUND continued**  | **March 31, 2025**  |

---

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $44594 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44594 |
| &nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 15949 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15949 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 96108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96108 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 24600 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24600 |
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 110726 | &nbsp;&nbsp; — | &nbsp;&nbsp; 110726 |
| &nbsp;&nbsp; U.S. Government <br> Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 34147 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34147 |
| Investment Companies | &nbsp;&nbsp; 2380 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2380 |
| Total Investments | &nbsp;&nbsp; $2380 | &nbsp;&nbsp; $326124 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $328504 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $399 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $399 |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (305)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (305)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $94 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $94 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **158** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **HIGH YIELD FIXED INCOME FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS – 82.1%**  | **CORPORATE BONDS – 82.1%**  | **CORPORATE BONDS – 82.1%**  |
| **Advertising & Marketing – 0.7%** | **Advertising & Marketing – 0.7%** | **Advertising & Marketing – 0.7%** |
| Neptune Bidco U.S., Inc., |  |  |
| 9.29%, 4/15/29<sup>(1)</sup> <br>| $21577 | **$18721** |
| **Aerospace & Defense – 1.8%** | **Aerospace & Defense – 1.8%** | **Aerospace & Defense – 1.8%** |
| AAR Escrow Issuer LLC, |  |  |
| 6.75%, 3/15/29 <sup>(1)</sup> <br>| 4695 | 4771 |
| Spirit AeroSystems, Inc., |  |  |
| 4.60%, 6/15/28  | 3595 | 3448 |
| 9.38%, 11/30/29 <sup>(1)</sup> <br>| 3163 | 3374 |
| 9.75%, 11/15/30 <sup>(1)</sup> <br>| 3295 | 3637 |
| TransDigm, Inc., |  |  |
| 5.50%, 11/15/27  | 7240 | 7158 |
| 4.88%, 5/1/29  | 8159 | 7750 |
| 6.88%, 12/15/30 <sup>(1)</sup> <br>| 3615 | 3694 |
| 7.13%, 12/1/31 <sup>(1)</sup> <br>| 1105 | 1137 |
| 6.00%, 1/15/33 <sup>(1)</sup> <br>| 3159 | 3109 |
| Triumph Group, Inc., |  |  |
| 9.00%, 3/15/28 <sup>(1)</sup> <br>| 7760 | 8158 |
|  |  | **46236** |
| **Asset Management – 1.5%** | **Asset Management – 1.5%** | **Asset Management – 1.5%** |
| Focus Financial Partners LLC, |  |  |
| 6.75%, 9/15/31 <sup>(1)</sup> <br>| 3905 | 3851 |
| Hightower Holding LLC, |  |  |
| 9.13%, 1/31/30 <sup>(1)</sup> <br>| 6530 | 6719 |
| &nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| 9.75%, 1/15/29  | 10815 | 10750 |
| 10.00%, 11/15/29 <sup>(1)</sup> <br>| 5010 | 4975 |
| 9.00%, 6/15/30  | 7005 | 6622 |
| Osaic Holdings, Inc., |  |  |
| 10.75%, 8/1/27 <sup>(1)</sup> <br>| 7160 | 7268 |
|  |  | **40185** |
| **Automotive – 1.3%** | **Automotive – 1.3%** | **Automotive – 1.3%** |
| American Axle & Manufacturing, Inc., |  |  |
| 6.88%, 7/1/28  | 6625 | 6314 |
| &nbsp;&nbsp; Clarios Global L.P./Clarios <br> U.S. Finance Co.,<br>|  |  |
| 6.75%, 5/15/28 <sup>(1)</sup> <br>| 3050 | 3093 |
| Dana, Inc., |  |  |
| 4.25%, 9/1/30  | 6855 | 6327 |
| Ford Motor Co., |  |  |
| 9.63%, 4/22/30  | 2030 | 2319 |
| 4.75%, 1/15/43  | 2095 | 1590 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Automotive – 1.3%continued** | **Automotive – 1.3%continued** | **Automotive – 1.3%continued** |
| Ford Motor Credit Co. LLC, |  |  |
| 4.00%, 11/13/30  | $3755 | $3362 |
| General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp; (Variable, ICE LIBOR USD 3M + <br> 3.60%), 5.75%, 9/30/27 <sup>(2) (3)</sup> <br>| 1985 | 1878 |
| Goodyear Tire & Rubber (The) Co., |  |  |
| 5.25%, 4/30/31  | 2690 | 2426 |
| Phinia, Inc., |  |  |
| 6.75%, 4/15/29 <sup>(1)</sup> <br>| 7040 | 7128 |
|  |  | **34437** |
| **Basic Industry – 0.6%** | **Basic Industry – 0.6%** | **Basic Industry – 0.6%** |
| Alumina Pty. Ltd., |  |  |
| 6.13%, 3/15/30 <sup>(1)</sup> <br>| 615 | 613 |
| 6.38%, 9/15/32 <sup>(1)</sup> <br>| 615 | 605 |
| Avient Corp., |  |  |
| 6.25%, 11/1/31 <sup>(1)</sup> <br>| 4210 | 4170 |
| Celanese U.S. Holdings LLC, |  |  |
| 6.50%, 4/15/30  | 3060 | 3038 |
| 6.75%, 4/15/33  | 4260 | 4135 |
| GrafTech Finance, Inc., |  |  |
| 4.63%, 12/23/29 <sup>(1)</sup> <br>| 4320 | 2965 |
|  |  | **15526** |
| **Biotechnology & Pharmaceuticals – 1.1%** | **Biotechnology & Pharmaceuticals – 1.1%** | **Biotechnology & Pharmaceuticals – 1.1%** |
| Bausch Health Americas, Inc., |  |  |
| 8.50%, 1/31/27 <sup>(1)</sup> <br>| 11455 | 10884 |
| Bausch Health Cos., Inc., |  |  |
| 6.13%, 2/1/27 <sup>(1)</sup> <br>| 7760 | 7869 |
| 4.88%, 6/1/28 <sup>(1)</sup> <br>| 4205 | 3396 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V.,<br>|  |  |
| 5.13%, 4/30/31 <sup>(1)</sup> <br>| 6345 | 5532 |
|  |  | **27681** |
| **Cable & Satellite – 4.4%** | **Cable & Satellite – 4.4%** | **Cable & Satellite – 4.4%** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.,<br>|  |  |
| 5.00%, 2/1/28 <sup>(1)</sup> <br>| 23652 | 22954 |
| 4.25%, 2/1/31 <sup>(1)</sup> <br>| 9935 | 8804 |
| 4.75%, 2/1/32 <sup>(1)</sup> <br>| 14295 | 12692 |
| 4.50%, 6/1/33 <sup>(1)</sup> <br>| 9815 | 8371 |
| 4.25%, 1/15/34 <sup>(1)</sup> <br>| 4906 | 4035 |
| CSC Holdings LLC, |  |  |
| 11.75%, 1/31/29 <sup>(1)</sup> <br>| 3025 | 2934 |
| 6.50%, 2/1/29 <sup>(1)</sup> <br>| 10985 | 9090 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **159** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Cable & Satellite – 4.4%continued** | **Cable & Satellite – 4.4%continued** | **Cable & Satellite – 4.4%continued** |
| 5.75%, 1/15/30 <sup>(1)</sup> <br>| $7445 | $3946 |
| 4.63%, 12/1/30 <sup>(1)</sup> <br>| 3735 | 1818 |
| &nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.,<br>|  |  |
| 5.88%, 8/15/27 <sup>(1)</sup> <br>| 9645 | 9346 |
| DISH DBS Corp., |  |  |
| 7.75%, 7/1/26  | 15827 | 13673 |
| 5.25%, 12/1/26 <sup>(1)</sup> <br>| 4320 | 3965 |
| DISH Network Corp., |  |  |
| 11.75%, 11/15/27 <sup>(1)</sup> <br>| 2420 | 2548 |
| LCPR Senior Secured Financing DAC, |  |  |
| 6.75%, 10/15/27 <sup>(1)</sup> <br>| 4613 | 3857 |
| Midcontinent Communications, |  |  |
| 8.00%, 8/15/32 <sup>(1)</sup> <br>| 7280 | 7361 |
|  |  | **115394** |
| **Capital Goods – 1.1%** | **Capital Goods – 1.1%** | **Capital Goods – 1.1%** |
| Amsted Industries, Inc., |  |  |
| 6.38%, 3/15/33 <sup>(1)</sup> <br>| 3580 | 3561 |
| Axon Enterprise, Inc., |  |  |
| 6.13%, 3/15/30 <sup>(1)</sup> <br>| 3035 | 3063 |
| 6.25%, 3/15/33 <sup>(1)</sup> <br>| 1835 | 1854 |
| Quikrete Holdings, Inc., |  |  |
| 6.38%, 3/1/32 <sup>(1)</sup> <br>| 9085 | 9142 |
| 6.75%, 3/1/33 <sup>(1)</sup> <br>| 11705 | 11652 |
|  |  | **29272** |
| **Chemicals – 0.7%** | **Chemicals – 0.7%** | **Chemicals – 0.7%** |
| &nbsp;&nbsp; CVR Partners L.P./CVR Nitrogen <br> Finance Corp.,<br>|  |  |
| 6.13%, 6/15/28 <sup>(1)</sup> <br>| 3260 | 3151 |
| &nbsp;&nbsp; Illuminate Buyer LLC/Illuminate <br> Holdings IV, Inc.,<br>|  |  |
| 9.00%, 7/1/28 <sup>(1)</sup> <br>| 3990 | 3966 |
| LSB Industries, Inc., |  |  |
| 6.25%, 10/15/28 <sup>(1)</sup> <br>| 4010 | 3863 |
| Mativ Holdings, Inc., |  |  |
| 8.00%, 10/1/29 <sup>(1)</sup> <br>| 5195 | 4478 |
| Olympus Water U.S. Holding Corp., |  |  |
| 7.13%, 10/1/27 <sup>(1)</sup> <br>| 3265 | 3264 |
|  |  | **18722** |
| **Commercial Support Services – 2.3%** | **Commercial Support Services – 2.3%** | **Commercial Support Services – 2.3%** |
| ADT Security (The) Corp., |  |  |
| 4.13%, 8/1/29 <sup>(1)</sup> <br>| 3285 | 3084 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Commercial Support Services – 2.3%continued** | **Commercial Support Services – 2.3%continued** | **Commercial Support Services – 2.3%continued** |
| Allied Universal Holdco LLC, |  |  |
| 7.88%, 2/15/31 <sup>(1)</sup> <br>| $5170 | $5236 |
| Brink's (The) Co., |  |  |
| 6.50%, 6/15/29 <sup>(1)</sup> <br>| 4228 | 4286 |
| GFL Environmental, Inc., |  |  |
| 6.75%, 1/15/31 <sup>(1)</sup> <br>| 5695 | 5870 |
| &nbsp;&nbsp; Prime Security Services <br> Borrower LLC/Prime Finance, Inc.,<br>|  |  |
| 6.25%, 1/15/28 <sup>(1)</sup> <br>| 9090 | 9097 |
| Raven Acquisition Holdings LLC, |  |  |
| 6.88%, 11/15/31 <sup>(1)</sup> <br>| 9351 | 9080 |
| Reworld Holding Corp., |  |  |
| 5.00%, 9/1/30  | 5185 | 4803 |
| RR Donnelley & Sons Co., |  |  |
| 9.50%, 8/1/29 <sup>(1)</sup> <br>| 2835 | 2808 |
| VM Consolidated, Inc., |  |  |
| 5.50%, 4/15/29 <sup>(1)</sup> <br>| 3530 | 3349 |
| VT Topco, Inc., |  |  |
| 8.50%, 8/15/30 <sup>(1)</sup> <br>| 6720 | 7046 |
| Williams Scotsman, Inc., |  |  |
| 6.63%, 6/15/29 <sup>(1)</sup> <br>| 3060 | 3096 |
| ZipRecruiter, Inc., |  |  |
| 5.00%, 1/15/30 <sup>(1)</sup> <br>| 3585 | 3151 |
|  |  | **60906** |
| **Communications – 0.4%** | **Communications – 0.4%** | **Communications – 0.4%** |
| C&W Senior Finance Ltd., |  |  |
| 9.00%, 1/15/33 <sup>(1)</sup> <br>| 5915 | 5820 |
| iHeartCommunications, Inc., |  |  |
| 10.88%, 5/1/30 <sup>(1)</sup> <br>| 2381 | 1177 |
| 7.75%, 8/15/30 <sup>(1)</sup> <br>| 3106 | 2299 |
|  |  | **9296** |
| **Construction Materials – 0.3%** | **Construction Materials – 0.3%** | **Construction Materials – 0.3%** |
| Smyrna Ready Mix Concrete LLC, |  |  |
| 8.88%, 11/15/31 <sup>(1)</sup> <br>| 3530 | 3657 |
| Standard Industries, Inc., |  |  |
| 3.38%, 1/15/31 <sup>(1)</sup> <br>| 4320 | 3756 |
|  |  | **7413** |
| **Consumer Cyclical – 1.2%** | **Consumer Cyclical – 1.2%** | **Consumer Cyclical – 1.2%** |
| Adient Global Holdings Ltd., |  |  |
| 7.50%, 2/15/33 <sup>(1)</sup> <br>| 5235 | 4902 |
| Carnival Corp., |  |  |
| 6.13%, 2/15/33 <sup>(1)</sup> <br>| 4115 | 4055 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **160** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Consumer Cyclical – 1.2%continued** | **Consumer Cyclical – 1.2%continued** | **Consumer Cyclical – 1.2%continued** |
| EZCORP, Inc., |  |  |
| 7.38%, 4/1/32 <sup>(1)</sup> <br>| $2540 | $2577 |
| Group 1 Automotive, Inc., |  |  |
| 6.38%, 1/15/30 <sup>(1)</sup> <br>| 1410 | 1413 |
| NCL Corp. Ltd., |  |  |
| 6.75%, 2/1/32 <sup>(1)</sup> <br>| 11110 | 10974 |
| OT Midco, Inc., |  |  |
| 10.00%, 2/15/30 <sup>(1)</sup> <br>| 4000 | 3444 |
| Saks Global Enterprises LLC, |  |  |
| 11.00%, 12/15/29 <sup>(1)</sup> <br>| 6250 | 5063 |
|  |  | **32428** |
| **Consumer Non-Cyclical – 1.0%** | **Consumer Non-Cyclical – 1.0%** | **Consumer Non-Cyclical – 1.0%** |
| 1261229 B.C. Ltd., |  |  |
| 4/15/32 <sup>(1) (4)</sup> <br>| 5730 | 5695 |
| Insulet Corp., |  |  |
| 6.50%, 4/1/33 <sup>(1)</sup> <br>| 1270 | 1291 |
| Prime Healthcare Services, Inc., |  |  |
| 9.38%, 9/1/29 <sup>(1)</sup> <br>| 12855 | 12128 |
| Turning Point Brands, Inc., |  |  |
| 7.63%, 3/15/32 <sup>(1)</sup> <br>| 5685 | 5922 |
|  |  | **25036** |
| **Consumer Services – 0.4%** | **Consumer Services – 0.4%** | **Consumer Services – 0.4%** |
| PROG Holdings, Inc., |  |  |
| 6.00%, 11/15/29 <sup>(1)</sup> <br>| 5730 | 5289 |
| StoneMor, Inc., |  |  |
| 8.50%, 5/15/29 <sup>(1)</sup> <br>| 6070 | 5529 |
|  |  | **10818** |
| **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** | **Containers & Packaging – 0.5%** |
| &nbsp;&nbsp; Ardagh Packaging Finance <br> PLC/Ardagh Holdings U.S.A., Inc.,<br>|  |  |
| 5.25%, 8/15/27 <sup>(1)</sup> <br>| 6255 | 2862 |
| Clydesdale Acquisition Holdings, Inc., |  |  |
| 6.63%, 4/15/29 <sup>(1)</sup> <br>| 2740 | 2755 |
| LABL, Inc., |  |  |
| 5.88%, 11/1/28 <sup>(1)</sup> <br>| 3400 | 2676 |
| &nbsp;&nbsp; Mauser Packaging Solutions Holding <br> Co.,<br>|  |  |
| 9.25%, 4/15/27 <sup>(1)</sup> <br>| 2897 | 2733 |
| Owens-Brockway Glass Container, Inc., |  |  |
| 7.25%, 5/15/31 <sup>(1)</sup> <br>| 3065 | 2992 |
|  |  | **14018** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Electric – 0.1%** | **Electric – 0.1%** | **Electric – 0.1%** |
| &nbsp;&nbsp; XPLR Infrastructure Operating Partners <br> L.P.,<br>|  |  |
| 8.38%, 1/15/31 <sup>(1)</sup> <br>| $620 | $610 |
| 8.63%, 3/15/33 <sup>(1)</sup> <br>| 1895 | 1843 |
|  |  | **2453** |
| **Electric Utilities – 2.2%** | **Electric Utilities – 2.2%** | **Electric Utilities – 2.2%** |
| Calpine Corp., |  |  |
| 5.13%, 3/15/28 <sup>(1)</sup> <br>| 7022 | 6909 |
| 5.00%, 2/1/31 <sup>(1)</sup> <br>| 3195 | 3050 |
| Lightning Power LLC, |  |  |
| 7.25%, 8/15/32 <sup>(1)</sup> <br>| 4230 | 4355 |
| NRG Energy, Inc., |  |  |
| 5.75%, 1/15/28  | 7565 | 7546 |
| 5.75%, 7/15/29 <sup>(1)</sup> <br>| 4320 | 4239 |
| 3.88%, 2/15/32 <sup>(1)</sup> <br>| 4342 | 3807 |
| 6.25%, 11/1/34 <sup>(1)</sup> <br>| 6340 | 6241 |
| &nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| 4.50%, 8/15/28 <sup>(1)</sup> <br>| 3720 | 3461 |
| Talen Energy Supply LLC, |  |  |
| 8.63%, 6/1/30 <sup>(1)</sup> <br>| 3435 | 3644 |
| Vistra Operations Co. LLC, |  |  |
| 5.63%, 2/15/27 <sup>(1)</sup> <br>| 5510 | 5490 |
| 4.38%, 5/1/29 <sup>(1)</sup> <br>| 4455 | 4230 |
| 6.88%, 4/15/32 <sup>(1)</sup> <br>| 4250 | 4332 |
|  |  | **57304** |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
| &nbsp;&nbsp; EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc.,<br>|  |  |
| 6.63%, 12/15/30<sup>(1)</sup> <br>| 9800 | **9804** |
| **Energy – 0.6%** | **Energy – 0.6%** | **Energy – 0.6%** |
| &nbsp;&nbsp; Aethon United BR L.P./Aethon United <br> Finance Corp.,<br>|  |  |
| 7.50%, 10/1/29 <sup>(1)</sup> <br>| 4135 | 4206 |
| Chord Energy Corp., |  |  |
| 6.75%, 3/15/33 <sup>(1)</sup> <br>| 2180 | 2169 |
| Rockies Express Pipeline LLC, |  |  |
| 6.75%, 3/15/33 <sup>(1)</sup> <br>| 1470 | 1495 |
| Sunoco L.P., |  |  |
| 6.25%, 7/1/33 <sup>(1)</sup> <br>| 1385 | 1386 |
| TransMontaigne Partners LLC, |  |  |
| 8.50%, 6/15/30 <sup>(1)</sup> <br>| 6855 | 6905 |
|  |  | **16161** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **161** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Engineering & Construction – 0.2%** | **Engineering & Construction – 0.2%** | **Engineering & Construction – 0.2%** |
| Arcosa, Inc., |  |  |
| 6.88%, 8/15/32<sup>(1)</sup> <br>| $5211 | **$5283** |
| **Entertainment Content – 1.2%** | **Entertainment Content – 1.2%** | **Entertainment Content – 1.2%** |
| &nbsp;&nbsp; Allen Media LLC/Allen Media <br> Co-Issuer, Inc.,<br>|  |  |
| 10.50%, 2/15/28 <sup>(1)</sup> <br>| 22150 | 7642 |
| TEGNA, Inc., |  |  |
| 5.00%, 9/15/29  | 14257 | 13233 |
| Univision Communications, Inc., |  |  |
| 7.38%, 6/30/30 <sup>(1)</sup> <br>| 3605 | 3444 |
| 8.50%, 7/31/31 <sup>(1)</sup> <br>| 7390 | 7221 |
|  |  | **31540** |
| **Finance Companies – 0.4%** | **Finance Companies – 0.4%** | **Finance Companies – 0.4%** |
| Freedom Mortgage Holdings LLC, |  |  |
| 8.38%, 4/1/32 <sup>(1)</sup> <br>| 2670 | 2609 |
| Rfna L.P., |  |  |
| 7.88%, 2/15/30 <sup>(1)</sup> <br>| 8585 | 8480 |
|  |  | **11089** |
| **Food – 1.4%** | **Food – 1.4%** | **Food – 1.4%** |
| Fiesta Purchaser, Inc., |  |  |
| 7.88%, 3/1/31 <sup>(1)</sup> <br>| 8605 | 8884 |
| 9.63%, 9/15/32 <sup>(1)</sup> <br>| 5375 | 5524 |
| Post Holdings, Inc., |  |  |
| 4.50%, 9/15/31 <sup>(1)</sup> <br>| 5111 | 4629 |
| 6.25%, 2/15/32 <sup>(1)</sup> <br>| 10524 | 10586 |
| &nbsp;&nbsp; Simmons Foods, Inc./Simmons <br> Prepared Foods, Inc./Simmons Pet <br> Food, Inc./Simmons Feed,<br>|  |  |
| 4.63%, 3/1/29 <sup>(1)</sup> <br>| 6675 | 6188 |
|  |  | **35811** |
| **Forestry, Paper & Wood Products – 0.6%** | **Forestry, Paper & Wood Products – 0.6%** | **Forestry, Paper & Wood Products – 0.6%** |
| Magnera Corp., |  |  |
| 4.75%, 11/15/29 <sup>(1)</sup> <br>| 12117 | 10741 |
| 7.25%, 11/15/31 <sup>(1)</sup> <br>| 4420 | 4299 |
|  |  | **15040** |
| **Health Care Facilities & Services – 4.3%** | **Health Care Facilities & Services – 4.3%** | **Health Care Facilities & Services – 4.3%** |
| AdaptHealth LLC, |  |  |
| 5.13%, 3/1/30 <sup>(1)</sup> <br>| 7635 | 6957 |
| CHS/Community Health Systems, Inc., |  |  |
| 5.63%, 3/15/27 <sup>(1)</sup> <br>| 5065 | 4837 |
| 6.88%, 4/15/29 <sup>(1)</sup> <br>| 4125 | 2675 |
| 6.13%, 4/1/30 <sup>(1)</sup> <br>| 5695 | 3399 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Health Care Facilities & Services – 4.3%continued** | **Health Care Facilities & Services – 4.3%continued** | **Health Care Facilities & Services – 4.3%continued** |
| 5.25%, 5/15/30 <sup>(1)</sup> <br>| $6664 | $5498 |
| 10.88%, 1/15/32 <sup>(1)</sup> <br>| 14010 | 13802 |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.52%), 6.75%, <br> 12/10/54 <sup>(2)</sup> <br>| 10635 | 10588 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.89%), 7.00%, <br> 3/10/55 <sup>(2)</sup> <br>| 3545 | 3573 |
| DaVita, Inc., |  |  |
| 6.88%, 9/1/32 <sup>(1)</sup> <br>| 4150 | 4173 |
| HealthEquity, Inc., |  |  |
| 4.50%, 10/1/29 <sup>(1)</sup> <br>| 5910 | 5540 |
| LifePoint Health, Inc., |  |  |
| 5.38%, 1/15/29 <sup>(1)</sup> <br>| 3295 | 2892 |
| 9.88%, 8/15/30 <sup>(1)</sup> <br>| 8790 | 9274 |
| 11.00%, 10/15/30 <sup>(1)</sup> <br>| 1890 | 2055 |
| 10.00%, 6/1/32 <sup>(1)</sup> <br>| 2725 | 2600 |
| Star Parent, Inc., |  |  |
| 9.00%, 10/1/30 <sup>(1)</sup> <br>| 11001 | 10843 |
| Surgery Center Holdings, Inc., |  |  |
| 7.25%, 4/15/32 <sup>(1)</sup> <br>| 7626 | 7541 |
| Tenet Healthcare Corp., |  |  |
| 4.38%, 1/15/30  | 18647 | 17480 |
|  |  | **113727** |
| **Home & Office Products – 0.6%** | **Home & Office Products – 0.6%** | **Home & Office Products – 0.6%** |
| &nbsp;&nbsp; CD&R Smokey Buyer, Inc./Radio <br> Systems Corp.,<br>|  |  |
| 9.50%, 10/15/29 <sup>(1)</sup> <br>| 5715 | 5215 |
| Newell Brands, Inc., |  |  |
| 6.63%, 5/15/32  | 2860 | 2778 |
| 6.88%, 4/1/36  | 9065 | 8808 |
|  |  | **16801** |
| **Home Construction – 1.1%** | **Home Construction – 1.1%** | **Home Construction – 1.1%** |
| Beazer Homes U.S.A., Inc., |  |  |
| 5.88%, 10/15/27  | 5810 | 5697 |
| Interface, Inc., |  |  |
| 5.50%, 12/1/28 <sup>(1)</sup> <br>| 3195 | 3111 |
| KB Home, |  |  |
| 7.25%, 7/15/30  | 4030 | 4136 |
| LGI Homes, Inc., |  |  |
| 4.00%, 7/15/29 <sup>(1)</sup> <br>| 5905 | 5213 |
| M/I Homes, Inc., |  |  |
| 3.95%, 2/15/30  | 8135 | 7425 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **162** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Home Construction – 1.1%continued** | **Home Construction – 1.1%continued** | **Home Construction – 1.1%continued** |
| &nbsp;&nbsp; Miter Brands Acquisition Holdco, <br> Inc./MIWD Borrower LLC,<br>|  |  |
| 6.75%, 4/1/32 <sup>(1)</sup> <br>| $3105 | $3077 |
|  |  | **28659** |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| &nbsp;&nbsp; Coty, Inc./HFC Prestige Products, <br> Inc./HFC Prestige International U.S. <br> LLC,<br>|  |  |
| 6.63%, 7/15/30 <sup>(1)</sup> <br>| 5665 | 5800 |
| Perrigo Finance Unlimited Co., |  |  |
| 4.90%, 6/15/30  | 340 | 325 |
| 6.13%, 9/30/32  | 3010 | 2961 |
|  |  | **9086** |
| **Industrial Intermediate Products – 0.7%** | **Industrial Intermediate Products – 0.7%** | **Industrial Intermediate Products – 0.7%** |
| &nbsp;&nbsp; Anagram Holdings LLC/Anagram <br> International, Inc.,<br>|  |  |
| 10.00%, 8/15/26 <sup>(1) (5) (6)</sup> <br>| 2819 | 21 |
| Chart Industries, Inc., |  |  |
| 7.50%, 1/1/30 <sup>(1)</sup> <br>| 6150 | 6379 |
| 9.50%, 1/1/31 <sup>(1)</sup> <br>| 2915 | 3112 |
| FXI Holdings, Inc., |  |  |
| 12.25%, 11/15/26 <sup>(1)</sup> <br>| 10299 | 9552 |
|  |  | **19064** |
| **Industrial Support Services – 0.8%** | **Industrial Support Services – 0.8%** | **Industrial Support Services – 0.8%** |
| EquipmentShare.com, Inc., |  |  |
| 8.63%, 5/15/32 <sup>(1)</sup> <br>| 2965 | 3056 |
| 8.00%, 3/15/33 <sup>(1)</sup> <br>| 4080 | 4108 |
| NESCO Holdings II, Inc., |  |  |
| 5.50%, 4/15/29 <sup>(1)</sup> <br>| 3365 | 3106 |
| United Rentals North America, Inc., |  |  |
| 3.75%, 1/15/32  | 7745 | 6841 |
| 6.13%, 3/15/34 <sup>(1)</sup> <br>| 2730 | 2732 |
|  |  | **19843** |
| **Institutional Financial Services – 0.8%** | **Institutional Financial Services – 0.8%** | **Institutional Financial Services – 0.8%** |
| Aretec Group, Inc., |  |  |
| 7.50%, 4/1/29 <sup>(1)</sup> <br>| 3742 | 3674 |
| 10.00%, 8/15/30 <sup>(1)</sup> <br>| 3260 | 3500 |
| Armor Holdco, Inc., |  |  |
| 8.50%, 11/15/29 <sup>(1)</sup> <br>| 4145 | 4009 |
| Coinbase Global, Inc., |  |  |
| 3.63%, 10/1/31 <sup>(1)</sup> <br>| 6025 | 5097 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Institutional Financial Services – 0.8%continued** | **Institutional Financial Services – 0.8%continued** | **Institutional Financial Services – 0.8%continued** |
| Jane Street Group/JSG Finance, Inc., |  |  |
| 4.50%, 11/15/29 <sup>(1)</sup> <br>| $1220 | $1152 |
| 6.13%, 11/1/32 <sup>(1)</sup> <br>| 2450 | 2411 |
|  |  | **19843** |
| **Insurance – 1.3%** | **Insurance – 1.3%** | **Insurance – 1.3%** |
| Acrisure LLC/Acrisure Finance, Inc., |  |  |
| 8.25%, 2/1/29 <sup>(1)</sup> <br>| 2710 | 2785 |
| 4.25%, 2/15/29 <sup>(1)</sup> <br>| 4410 | 4126 |
| &nbsp;&nbsp; Alliant Holdings <br> Intermediate LLC/Alliant Holdings <br> Co-Issuer,<br>|  |  |
| 6.50%, 10/1/31 <sup>(1)</sup> <br>| 7900 | 7755 |
| 7.38%, 10/1/32 <sup>(1)</sup> <br>| 2765 | 2777 |
| &nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 <br> Somerset Investor 2 LLC/APH3 <br> Somerset Inves,<br>|  |  |
| 7.88%, 11/1/29 <sup>(1)</sup> <br>| 8310 | 8190 |
| Panther Escrow Issuer LLC, |  |  |
| 7.13%, 6/1/31 <sup>(1)</sup> <br>| 9505 | 9685 |
|  |  | **35318** |
| **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** | **Internet Media & Services – 0.2%** |
| GrubHub Holdings, Inc., |  |  |
| 5.50%, 7/1/27<sup>(1)</sup> <br>| 6280 | **5768** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| Insight Enterprises, Inc., |  |  |
| 6.63%, 5/15/32 <sup>(1)</sup> <br>| 3745 | 3774 |
| Virtusa Corp., |  |  |
| 7.13%, 12/15/28 <sup>(1)</sup> <br>| 2650 | 2492 |
|  |  | **6266** |
| **Leisure Facilities & Services – 4.5%** | **Leisure Facilities & Services – 4.5%** | **Leisure Facilities & Services – 4.5%** |
| Affinity Interactive, |  |  |
| 6.88%, 12/15/27 <sup>(1)</sup> <br>| 3835 | 2906 |
| Boyne U.S.A., Inc., |  |  |
| 4.75%, 5/15/29 <sup>(1)</sup> <br>| 5155 | 4853 |
| Caesars Entertainment, Inc., |  |  |
| 7.00%, 2/15/30 <sup>(1)</sup> <br>| 3915 | 3969 |
| 6.50%, 2/15/32 <sup>(1)</sup> <br>| 8082 | 8056 |
| Carnival Corp., |  |  |
| 5.75%, 3/1/27 <sup>(1)</sup> <br>| 8315 | 8320 |
| 6.00%, 5/1/29 <sup>(1)</sup> <br>| 5350 | 5313 |
| Everi Holdings, Inc., |  |  |
| 5.00%, 7/15/29 <sup>(1)</sup> <br>| 5280 | 5286 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **163** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Leisure Facilities & Services – 4.5%continued** | **Leisure Facilities & Services – 4.5%continued** | **Leisure Facilities & Services – 4.5%continued** |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc.,<br>|  |  |
| 4.63%, 1/15/29 <sup>(1)</sup> <br>| $3244 | $2988 |
| 6.75%, 1/15/30 <sup>(1)</sup> <br>| 5060 | 4375 |
| Full House Resorts, Inc., |  |  |
| 8.25%, 2/15/28 <sup>(1)</sup> <br>| 8261 | 8164 |
| &nbsp;&nbsp; GPS Hospitality Holding Co. LLC/GPS <br> Finco, Inc.,<br>|  |  |
| 7.00%, 8/15/28 <sup>(1)</sup> <br>| 6555 | 3664 |
| Jacobs Entertainment, Inc., |  |  |
| 6.75%, 2/15/29 <sup>(1)</sup> <br>| 3980 | 3819 |
| Light & Wonder International, Inc., |  |  |
| 7.00%, 5/15/28 <sup>(1)</sup> <br>| 7023 | 7020 |
| Lindblad Expeditions LLC, |  |  |
| 6.75%, 2/15/27 <sup>(1)</sup> <br>| 7280 | 7237 |
| NCL Corp. Ltd., |  |  |
| 5.88%, 3/15/26 <sup>(1)</sup> <br>| 996 | 994 |
| 5.88%, 2/15/27 <sup>(1)</sup> <br>| 4805 | 4798 |
| 6.25%, 3/1/30 <sup>(1)</sup> <br>| 4975 | 4884 |
| Penn Entertainment, Inc., |  |  |
| 4.13%, 7/1/29 <sup>(1)</sup> <br>| 2945 | 2615 |
| &nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.,<br>|  |  |
| 5.88%, 9/1/31 <sup>(1)</sup> <br>| 2190 | 1451 |
| Sabre GLBL, Inc., |  |  |
| 8.63%, 6/1/27 <sup>(1)</sup> <br>| 8991 | 8897 |
| &nbsp;&nbsp; Scientific Games Holdings L.P.,Scientific <br> Games U.S. FinCo, Inc.,<br>|  |  |
| 6.63%, 3/1/30 <sup>(1)</sup> <br>| 2565 | 2419 |
| Viking Cruises Ltd., |  |  |
| 5.88%, 9/15/27 <sup>(1)</sup> <br>| 10075 | 10025 |
| 7.00%, 2/15/29 <sup>(1)</sup> <br>| 7680 | 7706 |
|  |  | **119759** |
| **Leisure Products – 0.4%** | **Leisure Products – 0.4%** | **Leisure Products – 0.4%** |
| Acushnet Co., |  |  |
| 7.38%, 10/15/28 <sup>(1)</sup> <br>| 3530 | 3654 |
| Thor Industries, Inc., |  |  |
| 4.00%, 10/15/29 <sup>(1)</sup> <br>| 6390 | 5755 |
|  |  | **9409** |
| **Machinery – 1.0%** | **Machinery – 1.0%** | **Machinery – 1.0%** |
| Madison IAQ LLC, |  |  |
| 4.13%, 6/30/28 <sup>(1)</sup> <br>| 4540 | 4285 |
| 5.88%, 6/30/29 <sup>(1)</sup> <br>| 3070 | 2900 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Machinery – 1.0%continued** | **Machinery – 1.0%continued** | **Machinery – 1.0%continued** |
| Manitowoc (The) Co., Inc., |  |  |
| 9.25%, 10/1/31 <sup>(1)</sup> <br>| $2895 | $2976 |
| &nbsp;&nbsp; Maxim Crane Works Holdings <br> Capital LLC,<br>|  |  |
| 11.50%, 9/1/28 <sup>(1)</sup> <br>| 7155 | 7181 |
| Terex Corp., |  |  |
| 6.25%, 10/15/32 <sup>(1)</sup> <br>| 4278 | 4149 |
| Titan International, Inc., |  |  |
| 7.00%, 4/30/28  | 5145 | 5090 |
|  |  | **26581** |
| **Medical Equipment & Devices – 0.5%** | **Medical Equipment & Devices – 0.5%** | **Medical Equipment & Devices – 0.5%** |
| Medline Borrower L.P., |  |  |
| 3.88%, 4/1/29 <sup>(1)</sup> <br>| 5352 | 5003 |
| 5.25%, 10/1/29 <sup>(1)</sup> <br>| 8860 | 8502 |
|  |  | **13505** |
| **Metals & Mining – 0.9%** | **Metals & Mining – 0.9%** | **Metals & Mining – 0.9%** |
| Alcoa Nederland Holding B.V., |  |  |
| 7.13%, 3/15/31 <sup>(1)</sup> <br>| 7030 | 7237 |
| &nbsp;&nbsp; Alliance Resource Operating Partners <br> L.P./Alliance Resource Finance <br> Corp.,<br>|  |  |
| 8.63%, 6/15/29 <sup>(1)</sup> <br>| 2900 | 3039 |
| Coeur Mining, Inc., |  |  |
| 5.13%, 2/15/29 <sup>(1)</sup> <br>| 2405 | 2281 |
| Constellium S.E., |  |  |
| 3.75%, 4/15/29 <sup>(1)</sup> <br>| 2785 | 2523 |
| 6.38%, 8/15/32 <sup>(1)</sup> <br>| 8803 | 8596 |
|  |  | **23676** |
| **Oil & Gas Services & Equipment – 1.9%** | **Oil & Gas Services & Equipment – 1.9%** | **Oil & Gas Services & Equipment – 1.9%** |
| Nabors Industries Ltd., |  |  |
| 7.50%, 1/15/28 <sup>(1)</sup> <br>| 6285 | 5785 |
| Nabors Industries, Inc., |  |  |
| 7.38%, 5/15/27 <sup>(1)</sup> <br>| 2070 | 2042 |
| 9.13%, 1/31/30 <sup>(1)</sup> <br>| 1375 | 1375 |
| 8.88%, 8/15/31 <sup>(1)</sup> <br>| 9135 | 7932 |
| Noble Finance II LLC, |  |  |
| 8.00%, 4/15/30 <sup>(1)</sup> <br>| 3495 | 3493 |
| Oceaneering International, Inc., |  |  |
| 6.00%, 2/1/28  | 5895 | 5832 |
| 6.00%, 2/1/28  | 3715 | 3676 |
| Transocean Aquila Ltd., |  |  |
| 8.00%, 9/30/28 <sup>(1)</sup> <br>| 1906 | 1937 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **164** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Oil & Gas Services & Equipment – 1.9%continued** | **Oil & Gas Services & Equipment – 1.9%continued** | **Oil & Gas Services & Equipment – 1.9%continued** |
| Transocean Poseidon Ltd., |  |  |
| 6.88%, 2/1/27 <sup>(1)</sup> <br>| $3266 | $3244 |
| Transocean Titan Financing Ltd., |  |  |
| 8.38%, 2/1/28 <sup>(1)</sup> <br>| 1217 | 1243 |
| Transocean, Inc., |  |  |
| 8.75%, 2/15/30 <sup>(1)</sup> <br>| 4760 | 4944 |
| 8.50%, 5/15/31 <sup>(1)</sup> <br>| 3170 | 3080 |
| &nbsp;&nbsp; U.S.A. Compression Partners <br> L.P./U.S.A. Compression Finance <br> Corp.,<br>|  |  |
| 7.13%, 3/15/29 <sup>(1)</sup> <br>| 4560 | 4638 |
|  |  | **49221** |
| **Oil & Gas Supply Chain – 9.3%** | **Oil & Gas Supply Chain – 9.3%** | **Oil & Gas Supply Chain – 9.3%** |
| California Resources Corp., |  |  |
| 7.13%, 2/1/26 <sup>(1)</sup> <br>| 854 | 853 |
| CITGO Petroleum Corp., |  |  |
| 6.38%, 6/15/26 <sup>(1)</sup> <br>| 8289 | 8270 |
| 8.38%, 1/15/29 <sup>(1)</sup> <br>| 2800 | 2850 |
| Civitas Resources, Inc., |  |  |
| 8.38%, 7/1/28 <sup>(1)</sup> <br>| 3565 | 3679 |
| 8.63%, 11/1/30 <sup>(1)</sup> <br>| 2880 | 2971 |
| CNX Resources Corp., |  |  |
| 7.38%, 1/15/31 <sup>(1)</sup> <br>| 2795 | 2840 |
| 7.25%, 3/1/32 <sup>(1)</sup> <br>| 5330 | 5420 |
| Comstock Resources, Inc., |  |  |
| 6.75%, 3/1/29 <sup>(1)</sup> <br>| 3230 | 3159 |
| 6.75%, 3/1/29 <sup>(1)</sup> <br>| 1990 | 1934 |
| Crescent Energy Finance LLC, |  |  |
| 9.25%, 2/15/28 <sup>(1)</sup> <br>| 5385 | 5591 |
| 7.63%, 4/1/32 <sup>(1)</sup> <br>| 3585 | 3546 |
| CVR Energy, Inc., |  |  |
| 8.50%, 1/15/29 <sup>(1)</sup> <br>| 5868 | 5634 |
| &nbsp;&nbsp; Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp.,<br>|  |  |
| 7.13%, 6/1/28 <sup>(1)</sup> <br>| 2310 | 2315 |
| 8.63%, 3/15/29 <sup>(1)</sup> <br>| 5785 | 5992 |
| Energy Transfer L.P., |  |  |
| 5.63%, 5/1/27 <sup>(1)</sup> <br>| 7546 | 7538 |
| EQM Midstream Partners L.P., |  |  |
| 6.38%, 4/1/29 <sup>(1)</sup> <br>| 3745 | 3832 |
| 7.50%, 6/1/30 <sup>(1)</sup> <br>| 3405 | 3676 |
| 4.75%, 1/15/31 <sup>(1)</sup> <br>| 6705 | 6449 |
| FTAI Infra Escrow Holdings LLC, |  |  |
| 10.50%, 6/1/27 <sup>(1)</sup> <br>| 7040 | 7366 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Oil & Gas Supply Chain – 9.3%continued** | **Oil & Gas Supply Chain – 9.3%continued** | **Oil & Gas Supply Chain – 9.3%continued** |
| &nbsp;&nbsp; Genesis Energy L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| 8.00%, 1/15/27  | $1157 | $1180 |
| 8.25%, 1/15/29  | 5500 | 5679 |
| &nbsp;&nbsp; Global Partners L.P./GLP Finance <br> Corp.,<br>|  |  |
| 6.88%, 1/15/29  | 3625 | 3618 |
| Harvest Midstream I L.P., |  |  |
| 7.50%, 9/1/28 <sup>(1)</sup> <br>| 2800 | 2828 |
| &nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.,<br>|  |  |
| 6.25%, 11/1/28 <sup>(1)</sup> <br>| 5952 | 5946 |
| ITT Holdings LLC, |  |  |
| 6.50%, 8/1/29 <sup>(1)</sup> <br>| 7895 | 7283 |
| &nbsp;&nbsp; Martin Midstream Partners L.P./Martin <br> Midstream Finance Corp.,<br>|  |  |
| 11.50%, 2/15/28 <sup>(1)</sup> <br>| 5385 | 5701 |
| Murphy Oil Corp., |  |  |
| 6.00%, 10/1/32  | 3585 | 3449 |
| &nbsp;&nbsp; NGL Energy Operating LLC/NGL <br> Energy Finance Corp.,<br>|  |  |
| 8.38%, 2/15/32 <sup>(1)</sup> <br>| 12058 | 12084 |
| Northern Oil & Gas, Inc., |  |  |
| 8.13%, 3/1/28 <sup>(1)</sup> <br>| 3515 | 3524 |
| NuStar Logistics L.P., |  |  |
| 6.00%, 6/1/26  | 4165 | 4183 |
| &nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance <br> Corp.,<br>|  |  |
| 6.00%, 2/15/28  | 10888 | 10126 |
| Permian Resources Operating LLC, |  |  |
| 8.00%, 4/15/27 <sup>(1)</sup> <br>| 4575 | 4662 |
| Plains All American Pipeline L.P., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.37%), 8.69%, 5/8/25 <sup>(3) (7)</sup> <br>| 4015 | 4006 |
| Range Resources Corp., |  |  |
| 8.25%, 1/15/29  | 3935 | 4047 |
| SM Energy Co., |  |  |
| 6.75%, 8/1/29 <sup>(1)</sup> <br>| 7109 | 7003 |
| 7.00%, 8/1/32 <sup>(1)</sup> <br>| 3555 | 3489 |
| Sunoco L.P., |  |  |
| 7.00%, 5/1/29 <sup>(1)</sup> <br>| 4145 | 4240 |
| Sunoco L.P./Sunoco Finance Corp., |  |  |
| 4.50%, 5/15/29  | 2733 | 2588 |
| 4.50%, 4/30/30  | 3670 | 3432 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **165** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Oil & Gas Supply Chain – 9.3%continued** | **Oil & Gas Supply Chain – 9.3%continued** | **Oil & Gas Supply Chain – 9.3%continued** |
| &nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| 7.38%, 2/15/29 <sup>(1)</sup> <br>| $6760 | $6794 |
| Talos Production, Inc., |  |  |
| 9.38%, 2/1/31 <sup>(1)</sup> <br>| 11270 | 11467 |
| Venture Global LNG, Inc., |  |  |
| 9.50%, 2/1/29 <sup>(1)</sup> <br>| 17963 | 19262 |
| 8.38%, 6/1/31 <sup>(1)</sup> <br>| 13653 | 13848 |
| Vital Energy, Inc., |  |  |
| 7.75%, 7/31/29 <sup>(1)</sup> <br>| 10204 | 9927 |
|  |  | **244281** |
| **Other Industrial – 0.3%** | **Other Industrial – 0.3%** | **Other Industrial – 0.3%** |
| &nbsp;&nbsp; Brundage-Bone Concrete Pumping <br> Holdings, Inc.,<br>|  |  |
| 7.50%, 2/1/32<sup>(1)</sup> <br>| 9170 | **8733** |
| **Publishing & Broadcasting – 1.7%** | **Publishing & Broadcasting – 1.7%** | **Publishing & Broadcasting – 1.7%** |
| Beasley Mezzanine Holdings LLC, |  |  |
| 9.20%, 8/1/28 <sup>(1)</sup> <br>| 5830 | 2624 |
| Clear Channel Outdoor Holdings, Inc., |  |  |
| 5.13%, 8/15/27 <sup>(1)</sup> <br>| 4990 | 4823 |
| 7.50%, 6/1/29 <sup>(1)</sup> <br>| 5471 | 4518 |
| 7.88%, 4/1/30 <sup>(1)</sup> <br>| 2260 | 2216 |
| Cumulus Media New Holdings, Inc., |  |  |
| 8.00%, 7/1/29 <sup>(1)</sup> <br>| 5760 | 1958 |
| Gray Media, Inc., |  |  |
| 7.00%, 5/15/27 <sup>(1)</sup> <br>| 4625 | 4533 |
| 10.50%, 7/15/29 <sup>(1)</sup> <br>| 5146 | 5361 |
| 5.38%, 11/15/31 <sup>(1)</sup> <br>| 5245 | 3274 |
| McGraw-Hill Education, Inc., |  |  |
| 5.75%, 8/1/28 <sup>(1)</sup> <br>| 3805 | 3715 |
| 7.38%, 9/1/31 <sup>(1)</sup> <br>| 5860 | 5892 |
| Nexstar Media, Inc., |  |  |
| 5.63%, 7/15/27 <sup>(1)</sup> <br>| 4005 | 3946 |
| 4.75%, 11/1/28 <sup>(1)</sup> <br>| 1040 | 974 |
|  |  | **43834** |
| **Real Estate Investment Trusts – 2.2%** | **Real Estate Investment Trusts – 2.2%** | **Real Estate Investment Trusts – 2.2%** |
| &nbsp;&nbsp; Brookfield Property REIT, Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LL,<br>|  |  |
| 4.50%, 4/1/27 <sup>(1)</sup> <br>| 4792 | 4591 |
| Diversified Healthcare Trust, |  |  |
| 4.38%, 3/1/31  | 4382 | 3354 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Real Estate Investment Trusts – 2.2%continued** | **Real Estate Investment Trusts – 2.2%continued** | **Real Estate Investment Trusts – 2.2%continued** |
| IIP Operating Partnership L.P., |  |  |
| 5.50%, 5/25/26  | $5215 | $5118 |
| Iron Mountain, Inc., |  |  |
| 4.88%, 9/15/29 <sup>(1)</sup> <br>| 8529 | 8141 |
| 5.25%, 7/15/30 <sup>(1)</sup> <br>| 9750 | 9349 |
| &nbsp;&nbsp; MPT Operating Partnership L.P./MPT <br> Finance Corp.,<br>|  |  |
| 8.50%, 2/15/32 <sup>(1)</sup> <br>| 600 | 611 |
| &nbsp;&nbsp; Necessity Retail REIT (The), <br> Inc./American Finance Operating <br> Partner L.P.,<br>|  |  |
| 4.50%, 9/30/28 <sup>(1)</sup> <br>| 5480 | 5165 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK <br> Domestic Property LLC/PK Finance <br> Co-Issuer,<br>|  |  |
| 4.88%, 5/15/29 <sup>(1)</sup> <br>| 2765 | 2581 |
| Service Properties Trust, |  |  |
| 5.50%, 12/15/27  | 6535 | 6304 |
| &nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC,<br>|  |  |
| 10.50%, 2/15/28 <sup>(1)</sup> <br>| 3110 | 3304 |
| 6.50%, 2/15/29 <sup>(1)</sup> <br>| 10850 | 9745 |
|  |  | **58263** |
| **Renewable Energy – 0.2%** | **Renewable Energy – 0.2%** | **Renewable Energy – 0.2%** |
| EnerSys, |  |  |
| 6.63%, 1/15/32<sup>(1)</sup> <br>| 4205 | **4270** |
| **Retail - Consumer Staples – 0.3%** | **Retail - Consumer Staples – 0.3%** | **Retail - Consumer Staples – 0.3%** |
| &nbsp;&nbsp; Albertsons Cos., Inc./Safeway, <br> Inc./New Albertsons <br> L.P./Albertsons LLC,<br>|  |  |
| 4.63%, 1/15/27 <sup>(1)</sup> <br>| 4150 | 4088 |
| 5.88%, 2/15/28 <sup>(1)</sup> <br>| 4170 | 4168 |
|  |  | **8256** |
| **Retail - Discretionary – 3.9%** | **Retail - Discretionary – 3.9%** | **Retail - Discretionary – 3.9%** |
| Academy Ltd., |  |  |
| 6.00%, 11/15/27 <sup>(1)</sup> <br>| 6010 | 5998 |
| Asbury Automotive Group, Inc., |  |  |
| 4.63%, 11/15/29 <sup>(1)</sup> <br>| 3515 | 3294 |
| Bath & Body Works, Inc., |  |  |
| 5.25%, 2/1/28  | 2125 | 2096 |
| 6.63%, 10/1/30 <sup>(1)</sup> <br>| 4230 | 4289 |
| 6.75%, 7/1/36  | 7455 | 7430 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **166** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Retail - Discretionary – 3.9%continued** | **Retail - Discretionary – 3.9%continued** | **Retail - Discretionary – 3.9%continued** |
| Carvana Co., |  |  |
| &nbsp;&nbsp; 9.00%, (100% Cash), <br> 12/1/28 <sup>(1) (8)</sup> <br>| $678 | $698 |
| 9.00%, (100% Cash), 6/1/30 <sup>(1) (8)</sup> <br>| 1194 | 1264 |
| 9.00%, (100% Cash), 6/1/31 <sup>(1) (8)</sup> <br>| 1526 | 1696 |
| Evergreen Acqco 1 L.P./TVI, Inc., |  |  |
| 9.75%, 4/26/28 <sup>(1)</sup> <br>| 8692 | 9042 |
| Ken Garff Automotive LLC, |  |  |
| 4.88%, 9/15/28 <sup>(1)</sup> <br>| 5940 | 5668 |
| LCM Investments Holdings II LLC, |  |  |
| 4.88%, 5/1/29 <sup>(1)</sup> <br>| 5271 | 4946 |
| Macy's Retail Holdings LLC, |  |  |
| 5.88%, 3/15/30 <sup>(1)</sup> <br>| 2720 | 2589 |
| 4.50%, 12/15/34  | 5280 | 4219 |
| &nbsp;&nbsp; Mavis Tire Express Services Topco <br> Corp.,<br>|  |  |
| 6.50%, 5/15/29 <sup>(1)</sup> <br>| 8014 | 7585 |
| Michaels (The) Cos., Inc., |  |  |
| 5.25%, 5/1/28 <sup>(1)</sup> <br>| 5005 | 3436 |
| 7.88%, 5/1/29 <sup>(1)</sup> <br>| 2240 | 1188 |
| Patrick Industries, Inc., |  |  |
| 4.75%, 5/1/29 <sup>(1)</sup> <br>| 3150 | 2956 |
| 6.38%, 11/1/32 <sup>(1)</sup> <br>| 4280 | 4149 |
| PetSmart, Inc./PetSmart Finance Corp., |  |  |
| 4.75%, 2/15/28 <sup>(1)</sup> <br>| 1150 | 1076 |
| 7.75%, 2/15/29 <sup>(1)</sup> <br>| 2750 | 2526 |
| Sonic Automotive, Inc., |  |  |
| 4.63%, 11/15/29 <sup>(1)</sup> <br>| 2120 | 1952 |
| 4.88%, 11/15/31 <sup>(1)</sup> <br>| 3310 | 2972 |
| Staples, Inc., |  |  |
| 10.75%, 9/1/29 <sup>(1)</sup> <br>| 8910 | 8050 |
| Victoria's Secret & Co., |  |  |
| 4.63%, 7/15/29 <sup>(1)</sup> <br>| 4945 | 4324 |
| &nbsp;&nbsp; Victra Holdings LLC/Victra Finance <br> Corp.,<br>|  |  |
| 8.75%, 9/15/29 <sup>(1)</sup> <br>| 8735 | 9010 |
|  |  | **102453** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| Coherent Corp., |  |  |
| 5.00%, 12/15/29<sup>(1)</sup> <br>| 4011 | **3826** |
| **Software – 1.8%** | **Software – 1.8%** | **Software – 1.8%** |
| Capstone Borrower, Inc., |  |  |
| 8.00%, 6/15/30 <sup>(1)</sup> <br>| 3065 | 3147 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Software – 1.8%continued** | **Software – 1.8%continued** | **Software – 1.8%continued** |
| Castle U.S. Holding Corp., |  |  |
| 9.50%, 2/15/28 <sup>(1)</sup> <br>| $4390 | $1947 |
| Central Parent, Inc./CDK Global, Inc., |  |  |
| 7.25%, 6/15/29 <sup>(1)</sup> <br>| 7605 | 6581 |
| Cloud Software Group, Inc., |  |  |
| 6.50%, 3/31/29 <sup>(1)</sup> <br>| 8690 | 8447 |
| 9.00%, 9/30/29 <sup>(1)</sup> <br>| 6740 | 6723 |
| 8.25%, 6/30/32 <sup>(1)</sup> <br>| 2820 | 2867 |
| Ellucian Holdings, Inc., |  |  |
| 6.50%, 12/1/29 <sup>(1)</sup> <br>| 2450 | 2409 |
| GoTo Group, Inc., |  |  |
| 5.50%, 5/1/28 <sup>(1)</sup> <br>| 2022 | 1734 |
| &nbsp;&nbsp; Helios Software Holdings, Inc./ION <br> Corporate Solutions Finance S.a.r.l.,<br>|  |  |
| 8.75%, 5/1/29 <sup>(1)</sup> <br>| 3835 | 3816 |
| McAfee Corp., |  |  |
| 7.38%, 2/15/30 <sup>(1)</sup> <br>| 4720 | 4178 |
| UKG, Inc., |  |  |
| 6.88%, 2/1/31 <sup>(1)</sup> <br>| 5320 | 5397 |
|  |  | **47246** |
| **Specialty Finance – 7.2%** | **Specialty Finance – 7.2%** | **Specialty Finance – 7.2%** |
| Ally Financial, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.87%), 4.70%, <br> 5/15/26 <sup>(2) (3)</sup> <br>| 9945 | 9255 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 7Y + 3.48%), 4.70%, <br> 5/15/28 <sup>(2) (3)</sup> <br>| 1515 | 1303 |
| Blackstone Mortgage Trust, Inc., |  |  |
| 7.75%, 12/1/29 <sup>(1)</sup> <br>| 4070 | 4189 |
| Boost Newco Borrower LLC, |  |  |
| 7.50%, 1/15/31 <sup>(1)</sup> <br>| 7430 | 7734 |
| Burford Capital Global Finance LLC, |  |  |
| 6.88%, 4/15/30 <sup>(1)</sup> <br>| 8469 | 8362 |
| 9.25%, 7/1/31 <sup>(1)</sup> <br>| 7105 | 7486 |
| CPI CG, Inc., |  |  |
| 10.00%, 7/15/29 <sup>(1)</sup> <br>| 5845 | 6222 |
| Credit Acceptance Corp., |  |  |
| 9.25%, 12/15/28 <sup>(1)</sup> <br>| 3630 | 3843 |
| Discover Financial Services, |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 3.34%), 5.50%, 10/30/27 <sup>(2) (3)</sup> <br>| 5575 | 5376 |
| Encore Capital Group, Inc., |  |  |
| 9.25%, 4/1/29 <sup>(1)</sup> <br>| 3065 | 3210 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **167** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Specialty Finance – 7.2%continued** | **Specialty Finance – 7.2%continued** | **Specialty Finance – 7.2%continued** |
| 8.50%, 5/15/30 <sup>(1)</sup> <br>| $6310 | $6504 |
| Enova International, Inc., |  |  |
| 9.13%, 8/1/29 <sup>(1)</sup> <br>| 8180 | 8430 |
| &nbsp;&nbsp; Fortress Transportation and <br> Infrastructure Investors LLC,<br>|  |  |
| 7.00%, 6/15/32 <sup>(1)</sup> <br>| 10960 | 11114 |
| 5.88%, 4/15/33 <sup>(1)</sup> <br>| 4363 | 4168 |
| Freedom Mortgage Corp., |  |  |
| 12.25%, 10/1/30 <sup>(1)</sup> <br>| 4605 | 5074 |
| Freedom Mortgage Holdings LLC, |  |  |
| 9.25%, 2/1/29 <sup>(1)</sup> <br>| 3230 | 3280 |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer <br> Corp.,<br>|  |  |
| 5.00%, 8/15/28 <sup>(1)</sup> <br>| 7020 | 6600 |
| 6.63%, 10/15/31 <sup>(1)</sup> <br>| 7433 | 7354 |
| Jefferson Capital Holdings LLC, |  |  |
| 6.00%, 8/15/26 <sup>(1)</sup> <br>| 12465 | 12391 |
| 9.50%, 2/15/29 <sup>(1)</sup> <br>| 3115 | 3306 |
| JPR Royalty Sub LLC, |  |  |
| 14.00%, 9/1/20 <sup>(1) (5) (6)</sup> <br>| 8000 |  |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp.,<br>|  |  |
| 4.25%, 2/1/27 <sup>(1)</sup> <br>| 9035 | 8799 |
| LFS Topco LLC, |  |  |
| 5.88%, 10/15/26 <sup>(1)</sup> <br>| 6220 | 6082 |
| Midcap Financial Issuer Trust, |  |  |
| 6.50%, 5/1/28 <sup>(1)</sup> <br>| 2615 | 2521 |
| Nationstar Mortgage Holdings, Inc., |  |  |
| 6.50%, 8/1/29 <sup>(1)</sup> <br>| 5747 | 5826 |
| Navient Corp., |  |  |
| 5.00%, 3/15/27  | 10745 | 10514 |
| OneMain Finance Corp., |  |  |
| 4.00%, 9/15/30  | 4785 | 4215 |
| 7.50%, 5/15/31  | 5955 | 6060 |
| PennyMac Financial Services, Inc., |  |  |
| 7.13%, 11/15/30 <sup>(1)</sup> <br>| 4975 | 5055 |
| 5.75%, 9/15/31 <sup>(1)</sup> <br>| 4770 | 4527 |
| Planet Financial Group LLC, |  |  |
| 10.50%, 12/15/29 <sup>(1)</sup> <br>| 6515 | 6538 |
| Voyager Aviation Holdings LLC, |  |  |
| 8.50%, 5/9/26 <sup>(1) (5) (6)</sup> <br>| 2552 |  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Specialty Finance – 7.2%continued** | **Specialty Finance – 7.2%continued** | **Specialty Finance – 7.2%continued** |
| World Acceptance Corp., |  |  |
| 7.00%, 11/1/26 <sup>(1)</sup> <br>| $5175 | $5132 |
|  |  | **190470** |
| **Steel – 0.3%** | **Steel – 0.3%** | **Steel – 0.3%** |
| Carpenter Technology Corp., |  |  |
| 6.38%, 7/15/28  | 4720 | 4705 |
| TMS International Corp., |  |  |
| 6.25%, 4/15/29 <sup>(1)</sup> <br>| 2165 | 2016 |
| United States Steel Corp., |  |  |
| 6.88%, 3/1/29  | 1019 | 1026 |
|  |  | **7747** |
| **Technology – 0.2%** | **Technology – 0.2%** | **Technology – 0.2%** |
| WEX, Inc., |  |  |
| 6.50%, 3/15/33<sup>(1)</sup> <br>| 5530 | **5469** |
| **Technology Hardware – 2.3%** | **Technology Hardware – 2.3%** | **Technology Hardware – 2.3%** |
| CommScope LLC, |  |  |
| 7.13%, 7/1/28 <sup>(1)</sup> <br>| 1372 | 1214 |
| 9.50%, 12/15/31 <sup>(1)</sup> <br>| 6450 | 6644 |
| CommScope Technologies LLC, |  |  |
| 5.00%, 3/15/27 <sup>(1)</sup> <br>| 5646 | 5063 |
| Imola Merger Corp., |  |  |
| 4.75%, 5/15/29 <sup>(1)</sup> <br>| 5720 | 5432 |
| NCR Atleos Corp., |  |  |
| 9.50%, 4/1/29 <sup>(1)</sup> <br>| 10984 | 11910 |
| Seagate HDD Cayman, |  |  |
| 3.38%, 7/15/31  | 2615 | 2206 |
| Viasat, Inc., |  |  |
| 5.63%, 4/15/27 <sup>(1)</sup> <br>| 6455 | 6194 |
| 6.50%, 7/15/28 <sup>(1)</sup> <br>| 4955 | 4321 |
| Viavi Solutions, Inc., |  |  |
| 3.75%, 10/1/29 <sup>(1)</sup> <br>| 3370 | 3082 |
| Zebra Technologies Corp., |  |  |
| 6.50%, 6/1/32 <sup>(1)</sup> <br>| 14394 | 14567 |
|  |  | **60633** |
| **Telecommunications – 2.3%** | **Telecommunications – 2.3%** | **Telecommunications – 2.3%** |
| EchoStar Corp., |  |  |
| 10.75%, 11/30/29  | 12090 | 12704 |
| Frontier Communications Holdings LLC, |  |  |
| 6.75%, 5/1/29 <sup>(1)</sup> <br>| 8695 | 8739 |
| Hughes Satellite Systems Corp., |  |  |
| 6.63%, 8/1/26  | 3945 | 3254 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **168** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Telecommunications – 2.3%continued** | **Telecommunications – 2.3%continued** | **Telecommunications – 2.3%continued** |
| Level 3 Financing, Inc., |  |  |
| 4.25%, 7/1/28 <sup>(1)</sup> <br>| $9811 | $8511 |
| 4.88%, 6/15/29 <sup>(1)</sup> <br>| 1490 | 1260 |
| 10.50%, 5/15/30 <sup>(1)</sup> <br>| 6716 | 7196 |
| Sable International Finance Ltd., |  |  |
| 7.13%, 10/15/32 <sup>(1)</sup> <br>| 4440 | 4256 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream <br> Escrow Finance Corp.,<br>|  |  |
| 8.25%, 10/1/31 <sup>(1)</sup> <br>| 10086 | 10269 |
| Zayo Group Holdings, Inc., |  |  |
| 6.13%, 3/1/28 <sup>(1)</sup> <br>| 4285 | 3564 |
|  |  | **59753** |
| **Transportation – 0.6%** | **Transportation – 0.6%** | **Transportation – 0.6%** |
| Star Leasing Co. LLC, |  |  |
| 7.63%, 2/15/30 <sup>(1)</sup> <br>| 5845 | 5618 |
| Stonepeak Nile Parent LLC, |  |  |
| 7.25%, 3/15/32 <sup>(1)</sup> <br>| 9745 | 9933 |
|  |  | **15551** |
| **Transportation & Logistics – 3.1%** | **Transportation & Logistics – 3.1%** | **Transportation & Logistics – 3.1%** |
| Allegiant Travel Co., |  |  |
| 7.25%, 8/15/27 <sup>(1)</sup> <br>| 3985 | 3861 |
| American Airlines, Inc., |  |  |
| 7.25%, 2/15/28 <sup>(1)</sup> <br>| 3050 | 3035 |
| 8.50%, 5/15/29 <sup>(1)</sup> <br>| 3797 | 3855 |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd.,<br>|  |  |
| 5.50%, 4/20/26 <sup>(1)</sup> <br>| 3200 | 3191 |
| 5.75%, 4/20/29 <sup>(1)</sup> <br>| 14010 | 13708 |
| AS Mileage Plan IP Ltd., |  |  |
| 5.31%, 10/20/31 <sup>(1)</sup> <br>| 8618 | 8425 |
| Cargo Aircraft Management, Inc., |  |  |
| 4.75%, 2/1/28 <sup>(1)</sup> <br>| 9740 | 9738 |
| &nbsp;&nbsp; First Student Bidco, Inc./First Transit <br> Parent, Inc.,<br>|  |  |
| 4.00%, 7/31/29 <sup>(1)</sup> <br>| 5975 | 5478 |
| Genesee & Wyoming, Inc., |  |  |
| 6.25%, 4/15/32 <sup>(1)</sup> <br>| 2935 | 2933 |
| &nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty <br> L.P.,<br>|  |  |
| 9.88%, 9/20/31 <sup>(1)</sup> <br>| 2890 | 2853 |
| &nbsp;&nbsp; Mileage Plus Holdings LLC/Mileage <br> Plus Intellectual Property Assets Ltd.,<br>|  |  |
| 6.50%, 6/20/27 <sup>(1)</sup> <br>| 2338 | 2348 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  | **CORPORATE BONDS - 82.1% continued**  |
| **Transportation & Logistics – 3.1%continued** | **Transportation & Logistics – 3.1%continued** | **Transportation & Logistics – 3.1%continued** |
| OneSky Flight LLC, |  |  |
| 8.88%, 12/15/29 <sup>(1)</sup> <br>| $8225 | $8313 |
| United Airlines, Inc., |  |  |
| 4.63%, 4/15/29 <sup>(1)</sup> <br>| 6860 | 6491 |
| XPO, Inc., |  |  |
| 7.13%, 6/1/31 <sup>(1)</sup> <br>| 8204 | 8401 |
|  |  | **82630** |
| **Transportation Equipment – 0.4%** | **Transportation Equipment – 0.4%** | **Transportation Equipment – 0.4%** |
| Allison Transmission, Inc., |  |  |
| 5.88%, 6/1/29 <sup>(1)</sup> <br>| 4870 | 4851 |
| Trinity Industries, Inc., |  |  |
| 7.75%, 7/15/28 <sup>(1)</sup> <br>| 5022 | 5206 |
|  |  | **10057** |
| **Total Corporate Bonds** |  |  |
| **(Cost $2,250,105)** |  | **2160572** |
| **FOREIGN ISSUER BONDS – 14.9%**  | **FOREIGN ISSUER BONDS – 14.9%**  | **FOREIGN ISSUER BONDS – 14.9%**  |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| Bombardier, Inc., |  |  |
| 6.00%, 2/15/28 <sup>(1)</sup> <br>| 8745 | 8630 |
| 7.50%, 2/1/29 <sup>(1)</sup> <br>| 2915 | 2990 |
| 7.25%, 7/1/31 <sup>(1)</sup> <br>| 2890 | 2900 |
| 7.00%, 6/1/32 <sup>(1)</sup> <br>| 1871 | 1863 |
|  |  | **16383** |
| **Asset Management – 0.4%** | **Asset Management – 0.4%** | **Asset Management – 0.4%** |
| CI Financial Corp., |  |  |
| 7.50%, 5/30/29 <sup>(1)</sup> <br>| 6075 | 6370 |
| UBS Group A.G., |  |  |
| (Variable, USD SOFR ICE Swap Rate <br> 5Y + 4.16%), 7.75%, <br> 4/12/31 <sup>(1) (2) (3)</sup> <br>| 4550 | 4734 |
|  |  | **11104** |
| **Automotive – 0.5%** | **Automotive – 0.5%** | **Automotive – 0.5%** |
| IHO Verwaltungs GmbH, |  |  |
| 7.75%, 11/15/30 <sup>(1) (8)</sup> <br>| 4654 | 4586 |
| ZF North America Capital, Inc., |  |  |
| 7.13%, 4/14/30 <sup>(1)</sup> <br>| 5525 | 5319 |
| 6.88%, 4/23/32 <sup>(1)</sup> <br>| 4275 | 3966 |
|  |  | **13871** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **169** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.9% continued**  | **FOREIGN ISSUER BONDS - 14.9% continued**  | **FOREIGN ISSUER BONDS - 14.9% continued**  |
| **Banking – 2.1%** | **Banking – 2.1%** | **Banking – 2.1%** |
| Banco Bilbao Vizcaya Argentaria S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.10%), 9.38%, <br> 3/19/29 <sup>(2) (3)</sup> <br>| $3775 | $4099 |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.41%), 4.38%, <br> 3/15/28 <sup>(2) (3)</sup> <br>| 3815 | 3437 |
| &nbsp;&nbsp; (Variable, USD SOFR ICE Swap Rate <br> 5Y + 5.78%), 9.63%, <br> 12/15/29 <sup>(2) (3)</sup> <br>| 2135 | 2342 |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp; (Variable, USD ICE Swap Rate 5Y + <br> 5.00%), 7.50%, 4/30/25 <sup>(2) (3)</sup> <br>| 3955 | 3942 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.52%), 6.00%, <br> 10/30/25 <sup>(2) (3)</sup> <br>| 3200 | 3164 |
| ING Groep N.V., |  |  |
| &nbsp;&nbsp; (Variable, USD Swap 5Y + 4.45%), <br> 6.50%, 4/16/25 <sup>(2) (3)</sup> <br>| 2786 | 2784 |
| NatWest Group PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.10%), 4.60%, <br> 6/28/31 <sup>(2) (3)</sup> <br>| 5844 | 4945 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.75%), 8.13%, <br> 11/10/33 <sup>(2) (3)</sup> <br>| 4490 | 4714 |
| Nordea Bank Abp, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.66%), 6.30%, <br> 9/25/31 <sup>(1) (2) (3)</sup> <br>| 4360 | 4203 |
| Societe Generale S.A., |  |  |
| &nbsp;&nbsp; (Variable, USD ICE Swap Rate 5Y + <br> 5.87%), 8.00%, <br> 9/29/25 <sup>(1) (2) (3)</sup> <br>| 3120 | 3138 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.45%), 10.00%, <br> 11/14/28 <sup>(1) (2) (3)</sup> <br>| 3610 | 3904 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.79%), 8.13%, <br> 11/21/29 <sup>(1) (2) (3)</sup> <br>| 7879 | 7849 |
| Swedbank AB, |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.59%), 7.63%, <br> 3/17/28 <sup>(2) (3) (9)</sup> <br>| 7475 | 7708 |
|  |  | **56229** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.9% continued**  | **FOREIGN ISSUER BONDS - 14.9% continued**  | **FOREIGN ISSUER BONDS - 14.9% continued**  |
| **Basic Industry – 0.2%** | **Basic Industry – 0.2%** | **Basic Industry – 0.2%** |
| Capstone Copper Corp., |  |  |
| 6.75%, 3/31/33 <sup>(1)</sup> <br>| $1270 | $1265 |
| New Gold, Inc., |  |  |
| 6.88%, 4/1/32 <sup>(1)</sup> <br>| 4605 | 4651 |
|  |  | **5916** |
| **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** |
| Cheplapharm Arzneimittel GmbH, |  |  |
| 5.50%, 1/15/28<sup>(1)</sup> <br>| 5346 | **4782** |
| **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** | **Cable & Satellite – 0.3%** |
| Ziggo Bond Co. B.V., |  |  |
| 5.13%, 2/28/30<sup>(1)</sup> <br>| 8370 | **7293** |
| **Chemicals – 0.7%** | **Chemicals – 0.7%** | **Chemicals – 0.7%** |
| Cerdia Finanz GmbH, |  |  |
| 9.38%, 10/3/31 <sup>(1)</sup> <br>| 8770 | 8973 |
| Methanex Corp., |  |  |
| 5.13%, 10/15/27  | 4575 | 4485 |
| &nbsp;&nbsp; Nufarm Australia Ltd./Nufarm <br> Americas, Inc.,<br>|  |  |
| 5.00%, 1/27/30 <sup>(1)</sup> <br>| 4150 | 3851 |
|  |  | **17309** |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| ARD Finance S.A., |  |  |
| 6.50%, (100% Cash), 6/30/27<sup>(1) (8)</sup> <br>| 5855 | **351** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| &nbsp;&nbsp; California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC,<br>|  |  |
| 6.38%, 2/15/32<sup>(1)</sup> <br>| 3540 | **3433** |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| TK Elevator U.S. Newco, Inc., |  |  |
| 5.25%, 7/15/27<sup>(1)</sup> <br>| 2940 | **2885** |
| **Finance Companies – 0.1%** | **Finance Companies – 0.1%** | **Finance Companies – 0.1%** |
| goeasy Ltd., |  |  |
| 7.38%, 10/1/30<sup>(1)</sup> <br>| 3165 | **3104** |
| **Food – 0.2%** | **Food – 0.2%** | **Food – 0.2%** |
| Minerva Luxembourg S.A., |  |  |
| 4.38%, 3/18/31 <sup>(1)</sup> <br>| 3720 | 3251 |
| Sigma Holdco B.V., |  |  |
| 7.88%, 5/15/26 <sup>(1)</sup> <br>| 1453 | 1440 |
|  |  | **4691** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Kronos Acquisition Holdings, Inc., |  |  |
| 8.25%, 6/30/31<sup>(1)</sup> <br>| 3520 | **3122** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **170** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.9% continued**  | **FOREIGN ISSUER BONDS - 14.9% continued**  | **FOREIGN ISSUER BONDS - 14.9% continued**  |
| **Insurance – 1.0%** | **Insurance – 1.0%** | **Insurance – 1.0%** |
| Ardonagh Group Finance Ltd., |  |  |
| 8.88%, 2/15/32 <sup>(1)</sup> <br>| $11802 | $12014 |
| &nbsp;&nbsp; Howden UK Refinance PLC/Howden <br> UK Refinance 2 PLC/Howden <br> U.S. Refinance LLC,<br>|  |  |
| 8.13%, 2/15/32 <sup>(1)</sup> <br>| 7435 | 7513 |
| &nbsp;&nbsp; Jones Deslauriers Insurance <br> Management, Inc.,<br>|  |  |
| 10.50%, 12/15/30 <sup>(1)</sup> <br>| 5532 | 5924 |
|  |  | **25451** |
| **Leisure Facilities & Services – 1.2%** | **Leisure Facilities & Services – 1.2%** | **Leisure Facilities & Services – 1.2%** |
| &nbsp;&nbsp; 1011778 B.C. ULC/New Red Finance, <br> Inc.,<br>|  |  |
| 4.00%, 10/15/30 <sup>(1)</sup> <br>| 4410 | 3991 |
| Allwyn Entertainment Financing UK PLC, |  |  |
| 7.88%, 4/30/29 <sup>(1)</sup> <br>| 3220 | 3321 |
| Cruise Yacht Upper HoldCo Ltd., |  |  |
| 11.88%, 7/5/28  | 8250 | 8498 |
| Flutter Treasury DAC, |  |  |
| 6.38%, 4/29/29 <sup>(1)</sup> <br>| 3045 | 3103 |
| Melco Resorts Finance Ltd., |  |  |
| 5.63%, 7/17/27 <sup>(1)</sup> <br>| 6680 | 6540 |
| Studio City Finance Ltd., |  |  |
| 5.00%, 1/15/29 <sup>(1)</sup> <br>| 6510 | 5860 |
|  |  | **31313** |
| **Machinery – 0.2%** | **Machinery – 0.2%** | **Machinery – 0.2%** |
| &nbsp;&nbsp; Husky Injection Molding Systems <br> Ltd./Titan Co-Borrower LLC,<br>|  |  |
| 9.00%, 2/15/29<sup>(1)</sup> <br>| 5895 | **5906** |
| **Metals & Mining – 1.1%** | **Metals & Mining – 1.1%** | **Metals & Mining – 1.1%** |
| Aris Mining Corp., |  |  |
| 8.00%, 10/31/29 <sup>(1)</sup> <br>| 4805 | 4879 |
| First Quantum Minerals Ltd., |  |  |
| 9.38%, 3/1/29 <sup>(1)</sup> <br>| 1265 | 1330 |
| 8.63%, 6/1/31 <sup>(1)</sup> <br>| 10070 | 10309 |
| FMG Resources Pty. Ltd., Series 2006, |  |  |
| 4.38%, 4/1/31 <sup>(1)</sup> <br>| 7160 | 6466 |
| Taseko Mines Ltd., |  |  |
| 8.25%, 5/1/30 <sup>(1)</sup> <br>| 4560 | 4656 |
|  |  | **27640** |
| **Oil & Gas Services & Equipment – 0.7%** | **Oil & Gas Services & Equipment – 0.7%** | **Oil & Gas Services & Equipment – 0.7%** |
| Seadrill Finance Ltd., |  |  |
| 8.38%, 8/1/30 <sup>(1)</sup> <br>| 8480 | 8474 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.9% continued**  | **FOREIGN ISSUER BONDS - 14.9% continued**  | **FOREIGN ISSUER BONDS - 14.9% continued**  |
| **Oil & Gas Services & Equipment – 0.7%continued** | **Oil & Gas Services & Equipment – 0.7%continued** | **Oil & Gas Services & Equipment – 0.7%continued** |
| Shelf Drilling Holdings Ltd., |  |  |
| 9.63%, 4/15/29 <sup>(1)</sup> <br>| $5441 | $4702 |
| TGS ASA, |  |  |
| 8.50%, 1/15/30 <sup>(1)</sup> <br>| 5500 | 5682 |
|  |  | **18858** |
| **Oil & Gas Supply Chain – 1.0%** | **Oil & Gas Supply Chain – 1.0%** | **Oil & Gas Supply Chain – 1.0%** |
| Baytex Energy Corp., |  |  |
| 8.50%, 4/30/30 <sup>(1)</sup> <br>| 3175 | 3224 |
| 7.38%, 3/15/32 <sup>(1)</sup> <br>| 2085 | 2005 |
| eG Global Finance PLC, |  |  |
| 12.00%, 11/30/28 <sup>(1)</sup> <br>| 5286 | 5853 |
| MEG Energy Corp., |  |  |
| 5.88%, 2/1/29 <sup>(1)</sup> <br>| 4280 | 4209 |
| Parkland Corp., |  |  |
| 4.50%, 10/1/29 <sup>(1)</sup> <br>| 5320 | 5017 |
| Strathcona Resources Ltd., |  |  |
| 6.88%, 8/1/26 <sup>(1)</sup> <br>| 4845 | 4834 |
|  |  | **25142** |
| **Specialty Finance – 0.6%** | **Specialty Finance – 0.6%** | **Specialty Finance – 0.6%** |
| GGAM Finance Ltd., |  |  |
| 8.00%, 2/15/27 <sup>(1)</sup> <br>| 3355 | 3437 |
| 6.88%, 4/15/29 <sup>(1)</sup> <br>| 2895 | 2929 |
| goeasy Ltd., |  |  |
| 9.25%, 12/1/28 <sup>(1)</sup> <br>| 4175 | 4383 |
| 6.88%, 5/15/30 <sup>(1)</sup> <br>| 3826 | 3747 |
|  |  | **14496** |
| **Steel – 0.2%** | **Steel – 0.2%** | **Steel – 0.2%** |
| Infrabuild Australia Pty. Ltd., |  |  |
| 14.50%, 11/15/28<sup>(1)</sup> <br>| 5780 | **5924** |
| **Telecommunications – 2.8%** | **Telecommunications – 2.8%** | **Telecommunications – 2.8%** |
| Altice Financing S.A., |  |  |
| 5.00%, 1/15/28 <sup>(1)</sup> <br>| 4915 | 3688 |
| 5.75%, 8/15/29 <sup>(1)</sup> <br>| 6670 | 4879 |
| Altice France Holding S.A., |  |  |
| 10.50%, 5/15/27 <sup>(1)</sup> <br>| 10410 | 3044 |
| Altice France S.A., |  |  |
| 5.50%, 1/15/28 <sup>(1)</sup> <br>| 3295 | 2632 |
| 5.13%, 7/15/29 <sup>(1)</sup> <br>| 6610 | 5178 |
| 5.50%, 10/15/29 <sup>(1)</sup> <br>| 9195 | 7286 |
| &nbsp;&nbsp; Connect Finco S.a.r.l./Connect <br> U.S. Finco LLC,<br>|  |  |
| 9.00%, 9/15/29 <sup>(1)</sup> <br>| 8682 | 7916 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **171** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**HIGH YIELD FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 14.9% continued**  | **FOREIGN ISSUER BONDS - 14.9% continued**  | **FOREIGN ISSUER BONDS - 14.9% continued**  |
| **Telecommunications – 2.8%continued** | **Telecommunications – 2.8%continued** | **Telecommunications – 2.8%continued** |
| Fibercop S.p.A., |  |  |
| 6.38%, 11/15/33 <sup>(1)</sup> <br>| $10504 | $9986 |
| Iliad Holding SASU, |  |  |
| 7.00%, 10/15/28 <sup>(1)</sup> <br>| 2950 | 2986 |
| 8.50%, 4/15/31 <sup>(1)</sup> <br>| 4675 | 4903 |
| 7.00%, 4/15/32 <sup>(1)</sup> <br>| 4900 | 4906 |
| Telesat Canada/Telesat LLC, |  |  |
| 5.63%, 12/6/26 <sup>(1)</sup> <br>| 5475 | 3255 |
| 6.50%, 10/15/27 <sup>(1)</sup> <br>| 8675 | 3734 |
| Vmed O2 UK Financing I PLC, |  |  |
| 4.25%, 1/31/31 <sup>(1)</sup> <br>| 5250 | 4529 |
| 4.75%, 7/15/31 <sup>(1)</sup> <br>| 4740 | 4116 |
|  |  | **73038** |
| **Transportation & Logistics – 0.5%** | **Transportation & Logistics – 0.5%** | **Transportation & Logistics – 0.5%** |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| 7.88%, 5/1/27 <sup>(1)</sup> <br>| 3045 | 2990 |
| 6.38%, 2/1/30 <sup>(1)</sup> <br>| 12125 | 10622 |
|  |  | **13612** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $418,814)** |  | **391853** |
| **TERM LOANS – 0.1%**  | **TERM LOANS – 0.1%**  | **TERM LOANS – 0.1%**  |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| Alvogen Pharma U.S., Inc., Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.50%, 3.00% Floor), 6.80%, <br> 3/1/29<br>| 2610 | **1305** |
| **Total Term Loans** |  |  |
| **(Cost $2,610)** |  | **1305** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 0.0%**  | **COMMON STOCKS – 0.0%**  | **COMMON STOCKS – 0.0%**  |
| **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** |
| Endo, Inc.\* | 43055 | **$1033** |
| **Media – 0.0%** | **Media – 0.0%** | **Media – 0.0%** |
| Beasley Broadcast Group, Inc., <br> Class A\*<br>| 6461 | **36** |
| **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** |
| Voyager Aviation Holdings LLC<sup>(6) (10) \*</sup> <br>| 2621 | **—** |
| **Total Common Stocks** |  |  |
| **(Cost $1,311)** |  | **1069** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  | **PREFERRED STOCKS – 0.0%**  |
| **Specialized Finance – 0.0%** | **Specialized Finance – 0.0%** | **Specialized Finance – 0.0%** |
| Cayenne Aviation LLC<sup>(6) (10) \*</sup> <br>| 15725 | **$—** |
| **Total Preferred Stocks** |  |  |
| **(Cost $1,572)** |  | **—** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| &nbsp;&nbsp; Escrow Par Pharmaceutical, Inc. <br> <sup>(1) (6) \*</sup> <br>| 8813000 |  |
| **Total Other** |  |  |
| **(Cost $—)** |  | **—** |
| **INVESTMENT COMPANIES – 1.3%**  | **INVESTMENT COMPANIES – 1.3%**  | **INVESTMENT COMPANIES – 1.3%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(11) (12)</sup> <br>| 34238336 | 34238 |
| **Total Investment Companies** |  |  |
| **(Cost $34,238)** |  | **34238** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  | **SHORT-TERM INVESTMENTS – 0.1%**  |
| U.S. Treasury Bill, |  |  |
| 4.12%, 9/11/25<sup>(13) (14)</sup> <br>| $3340 | **$3278** |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $3,278)** | **(Cost $3,278)** | **3278** |
| **Total Investments – 98.5%** | **Total Investments – 98.5%** |  |
| **(Cost $2,711,928)** | **(Cost $2,711,928)** | **2592315** |
| Other Assets less Liabilities – 1.5% | Other Assets less Liabilities – 1.5% | 40740 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2633055** |

---

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2025, the value of these securities amounted to approximately* *$2,179,278,000 or 82.8% of net assets.* 

<sup>(2)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of March 31, 2025.* 

<sup>(3)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(4)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2025.*

<sup>(5)</sup> *Issuer has defaulted on terms of debt obligation. Income is not being* *accrued.* 

<sup>(6)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(7)</sup> *Variable or floating rate security. Rate as of March 31, 2025 is disclosed.*

<sup>(8)</sup> *Security is a payment in-kind bond (PIK), distributions received in-kind unless* *otherwise noted in the description.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **172** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(9)</sup> *Security exempt from registration pursuant to Regulation S under the* *Securities Act of 1933. Regulation S applies to securities offerings that are* *made outside of the United States and do not involve direct selling efforts in* *the United States and as such may have restrictions on resale.* 

<sup>(10)</sup> *Restricted security. At March 31, 2025, the value of these restricted* *securities amounted to $0 or 0.0% of net assets. Additional information on* *these restricted securities are as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| Cayenne Aviation LLC | 5/18/21 | &nbsp;&nbsp; $1572 |
| Voyager Aviation Holdings LLC | 5/18/21 | &nbsp;&nbsp; 3 |

---

<sup>(11)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(12)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(13)</sup> *Discount rate at the time of purchase.*

<sup>(14)</sup> *A portion of this security has been pledged as collateral to cover margin* *requirements for open futures contracts.* 

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 3M - 3 Month |
| 5Y - 5 Year |
| 7Y - 7 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| ICE - Intercontinental Exchange |
| LIBOR - London Interbank Offered Rate |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| 2000 | $414344 | Long | 6/25 | $1109 |
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| 15 | 1712 | Long | 6/25 | 21 |
| Total |  |  |  |  | $1130 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Corporate Bonds: |  |  |  |  |
| &nbsp;&nbsp; Industrial Intermediate <br> Products<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $19043 | &nbsp;&nbsp; $21 | &nbsp;&nbsp; $19064 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2141508 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2141508 |
| Total Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2160551 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 2160572 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 391853 | &nbsp;&nbsp; — | &nbsp;&nbsp; 391853 |
| Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 1305 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1305 |
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; 1069 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1069 |
| Investment Companies | &nbsp;&nbsp; 34238 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34238 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 3278 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3278 |
| Total Investments | &nbsp;&nbsp; $35307 | &nbsp;&nbsp; $2556987 | &nbsp;&nbsp; $21 | &nbsp;&nbsp; $2592315 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $1130 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1130 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **173** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**INTERMEDIATE TAX-EXEMPT FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS – 0.6%**  | **CORPORATE BONDS – 0.6%**  | **CORPORATE BONDS – 0.6%**  |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| Nature Conservancy (The), |  |  |
| 1.30%, 7/1/28 | $1350 | **$1206** |
| **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** | **Health Care Facilities & Services – 0.5%** |
| Bon Secours Mercy Health, Inc., |  |  |
| 3.46%, 6/1/30  | 500 | 475 |
| Seattle Children's Hospital, |  |  |
| 1.21%, 10/1/27  | 5000 | 4605 |
|  |  | **5080** |
| **Total Corporate Bonds** |  |  |
| **(Cost $6,850)** |  | **6286** |
| **MUNICIPAL BONDS – 95.8%**  | **MUNICIPAL BONDS – 95.8%**  | **MUNICIPAL BONDS – 95.8%**  |
| **Alabama – 2.7%** | **Alabama – 2.7%** | **Alabama – 2.7%** |
| &nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 1500 | 1570 |
| &nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series D,<br>|  |  |
| 5.00%, 11/1/32 | 6000 | 6318 |
| &nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds, <br> Series D1,<br>|  |  |
| 4.00%, 6/1/27<sup>(1) (2)</sup> <br>| 5000 | 5040 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series A, Gas Project No. 8,<br>|  |  |
| 4.00%, 12/1/29<sup>(1) (2)</sup> <br>| 7500 | 7449 |
| &nbsp;&nbsp; Jefferson County Sewer Revenue <br> Refunding Warrants,<br>|  |  |
| 5.00%, 10/1/38 | 1325 | 1414 |
| &nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District Energy Supply <br> Revenue Bonds, Series C,<br>|  |  |
| 5.00%, 2/1/31<sup>(1) (2)</sup> <br>| 2000 | 2116 |
| &nbsp;&nbsp; Southeast Energy Authority Revenue <br> Bonds, A Cooperative District <br> Commodity Supply Project No. 2, <br> Series B,<br>|  |  |
| 4.00%, 12/1/31<sup>(1) (2)</sup> <br>| 5000 | 4956 |
|  |  | **28863** |
| **Alaska – 1.0%** | **Alaska – 1.0%** | **Alaska – 1.0%** |
| &nbsp;&nbsp; Alaska State Housing Finance Corp. <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/30 | 5000 | 5205 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Alaska – 1.0%continued** | **Alaska – 1.0%continued** | **Alaska – 1.0%continued** |
| &nbsp;&nbsp; Alaska State Housing Finance Corp. <br> Revenue Refunding Bonds, State <br> Capital, Unrefunded Balance,<br>|  |  |
| 4.00%, 6/1/36 | $3555 | $3548 |
| &nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| 5.50%, 2/1/32 | 2010 | 2207 |
|  |  | **10960** |
| **Arizona – 1.7%** | **Arizona – 1.7%** | **Arizona – 1.7%** |
| &nbsp;&nbsp; Arizona State IDA Education Revenue <br> Bonds, Series A-Social, Macombs <br> Facility Project,<br>|  |  |
| 4.00%, 7/1/36 | 315 | 299 |
| 4.00%, 7/1/41 | 800 | 729 |
| &nbsp;&nbsp; Arizona State IDA National Charter <br> School Revolving Loan Fund Revenue <br> Bonds, Equitable School Revenue, <br> Social Bonds,<br>|  |  |
| 4.00%, 11/1/46 | 1000 | 883 |
| &nbsp;&nbsp; Maricopa County High School District <br> No. 210 Phoenix G.O. Unlimited <br> Bonds, School Improvement Project <br> of 2011 & 2017,<br>|  |  |
| 5.00%, 7/1/35 | 1775 | 1837 |
| &nbsp;&nbsp; Maricopa County IDA Educational <br> Facilities Revenue Bonds, Creighton <br> University Project,<br>|  |  |
| 5.00%, 7/1/47 | 1500 | 1530 |
| &nbsp;&nbsp; Maricopa County IDA Revenue <br> Refunding Bonds, Banner Health <br> Obligation Group,<br>|  |  |
| 4.00%, 1/1/36 | 180 | 180 |
| &nbsp;&nbsp; Maricopa County Special Health Care <br> District G.O. Unlimited Bonds,<br>|  |  |
| 4.00%, 7/1/38 | 2500 | 2430 |
| &nbsp;&nbsp; Maricopa County Unified School <br> District No. 69 Paradise Valley <br> School Improvement Project 2015 <br> G.O. Unlimited Bonds, Series C,<br>|  |  |
| 5.00%, 7/1/26 | 1500 | 1542 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Airport Senior Lien Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 7/1/31 | 1500 | 1604 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **174** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Arizona – 1.7%continued** | **Arizona – 1.7%continued** | **Arizona – 1.7%continued** |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Wastewater System Junior Lien <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/30 | $2000 | $2047 |
| &nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 12/1/35 | 5000 | 5017 |
|  |  | **18098** |
| **Arkansas – 0.4%** | **Arkansas – 0.4%** | **Arkansas – 0.4%** |
| &nbsp;&nbsp; Little Rock School District G.O. Limited <br> Refunding Bonds, Series A (AGM <br> Insured State Aid Withholding),<br>|  |  |
| 2.00%, 2/1/34 | 4000 | 3229 |
| 2.25%, 2/1/41 | 1485 | 1010 |
|  |  | **4239** |
| **California – 5.6%** | **California – 5.6%** | **California – 5.6%** |
| &nbsp;&nbsp; Anaheim Housing & Public <br> Improvements Authority Revenue <br> Refunding Bonds, Electric Utility <br> Distribution System,<br>|  |  |
| 5.00%, 10/1/34 | 1250 | 1299 |
| 5.00%, 10/1/52 | 5000 | 5093 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Revenue Bonds, Clean <br> Energy Project,<br>|  |  |
| 5.00%, 4/1/32<sup>(1) (2)</sup> <br>| 5705 | 6067 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Revenue Bonds, Clean <br> Energy Project, Green Bonds,<br>|  |  |
| 4.00%, 12/1/27<sup>(1) (2)</sup> <br>| 5000 | 5043 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 5.00%, 8/1/33<sup>(1) (2)</sup> <br>| 5000 | 5423 |
| &nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-1, Class A <br> Certificates,<br>|  |  |
| 3.50%, 11/20/35 | 3285 | 3137 |
| &nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Series 2007, Unrefunded Balance,<br>|  |  |
| 5.75%, 5/1/30 | 80 | 80 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **California – 5.6%continued** | **California – 5.6%continued** | **California – 5.6%continued** |
| &nbsp;&nbsp; Carlsbad Unified School District G.O. <br> Unlimited Convertible CABS, Series <br> C, Election,<br>|  |  |
| &nbsp;&nbsp; (Step to 6.63% on 8/1/26), 0.00%, <br> 8/1/35<sup>(3)</sup> <br>| $11850 | $13616 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue Bonds <br> (AMT), Los Angeles International <br> Airport,<br>|  |  |
| 5.00%, 5/15/35 | 600 | 605 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Senior Revenue Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 5/15/33 | 4420 | 4650 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Revenue Refunding Bonds, <br> Series D,<br>|  |  |
| 5.00%, 7/1/31 | 2480 | 2706 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Refunding <br> Bonds, Series D,<br>|  |  |
| 5.25%, 7/1/38 | 3000 | 3055 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/38 | 1755 | 1762 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series E (AMT),<br>|  |  |
| 5.00%, 5/1/39 | 2355 | 2412 |
| &nbsp;&nbsp; San Francisco City & County <br> Commission International Airport <br> Revenue Bonds, Second Series A <br> (AMT),<br>|  |  |
| 5.00%, 5/1/33 | 2500 | 2699 |
| &nbsp;&nbsp; University of California Revenue <br> Refunding Bonds, Series BZ,<br>|  |  |
| 5.00%, 5/15/39 | 1635 | 1823 |
|  |  | **59470** |
| **Colorado – 5.0%** | **Colorado – 5.0%** | **Colorado – 5.0%** |
| &nbsp;&nbsp; Adams County School District No. 1 <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B (State Aid <br> Withholding), Prerefunded,<br>|  |  |
| 5.25%, 12/1/26<sup>(4)</sup> <br>| 225 | 234 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **175** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Colorado – 5.0%continued** | **Colorado – 5.0%continued** | **Colorado – 5.0%continued** |
| &nbsp;&nbsp; Adams County School District No. 1 <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B, Unrefunded Balance <br> (State Aid Withholding),<br>|  |  |
| 5.25%, 12/1/40 | $4775 | $4889 |
| &nbsp;&nbsp; Adams County School District No. 14 <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.50%, 12/1/40 | 1500 | 1695 |
| 5.50%, 12/1/43 | 3500 | 3883 |
| Arvada Sales & Use TRB, |  |  |
| 5.00%, 12/1/31 | 2000 | 2125 |
| Colorado State COPS, Series A, |  |  |
| 4.00%, 12/15/36 | 5000 | 4909 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Hospital Revenue <br> Refunding Bonds, Adventist Health <br> System Sunbelt,<br>|  |  |
| 4.00%, 11/15/41 | 1000 | 952 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Revenue Refunding Bonds, <br> Intermountain Healthcare,<br>|  |  |
| 5.00%, 5/15/32 | 2000 | 2221 |
| &nbsp;&nbsp; Denver City & County Airport Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 11/15/32 | 10000 | 10751 |
| 5.50%, 11/15/35 | 10000 | 10995 |
| 5.00%, 11/15/41 | 1000 | 1028 |
| &nbsp;&nbsp; Denver City & County Airport System <br> Subordinate Revenue Refunding <br> Bonds (AMT), Series A,<br>|  |  |
| 5.00%, 12/1/43 | 4500 | 4520 |
| &nbsp;&nbsp; Denver City & County Dedicated TRB, <br> Series A-1,<br>|  |  |
| 5.00%, 8/1/48 | 2750 | 2778 |
| &nbsp;&nbsp; Larimer & Weld Counties School District <br> No. RE-5J G.O. Unlimited Bonds <br> (State Aid Withholding),<br>|  |  |
| 4.00%, 12/1/34 | 1850 | 1879 |
|  |  | **52859** |
| **Connecticut – 1.5%** | **Connecticut – 1.5%** | **Connecticut – 1.5%** |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series 2021 A,<br>|  |  |
| 3.00%, 1/15/33 | 5005 | 4731 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Connecticut – 1.5%continued** | **Connecticut – 1.5%continued** | **Connecticut – 1.5%continued** |
| &nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Variable Revenue <br> Bonds, Series A-3, Yale University,<br>|  |  |
| 2.95%, 7/1/27<sup>(1) (2)</sup> <br>| $3000 | $2992 |
| &nbsp;&nbsp; University of Connecticut Revenue <br> Bonds, Series A,<br>|  |  |
| 5.25%, 11/15/47 | 8000 | 8222 |
|  |  | **15945** |
| **District of Columbia – 2.0%** | **District of Columbia – 2.0%** | **District of Columbia – 2.0%** |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/30 | 7500 | 7967 |
| 5.00%, 10/1/33 | 4765 | 5096 |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority System Revenue Refunding <br> Bonds (AMT),<br>|  |  |
| 5.00%, 10/1/30 | 2630 | 2709 |
| &nbsp;&nbsp; Washington Metropolitan Area Transit <br> Authority Gross Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/38 | 3000 | 3071 |
| 5.00%, 7/1/43 | 2000 | 2032 |
|  |  | **20875** |
| **Florida – 7.8%** | **Florida – 7.8%** | **Florida – 7.8%** |
| &nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds (AMT),<br>|  |  |
| 5.00%, 10/1/37 | 1500 | 1526 |
| &nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series C,<br>|  |  |
| 5.00%, 7/1/26 | 3000 | 3078 |
| &nbsp;&nbsp; Central Florida Expressway Authority <br> Senior Lien Revenue Refunding <br> Bonds, Series B, Prerefunded,<br>|  |  |
| 4.00%, 7/1/26<sup>(4)</sup> <br>| 5000 | 5068 |
| &nbsp;&nbsp; Florida State Development Finance <br> Corp. Revenue Refunding Bonds, <br> Brightline Florida Passenger Rail <br> Project (AMT),<br>|  |  |
| 5.00%, 7/1/41 | 2000 | 1944 |
| &nbsp;&nbsp; Florida State Municipal Power Agency <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/31 | 1000 | 1025 |
| &nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds <br> (AMT),<br>|  |  |
| 5.00%, 10/1/33 | 2100 | 2265 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **176** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Florida – 7.8%continued** | **Florida – 7.8%continued** | **Florida – 7.8%continued** |
| &nbsp;&nbsp; JEA Electric System Revenue Refunding <br> Bonds, Series Three 2024-A (AGC <br> Insured),<br>|  |  |
| 5.00%, 10/1/32 | $2685 | $3000 |
| &nbsp;&nbsp; JEA Water & Sewer System Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/29 | 2000 | 2091 |
| &nbsp;&nbsp; JEA Water and Sewer Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/31 | 14960 | 15570 |
| &nbsp;&nbsp; Lee County Transportation Facilities <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/27 | 1600 | 1673 |
| &nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/35 | 2810 | 2995 |
| &nbsp;&nbsp; Miami-Dade County Educational <br> Facilities Authority Revenue <br> Refunding Bonds, University of <br> Miami, Series B (AMBAC Insured),<br>|  |  |
| 5.25%, 4/1/26 | 4000 | 4093 |
| &nbsp;&nbsp; Miami-Dade County G.O. Unlimited <br> Bonds, Building Better Communities <br> Program,<br>|  |  |
| 5.00%, 7/1/46 | 6800 | 7187 |
| &nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-1 <br> (AMT) (AGM Insured) ,<br>|  |  |
| 4.00%, 10/1/45 | 2325 | 2091 |
| &nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-2 <br> (AGM Insured),<br>|  |  |
| 3.00%, 10/1/50 | 7500 | 5413 |
| &nbsp;&nbsp; Miami-Dade County Water & Sewer <br> System Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 10/1/37 | 2500 | 2475 |
| &nbsp;&nbsp; North Miami Community <br> Redevelopment Agency Revenue <br> Bonds,<br>|  |  |
| 5.00%, 3/1/39 | 1250 | 1310 |
| 5.00%, 3/1/40 | 1000 | 1041 |
| 5.00%, 3/1/41 | 1000 | 1030 |
| &nbsp;&nbsp; Orlando Utilities Commission Utility <br> System Revenue Bonds, Series B,<br>|  |  |
| 1.25%, 10/1/28<sup>(1) (2)</sup> <br>| 1000 | 896 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Florida – 7.8%continued** | **Florida – 7.8%continued** | **Florida – 7.8%continued** |
| &nbsp;&nbsp; Palm Beach County Educational <br> Facilities Authority Revenue Bonds, <br> Palm Beach Atlantic University,<br>|  |  |
| 5.00%, 10/1/43 | $625 | $618 |
| &nbsp;&nbsp; Pasco County School Board COPS, <br> Series A (BAM Insured),<br>|  |  |
| 5.00%, 8/1/43 | 5000 | 5143 |
| &nbsp;&nbsp; South Broward Hospital District <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 4.00%, 5/1/44 | 4000 | 3655 |
| &nbsp;&nbsp; South Florida Water Management <br> District Refunding COPS,<br>|  |  |
| 5.00%, 10/1/36 | 4000 | 4063 |
| &nbsp;&nbsp; Tallahassee Consolidated Utility <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/39 | 2500 | 2742 |
|  |  | **81992** |
| **Georgia – 1.9%** | **Georgia – 1.9%** | **Georgia – 1.9%** |
| &nbsp;&nbsp; Atlanta Airport Passenger Facility <br> Charge Subordinate Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/37 | 5000 | 5268 |
| &nbsp;&nbsp; Burke County Development Authority <br> PCR Bonds, Go Power Company <br> Plant Vogtle Project-FIF,<br>|  |  |
| 2.20%, 10/1/32 | 650 | 536 |
| &nbsp;&nbsp; Downtown Savannah Authority <br> Revenue Bonds, Chatham County <br> Judicial Complex,<br>|  |  |
| 5.00%, 6/1/32 | 1250 | 1275 |
| &nbsp;&nbsp; Main Street Natural Gas Inc., Gas <br> Supply Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 3/1/30<sup>(1) (2)</sup> <br>| 5000 | 5250 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series E,<br>|  |  |
| 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 2500 | 2644 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Plant Vogtle Units 3 <br> & 4 Project,<br>|  |  |
| 5.50%, 7/1/60 | 2500 | 2504 |
| &nbsp;&nbsp; Richmond County Board of Education <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 10/1/26 | 2100 | 2169 |
|  |  | **19646** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **177** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Hawaii – 2.3%** | **Hawaii – 2.3%** | **Hawaii – 2.3%** |
| &nbsp;&nbsp; Hawaii State Airports System Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 7/1/43 | $5000 | $5023 |
| &nbsp;&nbsp; Hawaii State Department of Budget & <br> Finance Special Purpose Revenue <br> Bonds, Hawaii Pacific Health <br> Obligated Group,<br>|  |  |
| 5.00%, 7/1/26 | 2510 | 2571 |
| &nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/35 | 4825 | 4856 |
| &nbsp;&nbsp; Honolulu City & County Wastewater <br> System Revenue Refunding Bonds, <br> Senior First Bond Resolution,<br>|  |  |
| 5.00%, 7/1/27 | 11755 | 11812 |
|  |  | **24262** |
| **Illinois – 5.6%** | **Illinois – 5.6%** | **Illinois – 5.6%** |
| &nbsp;&nbsp; Champaign County Community Unit <br> School District No. 4 G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/32 | 2300 | 2391 |
| &nbsp;&nbsp; Chicago G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/33 | 2685 | 2807 |
| &nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 1/1/33 | 2500 | 2670 |
| &nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 1/1/39 | 2400 | 2443 |
| &nbsp;&nbsp; Chicago Waterworks Second Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/27 | 1220 | 1279 |
| &nbsp;&nbsp; Cook County Community Consolidated <br> School District No. 34 G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| 2.00%, 12/1/38 | 2425 | 1716 |
| &nbsp;&nbsp; Cook County Sales Tax Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 11/15/33 | 5000 | 5189 |
| 5.25%, 11/15/35 | 5000 | 5200 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Illinois – 5.6%continued** | **Illinois – 5.6%continued** | **Illinois – 5.6%continued** |
| &nbsp;&nbsp; Cook Kane Lake & Mc Henry Counties <br> Community College District No. 512 <br> G.O. Unlimited Bonds,<br>|  |  |
| 4.00%, 12/15/30 | $5000 | $5115 |
| &nbsp;&nbsp; Illinois Finance Authority Revenue <br> Refunding Bonds, Series A, University <br> of Chicago,<br>|  |  |
| 5.00%, 10/1/31 | 4150 | 4584 |
| &nbsp;&nbsp; Illinois State Finance Authority <br> Academic Facilities Lease Revenue <br> Bonds, University of Illinois at <br> Urbana-Champaign,<br>|  |  |
| 5.00%, 10/1/44 | 1030 | 1048 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, Township High School <br> District,<br>|  |  |
| 4.00%, 12/1/32 | 1940 | 1976 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, Rush <br> University Medical Center,<br>|  |  |
| 5.00%, 11/15/38 | 1955 | 1956 |
| &nbsp;&nbsp; Illinois State Financing Authority <br> Revenue Bonds, The Chicago School,<br>|  |  |
| 5.00%, 4/1/27 | 300 | 309 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 5.00%, 5/1/34 | 2700 | 2925 |
| 5.00%, 5/1/36 | 2500 | 2689 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series C,<br>|  |  |
| 5.00%, 11/1/29 | 3425 | 3551 |
| &nbsp;&nbsp; Illinois State Toll Highway Authority <br> Senior Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 1/1/41 | 2825 | 3029 |
| &nbsp;&nbsp; Illinois State Toll Highway Authority <br> Senior Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 1/1/33 | 1720 | 1751 |
| &nbsp;&nbsp; Lake County Community Consolidated <br> School District No. 41 Lake Villa <br> G.O. Unlimited Bonds (BAM <br> Insured),<br>|  |  |
| 4.00%, 11/1/31 | 1000 | 1027 |
| &nbsp;&nbsp; Lake County Forest Preservation District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 2.00%, 12/15/31 | 1765 | 1512 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **178** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Illinois – 5.6%continued** | **Illinois – 5.6%continued** | **Illinois – 5.6%continued** |
| &nbsp;&nbsp; Peoria G.O. Unlimited Bonds, Series A <br> (AGM Insured),<br>|  |  |
| 5.00%, 1/1/36 | $500 | $535 |
| &nbsp;&nbsp; Regional Transportation Authority <br> Revenue Bonds, Series B (NATL <br> Insured),<br>|  |  |
| 5.75%, 6/1/33 | 2000 | 2225 |
| &nbsp;&nbsp; Saint Clair County Community Unit <br> School District No. 187 Cahokia <br> G.O. Unlimited Bonds, Series A <br> (AGM Insured),<br>|  |  |
| 5.00%, 1/1/49 | 1000 | 1020 |
|  |  | **58947** |
| **Indiana – 1.9%** | **Indiana – 1.9%** | **Indiana – 1.9%** |
| &nbsp;&nbsp; Hamilton County Public Building <br> Corporation Lease Rental Revenue <br> Bonds,<br>|  |  |
| 5.00%, 7/10/41 | 3910 | 4164 |
| &nbsp;&nbsp; Indiana Finance Authority Wastewater <br> Utility First Lien Revenue Bonds, <br> Series A, CWA Authority,<br>|  |  |
| 4.25%, 10/1/44 | 5000 | 4775 |
| &nbsp;&nbsp; Indiana State Finance Authority <br> Hospital Revenue Refunding Bonds, <br> Series A, University Health <br> Obligated Group,<br>|  |  |
| 5.00%, 12/1/40 | 6500 | 6505 |
| &nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable First Mortgage Revenue <br> Bonds (State Intercept Program),<br>|  |  |
| 5.00%, 7/15/38 | 2440 | 2634 |
| &nbsp;&nbsp; Logansport Renovation School Building <br> Corp. First Mortgage Revenue Bonds <br> (State Intercept Program),<br>|  |  |
| 5.00%, 7/15/27 | 1025 | 1069 |
| &nbsp;&nbsp; South Bend Community School Corp. <br> G.O. Limited Bonds (State Intercept <br> Program),<br>|  |  |
| 4.00%, 1/15/26 | 1375 | 1383 |
|  |  | **20530** |
| **Iowa – 0.1%** | **Iowa – 0.1%** | **Iowa – 0.1%** |
| &nbsp;&nbsp; PEFA, Inc., Iowa Gas Project Revenue <br> Bonds,<br>|  |  |
| 5.00%, 9/1/26<sup>(1) (2)</sup> <br>| 1000 | **1018** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Kansas – 0.3%** | **Kansas – 0.3%** | **Kansas – 0.3%** |
| &nbsp;&nbsp; Kansas State Department of <br> Transportation Highway Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 9/1/41 | $2000 | $2177 |
| &nbsp;&nbsp; Leavenworth County Unified School <br> District No. 458 G.O. Unlimited <br> Bonds,<br>|  |  |
| 5.50%, 9/1/35 | 670 | 742 |
|  |  | **2919** |
| **Kentucky – 4.7%** | **Kentucky – 4.7%** | **Kentucky – 4.7%** |
| &nbsp;&nbsp; Carroll County Environmental Facilities <br> Revenue Refunding Bonds (AMT), <br> Kentucky Utilities Company,<br>|  |  |
| 2.00%, 2/1/32 | 5250 | 4382 |
| &nbsp;&nbsp; Fayette County School District Finance <br> Corp. Revenue Bonds, Series A <br> (State Intercept Program),<br>|  |  |
| 4.00%, 5/1/38 | 5000 | 4748 |
| &nbsp;&nbsp; Jefferson County School District Finance <br> Corp. School Building Revenue <br> Bonds, Series A (State Intercept <br> Program),<br>|  |  |
| 4.00%, 6/1/31 | 3935 | 3960 |
| &nbsp;&nbsp; Kentucky State Economic Development <br> Finance Authority Revenue Refunding <br> Bonds, Series A, CommonSpirit <br> Health,<br>|  |  |
| 5.00%, 8/1/34 | 750 | 787 |
| 5.00%, 8/1/35 | 550 | 575 |
| 5.00%, 8/1/36 | 750 | 782 |
| &nbsp;&nbsp; Kentucky State Property and Buildings <br> Commission Revenue Bonds, Project <br> No.130, Series A,<br>|  |  |
| 5.00%, 11/1/30 | 2425 | 2664 |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.25%, 12/1/29<sup>(1) (2)</sup> <br>| 2000 | 2113 |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A-1,<br>|  |  |
| 5.25%, 2/1/32<sup>(1) (2)</sup> <br>| 9000 | 9671 |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 8/1/32<sup>(1) (2)</sup> <br>| 8130 | 8534 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **179** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Kentucky – 4.7%continued** | **Kentucky – 4.7%continued** | **Kentucky – 4.7%continued** |
| &nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government Health System Revenue <br> Refunding Bonds, Norton <br> Healthcare, Inc.,<br>|  |  |
| 4.00%, 10/1/36 | $1315 | $1270 |
| &nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds <br> (AMT), Gas & Electric,<br>|  |  |
| 1.35%, 11/1/27 | 2500 | 2331 |
| &nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds, <br> Gas & Electric,<br>|  |  |
| 2.00%, 10/1/33 | 6000 | 4884 |
| &nbsp;&nbsp; Oldham School District Finance Corp. <br> Revenue Refunding Bonds (BAM <br> Insured),<br>|  |  |
| 5.00%, 8/1/31 | 2170 | 2362 |
| &nbsp;&nbsp; Trimble County Pollution Control <br> Variable Revenue Bonds (AMT), <br> Louisville Gas and Electric Co.,<br>|  |  |
| 1.30%, 9/1/27<sup>(1) (2)</sup> <br>| 1000 | 918 |
|  |  | **49981** |
| **Louisiana – 1.4%** | **Louisiana – 1.4%** | **Louisiana – 1.4%** |
| &nbsp;&nbsp; East Baton Rouge Parish Sewerage <br> Commission Variable Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 1.30%, 2/1/28<sup>(1) (2)</sup> <br>| 2500 | 2230 |
| &nbsp;&nbsp; Louisiana Local Government <br> Environmental Facilities and <br> Community Development Authority <br> Revenue Refunding Bonds, Entergy <br> Louisiana LLC Project,<br>|  |  |
| 2.50%, 4/1/36 | 7500 | 6104 |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Bonds, Department of Public <br> Safety Crime (AGC Insured),<br>|  |  |
| 5.00%, 8/1/43 | 795 | 837 |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic, Unrefunded Balance,<br>|  |  |
| 5.00%, 5/15/47 | 2925 | 2936 |
| &nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Revenue <br> Refunding Bonds, Series A, Woman's <br> Hospital Foundation Project,<br>|  |  |
| 5.00%, 10/1/30 | 1505 | 1554 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Louisiana – 1.4%continued** | **Louisiana – 1.4%continued** | **Louisiana – 1.4%continued** |
| &nbsp;&nbsp; Saint John The Baptist Parish Revenue <br> Refunding Bonds, Marathon Oil <br> Corp. Project,<br>|  |  |
| 2.20%, 7/1/26<sup>(1) (2)</sup> <br>| $1000 | $985 |
|  |  | **14646** |
| **Maine – 0.4%** | **Maine – 0.4%** | **Maine – 0.4%** |
| &nbsp;&nbsp; Maine State Housing Authority Energy <br> Housing & Economic Revenue Fund <br> Revenue Refunding Bonds, Series 1,<br>|  |  |
| 5.00%, 6/15/35 | 3730 | **3953** |
| **Maryland – 1.4%** | **Maryland – 1.4%** | **Maryland – 1.4%** |
| &nbsp;&nbsp; Maryland State Department of <br> Transportation Consolidated Revenue <br> Bonds, Series A,<br>|  |  |
| 3.00%, 10/1/31 | 5000 | 4831 |
| 3.00%, 10/1/32 | 5000 | 4762 |
| &nbsp;&nbsp; Washington Suburban Sanitary District <br> Consolidated Public Improvement <br> G.O. Unlimited Revenue Bonds, <br> Second Series (County Gtd.),<br>|  |  |
| 5.00%, 6/1/37 | 5000 | 5083 |
|  |  | **14676** |
| **Massachusetts – 1.3%** | **Massachusetts – 1.3%** | **Massachusetts – 1.3%** |
| &nbsp;&nbsp; Massachusetts State Bay Transportation <br> Authority Senior Sales Tax Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/40 | 4000 | 4364 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Partners Healthcare System,<br>|  |  |
| 5.00%, 7/1/29 | 1625 | 1696 |
| &nbsp;&nbsp; Massachusetts State Development <br> Finance Agency Revenue Refunding <br> Bonds, Suffolk University,<br>|  |  |
| 5.00%, 7/1/29 | 500 | 513 |
| &nbsp;&nbsp; Massachusetts State Port Authority <br> Revenue Bonds, Series C (AMT),<br>|  |  |
| 5.00%, 7/1/30 | 3000 | 3160 |
| &nbsp;&nbsp; Massachusetts State School Building <br> Authority Senior Lien Sales TRB, <br> Series B,<br>|  |  |
| 5.00%, 11/15/39 | 4000 | 4067 |
|  |  | **13800** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **180** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Michigan – 2.3%** | **Michigan – 2.3%** | **Michigan – 2.3%** |
| &nbsp;&nbsp; Battle Creek School District G.O. <br> Unlimited Refunding Bonds (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/27 | $1540 | $1576 |
| &nbsp;&nbsp; Chippewa Valley Schools G.O. <br> Unlimited Refunding Bonds, Series A <br> (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/27 | 400 | 405 |
| &nbsp;&nbsp; Grosse Pointe Public School System <br> G.O. Unlimited Bonds,<br>|  |  |
| 3.00%, 5/1/34 | 1815 | 1652 |
| &nbsp;&nbsp; Holt Public Schools G.O. Unlimited <br> Bonds, Series I (Q-SBLF Insured),<br>|  |  |
| 3.00%, 5/1/34 | 1175 | 1056 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Limited Obligation Revenue <br> Refunding Bonds, Lawrence <br> Technology University,<br>|  |  |
| 4.00%, 2/1/42 | 745 | 642 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, Beaumont <br> Spectrum Consolidation,<br>|  |  |
| 5.00%, 4/15/27 | 3175 | 3304 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Variable Revenue Refunding Bonds, <br> McLaren Healthcare,<br>|  |  |
| 1.20%, 4/13/28<sup>(1) (2)</sup> <br>| 1250 | 1160 |
| &nbsp;&nbsp; Michigan State G.O. Unlimited <br> Refunding Bonds, Series A, <br> Environmental Program,<br>|  |  |
| 1.00%, 12/1/25 | 635 | 628 |
| &nbsp;&nbsp; Michigan State HDA SFM Revenue <br> Bonds, Series A, Social Bonds,<br>|  |  |
| 4.00%, 12/1/37 | 2505 | 2447 |
| &nbsp;&nbsp; Walled Lake Consolidated School <br> District G.O. Unlimited Bonds <br> (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/50 | 1635 | 1660 |
| &nbsp;&nbsp; Wayne County Airport Authority <br> Revenue Bonds, Series D (AGM <br> Insured),<br>|  |  |
| 5.00%, 12/1/32 | 9690 | 9780 |
|  |  | **24310** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Minnesota – 0.7%** | **Minnesota – 0.7%** | **Minnesota – 0.7%** |
| &nbsp;&nbsp; Minneapolis & Saint Paul Housing & <br> Redevelopment Authority Health <br> Care Revenue Refunding Bonds, <br> Allina Health System,<br>|  |  |
| 5.00%, 11/15/26 | $2000 | $2060 |
| &nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Commodity Supply Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 12/1/27<sup>(1) (2)</sup> <br>| 5000 | 5045 |
|  |  | **7105** |
| **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** |
| &nbsp;&nbsp; Mississippi State Business Finance <br> Corp. Revenue Bonds, System <br> Energy Resources, Inc., Project,<br>|  |  |
| 2.38%, 6/1/44 | 1000 | **620** |
| **Missouri – 1.4%** | **Missouri – 1.4%** | **Missouri – 1.4%** |
| &nbsp;&nbsp; Joplin Schools G.O. Unlimited <br> Refunding Bonds, Missouri Direct <br> Deposit Program (State Aid Direct <br> Deposit Program),<br>|  |  |
| 5.00%, 3/1/30 | 1215 | 1255 |
| &nbsp;&nbsp; Missouri Joint Municipal Electric Utility <br> Commission Power Project Revenue <br> Refunding Bonds, IATAN 2 Project,<br>|  |  |
| 5.00%, 1/1/33 | 1400 | 1559 |
| &nbsp;&nbsp; Missouri State Environmental <br> Improvement & Energy Resources <br> Authority Water Pollution Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 1/1/26 | 1480 | 1488 |
| &nbsp;&nbsp; Platte County School District No. 3 <br> G.O. Unlimited Bonds,<br>|  |  |
| 5.25%, 3/1/34 | 2710 | 3000 |
| &nbsp;&nbsp; Saint Charles County Public Water <br> Supply District No. 2 COPS,<br>|  |  |
| 5.25%, 12/1/46 | 5000 | 5335 |
| &nbsp;&nbsp; Wentzville School District No. R-4 G.O. <br> Unlimited Refunding CABS, Missouri <br> Direct Deposit Program (State Aid <br> Direct Deposit Program),<br>|  |  |
| 0.00%, 3/1/27<sup>(5)</sup> <br>| 2100 | 1965 |
|  |  | **14602** |
| **Nebraska – 1.0%** | **Nebraska – 1.0%** | **Nebraska – 1.0%** |
| &nbsp;&nbsp; Lancaster County School District No. 1 <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 1/15/27 | 3760 | 3782 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **181** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Nebraska – 1.0%continued** | **Nebraska – 1.0%continued** | **Nebraska – 1.0%continued** |
| &nbsp;&nbsp; Omaha Public Power District Electric <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/41 | $6000 | $6459 |
|  |  | **10241** |
| **Nevada – 1.1%** | **Nevada – 1.1%** | **Nevada – 1.1%** |
| &nbsp;&nbsp; Clark County School District G.O. <br> Limited Bonds, Various <br> Purpose-Medium Term Project,<br>|  |  |
| 3.00%, 6/15/26 | 1265 | 1265 |
| &nbsp;&nbsp; Clark County School District G.O. <br> Limited Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 6/15/26 | 3000 | 3074 |
| &nbsp;&nbsp; Reno-Tahoe Airport Authority Revenue <br> Bonds (AMT), Taho International <br> Airport,<br>|  |  |
| 5.00%, 7/1/31 | 850 | 903 |
| 5.00%, 7/1/32 | 1000 | 1067 |
| &nbsp;&nbsp; Washoe County School District G.O. <br> Limited Bonds, Series C, School <br> Improvement Bonds (AGM Insured),<br>|  |  |
| 3.25%, 10/1/42 | 6500 | 5346 |
|  |  | **11655** |
| **New Hampshire – 0.4%** | **New Hampshire – 0.4%** | **New Hampshire – 0.4%** |
| &nbsp;&nbsp; New Hampshire State Health and <br> Education Facilities Authority <br> Revenue Refunding Bond, Southern <br> New Hampshire University Issue,<br>|  |  |
| 5.00%, 1/1/31 | 1090 | 1187 |
| &nbsp;&nbsp; New Hampshire State Health and <br> Education Facilities Authority <br> Revenue Refunding Bonds, Southern <br> New Hampshire University Issue,<br>|  |  |
| 5.00%, 1/1/30 | 1070 | 1155 |
| 5.00%, 1/1/32 | 835 | 917 |
| &nbsp;&nbsp; New Hampshire State Health and <br> Educational Facilities Authority <br> Revenue Refunding Bonds, Southern <br> New Hampshire University Issue,<br>|  |  |
| 5.00%, 1/1/33 | 1245 | 1375 |
|  |  | **4634** |
| **New Jersey – 0.6%** | **New Jersey – 0.6%** | **New Jersey – 0.6%** |
| &nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Revenue Bonds, <br> Transformation Program Notes,<br>|  |  |
| 5.00%, 6/15/33 | 3325 | 3483 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **New Jersey – 0.6%continued** | **New Jersey – 0.6%continued** | **New Jersey – 0.6%continued** |
| &nbsp;&nbsp; Passaic Valley Sewage Commissioners <br> Revenue Refunding Bonds, Series J <br> (AGM Insured),<br>|  |  |
| 3.00%, 12/1/27 | $2870 | $2852 |
|  |  | **6335** |
| **New Mexico – 0.1%** | **New Mexico – 0.1%** | **New Mexico – 0.1%** |
| &nbsp;&nbsp; Albuquerque Bernalillo County Water <br> Utility Authority Joint Water & Sewer <br> Senior Lien Revenue Bonds,<br>|  |  |
| 4.00%, 7/1/31 | 1300 | **1338** |
| **New York – 13.4%** | **New York – 13.4%** | **New York – 13.4%** |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Dedicated Tax Fund Sustainable <br> Special Tax Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/49 | 9200 | 9594 |
| &nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Sustainable <br> Development Revenue Bonds,<br>|  |  |
| 2.75%, 11/1/33 | 2870 | 2556 |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Bonds, Second <br> General Resolution, Series BB,<br>|  |  |
| 5.00%, 6/15/49 | 3865 | 3985 |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Series DD-2 Block 5,<br>|  |  |
| 5.00%, 6/15/40 | 5000 | 5147 |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Series EE,<br>|  |  |
| 5.00%, 6/15/29 | 3500 | 3549 |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Series GG,<br>|  |  |
| 5.00%, 6/15/31 | 4765 | 4787 |
| 5.00%, 6/15/39 | 8000 | 8016 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Building Aid Revenue <br> Bonds, Series S-3 (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 7/15/43 | 3000 | 3049 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **182** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **New York – 13.4%continued** | **New York – 13.4%continued** | **New York – 13.4%continued** |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Revenue Bonds, Subseries C-2,<br>|  |  |
| 5.00%, 5/1/36 | $1575 | $1636 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Subordinate Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/40 | 2000 | 2063 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series A-1,<br>|  |  |
| 5.00%, 8/1/44 | 2500 | 2609 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series C-3,<br>|  |  |
| 5.00%, 5/1/41 | 2100 | 2158 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Refunding Bonds, Series H, Fiscal <br> 2025,<br>|  |  |
| 11/1/43<sup>(6)</sup> <br>| 2750 | 2912 |
| &nbsp;&nbsp; New York City Transitional Financing <br> Authority Future Tax Subordinate <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 11/1/27 | 1850 | 1951 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> C, Subseries C1,<br>|  |  |
| 5.00%, 9/1/41 | 4000 | 4299 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> D, Subseries D1,<br>|  |  |
| 5.00%, 12/1/39 | 10000 | 10344 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> E, Unrefunded Balance,<br>|  |  |
| 5.00%, 11/1/25 | 5 | 5 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> E-1,<br>|  |  |
| 5.25%, 3/1/34 | 2750 | 2882 |
| 5.00%, 3/1/37 | 3700 | 3824 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> H, Unrefunded Balance,<br>|  |  |
| 5.00%, 8/1/30 | 5 | 5 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, <br> Subseries F-1,<br>|  |  |
| 5.00%, 4/1/45 | 5000 | 5090 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **New York – 13.4%continued** | **New York – 13.4%continued** | **New York – 13.4%continued** |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, School Districts Building <br> Financing Program (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 10/1/31 | $1460 | $1492 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, Series C,<br>|  |  |
| 5.00%, 10/1/31 | 665 | 704 |
| 5.00%, 10/8/32 | 575 | 607 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Sales TRB, Series A, Group C,<br>|  |  |
| 5.00%, 3/15/44 | 3755 | 3802 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.25%, 3/15/39 | 2000 | 2094 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series E,<br>|  |  |
| 3.25%, 3/15/36 | 3000 | 2755 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income TRB, Series A, <br> Unrefunded Balance,<br>|  |  |
| 5.00%, 2/15/43 | 2000 | 2034 |
| &nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing <br> Sustainability Revenue Bonds, Series <br> K-2 (SonyMA Insured),<br>|  |  |
| 1.00%, 11/1/26<sup>(1) (2)</sup> <br>| 2720 | 2592 |
| &nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing <br> Sustainability Revenue Bonds, Series <br> M-2 (SonyMA, FHA Insured),<br>|  |  |
| 0.75%, 11/1/25 | 165 | 162 |
| &nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing Variable <br> Sustainability Revenue Bonds, Series <br> J (SonyMA Insured),<br>|  |  |
| 1.10%, 5/1/27<sup>(1) (2)</sup> <br>| 6000 | 5696 |
| &nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Mortgage Revenue <br> Refunding Bonds, Series 220,<br>|  |  |
| 2.60%, 10/1/39 | 3300 | 2566 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **183** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **New York – 13.4%continued** | **New York – 13.4%continued** | **New York – 13.4%continued** |
| &nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Revenue Bonds, Series <br> 244, Social Bonds (SonyMA <br> Insured),<br>|  |  |
| 2.75%, 4/1/35 | $3150 | $2704 |
| &nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Revenue Refunding <br> Bonds, Series 233, Social Bonds,<br>|  |  |
| 2.05%, 4/1/33 | 3000 | 2437 |
| &nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Revenue Bonds (AMT), Terminal 4 <br> John F. Kennedy International Airport <br> Project,<br>|  |  |
| 4.00%, 12/1/42 | 500 | 449 |
| 5.00%, 12/1/42 | 255 | 256 |
| &nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Revenue Refunding Bonds (AMT), <br> Terminal 4 John F. Kennedy <br> International Airport,<br>|  |  |
| 5.00%, 12/1/30 | 350 | 368 |
| &nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Revenue Refunding Bonds, Terminal <br> 4 John F. Kennedy International <br> Airport,<br>|  |  |
| 5.00%, 12/1/31 | 550 | 589 |
| &nbsp;&nbsp; New York State Urban Development <br> Corp. General Purpose Personal <br> Income TRB,<br>|  |  |
| 5.00%, 3/15/37 | 5000 | 5209 |
| 5.00%, 3/15/40 | 2500 | 2580 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| 5.00%, 9/15/28 | 2000 | 2073 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 227 (AMT),<br>|  |  |
| 2.00%, 10/1/34 | 1500 | 1131 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 277 (AMT),<br>|  |  |
| 2.00%, 10/1/32 | 12550 | 10138 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **New York – 13.4%continued** | **New York – 13.4%continued** | **New York – 13.4%continued** |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Payroll Mobility Tax Revenue <br> Refunding Bonds, MTA Bridges & <br> Tunnels,<br>|  |  |
| 5.00%, 5/15/47 | $5000 | $5184 |
| &nbsp;&nbsp; Troy Capital Resource Corp. Revenue <br> Refunding Bonds, Rensselaer <br> Polytechnic Institute,<br>|  |  |
| 5.00%, 9/1/38 | 1300 | 1353 |
| &nbsp;&nbsp; Utility Debt Securitization Authority <br> Restructuring Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 12/15/37 | 2500 | 2525 |
|  |  | **141961** |
| **North Carolina – 1.3%** | **North Carolina – 1.3%** | **North Carolina – 1.3%** |
| &nbsp;&nbsp; Charlotte Water & Sewer System <br> Revenue Refunding Bonds,<br>|  |  |
| 4.00%, 7/1/36 | 6790 | 6755 |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hospital <br> Authority Health Care System <br> Variable Revenue Bonds, Series B, <br> Atrium Health,<br>|  |  |
| 1.95%, 11/1/29<sup>(1) (2)</sup> <br>| 4500 | 4090 |
| &nbsp;&nbsp; Raleigh Limited Obligation Refunding <br> Bonds,<br>|  |  |
| 5.00%, 10/1/31 | 3000 | 3340 |
|  |  | **14185** |
| **Ohio – 3.6%** | **Ohio – 3.6%** | **Ohio – 3.6%** |
| &nbsp;&nbsp; Akron Income Tax Revenue Refunding <br> Bonds,<br>|  |  |
| 4.00%, 12/1/32 | 1285 | 1313 |
| &nbsp;&nbsp; Franklin County Convention Facilities <br> Authority Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 12/1/34 | 10600 | 11883 |
| &nbsp;&nbsp; Hamilton County Sewer System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/32 | 4575 | 4915 |
| &nbsp;&nbsp; North Ridgeville City School District <br> G.O. Unlimited Bonds,<br>|  |  |
| 5.00%, 12/1/39 | 600 | 624 |
| &nbsp;&nbsp; Northeast Ohio Medical University <br> General Receipts Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/29 | 100 | 105 |
| 4.00%, 12/1/35 | 300 | 289 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **184** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Ohio – 3.6%continued** | **Ohio – 3.6%continued** | **Ohio – 3.6%continued** |
| &nbsp;&nbsp; Ohio State Higher Educational Facility <br> Revenue Bonds, Denison University <br> Project,<br>|  |  |
| 5.00%, 11/1/39 | $1365 | $1413 |
| &nbsp;&nbsp; Ohio State Water Development <br> Authority Revenue Sustainable <br> Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/41 | 12000 | 13047 |
| &nbsp;&nbsp; Ohio State Water Development <br> Authority Water Pollution Control <br> Sustainable Revenue Bonds, Series <br> D,<br>|  |  |
| 5.00%, 12/1/41 | 4200 | 4583 |
|  |  | **38172** |
| **Oklahoma – 0.5%** | **Oklahoma – 0.5%** | **Oklahoma – 0.5%** |
| &nbsp;&nbsp; Oklahoma County Independent School <br> District No. 12 G.O. Unlimited <br> Bonds, Edmond School District,<br>|  |  |
| 4.00%, 3/1/27 | 3925 | 4007 |
| &nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Facilities Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/30 | 1500 | 1641 |
|  |  | **5648** |
| **Oregon – 0.6%** | **Oregon – 0.6%** | **Oregon – 0.6%** |
| &nbsp;&nbsp; Clackamas Community College District <br> G.O. Unlimited Bonds, Series B,<br>|  |  |
| 5.00%, 6/15/36 | 1600 | 1653 |
| &nbsp;&nbsp; Lane County Eugene School District <br> No.4J G.O. Unlimited Bonds, <br> (School Board Guaranty Program),<br>|  |  |
| 4.00%, 6/15/35 | 475 | 482 |
| &nbsp;&nbsp; Medford Hospital Facilities Authority <br> Revenue Refunding Bonds, Series A, <br> Asante Project (AGM Insured),<br>|  |  |
| 2.50%, 8/15/35 | 2500 | 2135 |
| &nbsp;&nbsp; Metropolitan Dedicated TRB, Oregon <br> Convention Center Hotel,<br>|  |  |
| 5.00%, 6/15/42 | 2065 | 2111 |
|  |  | **6381** |
| **Pennsylvania – 2.1%** | **Pennsylvania – 2.1%** | **Pennsylvania – 2.1%** |
| &nbsp;&nbsp; Commonwealth Financing Authority <br> Tobacco Master Settlement Payment <br> Revenue Bonds,<br>|  |  |
| 5.00%, 6/1/25 | 1000 | 1003 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Pennsylvania – 2.1%continued** | **Pennsylvania – 2.1%continued** | **Pennsylvania – 2.1%continued** |
| &nbsp;&nbsp; Pennsylvania State G.O. Unlimited <br> Bonds, First Series of 2020,<br>|  |  |
| 5.00%, 5/1/26 | $1450 | $1485 |
| &nbsp;&nbsp; Pennsylvania State Higher Educational <br> Facilities Authority Revenue Bonds, <br> University of Pennsylvania Health <br> System,<br>|  |  |
| 5.00%, 8/15/37 | 5000 | 5115 |
| &nbsp;&nbsp; Pennsylvania State Housing Finance <br> Agency SFM Revenue Bonds, Series <br> 137, Social Bonds,<br>|  |  |
| 2.20%, 10/1/33 | 2420 | 2004 |
| &nbsp;&nbsp; Pennsylvania State Housing Finance <br> Agency SFM Revenue Refunding <br> Bonds, Series 136, Social Bonds,<br>|  |  |
| 5.00%, 4/1/31 | 1845 | 1968 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Bonds, Series <br> A-2,<br>|  |  |
| 5.00%, 12/1/37 | 5000 | 5213 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Subordinate Revenue <br> Refunding Bonds, First Series,<br>|  |  |
| 5.00%, 6/1/33 | 2520 | 2829 |
| &nbsp;&nbsp; Philadelphia Gas Works Revenue <br> Refunding Bonds, 1998 General <br> Ordinance,<br>|  |  |
| 5.00%, 8/1/32 | 2485 | 2744 |
|  |  | **22361** |
| **Rhode Island – 0.1%** | **Rhode Island – 0.1%** | **Rhode Island – 0.1%** |
| &nbsp;&nbsp; Rhode Island Housing & Mortgage <br> Finance Corp. Revenue Bonds, Series <br> 77-A, Social Bonds,<br>|  |  |
| 3.80%, 4/1/33 | 1535 | **1519** |
| **South Carolina – 1.2%** | **South Carolina – 1.2%** | **South Carolina – 1.2%** |
| &nbsp;&nbsp; Charleston Educational Excellence <br> Financing Corp. Revenue Refunding <br> Bonds, Charleston County School <br> District Project,<br>|  |  |
| 5.00%, 12/1/26 | 1125 | 1165 |
| &nbsp;&nbsp; Patriots Energy Group Financing <br> Agency Gas Supply Variable <br> Revenue Refunding Bonds, Series <br> B-1,<br>|  |  |
| 5.25%, 3/1/31<sup>(1) (2)</sup> <br>| 10000 | 10694 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **185** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **South Carolina – 1.2%continued** | **South Carolina – 1.2%continued** | **South Carolina – 1.2%continued** |
| &nbsp;&nbsp; SCAGO Educational Facilities Corp. <br> Cherokee School District No. 1 <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 12/1/25 | $500 | $501 |
|  |  | **12360** |
| **Tennessee – 1.3%** | **Tennessee – 1.3%** | **Tennessee – 1.3%** |
| Knox County G.O. Unlimited Bonds, |  |  |
| 4.00%, 6/1/28 | 1000 | 1001 |
| &nbsp;&nbsp; Memphis Sanitary Sewerage System <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 10/1/31 | 1000 | 1093 |
| &nbsp;&nbsp; Metropolitan Government Nashville & <br> Davidson County Health & <br> Educational Facility Board Revenue <br> Bonds, The Vanderbilt University,<br>|  |  |
| 5.00%, 10/1/49 | 1000 | 1055 |
| &nbsp;&nbsp; Tennergy Corp. Gas Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 9/1/28<sup>(1) (2)</sup> <br>| 10000 | 10041 |
|  |  | **13190** |
| **Texas – 5.8%** | **Texas – 5.8%** | **Texas – 5.8%** |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp. <br> Revenue Bonds, Series A, Idea Public <br> Schools,<br>|  |  |
| 4.00%, 8/15/37 | 780 | 761 |
| &nbsp;&nbsp; Dallas County Community College <br> District G.O. Limited Bonds,<br>|  |  |
| 5.00%, 2/15/36 | 1000 | 1004 |
| &nbsp;&nbsp; Dallas-Fort Worth International Airport <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 11/1/26 | 500 | 517 |
| &nbsp;&nbsp; El Paso Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 4.00%, 8/15/39 | 2630 | 2590 |
| &nbsp;&nbsp; Forney Independent School District <br> G.O. Unlimited Refunding CABS, <br> Series C,<br>|  |  |
| 0.00%, 8/15/39<sup>(5)</sup> <br>| 1000 | 518 |
| &nbsp;&nbsp; Frisco Improvement G.O. Limited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 2/15/28 | 5755 | 5865 |
| &nbsp;&nbsp; Houston Utility System Subordinate First <br> Lien Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 11/15/28 | 2500 | 2578 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Texas – 5.8%continued** | **Texas – 5.8%continued** | **Texas – 5.8%continued** |
| &nbsp;&nbsp; Lower Colorado River Authority Junior <br> Lien Revenue Bonds, Seventh <br> Supplemental Series, Escrowed to <br> Maturity (AGM Insured),<br>|  |  |
| 4.75%, 1/1/28 | $155 | $159 |
| &nbsp;&nbsp; Lower Colorado River Authority <br> Revenue Bonds,<br>|  |  |
| 5.00%, 5/15/32 | 630 | 697 |
| Mc Kinney G.O. Limited Bonds, |  |  |
| 5.00%, 8/15/32 | 2010 | 2025 |
| &nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| 5.00%, 1/1/26 | 4860 | 4938 |
| 5.00%, 1/1/38 | 3000 | 3089 |
| 5.00%, 1/1/39 | 5000 | 5134 |
| &nbsp;&nbsp; Northside Texas Independent School <br> District G.O. Unlimited Refunding <br> Bonds, Series B (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/30 | 1640 | 1732 |
| &nbsp;&nbsp; Pasadena Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 2/15/27 | 1250 | 1300 |
| &nbsp;&nbsp; San Antonio Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 8/1/30 | 2820 | 2931 |
| &nbsp;&nbsp; San Antonio Electric and Gas Junior <br> Lien Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 2/1/35 | 1640 | 1740 |
| &nbsp;&nbsp; San Antonio Water System Junior Lien <br> Revenue Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 5/15/35 | 3500 | 3581 |
| &nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Hospital <br> Revenue Bonds, Methodist Hospitals <br> of Dallas,<br>|  |  |
| 5.00%, 10/1/31 | 1000 | 1095 |
| &nbsp;&nbsp; Texas State A&M University Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| 4.00%, 5/15/31 | 1655 | 1666 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 10/1/27 | 9270 | 9766 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| 2.00%, 8/1/35 | 1000 | 802 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **186** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Texas – 5.8%continued** | **Texas – 5.8%continued** | **Texas – 5.8%continued** |
| &nbsp;&nbsp; Texas State Transportation Commission <br> Mobility Variable G.O. Unlimited <br> Bonds,<br>|  |  |
| 0.65%, 4/1/26<sup>(1) (2)</sup> <br>| $5000 | $4832 |
| &nbsp;&nbsp; Wylie Independent School District G.O. <br> Unlimited Bonds, Series B, Collin <br> County (PSF, Gtd.),<br>|  |  |
| 3.25%, 8/15/41<sup>(2)</sup> <br>| 1750 | 1676 |
|  |  | **60996** |
| **Utah – 1.3%** | **Utah – 1.3%** | **Utah – 1.3%** |
| &nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 7/1/32 | 1250 | 1327 |
| 5.00%, 7/1/36 | 5000 | 5219 |
| 5.00%, 7/1/42 | 2000 | 2013 |
| &nbsp;&nbsp; Salt Lake City International Airport <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 7/1/46 | 5000 | 5062 |
|  |  | **13621** |
| **Virginia – 0.9%** | **Virginia – 0.9%** | **Virginia – 0.9%** |
| &nbsp;&nbsp; Albemarle County EDA Residential <br> Care Facility Revenue Refunding <br> Bonds, Westminster-Canterbury of <br> the Blue Ridge,<br>|  |  |
| 4.00%, 6/1/49 | 1905 | 1730 |
| &nbsp;&nbsp; Roanoke EDA Hospital Variable <br> Revenue Refunding Bonds, Carilion <br> Clinic Obligated Group,<br>|  |  |
| 5.00%, 7/1/30<sup>(1) (2)</sup> <br>| 4425 | 4740 |
| &nbsp;&nbsp; Virginia State HDA Revenue Bonds, <br> Series D,<br>|  |  |
| 1.60%, 5/1/31 | 880 | 738 |
| &nbsp;&nbsp; Virginia State HDA Revenue Bonds, <br> Series K Non-AMT (GNMA, FNMA, <br> FHLMC Insured),<br>|  |  |
| 1.95%, 12/1/32 | 1440 | 1230 |
| &nbsp;&nbsp; Virginia State Small Business Financing <br> Authority Senior Lien Revenue Bonds <br> (AMT), Elizabeth River,<br>|  |  |
| 3.00%, 1/1/41 | 1810 | 1424 |
|  |  | **9862** |
| **Washington – 4.9%** | **Washington – 4.9%** | **Washington – 4.9%** |
| &nbsp;&nbsp; King County G.O. Limited Refunding <br> Bonds, Series E,<br>|  |  |
| 5.00%, 12/1/27 | 1200 | 1217 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Washington – 4.9%continued** | **Washington – 4.9%continued** | **Washington – 4.9%continued** |
| &nbsp;&nbsp; King County School District No. 401 <br> Highline G.O. Unlimited Bonds <br> (School Board Guaranty Program),<br>|  |  |
| 5.00%, 12/1/30 | $10000 | $10315 |
| &nbsp;&nbsp; Pierce County School District No. 403 <br> Bethel G.O. Unlimited Bonds (School <br> Board Guaranty Program),<br>|  |  |
| 5.00%, 12/1/36 | 1750 | 1842 |
| &nbsp;&nbsp; Port of Seattle Intermediate Senior Lien <br> Revenue Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 8/1/42 | 2500 | 2573 |
| &nbsp;&nbsp; Seattle Solid Waste Revenue Refunding <br> & Improvement Bonds,<br>|  |  |
| 4.00%, 6/1/31 | 1865 | 1876 |
| &nbsp;&nbsp; Snohomish County G.O. Limited <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/32 | 2870 | 3188 |
| Washington State COPS, Series A, |  |  |
| 5.00%, 7/1/26 | 1000 | 1028 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| 5.00%, 8/1/36 | 2500 | 2550 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series C,<br>|  |  |
| 5.00%, 2/1/32 | 5000 | 5246 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2017A,<br>|  |  |
| 5.00%, 8/1/29 | 2895 | 2971 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2018C,<br>|  |  |
| 5.00%, 8/1/33 | 4000 | 4158 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2022C, <br> Bid Group 1,<br>|  |  |
| 4.00%, 7/1/26 | 5000 | 5080 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2022C, <br> Bid Group 2,<br>|  |  |
| 4.00%, 7/1/27 | 2500 | 2567 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2023B,<br>|  |  |
| 5.00%, 7/1/26 | 3000 | 3084 |
| &nbsp;&nbsp; Washington State Motor Vehicle Fuel <br> Tax G.O. Unlimited Bonds, Series D,<br>|  |  |
| 5.00%, 2/1/31 | 1930 | 2028 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **187** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**INTERMEDIATE TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Washington – 4.9%continued** | **Washington – 4.9%continued** | **Washington – 4.9%continued** |
| &nbsp;&nbsp; Whatcom County Public Utility District <br> No. 1 G.O. Limited Bonds, Series A <br> (AMT) (BAM Insured),<br>|  |  |
| 5.50%, 12/1/41 | $700 | $750 |
| 5.50%, 12/1/42 | 1000 | 1064 |
|  |  | **51537** |
| **Wisconsin – 2.1%** | **Wisconsin – 2.1%** | **Wisconsin – 2.1%** |
| &nbsp;&nbsp; Central Brown County Water Authority <br> Water System Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/31 | 3425 | 3748 |
| &nbsp;&nbsp; PFA Hospital Taxable Revenue Bonds, <br> Series 2021A, UNC Health <br> Southeastern,<br>|  |  |
| 2.35%, 2/1/29 | 2000 | 1643 |
| &nbsp;&nbsp; Union Grove Union High School District <br> G.O. Unlimited Refunding Promissory <br> Notes,<br>|  |  |
| 4.00%, 3/1/41 | 1565 | 1504 |
| &nbsp;&nbsp; Wisconsin State G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 5/1/32 | 2500 | 2765 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Ascension Health <br> Credit Group,<br>|  |  |
| 4.00%, 11/15/36 | 3000 | 2907 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Marquette <br> University,<br>|  |  |
| 5.00%, 10/1/28 | 670 | 687 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Milwaukee <br> Regional Medical Center,<br>|  |  |
| 5.00%, 4/1/36 | 3875 | 4029 |
| 4.00%, 4/1/39 | 4500 | 4373 |
| &nbsp;&nbsp; Wisconsin State Housing & EDA Home <br> Ownership Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 3.00%, 3/1/39 | 165 | 138 |
|  |  | **21794** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  | **MUNICIPAL BONDS - 95.8%continued**  |
| **Wyoming – 0.0%** | **Wyoming – 0.0%** | **Wyoming – 0.0%** |
| &nbsp;&nbsp; Laramie County Hospital Revenue <br> Refunding Bonds, Cheyenne <br> Regional Medical Center,<br>|  |  |
| 4.00%, 5/1/36 | $200 | **$199** |
| **Total Municipal Bonds** |  |  |
| **(Cost $1,069,874)** |  | **1012305** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(7) (8)</sup> <br>| 12265462 | $12265 |
| **Total Investment Companies** |  |  |
| **(Cost $12,265)** |  | **12265** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 1.2%**  | **SHORT-TERM INVESTMENTS – 1.2%**  | **SHORT-TERM INVESTMENTS – 1.2%**  |
| &nbsp;&nbsp; Little Elm Independent School District <br> Variable G.O. Unlimited Bonds, <br> School Building (PSF, Gtd.),<br>|  |  |
| 0.68%, 8/15/25<sup>(1) (2)</sup> <br>| $240 | $238 |
| &nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Revenue Refunding <br> Bonds, Sustainable Neighborhood <br> Bonds (FNMA Insured),<br>|  |  |
| 2.95%, 2/1/26<sup>(1) (2)</sup> <br>| 4000 | 3987 |
| &nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing Variable <br> Climate Bond Certified Revenue <br> Bonds (SonyMA Insured),<br>|  |  |
| 0.65%, 11/1/25<sup>(1) (2)</sup> <br>| 2315 | 2268 |
| &nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Hospital <br> Variable Revenue Refunding Bonds, <br> Baylor Scott & White (Barclays Bank <br> PLC LOC),<br>|  |  |
| 2.30%, 4/1/25<sup>(1) (9)</sup> <br>| 3400 | 3400 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **188** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 1.2%continued**  | **SHORT-TERM INVESTMENTS - 1.2%continued**  | **SHORT-TERM INVESTMENTS - 1.2%continued**  |
| &nbsp;&nbsp; Tennessee State Energy Acquisition <br> Corp. Gas Revenue Bonds,<br>|  |  |
| 4.00%, 11/1/25<sup>(1) (2)</sup> <br>| $2500 | $2505 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $12,474)** | **(Cost $12,474)** | **12398** |
| **Total Investments – 98.7%** | **Total Investments – 98.7%** |  |
| **(Cost $1,101,463)** | **(Cost $1,101,463)** | **1043254** |
| Other Assets less Liabilities – 1.3% | Other Assets less Liabilities – 1.3% | 13736 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1056990** |

---

<sup>(1)</sup> *Maturity date represents the puttable date.*

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of March 31,* *2025 is disclosed.* 

<sup>(3)</sup> *Step coupon bond. Rate as of March 31, 2025 is disclosed.*

<sup>(4)</sup> *Maturity date represents the prerefunded date.*

<sup>(5)</sup> *Zero coupon bond.*

<sup>(6)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2025.*

<sup>(7)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(8)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(9)</sup> *Variable or floating rate security. Rate is determined by a remarketing agent* *and, in the agent's judgment, on the basis of prevailing financial markets, will* *be the lowest interest rate necessary to enable the remarketing agent to sell* *the bonds at a price equal to 100% of the principal amount.* 

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AGM - Assured Guaranty Municipal Corporation |
| AMBAC - American Municipal Bond Assurance Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| CABS - Capital Appreciation Bonds |
| COPS - Certificates of Participation |
| CWA - Clean Water Act |
| EDA - Economic Development Authority |
| FHA - Federal Housing Administration |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |

---

---

| |
|:---|
| G.O. - General Obligation |
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |
| IDA - Industrial Development Authority |
| LOC - Letter of Credit |
| MFH - Multi-Family Housing |
| NATL - National Public Finance Guarantee Corporation |
| PCR - Pollution Control Revenue |
| PFA - Public Finance Authority |
| PSF - Permanent School Fund |
| Q-SBLF - Qualified School Bond Loan Fund |
| SFM - Single Family Mortgage |
| SonyMA - State of New York Mortgage Agency |
| TRB - Tax Revenue Bonds |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $6286 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6286 |
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1012305 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1012305 |
| Investment Companies | &nbsp;&nbsp; 12265 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12265 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 12398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12398 |
| Total Investments | &nbsp;&nbsp; $12265 | &nbsp;&nbsp; $1030989 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1043254 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **189** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**LIMITED TERM TAX-EXEMPT FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 94.0%**  | **MUNICIPAL BONDS – 94.0%**  | **MUNICIPAL BONDS – 94.0%**  |
| **Alabama – 6.2%** | **Alabama – 6.2%** | **Alabama – 6.2%** |
| &nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds, <br> Series D1,<br>|  |  |
| 4.00%, 6/1/27<sup>(1) (2)</sup> <br>| $440 | $444 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Gas Project No.7-S,<br>|  |  |
| 4.00%, 12/1/26<sup>(1) (2)</sup> <br>| 2500 | 2515 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series C-1,<br>|  |  |
| 5.25%, 6/1/29<sup>(1) (2)</sup> <br>| 3000 | 3139 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Series E, Gas Project,<br>|  |  |
| 5.00%, 6/1/28<sup>(1) (2)</sup> <br>| 8000 | 8273 |
| &nbsp;&nbsp; Limestone County Water & Sewer <br> Authority Water Revenue Refunding <br> Bonds (BAM Insured), Prerefunded,<br>|  |  |
| 5.00%, 12/1/26<sup>(3)</sup> <br>| 3000 | 3104 |
| &nbsp;&nbsp; South East Alabama State Gas Supply <br> District Revenue Refunding Bonds, <br> Series B, Project No. 2,<br>|  |  |
| 5.00%, 5/1/32<sup>(1) (2)</sup> <br>| 2500 | 2619 |
| &nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District Energy Supply <br> Revenue Bonds, Series C,<br>|  |  |
| 5.00%, 2/1/31<sup>(1) (2)</sup> <br>| 1500 | 1587 |
|  |  | **21681** |
| **Alaska – 0.6%** | **Alaska – 0.6%** | **Alaska – 0.6%** |
| &nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| 5.50%, 2/1/31 | 1900 | **2068** |
| **Arizona – 1.9%** | **Arizona – 1.9%** | **Arizona – 1.9%** |
| &nbsp;&nbsp; Chandler IDA IDR Bonds, Series 1 <br> (AMT), Intel Corp. Project,<br>|  |  |
| 5.00%, 9/1/27<sup>(1) (2)</sup> <br>| 2575 | 2625 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Airport Senior Lien Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 7/1/31 | 1095 | 1171 |
| &nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 1/1/33 | 2700 | 2821 |
|  |  | **6617** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **California – 4.1%** | **California – 4.1%** | **California – 4.1%** |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| 4.00%, 2/1/27 | $1125 | $1136 |
| 4.00%, 8/1/31<sup>(1) (2)</sup> <br>| 3150 | 3148 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 5.00%, 8/1/31 | 500 | 537 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Revenue Bonds, <br> Clean Energy Project, Green Bonds,<br>|  |  |
| 5.00%, 10/1/26 | 630 | 640 |
| 5.00%, 10/1/27 | 675 | 692 |
| 5.00%, 10/1/28 | 475 | 490 |
| 5.00%, 10/1/29 | 650 | 675 |
| &nbsp;&nbsp; Local Public Schools Funding Authority <br> School Facilities Improvement District <br> No. 2016-1 G.O. Unlimited Bonds, <br> Series B (AGM Insured),<br>|  |  |
| 3.00%, 8/1/26 | 805 | 805 |
| 4.00%, 8/1/28 | 935 | 966 |
| &nbsp;&nbsp; Los Angeles County Development <br> Authority MFH Variable Revenue <br> Bonds, West Los Angeles VA <br> Campus (HUD Sector 8 Program),<br>|  |  |
| 3.38%, 7/1/26<sup>(1) (2)</sup> <br>| 1000 | 1001 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Subordinate Revenue <br> Refunding Bonds (AMT), Private <br> Activity,<br>|  |  |
| 5.00%, 5/15/32 | 615 | 652 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/28 | 1430 | 1447 |
| &nbsp;&nbsp; San Francisco City & County <br> Commission International Airport <br> Revenue Bonds, Second Series A <br> (AMT),<br>|  |  |
| 5.00%, 5/1/30 | 2000 | 2128 |
|  |  | **14317** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **190** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **Colorado – 3.9%** | **Colorado – 3.9%** | **Colorado – 3.9%** |
| &nbsp;&nbsp; Arapahoe County School District No. 6 <br> Littleton G.O. Unlimited Bonds, <br> Series A (State Aid Withholding),<br>|  |  |
| 5.50%, 12/1/43 | $3825 | $4003 |
| &nbsp;&nbsp; Colorado Springs Utilities Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/40 | 200 | 202 |
| &nbsp;&nbsp; Colorado State Board of Governors <br> University Enterprise System Revenue <br> Refunding Bonds, Prerefunded,<br>|  |  |
| 5.00%, 3/1/27<sup>(3)</sup> <br>| 1000 | 1042 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue Bonds, <br> Adventhealth Obligated Group,<br>|  |  |
| 5.00%, 11/15/29<sup>(1) (2)</sup> <br>| 3660 | 3925 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue <br> Refunding Bonds, Adventhealth <br> Obligated Group, Prerefunded,<br>|  |  |
| 5.00%, 11/19/26<sup>(2) (3)</sup> <br>| 95 | 98 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue <br> Refunding Bonds, Adventhealth <br> Obligated Group, Unrefunded <br> Balance,<br>|  |  |
| 5.00%, 11/19/26<sup>(1) (2)</sup> <br>| 905 | 932 |
| &nbsp;&nbsp; Denver City & Country Airport Revenue <br> Refunding Bonds, Series D (AMT),<br>|  |  |
| 5.25%, 11/15/27 | 1750 | 1834 |
| &nbsp;&nbsp; Denver City & County Airport Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 11/15/29 | 1500 | 1632 |
|  |  | **13668** |
| **Connecticut – 0.3%** | **Connecticut – 0.3%** | **Connecticut – 0.3%** |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series C,<br>|  |  |
| 4.00%, 6/1/27 | 1000 | **1024** |
| **District of Columbia – 0.9%** | **District of Columbia – 0.9%** | **District of Columbia – 0.9%** |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/32 | 3150 | **3321** |
| **Florida – 5.8%** | **Florida – 5.8%** | **Florida – 5.8%** |
| &nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/32 | 1315 | 1375 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **Florida – 5.8%continued** | **Florida – 5.8%continued** | **Florida – 5.8%continued** |
| &nbsp;&nbsp; Collier County IDA Revenue Bonds, <br> NCH Healthcare System Projects,<br>|  |  |
| 5.00%, 10/1/31<sup>(1) (2)</sup> <br>| $2000 | $2149 |
| &nbsp;&nbsp; Duval County School Board COPS, <br> Series A (AGM Insured),<br>|  |  |
| 5.00%, 7/1/26 | 1750 | 1797 |
| &nbsp;&nbsp; Florida State Board of Education G.O. <br> Unlimited Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 6/1/27 | 3115 | 3260 |
| &nbsp;&nbsp; Florida State Board of Education Public <br> Education Capital Outlay G.O. <br> Unlimited Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/26 | 1950 | 2001 |
| &nbsp;&nbsp; Florida State Development Finance <br> Corp. Revenue Refunding Bonds, <br> Brightline Trains Florida LLC Issue <br> (AMT),<br>|  |  |
| 5.00%, 7/1/34 | 1000 | 1024 |
| &nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds <br> (AMT),<br>|  |  |
| 5.00%, 10/1/32 | 700 | 753 |
| &nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/27 | 3000 | 3120 |
| &nbsp;&nbsp; Pasco Country School District Sales Tax <br> Revenue Bonds,<br>|  |  |
| 5.00%, 10/1/32 | 2500 | 2774 |
| &nbsp;&nbsp; Saint Johns County School Board <br> COPS, Series A (AGM Insured),<br>|  |  |
| 5.00%, 7/1/31 | 1270 | 1397 |
| &nbsp;&nbsp; Tallahassee Consolidated Utility <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/32 | 535 | 600 |
|  |  | **20250** |
| **Georgia – 3.6%** | **Georgia – 3.6%** | **Georgia – 3.6%** |
| &nbsp;&nbsp; Atlanta G.O. Unlimited Bonds, Series <br> A-1, Social Bonds,<br>|  |  |
| 5.00%, 12/1/26 | 1000 | 1037 |
| &nbsp;&nbsp; Atlanta G.O. Unlimited Bonds, Series <br> A-2,<br>|  |  |
| 5.00%, 12/1/26 | 1050 | 1089 |
| &nbsp;&nbsp; Franklin County School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 3/1/27 | 1750 | 1824 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **191** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **Georgia – 3.6%continued** | **Georgia – 3.6%continued** | **Georgia – 3.6%continued** |
| &nbsp;&nbsp; Gwinnett County School District G.O. <br> Unlimited Bonds, Series A,<br>|  |  |
| 1.75%, 8/1/25 | $3125 | $3106 |
| &nbsp;&nbsp; Main Street Natural Gas Inc., Gas <br> Supply Revenue Bonds, Series C,<br>|  |  |
| 5.00%, 12/1/31<sup>(1) (2)</sup> <br>| 2715 | 2856 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 9/1/27<sup>(1) (2)</sup> <br>| 1535 | 1548 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series E,<br>|  |  |
| 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| 1000 | 1058 |
|  |  | **12518** |
| **Hawaii – 0.2%** | **Hawaii – 0.2%** | **Hawaii – 0.2%** |
| &nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Refunding Bonds, Series F,<br>|  |  |
| 5.00%, 7/1/26 | 725 | **745** |
| **Illinois – 3.9%** | **Illinois – 3.9%** | **Illinois – 3.9%** |
| &nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 1/1/27 | 2000 | 2046 |
| &nbsp;&nbsp; Chicago Waterworks Second Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/27 | 3640 | 3817 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 2/1/27 | 2100 | 2167 |
| &nbsp;&nbsp; Illinois State Financing Authority <br> Revenue Bonds, The Chicago School,<br>|  |  |
| 5.00%, 4/1/26 | 300 | 305 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 5.00%, 5/1/27 | 1500 | 1553 |
| 5.00%, 10/1/29 | 3000 | 3187 |
| &nbsp;&nbsp; Saint Clair County Community Unit <br> School District No. 187 Cahokia <br> G.O. Unlimited Bonds, Series A <br> (AGM Insured),<br>|  |  |
| 5.00%, 1/1/27 | 180 | 185 |
| 5.00%, 1/1/33 | 260 | 283 |
|  |  | **13543** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **Indiana – 3.1%** | **Indiana – 3.1%** | **Indiana – 3.1%** |
| &nbsp;&nbsp; Greater Clark County School Building <br> Corp. Revenue Refunding Bonds, <br> Series A (State Intercept Program),<br>|  |  |
| 5.00%, 7/15/32 | $1100 | $1216 |
| &nbsp;&nbsp; Hamilton Heights School Building Corp. <br> Revenue Bonds (State Intercept <br> Program),<br>|  |  |
| 5.00%, 1/15/26 | 585 | 594 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 2/1/32 | 1040 | 1146 |
| &nbsp;&nbsp; MSD of Washington Township School <br> Building Corp. Revenue Bonds (State <br> Intercept Program),<br>|  |  |
| 5.00%, 7/15/35 | 1090 | 1149 |
| &nbsp;&nbsp; MSD of Washington Township School <br> Building Corp. Revenue Bonds, 2016 <br> Refferendum Projects (State Intercept <br> Program),<br>|  |  |
| 5.00%, 1/15/27 | 1100 | 1140 |
| 5.00%, 7/15/27 | 1075 | 1124 |
| &nbsp;&nbsp; MSD of Washington Township School <br> Building Corp. Revenue Bonds, 2020 <br> Refferendum Projects (State Intercept <br> Program),<br>|  |  |
| 5.00%, 1/15/26 | 2040 | 2074 |
| 5.00%, 7/15/27 | 2195 | 2296 |
|  |  | **10739** |
| **Iowa – 1.2%** | **Iowa – 1.2%** | **Iowa – 1.2%** |
| &nbsp;&nbsp; Polk County G.O. Unlimited Capital <br> Loan Notes, Series A (AMT),<br>|  |  |
| 5.00%, 6/1/31 | 2280 | 2462 |
| &nbsp;&nbsp; Waterloo G.O. Unlimited Bonds, Series <br> D,<br>|  |  |
| 4.50%, 6/1/27 | 1700 | 1726 |
|  |  | **4188** |
| **Kansas – 1.0%** | **Kansas – 1.0%** | **Kansas – 1.0%** |
| &nbsp;&nbsp; Kansas Department of Transportation <br> Highway Revenue Bonds,<br>|  |  |
| 5.00%, 9/1/33 | 2240 | 2257 |
| &nbsp;&nbsp; Wichita G.O. Unlimited Bonds, Series <br> 811,<br>|  |  |
| 3.00%, 6/1/27 | 1185 | 1182 |
|  |  | **3439** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **192** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **Kentucky – 0.4%** | **Kentucky – 0.4%** | **Kentucky – 0.4%** |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.25%, 12/1/29<sup>(1) (2)</sup> <br>| $1500 | **$1585** |
| **Louisiana – 0.5%** | **Louisiana – 0.5%** | **Louisiana – 0.5%** |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Tulane <br> University, Escrowed to Maturity,<br>|  |  |
| 5.00%, 4/1/26 | 270 | 275 |
| &nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Insurance <br> Revenue Bonds, Louisiana Insurance <br> Guaranty Association,<br>|  |  |
| 5.00%, 8/15/26 | 1500 | 1539 |
|  |  | **1814** |
| **Maine – 0.8%** | **Maine – 0.8%** | **Maine – 0.8%** |
| &nbsp;&nbsp; Maine State Governmental Facilities <br> Authority Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 10/1/33 | 2640 | **2679** |
| **Maryland – 0.8%** | **Maryland – 0.8%** | **Maryland – 0.8%** |
| &nbsp;&nbsp; Montgomery County G.O. Unlimited <br> Refunding Bonds, Series D,<br>|  |  |
| 4.00%, 11/1/29 | 2925 | **2987** |
| **Massachusetts – 4.5%** | **Massachusetts – 4.5%** | **Massachusetts – 4.5%** |
| &nbsp;&nbsp; Massachusetts State Clean Water Trust <br> Revenue Bonds, Series 22, Green <br> Bonds,<br>|  |  |
| 5.00%, 8/1/27 | 2000 | 2105 |
| &nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series C,<br>|  |  |
| 5.00%, 5/1/30 | 595 | 653 |
| &nbsp;&nbsp; Massachusetts State G.O. Limited <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 9/1/27 | 5000 | 5263 |
| &nbsp;&nbsp; Massachusetts State G.O. Limited <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/26 | 1040 | 1069 |
| &nbsp;&nbsp; MWRA General Revenue Refunding <br> Bonds, Series C, Green Bonds, <br> Prerefunded,<br>|  |  |
| 5.00%, 8/1/26<sup>(3)</sup> <br>| 2340 | 2409 |
| 5.00%, 8/1/26<sup>(3)</sup> <br>| 1000 | 1029 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **Massachusetts – 4.5%continued** | **Massachusetts – 4.5%continued** | **Massachusetts – 4.5%continued** |
| &nbsp;&nbsp; University Of Massachusetts Building <br> Authority Revenue Refunding Bonds, <br> Series 2,<br>|  |  |
| 5.00%, 11/1/29 | $3370 | $3405 |
|  |  | **15933** |
| **Michigan – 1.3%** | **Michigan – 1.3%** | **Michigan – 1.3%** |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, Henry <br> Ford Health System,<br>|  |  |
| 5.00%, 11/15/29 | 3840 | 3937 |
| &nbsp;&nbsp; Michigan State HDA Rental Housing <br> Revenue Bonds, Series A,<br>|  |  |
| 3.38%, 10/1/26 | 465 | 464 |
|  |  | **4401** |
| **Minnesota – 0.9%** | **Minnesota – 0.9%** | **Minnesota – 0.9%** |
| &nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Commodity Supply Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 12/1/27<sup>(1) (2)</sup> <br>| 2000 | 2018 |
| &nbsp;&nbsp; Minnesota State G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 8/1/27 | 1020 | 1071 |
|  |  | **3089** |
| **Missouri – 1.0%** | **Missouri – 1.0%** | **Missouri – 1.0%** |
| &nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Authority Health Variable <br> Revenue Refunding Bonds, Series B, <br> BJC Health System,<br>|  |  |
| 4.00%, 5/1/26<sup>(1) (2)</sup> <br>| 1500 | 1516 |
| &nbsp;&nbsp; Saint Joseph School District G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 3/1/31 | 2000 | 2126 |
|  |  | **3642** |
| **Nebraska – 0.4%** | **Nebraska – 0.4%** | **Nebraska – 0.4%** |
| &nbsp;&nbsp; Omaha Airport Authority Airport <br> Facilities Revenue Bonds (AMT) <br> (AGC Insured),<br>|  |  |
| 5.00%, 12/15/31 | 1275 | **1367** |
| **Nevada – 1.7%** | **Nevada – 1.7%** | **Nevada – 1.7%** |
| &nbsp;&nbsp; Clark County School District G.O. <br> Limited Bonds, Series A (AGM <br> Insured),<br>|  |  |
| 5.00%, 6/15/27 | 1000 | 1047 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **193** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **Nevada – 1.7%continued** | **Nevada – 1.7%continued** | **Nevada – 1.7%continued** |
| &nbsp;&nbsp; Clark County School District G.O. <br> Limited Bonds, Series B (AGM <br> Insured),<br>|  |  |
| 4.00%, 6/15/32 | $3000 | $3057 |
| &nbsp;&nbsp; Washoe County Water Facilities <br> Variable Revenue Refunding Bonds, <br> Sierra Pacific Power Company,<br>|  |  |
| 3.63%, 10/1/29<sup>(1) (2)</sup> <br>| 2000 | 1992 |
|  |  | **6096** |
| **New Hampshire – 0.3%** | **New Hampshire – 0.3%** | **New Hampshire – 0.3%** |
| &nbsp;&nbsp; New Hampshire State Health and <br> Education Facilities Authority <br> Revenue Refunding Bonds, Southern <br> New Hampshire University Issue,<br>|  |  |
| 5.00%, 1/1/34 | 1000 | **1109** |
| **New Jersey – 2.0%** | **New Jersey – 2.0%** | **New Jersey – 2.0%** |
| &nbsp;&nbsp; Clifton Board of Education G.O. <br> Unlimited Bonds (AGM School <br> Board Resource Fund Insured),<br>|  |  |
| 2.00%, 8/15/26 | 1200 | 1175 |
| &nbsp;&nbsp; New Jersey State EDA Revenue School <br> Facilities Construction Revenue <br> Refunding Bonds, Series GGG,<br>|  |  |
| 5.25%, 9/1/26 | 3000 | 3090 |
| &nbsp;&nbsp; New Jersey State G.O. Unlimited <br> Bonds, Covid-19 Go Emergency <br> Bonds,<br>|  |  |
| 5.00%, 6/1/27 | 2750 | 2876 |
|  |  | **7141** |
| **New York – 8.7%** | **New York – 8.7%** | **New York – 8.7%** |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/31 | 2000 | 2197 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Revenue Bonds, Subseries F-1,<br>|  |  |
| 5.00%, 5/1/31 | 1000 | 1035 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 11/1/27 | 1000 | 1055 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> J-10, Fiscal 2008,<br>|  |  |
| 5.00%, 8/1/26 | 605 | 622 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **New York – 8.7%continued** | **New York – 8.7%continued** | **New York – 8.7%continued** |
| &nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series C,<br>|  |  |
| 5.00%, 8/1/27 | $1795 | $1883 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, Series A, Pace University,<br>|  |  |
| 5.25%, 5/1/31 | 400 | 437 |
| 5.25%, 5/1/32 | 600 | 661 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Personal Income Tax Revenue <br> Refunding Bonds, Series E,<br>|  |  |
| 5.00%, 3/15/32 | 5000 | 5034 |
| &nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing <br> Sustainability Revenue Bonds, Series <br> M-2 (SonyMA, FHA Insured),<br>|  |  |
| 0.75%, 11/1/25 | 215 | 211 |
| &nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing <br> Sustainability Variable Revenue <br> Bonds, Series B (SonyMA Insured, <br> HUD Sector 8 Program),<br>|  |  |
| 3.60%, 5/1/27<sup>(1) (2)</sup> <br>| 1500 | 1501 |
| &nbsp;&nbsp; New York State Housing Finance <br> Agency Affordable Housing Variable <br> Revenue Bonds, Series F, <br> Sustainability Bonds (SonyMA, FHA <br> Insured),<br>|  |  |
| 3.85%, 5/1/27<sup>(1) (2)</sup> <br>| 4000 | 4001 |
| &nbsp;&nbsp; New York State Liberty Development <br> Corp. Revenue Refunding Bonds, <br> Four World Trade, Green Bonds,<br>|  |  |
| 1.20%, 11/15/28 | 2000 | 1783 |
| &nbsp;&nbsp; New York State Urban Development <br> Corp. Revenue Refunding Bonds, <br> State Personal Income Tax, Escrowed <br> to Maturity,<br>|  |  |
| 5.00%, 9/15/28 | 5000 | 5375 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| 5.00%, 9/15/32 | 1500 | 1534 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Payroll Mobility Tax Revenue <br> Refunding Bonds, MTA Bridges & <br> Tunnels, Green Bonds,<br>|  |  |
| 5.00%, 11/15/27 | 1700 | 1799 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **194** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **New York – 8.7%continued** | **New York – 8.7%continued** | **New York – 8.7%continued** |
| &nbsp;&nbsp; Utility Debt Securitization Authority <br> Revenue Refunding Restructuring <br> Bonds, Series A,<br>|  |  |
| 5.00%, 12/15/27 | $1450 | $1472 |
|  |  | **30600** |
| **North Carolina – 0.7%** | **North Carolina – 0.7%** | **North Carolina – 0.7%** |
| &nbsp;&nbsp; Charlotte Water & Sewer System <br> Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/30 | 225 | 248 |
| &nbsp;&nbsp; Charlotte Water & Sewer System <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/26 | 2115 | 2175 |
|  |  | **2423** |
| **Ohio – 4.3%** | **Ohio – 4.3%** | **Ohio – 4.3%** |
| &nbsp;&nbsp; Akron Income Tax Revenue Refunding <br> Bonds,<br>|  |  |
| 4.00%, 12/1/26 | 1120 | 1138 |
| &nbsp;&nbsp; Columbus Regional Airport Authority <br> Revenue Refunding Bonds, John <br> Glenn Columbus International <br> (AMT),<br>|  |  |
| 5.00%, 1/1/33 | 1000 | 1074 |
| &nbsp;&nbsp; North Ridgeville City School District <br> G.O. Unlimited Bonds,<br>|  |  |
| 5.00%, 12/1/33 | 870 | 924 |
| &nbsp;&nbsp; Ohio State Air Quality Development <br> Authority Revenue Bonds, American <br> Electric Power Company Project,<br>|  |  |
| 3.20%, 5/1/26 | 1075 | 1071 |
| &nbsp;&nbsp; Ohio State G.O. Unlimited Refunding <br> Bonds, Series A, Conservation <br> Project,<br>|  |  |
| 5.00%, 3/1/32 | 1500 | 1680 |
| &nbsp;&nbsp; Ohio State Highway Capital <br> Improvements G.O. Unlimited Bonds, <br> Series S,<br>|  |  |
| 5.00%, 5/1/28 | 5085 | 5201 |
| &nbsp;&nbsp; Ohio State Turnpike Commission <br> Subordinate Revenue Bonds,<br>|  |  |
| 5.00%, 2/15/32 | 3860 | 4035 |
|  |  | **15123** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **Oklahoma – 5.0%** | **Oklahoma – 5.0%** | **Oklahoma – 5.0%** |
| &nbsp;&nbsp; Oklahoma County Independent School <br> District No. 12 G.O. Unlimited <br> Bonds, Edmond School District,<br>|  |  |
| 4.00%, 3/1/27 | $4175 | $4263 |
| &nbsp;&nbsp; Oklahoma County Independent School <br> District No. 89 G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 4.00%, 7/1/27 | 4275 | 4373 |
| &nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority Facilities Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/27 | 3985 | 4169 |
| Tulsa G.O. Unlimited Bonds, Series C, |  |  |
| 3.00%, 10/1/28 | 4865 | 4772 |
|  |  | **17577** |
| **Oregon – 2.0%** | **Oregon – 2.0%** | **Oregon – 2.0%** |
| Multnomah County G.O. Limited Bonds, |  |  |
| 5.00%, 6/1/28 | 1000 | 1045 |
| &nbsp;&nbsp; Oregon State G.O. Unlimited <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 8/1/33 | 1450 | 1459 |
| &nbsp;&nbsp; Portland G.O. Limited Bonds, Series A, <br> Transportation Projects,<br>|  |  |
| 5.00%, 10/1/27 | 1730 | 1825 |
| &nbsp;&nbsp; Washington County School District No. <br> 48J Beaverton G.O. Convertible <br> CABS (School Board Guaranty <br> Program),<br>|  |  |
| 5.00%, 6/15/35 | 2500 | 2582 |
|  |  | **6911** |
| **Pennsylvania – 2.9%** | **Pennsylvania – 2.9%** | **Pennsylvania – 2.9%** |
| &nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Revenue Bonds, Series A,<br>|  |  |
| 2.00%, 10/1/29 | 2275 | 2044 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 12/1/25 | 425 | 431 |
| 5.00%, 12/1/26 | 275 | 285 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Refunding <br> Bonds, Subseries B-2,<br>|  |  |
| 5.00%, 6/1/32 | 1875 | 1928 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **195** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**LIMITED TERM TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **Pennsylvania – 2.9%continued** | **Pennsylvania – 2.9%continued** | **Pennsylvania – 2.9%continued** |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Subordinate Revenue <br> Refunding Bonds, Series 2017-3,<br>|  |  |
| 5.00%, 12/1/30 | $860 | $900 |
| &nbsp;&nbsp; Philadelphia Redevelopment Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 4/15/31 | 1000 | 1094 |
| Philadelphia Refunding Bonds, |  |  |
| 5.00%, 8/1/26 | 3535 | 3637 |
|  |  | **10319** |
| **Texas – 13.3%** | **Texas – 13.3%** | **Texas – 13.3%** |
| &nbsp;&nbsp; Austin Water & Wastewater System <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 11/15/26 | 1000 | 1035 |
| &nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 6/15/30 | 1000 | 1095 |
| 5.00%, 6/15/31 | 1250 | 1384 |
| &nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds, Series B,<br>|  |  |
| 5.00%, 6/15/26 | 1125 | 1156 |
| &nbsp;&nbsp; Dallas Area Rapid Transit Senior Lien <br> Sales Tax Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 12/1/32 | 3395 | 3638 |
| &nbsp;&nbsp; Fort Bend County G.O. Limited <br> Refunding Bonds, Series B,<br>|  |  |
| 4.00%, 3/1/30 | 3900 | 3901 |
| &nbsp;&nbsp; Grand Prairie Independent School <br> District G.O. Unlimited Refunding <br> Bonds (PSF, Gtd.),<br>|  |  |
| 4.00%, 2/15/33 | 5420 | 5420 |
| &nbsp;&nbsp; Harlingen Consolidated Independent <br> School District G.O. Unlimited <br> Refunding Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/15/26 | 1105 | 1136 |
| &nbsp;&nbsp; Harris County Toll Road First Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 8/15/31 | 1635 | 1812 |
| &nbsp;&nbsp; Klein Independent School District G.O. <br> Unlimited Refunding Bonds (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 8/1/32 | 1575 | 1725 |
| &nbsp;&nbsp; Laredo Public Property Finance <br> Contractual Obligation G.O. Limited <br> Bonds,<br>|  |  |
| 5.00%, 2/15/27 | 800 | 830 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **Texas – 13.3%continued** | **Texas – 13.3%continued** | **Texas – 13.3%continued** |
| &nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| 5.00%, 1/1/31 | $595 | $654 |
| &nbsp;&nbsp; Pecos Barstow Toyah Independent <br> School District G.O. Unlimited Bonds <br> (PSF, Gtd.), Escrowed to Maturity,<br>|  |  |
| 5.00%, 2/15/27 | 1000 | 1041 |
| &nbsp;&nbsp; San Antonio Electric & Gas Junior Lien <br> Variable Revenue Bonds,<br>|  |  |
| 1.13%, 12/1/26<sup>(1) (2)</sup> <br>| 3500 | 3356 |
| 2.00%, 12/1/27<sup>(1) (2)</sup> <br>| 3150 | 2982 |
| &nbsp;&nbsp; Tarrant Regional Water District <br> Transmission Facility Contract <br> Revenue Bonds, Series A, City of <br> Dallas Project,<br>|  |  |
| 4.00%, 9/1/31 | 1370 | 1419 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| 4.00%, 8/1/27 | 2135 | 2141 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Transportation Commission <br> Mobility Fund,<br>|  |  |
| 5.00%, 10/1/29 | 5000 | 5048 |
| &nbsp;&nbsp; Texas State Municipal Gas Acquisition <br> & Supply Corp. III Gas Supply <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 12/15/26 | 1400 | 1429 |
| &nbsp;&nbsp; Texas State PFA G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/26 | 2110 | 2180 |
| &nbsp;&nbsp; Texas State Water Development Board <br> Revolving Fund Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/30 | 1000 | 1097 |
| &nbsp;&nbsp; Trinity River Authority Regional <br> Wastewater System Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/32 | 1000 | 1037 |
| &nbsp;&nbsp; University of North Texas Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 4/15/32 | 1000 | 1077 |
|  |  | **46593** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **196** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **Utah – 2.1%** | **Utah – 2.1%** | **Utah – 2.1%** |
| &nbsp;&nbsp; Davis County School District G.O. <br> Unlimited Refunding Bonds, Utah <br> School Bond Guaranty (School <br> Board Guaranty Program),<br>|  |  |
| 3.00%, 6/1/28 | $4095 | $4040 |
| &nbsp;&nbsp; Murray City School District G.O. <br> Unlimited Refunding Bonds (School <br> Board Guaranty Program),<br>|  |  |
| 5.00%, 2/1/28 | 1685 | 1784 |
| &nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 7/1/32 | 1500 | 1593 |
|  |  | **7417** |
| **Virginia – 0.1%** | **Virginia – 0.1%** | **Virginia – 0.1%** |
| &nbsp;&nbsp; Virginia State College Building <br> Authority Educational Facilities <br> Revenue Refunding Bonds, 21st <br> Century College and Equipment <br> Programs, Series B,<br>|  |  |
| 4.00%, 2/1/29 | 275 | **277** |
| **Washington – 2.3%** | **Washington – 2.3%** | **Washington – 2.3%** |
| &nbsp;&nbsp; Benton County School District No. 17 <br> Kennewick G.O. Unlimited Refunding <br> Bonds (School Board Guaranty <br> Program),<br>|  |  |
| 4.00%, 12/1/28 | 1000 | 1006 |
| &nbsp;&nbsp; Central Puget Sound Regional Transit <br> Authority Sales & Use Tax <br> Improvement Revenue Refunding <br> Bonds, Series S-1, Green Bonds, <br> Prerefunded,<br>|  |  |
| 5.00%, 11/1/25<sup>(3)</sup> <br>| 1000 | 1014 |
| &nbsp;&nbsp; Pierce County School District No. 320 <br> G.O. Unlimited Refunding Bonds <br> (School Board Guaranty Program),<br>|  |  |
| 4.00%, 12/1/28 | 650 | 650 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series 2017-A,<br>|  |  |
| 5.00%, 8/1/29 | 2400 | 2463 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2023B,<br>|  |  |
| 5.00%, 7/1/26 | 2000 | 2056 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  | **MUNICIPAL BONDS - 94.0%continued**  |
| **Washington – 2.3%continued** | **Washington – 2.3%continued** | **Washington – 2.3%continued** |
| &nbsp;&nbsp; Whatcom County Public Utility District <br> No. 1 G.O. Limited Bonds, Series A <br> (AMT) (BAM Insured),<br>|  |  |
| 5.00%, 12/1/27 | $450 | $466 |
| 5.00%, 12/1/28 | 450 | 470 |
|  |  | **8125** |
| **Wisconsin – 1.3%** | **Wisconsin – 1.3%** | **Wisconsin – 1.3%** |
| &nbsp;&nbsp; Waushara County G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| 5.50%, 6/1/31 | 450 | 503 |
| &nbsp;&nbsp; Wisconsin State Transportation Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/28 | 4000 | 4104 |
|  |  | **4607** |
| **Total Municipal Bonds** |  |  |
| **(Cost $335,502)** |  | **329933** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.4%**  | **INVESTMENT COMPANIES – 1.4%**  | **INVESTMENT COMPANIES – 1.4%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(4) (5)</sup> <br>| 4899554 | $4900 |
| **Total Investment Companies** |  |  |
| **(Cost $4,900)** |  | **4900** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 3.4%**  | **SHORT-TERM INVESTMENTS – 3.4%**  | **SHORT-TERM INVESTMENTS – 3.4%**  |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Solid Waste Disposal <br> Variable Revenue Bonds (AMT), <br> Series A, Waste Management, Inc.,<br>|  |  |
| 4.13%, 10/1/25<sup>(1) (2)</sup> <br>| $1000 | $1001 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Hospital Revenue Bonds, <br> Adventist Health System/Sunbel,<br>|  |  |
| 5.00%, 11/20/25<sup>(1) (2)</sup> <br>| 3000 | 3037 |
| &nbsp;&nbsp; Fort Bend Independent School District <br> Variable G.O. Unlimited Bonds, <br> Series B (PSF, Gtd.),<br>|  |  |
| 0.88%, 8/1/25<sup>(1) (2)</sup> <br>| 1135 | 1125 |
| &nbsp;&nbsp; Harris County Cultural Education <br> Facilities Finance Corp. Variable <br> Revenue Bonds, Series A, Texas <br> Medical Center,<br>|  |  |
| 0.90%, 5/15/25<sup>(1) (2)</sup> <br>| 2000 | 1991 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **197** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LIMITED TERM TAX-EXEMPT FUND continued**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 3.4%continued**  | **SHORT-TERM INVESTMENTS - 3.4%continued**  | **SHORT-TERM INVESTMENTS - 3.4%continued**  |
| &nbsp;&nbsp; Tarrant County Cultural Education <br> Facilities Finance Corp. Hospital <br> Variable Revenue Refunding Bonds, <br> Baylor Scott & White (Barclays Bank <br> PLC LOC),<br>|  |  |
| 2.30%, 4/1/25<sup>(1) (6)</sup> <br>| $5000 | $5000 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $12,175)** | **(Cost $12,175)** | **12154** |
| **Total Investments – 98.8%** | **Total Investments – 98.8%** |  |
| **(Cost $352,577)** | **(Cost $352,577)** | **346987** |
| Other Assets less Liabilities – 1.2% | Other Assets less Liabilities – 1.2% | 4114 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$351101** |

---

<sup>(1)</sup> *Maturity date represents the puttable date.*

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of March 31,* *2025 is disclosed.* 

<sup>(3)</sup> *Maturity date represents the prerefunded date.*

<sup>(4)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(5)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(6)</sup> *Variable or floating rate security. Rate is determined by a remarketing agent* *and, in the agent's judgment, on the basis of prevailing financial markets, will* *be the lowest interest rate necessary to enable the remarketing agent to sell* *the bonds at a price equal to 100% of the principal amount.* 

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AGM - Assured Guaranty Municipal Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| CABS - Capital Appreciation Bonds |
| COPS - Certificates of Participation |
| EDA - Economic Development Authority |
| FHA - Federal Housing Administration |
| G.O. - General Obligation |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |

---

---

| |
|:---|
| HUD - Housing and Urban Development |
| IDA - Industrial Development Authority |
| IDR - Industrial Development Revenue |
| LOC - Letter of Credit |
| MFH - Multi-Family Housing |
| MWRA - Massachusetts Water Resources Authority |
| PFA - Public Finance Authority |
| PSF - Permanent School Fund |
| SonyMA - State of New York Mortgage Agency |
| VA - Veterans Affairs |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $329933 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $329933 |
| Investment Companies | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4900 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 12154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12154 |
| Total Investments | &nbsp;&nbsp; $4900 | &nbsp;&nbsp; $342087 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $346987 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **198** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LIMITED TERM U.S. GOVERNMENT FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 3.7%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 3.7%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 3.7%** <sup>(1)</sup> |
| **Fannie Mae – 0.5%** | **Fannie Mae – 0.5%** | **Fannie Mae – 0.5%** |
| Pool #555649, |  |  |
| 7.50%, 10/1/32 | $6 | $6 |
| Pool #BH9277, |  |  |
| 3.50%, 2/1/48 | 107 | 98 |
|  |  | **104** |
| **Freddie Mac – 1.1%** | **Freddie Mac – 1.1%** | **Freddie Mac – 1.1%** |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | 84 | 85 |
| Pool #SD1360, |  |  |
| 5.50%, 7/1/52 | 92 | 92 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 82 | 83 |
| Pool #ZS7735, |  |  |
| 2.00%, 1/1/32 | 2 | 2 |
|  |  | **262** |
| **Freddie Mac Gold – 0.5%** | **Freddie Mac Gold – 0.5%** | **Freddie Mac Gold – 0.5%** |
| Pool #D99701, |  |  |
| 3.00%, 11/1/32 | 115 | **111** |
| **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** | **Government National Mortgage Association – 0.3%** |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| 2.50%, 8/20/46 | 79 | **73** |
| **Government National Mortgage Association I – 0.0%** | **Government National Mortgage Association I – 0.0%** | **Government National Mortgage Association I – 0.0%** |
| Pool #676682, |  |  |
| 4.50%, 6/15/25 | 1 | **1** |
| **Sovereign Agencies – 1.3%** | **Sovereign Agencies – 1.3%** | **Sovereign Agencies – 1.3%** |
| Resolution Funding Corp. Interest Strip, |  |  |
| 0.00%, 10/15/28<sup>(2)</sup> <br>| 357 | **310** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $886)** |  | **861** |
| **U.S. GOVERNMENT OBLIGATIONS – 93.5%**  | **U.S. GOVERNMENT OBLIGATIONS – 93.5%**  | **U.S. GOVERNMENT OBLIGATIONS – 93.5%**  |
| **U.S. Treasury Bonds – 0.0%** | **U.S. Treasury Bonds – 0.0%** | **U.S. Treasury Bonds – 0.0%** |
| 6.00%, 2/15/26<sup>(3)</sup> <br>| 10 | **10** |
| **U.S. Treasury Inflation Indexed Notes – 1.6%** | **U.S. Treasury Inflation Indexed Notes – 1.6%** | **U.S. Treasury Inflation Indexed Notes – 1.6%** |
| 0.13%, 4/15/26 | 153 | 184 |
| 0.13%, 4/15/27 | 166 | 184 |
|  |  | **368** |
| **U.S. Treasury Notes – 91.9%** | **U.S. Treasury Notes – 91.9%** | **U.S. Treasury Notes – 91.9%** |
| 2.13%, 5/31/26 | 99 | 97 |
| 1.88%, 6/30/26 | 100 | 97 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 93.5%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 93.5%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 93.5%continued**  |
| **U.S. Treasury Notes – 91.9%continued** | **U.S. Treasury Notes – 91.9%continued** | **U.S. Treasury Notes – 91.9%continued** |
| 0.63%, 7/31/26 | $486 | $465 |
| 1.88%, 7/31/26 | 551 | 536 |
| 4.38%, 7/31/26<sup>(3)</sup> <br>| 250 | 251 |
| 1.50%, 8/15/26 | 500 | 484 |
| 4.38%, 8/15/26 | 500 | 503 |
| 0.75%, 8/31/26 | 432 | 413 |
| 0.88%, 9/30/26 | 487 | 465 |
| 3.50%, 9/30/26 | 100 | 99 |
| 4.63%, 10/15/26 | 500 | 505 |
| 4.13%, 10/31/26 | 100 | 100 |
| 4.63%, 11/15/26 | 1250 | 1263 |
| 4.38%, 12/15/26 | 200 | 201 |
| 4.25%, 12/31/26 | 800 | 804 |
| 4.13%, 2/15/27 | 250 | 251 |
| 4.13%, 2/28/27 | 300 | 301 |
| 4.25%, 3/15/27 | 250 | 252 |
| 3.88%, 3/31/27 | 700 | 700 |
| 4.50%, 4/15/27 | 300 | 304 |
| 4.63%, 6/15/27 | 250 | 254 |
| 3.88%, 11/30/27 | 1404 | 1403 |
| 4.00%, 2/29/28 | 2025 | 2031 |
| 3.63%, 3/31/28 | 850 | 844 |
| 3.63%, 5/31/28 | 975 | 967 |
| 4.38%, 8/31/28 | 400 | 406 |
| 4.38%, 11/30/28 | 350 | 356 |
| 3.75%, 12/31/28 | 250 | 249 |
| 4.00%, 1/31/29 | 250 | 251 |
| 4.25%, 2/28/29 | 200 | 202 |
| 4.13%, 3/31/29 | 300 | 302 |
| 2.88%, 4/30/29 | 250 | 240 |
| 4.63%, 4/30/29 | 300 | 308 |
| 4.50%, 5/31/29 | 150 | 153 |
| 4.25%, 6/30/29 | 300 | 304 |
| 4.00%, 7/31/29 | 450 | 451 |
| 3.63%, 8/31/29 | 475 | 469 |
| 3.50%, 9/30/29 | 275 | 270 |
| 4.13%, 10/31/29 | 300 | 302 |
| 4.13%, 11/30/29 | 650 | 655 |
| 4.38%, 12/31/29 | 250 | 255 |
| 4.25%, 1/31/30 | 225 | 228 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **199** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **LIMITED TERM U.S. GOVERNMENT FUND continued**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 93.5%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 93.5%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 93.5%continued**  |
| **U.S. Treasury Notes – 91.9%continued** | **U.S. Treasury Notes – 91.9%continued** | **U.S. Treasury Notes – 91.9%continued** |
| 4.00%, 2/28/30 | $2400 | $2405 |
| 4.00%, 3/31/30 | 200 | 200 |
|  |  | **21596** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $22,001)** |  | **21974** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 3.8%**  | **INVESTMENT COMPANIES – 3.8%**  | **INVESTMENT COMPANIES – 3.8%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(4) (5)</sup> <br>| 899272 | $899 |
| **Total Investment Companies** |  |  |
| **(Cost $899)** |  | **899** |
| **Total Investments – 101.0%** | **Total Investments – 101.0%** |  |
| **(Cost $23,786)** | **(Cost $23,786)** | **23734** |
| Liabilities less Other Assets – (1.0%) | Liabilities less Other Assets – (1.0%) | (243)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$23491** |

---

<sup>(1)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(2)</sup> *Discount rate at the time of purchase.*

<sup>(3)</sup> *All or a portion of this security has been pledged as collateral to cover* *margin requirements for open futures contracts.* 

<sup>(4)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(5)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |

---

*Percentages shown are based on Net Assets.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| (9)<br>| $(1865)<br>| Short | 6/25 | $(3)<br>|
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| 16 | 1731 | Long | 6/25 | 10 |
| Total |  |  |  |  | $7 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $861 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $861 |
| U.S. Government Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 21974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21974 |
| Investment Companies | &nbsp;&nbsp; 899 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 899 |
| Total Investments | &nbsp;&nbsp; $899 | &nbsp;&nbsp; $22835 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23734 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10 |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
| Total Other Financial Instruments | &nbsp;&nbsp; $7 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **200** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CONVERTIBLE BONDS – 0.3%**  | **CONVERTIBLE BONDS – 0.3%**  | **CONVERTIBLE BONDS – 0.3%**  |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| FirstEnergy Corp., |  |  |
| 4.00%, 5/1/26  | $143 | $145 |
| Southern (The) Co., |  |  |
| 4.50%, 6/15/27 <sup>(1)</sup> <br>| 46 | 50 |
| XPLR Infrastructure L.P., |  |  |
| 2.50%, 6/15/26 <sup>(1)</sup> <br>| 64 | 61 |
|  |  | **256** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| Meritage Homes Corp., |  |  |
| 1.75%, 5/15/28<sup>(1)</sup> <br>| 79 | **77** |
| **Real Estate Investment Trusts – 0.0%** | **Real Estate Investment Trusts – 0.0%** | **Real Estate Investment Trusts – 0.0%** |
| Digital Realty Trust L.P., |  |  |
| 1.88%, 11/15/29 <sup>(1)</sup> <br>| 16 | 16 |
| Pebblebrook Hotel Trust, |  |  |
| 1.75%, 12/15/26  | 2 | 2 |
|  |  | **18** |
| **Semiconductors – 0.1%** | **Semiconductors – 0.1%** | **Semiconductors – 0.1%** |
| MKS Instruments, Inc., |  |  |
| 1.25%, 6/1/30 <sup>(1)</sup> <br>| 85 | 77 |
| ON Semiconductor Corp., |  |  |
| 0.50%, 3/1/29  | 48 | 41 |
|  |  | **118** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| Global Payments, Inc., |  |  |
| 1.50%, 3/1/31 | 90 | **85** |
| **Total Convertible Bonds** |  |  |
| **(Cost $574)** |  | **554** |
| **CORPORATE BONDS – 78.4%**  | **CORPORATE BONDS – 78.4%**  | **CORPORATE BONDS – 78.4%**  |
| **Advertising & Marketing – 0.3%** | **Advertising & Marketing – 0.3%** | **Advertising & Marketing – 0.3%** |
| Neptune Bidco U.S., Inc., |  |  |
| 9.29%, 4/15/29 <sup>(1)</sup> <br>| 257 | 223 |
| &nbsp;&nbsp; Outfront Media Capital LLC/Outfront <br> Media Capital Corp.,<br>|  |  |
| 5.00%, 8/15/27 <sup>(1)</sup> <br>| 219 | 215 |
| 4.25%, 1/15/29 <sup>(1)</sup> <br>| 99 | 92 |
| 4.63%, 3/15/30 <sup>(1)</sup> <br>| 104 | 95 |
|  |  | **625** |
| **Aerospace & Defense – 2.6%** | **Aerospace & Defense – 2.6%** | **Aerospace & Defense – 2.6%** |
| AAR Escrow Issuer LLC, |  |  |
| 6.75%, 3/15/29 <sup>(1)</sup> <br>| 68 | 69 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Aerospace & Defense – 2.6%continued** | **Aerospace & Defense – 2.6%continued** | **Aerospace & Defense – 2.6%continued** |
| Boeing (The) Co., |  |  |
| 6.53%, 5/1/34  | $25 | $27 |
| 6.86%, 5/1/54  | 75 | 82 |
| 7.01%, 5/1/64  | 25 | 27 |
| Goat Holdco LLC, |  |  |
| 6.75%, 2/1/32 <sup>(1)</sup> <br>| 432 | 423 |
| Howmet Aerospace, Inc., |  |  |
| 5.95%, 2/1/37  | 25 | 26 |
| Spirit AeroSystems, Inc., |  |  |
| 4.60%, 6/15/28  | 75 | 72 |
| 9.38%, 11/30/29 <sup>(1)</sup> <br>| 178 | 190 |
| 9.75%, 11/15/30 <sup>(1)</sup> <br>| 176 | 194 |
| TransDigm, Inc., |  |  |
| 5.50%, 11/15/27  | 425 | 420 |
| 6.75%, 8/15/28 <sup>(1)</sup> <br>| 147 | 149 |
| 4.63%, 1/15/29  | 75 | 71 |
| 6.38%, 3/1/29 <sup>(1)</sup> <br>| 352 | 356 |
| 4.88%, 5/1/29  | 890 | 845 |
| 6.88%, 12/15/30 <sup>(1)</sup> <br>| 370 | 378 |
| 7.13%, 12/1/31 <sup>(1)</sup> <br>| 150 | 154 |
| 6.63%, 3/1/32 <sup>(1)</sup> <br>| 650 | 658 |
| 6.00%, 1/15/33 <sup>(1)</sup> <br>| 312 | 307 |
| Triumph Group, Inc., |  |  |
| 9.00%, 3/15/28 <sup>(1)</sup> <br>| 169 | 178 |
|  |  | **4626** |
| **Apparel & Textile Products – 0.2%** | **Apparel & Textile Products – 0.2%** | **Apparel & Textile Products – 0.2%** |
| Champ Acquisition Corp., |  |  |
| 8.38%, 12/1/31 <sup>(1)</sup> <br>| 25 | 26 |
| Crocs, Inc., |  |  |
| 4.25%, 3/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| 4.13%, 8/15/31 <sup>(1)</sup> <br>| 122 | 108 |
| Hanesbrands, Inc., |  |  |
| 9.00%, 2/15/31 <sup>(1)</sup> <br>| 28 | 29 |
| Kontoor Brands, Inc., |  |  |
| 4.13%, 11/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| Levi Strauss & Co., |  |  |
| 3.50%, 3/1/31 <sup>(1)</sup> <br>| 47 | 41 |
| S&S Holdings LLC, |  |  |
| 8.38%, 10/1/31 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **274** |
| **Asset Management – 1.2%** | **Asset Management – 1.2%** | **Asset Management – 1.2%** |
| AG Issuer LLC, |  |  |
| 6.25%, 3/1/28 <sup>(1)</sup> <br>| 50 | 49 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **201** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Asset Management – 1.2%continued** | **Asset Management – 1.2%continued** | **Asset Management – 1.2%continued** |
| AG TTMT Escrow Issuer LLC, |  |  |
| 8.63%, 9/30/27 <sup>(1)</sup> <br>| $25 | $26 |
| Apollo Global Management, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.17%), 6.00%, <br> 12/15/54 <sup>(2)</sup> <br>| 69 | 67 |
| Blackstone Private Credit Fund, |  |  |
| 6.25%, 1/25/31  | 19 | 19 |
| 6.00%, 11/22/34 <sup>(1)</sup> <br>| 135 | 130 |
| Blue Owl Capital Corp. II, |  |  |
| 8.45%, 11/15/26  | 25 | 26 |
| Blue Owl Credit Income Corp., |  |  |
| 7.75%, 9/16/27  | 60 | 63 |
| 6.60%, 9/15/29 <sup>(1)</sup> <br>| 9 | 9 |
| 6.65%, 3/15/31  | 65 | 66 |
| &nbsp;&nbsp; Compass Group Diversified <br> Holdings LLC,<br>|  |  |
| 5.25%, 4/15/29 <sup>(1)</sup> <br>| 96 | 91 |
| 5.00%, 1/15/32 <sup>(1)</sup> <br>| 25 | 22 |
| Focus Financial Partners LLC, |  |  |
| 6.75%, 9/15/31 <sup>(1)</sup> <br>| 881 | 869 |
| &nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.,<br>|  |  |
| 6.38%, 7/1/34 <sup>(1)</sup> <br>| 55 | 54 |
| &nbsp;&nbsp; HAT Holdings I LLC/HAT Holdings <br> II LLC,<br>|  |  |
| 3.38%, 6/15/26 <sup>(1)</sup> <br>| 35 | 34 |
| 8.00%, 6/15/27 <sup>(1)</sup> <br>| 69 | 72 |
| Hightower Holding LLC, |  |  |
| 9.13%, 1/31/30 <sup>(1)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp; Icahn Enterprises L.P./Icahn Enterprises <br> Finance Corp.,<br>|  |  |
| 6.25%, 5/15/26  | 90 | 89 |
| 5.25%, 5/15/27  | 195 | 185 |
| 9.75%, 1/15/29  | 75 | 75 |
| 4.38%, 2/1/29  | 35 | 29 |
| 10.00%, 11/15/29 <sup>(1)</sup> <br>| 112 | 111 |
| 9.00%, 6/15/30  | 50 | 47 |
|  |  | **2159** |
| **Automotive – 1.3%** | **Automotive – 1.3%** | **Automotive – 1.3%** |
| Adient Global Holdings Ltd., |  |  |
| 8.25%, 4/15/31 <sup>(1)</sup> <br>| 25 | 24 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Automotive – 1.3%continued** | **Automotive – 1.3%continued** | **Automotive – 1.3%continued** |
| &nbsp;&nbsp; Clarios Global L.P./Clarios <br> U.S. Finance Co.,<br>|  |  |
| 8.50%, 5/15/27 <sup>(1)</sup> <br>| $165 | $165 |
| 6.75%, 5/15/28 <sup>(1)</sup> <br>| 73 | 74 |
| Dana, Inc., |  |  |
| 4.25%, 9/1/30  | 17 | 16 |
| 4.50%, 2/15/32  | 76 | 69 |
| Dornoch Debt Merger Sub, Inc., |  |  |
| 6.63%, 10/15/29 <sup>(1)</sup> <br>| 1375 | 1046 |
| &nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett <br> LX I S.a.r.l.,<br>|  |  |
| 7.75%, 5/31/32 <sup>(1)</sup> <br>| 50 | 49 |
| Goodyear Tire & Rubber (The) Co., |  |  |
| 5.00%, 7/15/29  | 72 | 67 |
| 5.25%, 4/30/31  | 3 | 3 |
| 5.25%, 7/15/31 <sup>(1)</sup> <br>| 50 | 45 |
| 5.63%, 4/30/33  | 25 | 22 |
| Phinia, Inc., |  |  |
| 6.63%, 10/15/32 <sup>(1)</sup> <br>| 25 | 25 |
| Real Hero Merger Sub 2, Inc., |  |  |
| 6.25%, 2/1/29 <sup>(1)</sup> <br>| 800 | 630 |
| Tenneco, Inc., |  |  |
| 8.00%, 11/17/28 <sup>(1)</sup> <br>| 187 | 178 |
|  |  | **2413** |
| **Banking – 0.1%** | **Banking – 0.1%** | **Banking – 0.1%** |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 7Y + 2.81%), 6.25%, <br> 3/15/30 <sup>(2) (3)</sup> <br>| 125 | 126 |
| Wells Fargo & Co., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.77%), 6.85%, <br> 9/15/29 <sup>(2) (3)</sup> <br>| 39 | 40 |
|  |  | **166** |
| **Basic Industry – 0.3%** | **Basic Industry – 0.3%** | **Basic Industry – 0.3%** |
| Avient Corp., |  |  |
| 6.25%, 11/1/31 <sup>(1)</sup> <br>| 42 | 42 |
| Celanese U.S. Holdings LLC, |  |  |
| 6.50%, 4/15/30  | 37 | 37 |
| 6.75%, 4/15/33  | 36 | 35 |
| Cleveland-Cliffs, Inc., |  |  |
| 7.50%, 9/15/31 <sup>(1)</sup> <br>| 17 | 17 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **202** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Basic Industry – 0.3%continued** | **Basic Industry – 0.3%continued** | **Basic Industry – 0.3%continued** |
| GrafTech Global Enterprises, Inc., |  |  |
| 9.88%, 12/23/29 <sup>(1)</sup> <br>| $81 | $63 |
| Innophos Holdings, Inc., |  |  |
| 11.50%, 6/15/29 <sup>(1)</sup> <br>| 101 | 103 |
| Novelis, Inc., |  |  |
| 6.88%, 1/30/30 <sup>(1)</sup> <br>| 153 | 155 |
| Olin Corp., |  |  |
| 6.63%, 4/1/33 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp; Trinseo Luxco Finance SPV <br> S.a.r.l./Trinseo N.A. Finance <br> SPV LLC,<br>|  |  |
| 7.63%, 5/3/29 <sup>(1) (4)</sup> <br>| 85 | 58 |
|  |  | **558** |
| **Biotechnology & Pharmaceuticals – 0.9%** | **Biotechnology & Pharmaceuticals – 0.9%** | **Biotechnology & Pharmaceuticals – 0.9%** |
| Bausch Health Americas, Inc., |  |  |
| 9.25%, 4/1/26 <sup>(1)</sup> <br>| 50 | 49 |
| 8.50%, 1/31/27 <sup>(1)</sup> <br>| 75 | 71 |
| Bausch Health Cos., Inc., |  |  |
| 5.50%, 11/1/25 <sup>(1)</sup> <br>| 81 | 81 |
| 9.00%, 12/15/25 <sup>(1)</sup> <br>| 25 | 25 |
| 6.13%, 2/1/27 <sup>(1)</sup> <br>| 231 | 234 |
| 5.75%, 8/15/27 <sup>(1)</sup> <br>| 61 | 61 |
| 7.00%, 1/15/28 <sup>(1)</sup> <br>| 25 | 19 |
| 4.88%, 6/1/28 <sup>(1)</sup> <br>| 25 | 20 |
| 11.00%, 9/30/28 <sup>(1)</sup> <br>| 325 | 310 |
| 7.25%, 5/30/29 <sup>(1)</sup> <br>| 50 | 34 |
| 5.25%, 1/30/30 <sup>(1)</sup> <br>| 25 | 15 |
| 5.25%, 2/15/31 <sup>(1)</sup> <br>| 50 | 29 |
| Endo Finance Holdings, Inc., |  |  |
| 8.50%, 4/15/31 <sup>(1)</sup> <br>| 82 | 85 |
| &nbsp;&nbsp; Mallinckrodt International Finance <br> S.A./Mallinckrodt CB LLC,<br>|  |  |
| 14.75%, 11/14/28 <sup>(1)</sup> <br>| 15 | 16 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt <br> Co-Issuer B.V.,<br>|  |  |
| 5.13%, 4/30/31 <sup>(1)</sup> <br>| 580 | 506 |
| &nbsp;&nbsp; P&L Development LLC/PLD Finance <br> Corp.,<br>|  |  |
| 12.00%, 5/15/29 <sup>(1) (4)</sup> <br>| 39 | 40 |
|  |  | **1595** |
| **Cable & Satellite – 3.6%** | **Cable & Satellite – 3.6%** | **Cable & Satellite – 3.6%** |
| Cable One, Inc., |  |  |
| 4.00%, 11/15/30 <sup>(1)</sup> <br>| 95 | 75 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Cable & Satellite – 3.6%continued** | **Cable & Satellite – 3.6%continued** | **Cable & Satellite – 3.6%continued** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.,<br>|  |  |
| 5.13%, 5/1/27 <sup>(1)</sup> <br>| $25 | $25 |
| 5.38%, 6/1/29 <sup>(1)</sup> <br>| 33 | 32 |
| 6.38%, 9/1/29 <sup>(1)</sup> <br>| 385 | 384 |
| 4.75%, 3/1/30 <sup>(1)</sup> <br>| 52 | 48 |
| 4.50%, 8/15/30 <sup>(1)</sup> <br>| 114 | 104 |
| 4.25%, 2/1/31 <sup>(1)</sup> <br>| 182 | 161 |
| 7.38%, 3/1/31 <sup>(1)</sup> <br>| 284 | 289 |
| 4.75%, 2/1/32 <sup>(1)</sup> <br>| 436 | 387 |
| 4.50%, 5/1/32  | 516 | 448 |
| 4.50%, 6/1/33 <sup>(1)</sup> <br>| 742 | 633 |
| 4.25%, 1/15/34 <sup>(1)</sup> <br>| 934 | 768 |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital,<br>|  |  |
| 5.38%, 5/1/47  | 50 | 41 |
| CSC Holdings LLC, |  |  |
| 5.38%, 2/1/28 <sup>(1)</sup> <br>| 200 | 171 |
| 11.25%, 5/15/28 <sup>(1)</sup> <br>| 200 | 193 |
| 11.75%, 1/31/29 <sup>(1)</sup> <br>| 200 | 194 |
| 5.75%, 1/15/30 <sup>(1)</sup> <br>| 275 | 146 |
| 4.50%, 11/15/31 <sup>(1)</sup> <br>| 400 | 290 |
| &nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.,<br>|  |  |
| 5.88%, 8/15/27 <sup>(1)</sup> <br>| 213 | 206 |
| DISH DBS Corp., |  |  |
| 7.75%, 7/1/26  | 75 | 65 |
| 5.25%, 12/1/26 <sup>(1)</sup> <br>| 279 | 256 |
| 7.38%, 7/1/28  | 100 | 71 |
| 5.75%, 12/1/28 <sup>(1)</sup> <br>| 188 | 159 |
| 5.13%, 6/1/29  | 75 | 49 |
| DISH Network Corp., |  |  |
| 11.75%, 11/15/27 <sup>(1)</sup> <br>| 468 | 493 |
| GCI LLC, |  |  |
| 4.75%, 10/15/28 <sup>(1)</sup> <br>| 48 | 44 |
| Midcontinent Communications, |  |  |
| 8.00%, 8/15/32 <sup>(1)</sup> <br>| 120 | 121 |
| &nbsp;&nbsp; Radiate Holdco LLC/Radiate Finance, <br> Inc.,<br>|  |  |
| 4.50%, 9/15/26 <sup>(1)</sup> <br>| 43 | 37 |
| Sirius XM Radio LLC, |  |  |
| 3.13%, 9/1/26 <sup>(1)</sup> <br>| 40 | 39 |
| 5.00%, 8/1/27 <sup>(1)</sup> <br>| 260 | 254 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **203** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Cable & Satellite – 3.6%continued** | **Cable & Satellite – 3.6%continued** | **Cable & Satellite – 3.6%continued** |
| 4.00%, 7/15/28 <sup>(1)</sup> <br>| $125 | $117 |
| 3.88%, 9/1/31 <sup>(1)</sup> <br>| 125 | 107 |
|  |  | **6407** |
| **Capital Goods – 0.8%** | **Capital Goods – 0.8%** | **Capital Goods – 0.8%** |
| Amsted Industries, Inc., |  |  |
| 6.38%, 3/15/33 <sup>(1)</sup> <br>| 50 | 50 |
| Axon Enterprise, Inc., |  |  |
| 6.13%, 3/15/30 <sup>(1)</sup> <br>| 80 | 81 |
| 6.25%, 3/15/33 <sup>(1)</sup> <br>| 94 | 95 |
| Clydesdale Acquisition Holdings, Inc., |  |  |
| 6.88%, 1/15/30 <sup>(1)</sup> <br>| 102 | 103 |
| 6.75%, 4/15/32 <sup>(1)</sup> <br>| 197 | 198 |
| Quikrete Holdings, Inc., |  |  |
| 6.38%, 3/1/32 <sup>(1)</sup> <br>| 368 | 370 |
| 6.75%, 3/1/33 <sup>(1)</sup> <br>| 128 | 127 |
| Vortex Opco LLC, |  |  |
| 8.00%, 4/30/30 <sup>(1)</sup> <br>| 47 | 11 |
| Waste Pro U.S.A., Inc., |  |  |
| 7.00%, 2/1/33 <sup>(1)</sup> <br>| 260 | 261 |
| WESCO Distribution, Inc., |  |  |
| 6.38%, 3/15/33 <sup>(1)</sup> <br>| 52 | 52 |
| Wilsonart LLC, |  |  |
| 11.00%, 8/15/32 <sup>(1)</sup> <br>| 159 | 146 |
|  |  | **1494** |
| **Chemicals – 2.2%** | **Chemicals – 2.2%** | **Chemicals – 2.2%** |
| Avient Corp., |  |  |
| 7.13%, 8/1/30 <sup>(1)</sup> <br>| 50 | 51 |
| Celanese U.S. Holdings LLC, |  |  |
| 6.42%, 7/15/27  | 16 | 16 |
| 6.58%, 7/15/29  | 25 | 26 |
| 6.80%, 11/15/30  | 25 | 26 |
| 6.63%, 7/15/32  | 125 | 128 |
| 6.95%, 11/15/33  | 125 | 131 |
| Chemours (The) Co., |  |  |
| 5.38%, 5/15/27  | 97 | 95 |
| 5.75%, 11/15/28 <sup>(1)</sup> <br>| 254 | 234 |
| 4.63%, 11/15/29 <sup>(1)</sup> <br>| 70 | 60 |
| 8.00%, 1/15/33 <sup>(1)</sup> <br>| 65 | 61 |
| Element Solutions, Inc., |  |  |
| 3.88%, 9/1/28 <sup>(1)</sup> <br>| 195 | 184 |
| Herens Holdco S.a.r.l., |  |  |
| 4.75%, 5/15/28 <sup>(1)</sup> <br>| 200 | 180 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Chemicals – 2.2%continued** | **Chemicals – 2.2%continued** | **Chemicals – 2.2%continued** |
| &nbsp;&nbsp; Illuminate Buyer LLC/Illuminate <br> Holdings IV, Inc.,<br>|  |  |
| 9.00%, 7/1/28 <sup>(1)</sup> <br>| $104 | $103 |
| LSB Industries, Inc., |  |  |
| 6.25%, 10/15/28 <sup>(1)</sup> <br>| 25 | 24 |
| Mativ Holdings, Inc., |  |  |
| 8.00%, 10/1/29 <sup>(1)</sup> <br>| 55 | 47 |
| Methanex U.S. Operations, Inc., |  |  |
| 6.25%, 3/15/32 <sup>(1)</sup> <br>| 68 | 66 |
| Minerals Technologies, Inc., |  |  |
| 5.00%, 7/1/28 <sup>(1)</sup> <br>| 72 | 69 |
| Olin Corp., |  |  |
| 5.63%, 8/1/29  | 75 | 73 |
| Olympus Water U.S. Holding Corp., |  |  |
| 9.75%, 11/15/28 <sup>(1)</sup> <br>| 200 | 208 |
| 6.25%, 10/1/29 <sup>(1)</sup> <br>| 200 | 175 |
| 7.25%, 6/15/31 <sup>(1)</sup> <br>| 200 | 196 |
| SCIH Salt Holdings, Inc., |  |  |
| 6.63%, 5/1/29 <sup>(1)</sup> <br>| 1130 | 1085 |
| SK Invictus Intermediate II S.a.r.l., |  |  |
| 5.00%, 10/30/29 <sup>(1)</sup> <br>| 160 | 150 |
| Tronox, Inc., |  |  |
| 4.63%, 3/15/29 <sup>(1)</sup> <br>| 100 | 86 |
| Windsor Holdings III LLC, |  |  |
| 8.50%, 6/15/30 <sup>(1)</sup> <br>| 50 | 52 |
| WR Grace Holdings LLC, |  |  |
| 4.88%, 6/15/27 <sup>(1)</sup> <br>| 75 | 72 |
| 5.63%, 8/15/29 <sup>(1)</sup> <br>| 332 | 286 |
| 7.38%, 3/1/31 <sup>(1)</sup> <br>| 90 | 90 |
|  |  | **3974** |
| **Commercial Support Services – 1.8%** | **Commercial Support Services – 1.8%** | **Commercial Support Services – 1.8%** |
| ADT Security (The) Corp., |  |  |
| 4.13%, 8/1/29 <sup>(1)</sup> <br>| 50 | 47 |
| 4.88%, 7/15/32 <sup>(1)</sup> <br>| 115 | 107 |
| Allied Universal Holdco LLC, |  |  |
| 7.88%, 2/15/31 <sup>(1)</sup> <br>| 583 | 591 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied <br> Universal Finance Corp.,<br>|  |  |
| 9.75%, 7/15/27 <sup>(1)</sup> <br>| 150 | 151 |
| 6.00%, 6/1/29 <sup>(1)</sup> <br>| 325 | 299 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied <br> Universal Finance Corp./Atlas Luxco <br> 4 S.a.r.l.,<br>|  |  |
| 4.63%, 6/1/28 <sup>(1)</sup> <br>| 185 | 175 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **204** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Commercial Support Services – 1.8%continued** | **Commercial Support Services – 1.8%continued** | **Commercial Support Services – 1.8%continued** |
| AMN Healthcare, Inc., |  |  |
| 4.63%, 10/1/27 <sup>(1)</sup> <br>| $25 | $24 |
| 4.00%, 4/15/29 <sup>(1)</sup> <br>| 100 | 90 |
| Aramark Services, Inc., |  |  |
| 5.00%, 2/1/28 <sup>(1)</sup> <br>| 46 | 45 |
| Brink's (The) Co., |  |  |
| 6.50%, 6/15/29 <sup>(1)</sup> <br>| 50 | 51 |
| 6.75%, 6/15/32 <sup>(1)</sup> <br>| 154 | 156 |
| Clean Harbors, Inc., |  |  |
| 6.38%, 2/1/31 <sup>(1)</sup> <br>| 34 | 34 |
| Deluxe Corp., |  |  |
| 8.13%, 9/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| GEO Group (The), Inc., |  |  |
| 8.63%, 4/15/29  | 25 | 26 |
| 10.25%, 4/15/31  | 125 | 136 |
| GFL Environmental, Inc., |  |  |
| 4.75%, 6/15/29 <sup>(1)</sup> <br>| 106 | 102 |
| 4.38%, 8/15/29 <sup>(1)</sup> <br>| 18 | 17 |
| 6.75%, 1/15/31 <sup>(1)</sup> <br>| 163 | 168 |
| &nbsp;&nbsp; Prime Security Services <br> Borrower LLC/Prime Finance, Inc.,<br>|  |  |
| 6.25%, 1/15/28 <sup>(1)</sup> <br>| 50 | 50 |
| Raven Acquisition Holdings LLC, |  |  |
| 6.88%, 11/15/31 <sup>(1)</sup> <br>| 209 | 203 |
| Reworld Holding Corp., |  |  |
| 5.00%, 9/1/30  | 50 | 46 |
| RR Donnelley & Sons Co., |  |  |
| 9.50%, 8/1/29 <sup>(1)</sup> <br>| 172 | 170 |
| 10.88%, 8/1/29 <sup>(1)</sup> <br>| 25 | 24 |
| RRD Intermediate Holdings, Inc., |  |  |
| 11.00%, 12/1/30 <sup>(1) (4)</sup> <br>| 50 | 45 |
| Sotheby's, |  |  |
| 7.38%, 10/15/27 <sup>(1)</sup> <br>| 200 | 193 |
| TKC Holdings, Inc., |  |  |
| 10.50%, 5/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| WASH Multifamily Acquisition, Inc., |  |  |
| 5.75%, 4/15/26 <sup>(1)</sup> <br>| 50 | 50 |
| Williams Scotsman, Inc., |  |  |
| 4.63%, 8/15/28 <sup>(1)</sup> <br>| 50 | 49 |
| 6.63%, 6/15/29 <sup>(1)</sup> <br>| 33 | 33 |
| 7.38%, 10/1/31 <sup>(1)</sup> <br>| 47 | 48 |
|  |  | **3180** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Communications – 0.5%** | **Communications – 0.5%** | **Communications – 0.5%** |
| &nbsp;&nbsp; Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc.,<br>|  |  |
| 10.00%, 2/15/31 <sup>(1)</sup> <br>| $250 | $240 |
| iHeartCommunications, Inc., |  |  |
| 9.13%, 5/1/29 <sup>(1)</sup> <br>| 21 | 16 |
| 10.88%, 5/1/30 <sup>(1)</sup> <br>| 40 | 20 |
| 7.75%, 8/15/30 <sup>(1)</sup> <br>| 89 | 66 |
| Sinclair Television Group, Inc., |  |  |
| 4.38%, 12/31/32 <sup>(1)</sup> <br>| 25 | 16 |
| 8.13%, 2/15/33 <sup>(1)</sup> <br>| 158 | 156 |
| Snap, Inc., |  |  |
| 6.88%, 3/1/33 <sup>(1)</sup> <br>| 314 | 314 |
|  |  | **828** |
| **Construction Materials – 1.4%** | **Construction Materials – 1.4%** | **Construction Materials – 1.4%** |
| Advanced Drainage Systems, Inc., |  |  |
| 6.38%, 6/15/30 <sup>(1)</sup> <br>| 25 | 25 |
| AmeriTex HoldCo Intermediate LLC, |  |  |
| 10.25%, 10/15/28 <sup>(1)</sup> <br>| 370 | 380 |
| Knife River Corp., |  |  |
| 7.75%, 5/1/31 <sup>(1)</sup> <br>| 25 | 26 |
| New Enterprise Stone & Lime Co., Inc., |  |  |
| 5.25%, 7/15/28 <sup>(1)</sup> <br>| 69 | 67 |
| 9.75%, 7/15/28 <sup>(1)</sup> <br>| 138 | 139 |
| &nbsp;&nbsp; Oscar AcquisitionCo LLC/Oscar <br> Finance, Inc.,<br>|  |  |
| 9.50%, 4/15/30 <sup>(1)</sup> <br>| 1240 | 1113 |
| Smyrna Ready Mix Concrete LLC, |  |  |
| 6.00%, 11/1/28 <sup>(1)</sup> <br>| 151 | 147 |
| 8.88%, 11/15/31 <sup>(1)</sup> <br>| 232 | 240 |
| Standard Building Solutions, Inc., |  |  |
| 6.50%, 8/15/32 <sup>(1)</sup> <br>| 200 | 200 |
| Standard Industries, Inc., |  |  |
| 4.75%, 1/15/28 <sup>(1)</sup> <br>| 25 | 24 |
| 4.38%, 7/15/30 <sup>(1)</sup> <br>| 150 | 139 |
| 3.38%, 1/15/31 <sup>(1)</sup> <br>| 28 | 24 |
|  |  | **2524** |
| **Consumer Cyclical – 0.6%** | **Consumer Cyclical – 0.6%** | **Consumer Cyclical – 0.6%** |
| Carnival Corp., |  |  |
| 6.13%, 2/15/33 <sup>(1)</sup> <br>| 283 | 279 |
| &nbsp;&nbsp; Clarios Global L.P./Clarios <br> U.S. Finance Co.,<br>|  |  |
| 6.75%, 2/15/30 <sup>(1)</sup> <br>| 106 | 107 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **205** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Consumer Cyclical – 0.6%continued** | **Consumer Cyclical – 0.6%continued** | **Consumer Cyclical – 0.6%continued** |
| EZCORP, Inc., |  |  |
| 7.38%, 4/1/32 <sup>(1)</sup> <br>| $145 | $147 |
| Group 1 Automotive, Inc., |  |  |
| 6.38%, 1/15/30 <sup>(1)</sup> <br>| 51 | 51 |
| &nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS <br> Digital Entertainment Holdings LLC,<br>|  |  |
| 4/15/30 <sup>(1) (5)</sup> <br>| 60 | 59 |
| NCL Corp. Ltd., |  |  |
| 6.75%, 2/1/32 <sup>(1)</sup> <br>| 211 | 209 |
| Rite Aid Corp., |  |  |
| 0.00%, 11/15/26 <sup>(1) (6)</sup> <br>| 3 | 3 |
| 11.32%, 8/30/31 <sup>(4)</sup> <br>| 4 | 3 |
| 15.00%, 8/30/31 <sup>(4)</sup> <br>| 12 | 5 |
| 15.00%, 8/30/31 <sup>(1) (4)</sup> <br>| 9 | 1 |
| Rite Aid Dip Noteholder Trust, |  |  |
| 0.00%, 5/21/28 <sup>(6) (7)</sup> <br>| 4 | 6 |
| &nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers <br> Enterprise Finance Corp.,<br>|  |  |
| 6.63%, 2/1/33 <sup>(1)</sup> <br>| 59 | 58 |
| Saks Global Enterprises LLC, |  |  |
| 11.00%, 12/15/29 <sup>(1)</sup> <br>| 125 | 101 |
|  |  | **1029** |
| **Consumer Non-Cyclical – 1.0%** | **Consumer Non-Cyclical – 1.0%** | **Consumer Non-Cyclical – 1.0%** |
| 1261229 B.C. Ltd., |  |  |
| 4/15/32 <sup>(1) (5)</sup> <br>| 486 | 483 |
| AbbVie, Inc., |  |  |
| 5.20%, 3/15/35  | 25 | 25 |
| 5.60%, 3/15/55  | 25 | 25 |
| Acadia Healthcare Co., Inc., |  |  |
| 7.38%, 3/15/33 <sup>(1)</sup> <br>| 792 | 791 |
| &nbsp;&nbsp; Albertsons Cos., Inc./Safeway, <br> Inc./New Albertsons <br> L.P./Albertsons LLC,<br>|  |  |
| 6.25%, 3/15/33 <sup>(1)</sup> <br>| 73 | 74 |
| Insulet Corp., |  |  |
| 6.50%, 4/1/33 <sup>(1)</sup> <br>| 72 | 73 |
| LifePoint Health, Inc., |  |  |
| 8.38%, 2/15/32 <sup>(1)</sup> <br>| 112 | 113 |
| MPH Acquisition Holdings LLC, |  |  |
| 5.75%, 12/31/30 <sup>(1)</sup> <br>| 34 | 25 |
| 11.50%, 12/31/30 <sup>(1) (4)</sup> <br>| 24 | 21 |
| 6.75%, 3/31/31 <sup>(1) (4)</sup> <br>| 58 | 35 |
| Prime Healthcare Services, Inc., |  |  |
| 9.38%, 9/1/29 <sup>(1)</sup> <br>| 53 | 50 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Consumer Non-Cyclical – 1.0%continued** | **Consumer Non-Cyclical – 1.0%continued** | **Consumer Non-Cyclical – 1.0%continued** |
| &nbsp;&nbsp; Primo Water Holdings, Inc./Triton <br> Water Holdings, Inc.,<br>|  |  |
| 6.25%, 4/1/29 <sup>(1)</sup> <br>| $50 | $50 |
| 4.38%, 4/30/29 <sup>(1)</sup> <br>| 100 | 96 |
|  |  | **1861** |
| **Consumer Services – 0.3%** | **Consumer Services – 0.3%** | **Consumer Services – 0.3%** |
| Adtalem Global Education, Inc., |  |  |
| 5.50%, 3/1/28 <sup>(1)</sup> <br>| 40 | 39 |
| Carriage Services, Inc., |  |  |
| 4.25%, 5/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| Matthews International Corp., |  |  |
| 8.63%, 10/1/27 <sup>(1)</sup> <br>| 50 | 52 |
| Service Corp. International, |  |  |
| 4.63%, 12/15/27  | 25 | 24 |
| 3.38%, 8/15/30  | 25 | 22 |
| 4.00%, 5/15/31  | 140 | 127 |
| 5.75%, 10/15/32  | 262 | 258 |
|  |  | **545** |
| **Containers & Packaging – 1.7%** | **Containers & Packaging – 1.7%** | **Containers & Packaging – 1.7%** |
| &nbsp;&nbsp; Ardagh Metal Packaging Finance <br> U.S.A. LLC/Ardagh Metal Packaging <br> Finance PLC,<br>|  |  |
| 3.25%, 9/1/28 <sup>(1)</sup> <br>| 630 | 565 |
| 4.00%, 9/1/29 <sup>(1)</sup> <br>| 280 | 238 |
| &nbsp;&nbsp; Ardagh Packaging Finance <br> PLC/Ardagh Holdings U.S.A., Inc.,<br>|  |  |
| 2.13%, 8/15/26 [EUR]<sup>(8)</sup> <br>| 100 | 100 |
| 4.13%, 8/15/26 <sup>(1)</sup> <br>| 200 | 184 |
| Ball Corp., |  |  |
| 6.88%, 3/15/28  | 75 | 77 |
| 6.00%, 6/15/29  | 25 | 25 |
| 3.13%, 9/15/31  | 50 | 43 |
| Berry Global, Inc., |  |  |
| 4.50%, 2/15/26 <sup>(1)</sup> <br>| 25 | 25 |
| 5.63%, 7/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| Clydesdale Acquisition Holdings, Inc., |  |  |
| 6.63%, 4/15/29 <sup>(1)</sup> <br>| 77 | 77 |
| 8.75%, 4/15/30 <sup>(1)</sup> <br>| 184 | 187 |
| Crown Americas LLC, |  |  |
| 5.25%, 4/1/30  | 75 | 73 |
| &nbsp;&nbsp; Crown Americas LLC/Crown Americas <br> Capital Corp. VI,<br>|  |  |
| 4.75%, 2/1/26  | 25 | 25 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **206** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Containers & Packaging – 1.7%continued** | **Containers & Packaging – 1.7%continued** | **Containers & Packaging – 1.7%continued** |
| Graphic Packaging International LLC, |  |  |
| 6.38%, 7/15/32 <sup>(1)</sup> <br>| $25 | $25 |
| LABL, Inc., |  |  |
| 5.88%, 11/1/28 <sup>(1)</sup> <br>| 38 | 30 |
| 9.50%, 11/1/28 <sup>(1)</sup> <br>| 120 | 101 |
| 8.63%, 10/1/31 <sup>(1)</sup> <br>| 43 | 32 |
| &nbsp;&nbsp; Mauser Packaging Solutions Holding <br> Co.,<br>|  |  |
| 7.88%, 4/15/27 <sup>(1)</sup> <br>| 498 | 488 |
| 9.25%, 4/15/27 <sup>(1)</sup> <br>| 40 | 38 |
| OI European Group B.V., |  |  |
| 4.75%, 2/15/30 <sup>(1)</sup> <br>| 100 | 92 |
| Owens-Brockway Glass Container, Inc., |  |  |
| 6.63%, 5/13/27 <sup>(1)</sup> <br>| 144 | 143 |
| 7.25%, 5/15/31 <sup>(1)</sup> <br>| 25 | 24 |
| Sealed Air Corp., |  |  |
| 4.00%, 12/1/27 <sup>(1)</sup> <br>| 65 | 63 |
| 5.00%, 4/15/29 <sup>(1)</sup> <br>| 50 | 49 |
| 6.50%, 7/15/32 <sup>(1)</sup> <br>| 63 | 64 |
| &nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. <br> U.S.,<br>|  |  |
| 6.13%, 2/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| 7.25%, 2/15/31 <sup>(1)</sup> <br>| 29 | 30 |
| Silgan Holdings, Inc., |  |  |
| 4.13%, 2/1/28  | 25 | 24 |
| Trident TPI Holdings, Inc., |  |  |
| 12.75%, 12/31/28 <sup>(1)</sup> <br>| 61 | 65 |
| TriMas Corp., |  |  |
| 4.13%, 4/15/29 <sup>(1)</sup> <br>| 50 | 46 |
|  |  | **2983** |
| **Electric – 0.1%** | **Electric – 0.1%** | **Electric – 0.1%** |
| Long Ridge Energy LLC, |  |  |
| 8.75%, 2/15/32 <sup>(1)</sup> <br>| 25 | 24 |
| NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.05%), 6.38%, <br> 8/15/55 <sup>(2)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp; XPLR Infrastructure Operating Partners <br> L.P.,<br>|  |  |
| 8.38%, 1/15/31 <sup>(1)</sup> <br>| 159 | 157 |
| 8.63%, 3/15/33 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **255** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** | **Electric Utilities – 1.9%** |
| AES (The) Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.20%), 7.60%, <br> 1/15/55 <sup>(2)</sup> <br>| $107 | $108 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.89%), 6.95%, <br> 7/15/55 <sup>(2)</sup> <br>| 25 | 24 |
| Alpha Generation LLC, |  |  |
| 6.75%, 10/15/32 <sup>(1)</sup> <br>| 125 | 125 |
| American Electric Power Co., Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 0.00%), 6.95%, <br> 12/15/54 <sup>(2)</sup> <br>| 25 | 26 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 0.00%), 7.05%, <br> 12/15/54 <sup>(2)</sup> <br>| 25 | 25 |
| Calpine Corp., |  |  |
| 5.13%, 3/15/28 <sup>(1)</sup> <br>| 75 | 74 |
| 4.63%, 2/1/29 <sup>(1)</sup> <br>| 25 | 24 |
| 5.00%, 2/1/31 <sup>(1)</sup> <br>| 175 | 167 |
| CenterPoint Energy, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.95%), 6.85%, <br> 2/15/55 <sup>(2)</sup> <br>| 27 | 27 |
| Clearway Energy Operating LLC, |  |  |
| 3.75%, 1/15/32 <sup>(1)</sup> <br>| 67 | 57 |
| Dominion Energy, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.21%), 6.63%, <br> 5/15/55 <sup>(2)</sup> <br>| 15 | 15 |
| Duke Energy Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.59%), 6.45%, <br> 9/1/54 <sup>(2)</sup> <br>| 40 | 40 |
| Edison International, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.70%), 5.38%, <br> 3/15/26 <sup>(2) (3)</sup> <br>| 178 | 170 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.66%), 7.88%, <br> 6/15/54 <sup>(2)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp; Leeward Renewable Energy <br> Operations LLC,<br>|  |  |
| 4.25%, 7/1/29 <sup>(1)</sup> <br>| 25 | 22 |
| Lightning Power LLC, |  |  |
| 7.25%, 8/15/32 <sup>(1)</sup> <br>| 143 | 147 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **207** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** | **Electric Utilities – 1.9%continued** |
| NextEra Energy Capital Holdings, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.46%), 6.75%, <br> 6/15/54 <sup>(2)</sup> <br>| $41 | $42 |
| NRG Energy, Inc., |  |  |
| 5.75%, 1/15/28  | 25 | 25 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.92%), 10.25%, <br> 3/15/28 <sup>(1) (2) (3)</sup> <br>| 179 | 197 |
| 5.25%, 6/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| 5.75%, 7/15/29 <sup>(1)</sup> <br>| 149 | 146 |
| 3.88%, 2/15/32 <sup>(1)</sup> <br>| 50 | 44 |
| 6.00%, 2/1/33 <sup>(1)</sup> <br>| 247 | 240 |
| 7.00%, 3/15/33 <sup>(1)</sup> <br>| 50 | 54 |
| 6.25%, 11/1/34 <sup>(1)</sup> <br>| 183 | 180 |
| &nbsp;&nbsp; Pattern Energy Operations L.P./Pattern <br> Energy Operations, Inc.,<br>|  |  |
| 4.50%, 8/15/28 <sup>(1)</sup> <br>| 8 | 7 |
| PG&E Corp., |  |  |
| 5.00%, 7/1/28  | 50 | 49 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.88%), 7.38%, <br> 3/15/55 <sup>(2)</sup> <br>| 50 | 49 |
| Talen Energy Supply LLC, |  |  |
| 8.63%, 6/1/30 <sup>(1)</sup> <br>| 75 | 80 |
| TerraForm Power Operating LLC, |  |  |
| 5.00%, 1/31/28 <sup>(1)</sup> <br>| 50 | 48 |
| 4.75%, 1/15/30 <sup>(1)</sup> <br>| 50 | 46 |
| Vistra Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 6.93%), 8.00%, <br> 10/15/26 <sup>(1) (2) (3)</sup> <br>| 136 | 140 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.74%), 7.00%, <br> 12/15/26 <sup>(1) (2) (3)</sup> <br>| 308 | 312 |
| Vistra Operations Co. LLC, |  |  |
| 5.50%, 9/1/26 <sup>(1)</sup> <br>| 100 | 100 |
| 5.63%, 2/15/27 <sup>(1)</sup> <br>| 100 | 100 |
| 5.00%, 7/31/27 <sup>(1)</sup> <br>| 100 | 99 |
| 4.38%, 5/1/29 <sup>(1)</sup> <br>| 50 | 48 |
| 7.75%, 10/15/31 <sup>(1)</sup> <br>| 127 | 133 |
| 6.88%, 4/15/32 <sup>(1)</sup> <br>| 156 | 159 |
|  |  | **3421** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Electrical Equipment – 0.9%** | **Electrical Equipment – 0.9%** | **Electrical Equipment – 0.9%** |
| BWX Technologies, Inc., |  |  |
| 4.13%, 6/30/28 <sup>(1)</sup> <br>| $11 | $10 |
| 4.13%, 4/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp; EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc.,<br>|  |  |
| 6.63%, 12/15/30 <sup>(1)</sup> <br>| 838 | 838 |
| 6.75%, 7/15/31 <sup>(1)</sup> <br>| 154 | 155 |
| Gates Corp., |  |  |
| 6.88%, 7/1/29 <sup>(1)</sup> <br>| 84 | 86 |
| Sensata Technologies B.V., |  |  |
| 4.00%, 4/15/29 <sup>(1)</sup> <br>| 310 | 285 |
| Sensata Technologies, Inc., |  |  |
| 4.38%, 2/15/30 <sup>(1)</sup> <br>| 14 | 13 |
| 3.75%, 2/15/31 <sup>(1)</sup> <br>| 119 | 104 |
| Vertiv Group Corp., |  |  |
| 4.13%, 11/15/28 <sup>(1)</sup> <br>| 75 | 71 |
| WESCO Distribution, Inc., |  |  |
| 6.63%, 3/15/32 <sup>(1)</sup> <br>| 38 | 39 |
|  |  | **1624** |
| **Energy – 0.3%** | **Energy – 0.3%** | **Energy – 0.3%** |
| &nbsp;&nbsp; Aethon United BR L.P./Aethon United <br> Finance Corp.,<br>|  |  |
| 7.50%, 10/1/29 <sup>(1)</sup> <br>| 101 | 103 |
| Aris Water Holdings LLC, |  |  |
| 7.25%, 4/1/30 <sup>(1)</sup> <br>| 25 | 25 |
| Buckeye Partners L.P., |  |  |
| 6.75%, 2/1/30 <sup>(1)</sup> <br>| 43 | 44 |
| Chord Energy Corp., |  |  |
| 6.75%, 3/15/33 <sup>(1)</sup> <br>| 35 | 35 |
| &nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.,<br>|  |  |
| 7.25%, 2/15/35 <sup>(1)</sup> <br>| 53 | 51 |
| Kimmeridge Texas Gas LLC, |  |  |
| 8.50%, 2/15/30 <sup>(1)</sup> <br>| 128 | 128 |
| Matador Resources Co., |  |  |
| 6.25%, 4/15/33 <sup>(1)</sup> <br>| 25 | 24 |
| Sunoco L.P., |  |  |
| 6.25%, 7/1/33 <sup>(1)</sup> <br>| 108 | 108 |
| TransMontaigne Partners LLC, |  |  |
| 8.50%, 6/15/30 <sup>(1)</sup> <br>| 37 | 37 |
|  |  | **555** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **208** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** |
| Arcosa, Inc., |  |  |
| 4.38%, 4/15/29 <sup>(1)</sup> <br>| $50 | $47 |
| 6.88%, 8/15/32 <sup>(1)</sup> <br>| 25 | 25 |
| Brand Industrial Services, Inc., |  |  |
| 10.38%, 8/1/30 <sup>(1)</sup> <br>| 382 | 364 |
| Dycom Industries, Inc., |  |  |
| 4.50%, 4/15/29 <sup>(1)</sup> <br>| 42 | 39 |
| Installed Building Products, Inc., |  |  |
| 5.75%, 2/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| Pike Corp., |  |  |
| 8.63%, 1/31/31 <sup>(1)</sup> <br>| 46 | 49 |
| TopBuild Corp., |  |  |
| 4.13%, 2/15/32 <sup>(1)</sup> <br>| 25 | 22 |
|  |  | **571** |
| **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** | **Entertainment Content – 0.5%** |
| AMC Networks, Inc., |  |  |
| 4.25%, 2/15/29  | 75 | 56 |
| Lions Gate Capital Holdings 1, Inc., |  |  |
| 5.50%, 4/15/29 <sup>(1)</sup> <br>| 66 | 61 |
| Lions Gate Capital Holdings LLC, |  |  |
| 5.50%, 4/15/29 <sup>(1)</sup> <br>| 50 | 41 |
| Playtika Holding Corp., |  |  |
| 4.25%, 3/15/29 <sup>(1)</sup> <br>| 96 | 84 |
| TEGNA, Inc., |  |  |
| 5.00%, 9/15/29  | 25 | 23 |
| Univision Communications, Inc., |  |  |
| 6.63%, 6/1/27 <sup>(1)</sup> <br>| 89 | 88 |
| 8.00%, 8/15/28 <sup>(1)</sup> <br>| 194 | 195 |
| 4.50%, 5/1/29 <sup>(1)</sup> <br>| 150 | 133 |
| 7.38%, 6/30/30 <sup>(1)</sup> <br>| 65 | 62 |
| 8.50%, 7/31/31 <sup>(1)</sup> <br>| 178 | 174 |
|  |  | **917** |
| **Finance Companies – 0.4%** | **Finance Companies – 0.4%** | **Finance Companies – 0.4%** |
| Apollo Debt Solutions BDC, |  |  |
| 6.90%, 4/13/29  | 11 | 11 |
| 6.70%, 7/29/31  | 35 | 36 |
| 6.55%, 3/15/32 <sup>(1)</sup> <br>| 25 | 25 |
| Ares Capital Corp., |  |  |
| 5.80%, 3/8/32  | 15 | 15 |
| Bain Capital Specialty Finance, Inc., |  |  |
| 5.95%, 3/15/30  | 15 | 15 |
| Blue Owl Technology Finance Corp., |  |  |
| 6.75%, 4/4/29  | 14 | 14 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Finance Companies – 0.4%continued** | **Finance Companies – 0.4%continued** | **Finance Companies – 0.4%continued** |
| Bread Financial Holdings, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.30%), 8.38%, <br> 6/15/35 <sup>(1) (2)</sup> <br>| $42 | $41 |
| Freedom Mortgage Holdings LLC, |  |  |
| 8.38%, 4/1/32 <sup>(1)</sup> <br>| 42 | 41 |
| Golub Capital Private Credit Fund, |  |  |
| 5.88%, 5/1/30 <sup>(1)</sup> <br>| 20 | 20 |
| HPS Corporate Lending Fund, |  |  |
| 6.75%, 1/30/29  | 26 | 27 |
| OneMain Finance Corp., |  |  |
| 6.75%, 3/15/32  | 182 | 179 |
| PennyMac Financial Services, Inc., |  |  |
| 6.88%, 2/15/33 <sup>(1)</sup> <br>| 115 | 114 |
| Sixth Street Lending Partners, |  |  |
| 6.13%, 7/15/30 <sup>(1)</sup> <br>| 20 | 20 |
| SLM Corp., |  |  |
| 6.50%, 1/31/30  | 63 | 65 |
| Walker & Dunlop, Inc., |  |  |
| 6.63%, 4/1/33 <sup>(1)</sup> <br>| 54 | 54 |
|  |  | **677** |
| **Food – 2.3%** | **Food – 2.3%** | **Food – 2.3%** |
| B&G Foods, Inc., |  |  |
| 8.00%, 9/15/28 <sup>(1)</sup> <br>| 68 | 68 |
| BellRing Brands, Inc., |  |  |
| 7.00%, 3/15/30 <sup>(1)</sup> <br>| 100 | 103 |
| Chobani Holdco II LLC, |  |  |
| 8.75%, 10/1/29 <sup>(1) (4)</sup> <br>| 301 | 327 |
| &nbsp;&nbsp; Chobani LLC/Chobani Finance Corp., <br> Inc.,<br>|  |  |
| 4.63%, 11/15/28 <sup>(1)</sup> <br>| 120 | 116 |
| 7.63%, 7/1/29 <sup>(1)</sup> <br>| 163 | 168 |
| Darling Ingredients, Inc., |  |  |
| 5.25%, 4/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| 6.00%, 6/15/30 <sup>(1)</sup> <br>| 94 | 93 |
| Fiesta Purchaser, Inc., |  |  |
| 7.88%, 3/1/31 <sup>(1)</sup> <br>| 685 | 707 |
| 9.63%, 9/15/32 <sup>(1)</sup> <br>| 442 | 454 |
| &nbsp;&nbsp; Herbalife Nutrition Ltd./HLF Financing, <br> Inc.,<br>|  |  |
| 7.88%, 9/1/25 <sup>(1)</sup> <br>| 29 | 29 |
| &nbsp;&nbsp; HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc.,<br>|  |  |
| 4.88%, 6/1/29 <sup>(1)</sup> <br>| 25 | 19 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **209** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Food – 2.3%continued** | **Food – 2.3%continued** | **Food – 2.3%continued** |
| Lamb Weston Holdings, Inc., |  |  |
| 4.13%, 1/31/30 <sup>(1)</sup> <br>| $25 | $23 |
| 4.38%, 1/31/32 <sup>(1)</sup> <br>| 158 | 144 |
| Pilgrim's Pride Corp., |  |  |
| 6.25%, 7/1/33  | 25 | 26 |
| Post Holdings, Inc., |  |  |
| 5.50%, 12/15/29 <sup>(1)</sup> <br>| 100 | 97 |
| 4.63%, 4/15/30 <sup>(1)</sup> <br>| 50 | 47 |
| 4.50%, 9/15/31 <sup>(1)</sup> <br>| 25 | 23 |
| 6.38%, 3/1/33 <sup>(1)</sup> <br>| 60 | 59 |
| 6.25%, 10/15/34 <sup>(1)</sup> <br>| 489 | 482 |
| &nbsp;&nbsp; Simmons Foods, Inc./Simmons <br> Prepared Foods, Inc./Simmons Pet <br> Food, Inc./Simmons Feed,<br>|  |  |
| 4.63%, 3/1/29 <sup>(1)</sup> <br>| 1234 | 1144 |
| Viking Baked Goods Acquisition Corp., |  |  |
| 8.63%, 11/1/31 <sup>(1)</sup> <br>| 50 | 46 |
|  |  | **4200** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| Domtar Corp., |  |  |
| 6.75%, 10/1/28 <sup>(1)</sup> <br>| 42 | 38 |
| Magnera Corp., |  |  |
| 7.25%, 11/15/31 <sup>(1)</sup> <br>| 27 | 26 |
|  |  | **64** |
| **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** | **Gas & Water Utilities – 0.2%** |
| &nbsp;&nbsp; AmeriGas Partners L.P./AmeriGas <br> Finance Corp.,<br>|  |  |
| 5.75%, 5/20/27  | 100 | 96 |
| Ferrellgas L.P./Ferrellgas Finance Corp., |  |  |
| 5.38%, 4/1/26 <sup>(1)</sup> <br>| 100 | 99 |
| 5.88%, 4/1/29 <sup>(1)</sup> <br>| 100 | 90 |
| &nbsp;&nbsp; Suburban Propane Partners <br> L.P./Suburban Energy Finance Corp.,<br>|  |  |
| 5.00%, 6/1/31 <sup>(1)</sup> <br>| 25 | 23 |
|  |  | **308** |
| **Health Care Facilities & Services – 3.2%** | **Health Care Facilities & Services – 3.2%** | **Health Care Facilities & Services – 3.2%** |
| Acadia Healthcare Co., Inc., |  |  |
| 5.50%, 7/1/28 <sup>(1)</sup> <br>| 50 | 49 |
| AHP Health Partners, Inc., |  |  |
| 5.75%, 7/15/29 <sup>(1)</sup> <br>| 182 | 169 |
| &nbsp;&nbsp; Charles River Laboratories <br> International, Inc.,<br>|  |  |
| 3.75%, 3/15/29 <sup>(1)</sup> <br>| 50 | 46 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Health Care Facilities & Services – 3.2%continued** | **Health Care Facilities & Services – 3.2%continued** | **Health Care Facilities & Services – 3.2%continued** |
| CHS/Community Health Systems, Inc., |  |  |
| 5.63%, 3/15/27 <sup>(1)</sup> <br>| $325 | $310 |
| 8.00%, 12/15/27 <sup>(1)</sup> <br>| 96 | 95 |
| 6.00%, 1/15/29 <sup>(1)</sup> <br>| 149 | 132 |
| 6.88%, 4/15/29 <sup>(1)</sup> <br>| 50 | 32 |
| 6.13%, 4/1/30 <sup>(1)</sup> <br>| 75 | 45 |
| 5.25%, 5/15/30 <sup>(1)</sup> <br>| 309 | 255 |
| 4.75%, 2/15/31 <sup>(1)</sup> <br>| 111 | 88 |
| 10.88%, 1/15/32 <sup>(1)</sup> <br>| 293 | 289 |
| Concentra Escrow Issuer Corp., |  |  |
| 6.88%, 7/15/32 <sup>(1)</sup> <br>| 313 | 319 |
| CVS Health Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.52%), 6.75%, <br> 12/10/54 <sup>(2)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.89%), 7.00%, <br> 3/10/55 <sup>(2)</sup> <br>| 50 | 50 |
| DaVita, Inc., |  |  |
| 4.63%, 6/1/30 <sup>(1)</sup> <br>| 100 | 92 |
| 6.88%, 9/1/32 <sup>(1)</sup> <br>| 34 | 34 |
| Encompass Health Corp., |  |  |
| 4.75%, 2/1/30  | 75 | 72 |
| 4.63%, 4/1/31  | 31 | 29 |
| Fortrea Holdings, Inc., |  |  |
| 7.50%, 7/1/30 <sup>(1)</sup> <br>| 28 | 26 |
| HAH Group Holding Co. LLC, |  |  |
| 9.75%, 10/1/31 <sup>(1)</sup> <br>| 46 | 44 |
| HCA, Inc., |  |  |
| 6.00%, 4/1/54  | 25 | 24 |
| HealthEquity, Inc., |  |  |
| 4.50%, 10/1/29 <sup>(1)</sup> <br>| 107 | 100 |
| LifePoint Health, Inc., |  |  |
| 9.88%, 8/15/30 <sup>(1)</sup> <br>| 55 | 58 |
| 11.00%, 10/15/30 <sup>(1)</sup> <br>| 214 | 233 |
| 10.00%, 6/1/32 <sup>(1)</sup> <br>| 125 | 119 |
| ModivCare, Inc., |  |  |
| 5.00%, 10/1/29 <sup>(1)</sup> <br>| 25 | 7 |
| Molina Healthcare, Inc., |  |  |
| 4.38%, 6/15/28 <sup>(1)</sup> <br>| 75 | 71 |
| 3.88%, 5/15/32 <sup>(1)</sup> <br>| 73 | 64 |
| 6.25%, 1/15/33 <sup>(1)</sup> <br>| 72 | 71 |
| Option Care Health, Inc., |  |  |
| 4.38%, 10/31/29 <sup>(1)</sup> <br>| 38 | 36 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **210** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Health Care Facilities & Services – 3.2%continued** | **Health Care Facilities & Services – 3.2%continued** | **Health Care Facilities & Services – 3.2%continued** |
| Owens & Minor, Inc., |  |  |
| 4.50%, 3/31/29 <sup>(1)</sup> <br>| $50 | $42 |
| Radiology Partners, Inc., |  |  |
| 7.78%, 1/31/29 <sup>(1) (4)</sup> <br>| 46 | 46 |
| Select Medical Corp., |  |  |
| 6.25%, 12/1/32 <sup>(1)</sup> <br>| 25 | 24 |
| Star Parent, Inc., |  |  |
| 9.00%, 10/1/30 <sup>(1)</sup> <br>| 137 | 135 |
| Surgery Center Holdings, Inc., |  |  |
| 7.25%, 4/15/32 <sup>(1)</sup> <br>| 1691 | 1672 |
| Tenet Healthcare Corp., |  |  |
| 6.25%, 2/1/27  | 50 | 50 |
| 5.13%, 11/1/27  | 150 | 148 |
| 6.13%, 10/1/28  | 150 | 149 |
| 4.25%, 6/1/29  | 75 | 71 |
| 4.38%, 1/15/30  | 25 | 24 |
| 6.13%, 6/15/30  | 125 | 124 |
| 6.75%, 5/15/31  | 240 | 243 |
| U.S. Acute Care Solutions LLC, |  |  |
| 9.75%, 5/15/29 <sup>(1)</sup> <br>| 105 | 105 |
|  |  | **5817** |
| **Home & Office Products – 0.2%** | **Home & Office Products – 0.2%** | **Home & Office Products – 0.2%** |
| &nbsp;&nbsp; CD&R Smokey Buyer, Inc./Radio <br> Systems Corp.,<br>|  |  |
| 9.50%, 10/15/29 <sup>(1)</sup> <br>| 34 | 31 |
| Newell Brands, Inc., |  |  |
| 6.38%, 9/15/27  | 25 | 25 |
| 6.63%, 9/15/29  | 50 | 50 |
| 6.38%, 5/15/30  | 25 | 24 |
| 6.63%, 5/15/32  | 25 | 24 |
| 6.88%, 4/1/36  | 25 | 24 |
| 7.00%, 4/1/46  | 25 | 22 |
| Scotts Miracle-Gro (The) Co., |  |  |
| 4.50%, 10/15/29  | 3 | 3 |
| 4.00%, 4/1/31  | 50 | 44 |
| 4.38%, 2/1/32  | 50 | 44 |
| Somnigroup International, Inc., |  |  |
| 4.00%, 4/15/29 <sup>(1)</sup> <br>| 50 | 47 |
| 3.88%, 10/15/31 <sup>(1)</sup> <br>| 25 | 22 |
|  |  | **360** |
| **Home Construction – 1.1%** | **Home Construction – 1.1%** | **Home Construction – 1.1%** |
| Adams Homes, Inc., |  |  |
| 9.25%, 10/15/28 <sup>(1)</sup> <br>| 175 | 177 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Home Construction – 1.1%continued** | **Home Construction – 1.1%continued** | **Home Construction – 1.1%continued** |
| &nbsp;&nbsp; Ashton Woods U.S.A. LLC/Ashton <br> Woods Finance Co.,<br>|  |  |
| 6.63%, 1/15/28 <sup>(1)</sup> <br>| $50 | $50 |
| 4.63%, 8/1/29 <sup>(1)</sup> <br>| 50 | 45 |
| 4.63%, 4/1/30 <sup>(1)</sup> <br>| 75 | 68 |
| Beazer Homes U.S.A., Inc., |  |  |
| 5.88%, 10/15/27  | 11 | 11 |
| 7.25%, 10/15/29  | 50 | 49 |
| 7.50%, 3/15/31 <sup>(1)</sup> <br>| 84 | 81 |
| Century Communities, Inc., |  |  |
| 3.88%, 8/15/29 <sup>(1)</sup> <br>| 100 | 90 |
| Cornerstone Building Brands, Inc., |  |  |
| 6.13%, 1/15/29 <sup>(1)</sup> <br>| 25 | 15 |
| Dream Finders Homes, Inc., |  |  |
| 8.25%, 8/15/28 <sup>(1)</sup> <br>| 71 | 73 |
| Forestar Group, Inc., |  |  |
| 5.00%, 3/1/28 <sup>(1)</sup> <br>| 50 | 49 |
| Griffon Corp., |  |  |
| 5.75%, 3/1/28  | 100 | 98 |
| JELD-WEN, Inc., |  |  |
| 7.00%, 9/1/32 <sup>(1)</sup> <br>| 176 | 156 |
| K Hovnanian Enterprises, Inc., |  |  |
| 11.75%, 9/30/29 <sup>(1)</sup> <br>| 192 | 205 |
| KB Home, |  |  |
| 7.25%, 7/15/30  | 100 | 103 |
| 4.00%, 6/15/31  | 25 | 22 |
| LGI Homes, Inc., |  |  |
| 8.75%, 12/15/28 <sup>(1)</sup> <br>| 81 | 84 |
| 4.00%, 7/15/29 <sup>(1)</sup> <br>| 25 | 22 |
| 7.00%, 11/15/32 <sup>(1)</sup> <br>| 97 | 92 |
| Masterbrand, Inc., |  |  |
| 7.00%, 7/15/32 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp; Miter Brands Acquisition Holdco, <br> Inc./MIWD Borrower LLC,<br>|  |  |
| 6.75%, 4/1/32 <sup>(1)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp; MIWD Holdco II LLC/MIWD Finance <br> Corp.,<br>|  |  |
| 5.50%, 2/1/30 <sup>(1)</sup> <br>| 25 | 23 |
| New Home (The) Co., Inc., |  |  |
| 9.25%, 10/1/29 <sup>(1)</sup> <br>| 73 | 75 |
| &nbsp;&nbsp; Shea Homes L.P./Shea Homes Funding <br> Corp.,<br>|  |  |
| 4.75%, 2/15/28  | 50 | 48 |
| 4.75%, 4/1/29  | 25 | 24 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **211** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Home Construction – 1.1%continued** | **Home Construction – 1.1%continued** | **Home Construction – 1.1%continued** |
| STL Holding Co. LLC, |  |  |
| 8.75%, 2/15/29 <sup>(1)</sup> <br>| $77 | $79 |
| Taylor Morrison Communities, Inc., |  |  |
| 5.88%, 6/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| Tri Pointe Homes, Inc., |  |  |
| 5.25%, 6/1/27  | 50 | 49 |
| &nbsp;&nbsp; Weekley Homes LLC/Weekley Finance <br> Corp.,<br>|  |  |
| 4.88%, 9/15/28 <sup>(1)</sup> <br>| 50 | 47 |
|  |  | **1935** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Central Garden & Pet Co., |  |  |
| 4.13%, 10/15/30  | 25 | 23 |
| 4.13%, 4/30/31 <sup>(1)</sup> <br>| 34 | 30 |
| Perrigo Finance Unlimited Co., |  |  |
| 6.13%, 9/30/32  | 98 | 96 |
| Prestige Brands, Inc., |  |  |
| 5.13%, 1/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| 3.75%, 4/1/31 <sup>(1)</sup> <br>| 25 | 22 |
| Spectrum Brands, Inc., |  |  |
| 3.88%, 3/15/31 <sup>(1)</sup> <br>| 8 | 7 |
|  |  | **203** |
| **Industrial Intermediate Products – 0.4%** | **Industrial Intermediate Products – 0.4%** | **Industrial Intermediate Products – 0.4%** |
| Chart Industries, Inc., |  |  |
| 7.50%, 1/1/30 <sup>(1)</sup> <br>| 110 | 114 |
| 9.50%, 1/1/31 <sup>(1)</sup> <br>| 310 | 331 |
| FXI Holdings, Inc., |  |  |
| 12.25%, 11/15/26 <sup>(1)</sup> <br>| 123 | 114 |
| 12.25%, 11/15/26 <sup>(1)</sup> <br>| 45 | 42 |
| Park-Ohio Industries, Inc., |  |  |
| 6.63%, 4/15/27  | 75 | 73 |
| Roller Bearing Co. of America, Inc., |  |  |
| 4.38%, 10/15/29 <sup>(1)</sup> <br>| 25 | 23 |
|  |  | **697** |
| **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** |
| Alta Equipment Group, Inc., |  |  |
| 9.00%, 6/1/29 <sup>(1)</sup> <br>| 25 | 22 |
| APi Group DE, Inc., |  |  |
| 4.13%, 7/15/29 <sup>(1)</sup> <br>| 84 | 78 |
| 4.75%, 10/15/29 <sup>(1)</sup> <br>| 52 | 49 |
| BCPE Empire Holdings, Inc., |  |  |
| 7.63%, 5/1/27 <sup>(1)</sup> <br>| 100 | 98 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Industrial Support Services – 0.6%continued** | **Industrial Support Services – 0.6%continued** | **Industrial Support Services – 0.6%continued** |
| EquipmentShare.com, Inc., |  |  |
| 8.63%, 5/15/32 <sup>(1)</sup> <br>| $75 | $77 |
| 8.00%, 3/15/33 <sup>(1)</sup> <br>| 77 | 78 |
| Herc Holdings, Inc., |  |  |
| 6.63%, 6/15/29 <sup>(1)</sup> <br>| 67 | 67 |
| NESCO Holdings II, Inc., |  |  |
| 5.50%, 4/15/29 <sup>(1)</sup> <br>| 75 | 69 |
| Resideo Funding, Inc., |  |  |
| 6.50%, 7/15/32 <sup>(1)</sup> <br>| 105 | 105 |
| United Rentals North America, Inc., |  |  |
| 6.00%, 12/15/29 <sup>(1)</sup> <br>| 50 | 51 |
| 5.25%, 1/15/30  | 125 | 123 |
| 4.00%, 7/15/30  | 100 | 92 |
| 3.88%, 2/15/31  | 50 | 45 |
| 3.75%, 1/15/32  | 50 | 44 |
| 6.13%, 3/15/34 <sup>(1)</sup> <br>| 25 | 25 |
| Velocity Vehicle Group LLC, |  |  |
| 8.00%, 6/1/29 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **1049** |
| **Institutional Financial Services – 0.5%** | **Institutional Financial Services – 0.5%** | **Institutional Financial Services – 0.5%** |
| Coinbase Global, Inc., |  |  |
| 3.38%, 10/1/28 <sup>(1)</sup> <br>| 200 | 181 |
| 3.63%, 10/1/31 <sup>(1)</sup> <br>| 175 | 148 |
| Goldman Sachs Group (The), Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.22%), 7.56%, <br> 8/10/25 <sup>(2) (3)</sup> <br>| 50 | 50 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.46%), 6.85%, <br> 2/10/30 <sup>(2) (3)</sup> <br>| 75 | 76 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 10Y + 2.40%), 6.13%, <br> 11/10/34 <sup>(2) (3)</sup> <br>| 168 | 164 |
| Jane Street Group/JSG Finance, Inc., |  |  |
| 4.50%, 11/15/29 <sup>(1)</sup> <br>| 100 | 94 |
| 6.13%, 11/1/32 <sup>(1)</sup> <br>| 50 | 49 |
| State Street Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.61%), 6.70%, <br> 3/15/29 <sup>(2) (3)</sup> <br>| 28 | 29 |
| StoneX Group, Inc., |  |  |
| 7.88%, 3/1/31 <sup>(1)</sup> <br>| 25 | 26 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **212** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Institutional Financial Services – 0.5%continued** | **Institutional Financial Services – 0.5%continued** | **Institutional Financial Services – 0.5%continued** |
| VFH Parent LLC/Valor Co-Issuer, Inc., |  |  |
| 7.50%, 6/15/31 <sup>(1)</sup> <br>| $25 | $26 |
|  |  | **843** |
| **Insurance – 3.5%** | **Insurance – 3.5%** | **Insurance – 3.5%** |
| Acrisure LLC/Acrisure Finance, Inc., |  |  |
| 8.25%, 2/1/29 <sup>(1)</sup> <br>| 75 | 77 |
| 4.25%, 2/15/29 <sup>(1)</sup> <br>| 50 | 47 |
| 8.50%, 6/15/29 <sup>(1)</sup> <br>| 50 | 52 |
| 6.00%, 8/1/29 <sup>(1)</sup> <br>| 25 | 24 |
| 7.50%, 11/6/30 <sup>(1)</sup> <br>| 125 | 127 |
| &nbsp;&nbsp; Alliant Holdings <br> Intermediate LLC/Alliant Holdings <br> Co-Issuer,<br>|  |  |
| 4.25%, 10/15/27 <sup>(1)</sup> <br>| 161 | 155 |
| 6.75%, 10/15/27 <sup>(1)</sup> <br>| 155 | 154 |
| 6.75%, 4/15/28 <sup>(1)</sup> <br>| 50 | 50 |
| 5.88%, 11/1/29 <sup>(1)</sup> <br>| 199 | 192 |
| 7.00%, 1/15/31 <sup>(1)</sup> <br>| 269 | 270 |
| 6.50%, 10/1/31 <sup>(1)</sup> <br>| 25 | 25 |
| 7.38%, 10/1/32 <sup>(1)</sup> <br>| 180 | 181 |
| AmWINS Group, Inc., |  |  |
| 6.38%, 2/15/29 <sup>(1)</sup> <br>| 32 | 32 |
| 4.88%, 6/30/29 <sup>(1)</sup> <br>| 36 | 34 |
| &nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 <br> Somerset Investor 2 LLC/APH3 <br> Somerset Inves,<br>|  |  |
| 7.88%, 11/1/29 <sup>(1)</sup> <br>| 93 | 92 |
| AssuredPartners, Inc., |  |  |
| 5.63%, 1/15/29 <sup>(1)</sup> <br>| 50 | 50 |
| 7.50%, 2/15/32 <sup>(1)</sup> <br>| 521 | 556 |
| &nbsp;&nbsp; Baldwin Insurance Group <br> Holdings LLC/Baldwin Insurance <br> Group Holdings Finance,<br>|  |  |
| 7.13%, 5/15/31 <sup>(1)</sup> <br>| 50 | 51 |
| Corebridge Financial, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.65%), 6.38%, <br> 9/15/54 <sup>(2)</sup> <br>| 48 | 48 |
| HUB International Ltd., |  |  |
| 7.25%, 6/15/30 <sup>(1)</sup> <br>| 653 | 673 |
| 7.38%, 1/31/32 <sup>(1)</sup> <br>| 2423 | 2467 |
| Panther Escrow Issuer LLC, |  |  |
| 7.13%, 6/1/31 <sup>(1)</sup> <br>| 568 | 579 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Insurance – 3.5%continued** | **Insurance – 3.5%continued** | **Insurance – 3.5%continued** |
| Ryan Specialty LLC, |  |  |
| 4.38%, 2/1/30 <sup>(1)</sup> <br>| $36 | $34 |
| 5.88%, 8/1/32 <sup>(1)</sup> <br>| 150 | 148 |
| USI, Inc./NY, |  |  |
| 7.50%, 1/15/32 <sup>(1)</sup> <br>| 110 | 112 |
|  |  | **6230** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| ANGI Group LLC, |  |  |
| 3.88%, 8/15/28 <sup>(1)</sup> <br>| 82 | 74 |
| Arches Buyer, Inc., |  |  |
| 4.25%, 6/1/28 <sup>(1)</sup> <br>| 25 | 23 |
| &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD <br> Finance Co., Inc.,<br>|  |  |
| 5.25%, 12/1/27 <sup>(1)</sup> <br>| 50 | 49 |
| Match Group Holdings II LLC, |  |  |
| 4.63%, 6/1/28 <sup>(1)</sup> <br>| 11 | 10 |
| 3.63%, 10/1/31 <sup>(1)</sup> <br>| 10 | 9 |
| Millennium Escrow Corp., |  |  |
| 6.63%, 8/1/26 <sup>(1)</sup> <br>| 25 | 18 |
| Newfold Digital Holdings Group, Inc., |  |  |
| 6.00%, 2/15/29 <sup>(1)</sup> <br>| 25 | 14 |
| Ziff Davis, Inc., |  |  |
| 4.63%, 10/15/30 <sup>(1)</sup> <br>| 22 | 20 |
|  |  | **217** |
| **IT Services – 0.2%** | **IT Services – 0.2%** | **IT Services – 0.2%** |
| Amentum Holdings, Inc., |  |  |
| 7.25%, 8/1/32 <sup>(1)</sup> <br>| 75 | 74 |
| ASGN, Inc., |  |  |
| 4.63%, 5/15/28 <sup>(1)</sup> <br>| 75 | 72 |
| &nbsp;&nbsp; Exela Intermediate LLC/Exela Finance, <br> Inc.,<br>|  |  |
| 11.50%, 4/15/26 <sup>(1) (4) (9)</sup> <br>| 88 | 13 |
| Fortress Intermediate 3, Inc., |  |  |
| 7.50%, 6/1/31 <sup>(1)</sup> <br>| 105 | 106 |
| Insight Enterprises, Inc., |  |  |
| 6.63%, 5/15/32 <sup>(1)</sup> <br>| 50 | 50 |
| KBR, Inc., |  |  |
| 4.75%, 9/30/28 <sup>(1)</sup> <br>| 54 | 51 |
| &nbsp;&nbsp; Science Applications International <br> Corp.,<br>|  |  |
| 4.88%, 4/1/28 <sup>(1)</sup> <br>| 35 | 33 |
|  |  | **399** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **213** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Leisure Facilities & Services – 5.1%** | **Leisure Facilities & Services – 5.1%** | **Leisure Facilities & Services – 5.1%** |
| Affinity Interactive, |  |  |
| 6.88%, 12/15/27 <sup>(1)</sup> <br>| $50 | $38 |
| AMC Entertainment Holdings, Inc., |  |  |
| 5.88%, 11/15/26  | 25 | 23 |
| 7.50%, 2/15/29 <sup>(1)</sup> <br>| 75 | 56 |
| Boyd Gaming Corp., |  |  |
| 4.75%, 6/15/31 <sup>(1)</sup> <br>| 740 | 683 |
| Boyne U.S.A., Inc., |  |  |
| 4.75%, 5/15/29 <sup>(1)</sup> <br>| 96 | 90 |
| Caesars Entertainment, Inc., |  |  |
| 4.63%, 10/15/29 <sup>(1)</sup> <br>| 125 | 115 |
| 7.00%, 2/15/30 <sup>(1)</sup> <br>| 147 | 149 |
| 6.50%, 2/15/32 <sup>(1)</sup> <br>| 180 | 179 |
| 6.00%, 10/15/32 <sup>(1)</sup> <br>| 63 | 59 |
| Carnival Corp., |  |  |
| 7.63%, 3/1/26 <sup>(1)</sup> <br>| 175 | 175 |
| 5.75%, 3/1/27 <sup>(1)</sup> <br>| 150 | 150 |
| 7.88%, 6/1/27  | 25 | 26 |
| 6.65%, 1/15/28  | 25 | 26 |
| 6.00%, 5/1/29 <sup>(1)</sup> <br>| 306 | 304 |
| 7.00%, 8/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| Churchill Downs, Inc., |  |  |
| 5.50%, 4/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| 4.75%, 1/15/28 <sup>(1)</sup> <br>| 25 | 24 |
| 5.75%, 4/1/30 <sup>(1)</sup> <br>| 245 | 240 |
| 6.75%, 5/1/31 <sup>(1)</sup> <br>| 136 | 137 |
| Cinemark U.S.A., Inc., |  |  |
| 5.25%, 7/15/28 <sup>(1)</sup> <br>| 25 | 24 |
| 7.00%, 8/1/32 <sup>(1)</sup> <br>| 48 | 48 |
| Everi Holdings, Inc., |  |  |
| 5.00%, 7/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc.,<br>|  |  |
| 4.63%, 1/15/29 <sup>(1)</sup> <br>| 95 | 88 |
| 6.75%, 1/15/30 <sup>(1)</sup> <br>| 134 | 116 |
| Full House Resorts, Inc., |  |  |
| 8.25%, 2/15/28 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp; GPS Hospitality Holding Co. LLC/GPS <br> Finco, Inc.,<br>|  |  |
| 7.00%, 8/15/28 <sup>(1)</sup> <br>| 75 | 42 |
| Hilton Domestic Operating Co., Inc., |  |  |
| 3.75%, 5/1/29 <sup>(1)</sup> <br>| 25 | 23 |
| 4.00%, 5/1/31 <sup>(1)</sup> <br>| 175 | 158 |
| 3.63%, 2/15/32 <sup>(1)</sup> <br>| 110 | 96 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Leisure Facilities & Services – 5.1%continued** | **Leisure Facilities & Services – 5.1%continued** | **Leisure Facilities & Services – 5.1%continued** |
| 5.88%, 3/15/33 <sup>(1)</sup> <br>| $184 | $182 |
| &nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.,<br>|  |  |
| 5.00%, 6/1/29 <sup>(1)</sup> <br>| 100 | 94 |
| 4.88%, 7/1/31 <sup>(1)</sup> <br>| 100 | 88 |
| Jacobs Entertainment, Inc., |  |  |
| 6.75%, 2/15/29 <sup>(1)</sup> <br>| 100 | 96 |
| Life Time, Inc., |  |  |
| 6.00%, 11/15/31 <sup>(1)</sup> <br>| 225 | 223 |
| Light & Wonder International, Inc., |  |  |
| 7.00%, 5/15/28 <sup>(1)</sup> <br>| 100 | 100 |
| 7.50%, 9/1/31 <sup>(1)</sup> <br>| 83 | 85 |
| Lindblad Expeditions Holdings, Inc., |  |  |
| 9.00%, 5/15/28 <sup>(1)</sup> <br>| 35 | 36 |
| Lindblad Expeditions LLC, |  |  |
| 6.75%, 2/15/27 <sup>(1)</sup> <br>| 62 | 62 |
| Live Nation Entertainment, Inc., |  |  |
| 5.63%, 3/15/26 <sup>(1)</sup> <br>| 100 | 100 |
| 6.50%, 5/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| 4.75%, 10/15/27 <sup>(1)</sup> <br>| 146 | 142 |
| Marriott Ownership Resorts, Inc., |  |  |
| 4.50%, 6/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| MGM Resorts International, |  |  |
| 4.75%, 10/15/28  | 50 | 48 |
| 6.13%, 9/15/29  | 88 | 87 |
| 6.50%, 4/15/32  | 75 | 74 |
| &nbsp;&nbsp; Midwest Gaming <br> Borrower LLC/Midwest Gaming <br> Finance Corp.,<br>|  |  |
| 4.88%, 5/1/29 <sup>(1)</sup> <br>| 63 | 59 |
| Mohegan Tribal Gaming Authority, |  |  |
| 8.00%, 2/1/26 <sup>(1)</sup> <br>| 50 | 50 |
| NCL Corp. Ltd., |  |  |
| 8.13%, 1/15/29 <sup>(1)</sup> <br>| 55 | 58 |
| 7.75%, 2/15/29 <sup>(1)</sup> <br>| 51 | 53 |
| 6.25%, 3/1/30 <sup>(1)</sup> <br>| 55 | 54 |
| NCL Finance Ltd., |  |  |
| 6.13%, 3/15/28 <sup>(1)</sup> <br>| 79 | 79 |
| Penn Entertainment, Inc., |  |  |
| 4.13%, 7/1/29 <sup>(1)</sup> <br>| 125 | 111 |
| &nbsp;&nbsp; Premier Entertainment Sub LLC/Premier <br> Entertainment Finance Corp.,<br>|  |  |
| 5.63%, 9/1/29 <sup>(1)</sup> <br>| 50 | 37 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **214** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Leisure Facilities & Services – 5.1%continued** | **Leisure Facilities & Services – 5.1%continued** | **Leisure Facilities & Services – 5.1%continued** |
| 5.88%, 9/1/31 <sup>(1)</sup> <br>| $140 | $93 |
| Raising Cane's Restaurants LLC, |  |  |
| 9.38%, 5/1/29 <sup>(1)</sup> <br>| 467 | 496 |
| Royal Caribbean Cruises Ltd., |  |  |
| 5.50%, 8/31/26 <sup>(1)</sup> <br>| 50 | 50 |
| 5.38%, 7/15/27 <sup>(1)</sup> <br>| 50 | 50 |
| 7.50%, 10/15/27  | 50 | 52 |
| 5.63%, 9/30/31 <sup>(1)</sup> <br>| 251 | 246 |
| 6.00%, 2/1/33 <sup>(1)</sup> <br>| 222 | 222 |
| Sabre GLBL, Inc., |  |  |
| 8.63%, 6/1/27 <sup>(1)</sup> <br>| 53 | 52 |
| 10.75%, 11/15/29 <sup>(1)</sup> <br>| 119 | 120 |
| &nbsp;&nbsp; Scientific Games Holdings L.P.,Scientific <br> Games U.S. FinCo, Inc.,<br>|  |  |
| 6.63%, 3/1/30 <sup>(1)</sup> <br>| 583 | 550 |
| SeaWorld Parks & Entertainment, Inc., |  |  |
| 5.25%, 8/15/29 <sup>(1)</sup> <br>| 75 | 71 |
| Six Flags Entertainment Corp., |  |  |
| 5.50%, 4/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp; Six Flags Entertainment <br> Corp./Canada's Wonderland <br> Co./Magnum Management Corp.,<br>|  |  |
| 6.50%, 10/1/28  | 100 | 100 |
| 5.25%, 7/15/29  | 25 | 24 |
| &nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags <br> Theme Parks, Inc./Canada's <br> Wonderland Co.,<br>|  |  |
| 6.63%, 5/1/32 <sup>(1)</sup> <br>| 459 | 463 |
| Station Casinos LLC, |  |  |
| 4.50%, 2/15/28 <sup>(1)</sup> <br>| 25 | 24 |
| 4.63%, 12/1/31 <sup>(1)</sup> <br>| 106 | 95 |
| 6.63%, 3/15/32 <sup>(1)</sup> <br>| 41 | 41 |
| Travel + Leisure Co., |  |  |
| 6.63%, 7/31/26 <sup>(1)</sup> <br>| 75 | 76 |
| 4.63%, 3/1/30 <sup>(1)</sup> <br>| 50 | 47 |
| Vail Resorts, Inc., |  |  |
| 6.50%, 5/15/32 <sup>(1)</sup> <br>| 49 | 50 |
| Viking Cruises Ltd., |  |  |
| 5.88%, 9/15/27 <sup>(1)</sup> <br>| 160 | 159 |
| 9.13%, 7/15/31 <sup>(1)</sup> <br>| 199 | 213 |
| Viking Ocean Cruises Ship VII Ltd., |  |  |
| 5.63%, 2/15/29 <sup>(1)</sup> <br>| 84 | 83 |
| VOC Escrow Ltd., |  |  |
| 5.00%, 2/15/28 <sup>(1)</sup> <br>| 75 | 73 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Leisure Facilities & Services – 5.1%continued** | **Leisure Facilities & Services – 5.1%continued** | **Leisure Facilities & Services – 5.1%continued** |
| &nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas <br> Capital Corp.,<br>|  |  |
| 5.25%, 5/15/27 <sup>(1)</sup> <br>| $50 | $49 |
| &nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn <br> Resorts Capital Corp.,<br>|  |  |
| 5.13%, 10/1/29 <sup>(1)</sup> <br>| 176 | 169 |
| 7.13%, 2/15/31 <sup>(1)</sup> <br>| 99 | 102 |
| 6.25%, 3/15/33 <sup>(1)</sup> <br>| 138 | 134 |
| Yum! Brands, Inc., |  |  |
| 5.38%, 4/1/32  | 100 | 97 |
|  |  | **9186** |
| **Leisure Products – 0.1%** | **Leisure Products – 0.1%** | **Leisure Products – 0.1%** |
| MajorDrive Holdings IV LLC, |  |  |
| 6.38%, 6/1/29 <sup>(1)</sup> <br>| 109 | 83 |
| Mattel, Inc., |  |  |
| 5.45%, 11/1/41  | 50 | 46 |
| Thor Industries, Inc., |  |  |
| 4.00%, 10/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| Winnebago Industries, Inc., |  |  |
| 6.25%, 7/15/28 <sup>(1)</sup> <br>| 45 | 44 |
|  |  | **196** |
| **Machinery – 1.5%** | **Machinery – 1.5%** | **Machinery – 1.5%** |
| Amsted Industries, Inc., |  |  |
| 4.63%, 5/15/30 <sup>(1)</sup> <br>| 25 | 23 |
| Esab Corp., |  |  |
| 6.25%, 4/15/29 <sup>(1)</sup> <br>| 57 | 58 |
| Madison IAQ LLC, |  |  |
| 4.13%, 6/30/28 <sup>(1)</sup> <br>| 59 | 56 |
| 5.88%, 6/30/29 <sup>(1)</sup> <br>| 1307 | 1235 |
| Manitowoc (The) Co., Inc., |  |  |
| 9.25%, 10/1/31 <sup>(1)</sup> <br>| 52 | 53 |
| SPX FLOW, Inc., |  |  |
| 8.75%, 4/1/30 <sup>(1)</sup> <br>| 930 | 956 |
| Terex Corp., |  |  |
| 5.00%, 5/15/29 <sup>(1)</sup> <br>| 110 | 105 |
| 6.25%, 10/15/32 <sup>(1)</sup> <br>| 60 | 58 |
| Werner FinCo L.P./Werner FinCo, Inc., |  |  |
| 11.50%, 6/15/28 <sup>(1)</sup> <br>| 50 | 54 |
| 14.50%, 10/15/28 <sup>(1) (4)</sup> <br>| 54 | 56 |
|  |  | **2654** |
| **Medical Equipment & Devices – 1.1%** | **Medical Equipment & Devices – 1.1%** | **Medical Equipment & Devices – 1.1%** |
| Avantor Funding, Inc., |  |  |
| 4.63%, 7/15/28 <sup>(1)</sup> <br>| 110 | 106 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **215** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Medical Equipment & Devices – 1.1%continued** | **Medical Equipment & Devices – 1.1%continued** | **Medical Equipment & Devices – 1.1%continued** |
| 3.88%, 11/1/29 <sup>(1)</sup> <br>| $108 | $100 |
| Bausch + Lomb Corp., |  |  |
| 8.38%, 10/1/28 <sup>(1)</sup> <br>| 310 | 322 |
| Embecta Corp., |  |  |
| 5.00%, 2/15/30 <sup>(1)</sup> <br>| 25 | 22 |
| Medline Borrower L.P., |  |  |
| 3.88%, 4/1/29 <sup>(1)</sup> <br>| 98 | 92 |
| 5.25%, 10/1/29 <sup>(1)</sup> <br>| 290 | 278 |
| &nbsp;&nbsp; Medline Borrower L.P./ Medline <br> Co-Issuer, Inc.,<br>|  |  |
| 6.25%, 4/1/29 <sup>(1)</sup> <br>| 86 | 87 |
| Neogen Food Safety Corp., |  |  |
| 8.63%, 7/20/30 <sup>(1)</sup> <br>| 75 | 79 |
| Sotera Health Holdings LLC, |  |  |
| 7.38%, 6/1/31 <sup>(1)</sup> <br>| 839 | 853 |
|  |  | **1939** |
| **Metals & Mining – 1.9%** | **Metals & Mining – 1.9%** | **Metals & Mining – 1.9%** |
| Arsenal AIC Parent LLC, |  |  |
| 8.00%, 10/1/30 <sup>(1)</sup> <br>| 104 | 106 |
| 11.50%, 10/1/31 <sup>(1)</sup> <br>| 292 | 318 |
| Century Aluminum Co., |  |  |
| 7.50%, 4/1/28 <sup>(1)</sup> <br>| 1790 | 1802 |
| Coeur Mining, Inc., |  |  |
| 5.13%, 2/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| Constellium S.E., |  |  |
| 3.75%, 4/15/29 <sup>(1)</sup> <br>| 250 | 226 |
| 6.38%, 8/15/32 <sup>(1)</sup> <br>| 250 | 244 |
| Freeport-McMoRan, Inc., |  |  |
| 5.45%, 3/15/43  | 25 | 23 |
| Kaiser Aluminum Corp., |  |  |
| 4.63%, 3/1/28 <sup>(1)</sup> <br>| 129 | 123 |
| 4.50%, 6/1/31 <sup>(1)</sup> <br>| 240 | 212 |
| Murray Energy Corp., |  |  |
| 12.00%, 4/15/24 <sup>(1) (6) (9)</sup> <br>| 486 |  |
| &nbsp;&nbsp; Northwest Acquisitions ULC/Dominion <br> Finco, Inc.,<br>|  |  |
| 7.13%, 11/1/22 <sup>(1) (6) (9)</sup> <br>| 1905 |  |
| Novelis Corp., |  |  |
| 3.25%, 11/15/26 <sup>(1)</sup> <br>| 25 | 24 |
| 4.75%, 1/30/30 <sup>(1)</sup> <br>| 95 | 89 |
| 3.88%, 8/15/31 <sup>(1)</sup> <br>| 252 | 219 |
|  |  | **3410** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Oil & Gas Services & Equipment – 1.5%** | **Oil & Gas Services & Equipment – 1.5%** | **Oil & Gas Services & Equipment – 1.5%** |
| &nbsp;&nbsp; Archrock Partners L.P./Archrock <br> Partners Finance Corp.,<br>|  |  |
| 6.88%, 4/1/27 <sup>(1)</sup> <br>| $9 | $9 |
| 6.25%, 4/1/28 <sup>(1)</sup> <br>| 150 | 150 |
| 6.63%, 9/1/32 <sup>(1)</sup> <br>| 160 | 161 |
| Bristow Group, Inc., |  |  |
| 6.88%, 3/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp; Diamond Foreign Asset Co./Diamond <br> Finance LLC,<br>|  |  |
| 8.50%, 10/1/30 <sup>(1)</sup> <br>| 38 | 39 |
| Global Marine, Inc., |  |  |
| 7.00%, 6/1/28  | 100 | 94 |
| Helix Energy Solutions Group, Inc., |  |  |
| 9.75%, 3/1/29 <sup>(1)</sup> <br>| 75 | 80 |
| Kodiak Gas Services LLC, |  |  |
| 7.25%, 2/15/29 <sup>(1)</sup> <br>| 143 | 146 |
| Nabors Industries Ltd., |  |  |
| 7.50%, 1/15/28 <sup>(1)</sup> <br>| 27 | 25 |
| Nabors Industries, Inc., |  |  |
| 7.38%, 5/15/27 <sup>(1)</sup> <br>| 118 | 116 |
| 8.88%, 8/15/31 <sup>(1)</sup> <br>| 75 | 65 |
| Nine Energy Service, Inc., |  |  |
| 13.00%, 2/1/28  | 50 | 33 |
| Noble Finance II LLC, |  |  |
| 8.00%, 4/15/30 <sup>(1)</sup> <br>| 146 | 146 |
| Oceaneering International, Inc., |  |  |
| 6.00%, 2/1/28  | 18 | 18 |
| Star Holding LLC, |  |  |
| 8.75%, 8/1/31 <sup>(1)</sup> <br>| 76 | 73 |
| Transocean Aquila Ltd., |  |  |
| 8.00%, 9/30/28 <sup>(1)</sup> <br>| 52 | 53 |
| Transocean Titan Financing Ltd., |  |  |
| 8.38%, 2/1/28 <sup>(1)</sup> <br>| 45 | 46 |
| Transocean, Inc., |  |  |
| 8.00%, 2/1/27 <sup>(1)</sup> <br>| 161 | 161 |
| 8.25%, 5/15/29 <sup>(1)</sup> <br>| 72 | 70 |
| 8.75%, 2/15/30 <sup>(1)</sup> <br>| 43 | 45 |
| 7.50%, 4/15/31  | 75 | 66 |
| 8.50%, 5/15/31 <sup>(1)</sup> <br>| 103 | 100 |
| 6.80%, 3/15/38  | 171 | 131 |
| 9.35%, 12/15/41  | 50 | 41 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **216** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Oil & Gas Services & Equipment – 1.5%continued** | **Oil & Gas Services & Equipment – 1.5%continued** | **Oil & Gas Services & Equipment – 1.5%continued** |
| &nbsp;&nbsp; U.S.A. Compression Partners <br> L.P./U.S.A. Compression Finance <br> Corp.,<br>|  |  |
| 6.88%, 9/1/27  | $50 | $50 |
| 7.13%, 3/15/29 <sup>(1)</sup> <br>| 118 | 120 |
| Valaris Ltd., |  |  |
| 8.38%, 4/30/30 <sup>(1)</sup> <br>| 204 | 204 |
| Weatherford International Ltd., |  |  |
| 8.63%, 4/30/30 <sup>(1)</sup> <br>| 342 | 347 |
|  |  | **2614** |
| **Oil & Gas Supply Chain – 6.1%** | **Oil & Gas Supply Chain – 6.1%** | **Oil & Gas Supply Chain – 6.1%** |
| &nbsp;&nbsp; Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp.,<br>|  |  |
| 5.75%, 3/1/27 <sup>(1)</sup> <br>| 75 | 75 |
| 6.63%, 2/1/32 <sup>(1)</sup> <br>| 50 | 51 |
| &nbsp;&nbsp; Ascent Resources Utica <br> Holdings LLC/ARU Finance Corp.,<br>|  |  |
| 9.00%, 11/1/27 <sup>(1)</sup> <br>| 86 | 105 |
| 5.88%, 6/30/29 <sup>(1)</sup> <br>| 45 | 44 |
| 6.63%, 10/15/32 <sup>(1)</sup> <br>| 25 | 25 |
| &nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer <br> Finance Corp.,<br>|  |  |
| 7.00%, 7/15/29 <sup>(1)</sup> <br>| 70 | 72 |
| 7.25%, 7/15/32 <sup>(1)</sup> <br>| 86 | 89 |
| Buckeye Partners L.P., |  |  |
| 6.88%, 7/1/29 <sup>(1)</sup> <br>| 70 | 71 |
| 5.85%, 11/15/43  | 25 | 22 |
| 5.60%, 10/15/44  | 32 | 27 |
| California Resources Corp., |  |  |
| 8.25%, 6/15/29 <sup>(1)</sup> <br>| 50 | 51 |
| CITGO Petroleum Corp., |  |  |
| 6.38%, 6/15/26 <sup>(1)</sup> <br>| 75 | 75 |
| 8.38%, 1/15/29 <sup>(1)</sup> <br>| 243 | 247 |
| Civitas Resources, Inc., |  |  |
| 5.00%, 10/15/26 <sup>(1)</sup> <br>| 25 | 25 |
| 8.38%, 7/1/28 <sup>(1)</sup> <br>| 3 | 3 |
| 8.63%, 11/1/30 <sup>(1)</sup> <br>| 132 | 136 |
| 8.75%, 7/1/31 <sup>(1)</sup> <br>| 162 | 166 |
| CNX Midstream Partners L.P., |  |  |
| 4.75%, 4/15/30 <sup>(1)</sup> <br>| 51 | 47 |
| CNX Resources Corp., |  |  |
| 6.00%, 1/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| 7.38%, 1/15/31 <sup>(1)</sup> <br>| 50 | 51 |
| 7.25%, 3/1/32 <sup>(1)</sup> <br>| 48 | 49 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Oil & Gas Supply Chain – 6.1%continued** | **Oil & Gas Supply Chain – 6.1%continued** | **Oil & Gas Supply Chain – 6.1%continued** |
| Comstock Resources, Inc., |  |  |
| 6.75%, 3/1/29 <sup>(1)</sup> <br>| $76 | $74 |
| 6.75%, 3/1/29 <sup>(1)</sup> <br>| 29 | 28 |
| 5.88%, 1/15/30 <sup>(1)</sup> <br>| 162 | 153 |
| &nbsp;&nbsp; CQP Holdco L.P./BIP-V Chinook <br> Holdco LLC,<br>|  |  |
| 5.50%, 6/15/31 <sup>(1)</sup> <br>| 265 | 254 |
| Crescent Energy Finance LLC, |  |  |
| 7.63%, 4/1/32 <sup>(1)</sup> <br>| 177 | 175 |
| 7.38%, 1/15/33 <sup>(1)</sup> <br>| 170 | 164 |
| &nbsp;&nbsp; Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp.,<br>|  |  |
| 7.13%, 6/1/28 <sup>(1)</sup> <br>| 50 | 50 |
| 8.63%, 3/15/29 <sup>(1)</sup> <br>| 125 | 129 |
| DT Midstream, Inc., |  |  |
| 4.13%, 6/15/29 <sup>(1)</sup> <br>| 49 | 46 |
| &nbsp;&nbsp; Encino Acquisition Partners <br> Holdings LLC,<br>|  |  |
| 8.75%, 5/1/31 <sup>(1)</sup> <br>| 37 | 39 |
| Energy Transfer L.P., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 4.02%), 8.00%, <br> 5/15/54 <sup>(2)</sup> <br>| 100 | 105 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.83%), 7.13%, <br> 10/1/54 <sup>(2)</sup> <br>| 110 | 112 |
| EQM Midstream Partners L.P., |  |  |
| 7.50%, 6/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| 6.50%, 7/1/27 <sup>(1)</sup> <br>| 25 | 26 |
| 4.50%, 1/15/29 <sup>(1)</sup> <br>| 70 | 68 |
| 6.38%, 4/1/29 <sup>(1)</sup> <br>| 55 | 56 |
| 7.50%, 6/1/30 <sup>(1)</sup> <br>| 50 | 54 |
| 4.75%, 1/15/31 <sup>(1)</sup> <br>| 50 | 48 |
| &nbsp;&nbsp; Genesis Energy L.P./Genesis Energy <br> Finance Corp.,<br>|  |  |
| 8.00%, 1/15/27  | 9 | 9 |
| 7.75%, 2/1/28  | 90 | 91 |
| 8.25%, 1/15/29  | 75 | 77 |
| 8.88%, 4/15/30  | 52 | 54 |
| 7.88%, 5/15/32  | 146 | 147 |
| 8.00%, 5/15/33  | 89 | 90 |
| Gulfport Energy Operating Corp., |  |  |
| 6.75%, 9/1/29 <sup>(1)</sup> <br>| 62 | 63 |
| Harvest Midstream I L.P., |  |  |
| 7.50%, 9/1/28 <sup>(1)</sup> <br>| 295 | 298 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **217** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Oil & Gas Supply Chain – 6.1%continued** | **Oil & Gas Supply Chain – 6.1%continued** | **Oil & Gas Supply Chain – 6.1%continued** |
| 7.50%, 5/15/32 <sup>(1)</sup> <br>| $70 | $72 |
| Hess Midstream Operations L.P., |  |  |
| 5.13%, 6/15/28 <sup>(1)</sup> <br>| 75 | 74 |
| 6.50%, 6/1/29 <sup>(1)</sup> <br>| 78 | 80 |
| 5.50%, 10/15/30 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp; Hilcorp Energy I L.P./Hilcorp Finance <br> Co.,<br>|  |  |
| 6.25%, 11/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| 5.75%, 2/1/29 <sup>(1)</sup> <br>| 51 | 49 |
| 6.00%, 4/15/30 <sup>(1)</sup> <br>| 27 | 26 |
| 6.00%, 2/1/31 <sup>(1)</sup> <br>| 75 | 70 |
| 8.38%, 11/1/33 <sup>(1)</sup> <br>| 113 | 116 |
| 6.88%, 5/15/34 <sup>(1)</sup> <br>| 106 | 100 |
| &nbsp;&nbsp; Howard Midstream Energy <br> Partners LLC,<br>|  |  |
| 8.88%, 7/15/28 <sup>(1)</sup> <br>| 130 | 136 |
| 7.38%, 7/15/32 <sup>(1)</sup> <br>| 119 | 122 |
| ITT Holdings LLC, |  |  |
| 6.50%, 8/1/29 <sup>(1)</sup> <br>| 262 | 242 |
| Kinetik Holdings L.P., |  |  |
| 6.63%, 12/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| 5.88%, 6/15/30 <sup>(1)</sup> <br>| 60 | 59 |
| Kraken Oil & Gas Partners LLC, |  |  |
| 7.63%, 8/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| &nbsp;&nbsp; Magnolia Oil & Gas <br> Operating LLC/Magnolia Oil & Gas <br> Finance Corp.,<br>|  |  |
| 6.88%, 12/1/32 <sup>(1)</sup> <br>| 78 | 78 |
| &nbsp;&nbsp; Martin Midstream Partners L.P./Martin <br> Midstream Finance Corp.,<br>|  |  |
| 11.50%, 2/15/28 <sup>(1)</sup> <br>| 100 | 106 |
| Matador Resources Co., |  |  |
| 6.88%, 4/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| 6.50%, 4/15/32 <sup>(1)</sup> <br>| 124 | 123 |
| Moss Creek Resources Holdings, Inc., |  |  |
| 8.25%, 9/1/31 <sup>(1)</sup> <br>| 19 | 18 |
| Murphy Oil U.S.A., Inc., |  |  |
| 4.75%, 9/15/29  | 50 | 48 |
| New Fortress Energy, Inc., |  |  |
| 6.50%, 9/30/26 <sup>(1)</sup> <br>| 50 | 42 |
| NFE Financing LLC, |  |  |
| 12.00%, 11/15/29 <sup>(1)</sup> <br>| 227 | 191 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Oil & Gas Supply Chain – 6.1%continued** | **Oil & Gas Supply Chain – 6.1%continued** | **Oil & Gas Supply Chain – 6.1%continued** |
| &nbsp;&nbsp; NGL Energy Operating LLC/NGL <br> Energy Finance Corp.,<br>|  |  |
| 8.13%, 2/15/29 <sup>(1)</sup> <br>| $182 | $183 |
| 8.38%, 2/15/32 <sup>(1)</sup> <br>| 316 | 317 |
| Northern Oil & Gas, Inc., |  |  |
| 8.13%, 3/1/28 <sup>(1)</sup> <br>| 304 | 305 |
| 8.75%, 6/15/31 <sup>(1)</sup> <br>| 81 | 83 |
| NuStar Logistics L.P., |  |  |
| 6.38%, 10/1/30  | 75 | 76 |
| ONEOK, Inc., |  |  |
| 5.38%, 6/1/29  | 50 | 51 |
| 5.05%, 4/1/45  | 25 | 22 |
| &nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance <br> Corp.,<br>|  |  |
| 6.00%, 2/15/28  | 150 | 139 |
| 7.88%, 9/15/30 <sup>(1)</sup> <br>| 67 | 59 |
| Permian Resources Operating LLC, |  |  |
| 5.38%, 1/15/26 <sup>(1)</sup> <br>| 75 | 75 |
| 8.00%, 4/15/27 <sup>(1)</sup> <br>| 50 | 51 |
| 5.88%, 7/1/29 <sup>(1)</sup> <br>| 50 | 49 |
| 7.00%, 1/15/32 <sup>(1)</sup> <br>| 101 | 103 |
| 6.25%, 2/1/33 <sup>(1)</sup> <br>| 94 | 94 |
| Plains All American Pipeline L.P., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.37%), 8.69%, 5/8/25 <sup>(3) (10)</sup> <br>| 75 | 75 |
| Prairie Acquiror L.P., |  |  |
| 9.00%, 8/1/29 <sup>(1)</sup> <br>| 93 | 95 |
| Range Resources Corp., |  |  |
| 8.25%, 1/15/29  | 50 | 51 |
| Rockies Express Pipeline LLC, |  |  |
| 3.60%, 5/15/25 <sup>(1)</sup> <br>| 25 | 25 |
| 4.95%, 7/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| 4.80%, 5/15/30 <sup>(1)</sup> <br>| 25 | 23 |
| 6.88%, 4/15/40 <sup>(1)</sup> <br>| 50 | 49 |
| &nbsp;&nbsp; Sitio Royalties Operating Partnership <br> L.P./Sitio Finance Corp.,<br>|  |  |
| 7.88%, 11/1/28 <sup>(1)</sup> <br>| 68 | 70 |
| SM Energy Co., |  |  |
| 6.75%, 8/1/29 <sup>(1)</sup> <br>| 25 | 25 |
| 7.00%, 8/1/32 <sup>(1)</sup> <br>| 50 | 49 |
| Sunoco L.P./Sunoco Finance Corp., |  |  |
| 6.00%, 4/15/27  | 75 | 75 |
| 7.00%, 9/15/28 <sup>(1)</sup> <br>| 50 | 51 |
| 4.50%, 4/30/30  | 50 | 47 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **218** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Oil & Gas Supply Chain – 6.1%continued** | **Oil & Gas Supply Chain – 6.1%continued** | **Oil & Gas Supply Chain – 6.1%continued** |
| &nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| 5.50%, 1/15/28 <sup>(1)</sup> <br>| $30 | $29 |
| 7.38%, 2/15/29 <sup>(1)</sup> <br>| 171 | 172 |
| 6.00%, 12/31/30 <sup>(1)</sup> <br>| 53 | 50 |
| 6.00%, 9/1/31 <sup>(1)</sup> <br>| 50 | 47 |
| Talos Production, Inc., |  |  |
| 9.00%, 2/1/29 <sup>(1)</sup> <br>| 25 | 26 |
| 9.38%, 2/1/31 <sup>(1)</sup> <br>| 86 | 87 |
| TGNR Intermediate Holdings LLC, |  |  |
| 5.50%, 10/15/29 <sup>(1)</sup> <br>| 93 | 87 |
| Venture Global Calcasieu Pass LLC, |  |  |
| 6.25%, 1/15/30 <sup>(1)</sup> <br>| 75 | 76 |
| 4.13%, 8/15/31 <sup>(1)</sup> <br>| 75 | 68 |
| Venture Global LNG, Inc., |  |  |
| 8.13%, 6/1/28 <sup>(1)</sup> <br>| 25 | 26 |
| 9.50%, 2/1/29 <sup>(1)</sup> <br>| 366 | 392 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 5.44%), 9.00%, <br> 9/30/29 <sup>(1) (2) (3)</sup> <br>| 671 | 637 |
| 8.38%, 6/1/31 <sup>(1)</sup> <br>| 248 | 252 |
| 9.88%, 2/1/32 <sup>(1)</sup> <br>| 422 | 448 |
| Viper Energy, Inc., |  |  |
| 5.38%, 11/1/27 <sup>(1)</sup> <br>| 50 | 50 |
| Vital Energy, Inc., |  |  |
| 9.75%, 10/15/30  | 64 | 65 |
| 7.88%, 4/15/32 <sup>(1)</sup> <br>| 249 | 232 |
| Wildfire Intermediate Holdings LLC, |  |  |
| 7.50%, 10/15/29 <sup>(1)</sup> <br>| 68 | 66 |
|  |  | **10867** |
| **Other Industrial – 0.1%** | **Other Industrial – 0.1%** | **Other Industrial – 0.1%** |
| &nbsp;&nbsp; Brundage-Bone Concrete Pumping <br> Holdings, Inc.,<br>|  |  |
| 7.50%, 2/1/32 <sup>(1)</sup> <br>| 135 | 128 |
| Williams Scotsman, Inc., |  |  |
| 6.63%, 4/15/30 <sup>(1)</sup> <br>| 79 | 80 |
|  |  | **208** |
| **Publishing & Broadcasting – 1.5%** | **Publishing & Broadcasting – 1.5%** | **Publishing & Broadcasting – 1.5%** |
| Clear Channel Outdoor Holdings, Inc., |  |  |
| 5.13%, 8/15/27 <sup>(1)</sup> <br>| 206 | 199 |
| 7.75%, 4/15/28 <sup>(1)</sup> <br>| 133 | 114 |
| 9.00%, 9/15/28 <sup>(1)</sup> <br>| 136 | 140 |
| 7.50%, 6/1/29 <sup>(1)</sup> <br>| 223 | 184 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Publishing & Broadcasting – 1.5%continued** | **Publishing & Broadcasting – 1.5%continued** | **Publishing & Broadcasting – 1.5%continued** |
| 7.88%, 4/1/30 <sup>(1)</sup> <br>| $971 | $952 |
| Gray Media, Inc., |  |  |
| 7.00%, 5/15/27 <sup>(1)</sup> <br>| 32 | 31 |
| 10.50%, 7/15/29 <sup>(1)</sup> <br>| 122 | 127 |
| 4.75%, 10/15/30 <sup>(1)</sup> <br>| 100 | 63 |
| 5.38%, 11/15/31 <sup>(1)</sup> <br>| 50 | 31 |
| Lamar Media Corp., |  |  |
| 4.00%, 2/15/30  | 75 | 70 |
| McGraw-Hill Education, Inc., |  |  |
| 8.00%, 8/1/29 <sup>(1)</sup> <br>| 610 | 600 |
| 7.38%, 9/1/31 <sup>(1)</sup> <br>| 25 | 25 |
| News Corp., |  |  |
| 5.13%, 2/15/32 <sup>(1)</sup> <br>| 125 | 119 |
| Scripps Escrow II, Inc., |  |  |
| 5.38%, 1/15/31 <sup>(1)</sup> <br>| 50 | 31 |
| Sinclair Television Group, Inc., |  |  |
| 5.13%, 2/15/27 <sup>(1)</sup> <br>| 50 | 47 |
| 5.50%, 3/1/30 <sup>(1)</sup> <br>| 25 | 19 |
|  |  | **2752** |
| **Real Estate Investment Trusts – 2.1%** | **Real Estate Investment Trusts – 2.1%** | **Real Estate Investment Trusts – 2.1%** |
| &nbsp;&nbsp; Brookfield Property REIT, Inc./BPR <br> Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LL,<br>|  |  |
| 4.50%, 4/1/27 <sup>(1)</sup> <br>| 62 | 59 |
| Diversified Healthcare Trust, |  |  |
| 9.75%, 6/15/25  | 47 | 47 |
| &nbsp;&nbsp; Iron Mountain Information <br> Management Services, Inc.,<br>|  |  |
| 5.00%, 7/15/32 <sup>(1)</sup> <br>| 318 | 294 |
| Iron Mountain, Inc., |  |  |
| 4.88%, 9/15/27 <sup>(1)</sup> <br>| 50 | 49 |
| 5.25%, 3/15/28 <sup>(1)</sup> <br>| 50 | 49 |
| 5.00%, 7/15/28 <sup>(1)</sup> <br>| 25 | 24 |
| 7.00%, 2/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| 5.25%, 7/15/30 <sup>(1)</sup> <br>| 180 | 173 |
| 4.50%, 2/15/31 <sup>(1)</sup> <br>| 100 | 92 |
| 5.63%, 7/15/32 <sup>(1)</sup> <br>| 52 | 50 |
| 6.25%, 1/15/33 <sup>(1)</sup> <br>| 97 | 96 |
| &nbsp;&nbsp; MPT Operating Partnership L.P./MPT <br> Finance Corp.,<br>|  |  |
| 5.00%, 10/15/27  | 100 | 90 |
| 4.63%, 8/1/29  | 75 | 57 |
| 3.50%, 3/15/31  | 50 | 33 |
| 8.50%, 2/15/32 <sup>(1)</sup> <br>| 194 | 198 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **219** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Real Estate Investment Trusts – 2.1%continued** | **Real Estate Investment Trusts – 2.1%continued** | **Real Estate Investment Trusts – 2.1%continued** |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK <br> Domestic Property LLC/PK Finance <br> Co-Issuer,<br>|  |  |
| 5.88%, 10/1/28 <sup>(1)</sup> <br>| $50 | $49 |
| 4.88%, 5/15/29 <sup>(1)</sup> <br>| 75 | 70 |
| 7.00%, 2/1/30 <sup>(1)</sup> <br>| 70 | 70 |
| &nbsp;&nbsp; Pebblebrook Hotel L.P./PEB Finance <br> Corp.,<br>|  |  |
| 6.38%, 10/15/29 <sup>(1)</sup> <br>| 49 | 48 |
| Prologis L.P., |  |  |
| 5.25%, 6/15/53  | 75 | 71 |
| 5.25%, 3/15/54  | 100 | 95 |
| &nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance <br> Corp.,<br>|  |  |
| 7.25%, 7/15/28 <sup>(1)</sup> <br>| 50 | 51 |
| 4.50%, 2/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| 6.50%, 4/1/32 <sup>(1)</sup> <br>| 252 | 251 |
| RLJ Lodging Trust L.P., |  |  |
| 3.75%, 7/1/26 <sup>(1)</sup> <br>| 75 | 73 |
| 4.00%, 9/15/29 <sup>(1)</sup> <br>| 139 | 125 |
| SBA Communications Corp., |  |  |
| 3.13%, 2/1/29  | 83 | 76 |
| Service Properties Trust, |  |  |
| 5.25%, 2/15/26  | 50 | 50 |
| 4.75%, 10/1/26  | 50 | 49 |
| 4.95%, 10/1/29  | 100 | 83 |
| 4.38%, 2/15/30  | 50 | 39 |
| 8.63%, 11/15/31 <sup>(1)</sup> <br>| 279 | 294 |
| 8.88%, 6/15/32  | 91 | 90 |
| Starwood Property Trust, Inc., |  |  |
| 6.50%, 7/1/30 <sup>(1)</sup> <br>| 68 | 68 |
| 10/15/30 <sup>(1) (5)</sup> <br>| 73 | 72 |
| &nbsp;&nbsp; Uniti Group L.P./Uniti Fiber Holdings, <br> Inc./CSL Capital LLC,<br>|  |  |
| 6.00%, 1/15/30 <sup>(1)</sup> <br>| 25 | 22 |
| &nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC,<br>|  |  |
| 10.50%, 2/15/28 <sup>(1)</sup> <br>| 462 | 491 |
| 4.75%, 4/15/28 <sup>(1)</sup> <br>| 25 | 24 |
| 6.50%, 2/15/29 <sup>(1)</sup> <br>| 75 | 67 |
| XHR L.P., |  |  |
| 4.88%, 6/1/29 <sup>(1)</sup> <br>| 50 | 47 |
| 6.63%, 5/15/30 <sup>(1)</sup> <br>| 48 | 47 |
|  |  | **3782** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Real Estate Owners & Developers – 0.2%** | **Real Estate Owners & Developers – 0.2%** | **Real Estate Owners & Developers – 0.2%** |
| Greystar Real Estate Partners LLC, |  |  |
| 7.75%, 9/1/30 <sup>(1)</sup> <br>| $50 | $52 |
| Howard Hughes (The) Corp., |  |  |
| 5.38%, 8/1/28 <sup>(1)</sup> <br>| 125 | 121 |
| 4.13%, 2/1/29 <sup>(1)</sup> <br>| 50 | 46 |
| 4.38%, 2/1/31 <sup>(1)</sup> <br>| 42 | 37 |
| Kennedy-Wilson, Inc., |  |  |
| 4.75%, 2/1/30  | 50 | 45 |
|  |  | **301** |
| **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** | **Real Estate Services – 0.3%** |
| &nbsp;&nbsp; Anywhere Real Estate <br> Group LLC/Anywhere Co-Issuer <br> Corp.,<br>|  |  |
| 7.00%, 4/15/30 <sup>(1)</sup> <br>| 159 | 142 |
| 7.00%, 4/15/30  | 86 | 77 |
| &nbsp;&nbsp; Anywhere Real Estate <br> Group LLC/Realogy Co-Issuer Corp.,<br>|  |  |
| 5.75%, 1/15/29 <sup>(1)</sup> <br>| 75 | 61 |
| CoreLogic, Inc., |  |  |
| 4.50%, 5/1/28 <sup>(1)</sup> <br>| 242 | 225 |
| &nbsp;&nbsp; Cushman & Wakefield U.S. Borrower <br> LLC,<br>|  |  |
| 6.75%, 5/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| 8.88%, 9/1/31 <sup>(1)</sup> <br>| 86 | 91 |
|  |  | **621** |
| **Retail - Consumer Staples – 0.4%** | **Retail - Consumer Staples – 0.4%** | **Retail - Consumer Staples – 0.4%** |
| &nbsp;&nbsp; Albertsons Cos., Inc./Safeway, <br> Inc./New Albertsons <br> L.P./Albertsons LLC,<br>|  |  |
| 3.25%, 3/15/26 <sup>(1)</sup> <br>| 75 | 73 |
| 4.63%, 1/15/27 <sup>(1)</sup> <br>| 100 | 99 |
| 6.50%, 2/15/28 <sup>(1)</sup> <br>| 100 | 102 |
| 3.50%, 3/15/29 <sup>(1)</sup> <br>| 63 | 58 |
| 4.88%, 2/15/30 <sup>(1)</sup> <br>| 85 | 81 |
| Arko Corp., |  |  |
| 5.13%, 11/15/29 <sup>(1)</sup> <br>| 25 | 20 |
| Ingles Markets, Inc., |  |  |
| 4.00%, 6/15/31 <sup>(1)</sup> <br>| 100 | 90 |
| Kroger (The) Co., |  |  |
| 5.00%, 9/15/34  | 50 | 49 |
| 5.65%, 9/15/64  | 75 | 71 |
| Walgreens Boots Alliance, Inc., |  |  |
| 8.13%, 8/15/29  | 56 | 57 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **220** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Retail - Consumer Staples – 0.4%continued** | **Retail - Consumer Staples – 0.4%continued** | **Retail - Consumer Staples – 0.4%continued** |
| 4.80%, 11/18/44  | $44 | $40 |
| 4.65%, 6/1/46  | 25 | 22 |
|  |  | **762** |
| **Retail - Discretionary – 3.0%** | **Retail - Discretionary – 3.0%** | **Retail - Discretionary – 3.0%** |
| &nbsp;&nbsp; American Builders & Contractors <br> Supply Co., Inc.,<br>|  |  |
| 4.00%, 1/15/28 <sup>(1)</sup> <br>| 25 | 24 |
| Asbury Automotive Group, Inc., |  |  |
| 4.63%, 11/15/29 <sup>(1)</sup> <br>| 25 | 23 |
| 5.00%, 2/15/32 <sup>(1)</sup> <br>| 2 | 2 |
| &nbsp;&nbsp; Avis Budget Car Rental LLC/Avis <br> Budget Finance, Inc.,<br>|  |  |
| 5.75%, 7/15/27 <sup>(1)</sup> <br>| 50 | 48 |
| 4.75%, 4/1/28 <sup>(1)</sup> <br>| 75 | 69 |
| Bath & Body Works, Inc., |  |  |
| 6.63%, 10/1/30 <sup>(1)</sup> <br>| 25 | 25 |
| 6.75%, 7/1/36  | 100 | 100 |
| BCPE Ulysses Intermediate, Inc., |  |  |
| 7.75%, (100% Cash), 4/1/27 <sup>(1) (4)</sup> <br>| 25 | 23 |
| Beacon Roofing Supply, Inc., |  |  |
| 4.50%, 11/15/26 <sup>(1)</sup> <br>| 100 | 100 |
| 4.13%, 5/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| 6.50%, 8/1/30 <sup>(1)</sup> <br>| 99 | 104 |
| Builders FirstSource, Inc., |  |  |
| 5.00%, 3/1/30 <sup>(1)</sup> <br>| 150 | 143 |
| 4.25%, 2/1/32 <sup>(1)</sup> <br>| 175 | 157 |
| 6.38%, 6/15/32 <sup>(1)</sup> <br>| 100 | 100 |
| 6.38%, 3/1/34 <sup>(1)</sup> <br>| 148 | 147 |
| Carvana Co., |  |  |
| 9.00%, 6/1/30 <sup>(1) (4)</sup> <br>| 175 | 185 |
| 9.00%, 6/1/31 <sup>(1) (4)</sup> <br>| 327 | 363 |
| Cougar JV Subsidiary LLC, |  |  |
| 8.00%, 5/15/32 <sup>(1)</sup> <br>| 41 | 42 |
| Evergreen Acqco 1 L.P./TVI, Inc., |  |  |
| 9.75%, 4/26/28 <sup>(1)</sup> <br>| 17 | 18 |
| Foundation Building Materials, Inc., |  |  |
| 6.00%, 3/1/29 <sup>(1)</sup> <br>| 25 | 20 |
| Gap (The), Inc., |  |  |
| 3.63%, 10/1/29 <sup>(1)</sup> <br>| 25 | 23 |
| 3.88%, 10/1/31 <sup>(1)</sup> <br>| 25 | 22 |
| GYP Holdings III Corp., |  |  |
| 4.63%, 5/1/29 <sup>(1)</sup> <br>| 46 | 43 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Retail - Discretionary – 3.0%continued** | **Retail - Discretionary – 3.0%continued** | **Retail - Discretionary – 3.0%continued** |
| Hertz (The) Corp., |  |  |
| 12.63%, 7/15/29 <sup>(1)</sup> <br>| $29 | $26 |
| Ken Garff Automotive LLC, |  |  |
| 4.88%, 9/15/28 <sup>(1)</sup> <br>| 25 | 24 |
| LBM Acquisition LLC, |  |  |
| 6.25%, 1/15/29 <sup>(1)</sup> <br>| 50 | 43 |
| LCM Investments Holdings II LLC, |  |  |
| 4.88%, 5/1/29 <sup>(1)</sup> <br>| 137 | 129 |
| 8.25%, 8/1/31 <sup>(1)</sup> <br>| 120 | 125 |
| Liberty Interactive LLC, |  |  |
| 8.25%, 2/1/30  | 25 | 10 |
| Lithia Motors, Inc., |  |  |
| 4.63%, 12/15/27 <sup>(1)</sup> <br>| 125 | 121 |
| 3.88%, 6/1/29 <sup>(1)</sup> <br>| 50 | 46 |
| Macy's Retail Holdings LLC, |  |  |
| 5.88%, 4/1/29 <sup>(1)</sup> <br>| 21 | 20 |
| 4.50%, 12/15/34  | 50 | 40 |
| 5.13%, 1/15/42  | 125 | 85 |
| &nbsp;&nbsp; Mavis Tire Express Services Topco <br> Corp.,<br>|  |  |
| 6.50%, 5/15/29 <sup>(1)</sup> <br>| 175 | 166 |
| Nordstrom, Inc., |  |  |
| 4.38%, 4/1/30  | 25 | 22 |
| Patrick Industries, Inc., |  |  |
| 4.75%, 5/1/29 <sup>(1)</sup> <br>| 75 | 70 |
| 6.38%, 11/1/32 <sup>(1)</sup> <br>| 740 | 717 |
| QVC, Inc., |  |  |
| 6.88%, 4/15/29 <sup>(1)</sup> <br>| 8 | 5 |
| 5.45%, 8/15/34  | 25 | 12 |
| Sonic Automotive, Inc., |  |  |
| 4.63%, 11/15/29 <sup>(1)</sup> <br>| 50 | 46 |
| 4.88%, 11/15/31 <sup>(1)</sup> <br>| 50 | 45 |
| Staples, Inc., |  |  |
| 10.75%, 9/1/29 <sup>(1)</sup> <br>| 144 | 130 |
| 12.75%, 1/15/30 <sup>(1)</sup> <br>| 88 | 60 |
| Wand NewCo 3, Inc., |  |  |
| 7.63%, 1/30/32 <sup>(1)</sup> <br>| 1126 | 1152 |
| White Cap Buyer LLC, |  |  |
| 6.88%, 10/15/28 <sup>(1)</sup> <br>| 459 | 441 |
|  |  | **5341** |
| **Semiconductors – 0.2%** | **Semiconductors – 0.2%** | **Semiconductors – 0.2%** |
| Amkor Technology, Inc., |  |  |
| 6.63%, 9/15/27 <sup>(1)</sup> <br>| 25 | 25 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **221** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Semiconductors – 0.2%continued** | **Semiconductors – 0.2%continued** | **Semiconductors – 0.2%continued** |
| Coherent Corp., |  |  |
| 5.00%, 12/15/29 <sup>(1)</sup> <br>| $198 | $189 |
| Entegris, Inc., |  |  |
| 4.75%, 4/15/29 <sup>(1)</sup> <br>| 66 | 63 |
| ON Semiconductor Corp., |  |  |
| 3.88%, 9/1/28 <sup>(1)</sup> <br>| 50 | 47 |
| Synaptics, Inc., |  |  |
| 4.00%, 6/15/29 <sup>(1)</sup> <br>| 50 | 46 |
|  |  | **370** |
| **Software – 4.1%** | **Software – 4.1%** | **Software – 4.1%** |
| AthenaHealth Group, Inc., |  |  |
| 6.50%, 2/15/30 <sup>(1)</sup> <br>| 2376 | 2229 |
| Camelot Finance S.A., |  |  |
| 4.50%, 11/1/26 <sup>(1)</sup> <br>| 119 | 117 |
| Capstone Borrower, Inc., |  |  |
| 8.00%, 6/15/30 <sup>(1)</sup> <br>| 121 | 124 |
| Castle U.S. Holding Corp., |  |  |
| 9.50%, 2/15/28 <sup>(1)</sup> <br>| 50 | 22 |
| &nbsp;&nbsp; Central Parent LLC/CDK Global <br> II LLC/CDK Financing Co., Inc.,<br>|  |  |
| 8.00%, 6/15/29 <sup>(1)</sup> <br>| 17 | 15 |
| Central Parent, Inc./CDK Global, Inc., |  |  |
| 7.25%, 6/15/29 <sup>(1)</sup> <br>| 123 | 106 |
| Clarivate Science Holdings Corp., |  |  |
| 3.88%, 7/1/28 <sup>(1)</sup> <br>| 206 | 191 |
| 4.88%, 7/1/29 <sup>(1)</sup> <br>| 147 | 131 |
| Cloud Software Group, Inc., |  |  |
| 6.50%, 3/31/29 <sup>(1)</sup> <br>| 614 | 597 |
| 9.00%, 9/30/29 <sup>(1)</sup> <br>| 955 | 953 |
| 8.25%, 6/30/32 <sup>(1)</sup> <br>| 429 | 436 |
| Consensus Cloud Solutions, Inc., |  |  |
| 6.50%, 10/15/28 <sup>(1)</sup> <br>| 25 | 25 |
| Elastic N.V., |  |  |
| 4.13%, 7/15/29 <sup>(1)</sup> <br>| 74 | 69 |
| Ellucian Holdings, Inc., |  |  |
| 6.50%, 12/1/29 <sup>(1)</sup> <br>| 122 | 120 |
| Gen Digital, Inc., |  |  |
| 6.75%, 9/30/27 <sup>(1)</sup> <br>| 50 | 51 |
| 7.13%, 9/30/30 <sup>(1)</sup> <br>| 75 | 77 |
| GoTo Group, Inc., |  |  |
| 5.50%, 5/1/28 <sup>(1)</sup> <br>| 24 | 21 |
| 5.50%, 5/1/28 <sup>(1)</sup> <br>| 34 | 14 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Software – 4.1%continued** | **Software – 4.1%continued** | **Software – 4.1%continued** |
| McAfee Corp., |  |  |
| 7.38%, 2/15/30 <sup>(1)</sup> <br>| $128 | $113 |
| Rocket Software, Inc., |  |  |
| 9.00%, 11/28/28 <sup>(1)</sup> <br>| 75 | 77 |
| SS&C Technologies, Inc., |  |  |
| 5.50%, 9/30/27 <sup>(1)</sup> <br>| 150 | 149 |
| 6.50%, 6/1/32 <sup>(1)</sup> <br>| 287 | 290 |
| Twilio, Inc., |  |  |
| 3.63%, 3/15/29  | 22 | 20 |
| 3.88%, 3/15/31  | 80 | 72 |
| UKG, Inc., |  |  |
| 6.88%, 2/1/31 <sup>(1)</sup> <br>| 1259 | 1277 |
| &nbsp;&nbsp; ZoomInfo Technologies LLC/ZoomInfo <br> Finance Corp.,<br>|  |  |
| 3.88%, 2/1/29 <sup>(1)</sup> <br>| 44 | 40 |
|  |  | **7336** |
| **Specialty Finance – 3.6%** | **Specialty Finance – 3.6%** | **Specialty Finance – 3.6%** |
| &nbsp;&nbsp; Acuris Finance U.S., Inc./Acuris Finance <br> S.a.r.l.,<br>|  |  |
| 5.00%, 5/1/28 <sup>(1)</sup> <br>| 200 | 184 |
| Ally Financial, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.87%), 4.70%, <br> 5/15/26 <sup>(2) (3)</sup> <br>| 75 | 70 |
| 6.70%, 2/14/33  | 25 | 25 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 0.00%), 6.65%, <br> 1/17/40 <sup>(2)</sup> <br>| 10 | 10 |
| Azorra Finance Ltd., |  |  |
| 7.75%, 4/15/30 <sup>(1)</sup> <br>| 58 | 58 |
| Blackstone Mortgage Trust, Inc., |  |  |
| 3.75%, 1/15/27 <sup>(1)</sup> <br>| 106 | 101 |
| 7.75%, 12/1/29 <sup>(1)</sup> <br>| 45 | 46 |
| Block, Inc., |  |  |
| 2.75%, 6/1/26  | 41 | 40 |
| 3.50%, 6/1/31  | 6 | 5 |
| 6.50%, 5/15/32 <sup>(1)</sup> <br>| 352 | 355 |
| Boost Newco Borrower LLC, |  |  |
| 7.50%, 1/15/31 <sup>(1)</sup> <br>| 420 | 437 |
| Bread Financial Holdings, Inc., |  |  |
| 9.75%, 3/15/29 <sup>(1)</sup> <br>| 50 | 53 |
| CPI CG, Inc., |  |  |
| 10.00%, 7/15/29 <sup>(1)</sup> <br>| 25 | 27 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **222** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Specialty Finance – 3.6%continued** | **Specialty Finance – 3.6%continued** | **Specialty Finance – 3.6%continued** |
| Dun & Bradstreet (The) Corp., |  |  |
| 5.00%, 12/15/29 <sup>(1)</sup> <br>| $79 | $79 |
| Fair Isaac Corp., |  |  |
| 4.00%, 6/15/28 <sup>(1)</sup> <br>| 17 | 16 |
| FirstCash, Inc., |  |  |
| 4.63%, 9/1/28 <sup>(1)</sup> <br>| 50 | 48 |
| 5.63%, 1/1/30 <sup>(1)</sup> <br>| 25 | 24 |
| 6.88%, 3/1/32 <sup>(1)</sup> <br>| 75 | 76 |
| &nbsp;&nbsp; Fortress Transportation and <br> Infrastructure Investors LLC,<br>|  |  |
| 5.50%, 5/1/28 <sup>(1)</sup> <br>| 133 | 130 |
| 7.88%, 12/1/30 <sup>(1)</sup> <br>| 136 | 142 |
| 7.00%, 5/1/31 <sup>(1)</sup> <br>| 276 | 280 |
| 7.00%, 6/15/32 <sup>(1)</sup> <br>| 211 | 214 |
| 5.88%, 4/15/33 <sup>(1)</sup> <br>| 136 | 130 |
| Freedom Mortgage Corp., |  |  |
| 7.63%, 5/1/26 <sup>(1)</sup> <br>| 75 | 75 |
| 6.63%, 1/15/27 <sup>(1)</sup> <br>| 125 | 124 |
| Freedom Mortgage Holdings LLC, |  |  |
| 9.25%, 2/1/29 <sup>(1)</sup> <br>| 56 | 57 |
| 9.13%, 5/15/31 <sup>(1)</sup> <br>| 58 | 58 |
| Jefferson Capital Holdings LLC, |  |  |
| 6.00%, 8/15/26 <sup>(1)</sup> <br>| 50 | 50 |
| 9.50%, 2/15/29 <sup>(1)</sup> <br>| 75 | 80 |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital <br> Finance Corp.,<br>|  |  |
| 4.25%, 2/1/27 <sup>(1)</sup> <br>| 25 | 24 |
| 4.75%, 6/15/29 <sup>(1)</sup> <br>| 50 | 48 |
| 7.00%, 7/15/31 <sup>(1)</sup> <br>| 70 | 72 |
| LD Holdings Group LLC, |  |  |
| 8.75%, 11/1/27 <sup>(1)</sup> <br>| 17 | 15 |
| 6.13%, 4/1/28 <sup>(1)</sup> <br>| 50 | 40 |
| Nationstar Mortgage Holdings, Inc., |  |  |
| 6.00%, 1/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| 5.50%, 8/15/28 <sup>(1)</sup> <br>| 50 | 50 |
| 6.50%, 8/1/29 <sup>(1)</sup> <br>| 178 | 180 |
| 5.13%, 12/15/30 <sup>(1)</sup> <br>| 58 | 58 |
| 5.75%, 11/15/31 <sup>(1)</sup> <br>| 46 | 46 |
| 7.13%, 2/1/32 <sup>(1)</sup> <br>| 203 | 211 |
| Navient Corp., |  |  |
| 6.75%, 6/25/25  | 75 | 75 |
| 6.75%, 6/15/26  | 75 | 75 |
| 5.00%, 3/15/27  | 25 | 24 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Specialty Finance – 3.6%continued** | **Specialty Finance – 3.6%continued** | **Specialty Finance – 3.6%continued** |
| 5.50%, 3/15/29  | $50 | $47 |
| 9.38%, 7/25/30  | 125 | 133 |
| 11.50%, 3/15/31  | 50 | 56 |
| OneMain Finance Corp., |  |  |
| 7.13%, 3/15/26  | 100 | 101 |
| 6.63%, 1/15/28  | 75 | 76 |
| 6.63%, 5/15/29  | 89 | 89 |
| 5.38%, 11/15/29  | 37 | 35 |
| 7.88%, 3/15/30  | 92 | 95 |
| 4.00%, 9/15/30  | 112 | 99 |
| 7.50%, 5/15/31  | 75 | 76 |
| 7.13%, 11/15/31  | 95 | 96 |
| &nbsp;&nbsp; Paysafe Finance PLC/Paysafe Holdings <br> U.S. Corp.,<br>|  |  |
| 4.00%, 6/15/29 <sup>(1)</sup> <br>| 50 | 47 |
| PennyMac Financial Services, Inc., |  |  |
| 4.25%, 2/15/29 <sup>(1)</sup> <br>| 50 | 47 |
| 7.88%, 12/15/29 <sup>(1)</sup> <br>| 76 | 79 |
| 7.13%, 11/15/30 <sup>(1)</sup> <br>| 56 | 57 |
| 5.75%, 9/15/31 <sup>(1)</sup> <br>| 100 | 95 |
| PHH Escrow Issuer LLC/PHH Corp., |  |  |
| 9.88%, 11/1/29 <sup>(1)</sup> <br>| 50 | 48 |
| PRA Group, Inc., |  |  |
| 8.38%, 2/1/28 <sup>(1)</sup> <br>| 50 | 51 |
| 8.88%, 1/31/30 <sup>(1)</sup> <br>| 25 | 26 |
| Rithm Capital Corp., |  |  |
| 8.00%, 4/1/29 <sup>(1)</sup> <br>| 75 | 75 |
| &nbsp;&nbsp; Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc.,<br>|  |  |
| 2.88%, 10/15/26 <sup>(1)</sup> <br>| 26 | 25 |
| 3.88%, 3/1/31 <sup>(1)</sup> <br>| 125 | 112 |
| 4.00%, 10/15/33 <sup>(1)</sup> <br>| 200 | 172 |
| &nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments <br> Finance Sub, Inc.,<br>|  |  |
| 6.75%, 8/15/32 <sup>(1)</sup> <br>| 157 | 158 |
| SLM Corp., |  |  |
| 3.13%, 11/2/26  | 143 | 138 |
| Starwood Property Trust, Inc., |  |  |
| 7.25%, 4/1/29 <sup>(1)</sup> <br>| 37 | 38 |
| 6.00%, 4/15/30 <sup>(1)</sup> <br>| 92 | 90 |
| Synchrony Financial, |  |  |
| 7.25%, 2/2/33  | 50 | 51 |
| United Wholesale Mortgage LLC, |  |  |
| 5.75%, 6/15/27 <sup>(1)</sup> <br>| 25 | 25 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **223** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Specialty Finance – 3.6%continued** | **Specialty Finance – 3.6%continued** | **Specialty Finance – 3.6%continued** |
| 5.50%, 4/15/29 <sup>(1)</sup> <br>| $100 | $96 |
| UWM Holdings LLC, |  |  |
| 6.63%, 2/1/30 <sup>(1)</sup> <br>| 116 | 115 |
| World Acceptance Corp., |  |  |
| 7.00%, 11/1/26 <sup>(1)</sup> <br>| 25 | 25 |
|  |  | **6410** |
| **Steel – 2.4%** | **Steel – 2.4%** | **Steel – 2.4%** |
| ATI, Inc., |  |  |
| 5.88%, 12/1/27  | 838 | 832 |
| 4.88%, 10/1/29  | 53 | 50 |
| 7.25%, 8/15/30  | 65 | 67 |
| 5.13%, 10/1/31  | 151 | 141 |
| Big River Steel LLC/BRS Finance Corp., |  |  |
| 6.63%, 1/31/29 <sup>(1)</sup> <br>| 157 | 157 |
| Carpenter Technology Corp., |  |  |
| 6.38%, 7/15/28  | 75 | 75 |
| 7.63%, 3/15/30  | 51 | 53 |
| Cleveland-Cliffs, Inc., |  |  |
| 5.88%, 6/1/27  | 50 | 50 |
| 6.88%, 11/1/29 <sup>(1)</sup> <br>| 68 | 67 |
| 6.75%, 4/15/30 <sup>(1)</sup> <br>| 25 | 24 |
| 4.88%, 3/1/31 <sup>(1)</sup> <br>| 50 | 43 |
| 7.00%, 3/15/32 <sup>(1)</sup> <br>| 50 | 48 |
| 7.38%, 5/1/33 <sup>(1)</sup> <br>| 61 | 59 |
| Commercial Metals Co., |  |  |
| 4.13%, 1/15/30  | 25 | 23 |
| 4.38%, 3/15/32  | 25 | 23 |
| Specialty Steel Supply, Inc., |  |  |
| 14.44%, 11/15/26 <sup>(1) (6) (7)</sup> <br>| 2490 | 2490 |
| TMS International Corp., |  |  |
| 6.25%, 4/15/29 <sup>(1)</sup> <br>| 25 | 23 |
|  |  | **4225** |
| **Technology – 0.1%** | **Technology – 0.1%** | **Technology – 0.1%** |
| Gen Digital, Inc., |  |  |
| 6.25%, 4/1/33 <sup>(1)</sup> <br>| 25 | 25 |
| Synopsys, Inc., |  |  |
| 5.70%, 4/1/55  | 25 | 25 |
| WEX, Inc., |  |  |
| 6.50%, 3/15/33 <sup>(1)</sup> <br>| 120 | 118 |
| Xerox Corp., |  |  |
| 10/15/30 <sup>(1) (5)</sup> <br>| 24 | 24 |
|  |  | **192** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** | **Technology Hardware – 0.8%** |
| CommScope LLC, |  |  |
| 8.25%, 3/1/27 <sup>(1)</sup> <br>| $50 | $47 |
| 7.13%, 7/1/28 <sup>(1)</sup> <br>| 100 | 88 |
| 4.75%, 9/1/29 <sup>(1)</sup> <br>| 166 | 148 |
| 9.50%, 12/15/31 <sup>(1)</sup> <br>| 100 | 103 |
| CommScope Technologies LLC, |  |  |
| 5.00%, 3/15/27 <sup>(1)</sup> <br>| 25 | 22 |
| Diebold Nixdorf, Inc., |  |  |
| 7.75%, 3/31/30 <sup>(1)</sup> <br>| 56 | 58 |
| Imola Merger Corp., |  |  |
| 4.75%, 5/15/29 <sup>(1)</sup> <br>| 265 | 252 |
| NCR Atleos Corp., |  |  |
| 9.50%, 4/1/29 <sup>(1)</sup> <br>| 133 | 144 |
| NCR Voyix Corp., |  |  |
| 5.00%, 10/1/28 <sup>(1)</sup> <br>| 50 | 48 |
| 5.13%, 4/15/29 <sup>(1)</sup> <br>| 30 | 29 |
| Seagate HDD Cayman, |  |  |
| 8.25%, 12/15/29  | 40 | 43 |
| 4.13%, 1/15/31  | 105 | 95 |
| 8.50%, 7/15/31  | 40 | 42 |
| 9.63%, 12/1/32  | 73 | 82 |
| TTM Technologies, Inc., |  |  |
| 4.00%, 3/1/29 <sup>(1)</sup> <br>| 75 | 69 |
| Viasat, Inc., |  |  |
| 6.50%, 7/15/28 <sup>(1)</sup> <br>| 25 | 22 |
| 7.50%, 5/30/31 <sup>(1)</sup> <br>| 25 | 19 |
| Viavi Solutions, Inc., |  |  |
| 3.75%, 10/1/29 <sup>(1)</sup> <br>| 37 | 34 |
| Western Digital Corp., |  |  |
| 4.75%, 2/15/26  | 75 | 75 |
| Zebra Technologies Corp., |  |  |
| 6.50%, 6/1/32 <sup>(1)</sup> <br>| 73 | 74 |
|  |  | **1494** |
| **Telecommunications – 2.7%** | **Telecommunications – 2.7%** | **Telecommunications – 2.7%** |
| Cogent Communications Group LLC, |  |  |
| 7.00%, 6/15/27 <sup>(1)</sup> <br>| 75 | 76 |
| &nbsp;&nbsp; Cogent Communications Group, <br> Inc./Cogent Communications <br> Finance, Inc.,<br>|  |  |
| 7.00%, 6/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| EchoStar Corp., |  |  |
| 10.75%, 11/30/29  | 588 | 618 |
| 6.75%, 11/30/30 <sup>(4)</sup> <br>| 512 | 464 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **224** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Telecommunications – 2.7%continued** | **Telecommunications – 2.7%continued** | **Telecommunications – 2.7%continued** |
| Embarq LLC, |  |  |
| 8.00%, 6/1/36  | $50 | $20 |
| Frontier Communications Holdings LLC, |  |  |
| 5.88%, 10/15/27 <sup>(1)</sup> <br>| 121 | 121 |
| 5.00%, 5/1/28 <sup>(1)</sup> <br>| 163 | 161 |
| 6.75%, 5/1/29 <sup>(1)</sup> <br>| 125 | 126 |
| 5.88%, 11/1/29  | 72 | 72 |
| 6.00%, 1/15/30 <sup>(1)</sup> <br>| 132 | 132 |
| 8.75%, 5/15/30 <sup>(1)</sup> <br>| 439 | 462 |
| 8.63%, 3/15/31 <sup>(1)</sup> <br>| 81 | 86 |
| Frontier North, Inc., |  |  |
| 6.73%, 2/15/28  | 25 | 25 |
| Hughes Satellite Systems Corp., |  |  |
| 6.63%, 8/1/26  | 50 | 41 |
| Intelsat Jackson Holdings S.A., |  |  |
| 6.50%, 3/15/30 <sup>(1)</sup> <br>| 25 | 24 |
| Level 3 Financing, Inc., |  |  |
| 3.63%, 1/15/29 <sup>(1)</sup> <br>| 50 | 37 |
| 10.50%, 4/15/29 <sup>(1)</sup> <br>| 234 | 257 |
| 4.88%, 6/15/29 <sup>(1)</sup> <br>| 230 | 194 |
| 3.75%, 7/15/29 <sup>(1)</sup> <br>| 25 | 18 |
| 11.00%, 11/15/29 <sup>(1)</sup> <br>| 353 | 394 |
| 4.50%, 4/1/30 <sup>(1)</sup> <br>| 145 | 116 |
| 10.50%, 5/15/30 <sup>(1)</sup> <br>| 231 | 248 |
| 3.88%, 10/15/30 <sup>(1)</sup> <br>| 8 | 6 |
| 10.75%, 12/15/30 <sup>(1)</sup> <br>| 155 | 171 |
| 4.00%, 4/15/31 <sup>(1)</sup> <br>| 25 | 19 |
| 10.00%, 10/15/32 <sup>(1)</sup> <br>| 25 | 25 |
| Lumen Technologies, Inc., |  |  |
| 4.13%, 4/15/29 <sup>(1)</sup> <br>| 10 | 10 |
| 4.13%, 4/15/30 <sup>(1)</sup> <br>| 60 | 56 |
| 10.00%, 10/15/32 <sup>(1)</sup> <br>| 93 | 93 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream <br> Escrow Finance Corp.,<br>|  |  |
| 8.25%, 10/1/31 <sup>(1)</sup> <br>| 357 | 363 |
| Zayo Group Holdings, Inc., |  |  |
| 4.00%, 3/1/27 <sup>(1)</sup> <br>| 238 | 217 |
| 6.13%, 3/1/28 <sup>(1)</sup> <br>| 109 | 91 |
|  |  | **4768** |
| **Transportation – 0.1%** | **Transportation – 0.1%** | **Transportation – 0.1%** |
| &nbsp;&nbsp; Avis Budget Car Rental LLC/Avis <br> Budget,<br>|  |  |
| 8.25%, 1/15/30  | 25 | 24 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Transportation – 0.1%continued** | **Transportation – 0.1%continued** | **Transportation – 0.1%continued** |
| Star Leasing Co. LLC, |  |  |
| 7.63%, 2/15/30 <sup>(1)</sup> <br>| $25 | $24 |
| Stonepeak Nile Parent LLC, |  |  |
| 7.25%, 3/15/32 <sup>(1)</sup> <br>| 48 | 49 |
|  |  | **97** |
| **Transportation & Logistics – 0.7%** | **Transportation & Logistics – 0.7%** | **Transportation & Logistics – 0.7%** |
| Allegiant Travel Co., |  |  |
| 7.25%, 8/15/27 <sup>(1)</sup> <br>| 50 | 48 |
| American Airlines, Inc., |  |  |
| 7.25%, 2/15/28 <sup>(1)</sup> <br>| 50 | 50 |
| 8.50%, 5/15/29 <sup>(1)</sup> <br>| 178 | 181 |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd.,<br>|  |  |
| 5.50%, 4/20/26 <sup>(1)</sup> <br>| 10 | 10 |
| 5.75%, 4/20/29 <sup>(1)</sup> <br>| 175 | 171 |
| Clue Opco LLC, |  |  |
| 9.50%, 10/15/31 <sup>(1)</sup> <br>| 42 | 42 |
| &nbsp;&nbsp; First Student Bidco, Inc./First Transit <br> Parent, Inc.,<br>|  |  |
| 4.00%, 7/31/29 <sup>(1)</sup> <br>| 25 | 23 |
| Genesee & Wyoming, Inc., |  |  |
| 6.25%, 4/15/32 <sup>(1)</sup> <br>| 119 | 119 |
| &nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty <br> L.P.,<br>|  |  |
| 9.88%, 9/20/31 <sup>(1)</sup> <br>| 167 | 165 |
| OneSky Flight LLC, |  |  |
| 8.88%, 12/15/29 <sup>(1)</sup> <br>| 79 | 80 |
| Rand Parent LLC, |  |  |
| 8.50%, 2/15/30 <sup>(1)</sup> <br>| 72 | 71 |
| &nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP <br> Cayman Ltd.,<br>|  |  |
| 8.00%, 9/20/25 <sup>(1) (6) (9)</sup> <br>| 30 | 26 |
| 8.00%, 9/20/25 <sup>(1) (6) (9)</sup> <br>| 25 | 22 |
| United Airlines, Inc., |  |  |
| 4.63%, 4/15/29 <sup>(1)</sup> <br>| 144 | 136 |
| Watco Cos. LLC/Watco Finance Corp., |  |  |
| 7.13%, 8/1/32 <sup>(1)</sup> <br>| 50 | 50 |
| XPO, Inc., |  |  |
| 6.25%, 6/1/28 <sup>(1)</sup> <br>| 50 | 50 |
| 7.13%, 6/1/31 <sup>(1)</sup> <br>| 25 | 26 |
| 7.13%, 2/1/32 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **1296** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **225** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  | **CORPORATE BONDS - 78.4% continued**  |
| **Transportation Equipment – 0.4%** | **Transportation Equipment – 0.4%** | **Transportation Equipment – 0.4%** |
| Allison Transmission, Inc., |  |  |
| 4.75%, 10/1/27 <sup>(1)</sup> <br>| $25 | $24 |
| 3.75%, 1/30/31 <sup>(1)</sup> <br>| 50 | 45 |
| JB Poindexter & Co., Inc., |  |  |
| 8.75%, 12/15/31 <sup>(1)</sup> <br>| 50 | 51 |
| Trinity Industries, Inc., |  |  |
| 7.75%, 7/15/28 <sup>(1)</sup> <br>| 75 | 78 |
| Wabash National Corp., |  |  |
| 4.50%, 10/15/28 <sup>(1)</sup> <br>| 567 | 509 |
|  |  | **707** |
| **Wholesale - Consumer Staples – 0.7%** | **Wholesale - Consumer Staples – 0.7%** | **Wholesale - Consumer Staples – 0.7%** |
| C&S Group Enterprises LLC, |  |  |
| 5.00%, 12/15/28 <sup>(1)</sup> <br>| 25 | 21 |
| &nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution, Inc.,<br>|  |  |
| 9.00%, 2/15/29 <sup>(1)</sup> <br>| 106 | 109 |
| Performance Food Group, Inc., |  |  |
| 4.25%, 8/1/29 <sup>(1)</sup> <br>| 155 | 145 |
| 6.13%, 9/15/32 <sup>(1)</sup> <br>| 100 | 99 |
| U.S. Foods, Inc., |  |  |
| 6.88%, 9/15/28 <sup>(1)</sup> <br>| 50 | 51 |
| 4.75%, 2/15/29 <sup>(1)</sup> <br>| 125 | 121 |
| 4.63%, 6/1/30 <sup>(1)</sup> <br>| 5 | 5 |
| 7.25%, 1/15/32 <sup>(1)</sup> <br>| 561 | 583 |
| 5.75%, 4/15/33 <sup>(1)</sup> <br>| 25 | 24 |
| United Natural Foods, Inc., |  |  |
| 6.75%, 10/15/28 <sup>(1)</sup> <br>| 66 | 65 |
|  |  | **1223** |
| **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** | **Wholesale - Discretionary – 0.1%** |
| Dealer Tire LLC/DT Issuer LLC, |  |  |
| 8.00%, 2/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| OPENLANE, Inc., |  |  |
| 5.13%, 6/1/25 <sup>(1)</sup> <br>| 14 | 14 |
| Veritiv Operating Co., |  |  |
| 10.50%, 11/30/30 <sup>(1)</sup> <br>| 57 | 60 |
|  |  | **99** |
| **Total Corporate Bonds** |  |  |
| **(Cost $142,874)** |  | **140433** |
| **FOREIGN ISSUER BONDS – 8.6%**  | **FOREIGN ISSUER BONDS – 8.6%**  | **FOREIGN ISSUER BONDS – 8.6%**  |
| **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** |
| Bombardier, Inc., |  |  |
| 7.88%, 4/15/27 <sup>(1)</sup> <br>| 71 | 71 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  |
| **Aerospace & Defense – 0.4%continued** | **Aerospace & Defense – 0.4%continued** | **Aerospace & Defense – 0.4%continued** |
| 6.00%, 2/15/28 <sup>(1)</sup> <br>| $140 | $138 |
| 7.50%, 2/1/29 <sup>(1)</sup> <br>| 25 | 26 |
| 8.75%, 11/15/30 <sup>(1)</sup> <br>| 146 | 154 |
| 7.25%, 7/1/31 <sup>(1)</sup> <br>| 86 | 86 |
| 7.00%, 6/1/32 <sup>(1)</sup> <br>| 86 | 86 |
| F-Brasile S.p.A./F-Brasile U.S. LLC, |  |  |
| 7.38%, 8/15/26 <sup>(1)</sup> <br>| 200 | 199 |
|  |  | **760** |
| **Asset Management – 0.1%** | **Asset Management – 0.1%** | **Asset Management – 0.1%** |
| Brookfield Finance, Inc., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.08%), 6.30%, <br> 1/15/55<sup>(2)</sup> <br>| 115 | **110** |
| **Banking – 0.3%** | **Banking – 0.3%** | **Banking – 0.3%** |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.41%), 4.38%, <br> 3/15/28 <sup>(2) (3)</sup> <br>| 200 | 180 |
| &nbsp;&nbsp; (Variable, USD SOFR ICE Swap Rate <br> 5Y + 5.78%), 9.63%, <br> 12/15/29 <sup>(2) (3)</sup> <br>| 200 | 219 |
| Intesa Sanpaolo S.p.A., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.60%), 4.20%, <br> 6/1/32 <sup>(1) (2)</sup> <br>| 200 | 180 |
|  |  | **579** |
| **Basic Industry – 0.1%** | **Basic Industry – 0.1%** | **Basic Industry – 0.1%** |
| Capstone Copper Corp., |  |  |
| 6.75%, 3/31/33 <sup>(1)</sup> <br>| 25 | 25 |
| New Gold, Inc., |  |  |
| 6.88%, 4/1/32 <sup>(1)</sup> <br>| 60 | 61 |
|  |  | **86** |
| **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** | **Biotechnology & Pharmaceuticals – 0.1%** |
| 1375209 B.C. Ltd., |  |  |
| 9.00%, 1/30/28 <sup>(1)</sup> <br>| 72 | 72 |
| &nbsp;&nbsp; Teva Pharmaceutical Finance <br> Netherlands III B.V.,<br>|  |  |
| 3.15%, 10/1/26  | 146 | 142 |
| 4.10%, 10/1/46  | 25 | 18 |
|  |  | **232** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| Sunrise FinCo I B.V., |  |  |
| 4.88%, 7/15/31 <sup>(1)</sup> <br>| 200 | 182 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **226** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  |
| **Cable & Satellite – 0.1%continued** | **Cable & Satellite – 0.1%continued** | **Cable & Satellite – 0.1%continued** |
| Videotron Ltd., |  |  |
| 3.63%, 6/15/29 <sup>(1)</sup> <br>| $50 | $47 |
|  |  | **229** |
| **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** |
| Efesto Bidco S.p.A. Efesto U.S. LLC, |  |  |
| 7.50%, 2/15/32<sup>(1)</sup> <br>| 400 | **390** |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| Cerdia Finanz GmbH, |  |  |
| 9.38%, 10/3/31 <sup>(1)</sup> <br>| 25 | 25 |
| Methanex Corp., |  |  |
| 5.13%, 10/15/27  | 25 | 24 |
| NOVA Chemicals Corp., |  |  |
| 5.25%, 6/1/27 <sup>(1)</sup> <br>| 25 | 25 |
| 8.50%, 11/15/28 <sup>(1)</sup> <br>| 100 | 106 |
| 4.25%, 5/15/29 <sup>(1)</sup> <br>| 25 | 24 |
| 9.00%, 2/15/30 <sup>(1)</sup> <br>| 50 | 54 |
| 7.00%, 12/1/31 <sup>(1)</sup> <br>| 50 | 52 |
|  |  | **310** |
| **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** | **Commercial Support Services – 0.4%** |
| Garda World Security Corp., |  |  |
| 4.63%, 2/15/27 <sup>(1)</sup> <br>| 96 | 93 |
| 7.75%, 2/15/28 <sup>(1)</sup> <br>| 145 | 149 |
| 6.00%, 6/1/29 <sup>(1)</sup> <br>| 99 | 93 |
| 8.25%, 8/1/32 <sup>(1)</sup> <br>| 177 | 173 |
| 8.38%, 11/15/32 <sup>(1)</sup> <br>| 160 | 157 |
| Wrangler Holdco Corp., |  |  |
| 6.63%, 4/1/32 <sup>(1)</sup> <br>| 31 | 31 |
|  |  | **696** |
| **Communications – 0.0%** | **Communications – 0.0%** | **Communications – 0.0%** |
| Rogers Communications, Inc., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.62%), 7.13%, <br> 4/15/55<sup>(2)</sup> <br>| 25 | **25** |
| **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** | **Containers & Packaging – 0.3%** |
| ARD Finance S.A., |  |  |
| 6.50%, 6/30/27 <sup>(1) (4)</sup> <br>| 207 | 12 |
| &nbsp;&nbsp; Intelligent Packaging Ltd. Finco, <br> Inc./Intelligent Packaging Ltd. <br> Co-Issuer LLC,<br>|  |  |
| 6.00%, 9/15/28 <sup>(1)</sup> <br>| 605 | 588 |
|  |  | **600** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  |
| **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** | **E-Commerce Discretionary – 0.1%** |
| Rakuten Group, Inc., |  |  |
| 9.75%, 4/15/29<sup>(1)</sup> <br>| $200 | **$217** |
| **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** |
| TransAlta Corp., |  |  |
| 7.75%, 11/15/29 | 25 | **26** |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
| TK Elevator Holdco GmbH, |  |  |
| 6.63%, 7/15/28 [EUR]<sup>(8)</sup> <br>| 90 | 98 |
| 7.63%, 7/15/28 <sup>(1)</sup> <br>| 400 | 400 |
| TK Elevator Midco GmbH, |  |  |
| 4.38%, 7/15/27 [EUR]<sup>(8)</sup> <br>| 100 | 108 |
| TK Elevator U.S. Newco, Inc., |  |  |
| 5.25%, 7/15/27 <sup>(1)</sup> <br>| 200 | 196 |
|  |  | **802** |
| **Energy – 0.0%** | **Energy – 0.0%** | **Energy – 0.0%** |
| &nbsp;&nbsp; South Bow Canadian Infrastructure <br> Holdings Ltd.,<br>|  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.67%), 7.50%, <br> 3/1/55 <sup>(1) (2)</sup> <br>| 25 | 25 |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.95%), 7.63%, <br> 3/1/55 <sup>(1) (2)</sup> <br>| 25 | 26 |
|  |  | **51** |
| **Finance Companies – 0.0%** | **Finance Companies – 0.0%** | **Finance Companies – 0.0%** |
| TrueNoord Capital DAC, |  |  |
| 8.75%, 3/1/30<sup>(1)</sup> <br>| 50 | **51** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| Mercer International, Inc., |  |  |
| 12.88%, 10/1/28 <sup>(1)</sup> <br>| 25 | 27 |
| 5.13%, 2/1/29  | 25 | 21 |
|  |  | **48** |
| **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** | **Gas & Water Utilities – 0.1%** |
| AltaGas Ltd., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.57%), 7.20%, <br> 10/15/54 <sup>(1) (2)</sup> <br>| 42 | 42 |
| &nbsp;&nbsp; Superior Plus L.P./Superior General <br> Partner, Inc.,<br>|  |  |
| 4.50%, 3/15/29 <sup>(1)</sup> <br>| 50 | 46 |
|  |  | **88** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **227** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  |
| **Home Construction – 0.2%** | **Home Construction – 0.2%** | **Home Construction – 0.2%** |
| &nbsp;&nbsp; Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC,<br>|  |  |
| 5.00%, 6/15/29 <sup>(1)</sup> <br>| $151 | $136 |
| 4.88%, 2/15/30 <sup>(1)</sup> <br>| 25 | 22 |
| Empire Communities Corp., |  |  |
| 9.75%, 5/1/29 <sup>(1)</sup> <br>| 60 | 61 |
| Mattamy Group Corp., |  |  |
| 4.63%, 3/1/30 <sup>(1)</sup> <br>| 65 | 60 |
|  |  | **279** |
| **Household Products – 0.0%** | **Household Products – 0.0%** | **Household Products – 0.0%** |
| Kronos Acquisition Holdings, Inc., |  |  |
| 8.25%, 6/30/31<sup>(1)</sup> <br>| 12 | **11** |
| **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** | **Industrial Support Services – 0.0%** |
| RB Global Holdings, Inc., |  |  |
| 6.75%, 3/15/28<sup>(1)</sup> <br>| 50 | **51** |
| **Insurance – 0.9%** | **Insurance – 0.9%** | **Insurance – 0.9%** |
| Ardonagh Finco Ltd., |  |  |
| 7.75%, 2/15/31 <sup>(1)</sup> <br>| 200 | 204 |
| Ardonagh Group Finance Ltd., |  |  |
| 8.88%, 2/15/32 <sup>(1)</sup> <br>| 400 | 407 |
| &nbsp;&nbsp; Howden UK Refinance PLC/Howden <br> UK Refinance 2 PLC/Howden <br> U.S. Refinance LLC,<br>|  |  |
| 7.25%, 2/15/31 <sup>(1)</sup> <br>| 284 | 287 |
| 8.13%, 2/15/32 <sup>(1)</sup> <br>| 213 | 215 |
| &nbsp;&nbsp; Jones Deslauriers Insurance <br> Management, Inc.,<br>|  |  |
| 8.50%, 3/15/30 <sup>(1)</sup> <br>| 302 | 317 |
| 10.50%, 12/15/30 <sup>(1)</sup> <br>| 94 | 101 |
|  |  | **1531** |
| **IT Services – 0.1%** | **IT Services – 0.1%** | **IT Services – 0.1%** |
| CA Magnum Holdings, |  |  |
| 5.38%, 10/31/26<sup>(1)</sup> <br>| 200 | **196** |
| **Leisure Facilities & Services – 0.5%** | **Leisure Facilities & Services – 0.5%** | **Leisure Facilities & Services – 0.5%** |
| &nbsp;&nbsp; 1011778 B.C. ULC/New Red Finance, <br> Inc.,<br>|  |  |
| 3.88%, 1/15/28 <sup>(1)</sup> <br>| 50 | 48 |
| 4.38%, 1/15/28 <sup>(1)</sup> <br>| 8 | 8 |
| 6.13%, 6/15/29 <sup>(1)</sup> <br>| 25 | 25 |
| 4.00%, 10/15/30 <sup>(1)</sup> <br>| 320 | 290 |
| Great Canadian Gaming Corp., |  |  |
| 8.75%, 11/15/29 <sup>(1)</sup> <br>| 124 | 125 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  |
| **Leisure Facilities & Services – 0.5%continued** | **Leisure Facilities & Services – 0.5%continued** | **Leisure Facilities & Services – 0.5%continued** |
| Melco Resorts Finance Ltd., |  |  |
| 5.38%, 12/4/29 <sup>(1)</sup> <br>| $200 | $183 |
| Wynn Macau Ltd., |  |  |
| 5.63%, 8/26/28 <sup>(1)</sup> <br>| 200 | 192 |
|  |  | **871** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| &nbsp;&nbsp; Husky Injection Molding Systems <br> Ltd./Titan Co-Borrower LLC,<br>|  |  |
| 9.00%, 2/15/29<sup>(1)</sup> <br>| 193 | **193** |
| **Metals & Mining – 1.5%** | **Metals & Mining – 1.5%** | **Metals & Mining – 1.5%** |
| &nbsp;&nbsp; Baffinland Iron Mines Corp./Baffinland <br> Iron Mines L.P.,<br>|  |  |
| 8.75%, 7/15/26 <sup>(1)</sup> <br>| 2060 | 1936 |
| ERO Copper Corp., |  |  |
| 6.50%, 2/15/30 <sup>(1)</sup> <br>| 73 | 71 |
| First Quantum Minerals Ltd., |  |  |
| 9.38%, 3/1/29 <sup>(1)</sup> <br>| 200 | 210 |
| FMG Resources Pty. Ltd., Series 2006, |  |  |
| 5.88%, 4/15/30 <sup>(1)</sup> <br>| 25 | 25 |
| 4.38%, 4/1/31 <sup>(1)</sup> <br>| 150 | 135 |
| 6.13%, 4/15/32 <sup>(1)</sup> <br>| 100 | 99 |
| Hudbay Minerals, Inc., |  |  |
| 4.50%, 4/1/26 <sup>(1)</sup> <br>| 25 | 25 |
| IAMGOLD Corp., |  |  |
| 5.75%, 10/15/28 <sup>(1)</sup> <br>| 25 | 24 |
| Mineral Resources Ltd., |  |  |
| 8.13%, 5/1/27 <sup>(1)</sup> <br>| 50 | 50 |
| 8.00%, 11/1/27 <sup>(1)</sup> <br>| 50 | 49 |
| 8.50%, 5/1/30 <sup>(1)</sup> <br>| 50 | 48 |
| Taseko Mines Ltd., |  |  |
| 8.25%, 5/1/30 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **2698** |
| **Oil & Gas Services & Equipment – 0.2%** | **Oil & Gas Services & Equipment – 0.2%** | **Oil & Gas Services & Equipment – 0.2%** |
| Borr IHC Ltd./Borr Finance LLC, |  |  |
| 10.00%, 11/15/28 <sup>(1)</sup> <br>| 186 | 176 |
| Enerflex Ltd., |  |  |
| 9.00%, 10/15/27 <sup>(1)</sup> <br>| 68 | 70 |
| Precision Drilling Corp., |  |  |
| 7.13%, 1/15/26 <sup>(1)</sup> <br>| 41 | 41 |
| 6.88%, 1/15/29 <sup>(1)</sup> <br>| 25 | 24 |
|  |  | **311** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **228** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  |
| **Oil & Gas Supply Chain – 0.7%** | **Oil & Gas Supply Chain – 0.7%** | **Oil & Gas Supply Chain – 0.7%** |
| Baytex Energy Corp., |  |  |
| 8.50%, 4/30/30 <sup>(1)</sup> <br>| $50 | $51 |
| Enbridge, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.97%), 7.20%, <br> 6/27/54 <sup>(2)</sup> <br>| 35 | 35 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 3.12%), 7.38%, <br> 3/15/55 <sup>(2)</sup> <br>| 43 | 44 |
| Northriver Midstream Finance L.P., |  |  |
| 6.75%, 7/15/32 <sup>(1)</sup> <br>| 85 | 86 |
| OGX Austria GmbH, |  |  |
| 8.50%, 6/1/18 <sup>(1) (9) (11)</sup> <br>| 2420 |  |
| 8.38%, 4/1/22 <sup>(1) (6) (9)</sup> <br>| 1800 |  |
| Parkland Corp., |  |  |
| 5.88%, 7/15/27 <sup>(1)</sup> <br>| 25 | 25 |
| 4.50%, 10/1/29 <sup>(1)</sup> <br>| 150 | 141 |
| 4.63%, 5/1/30 <sup>(1)</sup> <br>| 50 | 47 |
| 6.63%, 8/15/32 <sup>(1)</sup> <br>| 47 | 47 |
| Saturn Oil & Gas, Inc., |  |  |
| 9.63%, 6/15/29 <sup>(1)</sup> <br>| 23 | 22 |
| Teine Energy Ltd., |  |  |
| 6.88%, 4/15/29 <sup>(1)</sup> <br>| 810 | 792 |
| Vermilion Energy, Inc., |  |  |
| 6.88%, 5/1/30 <sup>(1)</sup> <br>| 50 | 49 |
|  |  | **1339** |
| **Software – 0.2%** | **Software – 0.2%** | **Software – 0.2%** |
| Dye & Durham Ltd., |  |  |
| 8.63%, 4/15/29 <sup>(1)</sup> <br>| 25 | 26 |
| Open Text Corp., |  |  |
| 6.90%, 12/1/27 <sup>(1)</sup> <br>| 25 | 26 |
| 3.88%, 2/15/28 <sup>(1)</sup> <br>| 50 | 47 |
| 3.88%, 12/1/29 <sup>(1)</sup> <br>| 50 | 46 |
| Open Text Holdings, Inc., |  |  |
| 4.13%, 2/15/30 <sup>(1)</sup> <br>| 75 | 68 |
| 4.13%, 12/1/31 <sup>(1)</sup> <br>| 100 | 88 |
|  |  | **301** |
| **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** | **Specialty Finance – 0.3%** |
| GGAM Finance Ltd., |  |  |
| 8.00%, 2/15/27 <sup>(1)</sup> <br>| 22 | 23 |
| 8.00%, 6/15/28 <sup>(1)</sup> <br>| 37 | 39 |
| 6.88%, 4/15/29 <sup>(1)</sup> <br>| 81 | 82 |
| 5.88%, 3/15/30 <sup>(1)</sup> <br>| 93 | 92 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  |
| **Specialty Finance – 0.3%continued** | **Specialty Finance – 0.3%continued** | **Specialty Finance – 0.3%continued** |
| Global Aircraft Leasing Co. Ltd., |  |  |
| 8.75%, 9/1/27 <sup>(1)</sup> <br>| $65 | $66 |
| goeasy Ltd., |  |  |
| 9.25%, 12/1/28 <sup>(1)</sup> <br>| 25 | 26 |
| 7.63%, 7/1/29 <sup>(1)</sup> <br>| 75 | 75 |
| 6.88%, 5/15/30 <sup>(1)</sup> <br>| 25 | 24 |
| Macquarie Airfinance Holdings Ltd., |  |  |
| 6.40%, 3/26/29 <sup>(1)</sup> <br>| 25 | 26 |
| 8.13%, 3/30/29 <sup>(1)</sup> <br>| 24 | 25 |
| 6.50%, 3/26/31 <sup>(1)</sup> <br>| 35 | 36 |
|  |  | **514** |
| **Steel – 0.0%** | **Steel – 0.0%** | **Steel – 0.0%** |
| Algoma Steel, Inc., |  |  |
| 9.13%, 4/15/29 <sup>(1)</sup> <br>| 50 | 46 |
| Infrabuild Australia Pty. Ltd., |  |  |
| 14.50%, 11/15/28 <sup>(1)</sup> <br>| 25 | 26 |
|  |  | **72** |
| **Telecommunications – 0.9%** | **Telecommunications – 0.9%** | **Telecommunications – 0.9%** |
| Altice Financing S.A., |  |  |
| 5.75%, 8/15/29 <sup>(1)</sup> <br>| 200 | 146 |
| Altice France Holding S.A., |  |  |
| 10.50%, 5/15/27 <sup>(1)</sup> <br>| 200 | 58 |
| 6.00%, 2/15/28 <sup>(1)</sup> <br>| 200 | 58 |
| Altice France S.A., |  |  |
| 8.13%, 2/1/27 <sup>(1)</sup> <br>| 200 | 179 |
| 5.50%, 1/15/28 <sup>(1)</sup> <br>| 370 | 296 |
| Digicel Group Holdings Ltd., |  |  |
| 0.00%, 12/31/30 <sup>(1) (6) (12)</sup> <br>| 28 | 1 |
| 0.00%, 12/31/30 <sup>(1) (6) (12) (13)</sup> <br>|  |  |
| 0.00%, 12/31/30 <sup>(1) (6) (11) (12)</sup> <br>| 9 |  |
| Fibercop S.p.A., |  |  |
| 7.20%, 7/18/36 <sup>(1)</sup> <br>| 200 | 193 |
| Iliad Holding SASU, |  |  |
| 7.00%, 4/15/32 <sup>(1)</sup> <br>| 200 | 200 |
| Telecom Italia Capital S.A., |  |  |
| 6.38%, 11/15/33  | 75 | 75 |
| 7.72%, 6/4/38  | 16 | 17 |
| Telesat Canada/Telesat LLC, |  |  |
| 5.63%, 12/6/26 <sup>(1)</sup> <br>| 25 | 15 |
| 4.88%, 6/1/27 <sup>(1)</sup> <br>| 50 | 28 |
| 6.50%, 10/15/27 <sup>(1)</sup> <br>| 25 | 11 |
| Vmed O2 UK Financing I PLC, |  |  |
| 4.75%, 7/15/31 <sup>(1)</sup> <br>| 200 | 174 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **229** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  |
| **Telecommunications – 0.9%continued** | **Telecommunications – 0.9%continued** | **Telecommunications – 0.9%continued** |
| Vodafone Group PLC, |  |  |
| (Variable, USD Swap 5Y + 4.87%), <br> 7.00%, 4/4/79 <sup>(2)</sup> <br>| $75 | $77 |
|  |  | **1528** |
| **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** | **Transportation & Logistics – 0.2%** |
| Latam Airlines Group S.A., |  |  |
| 7.88%, 4/15/30 <sup>(1)</sup> <br>| 50 | 49 |
| Seaspan Corp., |  |  |
| 5.50%, 8/1/29 <sup>(1)</sup> <br>| 75 | 68 |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| 7.88%, 5/1/27 <sup>(1)</sup> <br>| 100 | 98 |
| 9.50%, 6/1/28 <sup>(1)</sup> <br>| 25 | 25 |
| 6.38%, 2/1/30 <sup>(1)</sup> <br>| 50 | 44 |
|  |  | **284** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $19,901)** |  | **15479** |
| **TERM LOANS – 5.2%** <sup>(10)</sup> | **TERM LOANS – 5.2%** <sup>(10)</sup> | **TERM LOANS – 5.2%** <sup>(10)</sup> |
| **Advertising & Marketing – 0.0%** | **Advertising & Marketing – 0.0%** | **Advertising & Marketing – 0.0%** |
| &nbsp;&nbsp; Neptune BidCo U.S., Inc., Dollar Term <br> B Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 9.39%, <br> 4/11/29<br>| 71 | **61** |
| **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** | **Aerospace & Defense – 0.0%** |
| &nbsp;&nbsp; Dynasty Acquisition Co., Inc., Initial <br> Term B-1 Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.00%), 6.32%, 10/31/31 <br>| 2 | 2 |
| &nbsp;&nbsp; Dynasty Acquisition Co., Inc., Initial <br> Term B-2 Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.00%), 6.32%, 10/31/31 <br>| 1 | 2 |
| Goat Holdco LLC, Term B Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.32%, 1/27/32 <br>| 14 | 14 |
| &nbsp;&nbsp; Kaman Corp., Delayed Draw Term <br> Loan,<br>|  |  |
| 2/26/32 <sup>(14)</sup> <br>| 6 | 6 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Aerospace & Defense – 0.0%continued** | **Aerospace & Defense – 0.0%continued** | **Aerospace & Defense – 0.0%continued** |
| Kaman Corp., Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 2.75%, 0.50% Floor), 7.03%, <br> 2/26/32 <br>| $31 | $30 |
| (Floating, CME Term SOFR USD 3M <br> + 2.75%, 0.50% Floor), 7.07%, <br> 2/26/32 <br>| 31 | 30 |
|  |  | **84** |
| **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** | **Apparel & Textile Products – 0.0%** |
| &nbsp;&nbsp; Champ Acquisition Corp., Initial Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.50%), 8.80%, 11/25/31<br>| 25 | **25** |
| **Automotive – 0.1%** | **Automotive – 0.1%** | **Automotive – 0.1%** |
| &nbsp;&nbsp; Clarios Global L.P., Amendment No. 6 <br> Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%), 7.07%, 1/28/32 <br>| 72 | 71 |
| Tenneco, Inc., Term A Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%, 0.50% Floor), 9.17%, <br> 11/17/28 <br>| 6 | 5 |
| Tenneco, Inc., Term B Loan, |  |  |
| 11/17/28 <sup>(14)</sup> <br>| 4 | 4 |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 9.40%, <br> 11/17/28 <sup>(13)</sup> <br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 5.00%, 0.50% Floor), 9.42%, <br> 11/17/28 <br>| 21 | 21 |
|  |  | **101** |
| **Basic Industry – 0.1%** | **Basic Industry – 0.1%** | **Basic Industry – 0.1%** |
| &nbsp;&nbsp; GrafTech Global Enterprises, Inc., <br> Delayed Draw Term Loan,<br>|  |  |
| 12/21/29 <sup>(14) (15)</sup> <br>| 28 | 28 |
| &nbsp;&nbsp; GrafTech Global Enterprises, Inc., Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 6.00%, 2.00% Floor), 10.30%, <br> 12/21/29 <br>| 49 | 50 |
| &nbsp;&nbsp; Polar U.S. Borrower LLC, Term B-1-B <br> Loan,<br>|  |  |
| (Floating, PIK Interest USD 3M + <br> 0.75%), 0.75%, 10/16/28 <br>| 49 | 27 |
|  |  | **105** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **230** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Biotechnology – 0.0%** | **Biotechnology – 0.0%** | **Biotechnology – 0.0%** |
| Gulfside Supply, Inc., Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 3.00%), 7.30%, 6/17/31<br>| $10 | **$10** |
| **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** |
| &nbsp;&nbsp; Amneal Pharmaceuticals LLC, Initial <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.50%), 9.82%, 5/4/28 <br>| 7 | 7 |
| &nbsp;&nbsp; Bausch Health Cos., Inc., Second <br> Amendment Term Loan,<br>|  |  |
| 2/1/27 <sup>(14)</sup> <br>| 156 | 156 |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.25%, 0.50% Floor), 9.67%, <br> 2/1/27 <br>| 118 | 118 |
| &nbsp;&nbsp; Endo Finance Holdings, Inc., 2024 <br> Refinancing Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 4.00%, 0.50% Floor), 8.32%, <br> 4/23/31 <br>| 62 | 61 |
|  |  | **342** |
| **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** | **Cable & Satellite – 0.1%** |
| &nbsp;&nbsp; CSC Holdings LLC, September 2019 <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, PRIME USD 3M + 1.50%), <br> 9.00%, 4/15/27 <br>| 5 | 5 |
| &nbsp;&nbsp; DIRECTV Financing LLC, 2025 <br> Incremental Term B Loan,<br>|  |  |
| 1/17/31 <sup>(14)</sup> <br>| 146 | 139 |
| &nbsp;&nbsp; Radiate Holdco LLC, Amendment No. 6 <br> Term B Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.25%, 0.75% Floor), 7.69%, <br> 9/25/26 <br>| 31 | 26 |
|  |  | **170** |
| **Capital Goods – 0.1%** | **Capital Goods – 0.1%** | **Capital Goods – 0.1%** |
| Covia Holdings LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.57%, 2/26/32 <br>| 20 | 20 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., Tranche B-3 <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.25%), 6.57%, 2/10/32 <br>| 84 | 83 |
| &nbsp;&nbsp; Signia Aerospace LLC, Delayed Draw <br> Term Loan,<br>|  |  |
| 12/11/31 <sup>(14) (15)</sup> <br>| 2 | 2 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Capital Goods – 0.1%continued** | **Capital Goods – 0.1%continued** | **Capital Goods – 0.1%continued** |
| Signia Aerospace LLC, Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%, 0.50% Floor), 7.32%, <br> 12/11/31 <br>| $19 | $19 |
| &nbsp;&nbsp; Vortex Opco LLC, First-Out New Money <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 6.25%, 0.50% Floor), 10.55%, <br> 4/30/30 <br>| 11 | 11 |
| &nbsp;&nbsp; Vortex Opco LLC, Second-Out New <br> Money Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%, 0.50% Floor), 8.66%, <br> 12/17/28 <br>| 60 | 28 |
| Wilsonart LLC, Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.25%), 8.55%, 8/5/31 <br>| 51 | 49 |
|  |  | **212** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| &nbsp;&nbsp; Discovery Purchaser Corp., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 8.04%, <br> 10/4/29 <br>| 80 | 79 |
| Herens Holdco S.a.r.l., Facility B, |  |  |
| 7/3/28 <sup>(14)</sup> <br>| 40 | 37 |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.93%, 0.75% Floor), 8.32%, <br> 7/3/28 <br>| 34 | 31 |
| &nbsp;&nbsp; Momentive Performance Materials, Inc., <br> Initial Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 4.00%), 8.32%, 3/29/28 <br>| 32 | 32 |
|  |  | **179** |
| **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** | **Commercial Support Services – 0.1%** |
| &nbsp;&nbsp; Allied Universal Holdco LLC , Initial <br> U.S. Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.75%, 0.50% Floor), 8.17%, <br> 5/12/28 <br>| 39 | 39 |
| &nbsp;&nbsp; GFL Environmental Services, Inc., Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.50%), 6.82%, 3/3/32 <br>| 52 | 52 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **231** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Commercial Support Services – 0.1%continued** | **Commercial Support Services – 0.1%continued** | **Commercial Support Services – 0.1%continued** |
| &nbsp;&nbsp; Raven Acquisition Holdings LLC, 2024 <br> Delayed Draw Term Loan,<br>|  |  |
| 11/19/31 <sup>(14) (15)</sup> <br>| $3 | $3 |
| &nbsp;&nbsp; Raven Acquisition Holdings LLC, Initial <br> Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.25%), 7.57%, 11/19/31 <br>| 44 | 43 |
|  |  | **137** |
| **Communications – 0.7%** | **Communications – 0.7%** | **Communications – 0.7%** |
| &nbsp;&nbsp; Coral-U.S. Co-Borrower LLC, Term B-7 <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%), 7.57%, 2/2/32 <br>| 33 | 32 |
| &nbsp;&nbsp; Getty Images, Inc., Dollar Fixed Rate <br> B-1 Loan,<br>|  |  |
| 2/21/30 <sup>(14)</sup> <br>| 7 | 7 |
| 11.25%, 2/21/30  | 29 | 29 |
| &nbsp;&nbsp; Sterling Entertainment Enterprises LLC, <br> Initial Loan,<br>|  |  |
| 17.75% 4/10/26 <sup>(6) (7)</sup> <br>| 1143 | 1143 |
| &nbsp;&nbsp; Tecta America Corp., Closing Date <br> Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.32%, 2/18/32 <br>| 26 | 26 |
|  |  | **1237** |
| **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** | **Consumer Cyclical – 0.1%** |
| &nbsp;&nbsp; Endeavor Group Holdings, Inc., Term <br> Loan B,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.32%, 3/24/32 <br>| 81 | 81 |
| Motion Acquisition Ltd., Facility B, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.50%), 7.80%, 11/12/29 <br>| 11 | 11 |
| &nbsp;&nbsp; Summer Bidco B LLC, Extended Facility <br> B1,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 5.00%), 9.56%, 2/15/29 <br>| 22 | 22 |
|  |  | **114** |
| **Consumer Non-Cyclical – 0.1%** | **Consumer Non-Cyclical – 0.1%** | **Consumer Non-Cyclical – 0.1%** |
| 1261229 BC Ltd., Term Loan B, |  |  |
| 9/25/30 <sup>(14)</sup> <br>| 133 | 128 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Consumer Non-Cyclical – 0.1%continued** | **Consumer Non-Cyclical – 0.1%continued** | **Consumer Non-Cyclical – 0.1%continued** |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, <br> Exchange First Out Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 8.04%, <br> 12/31/30 <br>| $9 | $9 |
|  |  | **137** |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| LABL, Inc., Initial Dollar Term Loan, |  |  |
| (Floating, CME Term SOFR USD 1M <br> + 5.00%, 0.50% Floor), 9.42%, <br> 10/30/28<br>| 115 | **94** |
| **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** | **Electric Utilities – 0.0%** |
| &nbsp;&nbsp; Alpha Generation LLC, Initial Term B <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.75%), 7.07%, 9/30/31 <br>| 50 | 49 |
| Lightning Power LLC, Initial Term B Loan, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 2.25%), 6.55%, 8/18/31 <br>| 25 | 25 |
|  |  | **74** |
| **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** |
| &nbsp;&nbsp; Gates Corp., Initial B-5 Dollar Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 1.75%, 0.50% Floor), 6.07%, <br> 6/4/31 <sup>(13)</sup> <br>|  |  |
| &nbsp;&nbsp; LSF12 Crown U.S. Commercial <br> Bidco LLC, Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 4.25%), 8.57%, 12/2/31 <br>| 45 | 44 |
|  |  | **44** |
| **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** | **Engineering & Construction – 0.1%** |
| &nbsp;&nbsp; Brand Industrial Services, Inc., Tranche <br> C Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.50%, 0.50% Floor), 8.79%, <br> 8/1/30<br>| 119 | **113** |
| **Entertainment Content – 0.0%** | **Entertainment Content – 0.0%** | **Entertainment Content – 0.0%** |
| Allen Media LLC, Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 5.50%), 9.95%, 2/10/27<br>| 47 | **27** |
| **Food – 0.0%** | **Food – 0.0%** | **Food – 0.0%** |
| Chobani LLC, 2025 New Term Loan, |  |  |
| (Floating, CME Term SOFR USD 1M <br> + 2.50%), 6.82%, 10/25/27<br>| 3 | **3** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **232** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** | **Forestry, Paper & Wood Products – 0.0%** |
| Glatfelter Corp., Term Loan, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.25%), 8.56%, 11/4/31<br>| $50 | **$50** |
| **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** | **Health Care Facilities & Services – 0.2%** |
| &nbsp;&nbsp; Gainwell Acquisition Corp., Term B <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.00%, 0.75% Floor), 8.40%, <br> 10/1/27 <br>| 123 | 115 |
| &nbsp;&nbsp; LifePoint Health, Inc., 2024-1 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%), 8.05%, 5/17/31 <br>| 46 | 44 |
| &nbsp;&nbsp; LifePoint Health, Inc., 2024-2 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.50%), 7.82%, 5/19/31 <br>| 30 | 29 |
| Star Parent, Inc., Term Loan, |  |  |
| 9/27/30 <sup>(13) (14)</sup> <br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.00%), 8.30%, 9/27/30 <br>| 111 | 106 |
|  |  | **294** |
| **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** | **Home & Office Products – 0.1%** |
| &nbsp;&nbsp; Hunter Douglas Holding B.V., <br> Amendment No. 3 Tranche B-1 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.55%, 1/17/32 <br>| 35 | 33 |
| &nbsp;&nbsp; SWF Holdings I Corp., Delayed Draw <br> Term Loan,<br>|  |  |
| 12/19/29 <sup>(14)</sup> <br>| 17 | 17 |
| &nbsp;&nbsp; SWF Holdings I Corp., Tranche A-1 <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.50%, 1.00% Floor), 8.82%, <br> 12/19/29 <br>| 13 | 13 |
| &nbsp;&nbsp; SWF Holdings I Corp., Tranche A-2 <br> Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 4.00%, 1.00% Floor), 8.44%, <br> 10/6/28 <br>| 67 | 55 |
|  |  | **118** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Home Construction – 0.0%** | **Home Construction – 0.0%** | **Home Construction – 0.0%** |
| &nbsp;&nbsp; Cornerstone Building Brands, Inc., <br> Tranche C Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.50%, 0.50% Floor), 8.82%, <br> 5/15/31 <br>| $11 | $9 |
| &nbsp;&nbsp; MI Windows and Doors LLC, Term B-2 <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.32%, 3/28/31 <br>| 25 | 24 |
|  |  | **33** |
| **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** | **Institutional Financial Services – 0.1%** |
| &nbsp;&nbsp; Deerfield Dakota Holding LLC, 2021 <br> Replacement Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 6.75%), 11.31%, 4/7/28 <br>| 75 | 72 |
| &nbsp;&nbsp; Deerfield Dakota Holding LLC, Initial <br> Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 1.00% Floor), 8.05%, <br> 4/9/27 <br>| 19 | 18 |
| &nbsp;&nbsp; Summit Acquisition, Inc., Initial Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.75%), 8.07%, 10/16/31 <br>| 23 | 23 |
|  |  | **113** |
| **Insurance – 0.5%** | **Insurance – 0.5%** | **Insurance – 0.5%** |
| &nbsp;&nbsp; Ardonagh Midco 3 Ltd., Syndicated <br> Facility B,<br>|  |  |
| 2/15/31 <sup>(14)</sup> <br>| 52 | 52 |
| AssuredPartners, Inc., 2024 Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.82%, <br> 2/14/31 <br>| 13 | 12 |
| Asurion LLC, New B-4 Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 5.25%), 9.69%, 1/20/29 <br>| 810 | 748 |
| &nbsp;&nbsp; Truist Insurance Holdings LLC, Initial <br> Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 4.75%), 9.05%, 5/6/32 <br>| 110 | 111 |
|  |  | **923** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **233** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** | **Internet Media & Services – 0.1%** |
| &nbsp;&nbsp; Endurance International Group <br> Holdings, Inc., Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.75% Floor), 7.93%, <br> 2/10/28 <br>| $24 | $16 |
| &nbsp;&nbsp; MH Sub I LLC , 2023 May Incremental <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.25%, 0.50% Floor), 8.57%, <br> 5/3/28 <br>| 83 | 79 |
| &nbsp;&nbsp; MH SUB I LLC, 2024 December New <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.25%, 0.50% Floor), 8.57%, <br> 12/31/31 <br>| 56 | 52 |
| &nbsp;&nbsp; Stubhub Holdco Sub LLC, Extended <br> USD Term B Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 4.75%), 9.07%, 3/15/30 <br>| 47 | 46 |
|  |  | **193** |
| **IT Services – 0.1%** | **IT Services – 0.1%** | **IT Services – 0.1%** |
| &nbsp;&nbsp; Amentum Holdings, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.25%), 6.57%, 9/29/31 <br>| 112 | 108 |
| &nbsp;&nbsp; Fortress Intermediate 3, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.75%), 8.07%, 6/27/31 <br>| 32 | 32 |
| &nbsp;&nbsp; Vericast Corp., 2024 Extended Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 6M <br> + 7.75%, 3.75% Floor), 12.03%, <br> 6/15/30 <br>| 53 | 50 |
|  |  | **190** |
| **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** | **Leisure Facilities & Services – 0.1%** |
| City Football Group Ltd., Term B-1 Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.94%, <br> 7/21/30 <br>| 36 | 36 |
| &nbsp;&nbsp; Great Canadian Gaming Corp., 2024 <br> Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 9.05%, 11/1/29 <br>| 21 | 21 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Leisure Facilities & Services – 0.1%continued** | **Leisure Facilities & Services – 0.1%continued** | **Leisure Facilities & Services – 0.1%continued** |
| Life Time, Inc., 2024 New Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 2.50%), 6.80%, 11/5/31 <br>| $25 | $25 |
| &nbsp;&nbsp; OVG Business Services LLC, Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.32%, 6/25/31 <br>| 3 | 3 |
| &nbsp;&nbsp; Sabre GLBL, Inc., 2021 Other Term B-1 <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.94%, <br> 12/17/27 <br>| 2 | 2 |
| &nbsp;&nbsp; Sabre GLBL, Inc., 2021 Other Term B-2 <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.94%, <br> 12/17/27 <br>| 1 | 1 |
| &nbsp;&nbsp; Sabre GLBL, Inc., 2022 Other Term B <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.25%, 0.50% Floor), 8.67%, <br> 6/30/28 <br>| 1 | 1 |
| Sabre GLBL, Inc., 2024 Term B-1 Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%, 0.50% Floor), 10.42%, <br> 11/15/29 <br>| 13 | 12 |
| Sabre GLBL, Inc., 2024 Term B-2 Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%, 0.50% Floor), 10.42%, <br> 11/15/29 <br>| 3 | 2 |
| &nbsp;&nbsp; Scientific Games Holdings L.P., 2024 <br> Refinancing Dollar Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 3.00%, 0.50% Floor), 7.30%, <br> 4/4/29 <br>| 73 | 73 |
|  |  | **176** |
| **Machinery – 0.1%** | **Machinery – 0.1%** | **Machinery – 0.1%** |
| &nbsp;&nbsp; Husky Injection Molding Systems Ltd. , <br> Amendment No. 5 Refinancing Term <br> Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 6M <br> + 4.50%), 8.78%, 2/15/29<br>| 101 | **100** |
| **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** | **Medical Equipment & Devices – 0.1%** |
| &nbsp;&nbsp; Bausch + Lomb Corp., First Incremental <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.00%), 8.32%, 9/29/28 <br>| 52 | 52 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **234** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Medical Equipment & Devices – 0.1%continued** | **Medical Equipment & Devices – 0.1%continued** | **Medical Equipment & Devices – 0.1%continued** |
| Bausch + Lomb Corp., Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.25%, 0.50% Floor), 7.67%, <br> 5/10/27 <br>| $63 | $63 |
|  |  | **115** |
| **Oil & Gas Services & Equipment – 0.0%** | **Oil & Gas Services & Equipment – 0.0%** | **Oil & Gas Services & Equipment – 0.0%** |
| Star Holding LLC, Term B Loan, |  |  |
| (Floating, CME Term SOFR USD 1M <br> + 4.50%), 8.82%, 7/31/31<br>| 36 | **35** |
| **Other Industrial – 0.0%** | **Other Industrial – 0.0%** | **Other Industrial – 0.0%** |
| &nbsp;&nbsp; Jupiter Buyer, Inc., Initial Delayed Draw <br> Term Loan,<br>|  |  |
| 11/1/31 <sup>(14) (15)</sup> <br>| 2 | 2 |
| Jupiter Buyer, Inc., Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 1M <br> + 4.75%), 9.07%, 11/1/31 <br>| 14 | 14 |
|  |  | **16** |
| **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** | **Publishing & Broadcasting – 0.1%** |
| &nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., <br> 2024 Refinancing Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.00%), 8.44%, 8/21/28 <br>| 89 | 88 |
| Gray Television, Inc., Term D Loan, |  |  |
| 12/1/28 <sup>(14)</sup> <br>| 15 | 14 |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.44%, 12/1/28 <br>| 15 | 14 |
| Gray Television, Inc., Term F Loan, |  |  |
| (Floating, CME Term SOFR USD 1M <br> + 5.25%), 9.57%, 6/4/29 <br>| 11 | 11 |
|  |  | **127** |
| **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** | **Real Estate Services – 0.0%** |
| CoreLogic, Inc., Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.50% Floor), 7.94%, <br> 6/2/28<br>| 29 | **29** |
| **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** |
| &nbsp;&nbsp; Champions Holdco, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.75%), 9.07%, 2/23/29 <br>| 76 | 68 |
| &nbsp;&nbsp; Foundation Building Materials, Inc., <br> 2024 Incremental Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.00%), 8.55%, 1/29/31 <br>| 86 | 78 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Retail - Discretionary – 0.2%continued** | **Retail - Discretionary – 0.2%continued** | **Retail - Discretionary – 0.2%continued** |
| &nbsp;&nbsp; Foundation Building Materials, Inc., <br> Initial Term Loan,<br>|  |  |
| 1/31/28 <sup>(14)</sup> <br>| $4 | $4 |
| &nbsp;&nbsp; Wand Newco 3, Inc., Tranche B-2 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.50%), 6.82%, 1/30/31 <br>| 57 | 56 |
| &nbsp;&nbsp; White Cap Supply Holdings LLC, <br> Tranche C Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.25%), 7.57%, 10/19/29 <br>| 117 | 113 |
|  |  | **319** |
| **Software – 1.0%** | **Software – 1.0%** | **Software – 1.0%** |
| &nbsp;&nbsp; Ascend Learning LLC, Amendment No. <br> 5 Incremental Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%, 0.50% Floor), 7.32%, <br> 12/11/28 <br>| 10 | 9 |
| &nbsp;&nbsp; athenahealth Group, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%, 0.50% Floor), 7.32%, <br> 2/15/29 <br>| 237 | 234 |
| &nbsp;&nbsp; Boxer Parent Co., Inc., 2031 <br> Replacement Dollar Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.00%), 7.29%, 7/30/31 <br>| 36 | 35 |
| Boxer Parent Co., Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.75%), 10.04%, 7/30/32 <br>| 41 | 39 |
| &nbsp;&nbsp; Central Parent LLC, 2024 Refinancing <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.55%, 7/6/29 <br>| 35 | 30 |
| &nbsp;&nbsp; Cloud Software Group, Inc., Seventh <br> Amendment Tranche B-1 Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.50%, 0.50% Floor), 7.80%, <br> 3/30/29 <br>| 81 | 80 |
| &nbsp;&nbsp; Cloud Software Group, Inc., Sixth <br> Amendment Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 8.05%, <br> 3/21/31 <br>| 107 | 106 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **235** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Software – 1.0%continued** | **Software – 1.0%continued** | **Software – 1.0%continued** |
| Cloudera, Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.75%, 0.50% Floor), 8.17%, <br> 10/8/28 <br>| $20 | $20 |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%), 10.42% 10/8/29 <sup>(7)</sup> <br>| 147 | 140 |
| &nbsp;&nbsp; Clover Holdings 2 LLC, Initial Fixed Rate <br> Term Loan,<br>|  |  |
| 7.75%, 12/9/31  | 342 | 340 |
| &nbsp;&nbsp; Clover Holdings 2 LLC, Initial Floating <br> Rate Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.00%), 8.29%, 12/9/31 <br>| 40 | 40 |
| &nbsp;&nbsp; Cotiviti, Inc., Initial Fixed Rate Term <br> Loan,<br>|  |  |
| 7.63%, 5/1/31  | 434 | 427 |
| &nbsp;&nbsp; Ellucian Holdings, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.75%, 0.50% Floor), 9.07%, <br> 11/22/32 <br>| 129 | 131 |
| &nbsp;&nbsp; Mitchell International, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.25%, 0.50% Floor), 7.57%, <br> 6/17/31 <br>| 18 | 18 |
| Polaris Newco LLC, Dollar Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 8.30%, <br> 6/2/28 <br>| 35 | 33 |
| &nbsp;&nbsp; RealPage, Inc., 2024-1 Incremental <br> Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 3.75%, 0.50% Floor), 8.05%, <br> 4/24/28 <br>| 29 | 29 |
|  |  | **1711** |
| **Specialty Finance – 0.0%** | **Specialty Finance – 0.0%** | **Specialty Finance – 0.0%** |
| &nbsp;&nbsp; Neon Maple Purchaser, Inc., Tranche <br> B-1 Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.32%, 11/17/31<br>| 12 | **12** |
| **Technology – 0.2%** | **Technology – 0.2%** | **Technology – 0.2%** |
| Applied Systems, Inc., Initial Term Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.50%), 8.80%, 2/23/32 <br>| 13 | 14 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Technology – 0.2%continued** | **Technology – 0.2%continued** | **Technology – 0.2%continued** |
| &nbsp;&nbsp; Proofpoint, Inc., 2024 Refinancing Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.00%, 0.50% Floor), 7.32%, <br> 8/31/28 <br>| $24 | $24 |
| X Corp., Tranche B-3 Term Loan, |  |  |
| 10/26/29 <sup>(14)</sup> <br>| 69 | 71 |
| 9.50%, 10/26/29  | 225 | 230 |
|  |  | **339** |
| **Technology Hardware – 0.0%** | **Technology Hardware – 0.0%** | **Technology Hardware – 0.0%** |
| &nbsp;&nbsp; Atlas CC Acquisition Corp., Term B <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%, 0.75% Floor), 8.82%, <br> 5/25/28 <br>| 28 | 17 |
| &nbsp;&nbsp; Atlas CC Acquisition Corp., Term C <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 4.25%, 0.75% Floor), 8.82%, <br> 5/25/28 <br>| 6 | 3 |
| Commscope LLC, Initial Term Loan, |  |  |
| 12/17/29 <sup>(14)</sup> <br>| 10 | 10 |
| &nbsp;&nbsp; Delta Topco, Inc., Second Amendment <br> Refinancing Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 3M <br> + 5.25%), 9.57%, 11/29/30 <br>| 12 | 12 |
|  |  | **42** |
| **Telecommunications – 0.4%** | **Telecommunications – 0.4%** | **Telecommunications – 0.4%** |
| Altice France S.A., USD TLB Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 5.50%), 9.80%, 8/15/28 <br>| 45 | 40 |
| &nbsp;&nbsp; Consolidated Communications, Inc., <br> Term B-1 Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 3.50%, 0.75% Floor), 7.94%, <br> 10/2/27 <br>| 50 | 50 |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, <br> Initial Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 6M <br> + 2.50%), 6.79%, 7/1/31 <br>| 15 | 15 |
| &nbsp;&nbsp; Level 3 Financing, Inc., Term B-1 Retired <br> 3/27/2025,<br>|  |  |
| 4/16/29 <sup>(14)</sup> <br>| 22 | 23 |
| &nbsp;&nbsp; Level 3 Financing, Inc., Term B-2 Retired <br> 3/17/2025,<br>|  |  |
| 4/15/30 <sup>(14)</sup> <br>| 91 | 92 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **236** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Telecommunications – 0.4%continued** | **Telecommunications – 0.4%continued** | **Telecommunications – 0.4%continued** |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.56%, 2.00% Floor), 10.88%, <br> 4/15/30 <br>| $14 | $14 |
| &nbsp;&nbsp; Level 3 Financing, Inc., Term B-3 <br> Refinancing Loan,<br>|  |  |
| 3/27/32 <sup>(14)</sup> <br>| 200 | 197 |
| Lumen Technologies, Inc., Term A Loan, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 6.00%, 2.00% Floor), 10.32%, <br> 6/1/28 <br>| 13 | 13 |
| &nbsp;&nbsp; Lumen Technologies, Inc., Term B-1 <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.35%, 2.00% Floor), 6.79%, <br> 4/15/29 <br>| 51 | 48 |
| &nbsp;&nbsp; Lumen Technologies, Inc., Term B-2 <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.35%, 2.00% Floor), 6.79%, <br> 4/15/30 <br>| 20 | 19 |
| &nbsp;&nbsp; Windstream Services LLC, 2024 Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 4.75%), 9.17%, 10/1/31 <br>| 49 | 49 |
| &nbsp;&nbsp; Zayo Group Holdings, Inc., Initial <br> Dollar Term Loan,<br>|  |  |
| (Floating, CME Term SOFR USD 1M <br> + 3.00%), 7.44%, 3/9/27 <br>| 273 | 253 |
|  |  | **813** |
| **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** | **Transportation & Logistics – 0.1%** |
| &nbsp;&nbsp; Apple Bidco LLC, Amendment No. 5 <br> Term Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 1M <br> + 2.50%), 6.82%, 9/23/31 <br>| 18 | 18 |
| &nbsp;&nbsp; Genesee & Wyoming, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 1.75%), 6.05%, 4/10/31 <br>| 11 | 11 |
| WestJet Loyalty L.P., Initial Term Loan, |  |  |
| (Floating, CME Term SOFR USD 3M <br> + 3.25%), 7.55%, 2/14/31 <br>| 74 | 71 |
|  |  | **100** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** | **TERM LOANS - 5.2%** <sup>(10)</sup>**continued** |
| **Wholesale - Consumer Staples – 0.0%** | **Wholesale - Consumer Staples – 0.0%** | **Wholesale - Consumer Staples – 0.0%** |
| &nbsp;&nbsp; Northeast Grocery, Inc., Initial Term <br> Loan,<br>|  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR USD 3M <br> + 7.50%, 1.00% Floor), 11.82%, <br> 12/13/28<br>| $94 | **$94** |
| **Total Term Loans** |  |  |
| **(Cost $9,379)** |  | **9211** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS – 2.6%**  | **COMMON STOCKS – 2.6%**  | **COMMON STOCKS – 2.6%**  |
| **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** |
| Endo GUC Trust<sup>(6) \*</sup> <br>| 10702 | $— |
| Endo, Inc.\* | 1870 | 45 |
|  |  | **45** |
| **Building Products – 0.0%** | **Building Products – 0.0%** | **Building Products – 0.0%** |
| JELD-WEN Holding, Inc.\* | 2596 | **15** |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| Cornerstone Capital Corp.<sup>(6) (7) \*</sup> <br>| 602 |  |
| Utex Industries, Inc.<sup>(7)</sup> <br>| 2200 | 74 |
|  |  | **74** |
| **Construction Materials – 0.0%** | **Construction Materials – 0.0%** | **Construction Materials – 0.0%** |
| Hardwood Holdings LLC<sup>(6) \*</sup> <br>| 187 | **4** |
| **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** | **Consumer Cyclical – 0.0%** |
| Rite Aid Corp.<sup>(6) (7) \*</sup> <br>| 58 | **3** |
| **Consumer Finance – 0.0%** | **Consumer Finance – 0.0%** | **Consumer Finance – 0.0%** |
| Curo Group Holdings LLC<sup>(6) \*</sup> <br>| 549 | **3** |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| ATD New Holdings, Inc.<sup>(6) (7) (11) \*</sup> <br>| 22076 | **—** |
| **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** |
| Nabors Industries Ltd.\* | 16 | 1 |
| Nine Energy Service, Inc.<sup>(11) \*</sup> <br>| 250 |  |
|  |  | **1** |
| **Entertainment – 0.0%** | **Entertainment – 0.0%** | **Entertainment – 0.0%** |
| TKO Group Holdings, Inc. | 246 | **38** |
| **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** |
| Ferrellgas Partners L.P., Class B | 180 | **32** |
| **Health Care Facilities & Services – 0.0%** | **Health Care Facilities & Services – 0.0%** | **Health Care Facilities & Services – 0.0%** |
| CHPPR Holdings, Inc.<sup>(6) \*</sup> <br>| 20 | **1** |
| **Hotels, Restaurants & Leisure – 0.0%** | **Hotels, Restaurants & Leisure – 0.0%** | **Hotels, Restaurants & Leisure – 0.0%** |
| Churchill Downs, Inc. | 408 | **45** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **237** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **COMMON STOCKS - 2.6%continued**  | **COMMON STOCKS - 2.6%continued**  | **COMMON STOCKS - 2.6%continued**  |
| **Life Sciences Tools & Services – 0.0%** | **Life Sciences Tools & Services – 0.0%** | **Life Sciences Tools & Services – 0.0%** |
| Avantor, Inc.\* | 2989 | **$48** |
| **Media – 0.0%** | **Media – 0.0%** | **Media – 0.0%** |
| iHeartMedia, Inc., Class A\* | 419 | **1** |
| **Metals & Mining – 2.2%** | **Metals & Mining – 2.2%** | **Metals & Mining – 2.2%** |
| Constellium S.E.\* | 8208 | 83 |
| Real Alloy Parent, Inc.<sup>(6) (7) \*</sup> <br>| 48 | 3890 |
|  |  | **3973** |
| **Oil, Gas & Consumable Fuels – 0.1%** | **Oil, Gas & Consumable Fuels – 0.1%** | **Oil, Gas & Consumable Fuels – 0.1%** |
| Cloud Peak Energy, Inc.<sup>(6) \*</sup> <br>| 20 |  |
| Superior Energy Services<sup>(6) (7) \*</sup> <br>| 862 | 55 |
|  |  | **55** |
| **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** | **Pharmaceuticals – 0.0%** |
| Mallinckrodt PLC<sup>(6) \*</sup> <br>| 416 | **42** |
| **Professional Services – 0.0%** | **Professional Services – 0.0%** | **Professional Services – 0.0%** |
| Skillsoft Corp.\* | 1837 | **35** |
| **Specialized Real Estate Investment Trusts – 0.1%** | **Specialized Real Estate Investment Trusts – 0.1%** | **Specialized Real Estate Investment Trusts – 0.1%** |
| VICI Properties, Inc. | 3048 | **99** |
| **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** | **Specialty Finance – 0.1%** |
| Carnelian Point Holdings L.P.<sup>(6) (7) \*</sup> <br>| 50 | 1 |
| Carnelian Point Holdings L.P.<sup>(6) (7) \*</sup> <br>| 8610 | 115 |
|  |  | **116** |
| **Technology Hardware, Storage & Peripherals – 0.0%** | **Technology Hardware, Storage & Peripherals – 0.0%** | **Technology Hardware, Storage & Peripherals – 0.0%** |
| Diebold Nixdorf, Inc.\* | 181 | **8** |
| **Wireless Telecommunication Services – 0.0%** | **Wireless Telecommunication Services – 0.0%** | **Wireless Telecommunication Services – 0.0%** |
| Intelsat S.A./Luxembourg<sup>(6) (7)</sup> <br>| 1201 | **44** |
| **Total Common Stocks** |  |  |
| **(Cost $3,554)** |  | **4682** |
| **CONVERTIBLE PREFERRED STOCKS – 0.1%**  | **CONVERTIBLE PREFERRED STOCKS – 0.1%**  | **CONVERTIBLE PREFERRED STOCKS – 0.1%**  |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Boeing (The) Co., 6.00% | 2796 | **168** |
| **Total Convertible Preferred Stocks** |  |  |
| **(Cost $144)** |  | **168** |
| **OTHER – 0.0%**  | **OTHER – 0.0%**  | **OTHER – 0.0%**  |
| Escrow Appvion, Inc. <sup>(6) (7) \*</sup> <br>| 225000 |  |
| &nbsp;&nbsp; Escrow Cloud Peak Energy,<br> Inc. <sup>(6) (7) \*</sup> <br>| 250000 | 2 |
| &nbsp;&nbsp; Escrow Endo Luxembourg Finance Co. I <br> Sarl/Endo U.S., Inc. <sup>(1) (6) (7) \*</sup> <br>| 50000 |  |
| Escrow GenOn Energy, Inc. <sup>(6) (7) \*</sup> <br>| 25000 |  |
| Escrow Hertz (The) Corp. <sup>(1) \*</sup> <br>| 125000 | 8 |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **OTHER - 0.0% continued**  | **OTHER - 0.0% continued**  | **OTHER - 0.0% continued**  |
| &nbsp;&nbsp; Escrow High Ridge Brands Co.<br> <sup>(1) (6) (7) \*</sup> <br>| 1100000 | $— |
| Escrow Par Pharmaceutical, Inc. <sup>(1) (6) \*</sup> <br>| 111000 |  |
| Escrow Parker Drilling Co. <sup>(6) \*</sup> <br>| 56 |  |
| Escrow Rite Aid Corp. <sup>(6) (7) \*</sup> <br>| 63000 |  |
| Escrow Rite Aid Corp. <sup>(1) (6) \*</sup> <br>| 11539 |  |
| &nbsp;&nbsp; Escrow Washington Mutual<br> Bank <sup>(6) (7) \*</sup> <br>| 250000 | 3 |
| **Total Other** |  |  |
| **(Cost $110)** |  | **13** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF WARRANTS<br>| VALUE<br> (000S)<br>|
| **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  | **WARRANTS – 0.0%**  |
| &nbsp;&nbsp; Audacy, Inc., Exp. 12/31/49, Strike <br> $0.00<sup>(6) \*</sup> <br>| 38 | $1 |
| &nbsp;&nbsp; Audacy, Inc., Exp. 12/31/49, Strike <br> $0.00<sup>(6) \*</sup> <br>| 46 |  |
| &nbsp;&nbsp; Audacy, Inc., Exp. 12/31/49, Strike <br> $0.00<sup>(6) \*</sup> <br>| 8 |  |
| &nbsp;&nbsp; CHPPR Holdings, Inc., Exp. 12/31/49, <br> Strike $0.00<sup>(6) \*</sup> <br>| 111 |  |
| &nbsp;&nbsp; CHPPR Holdings, Inc., Exp. 12/31/49, <br> Strike $0.00<sup>(6) \*</sup> <br>| 53 |  |
| &nbsp;&nbsp; Curo Group Holdings Corp., Exp. <br> 7/19/31, Strike $0.00<sup>(6) \*</sup> <br>| 960 |  |
| &nbsp;&nbsp; Utex Industries, Inc., Exp. 12/31/49, <br> Strike $0.00<sup>(6) (7) \*</sup> <br>| 5500 |  |
| **Total Warrants** |  |  |
| **(Cost $1)** |  | **1** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 4.8%**  | **INVESTMENT COMPANIES – 4.8%**  | **INVESTMENT COMPANIES – 4.8%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(16) (17)</sup> <br>| 8581216 | $8581 |
| **Total Investment Companies** |  |  |
| **(Cost $8,581)** |  | **8581** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $185,118)** | **(Cost $185,118)** | **179122** |
| Other Assets less Liabilities – 0.0% | Other Assets less Liabilities – 0.0% | 85 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$179207** |

---

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2025, the value of these securities amounted to approximately* *$137,925,000 or 77.0% of net assets.* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **238** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(2)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of March 31, 2025.* 

<sup>(3)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(4)</sup> *Security is a payment in-kind bond (PIK), distributions received in-kind unless* *otherwise noted in the description.* 

<sup>(5)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2025.*

<sup>(6)</sup> *Security is valued using significant unobservable inputs and is classified as* *Level 3 in the fair value hierarchy.* 

<sup>(7)</sup> *Restricted security. At March 31, 2025, the value of these restricted securities* *amounted to approximately $7,966,000 or 4.4% of net assets. Additional* *information on these restricted securities are as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| ATD New Holdings, Inc. | 1/9/19 | &nbsp;&nbsp; $470 |
| Carnelian Point Holdings L.P. | 9/21/22 | &nbsp;&nbsp; 115 |
| Carnelian Point Holdings L.P. | 7/5/22-8/6/24 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp; Cloudera, Inc., Initial Term Loan,<br> 10.42%, 10/8/29<br>| 2/27/23 | &nbsp;&nbsp; 137 |
| Cornerstone Capital Corp. | 1/26/24 | &nbsp;&nbsp; 25 |
| Escrow Appvion, Inc. | 8/24/18 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Escrow Cloud Peak Energy,<br> Inc.<br>| 7/29/16-12/11/18 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp; Escrow Endo Luxembourg Finance Co. I <br> Sarl/Endo U.S., Inc.<br>| 4/23/24 | &nbsp;&nbsp; — |
| Escrow GenOn Energy, Inc. | 12/19/18 | &nbsp;&nbsp; — |
| Escrow High Ridge Brands Co. | 12/18/20 | &nbsp;&nbsp; — |
| Escrow Rite Aid Corp. | 9/4/24 | &nbsp;&nbsp; — |
| &nbsp;&nbsp; Escrow Washington Mutual<br> Bank<br>| 10/11/17 | &nbsp;&nbsp; — |
| Intelsat S.A./Luxembourg | 6/6/19-7/3/23 | &nbsp;&nbsp; 106 |
| Real Alloy Parent, Inc. | 5/31/18 | &nbsp;&nbsp; 1738 |
| &nbsp;&nbsp; Rite Aid Corp.,<br> 0.00%, <br>| 9/4/24 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; Rite Aid Dip Noteholder Trust,<br> 0.00%, 5/21/28<br>| 9/4/24 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; Specialty Steel Supply, Inc.,<br> 14.44%, 11/15/26<br>| 6/2/21 | &nbsp;&nbsp; 2490 |
| &nbsp;&nbsp; Sterling Entertainment Enterprises LLC, <br> Initial Loan,<br> 17.75%, 4/10/26<br>| 2/6/25 | &nbsp;&nbsp; 1143 |
| Superior Energy Services | 9/19/17-2/1/21 | &nbsp;&nbsp; 52 |
| Utex Industries, Inc. | 12/3/20 | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp; Utex Industries, Inc., Exp. 12/31/49, <br> Strike $0.00<br>| 12/3/20 | &nbsp;&nbsp; — |

---

<sup>(8)</sup> *Security exempt from registration pursuant to Regulation S under the* *Securities Act of 1933. Regulation S applies to securities offerings that are* *made outside of the United States and do not involve direct selling efforts in* *the United States and as such may have restrictions on resale.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(9)</sup> *Issuer has defaulted on terms of debt obligation. Income is not being* *accrued.* 

<sup>(10)</sup> *Variable or floating rate security. Rate as of March 31, 2025 is disclosed.*

<sup>(11)</sup> *Value rounds to less than one thousand.*

<sup>(12)</sup> *Zero coupon bond.*

<sup>(13)</sup> *Principal Amount and Value rounds to less than one thousand.*

<sup>(14)</sup> *Position is unsettled. Contract rate was not determined at March 31, 2025* *and does not take effect until settlement date.* 

<sup>(15)</sup> *Unfunded loan commitment. An unfunded loan commitment is a contractual* *obligation for future funding at the option of the Borrower. The Fund receives* *a stated coupon rate until the borrower draws on the loan commitment, at* *which time the rate will become the stated rate in the loan agreement. See* *Note 2.* 

<sup>(16)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(17)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

*\** *Non-Income Producing Security*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 10Y - 10 Year |
| 1M - 1 Month |
| 1Y - 1 Year |
| 3M - 3 Month |
| 5Y - 5 Year |
| 6M - 6 Month |
| 7Y - 7 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| ICE - Intercontinental Exchange |
| PIK - Payment In-Kind |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **239** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

At March 31, 2025, the Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS**<br> **TO**<br> **DELIVER**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **IN**<br> **EXCHANGE**<br> **FOR**<br> **CURRENCY**<br>| **AMOUNT**<br> **(LOCAL**<br> **CURRENCY)**<br> **(000s)**<br>| **SETTLEMENT**<br> **DATE**<br>| **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| BNY Mellon | Euro | 263 | United States <br> Dollar<br>| 288 | 6/18/25 | $3 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | 3 |
| Total |  |  |  |  |  | $3 |

---

As of March 31, 2025, the Fund had the following centrally cleared credit default swap agreement outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Buy/Sell**<br> **Protection**<br>| **Implied Credit**<br> **Spread**<br>| **Currency** | **Notional**<br> **Amount**<br>| **Maturity**<br> **Date**<br>| **Market**<br> **Value**<br> **(000s)**<br>| **Upfront**<br> **Premiums**<br> **Paid/**<br> **(Received)**<br> **(000s)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br> **(000s)**<br>|
| Sell | 0.0378<br> %<br>5.00 %<sup>(1)</sup><br>Markit <br>CDX N.A. High Yield Index Series 44<sup>(1)</sup><br>| USD | 400000 | 6/20/30 | $21 | $24 | $(3)<br>|
| Total |  |  |  |  |  | $24 | $(3)<br>|

---

<sup>(1)</sup> *Payment frequency is quarterly.*

As of March 31, 2025, the Fund had the following bilateral total return swap agreements outstanding:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | &nbsp;&nbsp; **NOTIONAL**<br> **AMOUNT**<br>| **CURRENCY** | &nbsp;&nbsp; **MATURITY**<br> **DATE**<br>| **MARKET**<br> **VALUE**<br> **(000S)**<br>| &nbsp;&nbsp; **UPFRONT**<br> **PREMIUMS**<br> **PAID/**<br> **(RECEIVED)**<br> **(000S)**<br>| &nbsp;&nbsp; **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>|
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.35%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 220000 | USD | 9/22/25 | &nbsp;&nbsp; $1 | $(2) | $3 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.35%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 440000 | USD | 9/22/25 | &nbsp;&nbsp; 1 | (5) | 6 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.35%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 220000 | USD | 9/22/25 | &nbsp;&nbsp; (—)\*<br>| (2) | 2 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.35%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 520000 | USD | 9/22/25 | &nbsp;&nbsp; 1 | (6) | 7 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.35%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 925000 | USD | 12/22/25 | &nbsp;&nbsp; (8)<br>| (8) | —\* |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.35%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 463000 | USD | 9/22/25 | &nbsp;&nbsp; (2)<br>| (5) | 3 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.35%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 596000 | USD | 12/22/25 | &nbsp;&nbsp; (2)<br>| (6) | 4 |
| Morgan Stanley<br> SOFR 3M + 0.00%, 4.35%<sup>(1)</sup> <br>IBOXX $ Liquid High Yield Index<sup>(2)</sup> <br>| 116000 | USD | 9/22/25 | &nbsp;&nbsp; (1)<br>| (1) | (—)\* |
| Total |  |  |  |  |  | $25 |

---

<sup>(1)</sup> *Payment frequency is quarterly.*

<sup>(2)</sup> *Payment Frequency is at maturity.*

*\** *Amount rounds to less than one thousand.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **240** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Assets |  |  |  |  |
| Convertible Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp; $554 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $554 |
| Corporate Bonds: |  |  |  |  |
| Consumer Cyclical | &nbsp;&nbsp; — | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1029 |
| Steel | &nbsp;&nbsp; — | &nbsp;&nbsp; 1735 | &nbsp;&nbsp; 2490 | &nbsp;&nbsp; 4225 |
| Transportation & Logistics | &nbsp;&nbsp; — | &nbsp;&nbsp; 1248 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 1296 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 133883 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133883 |
| Total Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 137886 | &nbsp;&nbsp; 2547 | &nbsp;&nbsp; 140433 |
| Foreign Issuer Bonds: |  |  |  |  |
| Telecommunications | &nbsp;&nbsp; — | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1528 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 13951 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13951 |
| Total Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 15478 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 15479 |
| Term Loans: |  |  |  |  |
| Communications | &nbsp;&nbsp; — | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 1143 | &nbsp;&nbsp; 1237 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 7974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7974 |
| Total Term Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 8068 | &nbsp;&nbsp; 1143 | &nbsp;&nbsp; 9211 |
| Common Stocks: |  |  |  |  |
| Chemicals | &nbsp;&nbsp; — | &nbsp;&nbsp; 74 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74 |
| Construction Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Consumer Cyclical | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| Consumer Finance | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp; Health Care Facilities & <br> Services<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Metals & Mining | &nbsp;&nbsp; 83 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3890 | &nbsp;&nbsp; 3973 |
| &nbsp;&nbsp; Oil, Gas & Consumable <br> Fuels<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 55 |
| Pharmaceuticals | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42 |
| Specialty Finance | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp; Wireless <br> Telecommunication <br> Services<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44 |
| All Other Industries<sup>(1)</sup> <br>| &nbsp;&nbsp; 367 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 367 |
| Total Common Stocks | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 4158 | &nbsp;&nbsp; 4682 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 168 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 168 |
| Other | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 13 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Warrants | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $1 |
| Investment Companies | &nbsp;&nbsp; 8581 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8581 |
| Total Investments | &nbsp;&nbsp; 9199 | &nbsp;&nbsp; 162068 | &nbsp;&nbsp; 7855 | &nbsp;&nbsp; 179122 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| &nbsp;&nbsp; Forward Foreign Currency <br> Exchange Contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3 |
| &nbsp;&nbsp; Bilateral Total Return <br> Swaps<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 25 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp; Centrally Cleared Interest <br> Rate Swap Agreements<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **241** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued** <br>

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BALANCE**<br> **AS OF**<br> **3/31/24**<br> **(000S)**<br>| **ACCRUED**<br> **DISCOUNTS**<br> **(PREMIUMS)**<br> **(000s)**<br>| **REALIZED**<br> **GAIN**<br> **(LOSS)**<br> **(000s)**<br>| **CHANGE IN**<br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<br>| **PURCHASES**<br> **(000s)**<br>| **SALES**<br> **(000s)**<br>| **TRANSFERS**<br> **INTO**<br> **LEVEL 3**<br> **(000s)**<br>| **TRANSFERS**<br> **OUT OF**<br> **LEVEL 3**<br> **(000s)**<br>| **BALANCE**<br> **AS OF**<br> **3/31/25**<br> **(000S)**<br>| **CHANGE IN**<br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **FROM**<br> **INVESTMENTS**<br> **STILL HELD**<br> **AT 3/31/25**<br> **(000S)**<br>|
| Corporate Bonds |  |  |  |  |  |  |  |  |  |  |
| Concumer Cyclical | $— | $— | $— | $— | $9 | $— | $— | $— | $9 | $— |
| Entertainment Content | 1082 | 3 |  | 25 |  | (1110)<br>|  |  |  |  |
| &nbsp;&nbsp; Industrial Intermediate <br> Products<br>| 1476 | 15 | 18 | (33)<br>| 151 | (1627)<br>|  |  |  |  |
| Specialty Finance | 57 |  |  | (4)<br>|  | (53)<br>|  |  |  |  |
| Steel | 2490 |  |  |  |  |  |  |  | 2490 |  |
| &nbsp;&nbsp; Transportation & <br> Logistics<br>|  |  |  |  |  |  | 48 |  | 48 | 1 |
| Foreign Issuer Bonds |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Oil & Gas Supply <br> Chain<br>|  |  |  | —\* |  |  |  | (—)\*<br>|  |  |
| Telecommunications | 6 | 1 | 5 | (1)<br>| —\* | (10)<br>|  |  | 1 | (1)<br>|
| Term Loans |  |  |  |  |  |  |  |  |  |  |
| Communication |  |  |  |  | 1143 |  |  |  | 1143 |  |
| Common Stocks |  |  |  |  |  |  |  |  |  |  |
| Chemicals | 158 |  |  | (84)<br>|  |  |  | (74)<br>|  | (2)<br>|
| Construction Materials | 9 |  |  | (5)<br>|  |  |  |  | 4 | (5)<br>|
| Consumer Cyclical |  |  |  | (1)<br>| 4 |  |  |  | 3 | (1)<br>|
| Consumer Finance |  |  |  |  | 3 |  |  |  | 3 |  |
| Distributors | 951 |  |  | (951)<br>|  |  |  |  | —\* | (951)<br>|
| &nbsp;&nbsp; Health Care Facilities <br> & Services<br>|  |  |  | 1 | —\* |  |  |  | 1 |  |
| Metals & Mining | 3774 |  |  | 116 |  |  |  |  | 3890 | 116 |
| &nbsp;&nbsp; Oil, Gas & <br> Consumable Fuels<br>| 68 |  |  | (13)<br>|  |  |  |  | 55 | (13)<br>|
| Pharmaceuticals | 18 |  |  | 24 |  |  |  |  | 42 | 24 |
| Specialty Finance | 59 |  |  | 4 | 53 |  |  |  | 116 | 4 |
| &nbsp;&nbsp; Wireless <br> Telecommunication <br> Services<br>| 32 |  |  | 12 |  |  |  |  | 44 | 12 |
| Other | 3 |  | 4 | 2 |  | (4)<br>|  |  | 5 | 2 |
| Warrants | 15 |  |  | (15)<br>| 1 |  |  |  | 1 | (15)<br>|
| Total | $10198 | $19 | $27 | ($923)<br>| $1364 | ($2804)<br>| $48<br>| ($74)<br>| $7855 | ($829)<br>|

---

\* Amount rounds to less than one thousand.

Securities valued at $211 included in the Balance as of 3/31/25 above were valued using evaluated prices provided by a third party provider. Securities valued at $7,644 included in the Balance as of 3/31/25 above were valued using prices provided by the Fund's investment adviser's pricing and valuation committee.

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **242** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **FAIR VALUE AT** <br>**03/31/25** <br>**(000S)**<br>| &nbsp;&nbsp; **VALUATION**<br> **TECHNIQUES**<br>| &nbsp;&nbsp; **RANGE (WEIGHTED**<br> **AVERAGE)**<br>|
| Corporate Bonds | $2490 | Market Comparables<br> Yield<sup>(2)</sup> <br>| 6.4% |
|  | 3 | Estimated Recovery Value<br> Recovery value estimate<sup>(1)</sup> <br>| $100 |
| Common Stocks | $3890<br>| Discounted Cash Flow / Market Comparables<br> Discount Rate/EBITDA peer multiple<sup>(1)</sup> <br>| 13.2%/6.1x |
|  | 116 | Market Comparables<br> BEV / Adjusted LTM EBITDA<sup>(1)</sup> <br>| 13.5x |
|  | —\* | Estimated Recovery Value<br> Recovery Value Estimate<sup>(1)</sup> <br>| $0.01 |
| Term Loan | $1143 | Market Comparables<br> Yield<sup>(2)</sup> <br>| 17.8% |
| Other | $2 | Liquidation<br> Future Liquidation Payments<sup>(1)</sup> <br>| $1 |

---

*\** *Amount rounds to less than a thousand.*

<sup>(1)</sup> *The significant unobservable inputs that can be used in the fair value measurement are; Discount Rate, estimated recovery value, EBITDA peer Multiple and future* *liquidation payments. Significant increases (decreases) in the discount rate in isolation would have resulted in a significantly lower (higher) fair value measurement* *while an increase (decrease) in EBITDA multiple in isolation would have resulted in a significantly higher (lower) fair value measurement. Future liquidation payments* *are at the sole discretion of the company in which we have an ownership interest in, there are no increases/decreases based upon an increase or decrease in multiple* *or discount rate. Estimated recovery value is based upon the current state of operations for the firm in question, looking specifically at balance sheet liquidity. There* *are no value increases or decreases in multiple or discount rate.* 

<sup>(2)</sup> *The significant unobservable inputs that can be used in the fair value* *measurement are; Yield. Significant decreases (increase) in yield would have resulted in a significantly higher (lower) fair value measurement.* 

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **243** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**SHORT BOND FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 9.2%**  | **ASSET-BACKED SECURITIES – 9.2%**  | **ASSET-BACKED SECURITIES – 9.2%**  |
| **Auto Loan – 5.5%** | **Auto Loan – 5.5%** | **Auto Loan – 5.5%** |
| &nbsp;&nbsp; Ally Auto Receivables Trust, Series <br> 2023-1, Class A3<br>|  |  |
| 5.46%, 5/15/28 | $2795 | $2817 |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| 5.00%, 6/25/27 | 700 | 706 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class B<br>|  |  |
| 4.52%, 7/16/29 | 300 | 299 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class C<br>|  |  |
| 4.67%, 5/17/32 | 3675 | 3665 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-4A, Class C<br>|  |  |
| 5.48%, 8/15/30 | 2563 | 2590 |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2023-B, Class A3<br>|  |  |
| 5.91%, 10/15/26 | 712 | 714 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2025-1, Class B<br>|  |  |
| 4.89%, 2/20/29 | 1600 | 1608 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2023-3, Class A3<br>|  |  |
| 5.41%, 2/18/28 | 1080 | 1089 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-1, Class A3<br>|  |  |
| 5.21%, 8/15/28 | 338 | 341 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2023-1, Class A3<br>|  |  |
| 4.51%, 11/15/27 | 266 | 267 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2024-4, Class A3<br>|  |  |
| 4.85%, 1/16/29 | 1430 | 1433 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 4.86%, 3/15/29 | 320 | 321 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-B, Class A3<br>|  |  |
| 5.27%, 9/17/29 | 250 | 253 |
|  |  | **16103** |
| **Credit Card – 1.0%** | **Credit Card – 1.0%** | **Credit Card – 1.0%** |
| &nbsp;&nbsp; American Express Credit Account <br> Master Trust, Series 2022-2, Class A<br>|  |  |
| 3.39%, 5/15/27 | 2100 | 2097 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 9.2%continued**  | **ASSET-BACKED SECURITIES - 9.2%continued**  | **ASSET-BACKED SECURITIES - 9.2%continued**  |
| **Credit Card – 1.0%continued** | **Credit Card – 1.0%continued** | **Credit Card – 1.0%continued** |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2023-A1, Class A<br>|  |  |
| 5.54%, 7/15/29 | $180 | $182 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | 236 | 239 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| 4.94%, 2/15/29 | 420 | 425 |
|  |  | **2943** |
| **Other – 0.9%** | **Other – 0.9%** | **Other – 0.9%** |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-B, <br> Class A3<br>|  |  |
| 5.19%, 9/17/29 | 300 | 305 |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-C, <br> Class A3<br>|  |  |
| 4.03%, 1/15/30 | 800 | 794 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A3<br>|  |  |
| 4.06%, 6/15/29 | 1500 | 1490 |
|  |  | **2589** |
| **Whole Loan – 1.8%** | **Whole Loan – 1.8%** | **Whole Loan – 1.8%** |
| &nbsp;&nbsp; Bravo Residential Funding Trust, Series <br> 2025-NQM1, Class A3<br>|  |  |
| &nbsp;&nbsp; (Step to 6.91% on 2/25/29), <br> 5.91%, 12/25/64<sup>(1) (2)</sup> <br>| 2148 | 2153 |
| &nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2024-2, Class A6A<br>|  |  |
| 6.00%, 8/25/54<sup>(1)</sup> <br>| 254 | 254 |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM16, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.53% on 11/25/28), <br> 5.53%, 10/25/64<sup>(1) (2)</sup> <br>| 594 | 595 |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM18, <br> Class A1<br>|  |  |
| 5.41%, 10/25/64<sup>(1) (3)</sup> <br>| 2415 | 2415 |
|  |  | **5417** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $26,999)** |  | **27052** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.0%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.0%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.0%**  |
| **Non Agency – 4.0%** | **Non Agency – 4.0%** | **Non Agency – 4.0%** |
| BANK, Series 2021-BN37, Class A5 |  |  |
| 2.62%, 11/15/64 | 1525 | 1320 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **244** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.0%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.0%continued**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.0%continued**  |
| **Non Agency – 4.0%continued** | **Non Agency – 4.0%continued** | **Non Agency – 4.0%continued** |
| &nbsp;&nbsp; BANK5 Trust, Series 2024-5YR6, <br> Class A3<br>|  |  |
| 6.23%, 5/15/57 | $2682 | $2809 |
| BX Trust, Series 2024-PAT, Class A |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 6.41%, <br> 3/15/41<sup>(1) (4)</sup> <br>| 1026 | 1025 |
| &nbsp;&nbsp; COMM Mortgage Trust, Series <br> 2024-277P, Class B<br>|  |  |
| 7.00%, 8/10/44<sup>(1) (3)</sup> <br>| 2200 | 2331 |
| &nbsp;&nbsp; FS Commercial Mortgage Trust, Series <br> 2023-4SZN, Class C<br>|  |  |
| 8.12%, 11/10/39<sup>(1) (3)</sup> <br>| 800 | 826 |
| &nbsp;&nbsp; JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2019-COR5, Class A4<br>|  |  |
| 3.39%, 6/13/52 | 3760 | 3478 |
|  |  | **11789** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $11,769)** |  | **11789** |
| **CORPORATE BONDS – 38.6%**  | **CORPORATE BONDS – 38.6%**  | **CORPORATE BONDS – 38.6%**  |
| **Advertising & Marketing – 0.2%** | **Advertising & Marketing – 0.2%** | **Advertising & Marketing – 0.2%** |
| Neptune Bidco U.S., Inc., |  |  |
| 9.29%, 4/15/29<sup>(1)</sup> <br>| 675 | **586** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| Huntington Ingalls Industries, Inc., |  |  |
| 5.35%, 1/15/30 | 340 | **345** |
| **Asset Management – 1.3%** | **Asset Management – 1.3%** | **Asset Management – 1.3%** |
| Ares Capital Corp., |  |  |
| 5.88%, 3/1/29  | 1875 | 1904 |
| Blackstone Private Credit Fund, |  |  |
| 4.95%, 9/26/27 <sup>(1)</sup> <br>| 500 | 495 |
| Charles Schwab (The) Corp., |  |  |
| 5.88%, 8/24/26  | 1000 | 1019 |
| FS KKR Capital Corp., |  |  |
| 3.40%, 1/15/26  | 500 | 493 |
|  |  | **3911** |
| **Automotive – 3.8%** | **Automotive – 3.8%** | **Automotive – 3.8%** |
| American Honda Finance Corp., |  |  |
| 4.40%, 10/5/26  | 1325 | 1324 |
| Ford Motor Credit Co. LLC, |  |  |
| 3.38%, 11/13/25  | 260 | 257 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 38.6% continued**  | **CORPORATE BONDS - 38.6% continued**  | **CORPORATE BONDS - 38.6% continued**  |
| **Automotive – 3.8%continued** | **Automotive – 3.8%continued** | **Automotive – 3.8%continued** |
| 5.80%, 3/8/29  | $1875 | $1857 |
| General Motors Financial Co., Inc., |  |  |
| 4.00%, 10/6/26  | 950 | 939 |
| 5.55%, 7/15/29  | 1875 | 1890 |
| Hyundai Capital America, |  |  |
| 5.28%, 6/24/27 <sup>(1)</sup> <br>| 1340 | 1355 |
| 4.55%, 9/26/29 <sup>(1)</sup> <br>| 1000 | 978 |
| Nissan Motor Acceptance Co. LLC, |  |  |
| 2.00%, 3/9/26 <sup>(1)</sup> <br>| 1300 | 1252 |
| Toyota Motor Credit Corp., |  |  |
| 4.35%, 10/8/27  | 1300 | 1300 |
|  |  | **11152** |
| **Banking – 5.5%** | **Banking – 5.5%** | **Banking – 5.5%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.96%), <br> 1.73%, 7/22/27 <sup>(5)</sup> <br>| 1000 | 964 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.34%), <br> 5.93%, 9/15/27 <sup>(5)</sup> <br>| 1000 | 1020 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.63%), <br> 5.20%, 4/25/29 <sup>(5)</sup> <br>| 1610 | 1636 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 1.28%), 5.59%, <br> 11/19/34 <sup>(5)</sup> <br>| 1875 | 1881 |
| Citizens Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.50%), 4.30%, <br> 2/11/31 <sup>(5)</sup> <br>| 30 | 29 |
| Goldman Sachs Bank U.S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.75%), <br> 5.41%, 5/21/27 <sup>(5)</sup> <br>| 840 | 848 |
| Huntington National Bank (The), |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28 <sup>(5)</sup> <br>| 500 | 502 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 0.70%), 1.04%, 2/4/27 <sup>(5)</sup> <br>| 60 | 58 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.77%), <br> 1.47%, 9/22/27 <sup>(5)</sup> <br>| 1000 | 957 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.56%), <br> 4.32%, 4/26/28 <sup>(5)</sup> <br>| 1710 | 1702 |
| KeyBank N.A., |  |  |
| 4.70%, 1/26/26  | 950 | 949 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **245** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 38.6% continued**  | **CORPORATE BONDS - 38.6% continued**  | **CORPORATE BONDS - 38.6% continued**  |
| **Banking – 5.5%continued** | **Banking – 5.5%continued** | **Banking – 5.5%continued** |
| Morgan Stanley Bank N.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.87%), <br> 5.50%, 5/26/28 <sup>(5)</sup> <br>| $840 | $856 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.93%), <br> 4.97%, 7/14/28 <sup>(5)</sup> <br>| 1160 | 1170 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.73%), 6.62%, <br> 10/20/27 <sup>(5)</sup> <br>| 635 | 654 |
| Santander Holdings U.S.A., Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.33%), <br> 5.81%, 9/9/26 <sup>(5)</sup> <br>| 500 | 502 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.46%), <br> 4.26%, 7/28/26 <sup>(5)</sup> <br>| 1000 | 998 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.07%), <br> 5.71%, 4/22/28 <sup>(5)</sup> <br>| 840 | 858 |
| Wells Fargo Bank N.A., |  |  |
| 5.25%, 12/11/26  | 500 | 507 |
|  |  | **16091** |
| **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** | **Biotechnology & Pharmaceuticals – 0.2%** |
| Eli Lilly & Co., |  |  |
| 4.15%, 8/14/27 | 480 | **480** |
| **Brokerage Assetmanagers Exchanges – 0.6%** | **Brokerage Assetmanagers Exchanges – 0.6%** | **Brokerage Assetmanagers Exchanges – 0.6%** |
| Citadel L.P., |  |  |
| 6.00%, 1/23/30<sup>(1)</sup> <br>| 1750 | **1779** |
| **Cable & Satellite – 0.6%** | **Cable & Satellite – 0.6%** | **Cable & Satellite – 0.6%** |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings <br> Capital Corp.,<br>|  |  |
| 5.00%, 2/1/28 <sup>(1)</sup> <br>| 700 | 679 |
| Midcontinent Communications, |  |  |
| 8.00%, 8/15/32 <sup>(1)</sup> <br>| 1000 | 1011 |
|  |  | **1690** |
| **Commercial Support Services – 1.0%** | **Commercial Support Services – 1.0%** | **Commercial Support Services – 1.0%** |
| Republic Services, Inc., |  |  |
| 5.00%, 11/15/29  | 1875 | 1904 |
| Waste Management, Inc., |  |  |
| 4.65%, 3/15/30  | 925 | 930 |
|  |  | **2834** |
| **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
| Vulcan Materials Co., |  |  |
| 4.95%, 12/1/29 | 525 | **530** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 38.6% continued**  | **CORPORATE BONDS - 38.6% continued**  | **CORPORATE BONDS - 38.6% continued**  |
| **Consumer Cyclical – 0.6%** | **Consumer Cyclical – 0.6%** | **Consumer Cyclical – 0.6%** |
| VICI Properties L.P., |  |  |
| 4.75%, 2/15/28  | $1425 | $1425 |
| 4/1/28 <sup>(6)</sup> <br>| 400 | 401 |
|  |  | **1826** |
| **Consumer Non-Cyclical – 2.6%** | **Consumer Non-Cyclical – 2.6%** | **Consumer Non-Cyclical – 2.6%** |
| AbbVie, Inc., |  |  |
| 4.65%, 3/15/28  | 1950 | 1966 |
| Cargill, Inc., |  |  |
| 4.63%, 2/11/28 <sup>(1)</sup> <br>| 1000 | 1007 |
| HCA, Inc., |  |  |
| 5.00%, 3/1/28  | 560 | 564 |
| Stryker Corp., |  |  |
| 4.85%, 2/10/30  | 2275 | 2298 |
| Sysco Corp., |  |  |
| 5.10%, 9/23/30  | 1850 | 1878 |
|  |  | **7713** |
| **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** | **Containers & Packaging – 0.4%** |
| Graphic Packaging International LLC, |  |  |
| 4.75%, 7/15/27<sup>(1)</sup> <br>| 1180 | **1155** |
| **Electric – 0.8%** | **Electric – 0.8%** | **Electric – 0.8%** |
| NextEra Energy Capital Holdings, Inc., |  |  |
| 5.05%, 3/15/30 | 2275 | **2305** |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| Calpine Corp., |  |  |
| 4.50%, 2/15/28<sup>(1)</sup> <br>| 300 | **291** |
| **Electrical Equipment – 0.7%** | **Electrical Equipment – 0.7%** | **Electrical Equipment – 0.7%** |
| Amphenol Corp., |  |  |
| 5.05%, 4/5/27  | 410 | 416 |
| Hubbell, Inc., |  |  |
| 2.30%, 3/15/31  | 1740 | 1508 |
|  |  | **1924** |
| **Energy – 0.4%** | **Energy – 0.4%** | **Energy – 0.4%** |
| Marathon Petroleum Corp., |  |  |
| 5.15%, 3/1/30 | 1090 | **1096** |
| **Entertainment Content – 0.7%** | **Entertainment Content – 0.7%** | **Entertainment Content – 0.7%** |
| Take-Two Interactive Software, Inc., |  |  |
| 5.00%, 3/28/26  | 1400 | 1406 |
| TEGNA, Inc., |  |  |
| 5.00%, 9/15/29  | 650 | 603 |
|  |  | **2009** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **246** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 38.6% continued**  | **CORPORATE BONDS - 38.6% continued**  | **CORPORATE BONDS - 38.6% continued**  |
| **Finance Companies – 0.2%** | **Finance Companies – 0.2%** | **Finance Companies – 0.2%** |
| Air Lease Corp., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 0.00%), 6.00%, <br> 9/24/29<sup>(5) (7)</sup> <br>| $650 | **$634** |
| **Food – 1.3%** | **Food – 1.3%** | **Food – 1.3%** |
| General Mills, Inc., |  |  |
| 4.70%, 1/30/27  | 380 | 381 |
| 4.88%, 1/30/30  | 1225 | 1230 |
| &nbsp;&nbsp; JBS U.S.A. Holding Lux S.a.r.l./JBS <br> U.S.A. Food Co./JBS Lux Co. S.a.r.l.,<br>|  |  |
| 5.50%, 1/15/30  | 600 | 610 |
| Lamb Weston Holdings, Inc., |  |  |
| 4.88%, 5/15/28 <sup>(1)</sup> <br>| 220 | 215 |
| Mondelez International, Inc., |  |  |
| 4.13%, 5/7/28  | 1400 | 1387 |
|  |  | **3823** |
| **Health Care Facilities & Services – 2.7%** | **Health Care Facilities & Services – 2.7%** | **Health Care Facilities & Services – 2.7%** |
| Cardinal Health, Inc., |  |  |
| 5.00%, 11/15/29  | 1725 | 1739 |
| Cencora, Inc., |  |  |
| 4.63%, 12/15/27  | 410 | 411 |
| CHS/Community Health Systems, Inc., |  |  |
| 5.25%, 5/15/30 <sup>(1)</sup> <br>| 675 | 557 |
| Cigna Group (The), |  |  |
| 1.25%, 3/15/26  | 242 | 234 |
| DaVita, Inc., |  |  |
| 3.75%, 2/15/31 <sup>(1)</sup> <br>| 675 | 588 |
| Elevance Health, Inc., |  |  |
| 4.50%, 10/30/26  | 200 | 200 |
| IQVIA, Inc., |  |  |
| 6.25%, 2/1/29  | 2125 | 2213 |
| LifePoint Health, Inc., |  |  |
| 9.88%, 8/15/30 <sup>(1)</sup> <br>| 1000 | 1055 |
| UnitedHealth Group, Inc., |  |  |
| 4.75%, 7/15/26  | 1030 | 1037 |
|  |  | **8034** |
| **Home Construction – 0.1%** | **Home Construction – 0.1%** | **Home Construction – 0.1%** |
| Forestar Group, Inc., |  |  |
| 5.00%, 3/1/28<sup>(1)</sup> <br>| 370 | **362** |
| **Institutional Financial Services – 1.6%** | **Institutional Financial Services – 1.6%** | **Institutional Financial Services – 1.6%** |
| Coinbase Global, Inc., |  |  |
| 3.38%, 10/1/28 <sup>(1)</sup> <br>| 600 | 542 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 38.6% continued**  | **CORPORATE BONDS - 38.6% continued**  | **CORPORATE BONDS - 38.6% continued**  |
| **Institutional Financial Services – 1.6%continued** | **Institutional Financial Services – 1.6%continued** | **Institutional Financial Services – 1.6%continued** |
| Jane Street Group/JSG Finance, Inc., |  |  |
| 7.13%, 4/30/31 <sup>(1)</sup> <br>| $1108 | $1138 |
| Morgan Stanley, |  |  |
| 3.88%, 1/27/26  | 1000 | 995 |
| State Street Corp., |  |  |
| 5.27%, 8/3/26  | 2000 | 2022 |
|  |  | **4697** |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| Arthur J Gallagher & Co., |  |  |
| 4.60%, 12/15/27  | 1230 | 1233 |
| Principal Financial Group, Inc., |  |  |
| 3.10%, 11/15/26  | 1000 | 977 |
|  |  | **2210** |
| **Leisure Facilities & Services – 0.4%** | **Leisure Facilities & Services – 0.4%** | **Leisure Facilities & Services – 0.4%** |
| Carnival Corp., |  |  |
| 6.00%, 5/1/29 <sup>(1)</sup> <br>| 700 | 695 |
| Hyatt Hotels Corp., |  |  |
| 5.75%, 1/30/27  | 400 | 407 |
|  |  | **1102** |
| **Machinery – 1.0%** | **Machinery – 1.0%** | **Machinery – 1.0%** |
| Caterpillar Financial Services Corp., |  |  |
| 4.40%, 10/15/27  | 1275 | 1280 |
| CNH Industrial Capital LLC, |  |  |
| 4.50%, 10/8/27  | 480 | 478 |
| John Deere Capital Corp., |  |  |
| 4.20%, 7/15/27  | 570 | 570 |
| Stanley Black & Decker, Inc., |  |  |
| 3.40%, 3/1/26  | 500 | 494 |
|  |  | **2822** |
| **Medical Equipment & Devices – 0.9%** | **Medical Equipment & Devices – 0.9%** | **Medical Equipment & Devices – 0.9%** |
| Baxter International, Inc., |  |  |
| 2.60%, 8/15/26  | 500 | 486 |
| Edwards Lifesciences Corp., |  |  |
| 4.30%, 6/15/28  | 1140 | 1126 |
| GE HealthCare Technologies, Inc., |  |  |
| 5.60%, 11/15/25  | 1000 | 1005 |
|  |  | **2617** |
| **Oil & Gas Supply Chain – 1.9%** | **Oil & Gas Supply Chain – 1.9%** | **Oil & Gas Supply Chain – 1.9%** |
| Continental Resources, Inc., |  |  |
| 2.27%, 11/15/26 <sup>(1)</sup> <br>| 100 | 96 |
| ONEOK, Inc., |  |  |
| 5.55%, 11/1/26  | 2210 | 2239 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **247** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 38.6% continued**  | **CORPORATE BONDS - 38.6% continued**  | **CORPORATE BONDS - 38.6% continued**  |
| **Oil & Gas Supply Chain – 1.9%continued** | **Oil & Gas Supply Chain – 1.9%continued** | **Oil & Gas Supply Chain – 1.9%continued** |
| Pioneer Natural Resources Co., |  |  |
| 1.13%, 1/15/26  | $1160 | $1130 |
| Plains All American Pipeline L.P., |  |  |
| &nbsp;&nbsp; (Variable, CME Term SOFR 3M + <br> 4.37%), 8.69%, 5/8/25 <sup>(4) (7)</sup> <br>| 525 | 524 |
| &nbsp;&nbsp; Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp.,<br>|  |  |
| 7.38%, 2/15/29 <sup>(1)</sup> <br>| 1000 | 1005 |
| Williams (The) Cos., Inc., |  |  |
| 5.40%, 3/2/26  | 730 | 735 |
|  |  | **5729** |
| **Real Estate Investment Trusts – 1.7%** | **Real Estate Investment Trusts – 1.7%** | **Real Estate Investment Trusts – 1.7%** |
| Extra Space Storage L.P., |  |  |
| 5.70%, 4/1/28  | 1410 | 1448 |
| Simon Property Group L.P., |  |  |
| 3.25%, 11/30/26  | 1000 | 982 |
| Store Capital LLC, |  |  |
| 5.40%, 4/30/30 <sup>(1)</sup> <br>| 1410 | 1412 |
| &nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC,<br>|  |  |
| 10.50%, 2/15/28 <sup>(1)</sup> <br>| 958 | 1018 |
|  |  | **4860** |
| **Retail - Consumer Staples – 0.0%** | **Retail - Consumer Staples – 0.0%** | **Retail - Consumer Staples – 0.0%** |
| Dollar General Corp., |  |  |
| 4.15%, 11/1/25 | 100 | **100** |
| **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** | **Retail - Discretionary – 0.3%** |
| PetSmart, Inc./PetSmart Finance Corp., |  |  |
| 7.75%, 2/15/29<sup>(1)</sup> <br>| 1000 | **918** |
| **Semiconductors – 0.4%** | **Semiconductors – 0.4%** | **Semiconductors – 0.4%** |
| Broadcom, Inc., |  |  |
| 4.15%, 2/15/28  | 1140 | 1130 |
| Intel Corp., |  |  |
| 4.88%, 2/10/26  | 65 | 65 |
|  |  | **1195** |
| **Software – 0.6%** | **Software – 0.6%** | **Software – 0.6%** |
| Cloud Software Group, Inc., |  |  |
| 6.50%, 3/31/29 <sup>(1)</sup> <br>| 700 | 681 |
| Oracle Corp., |  |  |
| 2.65%, 7/15/26  | 1000 | 976 |
|  |  | **1657** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 38.6% continued**  | **CORPORATE BONDS - 38.6% continued**  | **CORPORATE BONDS - 38.6% continued**  |
| **Specialty Finance – 4.1%** | **Specialty Finance – 4.1%** | **Specialty Finance – 4.1%** |
| Ally Financial, Inc., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.73%), 5.54%, <br> 1/17/31 <sup>(5)</sup> <br>| $710 | $706 |
| American Express Co., |  |  |
| 4.90%, 2/13/26  | 500 | 502 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.93%), <br> 5.04%, 7/26/28 <sup>(5)</sup> <br>| 1185 | 1200 |
| Aviation Capital Group LLC, |  |  |
| 1.95%, 1/30/26 <sup>(1)</sup> <br>| 1100 | 1074 |
| Capital One Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.91%), <br> 5.70%, 2/1/30 <sup>(5)</sup> <br>| 1875 | 1915 |
| Enova International, Inc., |  |  |
| 9.13%, 8/1/29 <sup>(1)</sup> <br>| 675 | 696 |
| Fiserv, Inc., |  |  |
| 3.20%, 7/1/26  | 200 | 197 |
| 5.45%, 3/2/28  | 1875 | 1918 |
| Global Payments, Inc., |  |  |
| 5.30%, 8/15/29  | 1875 | 1904 |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer <br> Corp.,<br>|  |  |
| 5.00%, 8/15/28 <sup>(1)</sup> <br>| 1000 | 940 |
| OneMain Finance Corp., |  |  |
| 5.38%, 11/15/29  | 675 | 642 |
| Synchrony Financial, |  |  |
| (Variable, U.S. SOFR Compounded <br> Index + 2.13%), 5.94%, <br> 8/2/30 <sup>(5)</sup> <br>| 350 | 355 |
|  |  | **12049** |
| **Technology – 0.6%** | **Technology – 0.6%** | **Technology – 0.6%** |
| Dell International LLC/EMC Corp., |  |  |
| 4.75%, 4/1/28  | 990 | 995 |
| Oracle Corp., |  |  |
| 4.80%, 8/3/28  | 660 | 665 |
|  |  | **1660** |
| **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** | **Transportation Equipment – 0.3%** |
| PACCAR Financial Corp., |  |  |
| 4.00%, 9/26/29 | 925 | **910** |
| **Total Corporate Bonds** |  |  |
| **(Cost $112,902)** |  | **113096** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **248** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS – 16.9%**  | **FOREIGN ISSUER BONDS – 16.9%**  | **FOREIGN ISSUER BONDS – 16.9%**  |
| **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** | **Aerospace & Defense – 0.6%** |
| Bombardier, Inc., |  |  |
| 7.50%, 2/1/29 <sup>(1)</sup> <br>| $1000 | $1026 |
| Rolls-Royce PLC, |  |  |
| 5.75%, 10/15/27 <sup>(1)</sup> <br>| 810 | 829 |
|  |  | **1855** |
| **Asset Management – 0.3%** | **Asset Management – 0.3%** | **Asset Management – 0.3%** |
| UBS Group A.G., |  |  |
| (Variable, U.S. SOFR + 3.34%), <br> 6.37%, 7/15/26<sup>(1) (5)</sup> <br>| 1000 | **1004** |
| **Automotive – 0.6%** | **Automotive – 0.6%** | **Automotive – 0.6%** |
| &nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC,<br>|  |  |
| 4.75%, 8/1/27 <sup>(1)</sup> <br>| 700 | 702 |
| &nbsp;&nbsp; Volkswagen Group of America <br> Finance LLC,<br>|  |  |
| 5.65%, 9/12/28 <sup>(1)</sup> <br>| 1000 | 1017 |
|  |  | **1719** |
| **Banking – 8.9%** | **Banking – 8.9%** | **Banking – 8.9%** |
| &nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| 5.09%, 12/8/25  | 250 | 251 |
| 3.92%, 9/30/27  | 1040 | 1031 |
| Banco Bilbao Vizcaya Argentaria S.A., |  |  |
| 5.38%, 3/13/29  | 800 | 820 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.62%), 5.04%, <br> 9/15/26 <sup>(4)</sup> <br>| 100 | 100 |
| Bank of Nova Scotia (The), |  |  |
| 4.50%, 12/16/25  | 300 | 299 |
| &nbsp;&nbsp; Banque Federative du Credit Mutuel <br> S.A.,<br>|  |  |
| 5.54%, 1/22/30 <sup>(1)</sup> <br>| 1525 | 1571 |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.49%), <br> 5.67%, 3/12/28 <sup>(5)</sup> <br>| 1280 | 1303 |
| BNP Paribas S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.05%), 2.59%, <br> 8/12/35 <sup>(1) (5)</sup> <br>| 1000 | 860 |
| BPCE S.A., |  |  |
| 1.00%, 1/20/26 <sup>(1)</sup> <br>| 490 | 477 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.96%), <br> 5.72%, 1/18/30 <sup>(1) (5)</sup> <br>| 1750 | 1784 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 16.9% continued**  | **FOREIGN ISSUER BONDS - 16.9% continued**  | **FOREIGN ISSUER BONDS - 16.9% continued**  |
| **Banking – 8.9%continued** | **Banking – 8.9%continued** | **Banking – 8.9%continued** |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.68%), <br> 5.88%, 1/14/31 <sup>(1) (5)</sup> <br>| $770 | $789 |
| Cooperatieve Rabobank U.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.00%), 1.34%, <br> 6/24/26 <sup>(1) (5)</sup> <br>| 1950 | 1935 |
| 4.33%, 8/28/26  | 1375 | 1375 |
| Credit Agricole S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 4.63%, 9/11/28 <sup>(1) (5)</sup> <br>| 1430 | 1426 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.57%), <br> 5.89%, 8/14/27 <sup>(5)</sup> <br>| 500 | 508 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.06%), <br> 5.60%, 5/17/28 <sup>(5)</sup> <br>| 840 | 854 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.46%), <br> 5.55%, 3/4/30 <sup>(5)</sup> <br>| 1900 | 1941 |
| Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.58%), 5.94%, <br> 1/5/28 <sup>(4)</sup> <br>| 1690 | 1711 |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.70%), 5.87%, <br> 3/6/29 <sup>(5)</sup> <br>| 1650 | 1702 |
| National Australia Bank Ltd., |  |  |
| 4.75%, 12/10/25  | 860 | 862 |
| 2.50%, 7/12/26  | 750 | 734 |
| NatWest Group PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.10%), 5.58%, <br> 3/1/28 <sup>(5)</sup> <br>| 840 | 854 |
| Societe Generale S.A., |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.50%), 5.52%, <br> 1/19/28 <sup>(1) (5)</sup> <br>| 1000 | 1010 |
| Standard Chartered PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 2.05%), 6.17%, <br> 1/9/27 <sup>(1) (5)</sup> <br>| 900 | 909 |
| Westpac Banking Corp., |  |  |
| (Variable, U.S. Treasury Yield Curve <br> Rate CMT 5Y + 2.00%), 4.11%, <br> 7/24/34 <sup>(5)</sup> <br>| 925 | 884 |
|  |  | **25990** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **249** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 16.9% continued**  | **FOREIGN ISSUER BONDS - 16.9% continued**  | **FOREIGN ISSUER BONDS - 16.9% continued**  |
| **Basic Industry – 1.5%** | **Basic Industry – 1.5%** | **Basic Industry – 1.5%** |
| BHP Billiton Finance U.S.A. Ltd., |  |  |
| 5.00%, 2/21/30  | $2150 | $2185 |
| Nutrien Ltd., |  |  |
| 5.25%, 3/12/32  | 1220 | 1221 |
| Rio Tinto Finance U.S.A. PLC, |  |  |
| 4.50%, 3/14/28  | 850 | 855 |
|  |  | **4261** |
| **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** |
| Ashtead Capital, Inc., |  |  |
| 4.38%, 8/15/27<sup>(1)</sup> <br>| 500 | **495** |
| **Commercial Support Services – 0.3%** | **Commercial Support Services – 0.3%** | **Commercial Support Services – 0.3%** |
| RELX Capital, Inc., |  |  |
| 3.00%, 5/22/30 | 925 | **857** |
| **Consumer Cyclical – 0.7%** | **Consumer Cyclical – 0.7%** | **Consumer Cyclical – 0.7%** |
| &nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC,<br>|  |  |
| 4.65%, 4/1/27<sup>(1)</sup> <br>| 2150 | **2152** |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
| Tyco Electronics Group S.A., |  |  |
| 4.63%, 2/1/30 | 1130 | **1128** |
| **Finance Companies – 0.7%** | **Finance Companies – 0.7%** | **Finance Companies – 0.7%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 4.88%, 4/1/28 | 1925 | **1932** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| Unilever Capital Corp., |  |  |
| 4.25%, 8/12/27 | 420 | **421** |
| **Industrial Support Services – 0.4%** | **Industrial Support Services – 0.4%** | **Industrial Support Services – 0.4%** |
| Element Fleet Management Corp., |  |  |
| 6.27%, 6/26/26<sup>(1)</sup> <br>| 1050 | **1069** |
| **Specialty Finance – 1.4%** | **Specialty Finance – 1.4%** | **Specialty Finance – 1.4%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 1.75%, 1/30/26  | 1070 | 1045 |
| Avolon Holdings Funding Ltd., |  |  |
| 4.95%, 1/15/28 <sup>(1)</sup> <br>| 1800 | 1792 |
| Macquarie Airfinance Holdings Ltd., |  |  |
| 6.40%, 3/26/29 <sup>(1)</sup> <br>| 1300 | 1344 |
|  |  | **4181** |
| **Technology – 0.4%** | **Technology – 0.4%** | **Technology – 0.4%** |
| RELX Capital, Inc., |  |  |
| 4.75%, 3/27/30 | 1020 | **1026** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 16.9% continued**  | **FOREIGN ISSUER BONDS - 16.9% continued**  | **FOREIGN ISSUER BONDS - 16.9% continued**  |
| **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** | **Transportation & Logistics – 0.4%** |
| Air Canada, |  |  |
| 3.88%, 8/15/26 <sup>(1)</sup> <br>| $320 | $313 |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.,<br>|  |  |
| 7.88%, 5/1/27 <sup>(1)</sup> <br>| 1000 | 982 |
|  |  | **1295** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $49,065)** |  | **49385** |
| **U.S. GOVERNMENT AGENCIES – 8.9%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 8.9%** <sup>(8)</sup> | **U.S. GOVERNMENT AGENCIES – 8.9%** <sup>(8)</sup> |
| **Fannie Mae – 2.4%** | **Fannie Mae – 2.4%** | **Fannie Mae – 2.4%** |
| Pool #555649, |  |  |
| 7.50%, 10/1/32 | 3 | 3 |
| Pool #AD0915, |  |  |
| 5.50%, 12/1/38 | 13 | 13 |
| Pool #AI3471, |  |  |
| 5.00%, 6/1/41 | 45 | 45 |
| Pool #BA6574, |  |  |
| 3.00%, 1/1/31 | 344 | 334 |
| Pool #BC0266, |  |  |
| 3.50%, 2/1/31 | 309 | 304 |
| Pool #BC1465, |  |  |
| 2.50%, 7/1/31 | 206 | 198 |
| Pool #BE0514, |  |  |
| 2.50%, 11/1/31 | 627 | 600 |
| Pool #BM1239, |  |  |
| 3.50%, 2/1/32 | 316 | 311 |
| Pool #BM4485, |  |  |
| 3.00%, 9/1/30 | 417 | 409 |
| Pool #BM5017, |  |  |
| 3.00%, 3/1/30 | 284 | 278 |
| Pool #BM5525, |  |  |
| 4.00%, 3/1/31 | 31 | 31 |
| Pool #BM5708, |  |  |
| 3.00%, 12/1/29 | 33 | 32 |
| Pool #FM1534, |  |  |
| 4.50%, 9/1/49 | 601 | 585 |
| Pool #FM1773, |  |  |
| 3.00%, 12/1/31 | 226 | 221 |
| Pool #FM1849, |  |  |
| 3.50%, 12/1/33 | 311 | 305 |
| Pool #FM1852, |  |  |
| 3.00%, 7/1/33 | 374 | 364 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **250** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 8.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.9%** <sup>(8)</sup>**continued** |
| **Fannie Mae – 2.4%continued** | **Fannie Mae – 2.4%continued** | **Fannie Mae – 2.4%continued** |
| Pool #FM1897, |  |  |
| 3.00%, 9/1/32 | $257 | $250 |
| Pool #FM3308, |  |  |
| 3.00%, 4/1/32 | 708 | 692 |
| Pool #FS2701, |  |  |
| 2.50%, 2/1/35 | 571 | 547 |
| Pool #FS4618, |  |  |
| 4.50%, 2/1/51 | 684 | 660 |
| Pool #FS4653, |  |  |
| 5.50%, 5/1/53 | 580 | 580 |
| Pool #MA3090, |  |  |
| 3.00%, 8/1/32 | 157 | 151 |
|  |  | **6913** |
| **Freddie Mac – 5.0%** | **Freddie Mac – 5.0%** | **Freddie Mac – 5.0%** |
| &nbsp;&nbsp; Freddie Mac REMICS, Series 4835, <br> Class CA,<br>|  |  |
| 3.50%, 1/15/47 | 262 | 254 |
| Pool #1B3617, |  |  |
| &nbsp;&nbsp; (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.92%, 1.92% Floor, <br> 11.08% Cap), 7.34%, 10/1/37<sup>(4)</sup> <br>| 43 | 44 |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | 757 | 764 |
| Pool #SB0084, |  |  |
| 3.00%, 2/1/32 | 809 | 790 |
| Pool #SB0093, |  |  |
| 2.50%, 12/1/31 | 1868 | 1788 |
| Pool #SB0215, |  |  |
| 3.00%, 2/1/32 | 269 | 263 |
| Pool #SB0216, |  |  |
| 3.00%, 12/1/32 | 599 | 581 |
| Pool #SB0329, |  |  |
| 3.00%, 9/1/32 | 658 | 642 |
| Pool #SD1360, |  |  |
| 5.50%, 7/1/52 | 767 | 768 |
| Pool #SD1959, |  |  |
| 6.50%, 12/1/52 | 652 | 676 |
| Pool #SD2342, |  |  |
| 5.00%, 12/1/44 | 792 | 799 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 736 | 753 |
| Pool #SD2902, |  |  |
| 5.50%, 5/1/53 | 564 | 563 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 8.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.9%** <sup>(8)</sup>**continued** |
| **Freddie Mac – 5.0%continued** | **Freddie Mac – 5.0%continued** | **Freddie Mac – 5.0%continued** |
| Pool #SD2922, |  |  |
| 5.00%, 5/1/53 | $894 | $879 |
| Pool #SD2999, |  |  |
| 5.50%, 6/1/53 | 879 | 886 |
| Pool #SD3133, |  |  |
| 5.00%, 6/1/53 | 729 | 720 |
| Pool #SD3136, |  |  |
| 5.50%, 6/1/53 | 703 | 709 |
| Pool #SD3174, |  |  |
| 5.50%, 6/1/53 | 697 | 702 |
| Pool #ZA2807, |  |  |
| 2.50%, 2/1/28 | 33 | 32 |
| Pool #ZK9070, |  |  |
| 3.00%, 11/1/32 | 326 | 314 |
| Pool #ZS6689, |  |  |
| 2.50%, 4/1/28 | 110 | 107 |
| Pool #ZS8598, |  |  |
| 3.00%, 2/1/31 | 402 | 390 |
| Pool #ZS8675, |  |  |
| 2.50%, 11/1/32 | 658 | 626 |
| &nbsp;&nbsp; Seasoned Loans Structured Transaction <br> Trust, Series 2019-2, Class A1C,<br>|  |  |
| 2.75%, 9/25/29 | 629 | 598 |
|  |  | **14648** |
| **Freddie Mac Gold – 0.2%** | **Freddie Mac Gold – 0.2%** | **Freddie Mac Gold – 0.2%** |
| Pool #A92650, |  |  |
| 5.50%, 6/1/40 | 28 | 28 |
| Pool #E04360, |  |  |
| 2.50%, 4/1/28 | 137 | 134 |
| Pool #G18641, |  |  |
| 3.00%, 4/1/32 | 118 | 114 |
| Pool #G18647, |  |  |
| 3.00%, 6/1/32 | 289 | 280 |
|  |  | **556** |
| **Government National Mortgage Association – 1.3%** | **Government National Mortgage Association – 1.3%** | **Government National Mortgage Association – 1.3%** |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| 2.50%, 8/20/46 | 311 | 286 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **251** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**SHORT BOND FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 8.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.9%** <sup>(8)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 8.9%** <sup>(8)</sup>**continued** |
| **Government National Mortgage Association – 1.3%continued** | **Government National Mortgage Association – 1.3%continued** | **Government National Mortgage Association – 1.3%continued** |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2025-33, <br> Class LH,<br>|  |  |
| 5.00%, 5/20/54 | $3531 | $3558 |
|  |  | **3844** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $26,647)** |  | **25961** |
| **U.S. GOVERNMENT OBLIGATIONS – 20.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 20.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 20.6%**  |
| **U.S. Treasury Notes – 20.6%** | **U.S. Treasury Notes – 20.6%** | **U.S. Treasury Notes – 20.6%** |
| 4.50%, 11/15/25<sup>(9)</sup> <br>| 13350 | 13377 |
| 3.50%, 9/30/26 | 44200 | 43906 |
| 4.00%, 12/15/27 | 3186 | 3195 |
|  |  | **60478** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $60,188)** |  | **60478** |
| **MUNICIPAL BONDS – 0.5%**  | **MUNICIPAL BONDS – 0.5%**  | **MUNICIPAL BONDS – 0.5%**  |
| **Florida – 0.5%** | **Florida – 0.5%** | **Florida – 0.5%** |
| &nbsp;&nbsp; Florida State Board of Administration <br> Finance Corp. Taxable Revenue <br> Bonds, Series A,<br>|  |  |
| 1.26%, 7/1/25 | 1100 | 1091 |
| &nbsp;&nbsp; Miami-Dade County Aviation Taxable <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| 1.23%, 10/1/25 | 500 | 492 |
|  |  | **1583** |
| **Total Municipal Bonds** |  |  |
| **(Cost $1,600)** |  | **1583** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.3%**  | **INVESTMENT COMPANIES – 1.3%**  | **INVESTMENT COMPANIES – 1.3%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(10) (11)</sup> <br>| 3686942 | $3687 |
| **Total Investment Companies** |  |  |
| **(Cost $3,687)** |  | **3687** |
| **Total Investments – 100.0%** | **Total Investments – 100.0%** |  |
| **(Cost $292,857)** | **(Cost $292,857)** | **293031** |
| Liabilities less Other Assets – (0.0%) | Liabilities less Other Assets – (0.0%) | (78)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$292953** |

---

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2025, the value of these securities amounted to approximately* *$56,665,000 or 19.3% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of March 31, 2025 is disclosed.*

<sup>(3)</sup> *Variable or floating rate security, the interest rate of which adjusts* *periodically based on changes in current interest rates and prepayments on* *the underlying pool of assets.* 

<sup>(4)</sup> *Variable or floating rate security. Rate as of March 31, 2025 is disclosed.*

<sup>(5)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of March 31, 2025.* 

<sup>(6)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2025.*

<sup>(7)</sup> *Perpetual bond. Maturity date represents next call date.*

<sup>(8)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(9)</sup> *A portion of this security has been pledged as collateral to cover margin* *requirements for open futures contracts.* 

<sup>(10)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(11)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1M - 1 Month |
| 1Y - 1 Year |
| 3M - 3 Month |
| 5Y - 5 Year |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |
| IBOR - Interbank Offered Rates  |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **252** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| |
|:---|
| REMICS - Real Estate Mortgage Investment Conduits |
| SOFR - Secured Overnight Financing Rate |
| USD - United States Dollar |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| 275 | $56972 | Long | 6/25 | $96 |
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| (291)<br>| (31473)<br>| Short | 6/25 | (123)<br>|
| &nbsp;&nbsp; Ultra 10-Year <br> U.S. Treasury <br> Note<br>| (80)<br>| (9130)<br>| Short | 6/25 | (85)<br>|
| Total |  |  |  |  | $(112)<br>|

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $27052 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27052 |
| &nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11789 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 113096 | &nbsp;&nbsp; — | &nbsp;&nbsp; 113096 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 49385 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49385 |
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 25961 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25961 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 60478 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60478 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1583 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1583 |
| Investment Companies | &nbsp;&nbsp; 3687 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3687 |
| Total Investments | &nbsp;&nbsp; $3687 | &nbsp;&nbsp; $289344 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $293031 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $96 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $96 |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (208)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (208)<br>|
| &nbsp;&nbsp; Total Other Financial <br> Instruments<br>| &nbsp;&nbsp; $(112)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(112)<br>|

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **253** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 1.3%**  | **ASSET-BACKED SECURITIES – 1.3%**  | **ASSET-BACKED SECURITIES – 1.3%**  |
| **Auto Loan – 0.6%** | **Auto Loan – 0.6%** | **Auto Loan – 0.6%** |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| 5.00%, 6/25/27 | $6100 | $6150 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2024-1, Class A3<br>|  |  |
| 4.92%, 10/16/28 | 1000 | 1007 |
| &nbsp;&nbsp; Ford Credit Auto Lease Trust, Series <br> 2024-A, Class A4<br>|  |  |
| 5.05%, 6/15/27 | 1000 | 1005 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2023-C, Class A2A<br>|  |  |
| 5.68%, 9/15/26 | 537 | 538 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-3, <br> Class A2A<br>|  |  |
| 5.74%, 9/16/26 | 84 | 84 |
| &nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, <br> Series 2024-1, Class A3<br>|  |  |
| 4.80%, 4/16/29 | 6000 | 6030 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 4.86%, 3/15/29 | 2760 | 2772 |
|  |  | **17586** |
| **Credit Card – 0.3%** | **Credit Card – 0.3%** | **Credit Card – 0.3%** |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | 2250 | 2280 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| 4.94%, 2/15/29 | 5000 | 5060 |
|  |  | **7340** |
| **Other – 0.2%** | **Other – 0.2%** | **Other – 0.2%** |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-A, <br> Class A3<br>|  |  |
| 4.77%, 6/15/29 | 1120 | 1126 |
| &nbsp;&nbsp; Kubota Credit Owner Trust, Series <br> 2025-1A, Class A2<br>|  |  |
| 4.61%, 12/15/27<sup>(1)</sup> <br>| 2850 | 2856 |
|  |  | **3982** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 1.3%continued**  | **ASSET-BACKED SECURITIES - 1.3%continued**  | **ASSET-BACKED SECURITIES - 1.3%continued**  |
| **Whole Loan – 0.2%** | **Whole Loan – 0.2%** | **Whole Loan – 0.2%** |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.55% on 4/25/29), <br> 5.55%, 1/25/65<sup>(1) (2)</sup> <br>| $6000 | **$5996** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $34,698)** |  | **34904** |
| **CORPORATE BONDS – 9.0%**  | **CORPORATE BONDS – 9.0%**  | **CORPORATE BONDS – 9.0%**  |
| **Automotive – 0.9%** | **Automotive – 0.9%** | **Automotive – 0.9%** |
| Ford Motor Credit Co. LLC, |  |  |
| 5.85%, 5/17/27  | 5000 | 5026 |
| General Motors Financial Co., Inc., |  |  |
| 5.40%, 5/8/27  | 5000 | 5048 |
| Hyundai Capital America, |  |  |
| 5.25%, 1/8/27 <sup>(1)</sup> <br>| 5000 | 5039 |
| Toyota Motor Credit Corp., |  |  |
| 4.80%, 1/5/26  | 5000 | 5015 |
| 5.00%, 3/19/27  | 5000 | 5066 |
|  |  | **25194** |
| **Banking – 3.9%** | **Banking – 3.9%** | **Banking – 3.9%** |
| Bank of America Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.29%), <br> 5.08%, 1/20/27 <sup>(3)</sup> <br>| 15000 | 15054 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.58%), <br> 4.38%, 4/27/28 <sup>(3)</sup> <br>| 7000 | 6971 |
| Citibank N.A., |  |  |
| 5.49%, 12/4/26  | 5000 | 5084 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 5.28%, 3/4/29 <sup>(4)</sup> <br>| 12900 | 12903 |
| Huntington National Bank (The), |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28 <sup>(3)</sup> <br>| 7400 | 7430 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.77%), <br> 5.19%, 9/22/27 <sup>(4)</sup> <br>| 11400 | 11441 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.93%), <br> 5.57%, 4/22/28 <sup>(3)</sup> <br>| 10000 | 10200 |
| KeyBank N.A., |  |  |
| 4.70%, 1/26/26  | 1250 | 1249 |
| Santander Holdings U.S.A., Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.61%), <br> 6.03%, 3/20/29 <sup>(4)</sup> <br>| 20000 | 20086 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **254** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 9.0% continued**  | **CORPORATE BONDS - 9.0% continued**  | **CORPORATE BONDS - 9.0% continued**  |
| **Banking – 3.9%continued** | **Banking – 3.9%continued** | **Banking – 3.9%continued** |
| Wells Fargo Bank N.A., |  |  |
| 5.25%, 12/11/26  | $16775 | $17013 |
|  |  | **107431** |
| **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** | **Biotechnology & Pharmaceuticals – 0.0%** |
| Bristol-Myers Squibb Co., |  |  |
| 4.90%, 2/22/27 | 170 | **172** |
| **Consumer Non-Cyclical – 0.8%** | **Consumer Non-Cyclical – 0.8%** | **Consumer Non-Cyclical – 0.8%** |
| Cargill, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.61%), <br> 5.00%, 2/11/28 <sup>(1) (4)</sup> <br>| 10000 | 10040 |
| HCA, Inc., |  |  |
| 5.00%, 3/1/28  | 3470 | 3498 |
| Zimmer Biomet Holdings, Inc., |  |  |
| 4.70%, 2/19/27  | 8416 | 8441 |
|  |  | **21979** |
| **Consumer Services – 0.3%** | **Consumer Services – 0.3%** | **Consumer Services – 0.3%** |
| Yale University, |  |  |
| 0.87%, 4/15/25 | 7633 | **7620** |
| **Electric Utilities – 0.4%** | **Electric Utilities – 0.4%** | **Electric Utilities – 0.4%** |
| NextEra Energy Capital Holdings, Inc., |  |  |
| 5.75%, 9/1/25 | 10000 | **10041** |
| **Food – 0.1%** | **Food – 0.1%** | **Food – 0.1%** |
| General Mills, Inc., |  |  |
| 4.70%, 1/30/27 | 1666 | **1671** |
| **Health Care Facilities & Services – 0.0%** | **Health Care Facilities & Services – 0.0%** | **Health Care Facilities & Services – 0.0%** |
| Elevance Health, Inc., |  |  |
| 4.50%, 10/30/26 | 1490 | **1490** |
| **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** | **Institutional Financial Services – 0.3%** |
| Goldman Sachs Group (The), Inc., |  |  |
| 3.50%, 11/16/26 | 10000 | **9845** |
| **Insurance – 0.8%** | **Insurance – 0.8%** | **Insurance – 0.8%** |
| Corebridge Financial, Inc., |  |  |
| 3.50%, 4/4/25  | 10000 | 9999 |
| Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.70%), 5.09%, <br> 11/8/27 <sup>(4)</sup> <br>| 3530 | 3544 |
| New York Life Global Funding, |  |  |
| (Floating, U.S. SOFR + 0.48%), <br> 4.89%, 6/9/26 <sup>(1) (4)</sup> <br>| 10000 | 10014 |
|  |  | **23557** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 9.0% continued**  | **CORPORATE BONDS - 9.0% continued**  | **CORPORATE BONDS - 9.0% continued**  |
| **Machinery – 0.2%** | **Machinery – 0.2%** | **Machinery – 0.2%** |
| John Deere Capital Corp., |  |  |
| 4.50%, 1/8/27 | $5000 | **$5029** |
| **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** | **Retail - Discretionary – 0.2%** |
| Home Depot (The), Inc., |  |  |
| 4.95%, 9/30/26 | 4515 | **4562** |
| **Semiconductors – 0.2%** | **Semiconductors – 0.2%** | **Semiconductors – 0.2%** |
| Intel Corp., |  |  |
| 4.88%, 2/10/26 | 5795 | **5803** |
| **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** |
| Synchrony Financial, |  |  |
| 4.88%, 6/13/25 | 10000 | **9995** |
| **Wholesale - Consumer Staples – 0.5%** | **Wholesale - Consumer Staples – 0.5%** | **Wholesale - Consumer Staples – 0.5%** |
| Sysco Corp., |  |  |
| 3.25%, 7/15/27 | 14646 | **14255** |
| **Total Corporate Bonds** |  |  |
| **(Cost $247,254)** |  | **248644** |
| **FOREIGN ISSUER BONDS – 8.6%**  | **FOREIGN ISSUER BONDS – 8.6%**  | **FOREIGN ISSUER BONDS – 8.6%**  |
| **Asset Management – 0.2%** | **Asset Management – 0.2%** | **Asset Management – 0.2%** |
| UBS A.G., |  |  |
| 5.00%, 7/9/27 | 6458 | **6533** |
| **Banking – 7.0%** | **Banking – 7.0%** | **Banking – 7.0%** |
| Banco Santander S.A., |  |  |
| 5.15%, 8/18/25  | 5000 | 5009 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.62%), 5.04%, <br> 9/15/26 <sup>(4)</sup> <br>| 14600 | 14625 |
| 5.27%, 12/11/26  | 5000 | 5067 |
| Bank of Nova Scotia (The), |  |  |
| 5.35%, 12/7/26  | 5000 | 5069 |
| Commonwealth Bank of Australia, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.40%), <br> 4.75%, 7/7/25 <sup>(1) (4)</sup> <br>| 5000 | 5003 |
| 2.55%, 3/14/27 <sup>(1)</sup> <br>| 5000 | 4847 |
| Cooperatieve Rabobank U.A., |  |  |
| 5.50%, 7/18/25  | 10000 | 10032 |
| 4.85%, 1/9/26  | 4200 | 4214 |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.22%), <br> 5.61%, 11/16/27 <sup>(4)</sup> <br>| 7500 | 7527 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **255** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  |
| **Banking – 7.0%continued** | **Banking – 7.0%continued** | **Banking – 7.0%continued** |
| &nbsp;&nbsp; Federation des Caisses Desjardins du <br> Quebec,<br>|  |  |
| 4.40%, 8/23/25 <sup>(1)</sup> <br>| $5000 | $4990 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 5.44%, 3/3/29 <sup>(4)</sup> <br>| 6000 | 6010 |
| ING Groep N.V., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.01%), 5.44%, <br> 4/1/27 <sup>(4)</sup> <br>| 23800 | 23904 |
| Macquarie Bank Ltd., |  |  |
| 5.39%, 12/7/26 <sup>(1)</sup> <br>| 5000 | 5082 |
| Mizuho Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.96%), <br> 5.36%, 5/22/26 <sup>(4)</sup> <br>| 10000 | 10010 |
| National Australia Bank Ltd., |  |  |
| 3.91%, 6/9/27  | 8400 | 8334 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.50%), <br> 4.91%, 3/6/28 <sup>(1) (4)</sup> <br>| 4000 | 3993 |
| Nationwide Building Society, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 5.68%, 2/16/28 <sup>(1) (4)</sup> <br>| 9300 | 9369 |
| NatWest Markets PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 5.19%, 9/29/26 <sup>(1) (4)</sup> <br>| 7800 | 7826 |
| Royal Bank of Canada, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.59%), 4.97%, <br> 11/2/26 <sup>(4)</sup> <br>| 10000 | 10009 |
| 4.24%, 8/3/27  | 7000 | 6980 |
| Sumitomo Mitsui Financial Group, Inc., |  |  |
| 5.46%, 1/13/26  | 10000 | 10072 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.88%), <br> 5.24%, 1/14/27 <sup>(4)</sup> <br>| 9880 | 9952 |
| Toronto-Dominion Bank (The), |  |  |
| 5.10%, 1/9/26  | 5000 | 5025 |
| 4.98%, 4/5/27  | 10000 | 10105 |
|  |  | **193054** |
| **Consumer Non-Cyclical – 0.6%** | **Consumer Non-Cyclical – 0.6%** | **Consumer Non-Cyclical – 0.6%** |
| GlaxoSmithKline Capital PLC, |  |  |
| (Floating, U.S. SOFR + 0.50%), <br> 4.92%, 3/12/27<sup>(4)</sup> <br>| 17100 | **17132** |
| **Institutional Financial Services – 0.4%** | **Institutional Financial Services – 0.4%** | **Institutional Financial Services – 0.4%** |
| Nomura Holdings, Inc., |  |  |
| 5.71%, 1/9/26 | 10000 | **10071** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  | **FOREIGN ISSUER BONDS - 8.6% continued**  |
| **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** | **Specialty Finance – 0.4%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 6.45%, 4/15/27 | $10000 | **$10323** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $235,615)** |  | **237113** |
| **U.S. GOVERNMENT OBLIGATIONS – 0.7%**  | **U.S. GOVERNMENT OBLIGATIONS – 0.7%**  | **U.S. GOVERNMENT OBLIGATIONS – 0.7%**  |
| **U.S. Treasury Notes – 0.7%** | **U.S. Treasury Notes – 0.7%** | **U.S. Treasury Notes – 0.7%** |
| 4.75%, 7/31/25 | 20000 | **20028** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $19,983)** |  | **20028** |
| **MUNICIPAL BONDS – 69.9%**  | **MUNICIPAL BONDS – 69.9%**  | **MUNICIPAL BONDS – 69.9%**  |
| **Alabama – 2.4%** | **Alabama – 2.4%** | **Alabama – 2.4%** |
| &nbsp;&nbsp; Alabama Federal Aid Highway Finance <br> Authority Special Obligation <br> Revenue Refunding GARVEE Bonds, <br> Series B, Escrowed to Maturity,<br>|  |  |
| 5.00%, 9/1/25 | 7425 | 7487 |
| &nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Bonds, Subseries <br> D2,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.40%), <br> 4.36%, 6/1/27<sup>(4) (5)</sup> <br>| 20000 | 20185 |
| &nbsp;&nbsp; Black Belt Energy Gas District Revenue <br> Bonds, Gas Project No.7-S,<br>|  |  |
| 4.00%, 12/1/26<sup>(5) (6)</sup> <br>| 9800 | 9858 |
| &nbsp;&nbsp; Black Belt Energy Gas District Variable <br> Revenue Bonds, Gas Project,<br>|  |  |
| (Floating, SIFMA Municipal Swap <br> Index Yield + 0.35%), 3.22%, <br> 12/1/26<sup>(4) (5)</sup> <br>| 29000 | 28271 |
|  |  | **65801** |
| **Alaska – 0.2%** | **Alaska – 0.2%** | **Alaska – 0.2%** |
| &nbsp;&nbsp; Alaska State G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| 8/1/27<sup>(7)</sup> <br>| 2000 | 2096 |
| &nbsp;&nbsp; Alaska State Housing Finance Corp. <br> Revenue Refunding Bonds, State <br> Capital Project,<br>|  |  |
| 5.00%, 6/1/27 | 2605 | 2714 |
|  |  | **4810** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **256** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Arizona – 1.2%** | **Arizona – 1.2%** | **Arizona – 1.2%** |
| &nbsp;&nbsp; Arizona State Health Facilities Authority <br> Variable Revenue Bonds, Banner <br> Health Services, Unrefunded <br> Balance,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.00%), 3.12%, <br> 11/4/26<sup>(4) (5)</sup> <br>| $7335 | $7256 |
| &nbsp;&nbsp; Arizona State Health Facilities Authority <br> Variable Revenue Bonds, Banner <br> Health, Prerefunded,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.00%), 3.12%, <br> 11/4/25<sup>(4) (8)</sup> <br>| 300 | 299 |
| &nbsp;&nbsp; Arizona State Health Facilities Authority <br> Variable Revenue Refunding Bonds, <br> Banner Health, Prerefunded,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.25%), 3.12%, <br> 11/4/25<sup>(4) (8)</sup> <br>| 1495 | 1493 |
| &nbsp;&nbsp; Arizona State IDA Revenue Bonds, <br> Lincoln South Beltway Project,<br>|  |  |
| 5.00%, 2/1/26 | 2500 | 2546 |
| &nbsp;&nbsp; Arizona State Sports & Tourism <br> Authority Senior Lien Revenue <br> Refunding Bonds, Multipurpose <br> Stadium Facility Project (BAM <br> Insured),<br>|  |  |
| 5.00%, 7/1/25 | 2500 | 2512 |
| &nbsp;&nbsp; Arizona State Transportation Board <br> Revenue GARVEE Bonds GANS, <br> Series A,<br>|  |  |
| 5.00%, 7/1/25 | 1055 | 1061 |
| &nbsp;&nbsp; Glendale Water & Sewer Senior Lien <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/25 | 1225 | 1232 |
| &nbsp;&nbsp; Maricopa County Litchfield Elementary <br> School District No. 79 G.O. <br> Unlimited Bonds, Series A, Project of <br> 2023,<br>|  |  |
| 5.00%, 7/1/26 | 1830 | 1880 |
| &nbsp;&nbsp; Maricopa County Unified School <br> District No. 4 G.O. Unlimited Bonds, <br> Series E, Mesa Project of 2018,<br>|  |  |
| 5.00%, 7/1/26 | 1050 | 1078 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Water System Junior Lien Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/26 | 1750 | 1753 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Arizona – 1.2%continued** | **Arizona – 1.2%continued** | **Arizona – 1.2%continued** |
| Pima County Refunding COPS, |  |  |
| 5.00%, 12/1/27 | $2860 | $3011 |
| &nbsp;&nbsp; Pima County Unified School District No. <br> 1 Tucson G.O. Unlimited Bonds, <br> Series A, Project of 2023 (AGM <br> Insured),<br>|  |  |
| 5.00%, 7/1/25 | 1100 | 1106 |
| &nbsp;&nbsp; Salt River Project Agricultural <br> Improvement & Power District Electric <br> System Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 1/1/27 | 2130 | 2213 |
| &nbsp;&nbsp; Tucson G.O. Unlimited Bonds, Series <br> 2018-B,<br>|  |  |
| 5.00%, 7/1/27 | 6460 | 6775 |
|  |  | **34215** |
| **Arkansas – 0.1%** | **Arkansas – 0.1%** | **Arkansas – 0.1%** |
| &nbsp;&nbsp; Fort Smith Water & Sewer Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/26 | 2385 | **2447** |
| **California – 2.1%** | **California – 2.1%** | **California – 2.1%** |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Variable Revenue Bonds, San <br> Francisco Bay Area Toll,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.30%), 3.17%, <br> 4/1/27<sup>(4) (5)</sup> <br>| 8500 | 8397 |
| &nbsp;&nbsp; Bay Area Toll Authority Toll Bridge <br> Variable Revenue Refunding Bonds, <br> San Francisco Bay Area,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.45%), 3.32%, <br> 4/1/26<sup>(4) (5)</sup> <br>| 8750 | 8716 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/1/27 | 10150 | 10641 |
| &nbsp;&nbsp; California State G.O. Unlimited <br> Refunding Bonds, Bidding Group A,<br>|  |  |
| 5.00%, 9/1/25 | 13650 | 13778 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Senior Revenue Bonds <br> (AMT), Green Bond,<br>|  |  |
| 5.00%, 5/15/25 | 420 | 421 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Airport Senior Revenue Bonds <br> (AMT), Private Activity,<br>|  |  |
| 5.00%, 5/15/25 | 1890 | 1894 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **257** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **California – 2.1%continued** | **California – 2.1%continued** | **California – 2.1%continued** |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/26 | $6270 | $6385 |
| &nbsp;&nbsp; Los Angeles Unified School District <br> Sustainability G.O. Unlimited Bonds, <br> Series QRR,<br>|  |  |
| 5.00%, 7/1/25 | 4000 | 4023 |
| &nbsp;&nbsp; Oakland Unified School District <br> Alameda County Election of 2020 <br> G.O. Unlimited Bonds, Series A <br> (AGM Insured),<br>|  |  |
| 5.00%, 8/1/26 | 325 | 335 |
| &nbsp;&nbsp; University Of California Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 5/15/25 | 4000 | 4011 |
|  |  | **58601** |
| **Colorado – 2.7%** | **Colorado – 2.7%** | **Colorado – 2.7%** |
| &nbsp;&nbsp; Adams 12 Five Star Schools G.O. <br> Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 12/15/26 | 8000 | 8301 |
| &nbsp;&nbsp; Boulder, Larimer & Weld Counties, <br> Saint Vrain Valley School District <br> RE-1J G.O. Unlimited Bonds (State <br> Aid Withholding),<br>|  |  |
| 5.00%, 12/15/25 | 6550 | 6654 |
| Colorado State COPS, Series A, |  |  |
| 5.00%, 12/15/25 | 1350 | 1371 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Variable Revenue Bonds, <br> Intermountain Healthcare,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.55%), 3.42%, <br> 8/17/26<sup>(4) (5)</sup> <br>| 22100 | 22022 |
| &nbsp;&nbsp; Denver City & County Airport Revenue <br> Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 11/15/25 | 9000 | 9112 |
| &nbsp;&nbsp; Denver City & County Airport <br> Subordinate Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/25 | 3160 | 3199 |
| 5.00%, 11/15/26 | 15560 | 16061 |
| &nbsp;&nbsp; Denver City and County School District <br> No. 1 G.O. Unlimited Bonds, Series <br> A (State Aid Withholding),<br>|  |  |
| 5.00%, 12/1/26 | 3650 | 3784 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Colorado – 2.7%continued** | **Colorado – 2.7%continued** | **Colorado – 2.7%continued** |
| &nbsp;&nbsp; Denver City and County School District <br> No. 1 G.O. Unlimited Refunding <br> Bonds, Series B (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 12/1/27 | $4500 | $4761 |
|  |  | **75265** |
| **Connecticut – 1.7%** | **Connecticut – 1.7%** | **Connecticut – 1.7%** |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 1/15/26 | 4100 | 4173 |
| 5.00%, 3/15/27 | 3000 | 3003 |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Bonds, Series E,<br>|  |  |
| 5.00%, 10/15/26 | 3295 | 3409 |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Refunding Bonds, Series D,<br>|  |  |
| 5.00%, 4/15/26 | 12175 | 12462 |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Refunding Bonds, Series F,<br>|  |  |
| 5.00%, 11/15/25 | 1215 | 1232 |
| &nbsp;&nbsp; Connecticut State Sustainability G.O. <br> Unlimited Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 3/1/26 | 2715 | 2771 |
| &nbsp;&nbsp; Connecticut State Sustainable G.O. <br> Unlimited Refunding Bonds, Series D,<br>|  |  |
| 5.00%, 7/15/25 | 1480 | 1489 |
| &nbsp;&nbsp; Ellington G.O. Unlimited BANS, Series <br> B,<br>|  |  |
| 4.00%, 9/23/25 | 15000 | 15082 |
| &nbsp;&nbsp; University of Connecticut Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/25 | 2280 | 2310 |
|  |  | **45931** |
| **Delaware – 0.5%** | **Delaware – 0.5%** | **Delaware – 0.5%** |
| &nbsp;&nbsp; Delaware State G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 5/1/27 | 13800 | **14444** |
| **District of Columbia – 0.1%** | **District of Columbia – 0.1%** | **District of Columbia – 0.1%** |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 10/1/25 | 1400 | **1416** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **258** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Florida – 2.4%** | **Florida – 2.4%** | **Florida – 2.4%** |
| &nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series B,<br>|  |  |
| 5.00%, 7/1/25 | $2500 | $2512 |
| &nbsp;&nbsp; Broward County School Board <br> Refunding COPS, Series C,<br>|  |  |
| 5.00%, 7/1/26 | 5000 | 5131 |
| &nbsp;&nbsp; Duval County School Board COPS, <br> Series A (AGM Insured),<br>|  |  |
| 5.00%, 7/1/25 | 3000 | 3015 |
| &nbsp;&nbsp; Florida State Board of Education <br> Lottery Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 7/1/25 | 3000 | 3017 |
| &nbsp;&nbsp; Florida State Board of Public Education <br> G.O. Unlimited Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 6/1/25 | 2000 | 2006 |
| &nbsp;&nbsp; Florida State Board of Public Education <br> G.O. Unlimited Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 6/1/25 | 1870 | 1876 |
| &nbsp;&nbsp; Florida State Department of <br> Transportation Financing Corp. <br> Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/25 | 4945 | 4972 |
| &nbsp;&nbsp; Florida State Housing Finance Corp. <br> MFH Mortgage Variable Revenue <br> Bonds, Hermosa North Fort Myers II,<br>|  |  |
| 3.50%, 7/1/27<sup>(5) (6)</sup> <br>| 3000 | 3017 |
| &nbsp;&nbsp; Hillsborough County Aviation Authority <br> Revenue Bonds, Series A (AMT), <br> Tampa International Airport,<br>|  |  |
| 5.00%, 10/1/25 | 1500 | 1514 |
| &nbsp;&nbsp; Hillsborough County Aviation Authority <br> Tampa International Airport Revenue <br> Bonds, Series B,<br>|  |  |
| 5.00%, 10/1/25 | 1615 | 1632 |
| &nbsp;&nbsp; Hillsborough County Capital <br> Improvement Non-Ad Valorem <br> Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/25 | 2700 | 2719 |
| &nbsp;&nbsp; Jacksonville Special Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 10/1/27 | 8650 | 8913 |
| &nbsp;&nbsp; Miami-Dade County School Board <br> Refunding COPS, Series A,<br>|  |  |
| 5.00%, 5/1/27 | 8840 | 9218 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Florida – 2.4%continued** | **Florida – 2.4%continued** | **Florida – 2.4%continued** |
| &nbsp;&nbsp; Miami-Dade County Transit Sales <br> Surtax Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 7/1/26 | $8955 | $9189 |
| &nbsp;&nbsp; Orlando Utilities Commission Utility <br> System Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 10/1/25 | 3000 | 3032 |
| &nbsp;&nbsp; Palm Beach County Public Improvement <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/25 | 1000 | 1002 |
| &nbsp;&nbsp; Reedy Creek Improvement District G.O. <br> Limited Bonds,<br>|  |  |
| 5.00%, 6/1/27 | 1315 | 1346 |
| &nbsp;&nbsp; Sarasota County School Board COPS, <br> Master Lease Program,<br>|  |  |
| 5.00%, 7/1/26 | 1375 | 1411 |
|  |  | **65522** |
| **Georgia – 0.2%** | **Georgia – 0.2%** | **Georgia – 0.2%** |
| &nbsp;&nbsp; Atlanta G.O. Unlimited Bonds, Series <br> A-1, Social Bonds,<br>|  |  |
| 5.00%, 12/1/25 | 775 | 786 |
| &nbsp;&nbsp; Atlanta G.O. Unlimited Bonds, Series <br> A-2,<br>|  |  |
| 5.00%, 12/1/25 | 1575 | 1598 |
| &nbsp;&nbsp; Decatur Housing Authority MFH <br> Variable Revenue Bonds, Philips <br> Tower Project,<br>|  |  |
| 3.25%, 9/1/27<sup>(5) (6)</sup> <br>| 2250 | 2251 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 6/1/25 | 700 | 702 |
|  |  | **5337** |
| **Hawaii – 0.4%** | **Hawaii – 0.4%** | **Hawaii – 0.4%** |
| &nbsp;&nbsp; Hawaii State G.O. Unlimited Bonds, <br> Series FB,<br>|  |  |
| 5.00%, 4/1/27 | 6895 | 7043 |
| &nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 10/1/27 | 4030 | 4071 |
|  |  | **11114** |
| **Idaho – 1.0%** | **Idaho – 1.0%** | **Idaho – 1.0%** |
| &nbsp;&nbsp; Idaho State Building Authority Sales <br> Tax Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/26 | 25000 | 25641 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **259** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Idaho – 1.0%continued** | **Idaho – 1.0%continued** | **Idaho – 1.0%continued** |
| &nbsp;&nbsp; Kootenai County Coeur d'Alene School <br> District No. 271 G.O. Unlimited <br> Bonds (Idaho Sales Tax Guaranty <br> Insured),<br>|  |  |
| 4.00%, 9/15/27 | $3000 | $3057 |
|  |  | **28698** |
| **Illinois – 2.4%** | **Illinois – 2.4%** | **Illinois – 2.4%** |
| &nbsp;&nbsp; Chicago Midway Airport Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 1/1/26 | 3500 | 3552 |
| &nbsp;&nbsp; Chicago Park District G.O. Limited <br> Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 1/1/26 | 2000 | 2026 |
| &nbsp;&nbsp; Chicago Transit Authority Sales Tax <br> Receipts Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 12/1/27 | 2250 | 2356 |
| &nbsp;&nbsp; Chicago Wastewater Transmission <br> Second Lien Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 1/1/27 | 2300 | 2377 |
| &nbsp;&nbsp; DuPage County Forest Preserve District <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 11/1/27 | 1600 | 1683 |
| &nbsp;&nbsp; Illinois State Development Finance <br> Authority Revenue Bonds, Zero <br> Regency Park, Escrowed to Maturity,<br>|  |  |
| 0.00%, 7/15/25<sup>(9)</sup> <br>| 9000 | 8917 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, Northwestern University,<br>|  |  |
| 5.00%, 12/1/25 | 1850 | 1875 |
| &nbsp;&nbsp; Illinois State Finance Authority Variable <br> Revenue Refunding Bonds, Field <br> Museum of Natural History,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.20%), <br> 4.29%, 9/1/25<sup>(4) (5)</sup> <br>| 9530 | 9524 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 5.00%, 10/1/26 | 7000 | 7187 |
| 5.00%, 10/1/27 | 3430 | 3570 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series D,<br>|  |  |
| 3.25%, 11/1/26 | 6855 | 6848 |
| 5.00%, 11/1/26 | 5370 | 5522 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Illinois – 2.4%continued** | **Illinois – 2.4%continued** | **Illinois – 2.4%continued** |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/27 | $1100 | $1145 |
| &nbsp;&nbsp; Illinois State Housing Development <br> Authority Sustainable Revenue <br> Bonds, Series N (GNMA, FNMA, <br> FHLMC Insured),<br>|  |  |
| 3.70%, 10/1/25 | 800 | 802 |
| 3.80%, 10/1/26 | 600 | 605 |
| &nbsp;&nbsp; Metropolitan Water Reclamation <br> District of Greater Chicago G.O. <br> Unlimited Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/25 | 1000 | 1015 |
| &nbsp;&nbsp; Springfield Electric Senior Lien Revenue <br> Refunding Bonds (BAM Insured),<br>|  |  |
| 5.00%, 3/1/27 | 3220 | 3340 |
| &nbsp;&nbsp; Will County G.O. Unlimited Bonds, <br> Prerefunded,<br>|  |  |
| 5.00%, 11/15/25<sup>(8)</sup> <br>| 3000 | 3041 |
|  |  | **65385** |
| **Indiana – 0.6%** | **Indiana – 0.6%** | **Indiana – 0.6%** |
| &nbsp;&nbsp; Carmel Clay Schools G.O. Limited <br> Bonds (State Intercept Program),<br>|  |  |
| 5.00%, 1/15/27 | 2405 | 2493 |
| &nbsp;&nbsp; Decatur Township Multi-School Building <br> Corp. First Mortgage Multipurpose <br> Revenue Refunding Bonds (State <br> Intercept Program),<br>|  |  |
| 5.00%, 7/15/25 | 1545 | 1553 |
| &nbsp;&nbsp; Hamilton Southeastern Schools G.O. <br> Limited Bonds (State Intercept <br> Program),<br>|  |  |
| 5.00%, 6/30/25 | 540 | 543 |
| &nbsp;&nbsp; Indiana Finance Authority Wastewater <br> Utility First Lien Revenue Refunding <br> Bonds, CWA Authority Project,<br>|  |  |
| 5.00%, 10/1/25 | 1075 | 1086 |
| &nbsp;&nbsp; Indiana State Finance Authority <br> Revenue Refunding Bonds, Series A, <br> Stadium Project,<br>|  |  |
| 5.00%, 2/1/26 | 1765 | 1797 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **260** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Indiana – 0.6%continued** | **Indiana – 0.6%continued** | **Indiana – 0.6%continued** |
| &nbsp;&nbsp; Indiana State Finance Authority <br> Variable Revenue Refunding Bonds, <br> Deaconess Health System,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.30%), 3.17%, <br> 3/1/27<sup>(4) (5)</sup> <br>| $6315 | $6247 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bank Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 6/1/25 | 1875 | 1881 |
| &nbsp;&nbsp; Westfield Washington Schools G.O. <br> Limited Bonds (State Intercept <br> Program),<br>|  |  |
| 5.00%, 7/15/25 | 250 | 251 |
|  |  | **15851** |
| **Iowa – 0.1%** | **Iowa – 0.1%** | **Iowa – 0.1%** |
| &nbsp;&nbsp; Cedar Rapids G.O. Unlimited <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/25 | 1715 | **1721** |
| **Kansas – 1.2%** | **Kansas – 1.2%** | **Kansas – 1.2%** |
| Olathe Temporary Notes, Series A, |  |  |
| 5.00%, 8/1/25 | 30000 | 30206 |
| &nbsp;&nbsp; Topeka G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| 4.00%, 8/15/25 | 1925 | 1934 |
|  |  | **32140** |
| **Kentucky – 0.9%** | **Kentucky – 0.9%** | **Kentucky – 0.9%** |
| &nbsp;&nbsp; Kentucky State Property & Buildings <br> Commission Revenue Bonds, Series <br> A, Project No. 132,<br>|  |  |
| 5.00%, 4/1/28 | 1500 | 1592 |
| &nbsp;&nbsp; Rural Water Financing Agency Public <br> Projects Revenue Notes, Series D, <br> Flexible Term Program,<br>|  |  |
| 5.00%, 8/1/25 | 11880 | 11952 |
| &nbsp;&nbsp; Rural Water Financing Agency Revenue <br> Bonds, Public Projects Construction <br> Notes,<br>|  |  |
| 3.05%, 5/1/27 | 10000 | 9884 |
| &nbsp;&nbsp; University of Kentucky General Receipts <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 3.00%, 4/1/26 | 2105 | 2105 |
|  |  | **25533** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Louisiana – 0.5%** | **Louisiana – 0.5%** | **Louisiana – 0.5%** |
| &nbsp;&nbsp; Louisiana State Gas & Fuels Tax <br> Second Lien Variable Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.50%), <br> 3.59%, 5/1/26<sup>(4) (5)</sup> <br>| $12170 | $12139 |
| &nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & Community <br> Development Authority Insurance <br> Revenue Bonds, Louisiana Insurance <br> Guaranty Association,<br>|  |  |
| 5.00%, 8/15/25 | 3000 | 3020 |
|  |  | **15159** |
| **Maine – 0.1%** | **Maine – 0.1%** | **Maine – 0.1%** |
| &nbsp;&nbsp; Maine State Municipal Bond Bank <br> Revenue Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 11/1/27 | 2150 | **2267** |
| **Maryland – 2.9%** | **Maryland – 2.9%** | **Maryland – 2.9%** |
| &nbsp;&nbsp; Anne Arundel County G.O. Limited <br> Bonds, Consolidated General <br> Improvement,<br>|  |  |
| 5.00%, 4/1/27 | 4735 | 4739 |
| &nbsp;&nbsp; Anne Arundel County G.O. Limited <br> Refunding Bonds, Consolidated <br> General Improvements,<br>|  |  |
| 5.00%, 4/1/27 | 3245 | 3389 |
| Charles County G.O. Limited Bonds, |  |  |
| 5.00%, 10/1/27 | 3815 | 4024 |
| &nbsp;&nbsp; Maryland Stadium Authority Built to <br> Learn Revenue Bonds,<br>|  |  |
| 5.00%, 6/1/26 | 2180 | 2235 |
| &nbsp;&nbsp; Maryland State G.O. Refunding <br> Unlimited Bonds, Series B,<br>|  |  |
| 5.00%, 8/1/25 | 2085 | 2100 |
| &nbsp;&nbsp; Maryland State Transportation <br> Authority Revenue Refunding Bonds, <br> Series A, Transportation Facilities <br> Projects,<br>|  |  |
| 5.00%, 7/1/25 | 1220 | 1226 |
| &nbsp;&nbsp; Montgomery County G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 8/1/25 | 4500 | 4533 |
| &nbsp;&nbsp; Montgomery County G.O. Unlimited <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 12/1/26 | 17175 | 17814 |
| 5.00%, 12/1/27 | 37940 | 40146 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **261** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Maryland – 2.9%continued** | **Maryland – 2.9%continued** | **Maryland – 2.9%continued** |
| &nbsp;&nbsp; University System of Maryland <br> Auxiliary Facility & Tuition Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 4/1/25 | $600 | $600 |
|  |  | **80806** |
| **Massachusetts – 1.1%** | **Massachusetts – 1.1%** | **Massachusetts – 1.1%** |
| Pembroke G.O. Limited BANS, |  |  |
| 4.00%, 9/26/25 | 13515 | 13593 |
| Quincy BANS, |  |  |
| 5.00%, 7/25/25 | 16000 | 16102 |
|  |  | **29695** |
| **Michigan – 1.6%** | **Michigan – 1.6%** | **Michigan – 1.6%** |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Variable Revenue Refunding Bonds, <br> Beaumont-Spectrum Consolidation,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.75%), 3.62%, <br> 4/15/27<sup>(4) (5)</sup> <br>| 15000 | 14935 |
| &nbsp;&nbsp; Michigan State HDA Rental Housing <br> Revenue Bonds, Series A,<br>|  |  |
| 3.35%, 4/1/26 | 655 | 655 |
| &nbsp;&nbsp; Michigan State Revenue Refunding <br> GARVEE Bonds GANS,<br>|  |  |
| 5.00%, 3/15/27 | 4435 | 4612 |
| &nbsp;&nbsp; Michigan State Strategic Fund Ltd. <br> Obligation Revenue Refunding <br> Bonds, Facility for Rare Isotope <br> Beam,<br>|  |  |
| 5.00%, 12/1/26 | 3090 | 3195 |
| &nbsp;&nbsp; South Lyon Community Schools G.O. <br> Unlimited Bonds, Series II,<br>|  |  |
| 4.00%, 5/1/25 | 1800 | 1801 |
| &nbsp;&nbsp; Traverse City Area Public Schools G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.00%, 5/1/27 | 8100 | 8452 |
| &nbsp;&nbsp; West Ottawa Public School District <br> G.O. Unlimited Bonds, Series I,<br>|  |  |
| 5.00%, 11/1/26 | 9125 | 9419 |
|  |  | **43069** |
| **Minnesota – 2.6%** | **Minnesota – 2.6%** | **Minnesota – 2.6%** |
| &nbsp;&nbsp; Edina Independent School District No. <br> 273 G.O. Unlimited Refunding <br> Bonds, Series A (School District <br> Credit Program),<br>|  |  |
| 5.00%, 2/1/27 | 3425 | 3558 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Minnesota – 2.6%continued** | **Minnesota – 2.6%continued** | **Minnesota – 2.6%continued** |
| &nbsp;&nbsp; Hennepin County G.O. Unlimited <br> Bonds, Series C,<br>|  |  |
| 5.00%, 12/15/25 | $4405 | $4475 |
| &nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Commodity Supply Variable Revenue <br> Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.00%), <br> 3.96%, 12/1/27<sup>(4) (5)</sup> <br>| 40000 | 39858 |
| &nbsp;&nbsp; Minnesota State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 5.00%, 8/1/25 | 5000 | 5038 |
| 5.00%, 8/1/27 | 1770 | 1859 |
| &nbsp;&nbsp; Minnesota State Housing Finance <br> Agency Revenue Bonds, Series G <br> (HUD Sector 8 Program),<br>|  |  |
| 3.25%, 8/1/27 | 5875 | 5880 |
| &nbsp;&nbsp; Minnesota State Rural Water Finance <br> Authority Revenue BANS,<br>|  |  |
| 3.30%, 8/1/26 | 10000 | 10009 |
|  |  | **70677** |
| **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** |
| &nbsp;&nbsp; Mississippi State Development Bank <br> Special Obligation Revenue Bonds, <br> Canton Public School District (AGM <br> Insured), Prerefunded,<br>|  |  |
| 5.00%, 12/1/25<sup>(8)</sup> <br>| 1530 | **1553** |
| **Missouri – 1.7%** | **Missouri – 1.7%** | **Missouri – 1.7%** |
| &nbsp;&nbsp; Fort Zumwalt School District G.O. <br> Unlimited Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| 3/1/28<sup>(7)</sup> <br>| 8415 | 8906 |
| &nbsp;&nbsp; Missouri Joint Municipal Electric Utility <br> Commission Power Project Revenue <br> Refunding Bonds, Prairie State <br> Project,<br>|  |  |
| 5.00%, 12/1/26 | 3885 | 4015 |
| &nbsp;&nbsp; Missouri State Highways & <br> Transportation Commission State <br> Road Revenue Bonds, Mega Project <br> (State Appropriation Insured),<br>|  |  |
| 5.00%, 5/1/26 | 20000 | 20486 |
| &nbsp;&nbsp; Missouri States Public Utilities <br> Commission Revenue Refunding <br> Bonds, Interim Construction Notes,<br>|  |  |
| 4.00%, 5/1/26 | 11980 | 12062 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **262** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Missouri – 1.7%continued** | **Missouri – 1.7%continued** | **Missouri – 1.7%continued** |
| &nbsp;&nbsp; Ritenour School District G.O. Unlimited <br> Refunding Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| 5.00%, 3/1/26 | $575 | $586 |
|  |  | **46055** |
| **Nevada – 1.4%** | **Nevada – 1.4%** | **Nevada – 1.4%** |
| &nbsp;&nbsp; Clark County Airport Revenue <br> Refunding Bonds (AMT), Jet Aviation <br> Fuel Tax,<br>|  |  |
| 5.00%, 7/1/25 | 2550 | 2561 |
| &nbsp;&nbsp; Clark County School District Building <br> G.O. Limited Bonds, Series B <br> (AGM-CR Insured),<br>|  |  |
| 5.00%, 6/15/27 | 2900 | 3035 |
| &nbsp;&nbsp; Clark County School District Building <br> G.O. Limited Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 6/15/25 | 6345 | 6371 |
| &nbsp;&nbsp; Clark County School District G.O. <br> Limited Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 6/15/26 | 1040 | 1066 |
| &nbsp;&nbsp; Las Vegas Valley Water District G.O. <br> Limited Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/26 | 1075 | 1079 |
| &nbsp;&nbsp; Nevada State G.O. Limited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 4/1/27 | 24175 | 25242 |
|  |  | **39354** |
| **New Hampshire – 0.1%** | **New Hampshire – 0.1%** | **New Hampshire – 0.1%** |
| &nbsp;&nbsp; New Hampshire State HFA Multi-Family <br> Revenue Bonds, Series 3 (FHA <br> Insured),<br>|  |  |
| 3.80%, 7/1/26 | 1000 | 1006 |
| &nbsp;&nbsp; New Hampshire State Housing Finance <br> Authority Multifamily Revenue Bonds, <br> Series 4 (FHA Insured),<br>|  |  |
| 3.63%, 4/1/26 | 1000 | 1005 |
|  |  | **2011** |
| **New Jersey – 4.5%** | **New Jersey – 4.5%** | **New Jersey – 4.5%** |
| &nbsp;&nbsp; Essex County Improvement Authority <br> Revenue Notes, Family Court <br> Building Project (County Gtd.),<br>|  |  |
| 5.00%, 6/18/25 | 20000 | 20087 |
| Mercer County G.O. Unlimited Bonds, |  |  |
| 3.00%, 2/15/26 | 2830 | 2829 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **New Jersey – 4.5%continued** | **New Jersey – 4.5%continued** | **New Jersey – 4.5%continued** |
| &nbsp;&nbsp; Monmouth County G.O. Unlimited <br> BANS,<br>|  |  |
| 5.00%, 6/3/25 | $10000 | $10036 |
| &nbsp;&nbsp; Monmouth County Improvement <br> Authority Revenue Bonds,<br>|  |  |
| 5.00%, 12/1/25 | 725 | 736 |
| 5.00%, 12/1/26 | 1350 | 1401 |
| &nbsp;&nbsp; Monmouth County Improvement <br> Authority Revenue Notes, <br> Governmental Pooled Loan Project <br> (County Gtd.),<br>|  |  |
| 4.00%, 3/13/26 | 35000 | 35354 |
| &nbsp;&nbsp; New Jersey State EDA Revenue Bonds, <br> Series WW, Prerefunded,<br>|  |  |
| 5.25%, 6/15/25<sup>(8)</sup> <br>| 5000 | 5025 |
| &nbsp;&nbsp; New Jersey State EDA Revenue <br> Refunding Bonds, Series BBB, <br> Prerefunded,<br>|  |  |
| 5.50%, 12/15/26<sup>(8)</sup> <br>| 4000 | 4182 |
| &nbsp;&nbsp; New Jersey State EDA Revenue <br> Refunding Bonds, Series XX,<br>|  |  |
| 4.25%, 6/15/26 | 13565 | 13587 |
| &nbsp;&nbsp; New Jersey State EDA Revenue School <br> Facilities Construction Revenue <br> Refunding Bonds, Series GGG,<br>|  |  |
| 5.25%, 9/1/26 | 5000 | 5150 |
| &nbsp;&nbsp; New Jersey State Educational Facilities <br> Authority Revenue Bonds, Higher <br> Education Equipment Lease,<br>|  |  |
| 5.00%, 9/1/25 | 1655 | 1669 |
| &nbsp;&nbsp; New Jersey State G.O. Unlimited <br> Bonds, Covid-19 Go Emergency <br> Bonds,<br>|  |  |
| 5.00%, 6/1/25 | 8625 | 8653 |
| &nbsp;&nbsp; New Jersey State Transportation Trust <br> Fund Authority Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 6/15/25 | 4655 | 4672 |
| &nbsp;&nbsp; Woolwich Township G.O. Unlimited <br> BANS,<br>|  |  |
| 4.50%, 5/21/25 | 10000 | 10021 |
|  |  | **123402** |
| **New Mexico – 0.6%** | **New Mexico – 0.6%** | **New Mexico – 0.6%** |
| &nbsp;&nbsp; New Mexico Finance Authority Senior <br> Lien Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/25 | 5200 | 5219 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **263** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **New Mexico – 0.6%continued** | **New Mexico – 0.6%continued** | **New Mexico – 0.6%continued** |
| &nbsp;&nbsp; New Mexico State G.O. Unlimited <br> Bonds,<br>|  |  |
| 5.00%, 3/1/26 | $6140 | $6267 |
| 5.00%, 3/1/26 | 1175 | 1199 |
| &nbsp;&nbsp; New Mexico State Severance Tax <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/26 | 2505 | 2575 |
|  |  | **15260** |
| **New York – 8.3%** | **New York – 8.3%** | **New York – 8.3%** |
| &nbsp;&nbsp; Herricks Union Free School District <br> G.O. Unlimited BANS (State Aid <br> Withholding),<br>|  |  |
| 4.00%, 7/30/25 | 13875 | 13928 |
| &nbsp;&nbsp; Long Island Power Authority Electric <br> System Variable Revenue Refunding <br> Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.45%), 3.32%, <br> 9/1/25<sup>(4) (5)</sup> <br>| 11500 | 11485 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 11/15/27 | 2675 | 2811 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Variable Revenue Refunding Bonds, <br> Subseries G-1,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.43%), <br> 3.39%, 11/1/26<sup>(4)</sup> <br>| 590 | 589 |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Variable Revenue Tender Notes,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.65%), <br> 3.61%, 4/1/26<sup>(4) (5)</sup> <br>| 40000 | 39915 |
| Monroe County G.O. Limited Bonds, |  |  |
| 5.00%, 6/1/25 | 3360 | 3373 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Subordinate <br> Revenue Refunding Bonds, Series C,<br>|  |  |
| 5.00%, 11/1/26 | 3580 | 3586 |
| &nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 8/1/26 | 6765 | 6809 |
| 5.00%, 8/1/26 | 5000 | 5143 |
| &nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series C,<br>|  |  |
| 5.00%, 8/1/26 | 2500 | 2571 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **New York – 8.3%continued** | **New York – 8.3%continued** | **New York – 8.3%continued** |
| &nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series C-1,<br>|  |  |
| 5.00%, 8/1/25 | $12500 | $12593 |
| 5.00%, 8/1/26 | 1890 | 1944 |
| &nbsp;&nbsp; New York State Dorm Authority State <br> Personal Income Tax Revenue <br> Refunding Bonds, Series A, Escrowed <br> to Maturity,<br>|  |  |
| 5.00%, 3/15/26 | 15000 | 15340 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, School Districts Financing <br> Program, Series A (AGM Insured),<br>|  |  |
| 4.00%, 10/1/25 | 4165 | 4192 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 246 (AMT),<br>|  |  |
| 5.00%, 9/1/27 | 15005 | 15569 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Payroll Mobility Tax Revenue BANS, <br> Series A,<br>|  |  |
| 5.00%, 3/1/28 | 24420 | 25725 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Payroll Mobility Tax Revenue <br> Refunding Bonds, MTA Bridges & <br> Tunnels, Green Bonds,<br>|  |  |
| 5.00%, 11/15/25 | 3500 | 3549 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Payroll Mobility Tax Variable <br> Revenue Refunding Bonds, Series E, <br> Green Bonds,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.05%), <br> 4.01%, 4/1/26<sup>(4)</sup> <br>| 15560 | 15560 |
| &nbsp;&nbsp; Triborough Bridge and Tunnel Authority <br> Subordinate Revenue BANS, Series <br> A,<br>|  |  |
| 5.00%, 2/1/28 | 25420 | 26813 |
| West Seneca G.O. Limited BANS, |  |  |
| 4.00%, 2/6/26 | 16999 | 17149 |
|  |  | **228644** |
| **North Carolina – 3.2%** | **North Carolina – 3.2%** | **North Carolina – 3.2%** |
| &nbsp;&nbsp; Charlotte Water & Sewer System <br> Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/25 | 750 | 754 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **264** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **North Carolina – 3.2%continued** | **North Carolina – 3.2%continued** | **North Carolina – 3.2%continued** |
| &nbsp;&nbsp; East Carolina University Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/27 | $1225 | $1249 |
| &nbsp;&nbsp; Mecklenburg County G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/27 | 2065 | 2149 |
| &nbsp;&nbsp; Mecklenburg County G.O. Unlimited <br> Bonds, Series B,<br>|  |  |
| 5.00%, 2/1/27 | 13680 | 14238 |
| &nbsp;&nbsp; North Carolina State Limited <br> Obligation Revenue Bonds, Series B, <br> Build NC Programs,<br>|  |  |
| 5.00%, 5/1/26 | 3520 | 3609 |
| &nbsp;&nbsp; University of North Carolina at Chapel <br> Hill Revenue Bonds, Series B,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.65%), <br> 3.61%, 6/1/25<sup>(4) (5)</sup> <br>| 30000 | 29994 |
| &nbsp;&nbsp; University of North Carolina at Chapel <br> Hill Variable Revenue Refunding <br> Bonds, Series 2019A, Remarketing <br> Supplement,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.65%), <br> 3.61%, 6/1/25<sup>(4) (5)</sup> <br>| 11500 | 11498 |
| &nbsp;&nbsp; University of North Carolina at Chapel <br> Hill Variable Revenue Refunding <br> Bonds, Series 2019B, Remarketing <br> Supplement,<br>|  |  |
| (Floating, U.S. SOFR + 0.65%), <br> 3.61%, 6/1/25<sup>(4) (5)</sup> <br>| 23925 | 23921 |
|  |  | **87412** |
| **Ohio – 2.2%** | **Ohio – 2.2%** | **Ohio – 2.2%** |
| &nbsp;&nbsp; American Municipal Power-Ohio, Inc., <br> Revenue Refunding Bonds, Prairie <br> State Energy Campus Project,<br>|  |  |
| 5.00%, 2/15/26 | 3000 | 3051 |
| &nbsp;&nbsp; Cleveland G.O. Limited refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/25 | 3555 | 3606 |
| &nbsp;&nbsp; Hamilton Bond Anticipation Notes G.O. <br> Limited BANS (State Standby NT <br> Purchase),<br>|  |  |
| 4.00%, 12/17/25 | 1675 | 1685 |
| Lake County G.O. Limited Notes, |  |  |
| 4.00%, 9/24/25 | 7000 | 7027 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Ohio – 2.2%continued** | **Ohio – 2.2%continued** | **Ohio – 2.2%continued** |
| &nbsp;&nbsp; Ohio State G.O. Limited Bonds, Series <br> A,<br>|  |  |
| 5.00%, 5/1/27 | $8135 | $8507 |
| &nbsp;&nbsp; Ohio State G.O. Limited Bonds, Series <br> B,<br>|  |  |
| 5.00%, 11/1/26 | 12035 | 12461 |
| 5.00%, 11/1/27 | 22070 | 23305 |
| &nbsp;&nbsp; Ohio State G.O. Unlimited Bonds, <br> Series Y,<br>|  |  |
| 5.00%, 5/1/26 | 1000 | 1025 |
|  |  | **60667** |
| **Oklahoma – 1.0%** | **Oklahoma – 1.0%** | **Oklahoma – 1.0%** |
| &nbsp;&nbsp; Cleveland County Independent School <br> District No. 2 G.O. Unlimited Bonds,<br>|  |  |
| 4.00%, 3/1/27 | 5520 | 5628 |
| 4.00%, 3/1/28 | 7440 | 7652 |
| &nbsp;&nbsp; Oklahoma County Independent School <br> District No. 12 G.O. Unlimited <br> Bonds,<br>|  |  |
| 4.00%, 3/1/27 | 3425 | 3497 |
| &nbsp;&nbsp; Tulsa County Industrial Authority <br> Educational Facilities Lease Revenue <br> Bonds, Broken Arrow Public Schools <br> Project,<br>|  |  |
| 5.00%, 9/1/27 | 8480 | 8891 |
| Tulsa G.O. Unlimited Bonds, Series D, |  |  |
| 3.00%, 10/1/26 | 3000 | 2988 |
|  |  | **28656** |
| **Oregon – 0.5%** | **Oregon – 0.5%** | **Oregon – 0.5%** |
| &nbsp;&nbsp; Multnomah County School District No. <br> 7 Reynolds G.O. Unlimited Bonds, <br> Series A (School Board Guaranty <br> Program),<br>|  |  |
| 5.00%, 6/15/26 | 2225 | 2234 |
| &nbsp;&nbsp; Polk County School District No. 2 <br> Dallas G.O. Unlimited Bonds (School <br> Board Guaranty Program),<br>|  |  |
| 5.00%, 6/15/25 | 265 | 266 |
| &nbsp;&nbsp; Port of Portland Airport Revenue Bonds, <br> Series 28 (AMT),<br>|  |  |
| 5.00%, 7/1/25 | 2500 | 2512 |
| &nbsp;&nbsp; Portland Sewer System First Lien <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 3.00%, 6/1/27 | 3000 | 3000 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **265** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Oregon – 0.5%continued** | **Oregon – 0.5%continued** | **Oregon – 0.5%continued** |
| &nbsp;&nbsp; Portland Sewer System Second Lien <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 6/1/27 | $5000 | $5236 |
| &nbsp;&nbsp; Union County Hospital Facility Authority <br> Revenue Bonds, Grand Ronde <br> Hospital Project,<br>|  |  |
| 5.00%, 7/1/25 | 125 | 125 |
|  |  | **13373** |
| **Pennsylvania – 4.1%** | **Pennsylvania – 4.1%** | **Pennsylvania – 4.1%** |
| &nbsp;&nbsp; Allegheny County Higher Education <br> Building Authority College Variable <br> Revenue Refunding Bonds, Carnegie <br> Mellon University,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.29%), <br> 3.38%, 8/1/27<sup>(4) (5)</sup> <br>| 5000 | 4971 |
| &nbsp;&nbsp; Allegheny County Hospital <br> Development Authority UPMC <br> Variable Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.70%), 3.57%, <br> 5/15/27<sup>(4) (5)</sup> <br>| 40000 | 39700 |
| &nbsp;&nbsp; Bethlehem Area School District <br> Authority Variable Revenue <br> Refunding Bonds, Bethlehem Area <br> School (State Aid Withholding),<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.35%), <br> 3.31%, 11/1/25<sup>(4) (5)</sup> <br>| 1250 | 1245 |
| &nbsp;&nbsp; Centre County Hospital Authority <br> Revenue Refunding Bonds, Mount <br> Nittany Medical Center Project, <br> Prerefunded,<br>|  |  |
| 5.00%, 11/15/25<sup>(8)</sup> <br>| 6250 | 6325 |
| &nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Variable Revenue Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.40%), 3.27%, <br> 3/1/26<sup>(4) (5)</sup> <br>| 7000 | 6957 |
| &nbsp;&nbsp; Delaware Valley Regional Financial <br> Authority Variable Revenue Bonds, <br> Series C,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.49%), <br> 3.45%, 3/1/27<sup>(4) (5)</sup> <br>| 11000 | 10949 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Pennsylvania – 4.1%continued** | **Pennsylvania – 4.1%continued** | **Pennsylvania – 4.1%continued** |
| &nbsp;&nbsp; Northampton County General Purpose <br> Authority Hospital Revenue <br> Refunding Bonds, St Luke's University <br> Health,<br>|  |  |
| 5.00%, 8/15/25 | $1400 | $1409 |
| &nbsp;&nbsp; Pennsylvania State Economic <br> Development Financing Authority <br> UPMC Revenue Refunding Bonds, <br> Series B, UPMC Obligated Group,<br>|  |  |
| 3/15/27<sup>(7)</sup> <br>| 2680 | 2777 |
| 3/15/28<sup>(7)</sup> <br>| 3500 | 3674 |
| &nbsp;&nbsp; Pennsylvania State G.O Unlimited <br> Bonds, Second Series of 2016,<br>|  |  |
| 5.00%, 9/15/27 | 7170 | 7393 |
| &nbsp;&nbsp; Pennsylvania State G.O. Unlimited <br> Bonds, First Series of 2024, Bid <br> Group C,<br>|  |  |
| 5.00%, 8/15/27 | 9415 | 9892 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Registration Fee <br> Variable Revenue Refunding Bonds,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.85%), 3.72%, <br> 7/15/26<sup>(4) (5)</sup> <br>| 2500 | 2499 |
| &nbsp;&nbsp; Philadelphia Water & Wastewater <br> Revenue Refunding Bonds, Series B <br> (AGM Insured),<br>|  |  |
| 5.00%, 9/1/25 | 2000 | 2018 |
| &nbsp;&nbsp; University of Pittsburgh - of The <br> Commonwealth System of Higher <br> Education Revenue Refunding Bonds,<br>|  |  |
| 4.00%, 4/15/26 | 14110 | 14250 |
|  |  | **114059** |
| **South Carolina – 0.3%** | **South Carolina – 0.3%** | **South Carolina – 0.3%** |
| &nbsp;&nbsp; Greenville County School District <br> Installment Purchase Revenue <br> Refunding Bonds, South Carolina <br> Project,<br>|  |  |
| 5.00%, 12/1/25 | 3125 | 3170 |
| &nbsp;&nbsp; Lancaster County School Public <br> Facilities Corp. Installment Purchase <br> Revenue Bonds, Lancaster County <br> Project,<br>|  |  |
| 5.00%, 6/1/25 | 400 | 401 |
| 5.00%, 6/1/26 | 375 | 384 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **266** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **South Carolina – 0.3%continued** | **South Carolina – 0.3%continued** | **South Carolina – 0.3%continued** |
| &nbsp;&nbsp; South Carolina State Public Service <br> Authority Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 12/1/26 | $4395 | $4539 |
|  |  | **8494** |
| **Tennessee – 1.1%** | **Tennessee – 1.1%** | **Tennessee – 1.1%** |
| &nbsp;&nbsp; Johnson City Health & Educational <br> Facilities Board Multifamily Variable <br> Revenue Bonds, Tapestry At Roan <br> Hill (Housing & Urban Development <br> Sector 8 Program),<br>|  |  |
| 3.60%, 12/1/26<sup>(5) (6)</sup> <br>| 3000 | 3019 |
| &nbsp;&nbsp; Metropolitan Government Nashville & <br> Davidson County Electric Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 5/15/26 | 1000 | 1026 |
| &nbsp;&nbsp; Metropolitan Government Nashville & <br> Davidson County Electric Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 5/15/26 | 2200 | 2257 |
| &nbsp;&nbsp; Metropolitan Government of Nashville <br> & Davidson County G.O. Unlimited <br> Improvement Bonds, Series C,<br>|  |  |
| 5.00%, 7/1/26 | 9225 | 9275 |
| &nbsp;&nbsp; Metropolitan Nashville Airport <br> Authority Subordinate Revenue <br> Bonds, Series B (AMT),<br>|  |  |
| 5.00%, 7/1/25 | 1200 | 1205 |
| &nbsp;&nbsp; Tennessee Housing Development <br> Agency Residential Finance Program <br> Revenue Bonds, Series 2B,<br>|  |  |
| 3.30%, 1/1/28 | 1750 | 1748 |
| &nbsp;&nbsp; Tennessee State G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 5/1/26 | 12680 | 12992 |
|  |  | **31522** |
| **Texas – 6.0%** | **Texas – 6.0%** | **Texas – 6.0%** |
| &nbsp;&nbsp; Aldine Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 1450 | 1510 |
| &nbsp;&nbsp; Arlington Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 13965 | 14540 |
| Austin G.O. Limited Refunding Bonds, |  |  |
| 5.00%, 9/1/25 | 3225 | 3254 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Texas – 6.0%continued** | **Texas – 6.0%continued** | **Texas – 6.0%continued** |
| &nbsp;&nbsp; Austin Independent School District G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.00%, 8/1/25 | $5000 | $5036 |
| &nbsp;&nbsp; Austin Independent School District G.O. <br> Unlimited Refunding Bonds, Series A <br> (PSF, Gtd.), Prerefunded,<br>|  |  |
| 5.00%, 8/1/25<sup>(8)</sup> <br>| 2035 | 2049 |
| &nbsp;&nbsp; Austin Water & Wastewater System <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 11/15/25 | 1000 | 1013 |
| &nbsp;&nbsp; Collin County Community College <br> District G.O. Limited Bonds, Series A,<br>|  |  |
| 5.00%, 8/15/25 | 1760 | 1774 |
| &nbsp;&nbsp; Collin County Community College <br> District G.O. Unlimited Bonds,<br>|  |  |
| 5.00%, 8/15/27 | 5580 | 5851 |
| &nbsp;&nbsp; Collin County Permanent Improvement <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 2/15/26 | 2315 | 2361 |
| 5.00%, 2/15/26 | 1030 | 1050 |
| Dallas G.O. Limited Bonds, Series A, |  |  |
| 5.00%, 8/15/27 | 1160 | 1217 |
| &nbsp;&nbsp; Dallas Improvement G.O. Limited <br> Refunding Bonds,<br>|  |  |
| 5.00%, 2/15/26 | 4000 | 4078 |
| &nbsp;&nbsp; Dallas Independent School District <br> G.O. Unlimited Bonds, Series C (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 2/15/28 | 12000 | 12726 |
| &nbsp;&nbsp; Dallas Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series B (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 975 | 1016 |
| 5.00%, 2/15/28 | 2285 | 2423 |
| &nbsp;&nbsp; Fort Worth Water & Sewer System <br> Revenue Refunding Bonds,<br>|  |  |
| 4.00%, 2/15/27 | 4455 | 4539 |
| &nbsp;&nbsp; Harris County Flood Control District <br> G.O. Limited Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/25 | 1500 | 1517 |
| &nbsp;&nbsp; Harris County Flood Control District <br> G.O. Limited Bonds, Series A, <br> Sustainability Bond,<br>|  |  |
| 5.00%, 10/1/25 | 375 | 379 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **267** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Texas – 6.0%continued** | **Texas – 6.0%continued** | **Texas – 6.0%continued** |
| &nbsp;&nbsp; Harris County Permanent Improvement <br> G.O. Limited Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 10/1/25 | $1825 | $1845 |
| &nbsp;&nbsp; Houston Independent School District <br> Public Facility Corp. Lease Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 9/15/25 | 1880 | 1899 |
| &nbsp;&nbsp; Houston Utility System Subordinate First <br> Lien Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 11/15/25 | 10000 | 10135 |
| &nbsp;&nbsp; Irving Waterworks & Sewer Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 8/15/26 | 1585 | 1634 |
| &nbsp;&nbsp; Lower Colorado River Authority <br> Transmission Contract Revenue <br> Refunding Bonds, LCRA Transmission <br> Services,<br>|  |  |
| 5.00%, 5/15/27 | 4000 | 4169 |
| &nbsp;&nbsp; Lubbock Electric Light & Power System <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 4/15/25 | 375 | 375 |
| 5.00%, 4/15/26 | 675 | 689 |
| &nbsp;&nbsp; Nixon-Smiley Consolidated <br> Independent School District G.O. <br> Unlimited Bonds, (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/15/25 | 7560 | 7617 |
| &nbsp;&nbsp; North Texas State Municipal District <br> Water System Revenue Refunding & <br> Improvement Bonds,<br>|  |  |
| 5.00%, 9/1/26 | 5000 | 5008 |
| &nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| 5.00%, 1/1/26 | 4000 | 4064 |
| &nbsp;&nbsp; Pasadena Independent School District <br> G.O. Unlimited Refunding Bonds,<br>|  |  |
| 5.00%, 2/15/26 | 1000 | 1019 |
| &nbsp;&nbsp; Pearland Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/28 | 1500 | 1589 |
| Plano G.O. Limited Refunding Bonds, |  |  |
| 5.00%, 9/1/27 | 3250 | 3414 |
| &nbsp;&nbsp; Plano Independent School District G.O. <br> Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | 11000 | 11445 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Texas – 6.0%continued** | **Texas – 6.0%continued** | **Texas – 6.0%continued** |
| &nbsp;&nbsp; Prosper Independent School District <br> G.O. Unlimited Refunding Bonds <br> (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/27 | $2110 | $2194 |
| &nbsp;&nbsp; Round Rock Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series A (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/1/26 | 7440 | 7659 |
| &nbsp;&nbsp; San Antonio Electric & Gas Junior Lien <br> Variable Revenue Bonds,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.87%), 3.74%, <br> 12/1/25<sup>(4) (5)</sup> <br>| 10000 | 9999 |
| &nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 2/1/27 | 4745 | 4923 |
| &nbsp;&nbsp; San Antonio Independent School <br> District G.O. Unlimited Refunding <br> Bonds, Series B (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/15/26 | 1590 | 1637 |
| &nbsp;&nbsp; Sinton Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/15/25 | 1000 | 1008 |
| &nbsp;&nbsp; Texas State Affordable Housing Corp. <br> Multifamily Housing Variable <br> Revenue Bonds, Norman Commons,<br>|  |  |
| 3.63%, 1/1/27<sup>(5) (6)</sup> <br>| 3400 | 3423 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 8/1/25 | 5040 | 5075 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B-1,<br>|  |  |
| 5.00%, 8/1/25 | 2000 | 2014 |
| &nbsp;&nbsp; Texas State Water Development Board <br> Revolving Fund Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/26 | 3865 | 3980 |
| &nbsp;&nbsp; University of Texas Revenue Bonds, <br> Series E,<br>|  |  |
| 5.00%, 8/15/25 | 2695 | 2715 |
|  |  | **165862** |
| **Virginia – 0.3%** | **Virginia – 0.3%** | **Virginia – 0.3%** |
| &nbsp;&nbsp; Spotsylvania County Water & Sewer <br> System Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 6/1/26 | 1000 | 1003 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **268** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Virginia – 0.3%continued** | **Virginia – 0.3%continued** | **Virginia – 0.3%continued** |
| &nbsp;&nbsp; Virginia State Public School Authority <br> Special Obligation Revenue Bonds, <br> Prince William County,<br>|  |  |
| 5.00%, 10/1/27 | $5230 | $5514 |
| &nbsp;&nbsp; Virginia State Resources Authority <br> Infrastructure Revenue Refunding <br> Bonds, Virginia Pooled Financing <br> Program,<br>|  |  |
| 5.00%, 11/1/27 | 2095 | 2212 |
|  |  | **8729** |
| **Washington – 5.1%** | **Washington – 5.1%** | **Washington – 5.1%** |
| &nbsp;&nbsp; Central Puget Sound Regional Transit <br> Authority Sales & Use Tax Variable <br> Revenue Bonds, Series 2015S, <br> Green Bond,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.20%), 3.07%, <br> 11/1/26<sup>(4) (5)</sup> <br>| 24000 | 23825 |
| &nbsp;&nbsp; Chelan County Public Utility District No. <br> 1 Revenue Refunding Bonds, Series <br> A,<br>|  |  |
| 5.00%, 7/1/25 | 1000 | 1005 |
| &nbsp;&nbsp; Clark County School District No. 114 <br> G.O. Unlimited Bonds (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 12/1/25 | 2750 | 2790 |
| &nbsp;&nbsp; Energy Northwest Electric Subordinate <br> Revenue Refunding Bonds, Series A, <br> Project 1,<br>|  |  |
| 5.00%, 7/1/28 | 7565 | 7600 |
| &nbsp;&nbsp; FYI Properties Lease Revenue Refunding <br> Bonds, Sustainable Bonds,<br>|  |  |
| 5.00%, 6/1/25 | 3000 | 3009 |
| &nbsp;&nbsp; Grant County Public Utility District No. <br> 2 Priest Rapids Hydroelectric <br> Revenue Refunding Bonds, Series A, <br> Prerefunded,<br>|  |  |
| 5.00%, 1/1/26<sup>(8)</sup> <br>| 2335 | 2372 |
| &nbsp;&nbsp; King & Pierce County School District <br> No. 408 Auburn G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 12/1/25 | 1350 | 1370 |
| &nbsp;&nbsp; King County G.O. Limited Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 12/1/26 | 6730 | 6983 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Washington – 5.1%continued** | **Washington – 5.1%continued** | **Washington – 5.1%continued** |
| &nbsp;&nbsp; King County School District No. 400 <br> Mercer Island G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 12/1/26 | $1750 | $1814 |
| &nbsp;&nbsp; King County School District No. 401 <br> Highline G.O. Unlimited Refunding <br> Bonds, Series B (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 12/1/25 | 2700 | 2740 |
| &nbsp;&nbsp; Seattle Municipal Light & Power <br> Variable Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| &nbsp;&nbsp; (Floating, SIFMA Municipal Swap <br> Index Yield + 0.25%), 3.12%, <br> 11/1/26<sup>(4) (5)</sup> <br>| 7520 | 7421 |
| &nbsp;&nbsp; Washington State COPS, State & Local <br> Agency Real & Personal Property,<br>|  |  |
| 5.00%, 1/1/28 | 6800 | 7188 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R 2022-C, <br> Bid Group 1,<br>|  |  |
| 5.00%, 7/1/25 | 7000 | 7038 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2022C, <br> Bid Group 1,<br>|  |  |
| 4.00%, 7/1/26 | 2125 | 2159 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2022C, <br> Bid Group 2,<br>|  |  |
| 4.00%, 7/1/27 | 6000 | 6161 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2022D, <br> Group 1,<br>|  |  |
| 5.00%, 7/1/25 | 2265 | 2277 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2023B,<br>|  |  |
| 5.00%, 7/1/26 | 9465 | 9731 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2024A,<br>|  |  |
| 5.00%, 2/1/27 | 4325 | 4500 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2024C,<br>|  |  |
| 5.00%, 8/1/26 | 15720 | 16187 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2025B,<br>|  |  |
| 5.00%, 7/1/27 | 22525 | 23617 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **269** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  | **MUNICIPAL BONDS - 69.9%continued**  |
| **Washington – 5.1%continued** | **Washington – 5.1%continued** | **Washington – 5.1%continued** |
| &nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Series B, Multicare Health System,<br>|  |  |
| 5.00%, 8/15/25 | $450 | $453 |
|  |  | **140240** |
| **West Virginia – 0.0%** | **West Virginia – 0.0%** | **West Virginia – 0.0%** |
| &nbsp;&nbsp; West Virginia State Housing <br> Development Fund Sustainable <br> Revenue Bonds, Series D,<br>|  |  |
| 3.50%, 5/1/26 | 500 | 500 |
| 3.55%, 11/1/26 | 475 | 475 |
|  |  | **975** |
| **Wisconsin – 0.3%** | **Wisconsin – 0.3%** | **Wisconsin – 0.3%** |
| &nbsp;&nbsp; PMA Levy & Aid Revenue Notes, Series <br> A, Anticipation Notes Program,<br>|  |  |
| 5.00%, 9/24/25 | 7980 | **8053** |
| **Wyoming – 0.1%** | **Wyoming – 0.1%** | **Wyoming – 0.1%** |
| &nbsp;&nbsp; Sweetwater County 2023 Specific <br> Purpose Tax Joint Powers Board <br> Revenue Bonds,<br>|  |  |
| 6.00%, 6/15/26 | 2655 | **2749** |
| **Total Municipal Bonds** |  |  |
| **(Cost $1,924,301)** |  | **1922974** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  | **INVESTMENT COMPANIES – 1.1%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(10) (11)</sup> <br>| 28925588 | $28926 |
| **Total Investment Companies** |  |  |
| **(Cost $28,926)** |  | **28926** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 9.2%**  | **SHORT-TERM INVESTMENTS – 9.2%**  | **SHORT-TERM INVESTMENTS – 9.2%**  |
| &nbsp;&nbsp; Alvarado Independent School District <br> Variable G.O. Unlimited Bonds (PSF, <br> Gtd.),<br>|  |  |
| 2.75%, 8/15/25<sup>(5) (6)</sup> <br>| $2000 | $1991 |
| &nbsp;&nbsp; Austin Public Improvements G.O. <br> Limited Refunding Bonds,<br>|  |  |
| 5.00%, 9/1/25 | 4400 | 4440 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 9.2%continued**  | **SHORT-TERM INVESTMENTS - 9.2%continued**  | **SHORT-TERM INVESTMENTS - 9.2%continued**  |
| &nbsp;&nbsp; Baltimore County G.O. Unlimited <br> Refunding Bonds, Metropolitan <br> District Bond,<br>|  |  |
| 5.00%, 7/1/25 | $5945 | $5978 |
| &nbsp;&nbsp; Bedford City School District G.O. <br> Unlimited Notes (State Standby NT <br> Purchase),<br>|  |  |
| 4.50%, 9/4/25 | 23580 | 23734 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Solid Waste Disposal <br> Variable Revenue Bonds (AMT), <br> Series A, Waste Management, Inc.,<br>|  |  |
| 4.13%, 10/1/25<sup>(5) (6)</sup> <br>| 4000 | 4003 |
| &nbsp;&nbsp; Colorado State Board of Governors <br> University Enterprise System Variable <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| 3.00%, 4/8/25<sup>(5) (12)</sup> <br>| 17440 | 17440 |
| &nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Variable Revenue <br> Bonds, Series A,<br>|  |  |
| 2.80%, 2/10/26<sup>(5) (6)</sup> <br>| 5000 | 4983 |
| &nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority Variable Revenue <br> Bonds, Series C-2,<br>|  |  |
| 2.80%, 2/3/26<sup>(5) (6)</sup> <br>| 9635 | 9603 |
| &nbsp;&nbsp; Cuyahoga Metropolitan Housing <br> Authority Multifamily Housing <br> Variable Revenue Bonds, Carver <br> Park Phase III (FHA Insured, HUD <br> Sector 8 Program),<br>|  |  |
| 4.00%, 6/1/25<sup>(5) (6)</sup> <br>| 3150 | 3153 |
| &nbsp;&nbsp; Cuyahoga Metropolitan Housing <br> Authority Multifamily Housing <br> Variable Revenue Bonds, Wade Park <br> Apartments (FHA Insured, HUD <br> Sector 8 Program),<br>|  |  |
| 4.75%, 12/1/25<sup>(5) (6)</sup> <br>| 2000 | 2019 |
| &nbsp;&nbsp; Denver City & County Refunding COPS, <br> Willington E. Webb Municipal,<br>|  |  |
| 5.00%, 12/1/25 | 5000 | 5071 |
| &nbsp;&nbsp; Forest Hills Public Schools G.O. <br> Unlimited Refunding Notes,<br>|  |  |
| 5.00%, 5/1/25 | 1220 | 1222 |
| &nbsp;&nbsp; Great Lakes Water Authority Water <br> Supply System Second Lien Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/25 | 2500 | 2513 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **270** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 9.2%continued**  | **SHORT-TERM INVESTMENTS - 9.2%continued**  | **SHORT-TERM INVESTMENTS - 9.2%continued**  |
| &nbsp;&nbsp; Harris County-Houston Sports Authority <br> Senior Lien Revenue Refunding <br> Bonds, Series A (AGC Insured),<br>|  |  |
| 5.00%, 11/15/25 | $15430 | $15622 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, The Chicago School,<br>|  |  |
| 5.00%, 4/1/25 | 400 | 400 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 5.00%, 5/1/25 | 2000 | 2003 |
| &nbsp;&nbsp; Illinois State Sales Tax Revenue <br> Refunding Bonds, Subseries C,<br>|  |  |
| 4.00%, 6/15/25 | 4540 | 4546 |
| &nbsp;&nbsp; Indiana State Finance Authority Health <br> System Revenue Bonds, Indiana <br> University Health,<br>|  |  |
| 2.25%, 7/1/25<sup>(5) (6)</sup> <br>| 10000 | 9957 |
| &nbsp;&nbsp; Jacksonville Health Care Facilities <br> Variable Revenue Refunding Bonds, <br> Baptist Health,<br>|  |  |
| 2.85%, 4/8/25<sup>(5) (12)</sup> <br>| 18600 | 18600 |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Bonds, Series <br> A-1,<br>|  |  |
| 4.00%, 6/1/25<sup>(5) (6)</sup> <br>| 3625 | 3631 |
| &nbsp;&nbsp; Knox County Health Educational & <br> Housing Facility Board Multifamily <br> Housing Variable Revenue Bonds, <br> Westview Towers Project (HUD <br> Sector 8 Program),<br>|  |  |
| 3.95%, 12/1/25<sup>(5) (6)</sup> <br>| 3500 | 3513 |
| &nbsp;&nbsp; Maryland State G.O. Unlimited <br> Refunding Bonds, Series B,<br>|  |  |
| 4.00%, 8/1/25 | 16725 | 16792 |
| &nbsp;&nbsp; Miami-Dade County HFA MFH Revenue <br> Variable Revenue Bonds, Quail Roost <br> Transit Village I (HUD Sector 8 <br> Program),<br>|  |  |
| 5.00%, 9/1/25<sup>(5) (6)</sup> <br>| 2500 | 2517 |
| &nbsp;&nbsp; Michigan State Building Authority <br> Revenue Refunding Bonds, Series I, <br> Facilities Program,<br>|  |  |
| 5.00%, 4/15/25 | 2260 | 2262 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Notes, Series A-1 (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 7/21/25 | 6655 | 6693 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 9.2%continued**  | **SHORT-TERM INVESTMENTS - 9.2%continued**  | **SHORT-TERM INVESTMENTS - 9.2%continued**  |
| &nbsp;&nbsp; Minnesota State G.O. Unlimited <br> Refunding Bonds, Series D,<br>|  |  |
| 5.00%, 8/1/25 | $17800 | $17934 |
| &nbsp;&nbsp; Monroe County Development Authority <br> Pollution Control Variable Revenue <br> Refunding Bonds, Georgia Power <br> Company Plant Scherer,<br>|  |  |
| 3.88%, 3/6/26<sup>(5) (6)</sup> <br>| 1000 | 1007 |
| &nbsp;&nbsp; Nevada State G.O. Limited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 5/1/25 | 1000 | 1002 |
| &nbsp;&nbsp; New Jersey State EDA School Facilities <br> Construction Revenue Refunding <br> Bonds, Series GGG,<br>|  |  |
| 5.25%, 9/1/25 | 3000 | 3026 |
| &nbsp;&nbsp; New Mexico State Municipal Energy <br> Acquisition Authority Gas Supply <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 5/1/25<sup>(5) (6)</sup> <br>| 5525 | 5532 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, <br> Subseries J-4,<br>|  |  |
| 5.00%, 8/1/25 | 10840 | 10921 |
| &nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority State Highways Capital <br> Improvement Revenue Refunding <br> Bonds, Department of Transportation <br> Project,<br>|  |  |
| 5.00%, 7/1/25 | 3900 | 3920 |
| &nbsp;&nbsp; Philadelphia Authority for Industrial <br> Development City Service Agreement <br> Revenue Bonds, Rebuild Project,<br>|  |  |
| 5.00%, 5/1/25 | 3570 | 3575 |
| &nbsp;&nbsp; Philadelphia G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 5/1/25 | 1725 | 1728 |
| &nbsp;&nbsp; PMA Levy & Aid Revenue Notes, Series <br> A, Anticipation Notes Program,<br>|  |  |
| 5.00%, 8/26/25 | 9690 | 9771 |
| 5.00%, 9/24/25 | 10000 | 10092 |
| &nbsp;&nbsp; Puerto Rico HFA Multifamily <br> Collateralized Variable Revenue <br> Bonds, Mirador Las Casas Project <br> (HUD Sector 8 Program),<br>|  |  |
| 5.00%, 3/1/26<sup>(5) (6)</sup> <br>| 4250 | 4318 |
| &nbsp;&nbsp; San Antonio Housing Trust Public <br> Facility Corp. MFH Variable Revenue <br> Bonds, Country Club Village,<br>|  |  |
| 4.00%, 8/1/25<sup>(5) (6)</sup> <br>| 1500 | 1503 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **271** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 9.2%continued**  | **SHORT-TERM INVESTMENTS - 9.2%continued**  | **SHORT-TERM INVESTMENTS - 9.2%continued**  |
| &nbsp;&nbsp; Sangamon County School District No. <br> 186 Springfield G.O. Unlimited <br> Bonds (AGM Insured),<br>|  |  |
| 5.00%, 6/1/25 | $1350 | $1354 |
| &nbsp;&nbsp; Three Village Central School District <br> G.O. Limited TANS (State Aid <br> Withholding),<br>|  |  |
| 4.50%, 6/24/25<sup>(13)</sup> <br>| 2500 | 2509 |
| &nbsp;&nbsp; Utica Community Schools G.O. <br> Unlimited Bonds (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/25 | 2000 | 2004 |
| &nbsp;&nbsp; Wisconsin State G.O. Unlimited <br> Refunding Bonds, Series 1,<br>|  |  |
| 5.00%, 5/1/25 | 1250 | 1252 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $254,203)** | **(Cost $254,203)** | **254134** |
| **Total Investments – 99.8%** | **Total Investments – 99.8%** |  |
| **(Cost $2,744,980)** | **(Cost $2,744,980)** | **2746723** |
| Other Assets less Liabilities – 0.2% | Other Assets less Liabilities – 0.2% | 6562 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$2753285** |

---

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2025, the value of these securities amounted to approximately* *$75,055,000 or 2.7% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of March 31, 2025 is disclosed.*

<sup>(3)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of March 31, 2025.* 

<sup>(4)</sup> *Variable or floating rate security. Rate as of March 31, 2025 is disclosed.*

<sup>(5)</sup> *Maturity date represents the puttable date.*

<sup>(6)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of March 31,* *2025 is disclosed.* 

<sup>(7)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2025.*

<sup>(8)</sup> *Maturity date represents the prerefunded date.*

<sup>(9)</sup> *Zero coupon bond.*

<sup>(10)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(11)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(12)</sup> *Variable or floating rate security. Rate is determined by a remarketing agent* *and, in the agent's judgment, on the basis of prevailing financial markets,* *will be the lowest interest rate necessary to enable the remarketing agent to* *sell the bonds at a price equal to 100% of the principal amount.* 

<sup>(13)</sup> *Restricted security. At March 31, 2025, the value of this restricted security* *amounted to approximately $2,509,000 or 0.1% of net assets. Additional* *information on this restricted security is as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| &nbsp;&nbsp; Three Village Central School District G.O. <br> Limited TANS (State Aid Withholding),<br> 4.50%, 6/24/25<br>| 8/20/24 | &nbsp;&nbsp; $2509 |

---

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AGM - Assured Guaranty Municipal Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| BANS - Bond Anticipation Notes |
| COPS - Certificates of Participation |
| CR - Custody Receipt |
| CWA - Clean Water Act |
| EDA - Economic Development Authority |
| FHA - Federal Housing Administration |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| GANS - Grant Anticipation Notes |
| GARVEE - Grant Anticipation Revenue Vehicle |
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |
| HFA - Housing Finance Authority |
| HUD - Housing and Urban Development |
| IDA - Industrial Development Authority |
| LCRA - Lower Colorado River Authority |
| MFH - Multi-Family Housing |
| PSF - Permanent School Fund |
| Q-SBLF - Qualified School Bond Loan Fund |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **272** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| |
|:---|
| SIFMA - Securities Industry and Financial Markets Association |
| SOFR - Secured Overnight Financing Rate |
| TANS - Tax Anticipation Notes |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34904 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34904 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 248644 | &nbsp;&nbsp; — | &nbsp;&nbsp; 248644 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 237113 | &nbsp;&nbsp; — | &nbsp;&nbsp; 237113 |
| &nbsp;&nbsp; U.S. Government <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 20028 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20028 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1922974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1922974 |
| Investment Companies | &nbsp;&nbsp; 28926 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28926 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 254134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 254134 |
| Total Investments | &nbsp;&nbsp; $28926 | &nbsp;&nbsp; $2717797 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2746723 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **273** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-EXEMPT FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS – 96.6%**  | **MUNICIPAL BONDS – 96.6%**  | **MUNICIPAL BONDS – 96.6%**  |
| **Alabama – 2.7%** | **Alabama – 2.7%** | **Alabama – 2.7%** |
| &nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| $1500 | $1570 |
| &nbsp;&nbsp; Black Belt Energy District Gas Project <br> Revenue Bonds, Series D,<br>|  |  |
| 5.00%, 11/1/32 | 4000 | 4212 |
| &nbsp;&nbsp; Black Belt Energy Gas District Alabama <br> Gas Prepay Revenue Bonds, Series <br> A-1, Project No. 5,<br>|  |  |
| 4.00%, 10/1/26<sup>(1) (2)</sup> <br>| 2500 | 2508 |
| &nbsp;&nbsp; Black Belt Energy Gas District Gas <br> Supply Revenue Refunding Bonds, <br> Series D1,<br>|  |  |
| 4.00%, 6/1/27<sup>(1) (2)</sup> <br>| 5000 | 5040 |
| &nbsp;&nbsp; Jefferson County Sewer Revenue <br> Refunding Warrants,<br>|  |  |
| 5.50%, 10/1/53 | 2425 | 2536 |
| &nbsp;&nbsp; Limestone County Water & Sewer <br> Revenue Bonds,<br>|  |  |
| 5.00%, 12/1/44 | 500 | 526 |
| &nbsp;&nbsp; Southeast Energy Authority Commodity <br> Supply Variable Revenue Bonds, <br> Series A-1, Project No. 3,<br>|  |  |
| 5.50%, 12/1/29<sup>(1) (2)</sup> <br>| 1000 | 1061 |
| &nbsp;&nbsp; Southeast Energy Authority <br> Cooperative District Energy Supply <br> Revenue Bonds, Series C,<br>|  |  |
| 5.00%, 2/1/31<sup>(1) (2)</sup> <br>| 3000 | 3174 |
|  |  | **20627** |
| **Alaska – 0.3%** | **Alaska – 0.3%** | **Alaska – 0.3%** |
| &nbsp;&nbsp; Anchorage Port Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| 5.50%, 2/1/33 | 2120 | **2342** |
| **Arizona – 0.8%** | **Arizona – 0.8%** | **Arizona – 0.8%** |
| &nbsp;&nbsp; Arizona Board of Regents State <br> University System Revenue Refunding <br> Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/43 | 2000 | 2035 |
| &nbsp;&nbsp; Arizona State IDA National Charter <br> School Revolving Loan Fund Revenue <br> Bonds, Equitable School Revenue, <br> Social Bonds,<br>|  |  |
| 4.00%, 11/1/46 | 1000 | 883 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Arizona – 0.8%continued** | **Arizona – 0.8%continued** | **Arizona – 0.8%continued** |
| &nbsp;&nbsp; Maricopa County Roosevelt Elementary <br> School District No. 66 G.O. <br> Unlimited Bonds (BAM Insured),<br>|  |  |
| 5.00%, 7/1/40 | $730 | $778 |
| &nbsp;&nbsp; Phoenix Civic Improvement Corp. <br> Airport Senior Lien Revenue <br> Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 7/1/31 | 2500 | 2673 |
|  |  | **6369** |
| **Arkansas – 0.4%** | **Arkansas – 0.4%** | **Arkansas – 0.4%** |
| &nbsp;&nbsp; Little Rock School District G.O. Limited <br> Refunding Bonds, Series A (AGM <br> Insured State Aid Withholding),<br>|  |  |
| 2.00%, 2/1/34 | 2610 | 2107 |
| 2.25%, 2/1/41 | 1000 | 680 |
|  |  | **2787** |
| **California – 7.5%** | **California – 7.5%** | **California – 7.5%** |
| &nbsp;&nbsp; Alameda Corridor Transportation <br> Authority Senior Lien Convertible <br> Revenue Refunding CABS, Series A,<br>|  |  |
| &nbsp;&nbsp; (Step to 5.40% on 10/1/37), <br> 0.00%, 10/1/50<sup>(3) (4)</sup> <br>| 1500 | 844 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Clean Energy Project <br> Revenue Bonds, Green Bond, Series <br> B-1,<br>|  |  |
| 4.00%, 8/1/31<sup>(1) (2)</sup> <br>| 1095 | 1094 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Revenue Bonds, Clean <br> Energy Project,<br>|  |  |
| 5.00%, 4/1/32<sup>(1) (2)</sup> <br>| 9000 | 9571 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Sustainable Revenue <br> Bonds, Clean Energy Project,<br>|  |  |
| 5.00%, 8/1/33<sup>(1) (2)</sup> <br>| 3000 | 3254 |
| &nbsp;&nbsp; California Community Choice Financing <br> Authority Variable Sustainable <br> Revenue Bonds, Clean Energy <br> Project,<br>|  |  |
| 5.00%, 9/1/32<sup>(1) (2)</sup> <br>| 6895 | 7426 |
| &nbsp;&nbsp; California Housing Finance Agency <br> Municipal Certificates Revenue <br> Bonds, Series 2021-1, Class A <br> Certificates,<br>|  |  |
| 3.50%, 11/20/35 | 3285 | 3137 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **274** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **California – 7.5%continued** | **California – 7.5%continued** | **California – 7.5%continued** |
| &nbsp;&nbsp; California School Finance Authority <br> Educational Facilities Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 7/1/55 | $1075 | $904 |
| &nbsp;&nbsp; California State G.O. Unlimited Bonds, <br> Series 2007, Unrefunded Balance,<br>|  |  |
| 5.75%, 5/1/30 | 75 | 75 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Student Housing Revenue <br> Bonds, CHF-Davis I, LLC - West <br> Village,<br>|  |  |
| 5.00%, 5/15/43 | 2000 | 2024 |
| &nbsp;&nbsp; California State Municipal Finance <br> Authority Student Housing Revenue <br> Bonds, Orchard Park Student <br> Housing Project, Green Bonds (BAM <br> Insured),<br>|  |  |
| 3.00%, 5/15/54 | 1000 | 736 |
| &nbsp;&nbsp; California State Various Purpose G.O. <br> Unlimited Bonds,<br>|  |  |
| 5.25%, 10/1/39 | 5000 | 5079 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Revenue Refunding Bonds, Series B <br> (AMT),<br>|  |  |
| 5.00%, 5/15/34 | 3000 | 3089 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Senior Revenue Bonds, Series A <br> (AMT),<br>|  |  |
| 5.00%, 5/15/26 | 1000 | 1002 |
| &nbsp;&nbsp; Los Angeles Department of Airports <br> Senior Revenue Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 5/15/33 | 3500 | 3682 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power System Revenue Bonds, Series <br> C,<br>|  |  |
| 5.00%, 7/1/37 | 2380 | 2482 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 7/1/50 | 1245 | 1283 |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/38 | 1300 | 1306 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **California – 7.5%continued** | **California – 7.5%continued** | **California – 7.5%continued** |
| &nbsp;&nbsp; Los Angeles Department of Water & <br> Power Waterworks Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/36 | $1370 | $1475 |
| &nbsp;&nbsp; San Francisco Bay Area Rapid Transit <br> District G.O. Unlimited Bonds, <br> Election of 2016, Green Bonds,<br>|  |  |
| 4.00%, 8/1/47 | 5000 | 4800 |
| &nbsp;&nbsp; San Francisco City & County Airports <br> Commission International Airport <br> Revenue Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 5/1/42 | 1500 | 1510 |
| &nbsp;&nbsp; San Francisco City & County <br> Commission International Airport <br> Revenue Bonds, Second Series A <br> (AMT),<br>|  |  |
| 5.00%, 5/1/33 | 2500 | 2699 |
|  |  | **57472** |
| **Colorado – 7.0%** | **Colorado – 7.0%** | **Colorado – 7.0%** |
| &nbsp;&nbsp; Adams County School District No. 1 <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B (State Aid <br> Withholding), Prerefunded,<br>|  |  |
| 5.25%, 12/1/26<sup>(5)</sup> <br>| 225 | 234 |
| &nbsp;&nbsp; Adams County School District No. 1 <br> Taxable G.O. Unlimited Refunding <br> Bonds, Series B, Unrefunded Balance <br> (State Aid Withholding),<br>|  |  |
| 5.25%, 12/1/40 | 4775 | 4888 |
| &nbsp;&nbsp; Adams County School District No. 14 <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.50%, 12/1/44 | 2620 | 2893 |
| &nbsp;&nbsp; Arapahoe County School District No. 6 <br> Littleton G.O. Unlimited Bonds, <br> Series A (State Aid Withholding),<br>|  |  |
| 5.50%, 12/1/43 | 5000 | 5233 |
| &nbsp;&nbsp; Centennial Water & Sanitation District <br> Water & Wastewater Revenue <br> Bonds,<br>|  |  |
| 5.00%, 12/1/53 | 3900 | 4086 |
| Colorado State COPS, |  |  |
| 6.00%, 12/15/39 | 5000 | 5777 |
| Colorado State COPS, Series A, |  |  |
| 4.00%, 12/15/37 | 10000 | 9780 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **275** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Colorado – 7.0%continued** | **Colorado – 7.0%continued** | **Colorado – 7.0%continued** |
| &nbsp;&nbsp; Colorado State Educational & Cultural <br> Facilities Authority Revenue Bonds, <br> Series A, University of Denver <br> Project,<br>|  |  |
| 5.00%, 3/1/40 | $2500 | $2549 |
| &nbsp;&nbsp; Colorado State Health Facilities <br> Authority Hospital Revenue <br> Refunding Bonds, Adventist Health <br> System Sunbelt,<br>|  |  |
| 4.00%, 11/15/41 | 1000 | 952 |
| &nbsp;&nbsp; Colorado State School of Mines <br> Institutional Enterprise Revenue <br> Bonds, Series B,<br>|  |  |
| 5.00%, 12/1/42 | 3400 | 3460 |
| &nbsp;&nbsp; Denver City & County Airport Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 11/15/37 | 2000 | 2094 |
| 5.00%, 11/15/41 | 1000 | 1028 |
| &nbsp;&nbsp; Denver City & County Airport System <br> Subordinate Revenue Refunding <br> Bonds (AMT), Series A,<br>|  |  |
| 5.00%, 12/1/43 | 2000 | 2009 |
| &nbsp;&nbsp; Denver City & County Dedicated Tax <br> Revenue CABS, Series A-2,<br>|  |  |
| 0.00%, 8/1/37<sup>(4)</sup> <br>| 2750 | 1592 |
| 0.00%, 8/1/39<sup>(4)</sup> <br>| 2805 | 1439 |
| &nbsp;&nbsp; Denver City & County Dedicated Tax <br> Revenue Refunding & Improvement <br> Bonds, Series A,<br>|  |  |
| 5.00%, 8/1/42 | 1500 | 1521 |
| &nbsp;&nbsp; Fremont County School District RE-1 <br> Canon City G.O. Unlimited Bonds <br> (State Aid Withholding),<br>|  |  |
| 5.00%, 12/1/48 | 1000 | 1049 |
| &nbsp;&nbsp; Weld County School District No. Re-7 <br> Platte Valley G.O Unlimited Bonds <br> (State Aid Withholding),<br>|  |  |
| 5.00%, 12/1/32 | 1200 | 1349 |
| &nbsp;&nbsp; Windy Gap Firming Project Water <br> Activity Enterprise Revenue Bonds,<br>|  |  |
| 5.00%, 7/15/46 | 2000 | 2076 |
|  |  | **54009** |
| **Connecticut – 2.4%** | **Connecticut – 2.4%** | **Connecticut – 2.4%** |
| &nbsp;&nbsp; Connecticut State G.O. Unlimited <br> Refunding Bonds, Series D,<br>|  |  |
| 5.00%, 4/15/26 | 4480 | 4585 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Connecticut – 2.4%continued** | **Connecticut – 2.4%continued** | **Connecticut – 2.4%continued** |
| &nbsp;&nbsp; Connecticut State Health and <br> Educational Facilities Authority <br> Variable Revenue Refunding Bonds, <br> Yale New Haven Health Issue,<br>|  |  |
| 5.00%, 7/1/29<sup>(1) (2)</sup> <br>| $7050 | $7523 |
| &nbsp;&nbsp; Connecticut State Special Tax <br> Obligation Revenue Bonds, Series A, <br> Transportation Infrastructure,<br>|  |  |
| 5.00%, 8/1/34 | 3000 | 3011 |
| &nbsp;&nbsp; Connecticut State Special Tax <br> Obligation Revenue Bonds, <br> Transportation Infrastructure,<br>|  |  |
| 5.00%, 7/1/39 | 565 | 620 |
| &nbsp;&nbsp; University of Connecticut Revenue <br> Bonds, Series A,<br>|  |  |
| 5.25%, 11/15/47 | 3000 | 3083 |
|  |  | **18822** |
| **District of Columbia – 2.2%** | **District of Columbia – 2.2%** | **District of Columbia – 2.2%** |
| &nbsp;&nbsp; District of Columbia G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 8/1/41 | 1930 | 2079 |
| 5.00%, 6/1/43 | 5000 | 5107 |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Airport System Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/33 | 3000 | 3208 |
| &nbsp;&nbsp; Metropolitan Washington Airports <br> Authority Dulles Toll Road Revenue <br> Refunding Bonds, Series A, Dulles <br> Metrorail & Capital Improvement,<br>|  |  |
| 5.00%, 10/1/44 | 2000 | 2055 |
| &nbsp;&nbsp; Washington Metropolitan Area Transit <br> Authority Gross Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/38 | 1800 | 1843 |
| 5.00%, 7/1/43 | 3000 | 3047 |
|  |  | **17339** |
| **Florida – 8.5%** | **Florida – 8.5%** | **Florida – 8.5%** |
| &nbsp;&nbsp; Brevard County School Board <br> Refunding COPS, Series A,<br>|  |  |
| 5.00%, 7/1/30 | 3855 | 4211 |
| &nbsp;&nbsp; Broward County Airport System <br> Revenue Bonds (AMT),<br>|  |  |
| 5.00%, 10/1/42 | 2500 | 2518 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **276** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Florida – 8.5%continued** | **Florida – 8.5%continued** | **Florida – 8.5%continued** |
| &nbsp;&nbsp; Davie Educational Facilities Revenue <br> Refunding Bonds, Nova Southeastern <br> University Project,<br>|  |  |
| 5.00%, 4/1/48 | $2000 | $2017 |
| &nbsp;&nbsp; Florida State Development Finance <br> Corp. Educational Facility Revenue <br> Bonds, Mater Academy Project, <br> Series A,<br>|  |  |
| 5.00%, 6/15/50 | 2000 | 1945 |
| &nbsp;&nbsp; Florida State Development Finance <br> Corp. Revenue Refunding Bonds, <br> Brightline Florida Passenger Rail <br> Project (AMT),<br>|  |  |
| 5.00%, 7/1/41 | 1000 | 972 |
| &nbsp;&nbsp; Fort Myers Utility Revenue Refunding <br> Bonds,<br>|  |  |
| 5.25%, 10/1/53 | 3145 | 3334 |
| &nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Priority <br> Subordinated Revenue Bonds, Series <br> A (AMT),<br>|  |  |
| 5.00%, 10/1/42 | 1965 | 1970 |
| &nbsp;&nbsp; Greater Orlando Aviation Authority <br> Airport Facilities Revenue Bonds <br> (AMT),<br>|  |  |
| 5.00%, 10/1/32 | 1300 | 1398 |
| &nbsp;&nbsp; JEA Water & Sewer System Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/29 | 1350 | 1411 |
| &nbsp;&nbsp; Lakeland Hospital System Revenue <br> Refunding Bonds, Lakeland Regional <br> Health System,<br>|  |  |
| 5.00%, 11/15/45 | 1000 | 1037 |
| &nbsp;&nbsp; Lee County Airport Revenue Bonds <br> (AMT),<br>|  |  |
| 5.25%, 10/1/44 | 2250 | 2356 |
| Lee County Local Optional Gas TRB, |  |  |
| 5.25%, 8/1/49 | 3500 | 3632 |
| &nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/41 | 450 | 454 |
| &nbsp;&nbsp; Miami-Dade County Aviation Revenue <br> Refunding Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 10/1/38 | 5000 | 5004 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Florida – 8.5%continued** | **Florida – 8.5%continued** | **Florida – 8.5%continued** |
| &nbsp;&nbsp; Miami-Dade County Educational <br> Facilities Authority Revenue <br> Refunding Bonds, University of <br> Miami, Series B (AMBAC Insured),<br>|  |  |
| 5.25%, 4/1/26 | $2000 | $2046 |
| &nbsp;&nbsp; Miami-Dade County Seaport Revenue <br> Refunding Bonds, Subseries A-2 <br> (AGM Insured),<br>|  |  |
| 3.00%, 10/1/50 | 7500 | 5413 |
| &nbsp;&nbsp; Miami-Dade County Transit Sales <br> Surtax Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/47 | 2750 | 2847 |
| &nbsp;&nbsp; Miami-Dade County Water & Sewer <br> System Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 10/1/37 | 2500 | 2475 |
| &nbsp;&nbsp; North Miami Community <br> Redevelopment Agency Revenue <br> Bonds,<br>|  |  |
| 5.00%, 3/1/42 | 1000 | 1021 |
| 5.00%, 3/1/43 | 1100 | 1115 |
| &nbsp;&nbsp; Orlando Water Reclamation System <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 10/1/54 | 3500 | 3670 |
| &nbsp;&nbsp; Palm Beach County Educational <br> Facilities Authority Revenue Bonds, <br> Palm Beach Atlantic University,<br>|  |  |
| 5.00%, 10/1/43 | 375 | 371 |
| &nbsp;&nbsp; Pasco County School Board COPS, <br> Series A (BAM Insured),<br>|  |  |
| 5.00%, 8/1/43 | 3000 | 3086 |
| &nbsp;&nbsp; Seminole County Special Obligation <br> Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 10/1/52 | 1325 | 1371 |
| &nbsp;&nbsp; South Broward Hospital District <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 4.00%, 5/1/44 | 3500 | 3198 |
| &nbsp;&nbsp; Tampa Bay Water Regional Water <br> Supply Authority Utility System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 4.00%, 10/1/35 | 5000 | 5001 |
| 5.00%, 10/1/36 | 1750 | 1798 |
|  |  | **65671** |
| **Georgia – 1.3%** | **Georgia – 1.3%** | **Georgia – 1.3%** |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 5/15/43 | 500 | 507 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **277** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Georgia – 1.3%continued** | **Georgia – 1.3%continued** | **Georgia – 1.3%continued** |
| &nbsp;&nbsp; Main Street Natural Gas, Inc., Gas <br> Supply Revenue Bonds, Series E,<br>|  |  |
| 5.00%, 12/1/32<sup>(1) (2)</sup> <br>| $1500 | $1586 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Plant Vogtle Units 3 <br> & 4 Project,<br>|  |  |
| 5.00%, 7/1/52 | 1500 | 1536 |
| 5.50%, 7/1/60 | 2500 | 2504 |
| &nbsp;&nbsp; Municipal Electric Authority of Georgia <br> Revenue Bonds, Plant Vogtle Units 3 <br> & 4 Project (AGM Insured),<br>|  |  |
| 5.00%, 7/1/52 | 2500 | 2569 |
| &nbsp;&nbsp; Richmond County Board of Education <br> G.O. Unlimited Bonds (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 10/1/26 | 1150 | 1188 |
|  |  | **9890** |
| **Hawaii – 1.0%** | **Hawaii – 1.0%** | **Hawaii – 1.0%** |
| &nbsp;&nbsp; Hawaii State Airports System Revenue <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 7/1/48 | 4000 | 4006 |
| &nbsp;&nbsp; Hawaii State Department of Budget & <br> Finance Special Purpose Revenue <br> Bonds, Hawaii Pacific Health <br> Obligated Group,<br>|  |  |
| 5.00%, 7/1/26 | 1500 | 1537 |
| &nbsp;&nbsp; Honolulu City & County G.O. Unlimited <br> Bonds, Series A,<br>|  |  |
| 5.00%, 9/1/43 | 2000 | 2052 |
|  |  | **7595** |
| **Idaho – 0.3%** | **Idaho – 0.3%** | **Idaho – 0.3%** |
| &nbsp;&nbsp; Idaho State Housing & Finance <br> Association Sales TRB, Transportation <br> Expansion & Mitigation,<br>|  |  |
| 5.00%, 8/15/47 | 2000 | **2086** |
| **Illinois – 6.6%** | **Illinois – 6.6%** | **Illinois – 6.6%** |
| &nbsp;&nbsp; Aurora Waterworks & Sewerage <br> Revenue Refunding Bonds, Series B,<br>|  |  |
| 4.00%, 12/1/36 | 800 | 750 |
| &nbsp;&nbsp; Chicago Midway Airport Senior <br> Revenue Refunding Bonds, Series C <br> (AMT),<br>|  |  |
| 5.00%, 1/1/33 | 2500 | 2670 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Illinois – 6.6%continued** | **Illinois – 6.6%continued** | **Illinois – 6.6%continued** |
| &nbsp;&nbsp; Chicago O'Hare International Airport <br> Senior Lien Revenue Refunding <br> Bonds, Series A (AMT),<br>|  |  |
| 5.00%, 1/1/39 | $1600 | $1629 |
| 5.00%, 1/1/48 | 3455 | 3463 |
| &nbsp;&nbsp; Chicago Water Second Lien Revenue <br> Bonds, Series A (AGM Insured),<br>|  |  |
| 5.25%, 11/1/53 | 2000 | 2081 |
| &nbsp;&nbsp; Illinois State Educational Facilities <br> Authority Revenue Bonds, Field <br> Museum of Natural History,<br>|  |  |
| 3.90%, 11/1/36 | 1740 | 1729 |
| &nbsp;&nbsp; Illinois State Finance Authority <br> Academic Facilities Lease Revenue <br> Bonds, University of Illinois at <br> Urbana-Champaign,<br>|  |  |
| 5.00%, 10/1/49 | 1250 | 1263 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Bonds, The Chicago School,<br>|  |  |
| 5.00%, 4/1/32 | 1110 | 1180 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Northshore <br> University Health System,<br>|  |  |
| 3.25%, 8/15/49 | 2500 | 1877 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, Lake <br> Forest College,<br>|  |  |
| 5.25%, 10/1/52 | 500 | 488 |
| &nbsp;&nbsp; Illinois State Finance Authority Revenue <br> Refunding Bonds, Series A, Rush <br> University Medical Center,<br>|  |  |
| 5.00%, 11/15/38 | 1500 | 1501 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series B,<br>|  |  |
| 5.00%, 5/1/37 | 1460 | 1561 |
| 5.25%, 5/1/45 | 1000 | 1044 |
| &nbsp;&nbsp; Illinois State G.O. Unlimited Bonds, <br> Series D,<br>|  |  |
| 3.25%, 11/1/26 | 6855 | 6848 |
| &nbsp;&nbsp; Illinois State Toll Highway Authority <br> Revenue Bonds, Series B,<br>|  |  |
| 5.00%, 1/1/40 | 6500 | 6549 |
| &nbsp;&nbsp; Illinois State Toll Highway Authority <br> Senior Revenue Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 1/1/28 | 4380 | 4619 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **278** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Illinois – 6.6%continued** | **Illinois – 6.6%continued** | **Illinois – 6.6%continued** |
| &nbsp;&nbsp; Saint Clair County Community Unit <br> School District No. 187 Cahokia <br> G.O. Unlimited Bonds, Series A <br> (AGM Insured),<br>|  |  |
| 5.00%, 1/1/54 | $1250 | $1270 |
| &nbsp;&nbsp; Sangamon County School District No. <br> 186 Springfield G.O. Unlimited <br> Bonds (AGM Insured),<br>|  |  |
| 5.00%, 6/1/26 | 1200 | 1225 |
| &nbsp;&nbsp; Schaumburg G.O. Unlimited Refunding <br> Bonds, Series A,<br>|  |  |
| 4.00%, 12/1/41 | 5000 | 4722 |
| &nbsp;&nbsp; Springfield Electric Senior Lien Revenue <br> Refunding Bonds (BAM Insured),<br>|  |  |
| 5.00%, 3/1/37 | 2325 | 2539 |
| &nbsp;&nbsp; University of Illinois Auxiliary Facilities <br> System Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 4/1/33 | 1500 | 1673 |
|  |  | **50681** |
| **Indiana – 1.8%** | **Indiana – 1.8%** | **Indiana – 1.8%** |
| &nbsp;&nbsp; Brownsburg 1999 School Building <br> Corp. First Mortgage Revenue <br> Bonds, Series A (State Intercept <br> Program),<br>|  |  |
| 5.00%, 1/15/33 | 800 | 878 |
| 5.00%, 7/15/33 | 750 | 825 |
| &nbsp;&nbsp; Fishers Sewage Works Revenue Bonds <br> (BAM Insured),<br>|  |  |
| 3.00%, 7/1/51 | 1000 | 716 |
| &nbsp;&nbsp; Greater Clark Building Corporation <br> First Mortgage Revenue Bonds, <br> Series B (State Intercept Program),<br>|  |  |
| 6.00%, 7/15/38 | 1000 | 1155 |
| &nbsp;&nbsp; Hamilton County Public Building <br> Corporation Lease Rental Revenue <br> Bonds,<br>|  |  |
| 5.00%, 7/10/42 | 1000 | 1058 |
| &nbsp;&nbsp; Indiana Finance Authority <br> Environmental Facilities Variable <br> Revenue Refunding Bonds (AMT), <br> Indianapolis Power & Light Co. <br> Project,<br>|  |  |
| 0.95%, 4/1/26<sup>(1) (2)</sup> <br>| 1500 | 1459 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Indiana – 1.8%continued** | **Indiana – 1.8%continued** | **Indiana – 1.8%continued** |
| &nbsp;&nbsp; Indiana Finance Authority <br> Environmental Facilities Variable <br> Revenue Refunding Bonds, <br> Indianapolis Power & Light Co. <br> Project,<br>|  |  |
| 0.75%, 4/1/26<sup>(1) (2)</sup> <br>| $1125 | $1092 |
| &nbsp;&nbsp; Indiana State Financing Authority <br> Student Housing Revenue Bonds, <br> Senior Student Housing Project,<br>|  |  |
| 5.00%, 7/1/49 | 1075 | 1059 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Bonds, <br> Indianapolis Airport Authority <br> Project,<br>|  |  |
| 5.00%, 1/1/44 | 2000 | 2065 |
| &nbsp;&nbsp; Indianapolis Local Public Improvement <br> Bond Bank Revenue Refunding <br> Bonds, Series F, Stormwater Project,<br>|  |  |
| 5.00%, 1/1/49 | 895 | 937 |
| &nbsp;&nbsp; IPS Multi-School Building Corp. <br> Sustainable First Mortgage Revenue <br> Bonds (State Intercept Program),<br>|  |  |
| 5.00%, 7/15/43 | 1230 | 1287 |
| &nbsp;&nbsp; Noblesville Redevelopment Authority <br> Revenue Refunding Bonds, Event <br> Center Public Improvement Projects <br> (AGM State Intercept Program),<br>|  |  |
| 5.00%, 8/1/37 | 750 | 809 |
| &nbsp;&nbsp; Northwest Allen School Building Corp. <br> First Mortgage Revenue Bonds (State <br> Intercept Program),<br>|  |  |
| 5.00%, 7/15/31 | 600 | 660 |
|  |  | **14000** |
| **Iowa – 0.1%** | **Iowa – 0.1%** | **Iowa – 0.1%** |
| &nbsp;&nbsp; PEFA, Inc., Iowa Gas Project Revenue <br> Bonds,<br>|  |  |
| 5.00%, 9/1/26<sup>(1) (2)</sup> <br>| 1000 | **1018** |
| **Kentucky – 1.8%** | **Kentucky – 1.8%** | **Kentucky – 1.8%** |
| &nbsp;&nbsp; Carroll County Environmental Facilities <br> Revenue Bonds (AMT), Kentucky <br> Utilities Co. Project,<br>|  |  |
| 1.75%, 9/1/26<sup>(1) (2)</sup> <br>| 1500 | 1443 |
| &nbsp;&nbsp; Fayette County School District Finance <br> Corp. Revenue Bonds, Series A <br> (State Intercept Program),<br>|  |  |
| 4.00%, 5/1/38 | 5000 | 4748 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **279** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Kentucky – 1.8%continued** | **Kentucky – 1.8%continued** | **Kentucky – 1.8%continued** |
| &nbsp;&nbsp; Kentucky State Public Energy Authority <br> Gas Supply Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.25%, 12/1/29<sup>(1) (2)</sup> <br>| $3000 | $3170 |
| &nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government Health System Revenue <br> Refunding Bonds, Norton <br> Healthcare, Inc.,<br>|  |  |
| 5.00%, 10/1/26 | 600 | 616 |
| &nbsp;&nbsp; Louisville & Jefferson County Metro <br> Government PCR Refunding Bonds, <br> Gas & Electric,<br>|  |  |
| 2.00%, 10/1/33 | 4500 | 3663 |
|  |  | **13640** |
| **Louisiana – 2.1%** | **Louisiana – 2.1%** | **Louisiana – 2.1%** |
| &nbsp;&nbsp; Louisiana Local Government <br> Environmental Facilities and <br> Community Development Authority <br> Revenue Refunding Bonds, Entergy <br> Louisiana LLC Project,<br>|  |  |
| 2.50%, 4/1/36 | 7250 | 5901 |
| &nbsp;&nbsp; Louisiana Public Facilities Authority <br> Revenue Refunding Bonds, Ochsner <br> Clinic, Unrefunded Balance,<br>|  |  |
| 5.00%, 5/15/47 | 2000 | 2008 |
| &nbsp;&nbsp; New Orleans G.O. Unlimited Bonds, <br> Series A,<br>|  |  |
| 5.00%, 12/1/46 | 3000 | 3142 |
| &nbsp;&nbsp; Shreveport Water & Sewer Revenue <br> Bonds, Series B (BAM Insured),<br>|  |  |
| 5.00%, 12/1/41 | 5000 | 5091 |
|  |  | **16142** |
| **Maryland – 0.1%** | **Maryland – 0.1%** | **Maryland – 0.1%** |
| &nbsp;&nbsp; Maryland State Health & Higher <br> Educational Facilities Authority <br> Revenue Refunding Bonds, Lifebridge <br> Health,<br>|  |  |
| 5.00%, 7/1/44 | 1100 | **1107** |
| **Massachusetts – 4.4%** | **Massachusetts – 4.4%** | **Massachusetts – 4.4%** |
| &nbsp;&nbsp; Massachusetts State Bay Transportation <br> Authority Sales Tax Revenue <br> Refunding CABS, Series A,<br>|  |  |
| 0.00%, 7/1/29<sup>(4)</sup> <br>| 2500 | 2145 |
| &nbsp;&nbsp; Massachusetts State G.O. Limited <br> Bonds, Series D,<br>|  |  |
| 5.00%, 10/1/50 | 9525 | 9946 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Massachusetts – 4.4%continued** | **Massachusetts – 4.4%continued** | **Massachusetts – 4.4%continued** |
| 5.00%, 10/1/52 | $3500 | $3637 |
| &nbsp;&nbsp; Massachusetts State Port Authority <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/40 | 2725 | 2731 |
| &nbsp;&nbsp; Massachusetts State Port Authority <br> Revenue Bonds, Series C (AMT),<br>|  |  |
| 5.00%, 7/1/44 | 2000 | 2023 |
| &nbsp;&nbsp; Massachusetts State School Building <br> Authority Senior Lien Sales TRB, <br> Series B,<br>|  |  |
| 5.00%, 11/15/36 | 1500 | 1531 |
| 5.00%, 11/15/39 | 1500 | 1525 |
| &nbsp;&nbsp; Massachusetts State School Building <br> Authority Subordinated Sales TRB, <br> Series A,<br>|  |  |
| 5.00%, 2/15/44 | 4000 | 4127 |
| &nbsp;&nbsp; Massachusetts State Transportation <br> Fund Sustainability Revenue Bonds, <br> Rail Enhancement Program,<br>|  |  |
| 5.00%, 6/1/50 | 2500 | 2578 |
| &nbsp;&nbsp; Massachusetts State Water Resources <br> Authority General Revenue Bonds, <br> Series B,<br>|  |  |
| 5.00%, 8/1/43 | 920 | 949 |
| &nbsp;&nbsp; Massachusetts State Water Resources <br> Authority Sustainable Revenue <br> Bonds, Series C,<br>|  |  |
| 5.00%, 8/1/32 | 2495 | 2812 |
|  |  | **34004** |
| **Michigan – 1.8%** | **Michigan – 1.8%** | **Michigan – 1.8%** |
| &nbsp;&nbsp; Great Lakes Water Authority Supply <br> System Senior Lien Revenue Bonds, <br> Series B,<br>|  |  |
| 5.25%, 7/1/53 | 1000 | 1067 |
| &nbsp;&nbsp; Kalamazoo Public School G.O. <br> Unlimited Bonds, Series I (AGM <br> Insured),<br>|  |  |
| 5.00%, 5/1/26 | 2525 | 2585 |
| &nbsp;&nbsp; L'Anse Creuse Public Schools G.O. <br> Unlimited Bonds, Series I (Q-SBLF <br> Insured),<br>|  |  |
| 5.00%, 5/1/43 | 1250 | 1328 |
| 5.00%, 5/1/49 | 610 | 637 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **280** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Michigan – 1.8%continued** | **Michigan – 1.8%continued** | **Michigan – 1.8%continued** |
| &nbsp;&nbsp; Michigan State Building Authority <br> Facilities Program Revenue Refunding <br> Bonds, Series I,<br>|  |  |
| 5.00%, 4/15/38 | $2000 | $2010 |
| &nbsp;&nbsp; Michigan State Finance Authority <br> Revenue Refunding Bonds, <br> Beaumont-Spectrum Consolidation,<br>|  |  |
| 5.00%, 4/15/26 | 3350 | 3418 |
| &nbsp;&nbsp; Michigan State HDA SFM Revenue <br> Bonds, Series A, Social Bonds,<br>|  |  |
| 4.10%, 6/1/43 | 1875 | 1742 |
| &nbsp;&nbsp; Walled Lake Consolidated School <br> District G.O. Unlimited Bonds <br> (Q-SBLF Insured),<br>|  |  |
| 5.00%, 5/1/50 | 1000 | 1015 |
| &nbsp;&nbsp; West Ottawa Public School District <br> G.O. Unlimited Bonds, Series I,<br>|  |  |
| 5.00%, 11/1/28 | 25 | 27 |
|  |  | **13829** |
| **Minnesota – 0.9%** | **Minnesota – 0.9%** | **Minnesota – 0.9%** |
| &nbsp;&nbsp; Minneapolis & Saint Paul Housing and <br> Redevelopment Authority Health <br> Care System Revenue Refunding <br> Bonds, Series A, Allina Health <br> System,<br>|  |  |
| 5.00%, 11/15/29 | 1000 | 1033 |
| &nbsp;&nbsp; Minnesota Municipal Gas Agency <br> Commodity Supply Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 12/1/27<sup>(1) (2)</sup> <br>| 5000 | 5045 |
| &nbsp;&nbsp; Truman Independent School District No. <br> 458 G.O. Unlimited Bonds, Series A <br> (School District Credit Program),<br>|  |  |
| 5.00%, 2/1/40 | 770 | 824 |
|  |  | **6902** |
| **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** |
| &nbsp;&nbsp; Mississippi State Business Finance <br> Corp. Revenue Bonds, System <br> Energy Resources, Inc., Project,<br>|  |  |
| 2.38%, 6/1/44 | 1000 | **620** |
| **Missouri – 1.2%** | **Missouri – 1.2%** | **Missouri – 1.2%** |
| &nbsp;&nbsp; Greene County Reorganized School <br> District No. R-3 Republic G.O. <br> Unlimited Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| 5.00%, 3/1/38 | 1000 | 1081 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Missouri – 1.2%continued** | **Missouri – 1.2%continued** | **Missouri – 1.2%continued** |
| &nbsp;&nbsp; Kansas City Sanitary Sewer System <br> Revenue Bonds, Series A,<br>|  |  |
| 4.00%, 1/1/49 | $1000 | $933 |
| &nbsp;&nbsp; Lebanon Reorganized School District <br> No. R-3 Laclede County G.O. <br> Unlimited Bonds (State Aid Direct <br> Deposit Program),<br>|  |  |
| 5.50%, 3/1/45 | 915 | 1009 |
| &nbsp;&nbsp; Marion & Ralls County School District <br> No. 60 G.O. Unlimited Refunding <br> Bonds, Missouri Direct Deposit <br> Program (State Aid Direct Deposit <br> Program),<br>|  |  |
| 5.75%, 3/1/44 | 50 | 56 |
| &nbsp;&nbsp; Metropolitan Saint Louis Sewer District <br> Wastewater System Revenue <br> Refunding & Improvement Bonds, <br> Series B, Prerefunded,<br>|  |  |
| 5.00%, 5/1/25<sup>(5)</sup> <br>| 1605 | 1608 |
| &nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Authority Educational <br> Facilities Revenue Bonds, Series A, <br> Saint Louis University,<br>|  |  |
| 5.00%, 10/1/38 | 2500 | 2510 |
| &nbsp;&nbsp; Missouri State Health & Educational <br> Facilities Authority Health Facilities <br> Revenue Refunding Bonds, Series A, <br> St. Luke's Health System,<br>|  |  |
| 5.00%, 11/15/43 | 1280 | 1305 |
| &nbsp;&nbsp; Springfield School District No. R-12 <br> G.O. Unlimited Bonds, School <br> Building (State Aid Direct Deposit <br> Program),<br>|  |  |
| 5.00%, 3/1/38 | 625 | 676 |
|  |  | **9178** |
| **Montana – 0.0%** | **Montana – 0.0%** | **Montana – 0.0%** |
| &nbsp;&nbsp; Montana Board of Housing Single <br> Family Program Revenue Refunding <br> Bonds, Series A (FHA INS HUD VA <br> Insured),<br>|  |  |
| 3.90%, 12/1/48 | 50 | **45** |
| **Nebraska – 0.8%** | **Nebraska – 0.8%** | **Nebraska – 0.8%** |
| &nbsp;&nbsp; Douglas County Hospital Authority No. <br> 2 Health Facilities Revenue Bonds, <br> Children's Hospital Obligated <br> Group,<br>|  |  |
| 5.00%, 11/15/36 | 1000 | 1021 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **281** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Nebraska – 0.8%continued** | **Nebraska – 0.8%continued** | **Nebraska – 0.8%continued** |
| &nbsp;&nbsp; Omaha Airport Authority Airport <br> Facilities Revenue Bonds (AMT) <br> (AGC Insured),<br>|  |  |
| 5.00%, 12/15/32 | $900 | $968 |
| &nbsp;&nbsp; Omaha Public Power District Electric <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/42 | 4250 | 4330 |
|  |  | **6319** |
| **Nevada – 0.4%** | **Nevada – 0.4%** | **Nevada – 0.4%** |
| &nbsp;&nbsp; Las Vegas Valley Water District <br> Improvement G.O. Limited Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 6/1/28 | 3010 | **3082** |
| **New Jersey – 0.2%** | **New Jersey – 0.2%** | **New Jersey – 0.2%** |
| &nbsp;&nbsp; Casino Reinvestment Development <br> Authority Luxury Tax Revenue <br> Refunding Bonds, Series A (AGC <br> Insured),<br>|  |  |
| 5.00%, 11/1/39 | 1145 | **1222** |
| **New Mexico – 0.2%** | **New Mexico – 0.2%** | **New Mexico – 0.2%** |
| &nbsp;&nbsp; New Mexico State Mortgage Finance <br> Authority Revenue Bonds, Series C <br> (GNMA, FNMA, FHLMC Insured),<br>|  |  |
| 4.00%, 9/1/52 | 990 | 871 |
| &nbsp;&nbsp; New Mexico State Mortgage Finance <br> Authority Revenue Bonds, Series D, <br> Class I (GNMA, FNMA, FHLMC <br> Insured),<br>|  |  |
| 4.30%, 9/1/52 | 1000 | 914 |
|  |  | **1785** |
| **New York – 12.2%** | **New York – 12.2%** | **New York – 12.2%** |
| &nbsp;&nbsp; Metropolitan Transportation Authority <br> Sustainable Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/37 | 2500 | 2709 |
| &nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Revenue Bonds, <br> Sustainable Neighborhood Bonds,<br>|  |  |
| 3.00%, 11/1/39 | 1370 | 1124 |
| &nbsp;&nbsp; New York City Housing Development <br> Corp. MFH Revenue Refunding <br> Bonds, Sustainable Neighborhood <br> Bonds,<br>|  |  |
| 3.00%, 11/1/44 | 1535 | 1177 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **New York – 12.2%continued** | **New York – 12.2%continued** | **New York – 12.2%continued** |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Series EE,<br>|  |  |
| 5.00%, 6/15/39 | $1800 | $1850 |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Series GG,<br>|  |  |
| 5.00%, 6/15/39 | 2000 | 2004 |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Revenue Refunding Bonds, <br> Sub-Series EE,<br>|  |  |
| 5.00%, 6/15/45 | 5000 | 5230 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Building Aid Revenue <br> Bonds, Series S-3 (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 7/15/43 | 3000 | 3049 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured <br> Subordinate Revenue Bonds,<br>|  |  |
| 5.00%, 8/1/40 | 250 | 258 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Subordinate <br> Revenue Bonds,<br>|  |  |
| 3.00%, 5/1/48 | 4750 | 3570 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Multi-modal <br> Revenue Bonds, Series F-1,<br>|  |  |
| 5.25%, 2/1/53 | 1000 | 1056 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series A-3,<br>|  |  |
| 3.00%, 5/1/45 | 5000 | 3861 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Bonds, Series C-3,<br>|  |  |
| 5.00%, 5/1/41 | 3450 | 3546 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Subordinate Revenue <br> Refunding Bonds, Series H, Fiscal <br> 2025,<br>|  |  |
| 11/1/46<sup>(6)</sup> <br>| 1150 | 1203 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **282** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **New York – 12.2%continued** | **New York – 12.2%continued** | **New York – 12.2%continued** |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> A, Fiscal 2024,<br>|  |  |
| 5.00%, 8/1/51 | $1500 | $1549 |
| &nbsp;&nbsp; New York G.O. Unlimited Bonds, Series <br> D, Subseries D1,<br>|  |  |
| 5.00%, 12/1/44 | 3000 | 3072 |
| &nbsp;&nbsp; New York G.O. Unlimited Refunding <br> Bonds, Series C-1,<br>|  |  |
| 5.00%, 8/1/30 | 2825 | 3089 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, School Districts Building <br> Financing Program (State Aid <br> Withholding),<br>|  |  |
| 5.00%, 10/1/31 | 720 | 736 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> Non State Supported Debt Revenue <br> Bonds, School Districts Financing <br> Program (AGM Insured), <br> Prerefunded,<br>|  |  |
| 5.00%, 10/1/28<sup>(5)</sup> <br>| 5 | 5 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income Tax Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.25%, 3/15/39 | 2500 | 2618 |
| 5.00%, 3/15/49 | 3000 | 3092 |
| &nbsp;&nbsp; New York State Dormitory Authority <br> State Personal Income TRB, Series A, <br> Unrefunded Balance,<br>|  |  |
| 5.00%, 2/15/43 | 2000 | 2034 |
| &nbsp;&nbsp; New York State Environmental Facilities <br> Corp. State Clean Water & Drinking <br> Water Subordinated Revenue <br> Refunding SRF Bonds,<br>|  |  |
| 4.00%, 6/15/46 | 5000 | 4709 |
| &nbsp;&nbsp; New York State Liberty Development <br> Corp. Liberty Revenue Refunding <br> Bonds, Series 1,<br>|  |  |
| 2.25%, 2/15/41 | 6555 | 4398 |
| &nbsp;&nbsp; New York State Mortgage Agency <br> Homeowner Revenue Refunding <br> Bonds, Series 233, Social Bonds,<br>|  |  |
| 2.05%, 4/1/33 | 1555 | 1263 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **New York – 12.2%continued** | **New York – 12.2%continued** | **New York – 12.2%continued** |
| &nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Revenue Refunding Bonds, Terminal <br> 4 John F. Kennedy International <br> Airport,<br>|  |  |
| 5.00%, 12/1/31 | $550 | $589 |
| &nbsp;&nbsp; New York State Transportation <br> Development Corp. Special Facilities <br> Sustainable Revenue Bonds, John F. <br> Kennedy International Airport New <br> Terminal One Project (AMT),<br>|  |  |
| 5.25%, 6/30/41 | 1600 | 1671 |
| &nbsp;&nbsp; New York State Urban Development <br> Corp. Revenue Refunding Bonds, <br> State Personal Income Tax,<br>|  |  |
| 5.00%, 3/15/47 | 4500 | 4632 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 207 (AMT),<br>|  |  |
| 5.00%, 9/15/28 | 1000 | 1037 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 246 (AMT),<br>|  |  |
| 5.00%, 9/1/33 | 5500 | 5930 |
| &nbsp;&nbsp; Port Authority of New York & New <br> Jersey Revenue Refunding Bonds, <br> Series 277 (AMT),<br>|  |  |
| 2.00%, 10/1/32 | 2000 | 1616 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Payroll Mobility Tax Revenue BANS, <br> Series A,<br>|  |  |
| 5.00%, 3/1/28 | 3000 | 3160 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Authority <br> Sales Tax Revenue Bonds, Series A-1,<br>|  |  |
| 5.00%, 5/15/54 | 2975 | 3077 |
| &nbsp;&nbsp; Triborough MTA Bridge & Tunnel <br> Authority Real Estate Transfer Tax <br> Revenue Bonds, TBTA Capital <br> Lockbox Fund,<br>|  |  |
| 5.00%, 12/1/50 | 6300 | 6531 |
| 5.25%, 12/1/54 | 3295 | 3478 |
| &nbsp;&nbsp; Utility Debt Securitization Authority <br> Restructuring Revenue Refunding <br> Bonds,<br>|  |  |
| 5.00%, 12/15/37 | 2500 | 2525 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **283** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **New York – 12.2%continued** | **New York – 12.2%continued** | **New York – 12.2%continued** |
| &nbsp;&nbsp; Utility Debt Securitization Authority <br> Revenue Bonds, Restructuring Bonds,<br>|  |  |
| 5.00%, 12/15/39 | $2500 | $2581 |
|  |  | **94029** |
| **North Carolina – 1.2%** | **North Carolina – 1.2%** | **North Carolina – 1.2%** |
| &nbsp;&nbsp; North Carolina State Housing Finance <br> Agency Home Ownership Revenue <br> Bonds, Series 44,<br>|  |  |
| 3.00%, 7/1/46 | 915 | 687 |
| &nbsp;&nbsp; North Carolina State Turnpike Authority <br> Senior Lien Revenue Bonds, Triangle <br> Expressway (AGM Insured),<br>|  |  |
| 5.00%, 1/1/49 | 500 | 509 |
| &nbsp;&nbsp; Raleigh Limited Obligation Refunding <br> Bonds,<br>|  |  |
| 5.00%, 10/1/31 | 7000 | 7793 |
|  |  | **8989** |
| **North Dakota – 0.3%** | **North Dakota – 0.3%** | **North Dakota – 0.3%** |
| &nbsp;&nbsp; Grand Forks Health Care System <br> Revenue Refunding Bonds, Altru <br> Health System (AGM Insured),<br>|  |  |
| 3.00%, 12/1/46 | 1500 | 1121 |
| &nbsp;&nbsp; North Dakota State Public Finance <br> Authority Revenue Refunding Bonds, <br> State Revolving Fund Program,<br>|  |  |
| 5.00%, 10/1/43 | 885 | 954 |
|  |  | **2075** |
| **Ohio – 3.4%** | **Ohio – 3.4%** | **Ohio – 3.4%** |
| &nbsp;&nbsp; Columbus Regional Airport Authority <br> Revenue Refunding Bonds, John <br> Glenn Columbus International <br> (AMT),<br>|  |  |
| 5.00%, 1/1/34 | 650 | 700 |
| &nbsp;&nbsp; Franklin County Convention Facilities <br> Authority Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 12/1/34 | 7000 | 7847 |
| &nbsp;&nbsp; Northeast Ohio Medical University <br> General Receipts Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 4.00%, 12/1/45 | 225 | 194 |
| &nbsp;&nbsp; Ohio State Hospital Facility Revenue <br> Refunding Bonds, Cleveland Clinic <br> Health System,<br>|  |  |
| 4.00%, 1/1/36 | 1000 | 998 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Ohio – 3.4%continued** | **Ohio – 3.4%continued** | **Ohio – 3.4%continued** |
| &nbsp;&nbsp; Ohio State Water Development <br> Authority Sustainable Revenue Bond, <br> Series A,<br>|  |  |
| 5.00%, 12/1/40 | $7250 | $7934 |
| &nbsp;&nbsp; Troy City School District G.O. Unlimited <br> Bonds,<br>|  |  |
| 5.00%, 12/1/54 | 2650 | 2766 |
| &nbsp;&nbsp; Washington Local School District Lucas <br> County G.O. Unlimited Bonds, Series <br> A (School District Credit Program),<br>|  |  |
| 3.13%, 12/1/51 | 2000 | 1420 |
| &nbsp;&nbsp; Wyoming City School District G.O. <br> Unlimited Bonds,<br>|  |  |
| 12/1/43<sup>(6)</sup> <br>| 1530 | 1618 |
| 12/1/55<sup>(6)</sup> <br>| 2500 | 2575 |
|  |  | **26052** |
| **Oklahoma – 1.0%** | **Oklahoma – 1.0%** | **Oklahoma – 1.0%** |
| &nbsp;&nbsp; Oklahoma State Capitol Improvement <br> Authority Facilities Revenue <br> Refunding Bonds, Series B,<br>|  |  |
| 5.00%, 7/1/29 | 280 | 302 |
| &nbsp;&nbsp; Oklahoma State Industries Authority <br> Educational Facilities Lease Revenue <br> Bonds, Oklahoma City Public School <br> Project,<br>|  |  |
| 5.00%, 4/1/31 | 6765 | 7394 |
|  |  | **7696** |
| **Oregon – 1.3%** | **Oregon – 1.3%** | **Oregon – 1.3%** |
| &nbsp;&nbsp; Clackamas County School District No. <br> 12 North Clackamas G.O. Unlimited <br> CABS, Series A (School Board <br> Guaranty Program),<br>|  |  |
| 0.00%, 6/15/38<sup>(4)</sup> <br>| 2500 | 1341 |
| &nbsp;&nbsp; Clackamas County School District No. <br> 62C Oregon City G.O. Unlimited <br> CABS, Series A (School Board <br> Guaranty Program),<br>|  |  |
| 0.00%, 6/15/37<sup>(4)</sup> <br>| 1000 | 583 |
| &nbsp;&nbsp; Port of Portland International Airport <br> Revenue Bonds,<br>|  |  |
| 5.00%, 7/1/49 | 2010 | 2053 |
| &nbsp;&nbsp; Salem Hospital Facility Authority <br> Revenue Refunding Bonds, Multi <br> Model Salem Health Projects,<br>|  |  |
| 5.00%, 5/15/44 | 3500 | 3575 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **284** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Oregon – 1.3%continued** | **Oregon – 1.3%continued** | **Oregon – 1.3%continued** |
| &nbsp;&nbsp; Union County Hospital Facility Authority <br> Revenue Bonds, Grand Ronde <br> Hospital Project,<br>|  |  |
| 5.00%, 7/1/52 | $750 | $725 |
| &nbsp;&nbsp; Washington County School District No. <br> 48J Beaverton G.O. Unlimited <br> CABS, Series A (School Board <br> Guaranty Program),<br>|  |  |
| 0.00%, 6/15/48<sup>(4)</sup> <br>| 5000 | 1551 |
|  |  | **9828** |
| **Pennsylvania – 2.8%** | **Pennsylvania – 2.8%** | **Pennsylvania – 2.8%** |
| &nbsp;&nbsp; Delaware County Regional Water <br> Quality Control Authority Sewer <br> Revenue Bonds,<br>|  |  |
| 5.00%, 5/1/32 | 820 | 821 |
| 5.00%, 5/1/35 | 865 | 866 |
| &nbsp;&nbsp; Pennsylvania State Higher Educational <br> Facilities Authority Revenue Bonds, <br> University of Pennsylvania Health <br> System,<br>|  |  |
| 5.00%, 8/15/49 | 5000 | 5061 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Oil Franchise Tax <br> Subordinate Revenue Bonds, Series <br> B,<br>|  |  |
| 5.00%, 12/1/43 | 2500 | 2570 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Revenue Refunding <br> Bonds, First Series of 2024,<br>|  |  |
| 5.00%, 12/1/41 | 6740 | 7282 |
| &nbsp;&nbsp; Pennsylvania State Turnpike <br> Commission Turnpike Revenue Bonds, <br> Series B,<br>|  |  |
| 5.00%, 12/1/40 | 1525 | 1532 |
| &nbsp;&nbsp; Pennsylvania State University Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 9/1/45 | 2000 | 2061 |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission <br> Turnpike Revenue Refunding Bonds, <br> Series B,<br>|  |  |
| 5.00%, 12/1/46 | 1700 | 1761 |
|  |  | **21954** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Rhode Island – 0.7%** | **Rhode Island – 0.7%** | **Rhode Island – 0.7%** |
| &nbsp;&nbsp; Providence Public Buildings Authority <br> Revenue Bonds, Capital Improvement <br> Program Project (AGC Insured),<br>|  |  |
| 5.00%, 9/15/37 | $740 | $807 |
| &nbsp;&nbsp; Rhode Island Turnpike & Bridge <br> Authority Motor Fuel TRB, Series A,<br>|  |  |
| 4.00%, 10/1/44 | 5265 | 4914 |
|  |  | **5721** |
| **South Carolina – 0.8%** | **South Carolina – 0.8%** | **South Carolina – 0.8%** |
| &nbsp;&nbsp; Aiken Water & Sewer Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 8/1/49 | 1000 | 910 |
| &nbsp;&nbsp; Charleston Educational Excellence <br> Financing Corp. Revenue Refunding <br> Bonds, Charleston County School <br> District Project,<br>|  |  |
| 5.00%, 12/1/26 | 1125 | 1164 |
| &nbsp;&nbsp; Patriots Energy Group Financing <br> Agency Gas Supply Variable <br> Revenue Refunding Bonds, Series <br> B-1,<br>|  |  |
| 5.25%, 3/1/31<sup>(1) (2)</sup> <br>| 2000 | 2139 |
| &nbsp;&nbsp; Patriots Energy Group Gas System <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 4.00%, 6/1/51 | 2500 | 2207 |
|  |  | **6420** |
| **Tennessee – 1.0%** | **Tennessee – 1.0%** | **Tennessee – 1.0%** |
| &nbsp;&nbsp; Chattanooga Electric Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 9/1/28 | 2315 | 2331 |
| &nbsp;&nbsp; Tennergy Corp. Gas Revenue Bonds, <br> Series A,<br>|  |  |
| 4.00%, 9/1/28<sup>(1) (2)</sup> <br>| 5000 | 5020 |
| &nbsp;&nbsp; Tennessee Housing Development <br> Agency Residential Financing <br> Program Revenue Bonds, Series 1B,<br>|  |  |
| 3.38%, 7/1/38 | 50 | 45 |
|  |  | **7396** |
| **Texas – 6.6%** | **Texas – 6.6%** | **Texas – 6.6%** |
| &nbsp;&nbsp; Austin Electric Utility System Revenue <br> Refunding Bonds, Series A,<br>|  |  |
| 5.00%, 11/15/28 | 500 | 506 |
| 5.00%, 11/15/35 | 2500 | 2521 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **285** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Texas – 6.6%continued** | **Texas – 6.6%continued** | **Texas – 6.6%continued** |
| &nbsp;&nbsp; Bexar County Certificates of Obligation <br> G.O. Limited Bonds,<br>|  |  |
| 4.00%, 6/15/46 | $5000 | $4652 |
| &nbsp;&nbsp; Bexar County Hospital District <br> Certificates of Obligation G.O. <br> Limited Bonds,<br>|  |  |
| 5.00%, 2/15/26 | 625 | 636 |
| &nbsp;&nbsp; Chambers County Justice Center Public <br> Facilities Corp. Lease Revenue <br> Bonds, Justice Center Project,<br>|  |  |
| 5.00%, 6/1/32 | 1005 | 1109 |
| 5.50%, 6/1/49 | 3120 | 3305 |
| &nbsp;&nbsp; Dallas G.O. Limited Refunding Bonds, <br> Series A,<br>|  |  |
| 5.00%, 2/15/38 | 1315 | 1421 |
| &nbsp;&nbsp; El Paso G.O. Unlimited Refunding <br> Bonds,<br>|  |  |
| 5.00%, 8/15/31 | 1020 | 1123 |
| &nbsp;&nbsp; El Paso Municipal Drainage Utility <br> System Revenue Bonds,<br>|  |  |
| 5.00%, 3/1/38 | 1215 | 1310 |
| &nbsp;&nbsp; Fort Bend Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series A (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/15/31 | 1875 | 2078 |
| &nbsp;&nbsp; Huffman Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 5.25%, 2/15/49 | 1750 | 1867 |
| &nbsp;&nbsp; Leander Independent School District <br> Current Interest Bonds G.O. <br> Unlimited Refunding Bonds, Series A <br> (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/15/26 | 3000 | 3024 |
| &nbsp;&nbsp; Lower Colorado River Authority <br> Transmission Contract Revenue <br> Refunding Bonds, LCRA Transmission <br> Services,<br>|  |  |
| 5.00%, 5/15/46 | 2500 | 2560 |
| &nbsp;&nbsp; North Texas Tollway Authority Revenue <br> Refunding Bonds, Series A, First Tier,<br>|  |  |
| 5.00%, 1/1/26 | 3830 | 3891 |
| Port Houston Authority Revenue Bonds, |  |  |
| 5.00%, 10/1/51 | 2500 | 2574 |
| &nbsp;&nbsp; Rankin Independent School District <br> G.O. Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/26 | 500 | 509 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Texas – 6.6%continued** | **Texas – 6.6%continued** | **Texas – 6.6%continued** |
| &nbsp;&nbsp; Rockwall Independent School District <br> G.O. Unlimited Bonds, Series A (PSF, <br> Gtd.),<br>|  |  |
| 5.00%, 2/15/52 | $2445 | $2521 |
| &nbsp;&nbsp; Roma Independent School District G.O. <br> Unlimited Bonds (PSF, Gtd.),<br>|  |  |
| 5.00%, 2/15/49 | 1500 | 1571 |
| &nbsp;&nbsp; Round Rock Independent School District <br> G.O. Unlimited Refunding Bonds, <br> Series A (PSF, Gtd.),<br>|  |  |
| 5.00%, 8/1/31 | 1500 | 1610 |
| &nbsp;&nbsp; San Antonio Electric & Gas Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 2/1/37 | 670 | 728 |
| &nbsp;&nbsp; San Antonio General Improvement <br> G.O. Limited Bonds,<br>|  |  |
| 5.00%, 8/1/30 | 3700 | 3846 |
| &nbsp;&nbsp; Texas State G.O. Unlimited Refunding <br> Bonds, Series B,<br>|  |  |
| 4.00%, 8/1/27 | 1250 | 1253 |
| &nbsp;&nbsp; Texas State Transportation Commission <br> Central Texas Turnpike System <br> Second Tier Revenue Refunding <br> Bonds, Series C,<br>|  |  |
| 5.00%, 8/15/39 | 1800 | 1930 |
| &nbsp;&nbsp; University of Texas Permanent University <br> Fund Revenue Bonds, Series B,<br>|  |  |
| 4.00%, 7/1/41 | 5000 | 4737 |
|  |  | **51282** |
| **Utah – 1.4%** | **Utah – 1.4%** | **Utah – 1.4%** |
| &nbsp;&nbsp; Intermountain Power Agency Supply <br> Revenue Bonds, Series A,<br>|  |  |
| 5.00%, 7/1/26 | 1250 | 1272 |
| &nbsp;&nbsp; Ogden City Municipal Building <br> Authority Lease Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 1/15/53 | 1250 | 1288 |
| &nbsp;&nbsp; Ogden City Redevelopment Agency <br> Sales & Tax Increment Revenue <br> Bonds,<br>|  |  |
| 5.00%, 1/15/53 | 1500 | 1545 |
| &nbsp;&nbsp; Salt Lake City Airport Revenue Bonds, <br> Series A (AMT),<br>|  |  |
| 5.00%, 7/1/32 | 1250 | 1328 |
| 5.00%, 7/1/35 | 5000 | 5241 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **286** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Utah – 1.4%continued** | **Utah – 1.4%continued** | **Utah – 1.4%continued** |
| &nbsp;&nbsp; Tooele County School District G.O. <br> Unlimited Bonds (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 6/1/30 | $505 | $553 |
|  |  | **11227** |
| **Virginia – 1.0%** | **Virginia – 1.0%** | **Virginia – 1.0%** |
| &nbsp;&nbsp; Rockingham County EDA Facilities <br> Revenue Refunding Bonds, Sentara <br> RMH Medical Center,<br>|  |  |
| 3.00%, 11/1/46 | 2000 | 1508 |
| &nbsp;&nbsp; Virginia State Port Authority <br> Commonwealth Fund Revenue <br> Bonds, Series A,<br>|  |  |
| 5.25%, 7/1/48 | 2500 | 2681 |
| &nbsp;&nbsp; Virginia State Public Building Authority <br> Public Facilities Revenue Bonds, <br> Series A,<br>|  |  |
| 5.00%, 8/1/31 | 2325 | 2592 |
| &nbsp;&nbsp; Virginia State Small Business Financing <br> Authority Senior Lien Revenue Bonds <br> (AMT), Elizabeth River,<br>|  |  |
| 3.00%, 1/1/41 | 1000 | 787 |
|  |  | **7568** |
| **Washington – 4.2%** | **Washington – 4.2%** | **Washington – 4.2%** |
| &nbsp;&nbsp; Benton County Public Utility District No. <br> 1 Electric Revenue Bonds,<br>|  |  |
| 5.00%, 11/1/48 | 1100 | 1143 |
| &nbsp;&nbsp; Clark County Public Utility District No. 1 <br> Electric Revenue Refunding Bonds,<br>|  |  |
| 5.00%, 1/1/38 | 850 | 924 |
| &nbsp;&nbsp; Pasco Public Facilities District Sales Tax <br> Revenue Bonds (AGC Insured),<br>|  |  |
| 5.00%, 11/1/38 | 1080 | 1168 |
| 5.00%, 11/1/40 | 1050 | 1126 |
| &nbsp;&nbsp; Port of Seattle Intermediate Lien <br> Revenue Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 8/1/36 | 3570 | 3754 |
| &nbsp;&nbsp; Port of Seattle Intermediate Senior Lien <br> Revenue Refunding Bonds (AMT),<br>|  |  |
| 5.00%, 8/1/42 | 1500 | 1544 |
| &nbsp;&nbsp; Snohomish County Public Utility District <br> No. 1 Electric System Revenue <br> Bonds,<br>|  |  |
| 5.00%, 12/1/40 | 560 | 563 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Washington – 4.2%continued** | **Washington – 4.2%continued** | **Washington – 4.2%continued** |
| &nbsp;&nbsp; Snohomish County Public Utility District <br> No. 1 Electric System Revenue <br> Bonds, Series A,<br>|  |  |
| 5.00%, 12/1/47 | $5000 | $5231 |
| &nbsp;&nbsp; Snohomish County School District No. <br> 15 Edmonds G.O. Unlimited <br> Refunding Bonds (School Board <br> Guaranty Program),<br>|  |  |
| 5.00%, 12/1/31 | 5000 | 5554 |
| Washington State COPS, Series A, |  |  |
| 5.00%, 7/1/26 | 1000 | 1028 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Bonds, Series C, Bidding Group 3,<br>|  |  |
| 5.00%, 2/1/45 | 2000 | 2090 |
| &nbsp;&nbsp; Washington State G.O. Unlimited <br> Refunding Bonds, Series R-2022C, <br> Bid Group 2,<br>|  |  |
| 4.00%, 7/1/27 | 1500 | 1540 |
| &nbsp;&nbsp; Washington State Health Care Facilities <br> Authority Revenue Refunding Bonds, <br> Providence Health & Services,<br>|  |  |
| 5.00%, 10/1/38 | 5000 | 5010 |
| &nbsp;&nbsp; Whatcom County Public Utility District <br> No. 1 G.O. Limited Bonds, Series A <br> (AMT) (BAM Insured),<br>|  |  |
| 5.50%, 12/1/43 | 1500 | 1590 |
|  |  | **32265** |
| **Wisconsin – 1.8%** | **Wisconsin – 1.8%** | **Wisconsin – 1.8%** |
| &nbsp;&nbsp; Central Brown County Water Authority <br> Water System Revenue Refunding <br> Bonds, Series A,<br>|  |  |
| 5.00%, 11/1/30 | 1320 | 1434 |
| &nbsp;&nbsp; Public Finance Authority Revenue <br> Refunding Bonds, Kahala Nui <br> Project,<br>|  |  |
| 5.25%, 11/15/50 | 1000 | 1039 |
| &nbsp;&nbsp; University Hospitals & Clinics Authority <br> Revenue Refunding Bonds, Series A,<br>|  |  |
| 4.25%, 4/1/48 | 2775 | 2601 |
| &nbsp;&nbsp; Westfield School District G.O. <br> Unlimited Promissory Notes (AGC <br> Insured),<br>|  |  |
| 5.00%, 3/1/39 | 685 | 732 |
| &nbsp;&nbsp; Wisconsin State G.O. Unlimited <br> Refunding Bonds, Series 2,<br>|  |  |
| 5.00%, 5/1/38 | 1000 | 1100 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **287** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**TAX-EXEMPT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  | **MUNICIPAL BONDS - 96.6%continued**  |
| **Wisconsin – 1.8%continued** | **Wisconsin – 1.8%continued** | **Wisconsin – 1.8%continued** |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue Bonds, <br> Three Pillars Senior Living <br> Communities,<br>|  |  |
| 4.40%, 8/15/29 | $1100 | $1097 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Milwaukee <br> Regional Medical Center,<br>|  |  |
| 4.13%, 4/1/46 | 1500 | 1360 |
| &nbsp;&nbsp; Wisconsin State Health & Educational <br> Facilities Authority Revenue <br> Refunding Bonds, Series of 2024, <br> Unrefunded Balance,<br>|  |  |
| 4.00%, 11/15/46 | 4945 | 4347 |
|  |  | **13710** |
| **Total Municipal Bonds** |  |  |
| **(Cost $794,439)** |  | **744795** |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 1.8%**  | **INVESTMENT COMPANIES – 1.8%**  | **INVESTMENT COMPANIES – 1.8%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(7) (8)</sup> <br>| 14033273 | $14033 |
| **Total Investment Companies** |  |  |
| **(Cost $14,033)** |  | **14033** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS – 1.7%**  | **SHORT-TERM INVESTMENTS – 1.7%**  | **SHORT-TERM INVESTMENTS – 1.7%**  |
| &nbsp;&nbsp; Burke County Development Authority <br> PCR Variable Bonds, Power <br> Company Vogtle-1st Series,<br>|  |  |
| 2.60%, 4/1/25<sup>(1) (9)</sup> <br>| $3000 | $3000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **SHORT-TERM INVESTMENTS - 1.7%continued**  | **SHORT-TERM INVESTMENTS - 1.7%continued**  | **SHORT-TERM INVESTMENTS - 1.7%continued**  |
| &nbsp;&nbsp; New York City Municipal Water <br> Finance Authority Water & Sewer <br> System Variable Revenue Bonds, <br> Second General Resolution, <br> Subseries FF,<br>|  |  |
| 2.55%, 4/1/25<sup>(1) (9)</sup> <br>| $10000 | $10000 |
| **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| **(Cost $13,000)** | **(Cost $13,000)** | **13000** |
| **Total Investments – 100.1%** | **Total Investments – 100.1%** |  |
| **(Cost $821,472)** | **(Cost $821,472)** | **771828** |
| Liabilities less Other Assets – (0.1%) | Liabilities less Other Assets – (0.1%) | (1137)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$770691** |

---

<sup>(1)</sup> *Maturity date represents the puttable date.*

<sup>(2)</sup> *Variable or floating rate security. These securities are remarketed by an* *agent, and the rate at which these securities are set are determined by* *general market conditions and supply and demand. Rate as of March 31,* *2025 is disclosed.* 

<sup>(3)</sup> *Step coupon bond. Rate as of March 31, 2025 is disclosed.*

<sup>(4)</sup> *Zero coupon bond.*

<sup>(5)</sup> *Maturity date represents the prerefunded date.*

<sup>(6)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2025.*

<sup>(7)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(8)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

<sup>(9)</sup> *Variable or floating rate security. Rate is determined by a remarketing agent* *and, in the agent's judgment, on the basis of prevailing financial markets, will* *be the lowest interest rate necessary to enable the remarketing agent to sell* *the bonds at a price equal to 100% of the principal amount.* 

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| AGC - Assured Guaranty Corporation |
| AGM - Assured Guaranty Municipal Corporation |
| AMBAC - American Municipal Bond Assurance Corporation |
| AMT - Alternative Minimum Tax |
| BAM - Build America Mutual |
| BANS - Bond Anticipation Notes |
| CABS - Capital Appreciation Bonds |
| CHF - Collegiate Housing Foundation |
| COPS - Certificates of Participation |
| EDA - Economic Development Authority |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **288** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| |
|:---|
| FHA - Federal Housing Administration |
| FHLMC - Federal Home Loan Mortgage Corporation |
| FNMA - Federal National Mortgage Association |
| G.O. - General Obligation |
| GNMA - Government National Mortgage Association |
| Gtd. - Guaranteed |
| HDA - Housing Development Authority |
| HUD - Housing and Urban Development |
| IDA - Industrial Development Authority |
| INS - Insured |
| LCRA - Lower Colorado River Authority |
| MFH - Multi-Family Housing |
| PCR - Pollution Control Revenue |
| PSF - Permanent School Fund |
| Q-SBLF - Qualified School Bond Loan Fund |
| SFM - Single Family Mortgage |
| SRF - Special Revenue Fund |
| TRB - Tax Revenue Bonds |
| VA - Veterans Affairs |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Municipal Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $744795 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $744795 |
| Investment Companies | &nbsp;&nbsp; 14033 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14033 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13000 |
| Total Investments | &nbsp;&nbsp; $14033 | &nbsp;&nbsp; $757795 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $771828 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **289** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**ULTRA-SHORT FIXED INCOME FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES – 8.5%**  | **ASSET-BACKED SECURITIES – 8.5%**  | **ASSET-BACKED SECURITIES – 8.5%**  |
| **Auto Loan – 3.4%** | **Auto Loan – 3.4%** | **Auto Loan – 3.4%** |
| &nbsp;&nbsp; AmeriCredit Automobile Receivables <br> Trust, Series 2020-3, Class C<br>|  |  |
| 1.06%, 8/18/26 | $116 | $116 |
| &nbsp;&nbsp; Bank of America Auto Trust, Series <br> 2023-1A, Class A3<br>|  |  |
| 5.53%, 2/15/28<sup>(1)</sup> <br>| 2015 | 2029 |
| &nbsp;&nbsp; BMW Vehicle Lease Trust, Series <br> 2024-1, Class A4<br>|  |  |
| 5.00%, 6/25/27 | 2000 | 2016 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, Series <br> 2023-4, Class A3<br>|  |  |
| 6.00%, 7/17/28 | 423 | 430 |
| &nbsp;&nbsp; Drive Auto Receivables Trust, Series <br> 2024-2, Class A2<br>|  |  |
| 4.94%, 12/15/27 | 2572 | 2575 |
| &nbsp;&nbsp; Exeter Automobile Receivables Trust, <br> Series 2024-5A, Class A2<br>|  |  |
| 4.79%, 4/15/27 | 1822 | 1822 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, Series <br> 2023-B, Class A2A<br>|  |  |
| 5.57%, 6/15/26 | 268 | 268 |
| &nbsp;&nbsp; GM Financial Automobile Leasing Trust, <br> Series 2024-1, Class A3<br>|  |  |
| 5.09%, 3/22/27 | 1581 | 1588 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-3, <br> Class A2A<br>|  |  |
| 5.74%, 9/16/26 | 88 | 88 |
| &nbsp;&nbsp; GM Financial Consumer Automobile <br> Receivables Trust, Series 2024-1, <br> Class A3<br>|  |  |
| 4.85%, 12/18/28 | 2600 | 2615 |
| &nbsp;&nbsp; Harley-Davidson Motorcycle Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 5.37%, 3/15/29 | 2050 | 2076 |
| &nbsp;&nbsp; Honda Auto Receivables Owner Trust, <br> Series 2024-1, Class A3<br>|  |  |
| 5.21%, 8/15/28 | 1743 | 1760 |
| &nbsp;&nbsp; Hyundai Auto Lease Securitization <br> Trust, Series 2024-B, Class A3<br>|  |  |
| 5.41%, 5/17/27<sup>(1)</sup> <br>| 2780 | 2805 |
| &nbsp;&nbsp; Hyundai Auto Receivables Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.99%, 2/15/29 | 940 | 948 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 8.5%continued**  | **ASSET-BACKED SECURITIES - 8.5%continued**  | **ASSET-BACKED SECURITIES - 8.5%continued**  |
| **Auto Loan – 3.4%continued** | **Auto Loan – 3.4%continued** | **Auto Loan – 3.4%continued** |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, <br> Series 2025-2, Class A2<br>|  |  |
| 4.71%, 6/15/28 | $15150 | $15158 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Series 2023-B, <br> Class A3<br>|  |  |
| 6.13%, 9/21/26<sup>(1)</sup> <br>| 3112 | 3124 |
| &nbsp;&nbsp; Tesla Auto Lease Trust, Series 2024-B, <br> Class A2A<br>|  |  |
| 4.79%, 1/20/27<sup>(1)</sup> <br>| 1942 | 1943 |
| &nbsp;&nbsp; Toyota Lease Owner Trust, Series <br> 2024-B, Class A2A<br>|  |  |
| 4.31%, 2/22/27<sup>(1)</sup> <br>| 4926 | 4919 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, <br> Series 2023-3, Class A3<br>|  |  |
| 5.82%, 5/17/27<sup>(1)</sup> <br>| 8050 | 8087 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2021-D, Class A3<br>|  |  |
| 0.81%, 10/15/26 | 44 | 44 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-A, Class A3<br>|  |  |
| 4.86%, 3/15/29 | 1130 | 1135 |
| &nbsp;&nbsp; World Omni Auto Receivables Trust, <br> Series 2024-B, Class A3<br>|  |  |
| 5.27%, 9/17/29 | 1625 | 1642 |
|  |  | **57188** |
| **Credit Card – 2.8%** | **Credit Card – 2.8%** | **Credit Card – 2.8%** |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2022-A3, Class A<br>|  |  |
| 4.95%, 10/15/27 | 6000 | 6012 |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2023-A1, Class A<br>|  |  |
| 4.42%, 5/15/28 | 8000 | 8003 |
| &nbsp;&nbsp; Capital One Multi-Asset Execution Trust, <br> Series 2024-A1, Class A<br>|  |  |
| 3.92%, 9/15/29 | 9575 | 9514 |
| &nbsp;&nbsp; Chase Issuance Trust, Series 2023-A1, <br> Class A<br>|  |  |
| 5.16%, 9/15/28 | 4000 | 4045 |
| &nbsp;&nbsp; Citibank Credit Card Issuance Trust, <br> Series 2023-A1, Class A1<br>|  |  |
| 5.23%, 12/8/27 | 9900 | 9944 |
| &nbsp;&nbsp; Discover Card Execution Note Trust, <br> Series 2023-A1, Class A<br>|  |  |
| 4.31%, 3/15/28 | 4290 | 4287 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **290** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 8.5%continued**  | **ASSET-BACKED SECURITIES - 8.5%continued**  | **ASSET-BACKED SECURITIES - 8.5%continued**  |
| **Credit Card – 2.8%continued** | **Credit Card – 2.8%continued** | **Credit Card – 2.8%continued** |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2023-A1, Class A<br>|  |  |
| 5.54%, 7/15/29 | $1250 | $1267 |
| &nbsp;&nbsp; Synchrony Card Funding LLC, Series <br> 2024-A1, Class A<br>|  |  |
| 5.04%, 3/15/30 | 1458 | 1478 |
| &nbsp;&nbsp; WF Card Issuance Trust, Series <br> 2024-A1, Class A<br>|  |  |
| 4.94%, 2/15/29 | 2530 | 2561 |
|  |  | **47111** |
| **Other – 0.7%** | **Other – 0.7%** | **Other – 0.7%** |
| &nbsp;&nbsp; CNH Equipment Trust, Series 2024-B, <br> Class A3<br>|  |  |
| 5.19%, 9/17/29 | 1100 | 1118 |
| &nbsp;&nbsp; HPEFS Equipment Trust, Series <br> 2024-2A, Class A2<br>|  |  |
| 5.50%, 10/20/31<sup>(1)</sup> <br>| 2539 | 2544 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-A, Class A3<br>|  |  |
| 4.96%, 11/15/28 | 625 | 631 |
| &nbsp;&nbsp; John Deere Owner Trust, Series <br> 2024-C, Class A2A<br>|  |  |
| 4.36%, 8/16/27 | 4650 | 4649 |
| &nbsp;&nbsp; Kubota Credit Owner Trust, Series <br> 2025-1A, Class A2<br>|  |  |
| 4.61%, 12/15/27<sup>(1)</sup> <br>| 1830 | 1834 |
| &nbsp;&nbsp; MMAF Equipment Finance LLC, Series <br> 2024-A, Class A2<br>|  |  |
| 5.20%, 9/13/27<sup>(1)</sup> <br>| 828 | 831 |
|  |  | **11607** |
| **Whole Loan – 1.6%** | **Whole Loan – 1.6%** | **Whole Loan – 1.6%** |
| &nbsp;&nbsp; Bravo Residential Funding Trust, Series <br> 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.60% on 2/25/29), <br> 5.60%, 12/25/64<sup>(1) (2)</sup> <br>| 11491 | 11515 |
| &nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2024-2, Class A6A<br>|  |  |
| 6.00%, 8/25/54<sup>(1)</sup> <br>| 1437 | 1438 |
| &nbsp;&nbsp; JP Morgan Mortgage Trust, Series <br> 2025-NQM1, Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.59% on 4/25/29), <br> 5.59%, 6/25/65<sup>(1) (2)</sup> <br>| 6000 | 6016 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **ASSET-BACKED SECURITIES - 8.5%continued**  | **ASSET-BACKED SECURITIES - 8.5%continued**  | **ASSET-BACKED SECURITIES - 8.5%continued**  |
| **Whole Loan – 1.6%continued** | **Whole Loan – 1.6%continued** | **Whole Loan – 1.6%continued** |
| &nbsp;&nbsp; OBX Trust, Series 2024-NQM16, <br> Class A1<br>|  |  |
| &nbsp;&nbsp; (Step to 6.53% on 11/25/28), <br> 5.53%, 10/25/64<sup>(1) (2)</sup> <br>| $2971 | $2973 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, Class A1<br>|  |  |
| (Step to 6.55% on 4/25/29), <br> 5.55%, 1/25/65<sup>(1) (2)</sup> <br>| 4000 | 3997 |
|  |  | **25939** |
| **Total Asset-Backed Securities** |  |  |
| **(Cost $141,615)** |  | **141845** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.3%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.3%**  | **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.3%**  |
| **Non Agency – 0.3%** | **Non Agency – 0.3%** | **Non Agency – 0.3%** |
| &nbsp;&nbsp; Legends Outlets Kansas City KS <br> Mortgage Secured Pass-Through <br> Trust, Series 2024-LGND, Class A<br>|  |  |
| 6.25%, 11/5/39<sup>(1)</sup> <br>| 5000 | **5066** |
| &nbsp;&nbsp; **Total Commercial Mortgage-Backed** <br> **Securities**<br>|  |  |
| **(Cost $5,084)** |  | **5066** |
| **COMMERCIAL PAPER – 0.1%**  | **COMMERCIAL PAPER – 0.1%**  | **COMMERCIAL PAPER – 0.1%**  |
| **Banking – 0.1%** | **Banking – 0.1%** | **Banking – 0.1%** |
| BofA Securities, Inc., |  |  |
| 5.23%, 6/9/25<sup>(3) (4)</sup> <br>| 1000 | **992** |
| **Total Commercial Paper** |  |  |
| **(Cost $990)** |  | **992** |
| **CORPORATE BONDS – 45.6%**  | **CORPORATE BONDS – 45.6%**  | **CORPORATE BONDS – 45.6%**  |
| **Apparel & Textile Products – 0.4%** | **Apparel & Textile Products – 0.4%** | **Apparel & Textile Products – 0.4%** |
| Ralph Lauren Corp., |  |  |
| 3.75%, 9/15/25 | 6000 | **5973** |
| **Asset Management – 2.6%** | **Asset Management – 2.6%** | **Asset Management – 2.6%** |
| BlackRock Funding, Inc., |  |  |
| 4.60%, 7/26/27  | 18340 | 18484 |
| Blackstone Private Credit Fund, |  |  |
| 4.95%, 9/26/27 <sup>(1)</sup> <br>| 2310 | 2288 |
| Charles Schwab (The) Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.05%), 5.46%, <br> 3/3/27 <sup>(5)</sup> <br>| 20000 | 20186 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **291** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 45.6% continued**  | **CORPORATE BONDS - 45.6% continued**  | **CORPORATE BONDS - 45.6% continued**  |
| **Asset Management – 2.6%continued** | **Asset Management – 2.6%continued** | **Asset Management – 2.6%continued** |
| Citadel Finance LLC, |  |  |
| 3.38%, 3/9/26 <sup>(1)</sup> <br>| $2000 | $1967 |
|  |  | **42925** |
| **Automotive – 3.1%** | **Automotive – 3.1%** | **Automotive – 3.1%** |
| American Honda Finance Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.72%), <br> 5.09%, 10/22/27 <sup>(5)</sup> <br>| 10000 | 9969 |
| Ford Motor Credit Co. LLC, |  |  |
| 4.13%, 8/4/25  | 6650 | 6612 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 2.95%), <br> 7.36%, 3/6/26 <sup>(5)</sup> <br>| 1030 | 1045 |
| Hyundai Capital America, |  |  |
| 5.45%, 6/24/26 <sup>(1)</sup> <br>| 4000 | 4033 |
| 5.95%, 9/21/26 <sup>(1)</sup> <br>| 4000 | 4070 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.50%), <br> 5.85%, 1/8/27 <sup>(1) (5)</sup> <br>| 10000 | 10107 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.00%), <br> 5.46%, 6/24/27 <sup>(1) (5)</sup> <br>| 10000 | 10016 |
| Toyota Motor Credit Corp., |  |  |
| (Floating, U.S. SOFR Compounded <br> Index + 0.45%), 4.81%, <br> 4/10/26 <sup>(5)</sup> <br>| 5180 | 5179 |
|  |  | **51031** |
| **Banking – 9.6%** | **Banking – 9.6%** | **Banking – 9.6%** |
| American Express Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.02%), <br> 5.40%, 1/30/31 <sup>(5)</sup> <br>| 8000 | 8032 |
| Citibank N.A., |  |  |
| 5.44%, 4/30/26  | 1600 | 1617 |
| 4.93%, 8/6/26  | 2500 | 2516 |
| Citigroup, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.28%), <br> 5.68%, 2/24/28 <sup>(5)</sup> <br>| 21000 | 21223 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 5.28%, 3/4/29 <sup>(5)</sup> <br>| 7800 | 7802 |
| Fifth Third Bank N.A., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.00%), <br> 5.19%, 1/28/28 <sup>(5)</sup> <br>| 7300 | 7327 |
| Huntington National Bank (The), |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 4/12/28 <sup>(6)</sup> <br>| 3800 | 3815 |
| JPMorgan Chase & Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.77%), <br> 5.19%, 9/22/27 <sup>(5)</sup> <br>| 10100 | 10136 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 45.6% continued**  | **CORPORATE BONDS - 45.6% continued**  | **CORPORATE BONDS - 45.6% continued**  |
| **Banking – 9.6%continued** | **Banking – 9.6%continued** | **Banking – 9.6%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.18%), <br> 5.58%, 2/24/28 <sup>(5)</sup> <br>| $13000 | $13132 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.80%), <br> 5.18%, 1/24/29 <sup>(5)</sup> <br>| 7300 | 7310 |
| KeyBank N.A., |  |  |
| 4.15%, 8/8/25  | 3800 | 3790 |
| Morgan Stanley Bank N.A., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 5.27%, 5/26/28 <sup>(5)</sup> <br>| 15000 | 15051 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.90%), <br> 5.26%, 1/12/29 <sup>(5)</sup> <br>| 3500 | 3514 |
| PNC Bank N.A., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.50%), <br> 4.86%, 1/15/27 <sup>(5)</sup> <br>| 6500 | 6508 |
| &nbsp;&nbsp; PNC Financial Services Group (The), <br> Inc.,<br>|  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR Compounded <br> Index + 1.73%), 6.62%, <br> 10/20/27 <sup>(6)</sup> <br>| 3105 | 3200 |
| Santander Holdings U.S.A., Inc., |  |  |
| 3.45%, 6/2/25  | 2031 | 2026 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.23%), <br> 6.12%, 5/31/27 <sup>(6)</sup> <br>| 2850 | 2886 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.61%), <br> 6.03%, 3/20/29 <sup>(5)</sup> <br>| 12000 | 12051 |
| Truist Financial Corp., |  |  |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 2.05%), <br> 6.05%, 6/8/27 <sup>(6)</sup> <br>| 6000 | 6100 |
| U.S. Bancorp, |  |  |
| 1.45%, 5/12/25  | 2859 | 2848 |
| Wells Fargo & Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.78%), <br> 5.16%, 1/24/28 <sup>(5)</sup> <br>| 11500 | 11532 |
| Wells Fargo Bank N.A., |  |  |
| 5.25%, 12/11/26  | 7955 | 8068 |
|  |  | **160484** |
| **Capital Goods – 0.4%** | **Capital Goods – 0.4%** | **Capital Goods – 0.4%** |
| Amcor Flexibles North America, Inc., |  |  |
| 4.80%, 3/17/28<sup>(1)</sup> <br>| 7120 | **7159** |
| **Consumer Cyclical – 1.8%** | **Consumer Cyclical – 1.8%** | **Consumer Cyclical – 1.8%** |
| General Motors Financial Co., Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 5.64%, 1/7/30 <sup>(5)</sup> <br>| 15000 | 14931 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **292** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 45.6% continued**  | **CORPORATE BONDS - 45.6% continued**  | **CORPORATE BONDS - 45.6% continued**  |
| **Consumer Cyclical – 1.8%continued** | **Consumer Cyclical – 1.8%continued** | **Consumer Cyclical – 1.8%continued** |
| Toyota Motor Credit Corp., |  |  |
| (Floating, U.S. SOFR + 0.47%), <br> 4.82%, 1/8/27 <sup>(5)</sup> <br>| $15000 | $15007 |
|  |  | **29938** |
| **Consumer Non-Cyclical – 2.4%** | **Consumer Non-Cyclical – 2.4%** | **Consumer Non-Cyclical – 2.4%** |
| Cargill, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.61%), <br> 5.00%, 2/11/28 <sup>(1) (5)</sup> <br>| 7500 | 7530 |
| HCA, Inc., |  |  |
| 5.00%, 3/1/28  | 2220 | 2238 |
| Mars, Inc., |  |  |
| 4.60%, 3/1/28 <sup>(1)</sup> <br>| 15200 | 15261 |
| Stryker Corp., |  |  |
| 4.55%, 2/10/27  | 9500 | 9513 |
| Zimmer Biomet Holdings, Inc., |  |  |
| 4.70%, 2/19/27  | 5432 | 5448 |
|  |  | **39990** |
| **E-Commerce Discretionary – 0.5%** | **E-Commerce Discretionary – 0.5%** | **E-Commerce Discretionary – 0.5%** |
| eBay, Inc., |  |  |
| 5.90%, 11/22/25 | 8750 | **8815** |
| **Electric – 0.4%** | **Electric – 0.4%** | **Electric – 0.4%** |
| NextEra Energy Capital Holdings, Inc., |  |  |
| (Floating, U.S. SOFR Compounded <br> Index + 0.80%), 5.18%, <br> 2/4/28<sup>(5)</sup> <br>| 6600 | **6630** |
| **Electric Utilities – 1.2%** | **Electric Utilities – 1.2%** | **Electric Utilities – 1.2%** |
| Dominion Energy, Inc., |  |  |
| 3.90%, 10/1/25  | 4595 | 4580 |
| Vistra Operations Co. LLC, |  |  |
| 5.13%, 5/13/25 <sup>(1)</sup> <br>| 15600 | 15584 |
|  |  | **20164** |
| **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** | **Entertainment Content – 0.3%** |
| Take-Two Interactive Software, Inc., |  |  |
| 3.55%, 4/14/25 | 5340 | **5338** |
| **Food – 0.8%** | **Food – 0.8%** | **Food – 0.8%** |
| General Mills, Inc., |  |  |
| 4.70%, 1/30/27  | 2291 | 2298 |
| Kraft Heinz Foods Co., |  |  |
| 3.00%, 6/1/26  | 6000 | 5894 |
| McCormick & Co., Inc., |  |  |
| 3.25%, 11/15/25  | 5000 | 4937 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 45.6% continued**  | **CORPORATE BONDS - 45.6% continued**  | **CORPORATE BONDS - 45.6% continued**  |
| **Food – 0.8%continued** | **Food – 0.8%continued** | **Food – 0.8%continued** |
| The Campbell's Co., |  |  |
| 5.30%, 3/20/26  | $1000 | $1007 |
|  |  | **14136** |
| **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** | **Health Care Facilities & Services – 0.6%** |
| Cencora, Inc., |  |  |
| 4.63%, 12/15/27  | 3280 | 3290 |
| Elevance Health, Inc., |  |  |
| 4.50%, 10/30/26  | 2320 | 2320 |
| HCA, Inc., |  |  |
| 5.88%, 2/15/26  | 5000 | 5020 |
|  |  | **10630** |
| **Home Construction – 0.3%** | **Home Construction – 0.3%** | **Home Construction – 0.3%** |
| D.R. Horton, Inc., |  |  |
| 2.60%, 10/15/25 | 5000 | **4948** |
| **Institutional Financial Services – 3.7%** | **Institutional Financial Services – 3.7%** | **Institutional Financial Services – 3.7%** |
| Goldman Sachs Group (The), Inc., |  |  |
| 3.50%, 4/1/25  | 1500 | 1500 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.81%), <br> 5.22%, 3/9/27 <sup>(5)</sup> <br>| 25000 | 25068 |
| Intercontinental Exchange, Inc., |  |  |
| 3.65%, 5/23/25  | 600 | 599 |
| Morgan Stanley, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.02%), <br> 5.39%, 4/13/28 <sup>(5)</sup> <br>| 11000 | 11088 |
| Nasdaq, Inc., |  |  |
| 5.65%, 6/28/25 <sup>(7)</sup> <br>| 8000 | 8019 |
| State Street Bank & Trust Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.46%), <br> 4.86%, 11/25/26 <sup>(5)</sup> <br>| 5240 | 5249 |
| State Street Corp., |  |  |
| 5.27%, 8/3/26  | 2070 | 2094 |
| 4.33%, 10/22/27  | 8040 | 8055 |
|  |  | **61672** |
| **Insurance – 2.0%** | **Insurance – 2.0%** | **Insurance – 2.0%** |
| Arthur J Gallagher & Co., |  |  |
| 4.60%, 12/15/27  | 13050 | 13078 |
| Corebridge Financial, Inc., |  |  |
| 3.50%, 4/4/25  | 12900 | 12899 |
| Marsh & McLennan Cos., Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.70%), 5.09%, <br> 11/8/27 <sup>(5)</sup> <br>| 5280 | 5301 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **293** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 45.6% continued**  | **CORPORATE BONDS - 45.6% continued**  | **CORPORATE BONDS - 45.6% continued**  |
| **Insurance – 2.0%continued** | **Insurance – 2.0%continued** | **Insurance – 2.0%continued** |
| New York Life Global Funding, |  |  |
| (Floating, U.S. SOFR + 0.67%), <br> 5.10%, 4/2/27 <sup>(1) (5)</sup> <br>| $2480 | $2488 |
|  |  | **33766** |
| **Leisure Facilities & Services – 0.5%** | **Leisure Facilities & Services – 0.5%** | **Leisure Facilities & Services – 0.5%** |
| Marriott International, Inc., |  |  |
| 3.75%, 10/1/25 | 8500 | **8459** |
| **Machinery – 1.3%** | **Machinery – 1.3%** | **Machinery – 1.3%** |
| AGCO Corp., |  |  |
| 5.45%, 3/21/27  | 1710 | 1731 |
| CNH Industrial Capital LLC, |  |  |
| 3.95%, 5/23/25  | 6090 | 6082 |
| 4.50%, 10/8/27  | 2620 | 2608 |
| John Deere Capital Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.60%), <br> 4.96%, 4/19/27 <sup>(5)</sup> <br>| 5000 | 5020 |
| Stanley Black & Decker, Inc., |  |  |
| 6.27%, 3/6/26  | 5870 | 5871 |
|  |  | **21312** |
| **Medical Equipment & Devices – 1.5%** | **Medical Equipment & Devices – 1.5%** | **Medical Equipment & Devices – 1.5%** |
| Agilent Technologies, Inc., |  |  |
| 4.20%, 9/9/27  | 7800 | 7754 |
| GE HealthCare Technologies, Inc., |  |  |
| 5.60%, 11/15/25  | 10000 | 10046 |
| Stryker Corp., |  |  |
| 3.50%, 3/15/26  | 7000 | 6937 |
|  |  | **24737** |
| **Oil & Gas Services & Equipment – 0.8%** | **Oil & Gas Services & Equipment – 0.8%** | **Oil & Gas Services & Equipment – 0.8%** |
| Schlumberger Holdings Corp., |  |  |
| 5.00%, 5/29/27<sup>(1)</sup> <br>| 12799 | **12959** |
| **Oil & Gas Supply Chain – 0.7%** | **Oil & Gas Supply Chain – 0.7%** | **Oil & Gas Supply Chain – 0.7%** |
| Enbridge Energy Partners L.P., |  |  |
| 5.88%, 10/15/25  | 4400 | 4418 |
| Enterprise Products Operating LLC, |  |  |
| 5.05%, 1/10/26  | 2230 | 2240 |
| Williams (The) Cos., Inc., |  |  |
| 5.40%, 3/2/26  | 5110 | 5146 |
|  |  | **11804** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 45.6% continued**  | **CORPORATE BONDS - 45.6% continued**  | **CORPORATE BONDS - 45.6% continued**  |
| **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** | **Real Estate Investment Trusts – 0.3%** |
| Public Storage Operating Co., |  |  |
| (Floating, U.S. SOFR Compounded <br> Index + 0.70%), 5.07%, <br> 4/16/27<sup>(5)</sup> <br>| $4720 | **$4739** |
| **Retail - Discretionary – 0.4%** | **Retail - Discretionary – 0.4%** | **Retail - Discretionary – 0.4%** |
| AutoNation, Inc., |  |  |
| 4.50%, 10/1/25  | 1000 | 998 |
| AutoZone, Inc., |  |  |
| 5.05%, 7/15/26  | 2980 | 3001 |
| O'Reilly Automotive, Inc., |  |  |
| 5.75%, 11/20/26  | 1890 | 1925 |
|  |  | **5924** |
| **Semiconductors – 0.3%** | **Semiconductors – 0.3%** | **Semiconductors – 0.3%** |
| Intel Corp., |  |  |
| 3.70%, 7/29/25  | 5000 | 4980 |
| 4.88%, 2/10/26  | 795 | 796 |
|  |  | **5776** |
| **Software – 0.1%** | **Software – 0.1%** | **Software – 0.1%** |
| Roper Technologies, Inc., |  |  |
| 3.85%, 12/15/25 | 2021 | **2013** |
| **Specialty Finance – 2.5%** | **Specialty Finance – 2.5%** | **Specialty Finance – 2.5%** |
| Air Lease Corp., |  |  |
| 3.38%, 7/1/25  | 5733 | 5714 |
| American Express Co., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.65%), 5.03%, <br> 11/4/26 <sup>(5)</sup> <br>| 12996 | 13026 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.93%), <br> 5.31%, 7/26/28 <sup>(5)</sup> <br>| 10000 | 10063 |
| Aviation Capital Group LLC, |  |  |
| 4.88%, 10/1/25 <sup>(1)</sup> <br>| 4300 | 4298 |
| Synchrony Financial, |  |  |
| 4.88%, 6/13/25  | 9047 | 9043 |
|  |  | **42144** |
| **Steel – 0.3%** | **Steel – 0.3%** | **Steel – 0.3%** |
| Nucor Corp., |  |  |
| 3.95%, 5/23/25 | 5340 | **5333** |
| **Technology – 4.6%** | **Technology – 4.6%** | **Technology – 4.6%** |
| Adobe, Inc., |  |  |
| 4.75%, 1/17/28  | 15000 | 15219 |
| Advanced Micro Devices, Inc., |  |  |
| 4.21%, 9/24/26  | 4600 | 4610 |
| 4.32%, 3/24/28  | 11000 | 11061 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **294** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **CORPORATE BONDS - 45.6% continued**  | **CORPORATE BONDS - 45.6% continued**  | **CORPORATE BONDS - 45.6% continued**  |
| **Technology – 4.6%continued** | **Technology – 4.6%continued** | **Technology – 4.6%continued** |
| Dell International LLC/EMC Corp., |  |  |
| 4.75%, 4/1/28  | $3660 | $3677 |
| Mastercard, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.44%), 4.85%, <br> 3/15/28 <sup>(5)</sup> <br>| 5700 | 5695 |
| Oracle Corp., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 5.15%, 8/3/28 <sup>(5)</sup> <br>| 11600 | 11634 |
| PayPal Holdings, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.67%), <br> 5.08%, 3/6/28 <sup>(5)</sup> <br>| 13800 | 13815 |
| Synopsys, Inc., |  |  |
| 4.55%, 4/1/27  | 10800 | 10840 |
|  |  | **76551** |
| **Technology Hardware – 1.5%** | **Technology Hardware – 1.5%** | **Technology Hardware – 1.5%** |
| Hewlett Packard Enterprise Co., |  |  |
| 4.90%, 10/15/25  | 12987 | 12996 |
| 4.45%, 9/25/26  | 2270 | 2265 |
| Juniper Networks, Inc., |  |  |
| 1.20%, 12/10/25  | 9990 | 9747 |
|  |  | **25008** |
| **Telecommunications – 0.2%** | **Telecommunications – 0.2%** | **Telecommunications – 0.2%** |
| AT&T, Inc., |  |  |
| 1.70%, 3/25/26 | 2831 | **2753** |
| **Wholesale - Consumer Staples – 0.5%** | **Wholesale - Consumer Staples – 0.5%** | **Wholesale - Consumer Staples – 0.5%** |
| Sysco Corp., |  |  |
| 3.25%, 7/15/27 | 8760 | **8526** |
| **Total Corporate Bonds** |  |  |
| **(Cost $758,809)** |  | **761637** |
| **FOREIGN ISSUER BONDS – 35.9%**  | **FOREIGN ISSUER BONDS – 35.9%**  | **FOREIGN ISSUER BONDS – 35.9%**  |
| **Automotive – 0.8%** | **Automotive – 0.8%** | **Automotive – 0.8%** |
| BMW U.S. Capital LLC, |  |  |
| 4.90%, 4/2/27 <sup>(1)</sup> <br>| 3000 | 3022 |
| &nbsp;&nbsp; Mercedes-Benz Finance North <br> America LLC,<br>|  |  |
| 5.38%, 8/1/25 <sup>(1)</sup> <br>| 2410 | 2415 |
| 4.75%, 8/1/27 <sup>(1)</sup> <br>| 7350 | 7370 |
|  |  | **12807** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 35.9% continued**  | **FOREIGN ISSUER BONDS - 35.9% continued**  | **FOREIGN ISSUER BONDS - 35.9% continued**  |
| **Banking – 26.7%** | **Banking – 26.7%** | **Banking – 26.7%** |
| &nbsp;&nbsp; Australia & New Zealand Banking <br> Group Ltd.,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.65%), <br> 5.08%, 9/30/27 <sup>(1) (5)</sup> <br>| $2000 | $2008 |
| Bank of Montreal, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.62%), 5.04%, <br> 9/15/26 <sup>(5)</sup> <br>| 25800 | 25845 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.86%), <br> 5.24%, 1/27/29 <sup>(5)</sup> <br>| 5500 | 5501 |
| Bank of New Zealand, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.81%), <br> 5.19%, 1/27/27 <sup>(1) (5)</sup> <br>| 21000 | 21111 |
| Bank of Nova Scotia (The), |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.55%), 4.95%, <br> 3/2/26 <sup>(5)</sup> <br>| 15000 | 15022 |
| &nbsp;&nbsp; Banque Federative du Credit Mutuel <br> S.A.,<br>|  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.23%), 5.60%, <br> 1/22/30 <sup>(1) (5)</sup> <br>| 10000 | 10034 |
| Barclays PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.49%), <br> 5.90%, 3/12/28 <sup>(5)</sup> <br>| 10000 | 10134 |
| BPCE S.A., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.96%), <br> 5.38%, 9/25/25 <sup>(1) (5)</sup> <br>| 2000 | 2006 |
| Canadian Imperial Bank of Commerce, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.72%), <br> 5.08%, 1/13/28 <sup>(5)</sup> <br>| 15000 | 14990 |
| Commonwealth Bank of Australia, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.52%), <br> 4.94%, 6/15/26 <sup>(1) (5)</sup> <br>| 4500 | 4512 |
| Cooperatieve Rabobank UA, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.89%), 5.26%, <br> 10/17/29 <sup>(5)</sup> <br>| 3000 | 3011 |
| Credit Agricole S.A., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.87%), <br> 5.28%, 3/11/27 <sup>(1) (5)</sup> <br>| 4660 | 4680 |
| &nbsp;&nbsp; (Variable, U.S. SOFR + 1.21%), <br> 4.63%, 9/11/28 <sup>(1) (6)</sup> <br>| 8080 | 8056 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.21%), <br> 5.62%, 9/11/28 <sup>(1) (5)</sup> <br>| 6000 | 6048 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **295** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**ULTRA-SHORT FIXED INCOME FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 35.9% continued**  | **FOREIGN ISSUER BONDS - 35.9% continued**  | **FOREIGN ISSUER BONDS - 35.9% continued**  |
| **Banking – 26.7%continued** | **Banking – 26.7%continued** | **Banking – 26.7%continued** |
| Danske Bank A/S, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.18%), 6.26%, <br> 9/22/26 <sup>(1) (6)</sup> <br>| $4060 | $4089 |
| Deutsche Bank A.G., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.22%), <br> 5.61%, 11/16/27 <sup>(5)</sup> <br>| 7500 | 7527 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.21%), <br> 5.57%, 1/10/29 <sup>(5)</sup> <br>| 10000 | 9996 |
| HSBC Holdings PLC, |  |  |
| &nbsp;&nbsp; (Floating, CME Term SOFR 3M + <br> 1.64%), 5.94%, 9/12/26 <sup>(5)</sup> <br>| 2816 | 2833 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.04%), <br> 5.43%, 11/19/28 <sup>(5)</sup> <br>| 5200 | 5225 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 5.44%, 3/3/29 <sup>(5)</sup> <br>| 14000 | 14023 |
| ING Groep N.V., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.01%), 5.44%, <br> 4/1/27 <sup>(5)</sup> <br>| 27000 | 27118 |
| Lloyds Banking Group PLC, |  |  |
| &nbsp;&nbsp; (Variable, U.S. Treasury Yield Curve <br> Rate CMT 1Y + 1.75%), 4.72%, <br> 8/11/26 <sup>(6)</sup> <br>| 7700 | 7695 |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 1.06%), 5.46%, <br> 11/26/28 <sup>(5)</sup> <br>| 15000 | 15031 |
| Macquarie Bank Ltd., |  |  |
| 5.27%, 7/2/27 <sup>(1)</sup> <br>| 9430 | 9617 |
| National Australia Bank Ltd., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.62%), <br> 5.03%, 6/11/27 <sup>(1) (5)</sup> <br>| 11220 | 11244 |
| National Bank of Canada, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.00%), 5.46%, <br> 7/2/27 <sup>(5)</sup> <br>| 7260 | 7297 |
| Nationwide Building Society, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.29%), <br> 5.68%, 2/16/28 <sup>(1) (5)</sup> <br>| 10700 | 10779 |
| NatWest Markets PLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.76%), <br> 5.19%, 9/29/26 <sup>(1) (5)</sup> <br>| 27900 | 27992 |
| Nordea Bank Abp, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.74%), <br> 5.16%, 3/19/27 <sup>(1) (5)</sup> <br>| 8500 | 8532 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 35.9% continued**  | **FOREIGN ISSUER BONDS - 35.9% continued**  | **FOREIGN ISSUER BONDS - 35.9% continued**  |
| **Banking – 26.7%continued** | **Banking – 26.7%continued** | **Banking – 26.7%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.70%), <br> 5.12%, 3/17/28 <sup>(1) (5)</sup> <br>| $15300 | $15322 |
| Royal Bank of Canada, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.57%), 4.95%, <br> 4/27/26 <sup>(5)</sup> <br>| 5900 | 5914 |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.59%), 4.97%, <br> 11/2/26 <sup>(5)</sup> <br>| 14237 | 14250 |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.83%), 5.21%, <br> 1/24/29 <sup>(5)</sup> <br>| 12000 | 11987 |
| Societe Generale S.A., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.41%), <br> 5.77%, 4/13/29 <sup>(1) (5)</sup> <br>| 4100 | 4120 |
| Sumitomo Mitsui Financial Group, Inc., |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.88%), <br> 5.24%, 1/14/27 <sup>(5)</sup> <br>| 5840 | 5882 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.17%), <br> 5.52%, 7/9/29 <sup>(5)</sup> <br>| 9807 | 9898 |
| Sumitomo Mitsui Trust Bank Ltd., |  |  |
| 4.45%, 9/10/27 <sup>(1)</sup> <br>| 5000 | 4997 |
| Svenska Handelsbanken AB, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.66%), <br> 5.06%, 5/28/27 <sup>(1) (5)</sup> <br>| 16220 | 16254 |
| Swedbank AB, |  |  |
| 6.14%, 9/12/26 <sup>(1)</sup> <br>| 7000 | 7162 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 1.03%), <br> 5.43%, 11/20/29 <sup>(1) (5)</sup> <br>| 7700 | 7784 |
| Toronto-Dominion Bank (The), |  |  |
| 5.53%, 7/17/26  | 5000 | 5066 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.59%), <br> 5.00%, 9/10/26 <sup>(5)</sup> <br>| 20000 | 20027 |
| Westpac Banking Corp., |  |  |
| (Floating, U.S. SOFR + 0.46%), <br> 4.83%, 10/20/26 <sup>(5)</sup> <br>| 16000 | 16026 |
|  |  | **446645** |
| **Basic Industry – 2.5%** | **Basic Industry – 2.5%** | **Basic Industry – 2.5%** |
| Glencore Funding LLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR Compounded <br> Index + 0.75%), <br> 10/1/26 <sup>(1) (5) (8)</sup> <br>| 21450 | 21463 |
| Nutrien Ltd., |  |  |
| 4.50%, 3/12/27  | 5000 | 5004 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **296** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 35.9% continued**  | **FOREIGN ISSUER BONDS - 35.9% continued**  | **FOREIGN ISSUER BONDS - 35.9% continued**  |
| **Basic Industry – 2.5%continued** | **Basic Industry – 2.5%continued** | **Basic Industry – 2.5%continued** |
| Rio Tinto Finance U.S.A. PLC, |  |  |
| (Floating, U.S. SOFR Compounded <br> Index + 0.84%), 5.25%, <br> 3/14/28 <sup>(5)</sup> <br>| $16100 | $16167 |
|  |  | **42634** |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| Nutrien Ltd., |  |  |
| 5.95%, 11/7/25 | 5000 | **5038** |
| **Consumer Cyclical – 1.1%** | **Consumer Cyclical – 1.1%** | **Consumer Cyclical – 1.1%** |
| BMW U.S. Capital LLC, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.78%), <br> 5.20%, 3/19/27 <sup>(1) (5)</sup> <br>| 12400 | 12380 |
| &nbsp;&nbsp; Daimler Truck Finance North <br> America LLC,<br>|  |  |
| (Floating, U.S. SOFR + 0.84%), <br> 5.21%, 1/13/28 <sup>(1) (5)</sup> <br>| 6900 | 6881 |
|  |  | **19261** |
| **Consumer Non-Cyclical – 0.7%** | **Consumer Non-Cyclical – 0.7%** | **Consumer Non-Cyclical – 0.7%** |
| GlaxoSmithKline Capital PLC, |  |  |
| (Floating, U.S. SOFR + 0.50%), <br> 4.92%, 3/12/27<sup>(5)</sup> <br>| 11400 | **11422** |
| **Electric Utilities – 0.3%** | **Electric Utilities – 0.3%** | **Electric Utilities – 0.3%** |
| Enel Finance International N.V., |  |  |
| 4.50%, 6/15/25<sup>(1)</sup> <br>| 4400 | **4394** |
| **Household Products – 0.3%** | **Household Products – 0.3%** | **Household Products – 0.3%** |
| Reckitt Benckiser Treasury Services PLC, |  |  |
| 3.00%, 6/26/27<sup>(1)</sup> <br>| 5000 | **4846** |
| **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** | **Industrial Support Services – 0.6%** |
| Element Fleet Management Corp., |  |  |
| 6.27%, 6/26/26<sup>(1)</sup> <br>| 9720 | **9895** |
| **Institutional Financial Services – 0.9%** | **Institutional Financial Services – 0.9%** | **Institutional Financial Services – 0.9%** |
| Mizuho Markets Cayman L.P., |  |  |
| (Floating, U.S. SOFR + 0.53%), <br> 4.89%, 1/9/26<sup>(1) (5)</sup> <br>| 14600 | **14611** |
| **Specialty Finance – 0.8%** | **Specialty Finance – 0.8%** | **Specialty Finance – 0.8%** |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust,<br>|  |  |
| 6.50%, 7/15/25  | 9500 | 9527 |
| Avolon Holdings Funding Ltd., |  |  |
| 4.95%, 1/15/28 <sup>(1)</sup> <br>| 4600 | 4581 |
|  |  | **14108** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **FOREIGN ISSUER BONDS - 35.9% continued**  | **FOREIGN ISSUER BONDS - 35.9% continued**  | **FOREIGN ISSUER BONDS - 35.9% continued**  |
| **Transportation Equipment – 0.9%** | **Transportation Equipment – 0.9%** | **Transportation Equipment – 0.9%** |
| &nbsp;&nbsp; Daimler Truck Finance North <br> America LLC,<br>|  |  |
| 5.00%, 1/15/27 <sup>(1)</sup> <br>| $4000 | $4026 |
| (Floating, U.S. SOFR + 0.00%), <br> 5.38%, 9/25/27 <sup>(1) (5)</sup> <br>| 10720 | 10728 |
|  |  | **14754** |
| **Total Foreign Issuer Bonds** |  |  |
| **(Cost $598,514)** |  | **600415** |
| **U.S. GOVERNMENT AGENCIES – 0.8%** <sup>(9)</sup> | **U.S. GOVERNMENT AGENCIES – 0.8%** <sup>(9)</sup> | **U.S. GOVERNMENT AGENCIES – 0.8%** <sup>(9)</sup> |
| **Fannie Mae – 0.2%** | **Fannie Mae – 0.2%** | **Fannie Mae – 0.2%** |
| Pool #FM3019, |  |  |
| 3.50%, 2/1/35 | 1727 | 1673 |
| Pool #MA3932, |  |  |
| 3.50%, 2/1/35 | 1493 | 1445 |
|  |  | **3118** |
| **Freddie Mac – 0.6%** | **Freddie Mac – 0.6%** | **Freddie Mac – 0.6%** |
| &nbsp;&nbsp; FRESB Mortgage Trust, Series <br> 2022-SB94, Class A5F,<br>|  |  |
| 1.64%, 11/25/26 | 7249 | 6907 |
| Pool #ZS8641, |  |  |
| 2.50%, 2/1/32 | 2345 | 2239 |
|  |  | **9146** |
| **Government National Mortgage Association – 0.0%** | **Government National Mortgage Association – 0.0%** | **Government National Mortgage Association – 0.0%** |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2013-149, <br> Class MA,<br>|  |  |
| 2.50%, 5/20/40 | 796 | **780** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $13,525)** |  | **13044** |
| **U.S. GOVERNMENT OBLIGATIONS – 5.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 5.6%**  | **U.S. GOVERNMENT OBLIGATIONS – 5.6%**  |
| **U.S. Treasury Notes – 5.6%** | **U.S. Treasury Notes – 5.6%** | **U.S. Treasury Notes – 5.6%** |
| 4.38%, 7/31/26 | 3000 | 3015 |
| 4.38%, 8/15/26 | 10000 | 10052 |
| 4.63%, 9/15/26 | 15000 | 15140 |
| 4.63%, 11/15/26 | 30000 | 30312 |
| 4.13%, 2/15/27 | 25000 | 25090 |
| 4.50%, 4/15/27 | 10000 | 10115 |
|  |  | **93724** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $92,911)** |  | **93724** |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **297** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **ULTRA-SHORT FIXED INCOME FUND continued**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 4.0%**  | **INVESTMENT COMPANIES – 4.0%**  | **INVESTMENT COMPANIES – 4.0%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(10) (11)</sup> <br>| 66804479 | $66804 |
| **Total Investment Companies** |  |  |
| **(Cost $66,804)** |  | **66804** |
| **Total Investments – 100.8%** | **Total Investments – 100.8%** |  |
| **(Cost $1,678,252)** | **(Cost $1,678,252)** | **1683527** |
| Liabilities less Other Assets – (0.8%) | Liabilities less Other Assets – (0.8%) | (13207)<br>|
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$1670320** |

---

<sup>(1)</sup> *Security exempt from registration pursuant to Rule 144A under the Securities* *Act of 1933, as amended. These securities may be resold in transactions* *exempt from registration to qualified institutional investors. At March 31,* *2025, the value of these securities amounted to approximately* *$449,840,000 or 26.9% of net assets.* 

<sup>(2)</sup> *Step coupon bond. Rate as of March 31, 2025 is disclosed.*

<sup>(3)</sup> *Discount rate at the time of purchase.*

<sup>(4)</sup> *Restricted security. At March 31, 2025, the value of this restricted security* *amounted to approximately $992,000 or 0.1% of net assets. Additional* *information on this restricted security is as follows:*

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION**<br> **AND**<br> **ENFORCEABLE**<br> **DATE**<br>| **COST**<br> **(000S)**<br>|
| &nbsp;&nbsp; BofA Securities, Inc.,<br> 5.23%, 6/9/25<br>| 6/10/24 | &nbsp;&nbsp; $990 |

---

<sup>(5)</sup> *Variable or floating rate security. Rate as of March 31, 2025 is disclosed.*

<sup>(6)</sup> *Variable or floating rate security. Security issued at a fixed coupon rate,* *which converts to a variable rate at a future date. Rate shown is the rate in* *effect as of March 31, 2025.* 

<sup>(7)</sup> *Investment in affiliate.*

<sup>(8)</sup> *When-Issued Security. Coupon rate is not in effect at March 31, 2025.*

<sup>(9)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(10)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(11)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| 1Y - 1 Year |
| 3M - 3 Month |
| CME - Chicago Mercantile Exchange |
| CMT - Constant Maturity |
| Fannie Mae - Federal National Mortgage Association |

---

Freddie Mac - Federal Home Loan Mortgage Corporation <br>SOFR - Secured Overnight Financing Rate

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| Asset-Backed Securities<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $141845 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $141845 |
| &nbsp;&nbsp; Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 5066 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5066 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 992 | &nbsp;&nbsp; — | &nbsp;&nbsp; 992 |
| Corporate Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 761637 | &nbsp;&nbsp; — | &nbsp;&nbsp; 761637 |
| Foreign Issuer Bonds<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 600415 | &nbsp;&nbsp; — | &nbsp;&nbsp; 600415 |
| &nbsp;&nbsp; U.S. Government <br> Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 13044 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13044 |
| &nbsp;&nbsp; U.S. Government <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 93724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93724 |
| Investment Companies | &nbsp;&nbsp; 66804 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 66804 |
| Total Investments | &nbsp;&nbsp; $66804 | &nbsp;&nbsp; $1616723 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1683527 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **298** NORTHERN FUNDS ANNUAL REPORT

------

**Schedule of Investments** <br>

---

| | |
|:---|:---|
| **U.S. GOVERNMENT FUND**  | **March 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 5.6%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 5.6%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 5.6%** <sup>(1)</sup> |
| **Fannie Mae – 2.4%** | **Fannie Mae – 2.4%** | **Fannie Mae – 2.4%** |
| Pool #555649, |  |  |
| 7.50%, 10/1/32 | $6 | $6 |
| Pool #BH9277, |  |  |
| 3.50%, 2/1/48 | 105 | 96 |
| Pool #CB7509, |  |  |
| 6.00%, 11/1/53 | 72 | 74 |
| Pool #DA0021, |  |  |
| 6.00%, 9/1/53 | 66 | 67 |
| Pool #FS3063, |  |  |
| 4.50%, 10/1/52 | 159 | 153 |
| Pool #FS4669, |  |  |
| 6.00%, 3/1/53 | 68 | 69 |
| Pool #FS5952, |  |  |
| 6.50%, 10/1/53 | 55 | 58 |
| Pool #FS6176, |  |  |
| 5.00%, 12/1/47 | 59 | 60 |
| Pool #FS6177, |  |  |
| 6.50%, 5/1/40 | 62 | 65 |
|  |  | **648** |
| **Freddie Mac – 1.6%** | **Freddie Mac – 1.6%** | **Freddie Mac – 1.6%** |
| Pool #RA8880, |  |  |
| 5.50%, 4/1/53 | 84 | 85 |
| Pool #SD1360, |  |  |
| 5.50%, 7/1/52 | 92 | 92 |
| Pool #SD2347, |  |  |
| 5.50%, 2/1/53 | 69 | 70 |
| Pool #SD2665, |  |  |
| 6.00%, 4/1/53 | 82 | 84 |
| Pool #SD3817, |  |  |
| 6.00%, 9/1/53 | 107 | 109 |
| Pool #ZS7735, |  |  |
| 2.00%, 1/1/32 | 1 | 1 |
|  |  | **441** |
| **Freddie Mac Gold – 0.1%** | **Freddie Mac Gold – 0.1%** | **Freddie Mac Gold – 0.1%** |
| Pool #G30926, |  |  |
| 3.50%, 4/1/36 | 16 | **16** |
| **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** | **Government National Mortgage Association – 0.2%** |
| &nbsp;&nbsp; Government National Mortgage <br> Association, Series 2017-95, <br> Class QG,<br>|  |  |
| 2.50%, 8/20/46 | 60 | **55** |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 5.6%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 5.6%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 5.6%** <sup>(1)</sup>**continued** |
| **Government National Mortgage Association I – 0.0%** | **Government National Mortgage Association I – 0.0%** | **Government National Mortgage Association I – 0.0%** |
| Pool #676682, |  |  |
| 4.50%, 6/15/25 | $1 | **$1** |
| **Sovereign Agencies – 1.3%** | **Sovereign Agencies – 1.3%** | **Sovereign Agencies – 1.3%** |
| Resolution Funding Corp. Interest Strip, |  |  |
| 0.00%, 10/15/28<sup>(2)</sup> <br>| 425 | **369** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $1,523)** |  | **1530** |
| **U.S. GOVERNMENT OBLIGATIONS – 91.1%**  | **U.S. GOVERNMENT OBLIGATIONS – 91.1%**  | **U.S. GOVERNMENT OBLIGATIONS – 91.1%**  |
| **U.S. Treasury Bonds – 20.4%** | **U.S. Treasury Bonds – 20.4%** | **U.S. Treasury Bonds – 20.4%** |
| 4.50%, 8/15/39 | 50 | 51 |
| 4.38%, 11/15/39 | 345 | 343 |
| 1.13%, 5/15/40 | 250 | 158 |
| 4.25%, 11/15/40 | 165 | 161 |
| 3.88%, 2/15/43 | 500 | 458 |
| 3.88%, 5/15/43 | 385 | 351 |
| 4.38%, 8/15/43 | 375 | 366 |
| 4.75%, 11/15/43 | 135 | 138 |
| 4.63%, 5/15/44 | 100 | 100 |
| 4.63%, 11/15/44 | 345 | 345 |
| 4.75%, 2/15/45 | 125 | 127 |
| 2.75%, 11/15/47 | 430 | 314 |
| 3.38%, 11/15/48 | 280 | 227 |
| 2.88%, 5/15/49 | 75 | 55 |
| 2.38%, 11/15/49 | 795 | 526 |
| 1.38%, 8/15/50 | 250 | 127 |
| 2.38%, 5/15/51 | 500 | 327 |
| 4.75%, 11/15/53 | 545 | 557 |
| 4.63%, 5/15/54 | 225 | 226 |
| 4.25%, 8/15/54 | 175 | 165 |
| 4.50%, 11/15/54 | 300 | 296 |
| 4.63%, 2/15/55 | 150 | 151 |
|  |  | **5569** |
| **U.S. Treasury Inflation Indexed Notes – 1.1%** | **U.S. Treasury Inflation Indexed Notes – 1.1%** | **U.S. Treasury Inflation Indexed Notes – 1.1%** |
| 0.13%, 4/15/26 | 126 | 152 |
| 0.13%, 4/15/27 | 137 | 151 |
| 0.13%, 7/15/30 | 2 | 2 |
|  |  | **305** |
| **U.S. Treasury Notes – 69.6%** | **U.S. Treasury Notes – 69.6%** | **U.S. Treasury Notes – 69.6%** |
| 4.00%, 2/15/26<sup>(3)</sup> <br>| 25 | 25 |
| 4.88%, 4/30/26 | 1000 | 1009 |
| 1.88%, 6/30/26 | 45 | 44 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **299** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**U.S. GOVERNMENT FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 91.1%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 91.1%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 91.1%continued**  |
| **U.S. Treasury Notes – 69.6%continued** | **U.S. Treasury Notes – 69.6%continued** | **U.S. Treasury Notes – 69.6%continued** |
| 4.63%, 6/30/26 | $100 | $101 |
| 0.63%, 7/31/26 | 299 | 286 |
| 4.38%, 7/31/26<sup>(3)</sup> <br>| 250 | 251 |
| 1.50%, 8/15/26 | 750 | 725 |
| 0.75%, 8/31/26 | 293 | 280 |
| 3.75%, 8/31/26 | 135 | 135 |
| 3.50%, 9/30/26 | 375 | 373 |
| 1.13%, 10/31/26 | 211 | 202 |
| 4.13%, 10/31/26 | 250 | 251 |
| 4.25%, 11/30/26 | 50 | 50 |
| 4.25%, 12/31/26 | 75 | 75 |
| 4.00%, 1/15/27 | 75 | 75 |
| 1.50%, 1/31/27 | 115 | 110 |
| 4.13%, 2/28/27 | 100 | 100 |
| 0.63%, 3/31/27 | 92 | 86 |
| 4.50%, 5/15/27 | 250 | 253 |
| 0.50%, 5/31/27 | 107 | 100 |
| 4.63%, 6/15/27 | 100 | 102 |
| 4.38%, 7/15/27 | 200 | 202 |
| 0.38%, 9/30/27 | 311 | 285 |
| 2.25%, 11/15/27 | 126 | 121 |
| 4.13%, 11/15/27 | 50 | 50 |
| 0.63%, 11/30/27 | 36 | 33 |
| 3.88%, 11/30/27 | 313 | 313 |
| 4.00%, 12/15/27 | 360 | 361 |
| 4.25%, 1/15/28 | 50 | 50 |
| 0.75%, 1/31/28 | 104 | 95 |
| 4.25%, 2/15/28 | 350 | 353 |
| 3.88%, 3/15/28 | 80 | 80 |
| 3.50%, 4/30/28 | 500 | 494 |
| 1.25%, 5/31/28 | 215 | 198 |
| 3.63%, 5/31/28 | 300 | 298 |
| 2.88%, 8/15/28 | 245 | 237 |
| 1.13%, 8/31/28 | 208 | 190 |
| 4.38%, 8/31/28 | 100 | 101 |
| 3.13%, 11/15/28 | 588 | 573 |
| 4.00%, 1/31/29 | 200 | 201 |
| 4.13%, 3/31/29 | 100 | 101 |
| 4.50%, 5/31/29 | 100 | 102 |
| 4.00%, 7/31/29 | 100 | 100 |
| 3.63%, 8/31/29 | 100 | 99 |
| 4.13%, 10/31/29 | 65 | 66 |
| 4.38%, 12/31/29 | 260 | 265 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 91.1%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 91.1%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 91.1%continued**  |
| **U.S. Treasury Notes – 69.6%continued** | **U.S. Treasury Notes – 69.6%continued** | **U.S. Treasury Notes – 69.6%continued** |
| 4.25%, 1/31/30 | $1000 | $1013 |
| 4.00%, 2/28/30 | 1500 | 1503 |
| 4.00%, 3/31/30 | 200 | 200 |
| 4.13%, 8/31/30 | 1850 | 1862 |
| 4.38%, 11/30/30 | 350 | 356 |
| 3.75%, 12/31/30 | 200 | 197 |
| 4.00%, 1/31/31 | 100 | 100 |
| 4.25%, 2/28/31 | 150 | 152 |
| 4.63%, 4/30/31 | 75 | 77 |
| 4.63%, 5/31/31 | 200 | 206 |
| 4.25%, 6/30/31 | 150 | 152 |
| 4.13%, 7/31/31 | 250 | 251 |
| 3.75%, 8/31/31 | 100 | 98 |
| 3.63%, 9/30/31 | 100 | 98 |
| 4.13%, 10/31/31 | 65 | 65 |
| 4.13%, 11/30/31 | 200 | 201 |
| 4.50%, 12/31/31 | 210 | 215 |
| 4.38%, 1/31/32 | 550 | 560 |
| 4.13%, 2/29/32 | 260 | 261 |
| 4.13%, 3/31/32 | 125 | 125 |
| 3.50%, 2/15/33 | 180 | 172 |
| 3.38%, 5/15/33 | 300 | 284 |
| 4.00%, 2/15/34 | 465 | 459 |
| 4.38%, 5/15/34 | 175 | 177 |
| 3.88%, 8/15/34 | 125 | 122 |
| 4.25%, 11/15/34 | 325 | 326 |
| 4.63%, 2/15/35 | 200 | 207 |
|  |  | **19040** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $25,138)** |  | **24914** |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **300** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | NUMBER <br> OF SHARES<br>| VALUE<br> (000S)<br>|
| **INVESTMENT COMPANIES – 2.6%**  | **INVESTMENT COMPANIES – 2.6%**  | **INVESTMENT COMPANIES – 2.6%**  |
| &nbsp;&nbsp; Northern Institutional Funds - <br> U.S. Government Portfolio (Shares), <br> 4.16%<sup>(4) (5)</sup> <br>| 709960 | $710 |
| **Total Investment Companies** |  |  |
| **(Cost $710)** |  | **710** |
| **Total Investments – 99.3%** | **Total Investments – 99.3%** |  |
| **(Cost $27,371)** | **(Cost $27,371)** | **27154** |
| Other Assets less Liabilities – 0.7% | Other Assets less Liabilities – 0.7% | 196 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **$27350** |

---

<sup>(1)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(2)</sup> *Discount rate at the time of purchase.*

<sup>(3)</sup> *All or a portion of this security has been pledged as collateral to cover* *margin requirements for open futures contracts.* 

<sup>(4)</sup> *Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the* *investment adviser to the Fund and the investment adviser to Northern* *Institutional Funds.* 

<sup>(5)</sup> *7-day current yield as of March 31, 2025 is disclosed.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| Fannie Mae - Federal National Mortgage Association |
| Freddie Mac - Federal Home Loan Mortgage Corporation |

---

*Percentages shown are based on Net Assets.* 

At March 31, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TYPE** | **NUMBER OF**<br> **CONTRACTS**<br>| **NOTIONAL** <br> **AMOUNT**<br> **(000s)**<br>| **CONTRACT**<br> **POSITION**<br>| **CONTRACT**<br> **EXP.**<br>| **VALUE AND** <br> **UNREALIZED**<br> **APPRECIATION**<br> **(DEPRECIATION)**<br> **(000s)**<sup>(1)</sup> <br>|
| &nbsp;&nbsp; 2-Year <br> U.S. Treasury <br> Note<br>| (10)<br>| $(2072)<br>| Short | 6/25 | $(3)<br>|
| &nbsp;&nbsp; 5-Year <br> U.S. Treasury <br> Note<br>| 24 | 2596 | Long | 6/25 | 19 |
| Total |  |  |  |  | $16 |

---

<sup>(1)</sup> *Includes cumulative appreciation/depreciation on futures contracts. Only the* *current day's variation margin is reported within the Statements of Assets and* *Liabilities.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest

rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENTS** | **LEVEL 1**<br> **(000s)**<br>| **LEVEL 2**<br> **(000s)**<br>| **LEVEL 3**<br> **(000s)**<br>| **TOTAL**<br> **(000s)**<br>|
| U.S. Government Agencies<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1530 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1530 |
| U.S. Government Obligations<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 24914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24914 |
| Investment Companies | &nbsp;&nbsp; 710 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 710 |
| Total Investments | &nbsp;&nbsp; $710 | &nbsp;&nbsp; $26444 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27154 |
| &nbsp;&nbsp; **OTHER FINANCIAL**<br> **INSTRUMENTS**<br>|  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $19 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19 |
| Liabilities |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
| Total Other Financial Instruments | &nbsp;&nbsp; $16 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **301** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**U.S. GOVERNMENT MONEY MARKET FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 31.2%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 31.2%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 31.2%** <sup>(1)</sup> |
| **Federal Farm Credit Bank – 9.6%** | **Federal Farm Credit Bank – 9.6%** | **Federal Farm Credit Bank – 9.6%** |
| FFCB Discount Notes, |  |  |
| 4.30%, 5/21/25<sup>(2)</sup> <br>| $35000 | $34794 |
| 4.29%, 5/29/25<sup>(2)</sup> <br>| 21000 | 20857 |
| 4.25%, 6/4/25<sup>(2)</sup> <br>| 25000 | 24814 |
| 4.27%, 6/16/25<sup>(2)</sup> <br>| 30000 | 29733 |
| 4.27%, 6/24/25<sup>(2)</sup> <br>| 21000 | 20794 |
| FFCB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.09%), 4.42%, 4/1/25<sup>(3)</sup> <br>| 45000 | 44994 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.13%), 4.46%, 4/1/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.13%), 4.46%, 4/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 4/1/25<sup>(3)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 4/1/25<sup>(3)</sup> <br>| 50000 | 50000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 4/1/25<sup>(3)</sup> <br>| 15000 | 14998 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 4.48%, 4/1/25<sup>(3)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 4.48%, 4/1/25<sup>(3)</sup> <br>| 125000 | 125000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.44%, 4/1/25<sup>(3)</sup> <br>| 6000 | 6000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.45%, 4/1/25<sup>(3)</sup> <br>| 1000 | 1000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.47%, 4/1/25<sup>(3)</sup> <br>| 180000 | 180000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.47%, 4/1/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.47%, 4/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 80000 | 80000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 23000 | 23000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 31.2%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 31.2%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 31.2%** <sup>(1)</sup>**continued** |
| **Federal Farm Credit Bank – 9.6%continued** | **Federal Farm Credit Bank – 9.6%continued** | **Federal Farm Credit Bank – 9.6%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| $25000 | $25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.49%, 4/1/25<sup>(3)</sup> <br>| 50000 | 50007 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.49%, 4/1/25<sup>(3)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.49%, 4/1/25<sup>(3)</sup> <br>| 65000 | 65000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.49%, 4/1/25<sup>(3)</sup> <br>| 45000 | 45000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.49%, 4/1/25<sup>(3)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.49%, 4/1/25<sup>(3)</sup> <br>| 85000 | 85000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.49%, 4/1/25<sup>(3)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 140000 | 140000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 35000 | 35000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 135000 | 134994 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 50000 | 50009 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.17%), <br> 4.51%, 4/1/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.17%), <br> 4.51%, 4/1/25<sup>(3)</sup> <br>| 60000 | 59999 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.18%), <br> 4.52%, 4/1/25<sup>(3)</sup> <br>| 230000 | 230000 |
| (Floating, U.S. SOFR + 0.18%), <br> 4.52%, 4/1/25<sup>(3)</sup> <br>| 55000 | 54998 |
|  |  | **2135991** |
| **Federal Home Loan Bank – 19.6%** | **Federal Home Loan Bank – 19.6%** | **Federal Home Loan Bank – 19.6%** |
| FHLB Bonds, |  |  |
| 4.30%, 9/25/25 | 260125 | 260087 |
| 4.40%, 12/12/25 | 195000 | 194914 |
| 4.36%, 1/16/26 | 200000 | 200000 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **302** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 31.2%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 31.2%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 31.2%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 19.6%continued** | **Federal Home Loan Bank – 19.6%continued** | **Federal Home Loan Bank – 19.6%continued** |
| 4.39%, 1/30/26 | $205000 | $205000 |
| 4.42%, 2/9/26 | 210000 | 210000 |
| 4.34%, 3/6/26 | 225000 | 225000 |
| 4.34%, 3/6/26 | 20000 | 20000 |
| 4.35%, 4/17/26 | 205000 | 205000 |
| FHLB Discount Notes, |  |  |
| 4.41%, 4/11/25<sup>(2)</sup> <br>| 105000 | 104873 |
| 4.40%, 4/16/25<sup>(2)</sup> <br>| 200000 | 199638 |
| 4.26%, 5/2/25<sup>(2)</sup> <br>| 155000 | 154426 |
| 4.34%, 5/2/25<sup>(2)</sup> <br>| 95000 | 94648 |
| 4.20%, 5/6/25<sup>(2)</sup> <br>| 140000 | 139424 |
| 4.20%, 5/7/25<sup>(2)</sup> <br>| 110000 | 109535 |
| 4.28%, 5/16/25<sup>(2)</sup> <br>| 135000 | 134287 |
| 4.21%, 5/29/25<sup>(2)</sup> <br>| 80000 | 79458 |
| 4.18%, 6/16/25<sup>(2)</sup> <br>| 100000 | 99123 |
| 4.21%, 6/16/25<sup>(2)</sup> <br>| 100000 | 99123 |
| 4.16%, 6/23/25<sup>(2)</sup> <br>| 190000 | 188171 |
| FHLB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 70000 | 70000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 300000 | 300000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 75000 | 75000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 50000 | 50000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 100000 | 100000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.02%), <br> 4.36%, 4/1/25<sup>(3)</sup> <br>| 50000 | 50000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.03%), <br> 4.37%, 4/1/25<sup>(3)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.09%), <br> 5.82%, 4/1/25<sup>(3)</sup> <br>| 104050 | 104050 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.45%, 4/1/25<sup>(3)</sup> <br>| 65000 | 65000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.45%, 4/1/25<sup>(3)</sup> <br>| 160000 | 160000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.45%, 4/1/25<sup>(3)</sup> <br>| 70000 | 70000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 31.2%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 31.2%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 31.2%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 19.6%continued** | **Federal Home Loan Bank – 19.6%continued** | **Federal Home Loan Bank – 19.6%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| $50000 | $50000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| (Floating, U.S. SOFR + 0.18%), <br> 4.52%, 4/1/25<sup>(3)</sup> <br>| 100000 | 100000 |
|  |  | **4366757** |
| **Federal Home Loan Mortgage Corporation – 0.3%** | **Federal Home Loan Mortgage Corporation – 0.3%** | **Federal Home Loan Mortgage Corporation – 0.3%** |
| FHLMC Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.45%, 4/1/25<sup>(3)</sup> <br>| 29000 | 29000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 20000 | 20000 |
|  |  | **59000** |
| **Federal National Mortgage Association – 1.7%** | **Federal National Mortgage Association – 1.7%** | **Federal National Mortgage Association – 1.7%** |
| FNMA Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 4.46%, 4/1/25<sup>(3)</sup> <br>| 55000 | 55000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 160000 | 160000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 110000 | 110000 |
|  |  | **370000** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $6,931,748)** |  | **6931748** |
| **U.S. GOVERNMENT OBLIGATIONS – 14.0%**  | **U.S. GOVERNMENT OBLIGATIONS – 14.0%**  | **U.S. GOVERNMENT OBLIGATIONS – 14.0%**  |
| **U.S. Treasury Bills – 11.8%** | **U.S. Treasury Bills – 11.8%** | **U.S. Treasury Bills – 11.8%** |
| 4.15%, 4/3/25<sup>(2)</sup> <br>| 500000 | 499882 |
| 4.19%, 4/3/25<sup>(2)</sup> <br>| 75000 | 74982 |
| 4.20%, 4/3/25<sup>(2)</sup> <br>| 70000 | 69984 |
| 4.27%, 4/3/25<sup>(2)</sup> <br>| 60000 | 59986 |
| 4.28%, 4/3/25<sup>(2)</sup> <br>| 85000 | 84980 |
| 4.17%, 4/8/25<sup>(2)</sup> <br>| 305000 | 304744 |
| 4.18%, 4/8/25<sup>(2)</sup> <br>| 100000 | 99916 |
| 4.13%, 5/1/25<sup>(2)</sup> <br>| 30000 | 29893 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **303** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**U.S. GOVERNMENT MONEY MARKET FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 14.0%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 14.0%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 14.0%continued**  |
| **U.S. Treasury Bills – 11.8%continued** | **U.S. Treasury Bills – 11.8%continued** | **U.S. Treasury Bills – 11.8%continued** |
| 4.33%, 5/1/25<sup>(2)</sup> <br>| $50000 | $49821 |
| 4.19%, 5/22/25<sup>(2)</sup> <br>| 135000 | 134192 |
| 4.04%, 6/3/25<sup>(2)</sup> <br>| 105000 | 104230 |
| 4.13%, 6/5/25<sup>(2)</sup> <br>| 165000 | 163746 |
| 4.13%, 6/20/25<sup>(2)</sup> <br>| 315000 | 312056 |
| 4.16%, 6/26/25<sup>(2)</sup> <br>| 225000 | 222759 |
| 4.22%, 7/1/25<sup>(2)</sup> <br>| 110000 | 108832 |
| 4.17%, 7/17/25<sup>(2)</sup> <br>| 95000 | 93820 |
| 4.18%, 7/24/25<sup>(2)</sup> <br>| 200000 | 197362 |
|  |  | **2611185** |
| **U.S. Treasury Notes – 2.2%** | **U.S. Treasury Notes – 2.2%** | **U.S. Treasury Notes – 2.2%** |
| 2.88%, 7/31/25 | 25000 | 24885 |
| 5.00%, 9/30/25 | 185000 | 185664 |
| 5.00%, 10/31/25 | 240000 | 240988 |
| 2.25%, 11/15/25 | 50000 | 49368 |
|  |  | **500905** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $3,112,090)** |  | **3112090** |
| **Investments, at Amortized Cost** |  |  |
| **($10043838)** |  | **10043838** |
| **REPURCHASE AGREEMENTS – 55.2%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 55.2%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 55.2%** <sup>(4)</sup> |
| &nbsp;&nbsp; Bank of America N.A., dated <br> 3/31/2025, repurchase price <br> $350,042, <br> 4.37%, 4/1/25<br>| 350000 | 350000 |
| &nbsp;&nbsp; Bank of America Securities LLC, <br> dated 3/31/2025, repurchase <br> price $100,012, <br> 4.37%, 4/1/25<br>| 100000 | 100000 |
| &nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce, dated 3/20/2025, <br> repurchase price $550,790, <br> 4.31%, 4/7/25<sup>(5)</sup> <br>| 550000 | 550000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br> dated 3/31/2025, repurchase <br> price $62,008, <br> 4.38%, 4/1/25<br>| 62000 | 62000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 3/31/2025, repurchase price <br> $2,375,288, <br> 4.37%, 4/1/25<br>| 2375000 | 2375000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **REPURCHASE AGREEMENTS - 55.2%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 55.2%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 55.2%** <sup>(4)</sup>**continued** |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 3/31/2025, repurchase price <br> $2,400,291, <br> 4.36%, 4/1/25<br>| $2400000 | $2400000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 3/31/2025, repurchase price <br> $2,625,320, <br> 4.39%, 4/1/25<br>| 2625000 | 2625000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 3/31/2025, repurchase price <br> $400,048, <br> 4.36%, 4/1/25<br>| 400000 | 400000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, (Floating, <br> U.S. SOFR + 0.01%), dated <br> 3/31/2025, repurchase price <br> $752,619, <br> 4.35%, 4/7/25<sup>(6)</sup> <br>| 750000 | 750000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated <br> 3/31/2025, repurchase price <br> $350,042, <br> 4.37%, 4/1/25<br>| 350000 | 350000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated <br> 3/31/2025, repurchase price <br> $700,085, <br> 4.36%, 4/1/25<br>| 700000 | 700000 |
| &nbsp;&nbsp; NatWest Markets PLC, dated <br> 3/31/2025, repurchase price <br> $700,085, <br> 4.38%, 4/1/25<br>| 700000 | 700000 |
| Royal Bank of Canada, dated <br> 3/20/2025, repurchase price <br> $901,293, <br> 4.31%, 4/7/25<sup>(5)</sup> <br>| 900000 | 900000 |
|  |  | **12262000** |
| **Total Repurchase Agreements** |  |  |
| **(Cost $12,262,000)** |  | **12262000** |
| **Total Investments – 100.4%** |  |  |
| **(Cost $22,305,838)** |  | **22305838** |
| Liabilities less Other Assets – (0.4%) |  | (95851)<br>|
| **NET ASSETS – 100.0%** |  | **$22209987** |

---

<sup>(1)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(2)</sup> *Discount rate at the time of purchase.*

<sup>(3)</sup> *Variable rate security. Rate as of March 31, 2025 is disclosed. Maturity date* *represents the next interest reset date. The security's legal final maturity date* *is longer than the reset date. Securities with longer maturity dates have a* *greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.* 

<sup>(4)</sup> *The nature and terms of the collateral received for the repurchase agreements* *are as follows:* 

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **304** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | | |
|:---|:---|:---|:---|
| NAME | FAIR<br> VALUE<br> (000S)<br>| COUPON<br> RATES<br>| MATURITY<br> DATES<br>|
| FHLB | $72990 | 0.63%—6.07% | 5/28/25—6/10/39 |
| FHLMC | $1813941 | 0.00%—7.00% | 9/23/25—4/1/55 |
| FNMA | $1550290 | 0.00%—7.25% | 4/22/25—9/1/61 |
| GNMA | $1458612 | 2.00%—7.50% | 11/20/31—4/15/67 |
| U.S. Treasury Bills | $152611 | 0.00% | 7/17/25—3/19/26 |
| U.S. Treasury Bonds | $727158 | 0.00%—6.63% | 2/15/27—2/15/53 |
| U.S. Treasury Notes | $6776170 | 0.13%—4.63% | 4/30/25—8/15/34 |
| **Total** | **$12551772** |  |  |

---

<sup>(5)</sup> *Maturity date represents the puttable date.*

<sup>(6)</sup> *Variable or floating rate security. Rate as of March 31, 2025 is disclosed.* *Maturity date represents the puttable date.* 

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| FFCB – Federal Farm Credit Bank |
| FHLB – Federal Home Loan Bank |
| FHLMC – Federal Home Loan Mortgage Corporation |
| FNMA – Federal National Mortgage Association |
| GNMA – Government National Mortgage Association |
| SOFR – Secured Overnight Financing Rate |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**<br> **(000S)**<br>| **LEVEL 2**<br> **(000S)**<br>| **LEVEL 3**<br> **(000S)**<br>| **TOTAL**<br> **(000S)**<br>|
| &nbsp;&nbsp; Investments held by<br> U.S. Government <br> Money Market Fund<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $22305838 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22305838 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **305** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**U.S. GOVERNMENT SELECT MONEY MARKET FUND** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES – 33.8%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 33.8%** <sup>(1)</sup> | **U.S. GOVERNMENT AGENCIES – 33.8%** <sup>(1)</sup> |
| **Federal Farm Credit Bank – 11.4%** | **Federal Farm Credit Bank – 11.4%** | **Federal Farm Credit Bank – 11.4%** |
| FFCB Discount Notes, |  |  |
| 4.30%, 5/21/25<sup>(2)</sup> <br>| $5000 | $4970 |
| 4.29%, 5/29/25<sup>(2)</sup> <br>| 4000 | 3973 |
| 4.27%, 6/16/25<sup>(2)</sup> <br>| 5000 | 4955 |
| 4.27%, 6/24/25<sup>(2)</sup> <br>| 4000 | 3961 |
| FFCB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.09%), 4.42%, 4/1/25<sup>(3)</sup> <br>| 9000 | 8999 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.12%), 4.45%, 4/1/25<sup>(3)</sup> <br>| 6000 | 6000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.13%), 4.46%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.13%), 4.46%, 4/1/25<sup>(3)</sup> <br>| 8000 | 8000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.13%), 4.46%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.14%), 4.47%, 4/1/25<sup>(3)</sup> <br>| 5000 | 4999 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 4.48%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. Federal Funds + <br> 0.15%), 4.48%, 4/1/25<sup>(3)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.44%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.44%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.44%, 4/1/25<sup>(3)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.10%), <br> 4.44%, 4/1/25<sup>(3)</sup> <br>| 4400 | 4400 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.45%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 4.46%, 4/1/25<sup>(3)</sup> <br>| 12000 | 12000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.12%), <br> 4.46%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.47%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.47%, 4/1/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.13%), <br> 4.47%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 33.8%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.8%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.8%** <sup>(1)</sup>**continued** |
| **Federal Farm Credit Bank – 11.4%continued** | **Federal Farm Credit Bank – 11.4%continued** | **Federal Farm Credit Bank – 11.4%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| $15000 | $15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 7000 | 7000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.48%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.14%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.49%, 4/1/25<sup>(3)</sup> <br>| 18000 | 18000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.49%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.49%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.49%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.49%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.49%, 4/1/25<sup>(3)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.15%), <br> 4.49%, 4/1/25<sup>(3)</sup> <br>| 40000 | 40000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.17%), <br> 4.51%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.18%), <br> 4.52%, 4/1/25<sup>(3)</sup> <br>| 45000 | 45000 |
| (Floating, U.S. SOFR + 0.18%), <br> 4.52%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
|  |  | **497257** |
| **Federal Home Loan Bank – 22.4%** | **Federal Home Loan Bank – 22.4%** | **Federal Home Loan Bank – 22.4%** |
| FHLB Bonds, |  |  |
| 4.30%, 9/25/25 | 50480 | 50473 |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **306** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 33.8%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.8%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.8%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 22.4%continued** | **Federal Home Loan Bank – 22.4%continued** | **Federal Home Loan Bank – 22.4%continued** |
| 4.40%, 12/12/25 | $40000 | $39982 |
| 4.36%, 1/16/26 | 40000 | 40000 |
| 4.39%, 1/30/26 | 40000 | 40000 |
| 4.42%, 2/9/26 | 45000 | 45000 |
| 4.34%, 3/6/26 | 45000 | 45000 |
| 4.34%, 3/6/26 | 5000 | 5000 |
| 4.35%, 4/17/26 | 40000 | 40000 |
| FHLB Discount Notes, |  |  |
| 4.41%, 4/11/25<sup>(2)</sup> <br>| 20000 | 19976 |
| 4.37%, 4/16/25<sup>(2)</sup> <br>| 35000 | 34937 |
| 4.40%, 4/16/25<sup>(2)</sup> <br>| 40000 | 39928 |
| 4.26%, 5/2/25<sup>(2)</sup> <br>| 35000 | 34870 |
| 4.34%, 5/2/25<sup>(2)</sup> <br>| 20000 | 19926 |
| 4.20%, 5/5/25<sup>(2)</sup> <br>| 25000 | 24900 |
| 4.20%, 5/7/25<sup>(2)</sup> <br>| 20000 | 19915 |
| 4.28%, 5/16/25<sup>(2)</sup> <br>| 25000 | 24868 |
| 4.21%, 5/29/25<sup>(2)</sup> <br>| 15000 | 14898 |
| 4.18%, 6/16/25<sup>(2)</sup> <br>| 25000 | 24781 |
| 4.21%, 6/16/25<sup>(2)</sup> <br>| 25000 | 24781 |
| 4.16%, 6/23/25<sup>(2)</sup> <br>| 40000 | 39615 |
| FHLB Notes, |  |  |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 5000 | 5000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 60000 | 60000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.01%), <br> 4.35%, 4/1/25<sup>(3)</sup> <br>| 20000 | 20000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.02%), <br> 4.36%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.02%), <br> 4.36%, 4/1/25<sup>(3)</sup> <br>| 25000 | 25000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.03%), <br> 4.37%, 4/1/25<sup>(3)</sup> <br>| 45000 | 45000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.03%), <br> 4.37%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT AGENCIES - 33.8%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.8%** <sup>(1)</sup>**continued** | **U.S. GOVERNMENT AGENCIES - 33.8%** <sup>(1)</sup>**continued** |
| **Federal Home Loan Bank – 22.4%continued** | **Federal Home Loan Bank – 22.4%continued** | **Federal Home Loan Bank – 22.4%continued** |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.09%), <br> 5.82%, 4/1/25<sup>(3)</sup> <br>| $20190 | $20190 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.45%, 4/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.45%, 4/1/25<sup>(3)</sup> <br>| 30000 | 30000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.11%), <br> 4.45%, 4/1/25<sup>(3)</sup> <br>| 15000 | 15000 |
| &nbsp;&nbsp; (Floating, U.S. SOFR + 0.16%), <br> 4.50%, 4/1/25<sup>(3)</sup> <br>| 10000 | 10000 |
| (Floating, U.S. SOFR + 0.18%), <br> 4.52%, 4/1/25<sup>(3)</sup> <br>| 20000 | 20000 |
|  |  | **974040** |
| **Total U.S. Government Agencies** |  |  |
| **(Cost $1,471,297)** |  | **1471297** |
| **U.S. GOVERNMENT OBLIGATIONS – 12.4%**  | **U.S. GOVERNMENT OBLIGATIONS – 12.4%**  | **U.S. GOVERNMENT OBLIGATIONS – 12.4%**  |
| **U.S. Treasury Bills – 10.0%** | **U.S. Treasury Bills – 10.0%** | **U.S. Treasury Bills – 10.0%** |
| 4.15%, 4/3/25<sup>(2)</sup> <br>| 50000 | 49988 |
| 4.19%, 4/3/25<sup>(2)</sup> <br>| 15000 | 14997 |
| 4.20%, 4/3/25<sup>(2)</sup> <br>| 20000 | 19995 |
| 4.27%, 4/3/25<sup>(2)</sup> <br>| 15000 | 14997 |
| 4.28%, 4/3/25<sup>(2)</sup> <br>| 20000 | 19995 |
| 4.17%, 4/8/25<sup>(2)</sup> <br>| 60000 | 59950 |
| 4.18%, 4/8/25<sup>(2)</sup> <br>| 20000 | 19983 |
| 4.13%, 5/1/25<sup>(2)</sup> <br>| 5000 | 4982 |
| 4.33%, 5/1/25<sup>(2)</sup> <br>| 10000 | 9964 |
| 4.19%, 5/22/25<sup>(2)</sup> <br>| 25000 | 24850 |
| 4.04%, 6/3/25<sup>(2)</sup> <br>| 25000 | 24817 |
| 4.13%, 6/5/25<sup>(2)</sup> <br>| 34000 | 33742 |
| 4.13%, 6/20/25<sup>(2)</sup> <br>| 60000 | 59439 |
| 4.16%, 6/26/25<sup>(2)</sup> <br>| 20000 | 19801 |
| 4.22%, 7/1/25<sup>(2)</sup> <br>| 20000 | 19788 |
| 4.18%, 7/24/25<sup>(2)</sup> <br>| 40000 | 39472 |
|  |  | **436760** |
| **U.S. Treasury Notes – 2.4%** | **U.S. Treasury Notes – 2.4%** | **U.S. Treasury Notes – 2.4%** |
| 2.88%, 7/31/25 | 5000 | 4977 |
| 5.00%, 9/30/25 | 40000 | 40145 |

---

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **307** FIXED INCOME AND MONEY MARKET FUNDS

------

**Schedule of Investments** <br>

**U.S. GOVERNMENT SELECT MONEY MARKET FUND continued** <br>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **U.S. GOVERNMENT OBLIGATIONS - 12.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 12.4%continued**  | **U.S. GOVERNMENT OBLIGATIONS - 12.4%continued**  |
| **U.S. Treasury Notes – 2.4%continued** | **U.S. Treasury Notes – 2.4%continued** | **U.S. Treasury Notes – 2.4%continued** |
| 5.00%, 10/31/25 | $50000 | $50208 |
| 2.25%, 11/15/25 | 10000 | 9874 |
|  |  | **105204** |
| **Total U.S. Government Obligations** |  |  |
| **(Cost $541,964)** |  | **541964** |
| **Investments, at Amortized Cost** |  |  |
| **($2013261)** |  | **2013261** |
| **REPURCHASE AGREEMENTS – 53.9%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 53.9%** <sup>(4)</sup> | **REPURCHASE AGREEMENTS – 53.9%** <sup>(4)</sup> |
| &nbsp;&nbsp; Bank of America N.A., dated <br> 3/29/2025, repurchase price <br> $300,036, <br> 4.37%, 4/1/25<br>| 300000 | 300000 |
| &nbsp;&nbsp; Barclays Capital, Inc., dated <br> 3/20/2025, repurchase price <br> $200,287, <br> 4.30%, 4/7/25<br>| 200000 | 200000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br> dated 3/23/2025, repurchase <br> price $201,024, <br> 4.36%, 4/1/25<br>| 201000 | 201000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 3/22/2025, repurchase price <br> $50,006, <br> 4.37%, 4/1/25<br>| 50000 | 50000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 3/24/2025, repurchase price <br> $450,055, <br> 4.39%, 4/1/25<br>| 450000 | 450000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 3/25/2025, repurchase price <br> $200,024, <br> 4.36%, 4/1/25<br>| 200000 | 200000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., dated <br> 3/26/2025, repurchase price <br> $350,042, <br> 4.36%, 4/1/25<br>| 350000 | 350000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, (Floating, <br> U.S. SOFR + 0.01%), dated <br> 3/31/2025, repurchase price <br> $150,524, <br> 4.35%, 4/7/25<sup>(5)</sup> <br>| 150000 | 150000 |
| &nbsp;&nbsp; JPMorgan Securities LLC, dated <br> 3/27/2025, repurchase price <br> $50,006, <br> 4.37%, 4/1/25<br>| 50000 | 50000 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL <br> AMOUNT <br> (000S)<br>| VALUE<br> (000S)<br>|
| **REPURCHASE AGREEMENTS - 53.9%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 53.9%** <sup>(4)</sup>**continued** | **REPURCHASE AGREEMENTS - 53.9%** <sup>(4)</sup>**continued** |
| &nbsp;&nbsp; Royal Bank of Canada, dated <br> 3/20/2025, repurchase price <br> $150,216, <br> 4.31%, 4/7/25<sup>(6)</sup> <br>| $150000 | $150000 |
| TD Securities (USA) LLC, dated <br> 3/28/2025, repurchase price <br> $250,030, <br> 4.38%, 4/1/25<br>| 250000 | 250000 |
|  |  | **2351000** |
| **Total Repurchase Agreements** |  |  |
| **(Cost $2,351,000)** |  | **2351000** |
| **Total Investments – 100.1%** |  |  |
| **(Cost $4,364,261)** |  | **4364261** |
| Liabilities less Other Assets – (0.1%) |  | (6267)<br>|
| **NET ASSETS – 100.0%** |  | **$4357994** |

---

<sup>(1)</sup> *The obligations of certain U.S. government-sponsored entities are neither* *issued nor guaranteed by the United States Treasury.* 

<sup>(2)</sup> *Discount rate at the time of purchase.*

<sup>(3)</sup> *Variable rate security. Rate as of March 31, 2025 is disclosed. Maturity date* *represents the next interest reset date. The security's legal final maturity date* *is longer than the reset date. Securities with longer maturity dates have a* *greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.* 

<sup>(4)</sup> *The nature and terms of the collateral received for the repurchase agreements* *are as follows:* 

---

| | | | |
|:---|:---|:---|:---|
| **NAME** | **FAIR**<br> **VALUE**<br> **(000S)**<br>| **COUPON**<br> **RATES**<br>| **MATURITY**<br> **DATES**<br>|
| FHLMC | $402601 | 0.00% - 6.50% | 12/11/25 - 4/1/55 |
| FNMA | $462776 | 1.50% - 7.50% | 3/1/27 - 6/1/56 |
| GNMA | $7108 | 2.65% - 7.00% | 1/20/36 - 3/15/64 |
| TVA | $84 | 2.88% | 2/1/27 |
| U.S. Treasury Bills | $81205 | 0.00% | 4/1/25 - 3/19/26 |
| U.S. Treasury Bonds | $1252 | 1.13% - 4.75% | 5/15/40 - 11/15/53 |
| U.S. Treasury Notes | $1451347 | 0.13% - 5.00% | 4/30/25 - 2/15/35 |
| **Total** | **$2406373** |  |  |

---

<sup>(5)</sup> *Variable or floating rate security. Rate as of March 31, 2025 is disclosed.* *Maturity date represents the puttable date.* 

<sup>(6)</sup> *Maturity date represents the puttable date.*

---

| |
|:---|
| EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT <br> THE SCHEDULE OF INVESTMENTS:<br>|
| FFCB – Federal Farm Credit Bank |
| FHLB – Federal Home Loan Bank |
| FHLMC – Federal Home Loan Mortgage Corporation |

---

*See Notes to the Financial Statements.* 

FIXED INCOME AND MONEY MARKET FUNDS **308** NORTHERN FUNDS ANNUAL REPORT

------

**March 31, 2025** <br>

---

| |
|:---|
| FNMA – Federal National Mortgage Association |
| GNMA – Government National Mortgage Association |
| SOFR – Secured Overnight Financing Rate |
| TVA – Tennessee Valley Authority |

---

*Percentages shown are based on Net Assets.* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**<br> **(000S)**<br>| **LEVEL 2**<br> **(000S)**<br>| **LEVEL 3**<br> **(000S)**<br>| **TOTAL**<br> **(000S)**<br>|
| &nbsp;&nbsp; Investments held by<br> U.S. Government Select <br> Money Market Fund<sup>(1)</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $4364261 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4364261 |

---

<sup>(1)</sup> *Classifications as defined in the Schedule of Investments.*

*See Notes to the Financial Statements.* 

NORTHERN FUNDS ANNUAL REPORT **309** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION** 

Northern Funds (the "Trust") is a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust offers 37 funds as of March 31, 2025, each with its own investment objective (e.g., long-term capital appreciation, total return or income consistent with preservation of capital). The Arizona Tax-Exempt, Bond Index, California Intermediate Tax-Exempt, California Tax-Exempt, Core Bond, Fixed Income, High Yield Fixed Income, Intermediate Tax-Exempt, Limited Term Tax-Exempt, Limited Term U.S. Government, Multi-Manager High Yield Opportunity, Short Bond, Tax-Advantaged Ultra-Short Fixed Income, Tax-Exempt, Ultra-Short Fixed Income, U.S. Government, U.S. Government Money Market and U.S. Government Select Money Market Funds (each a "Fund" and collectively, the "Funds") are separate, diversified investment portfolios of the Trust, except for the Arizona Tax-Exempt Fund, which is a non-diversified portfolio. Non-diversified portfolios may invest a relatively high percentage of their net assets in obligations of a limited number of issuers. Each of the Funds is presented herein.

Each Fund is authorized to issue one class of shares designated as the "Shares" class. The Ultra-Short Fixed Income Fund is authorized to issue a second class of shares designated as Siebert Williams Shank Shares.

Northern Trust Investments, Inc. ("NTI"), an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser and administrator for the Funds. The Northern Trust Company ("Northern Trust"), an affiliate of NTI, serves as transfer agent, custodian and sub-administrator to the Funds. Northern Funds Distributors, LLC, not an affiliate of NTI, is the Trust's distributor.

The U.S. Government Money Market Fund and the U.S. Government Select Money Market Fund seek to qualify as government money market funds under Rule 2a-7 of the 1940 Act.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The Trust, which is an investment company, follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services-Investment Companies.* 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

The net asset value ("NAV") of each class of each Fund is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), generally 3:00 P.M. Central Time on each day the NYSE is open for trading. The NAV calculation time and cut-off time for submitting purchase, redemption and exchange requests is at 4:00 P.M. Central time with respect to the U.S. Government Money Market Fund and U.S. Government Select Money Market Fund.

**A) VALUATION OF SECURITIES AND DERIVATIVE CONTRACTS** 

Securities for the Funds other than the U.S. Government Money Market Fund and the U.S. Government Select Money Market Fund are valued at their fair value. Securities traded on United States ("U.S.") securities exchanges or in the NASDAQ National Market System are principally valued at the last quoted sale price, or the official closing price (generally, 3:00 P.M. Central Time) on the exchange or market in which such securities are principally traded. If any such security is not traded on a valuation date, it is valued at the most recent quoted bid price. Over-the-counter securities not reported in the NASDAQ National Market System are also generally valued at the most recent quoted bid price. Fixed income securities and term loans, however, may be valued on the basis of evaluated prices provided by the Funds' approved independent third-party pricing services when such prices are believed to reflect the fair value of such securities or broker provided prices. Such prices may be determined by taking into account other similar securities' prices, yields, maturities, call features, ratings, prepayment speeds, credit risks, cash flows, institutional size trading in similar groups of securities and developments related to specific securities.

The values of securities of foreign issuers are generally based upon market quotations, which depending upon local convention or regulation, may be the last sale price, the last bid price or the mean between the last bid and asked price as of, in each case, the close of the appropriate exchange. Foreign fixed income securities, however, may, like domestic fixed income securities, be valued based on evaluated prices provided by independent pricing services when such prices are believed to reflect the fair value of such securities.

Shares of open-end investment companies, other than exchange-traded funds, are valued at their closing NAV. Shares of closed-end funds and exchange-traded funds are valued at their closing market price. Spot and forward foreign currency exchange contracts are generally valued using an independent pricing service. Exchange-traded futures and options are valued at the settlement price as established each day by the exchange on which they are traded. Centrally cleared and bilateral swap agreements are generally valued using an independent pricing service. The foregoing prices may be obtained from one or more independent pricing services or, as needed or applicable, independent broker-dealers. Short-term investments with a maturity of 60 days or less are valued at their amortized cost.

FIXED INCOME AND MONEY MARKET FUNDS **310** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2025** <br>

The investments held by the U.S. Government Money Market Fund and the U.S. Government Select Money Market Fund are valued at amortized cost, which approximates fair value in accordance with Rule 2a-7 under the 1940 Act. Under this method, investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue over the period to effective maturity. Where the Trust's Board of Trustees ("Board") believes the extent of any deviation from a Fund's amortized cost price per share may result in material dilution or other unfair results to investors or existing shareholders, the Board will consider what action should be initiated, which may include fair valuing securities in accordance with policies and procedures established by, and subject to oversight of, the Board.

The Board has designated NTI as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to any or all Fund investments. Accordingly, any securities for which market quotations are not readily available or for which the available price has been determined to not represent a reliable, current market value are valued at fair value as determined in good faith by NTI. The Board oversees NTI in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. NTI, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of fair values normally used on behalf of a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance and U.S. GAAP. This may occur particularly with respect to certain foreign equity securities held by a Fund, in which case NTI may use adjustment factors obtained from an independent fair value pricing service that are intended to reflect more accurately the fair value of those securities as of the time the Fund's NAV is calculated.

The use of fair valuation involves the risk that the values used by NTI to price a Fund's investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

**B) CREDIT ENHANCEMENTS** Certain investments owned by the Funds are covered by insurance issued by private insurers, are backed by an escrow or trust containing U.S. government securities or U.S. government agency securities, or are otherwise supported by letters of credit, standby purchase agreements or other liquidity facilities. Such enhancements may ensure the timely payment of the security's principal and interest or may shorten the security's maturity. However, such enhancements do not guarantee the market value of the securities or the value of a Fund's shares. Additionally, there is no guarantee that an insurer will meet its obligations. For example, exposure to securities involving sub-prime mortgages may cause a municipal bond insurer's rating to be downgraded or may cause the bond insurer to become insolvent, which may affect the prices and liquidity of municipal obligations insured by the insurer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C) FUTURES CONTRACTS** Certain Funds invest in long or short exchange-traded futures contracts for hedging purposes, to increase total return or to seek exposure to certain countries or currencies or to maintain liquidity to meet potential shareholder redemptions, to invest cash balances or dividends or to minimize trading costs. When used as a hedge, a Fund may sell a futures contract in order to offset a decrease in the fair value of its portfolio securities that might otherwise result from a market decline. A Fund may do so either to hedge the value of its portfolio securities as a whole, or to protect against declines occurring prior to sales of securities in the value of the securities to be sold. Conversely, a Fund may purchase a futures contract as a hedge in anticipation of purchases of securities. In addition, a Fund may utilize futures contracts in anticipation of changes in the composition of its portfolio holdings. A Fund bears the market risk arising from changes in the value of these financial instruments. At the time a Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian of a specified amount of liquid assets. Futures are marked-to-market each day with the change in value reflected in the unrealized gains or losses. Risk may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. The Statements of Operations include any realized gains or losses on closed futures contracts in Net realized gains (losses) on futures contracts, and any unrealized gains or losses on open futures contracts in Net change in unrealized appreciation (depreciation) on futures contracts. Further information on the impact of these positions, if any, on the Funds' financial statements can be found in Note 10.

**D) FOREIGN CURRENCY TRANSLATION** Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot rates on the NYSE at generally 3:00 P.M. Central Time. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot rates on the NYSE at generally 3:00 P.M. Central Time. The gains or losses, if any, on investments from the original purchase date to subsequent sales trade date resulting from changes in foreign exchange rates are included in the Statements of Operations in Net realized gains (losses) on investments and Net change in unrealized appreciation (depreciation) on investments. The gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies and between the trade and settlement dates on investment transactions are included in Net realized gains (losses) on foreign currency transactions and Net change in unrealized appreciation (depreciation) on foreign currency translations in the Statements of Operations.

**E) FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** 

Certain Funds may enter into forward foreign currency exchange contracts for hedging and/or speculative purposes. The objective of a Fund's foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund's foreign currency

NORTHERN FUNDS ANNUAL REPORT **311** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

denominated securities will decline in value due to changes in foreign currency exchange rates. All forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. A Fund records realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. Gains or losses are recorded for financial statement purposes as unrealized until the settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign currency exchange contracts in the Statements of Operations.

Forward foreign currency exchange contracts are privately negotiated transactions, and can have substantial price volatility. As a result, these contracts offer less protection against default by the other party than is available for instruments traded on an exchange. When used for hedging purposes, forward foreign currency exchange contracts tend to limit any potential gain that may be realized if the value of a Fund's foreign holdings increase because of currency fluctuations. When used for speculative purposes, the contracts may result in additional losses that are not otherwise related to the changes in value of the securities held by a Fund. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. A Fund bears the market risk from changes in foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity. Further information on the impact of these positions on the Funds' financial statements can be found in Note 10.

**F) CREDIT DEFAULT SWAP AGREEMENTS** To the extent consistent with their investment objectives and strategies, certain Funds may invest in credit default swap ("CDS") agreements for hedging purposes or to gain credit exposure. A Fund may enter into CDS agreements either as a buyer or seller of protection. The buyer of protection in a swap agreement is the party that makes a periodic stream of payments to the counterparty based on the fixed rate of the agreement to the party that is the seller of protection. In exchange for the fixed rate payments received, the seller of protection agrees to provide credit protection to the buyer in the form of payment in the event of a credit default event on the referenced obligation or an underlying security comprising the referenced index. In the event of a credit default event, as defined under the terms of each particular swap agreement, if a Fund is the seller of protection, the Fund will either a) pay to the buyer of

protection an amount equal to the notional amount of the swap agreement and take delivery of the referenced obligation or underlying securities comprising the referenced index or b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is the buyer of protection and a credit default event should occur, the Fund will either a) receive from the seller of protection in the swap agreement an amount equal to the notional amount of the swap agreement and deliver the referenced obligation or underlying securities comprising the referenced index or b) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a credit default event should occur, the maximum potential amount of future payments the seller of protection could be required to make under a CDS agreement would be an amount equal to the notional amount of the swap.

The implied credit spreads are disclosed in the Schedule of Investments for those agreements for which a Fund is the protection seller, if any, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for each swap. The wider the credit spread, the greater the likelihood or risk of default or other credit event occurring for the referenced entity. Events or circumstances that would require the seller to perform under the derivative agreement are credit events as defined under the terms of that particular swap agreement, such as bankruptcy, cross acceleration, failure to pay, repudiation and restructuring.

The resulting values for CDS agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit default agreement should the notional amount of the swap agreement be closed/sold as of the period end. When compared to the notional amount of the swap, decreasing market values for CDS sold and, conversely, increasing market values for CDS purchased, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

When entering into a CDS agreement as a buyer of protection, a Fund may pay an upfront premium to enter into the agreement. When selling protection, a Fund may receive this upfront premium paid from the buyer. During the term of the CDS agreement, the discounted value of the estimated stream of fixed rate payments from buyer to seller yet to be made is recorded as unrealized gain or loss on CDS agreements, with any interest payments already having been made being recognized as realized gain or loss on CDS agreements. This treatment will occur until the CDS is sold or reaches its expiration. Any upfront payments made or received upon entering into a CDS agreement are treated as part of the cost and are reflected as part of the unrealized

FIXED INCOME AND MONEY MARKET FUNDS **312** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2025** <br>

appreciation (depreciation) on valuation. Upon termination of the swap agreement, the amount included in the cost is reversed and becomes part of the realized gain (loss) on CDS agreements. Unrealized appreciation (depreciation) on bilateral CDS agreements and variation margin on centrally cleared CDS agreements, if any, is included in the Statements of Assets and Liabilities, with corresponding changes in unrealized appreciation (depreciation) included in the Statements of Operations.

Counterparty credit risk may arise as a result of the failure of the swap counterparty to comply with the terms of the swap agreement. Additionally, risks may arise with respect to the underlying issuer of the referenced security. Therefore, NTI or the sub-adviser considers the creditworthiness of each underlying issuer of the referenced security in addition to the creditworthiness of the counterparty. In addition, NTI or the sub-advisers may use different counterparties to minimize credit risk and limit the exposure to any individual counterparty. As stipulated in each swap agreement, collateral may be posted between a Fund and its counterparties to mitigate credit risk. Further information on the impact of these positions on the Funds' financial statements can be found in Note 10. With respect to CDS agreements that were outstanding as of March 31, 2025 for the Multi-Manager High Yield Opportunity Fund, approximately $58,000 was pledged by the Fund and is included in Due from broker on the Statements of Assets and Liabilities and approximately $21,000 received by the Fund and is included in Due to broker on the Statements of Assets and Liabilities. No other Funds had any outstanding CDS agreements for the fiscal year ended March 31, 2025.

**G) TOTAL RETURN SWAPS** To the extent consistent with their investment objectives and strategies, certain Funds may invest in total return swap ("TRS") agreements for hedging purposes and/or to seek to increase total return. TRS agreements are contracts that obligate a party to pay or receive interest in exchange for the payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. TRS agreements are entered into on a net basis, i.e.; the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. If the other party to such a transaction defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. In contrast, other transactions involve the payment of the gross amount owed.

In addition, these transactions can involve greater risks than if a Fund had invested in the reference obligation directly because, in addition to general market risk, swaps are subject to illiquidity risk, counterparty risk and pricing risk. Because they are two party contracts and because they may have terms of greater than seven days, swap transactions may be considered to be illiquid. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap counterparty. Many swaps are complex and often valued subjectively. Swaps may be subject to pricing or "basis" risk, which exists when a particular swap becomes

extraordinarily expensive relative to historical prices or the price of corresponding cash market instruments. Under certain market conditions, it may not be economically feasible to initiate a transaction or liquidate a position in time to avoid a loss or take advantage of an opportunity. If a swap transaction is particularly large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result insignificant losses.

Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent payments made or received upon entering into the TRS agreements to compensate for differences between the stated terms of the TRS agreements and prevailing market conditions. These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Interest payments earned or charged under the terms of the TRS agreements are recorded as realized gain (loss) on total return swap agreements. The swap interest receivable or payable as of March 31, 2025, if any, is included as unrealized appreciation (depreciation) on total return swap agreements on the Statements of Assets and Liabilities. Unrealized appreciation (depreciation) on bilateral total return swap agreements, if any, is included in the Statements of Assets and Liabilities, with corresponding changes in unrealized appreciation (depreciation) included in the Statements of Operations.

Further information on the impact of these positions on the Funds' financial statements can be found in Note 10. With respect to TRS agreements that were outstanding as of March 31, 2025, for the Multi-Manager High Yield Opportunity Fund, approximately $30,000 received by the Fund and is included in Due to broker on the Statements of Assets and Liabilities. No other Funds had any outstanding TRS agreements for the fiscal year ended March 31, 2025.

**H) WHEN-ISSUED/DELAYED DELIVERY SECURITIES** Certain Funds purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time a Fund enters into the commitment to purchase a security, the transaction is recorded and the value of the commitment is reflected in the NAV. The value of the commitment may vary with market fluctuations. No interest accrues to a Fund until settlement takes place. When-issued securities at March 31, 2025, if any, are noted in each Fund's Schedule of Investments and in aggregate as Payable for when-issued securities, in each Fund's Statement of Assets and Liabilities.

Certain Funds have entered into Master Securities Forward Transaction Agreements ("MSFTA") with certain counterparties, pursuant to which each party has agreed to pledge cash and/or

NORTHERN FUNDS ANNUAL REPORT **313** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

securities as collateral to secure the repayment of its obligations to the other party under the MSFTA. No collateral has been pledged to or received by the Funds from a broker as of March 31, 2025.

**I) MORTGAGE DOLLAR ROLLS** Certain Funds enter into mortgage "dollar rolls" in which a Fund sells securities for delivery in the future (generally within 30 days) and simultaneously contracts with the same counterparty to repurchase other mortgage securities on a specified future date. During the roll period, a Fund loses the right to receive principal and interest paid on the securities sold. However, a Fund would benefit to the extent of any difference between the price received for the securities sold and the lower forward price for the future purchase.

For financial reporting and tax purposes, the Funds treat mortgage dollar rolls as two separate transactions; one involving the purchase of a security and a separate transaction involving a sale.

**J) TERM LOANS** The High Yield Fixed Income and Multi-Manager High Yield Opportunity Funds may purchase assignments of, and participations in, term loans originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution for a lending syndicate of financial institutions (the "Lender"). When purchasing an assignment, the Fund succeeds to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning Lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning Lender. The Fund may also enter into lending arrangements involving unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Funds to supply additional cash to the borrower on demand. Unfunded loan commitments, if any, represent a future obligation, in full, and are recorded as a liability on the Statements of Assets and Liabilities at fair value.

**K) REPURCHASE AGREEMENTS** The U.S. Government Money Market Fund and U.S. Government Select Money Market Fund may enter into repurchase agreements under the terms of a master repurchase agreement by which the Funds purchase securities for cash from a seller and agree to resell those securities to the same seller at a specific price within a specified time or with an indefinite life and liquidity feature, which allows the Funds to resell the securities quarterly. The interest rate on such repurchase agreements resets daily. During the term of a repurchase agreement, the fair value of the underlying collateral, including accrued interest, is required to equal or exceed the fair value of the

repurchase agreement. The underlying collateral for tri-party repurchase agreements is held in accounts for Northern Trust, as agent of the Funds, at The Bank of New York Mellon, State Street Bank and Trust Company or JPMorgan Chase which, in turn, holds securities through the book-entry system at the Federal Reserve Bank of New York. The underlying collateral for other repurchase agreements is held in a customer-only account for Northern Trust, as custodian for the Funds, at the Federal Reserve Bank of Chicago. The Funds are subject to credit risk on repurchase agreements to the extent that the counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of collateral by the Funds may be delayed or limited. The U.S. Government Money Market Fund and U.S. Government Select Money Market Fund have entered into such repurchase agreements at March 31, 2025, as reflected in their accompanying Schedules of Investments.

Pursuant to exemptive relief granted by the SEC, U.S. Government Money Market Fund and certain other money market portfolios advised by NTI and Northern Trust may enter into joint repurchase agreements with non-affiliated counterparties through a master repurchase agreement. NTI administers and manages these joint repurchase agreements in accordance with and as part of its duties under its management agreements with the Funds and does not collect any additional fees from the Funds for such services. The U.S. Government Money Market Fund did not enter into such joint repurchase agreements during the period. There were no outstanding joint repurchase agreements at March 31, 2025.

The Funds may enter into transactions subject to enforceable netting arrangements ("Netting Arrangements") under a repurchase agreement. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. In the event of default where the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the defaulting party, realization of collateral by the Portfolios may be delayed or limited. In addition, the Netting Arrangements provide the right for the non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral. As of March 31, 2025, the U.S. Government Money Market Fund and the U.S. Government Select Money Market Fund have not invested in any portfolio securities other than the repurchase agreements described below, with gross exposures on the Statements of Assets and Liabilities, that could be netted subject to Netting Arrangements.

FIXED INCOME AND MONEY MARKET FUNDS **314** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2025** <br>

The following table presents the repurchase agreements, which are subject to Netting Arrangements, as well as the collateral delivered related to those repurchase agreements.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF ASSETS<br> PRESENTED IN STATEMENTS OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; NET<br> AMOUNT<sup>\*</sup> <br>|
| U.S. Government Money Market | Bank of America N.A. | &nbsp;&nbsp;&nbsp; $350000 | &nbsp;&nbsp;&nbsp; $(350000) | &nbsp;&nbsp;&nbsp; $– |
|  | Bank of America Securities LLC | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp; – |
|  | Canadian Imperial Bank of <br> Commerce<br>| &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; (550000) | &nbsp;&nbsp;&nbsp; – |
|  | Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp; (62000) | &nbsp;&nbsp;&nbsp; – |
|  | Fixed Income Clearing Corp. | &nbsp;&nbsp;&nbsp; 7800000 | &nbsp;&nbsp;&nbsp; (7800000) | &nbsp;&nbsp;&nbsp; – |
|  | JPMorgan Securities LLC | &nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; (1800000) | &nbsp;&nbsp;&nbsp; – |
|  | NatWest Markets PLC | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; (700000) | &nbsp;&nbsp;&nbsp; – |
|  | Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; (900000) | &nbsp;&nbsp;&nbsp; – |
|  | Total | &nbsp;&nbsp;&nbsp; $12262000 | &nbsp;&nbsp;&nbsp; $(12262000) | &nbsp;&nbsp;&nbsp; $– |
| U.S. Government Select Money Market | Bank of America N.A. | &nbsp;&nbsp;&nbsp; $300000 | &nbsp;&nbsp;&nbsp; $(300000) | &nbsp;&nbsp;&nbsp; $– |
|  | Barclays Capital, Inc. | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; (200000) | &nbsp;&nbsp;&nbsp; – |
|  | Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 201000 | &nbsp;&nbsp;&nbsp; (201000) | &nbsp;&nbsp;&nbsp; – |
|  | Fixed Income Clearing Corp. | &nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; (1050000) | &nbsp;&nbsp;&nbsp; – |
|  | JPMorgan Securities LLC | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; (200000) | &nbsp;&nbsp;&nbsp; – |
|  | Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; (150000) | &nbsp;&nbsp;&nbsp; – |
|  | TD Securities (USA) LLC | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; (250000) | &nbsp;&nbsp;&nbsp; – |
|  | Total | &nbsp;&nbsp;&nbsp; $2351000 | &nbsp;&nbsp;&nbsp; $(2351000) | &nbsp;&nbsp;&nbsp; $– |

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*\** *Collateral received is reflected up to the fair value of the repurchase agreement. Refer to the Schedules of Investments.*

Additional information about netting arrangements under the Netting Arrangements can be found in Note 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**L) INVESTMENT TRANSACTIONS AND INCOME** Investment transactions are recorded as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes amortization of premiums and accretion of discounts using the effective yield method. The interest rates reflected in the Schedules of Investments represent the stated coupon rate, annualized yield on date of purchase for discount notes, the current reset rate for floating rate securities, the 7-day yield for money market funds or, for interest-only or principal-only securities, the current effective yield. Cost of investments includes amortization of premiums and accretion of discounts, if any. Dividend income is recognized on the ex-dividend date. The Funds' income may be subject to certain state and local taxes and, depending on an individual shareholder's tax status, the federal alternative minimum tax.

The Funds allocate all income and realized and unrealized gains or losses on a daily basis to each class of shares based upon the relative proportion of the value of shares outstanding of each class, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**M) EXPENSES** Each Fund is charged for those expenses that are directly attributable to that Fund. Expenses arising in connection with a specific class of shares are charged to that class of shares. Expenses incurred which do not specifically relate to an individual Fund generally are allocated among all funds in the Trust in proportion to each Fund's relative net assets. Expenses are recognized on an accrual basis.

**N) REDEMPTION FEES** The High Yield Fixed Income and Multi-Manager High Yield Opportunity Funds each charge a 2 percent redemption fee on the redemption of shares (including by exchange) held for 30 days or less. For the purpose of applying the fee, the Funds use a first-in, first-out ("FIFO") method so that shares held longest are treated as being redeemed first and shares held shortest are treated as being redeemed last. The redemption fee is paid to the Fund from which the redemption is made and is intended to offset the trading, market impact and other costs associated with short-term money movements in and out of the Fund. The redemption fee may be collected by deduction from the redemption proceeds or, if assessed after the redemption transaction, through a separate billing. The Funds are authorized to waive the redemption fee for certain types of redemptions as described in the Funds' prospectus.

NORTHERN FUNDS ANNUAL REPORT **315** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

Redemption fees for the fiscal year ended March 31, 2025, were as follows:

---

| | |
|:---|:---|
| *Amounts in thousands*  | Redemption Fees |
| High Yield Fixed Income | $14 |
| Multi-Manager High Yield Opportunity | —\* |

---

<sup>\*</sup> *Amounts round to less than $1,000.*

Redemption fees for the fiscal year ended March 31, 2024, were as follows:

---

| | |
|:---|:---|
| *Amounts in thousands*  | Redemption Fees |
| High Yield Fixed Income | $3 |
| Multi-Manager High Yield Opportunity | —\* |

---

*\**

*Amounts round to less than $1,000.*

The amounts described above are included in Payments for Shares Redeemed in Note 8—Capital Share Transactions. The impact from redemption fees paid to the Fund was less than $0.001 per share for both fiscal years.

**O) DISTRIBUTIONS TO SHAREHOLDERS** Distributions of dividends from net investment income, if any, are declared and paid as follows:

---

| | | |
|:---|:---|:---|
|  | DECLARATION<br> FREQUENCY<br>| PAYMENT<br> FREQUENCY<br>|
| Arizona Tax-Exempt | Daily | Monthly |
| Bond Index | Daily | Monthly |
| California Intermediate Tax-Exempt | Daily | Monthly |
| California Tax-Exempt | Daily | Monthly |
| Core Bond | Daily | Monthly |
| Fixed Income | Daily | Monthly |
| High Yield Fixed Income | Daily | Monthly |
| Intermediate Tax-Exempt | Daily | Monthly |
| Limited Term Tax-Exempt | Daily | Monthly |
| Limited Term U.S. Government | Daily | Monthly |
| Multi-Manager High Yield Opportunity | Monthly | Monthly |
| Short Bond | Daily | Monthly |
| Tax-Advantaged Ultra-Short Fixed Income | Daily | Monthly |
| Tax-Exempt | Daily | Monthly |
| Ultra-Short Fixed Income | Daily | Monthly |
| U.S. Government | Daily | Monthly |
| U.S. Government Money Market | Daily | Monthly |
| U.S. Government Select Money Market | Daily | Monthly |

---

Distributions of net realized capital gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date.

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. The timing and character of distributions determined in accordance with federal income tax regulations may differ from financial statement amounts determined in accordance with U.S. GAAP. Accordingly, the Funds may periodically make reclassifications among certain of their capital accounts to reflect differences between financial reporting and federal income tax basis distributions. The reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications primarily relate to Section 988 currency gains and losses, paydowns, distributions in excess of investment company taxable income, and differing treatment of amortization on certain callable bonds. These reclassifications have no impact on the net assets or the NAVs per share of the Funds.

At March 31, 2025, the following reclassifications were recorded:

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| | | | |
|:---|:---|:---|:---|
| *Amounts in thousands* | UNDISTRIBUTED<br> NET INVESTMENT<br> INCOME (LOSS)<br>| ACCUMULATED<br> UNDISTRIBUTED<br> NET REALIZED<br> GAINS (LOSSES)<br>| Capital Stock |
| Bond Index | $540 | $(540) | $— |
| Core Bond | 16 | (16) |  |
| Fixed Income | 44 | (44) |  |
| High Yield Fixed Income | 429 | (429) |  |
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>| 2 | (2) |  |
| &nbsp;&nbsp; Multi-Manager High <br> Yield Opportunity<br>| 80 | (104) | 24 |
| Short Bond | 105 | (105) |  |
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short Fixed <br> Income<br>| —<br> \*<br>| —<br> \*<br>|  |
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>| 131 | (131) |  |
| U.S. Government | (1) | 1 |  |
| &nbsp;&nbsp; U.S. Government <br> Money Market<br>| 39 | (39) |  |

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\* *Amount rounds to less than $1,000.*

**P) FEDERAL INCOME TAXES** No provision for federal income taxes has been made since each Fund's policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute, each year, substantially all of its taxable income, tax-exempt income and capital gains to its shareholders.

During the fiscal year ended March 31, 2025, the Multi-Manager High Yield Opportunity, Ultra-Short Fixed Income and U.S. Government Select Money Market Funds utilized approximately $462,000, $1,165,000 and $9,000, respectively, in capital loss carryforwards.

FIXED INCOME AND MONEY MARKET FUNDS **316** NORTHERN FUNDS ANNUAL REPORT

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2025** <br>

Capital losses incurred that will be carried forward indefinitely are as follows:

---

| | | |
|:---|:---|:---|
| *Amounts in thousands* | SHORT-TERM<br> CAPITAL LOSS<br> CARRYFORWARD<br>| LONG-TERM<br> CAPITAL LOSS<br> CARRYFORWARD<br>|
| Arizona Tax-Exempt | $2885 | $6476 |
| Bond Index | 28352 | 149930 |
| California Intermediate Tax-Exempt | 4642 | 18678 |
| California Tax-Exempt | 1694 | 5136 |
| Core Bond | 14869 | 12114 |
| Fixed Income | 36658 | 55212 |
| High Yield Fixed Income | 139443 | 723769 |
| Intermediate Tax-Exempt | 44773 | 93995 |
| Limited Term Tax-Exempt | 8685 | 12386 |
| Limited Term U.S. Government | 5346 | 2386 |
| Multi-Manager High Yield Opportunity | 1390 | 63710 |
| Short Bond | 3375 | 24331 |
| &nbsp;&nbsp; Tax-Advantaged Ultra-Short Fixed <br> Income<br>| 19461 | 14272 |
| Tax-Exempt | 50311 | 89509 |
| Ultra-Short Fixed Income | 12279 | 14551 |
| U.S. Government | 4910 | 763 |

---

At March 31, 2025, the tax components of undistributed net investment income, undistributed realized gains and unrealized gains (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED | UNDISTRIBUTED | UNDISTRIBUTED |  |
| *Amounts in thousands* | TAX-EXEMPT<br> INCOME<br>| ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>| UNREALIZED <br> GAINS (LOSSES)<br>|
| Arizona Tax-Exempt | $30 | $— | $— | $(5098) |
| Bond Index |  | 1516 |  | (147764) |
| &nbsp;&nbsp; California <br> Intermediate <br> Tax-Exempt<br>| 81 |  |  | (14182) |
| California Tax-Exempt | 73 |  |  | (8539) |
| Core Bond |  | 55 |  | (3785) |
| Fixed Income |  | 268 |  | (13396) |
| &nbsp;&nbsp; High Yield Fixed <br> Income<br>|  | 5660 |  | (126537) |
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt<br>| 56 |  |  | (58209) |
| &nbsp;&nbsp; Limited Term <br> Tax-Exempt<br>| 21 |  |  | (5590) |
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>|  | 15 |  | (63) |
| &nbsp;&nbsp; Multi-Manager High <br> Yield Opportunity<br>|  | 667 |  | (6515) |
| Short Bond |  | 140 |  | 165 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED | UNDISTRIBUTED | UNDISTRIBUTED |  |
| *Amounts in thousands* | TAX-EXEMPT<br> INCOME<br>| ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>| UNREALIZED <br> GAINS (LOSSES)<br>|
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short Fixed <br> Income<br>| $1532 | $— | $— | $1733 |
| Tax-Exempt | 249 |  |  | (49644) |
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>|  | 1503 |  | 5256 |
| U.S. Government |  | 43 |  | (244) |
| &nbsp;&nbsp; U.S. Government <br> Money Market<br>|  | 77396 |  |  |
| &nbsp;&nbsp; U.S. Government <br> Select Money <br> Market<br>|  | 15236 |  |  |

---

\* *Ordinary income includes taxable market discount income and* *short-term capital gains, if any.*

The tax character of distributions paid during the fiscal year ended March 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands*  | TAX-EXEMPT<br> INCOME<br>| ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>|
| Arizona Tax-Exempt | $1826 | $129 | $— |
| Bond Index |  | 86400 |  |
| California Intermediate Tax-Exempt | 5907 | 504 |  |
| California Tax-Exempt | 4475 | 166 |  |
| Core Bond |  | 3909 |  |
| Fixed Income |  | 14697 |  |
| High Yield Fixed Income |  | 186111 |  |
| Intermediate Tax-Exempt | 33228 | 1993 |  |
| Limited Term Tax-Exempt | 8759 | 486 |  |
| Limited Term U.S. Government |  | 739 |  |
| &nbsp;&nbsp; Multi-Manager High Yield <br> Opportunity<br>|  | 12717 |  |
| Short Bond |  | 11333 |  |
| &nbsp;&nbsp; Tax-Advantaged Ultra-Short Fixed <br> Income<br>| 57552 | 29501 |  |
| Tax-Exempt | 25261 | 1386 |  |
| Ultra-Short Fixed Income |  | 79480 |  |
| U.S. Government |  | 756 |  |
| U.S. Government Money Market |  | 960168 | 12 |
| &nbsp;&nbsp; U.S. Government Select Money <br> Market<br>|  | 210556 |  |

---

\* *Ordinary income includes taxable market discount income and* *short-term capital gains, if any.*

NORTHERN FUNDS ANNUAL REPORT **317** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

The tax character of distributions paid during the fiscal year ended March 31, 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  | DISTRIBUTIONS FROM  |
| *Amounts in thousands* | TAX-EXEMPT<br> INCOME<br>| ORDINARY<br> INCOME\*<br>| LONG-TERM<br> CAPITAL GAINS<br>|
| Arizona Tax-Exempt | $2250 | $56 | $— |
| Bond Index |  | 77954 |  |
| California Intermediate Tax-Exempt | 6323 | 550 |  |
| California Tax-Exempt | 4488 | 322 |  |
| Core Bond |  | 3861 |  |
| Fixed Income |  | 16012 |  |
| High Yield Fixed Income |  | 181396 |  |
| Intermediate Tax-Exempt | 38364 | 1704 |  |
| Limited Term Tax-Exempt | 9997 | 464 |  |
| Limited Term U.S. Government |  | 1220 |  |
| &nbsp;&nbsp; Multi-Manager High Yield <br> Opportunity<br>|  | 16135 |  |
| Short Bond |  | 10053 |  |
| &nbsp;&nbsp; Tax-Advantaged Ultra-Short Fixed <br> Income<br>| 43583 | 25986 |  |
| Tax-Exempt | 26019 | 918 |  |
| Ultra-Short Fixed Income |  | 86232 |  |
| U.S. Government |  | 1085 |  |
| U.S. Government Money Market |  | 973889 | —<br> \*\*<br>|
| &nbsp;&nbsp; U.S. Government Select Money <br> Market<br>|  | 192072 | —<br> \*\*<br>|

---

\* *Ordinary income includes taxable market discount income* *and short-term capital gains, if any.* 

\*\* *Amount rounds to less than one thousand.*

As of March 31, 2025, no Fund had uncertain tax positions that would require financial statement recognition or disclosure. The Funds' federal tax returns remain subject to examination by the Internal Revenue Service for the three years after they are filed. Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Funds will be recorded as Interest expense and Other expenses, respectively, on the Statements of Operations.

**Q) OTHER RISKS** Certain Funds may invest in emerging market securities. Additional risks are involved when a Fund invests its assets in countries with emerging economies or securities markets. These countries generally are located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central America, South America and Africa. Political and economic structures in many of these countries may lack the social, political and economic stability characteristics of more developed countries. In general, the securities markets of these countries are less liquid, subject to greater price volatility and have smaller market capitalizations. As a result, the risks presented by investments in these countries are heightened.

On a daily basis a Fund may hold a cash surplus. Maintaining cash positions may also subject the Funds to additional risks, such as increased counterparty risk exposure to the custodian bank holding the assets held in cash.

**3. SERVICE PLAN** 

The Trust has adopted a Service Plan pursuant to which the Trust may enter into agreements with Northern Trust, its affiliates or other institutions (together "Service Organizations") under which the Service Organizations agree to provide certain administrative support services and, in some cases, personal and account maintenance services for their customers, who are beneficial owners of shares of the Funds. As compensation for services provided pursuant to the Service Plan, the Service Organizations receive a fee at an annual rate of up to 0.15 percent of the average daily net assets of the Funds beneficially owned by their customers. There were no shareholder servicing fees paid by the Funds to Northern Trust or its affiliates during the fiscal year ended March 31, 2025.

Service Plan expenses, if any, are included in the Statements of Operations under Shareholder servicing fees for the fiscal year ended March 31, 2025.

**4. BANK BORROWINGS** 

The Trust and Northern Institutional Funds, a registered investment company also advised by NTI, jointly entered into a $220,000,000 senior unsecured revolving credit facility on November 13, 2023, which is administered by Citibank, N.A., for liquidity and other purposes (the "Credit Facility"). The interest rate charged under the Credit Facility is equal to the sum of (i) the Federal Funds Rate plus (ii) if Adjusted Term Secured Overnight Financing Rate (SOFR) (but in no event less than 0 percent) on the date of borrowing exceeds such Federal Funds Rate, the amount by which it so exceeds, plus (iii) 1.00 percent per annum. In addition, there is an annual commitment fee of 0.15 percent on the average undrawn portion of the credit line under the Credit Facility, payable quarterly in arrears, which is included in Other expenses on the Statements of Operations, and on maturity or termination of the Credit Facility. The Credit Facility expired upon the approval of the New Credit Facility discussed below.

At a meeting held on August 15, 2024, the Board approved an agreement to replace the Credit Facility (as replaced, the "New Credit Facility"). The New Credit Facility is a $185,000,000 senior unsecured revolving credit facility. The interest rate charge and the terms of the annual commitment fee under the New Credit Facility are the same as they were for the Credit Facility. The New Credit Facility went into effect on November 8, 2024 and will expire on November 7, 2025, unless renewed.

No other Funds had any borrowings or incurred any interest expense for the fiscal year ended March 31, 2025. There were no outstanding loan amounts at March 31, 2025.

FIXED INCOME AND MONEY MARKET FUNDS **318** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2025** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. MANAGEMENT AND OTHER AGREEMENTS** 

As compensation for advisory services, administration services and the assumption of related expenses, NTI is entitled to a management fee, computed daily and payable monthly, at annual rates set forth in the table below (expressed as a percentage of each Fund's respective average daily net assets).

With respect to the Limited Term U.S. Government, Fixed Income, U.S. Government and Short Bond Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses (except as further described herein); (ii) the compensation paid to each Trustee of the Trust that is not an "interested person" (as defined in the 1940 Act); (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund's or Class's operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class. Further with respect to these Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class in an amount equal to the acquired fund fees and expenses arising from the Fund's investment in other non-money market mutual funds or exchange-traded funds managed by NTI. The reimbursement will not apply to those Funds that do not charge an advisory fee as a result of contractual or voluntary fee waivers.

With respect to the Bond Index Fund, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses, including any acquired fund fees and expenses, of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding extraordinary expenses. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund's or Class's operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

For all other Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses (except as further described below); (ii) the compensation paid to each

Trustee of the Trust that is not an "interested person" (as defined in the 1940 Act); (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund's or Class's operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

NTI has contractually agreed to reimburse the management fees payable by each Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market mutual funds managed by NTI.

The total annual fund operating expenses after expense reimbursement for each Fund may be higher than the contractual limitation as a result of certain excepted expenses that are not reimbursed. The amount of the reimbursement, if any, is included in Less expenses reimbursed by investment adviser as a reduction to Total Expenses in the Statements of Operations. There were no voluntary reimbursement receivables at March 31, 2025.

At March 31, 2025, the annual management fees and contractual expense limitations for the Funds were based on the following annual rates as set forth in the table below.

---

| | | |
|:---|:---|:---|
|  | CONTRACTUAL | CONTRACTUAL |
|  | ANNUAL<br> MANAGEMENT FEES<br>| EXPENSE<br> LIMITATIONS<br>|
| Bond Index | 0.0600<br> %<br>| 0.0749<br> %<br>|
| High Yield Fixed Income | 0.5800<br> %<br>| 0.6000<br> %<br>|
| U.S. Government Money Market | 0.3300<br> %<br>| 0.3500<br> %<br>|
| U.S. Government Select Money Market | 0.3300<br> %<br>| 0.3500<br> %<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CONTRACTUAL ANNUAL <br> MANAGEMENT FEES  | CONTRACTUAL ANNUAL <br> MANAGEMENT FEES  | CONTRACTUAL ANNUAL <br> MANAGEMENT FEES  | CONTRACTUAL<br> EXPENSE<br> LIMITATIONS |
|  | FIRST<br> $1.5 BILLION<br>| NEXT<br> $1 BILLION<br>| OVER<br> $2.5 BILLION<br>| CONTRACTUAL<br> EXPENSE<br> LIMITATIONS |
| Arizona Tax-Exempt | 0.430<br> %<br>| 0.417<br> %<br>| 0.404<br> %<br>| 0.450<br> %<br>|
| &nbsp;&nbsp; California <br> Intermediate <br> Tax-Exempt<br>| 0.430<br> %<br>| 0.417<br> %<br>| 0.404<br> %<br>| 0.450<br> %<br>|
| &nbsp;&nbsp; California <br> Tax-Exempt<br>| 0.430<br> %<br>| 0.417<br> %<br>| 0.404<br> %<br>| 0.450<br> %<br>|
| Core Bond | 0.380<br> %<br>| 0.369<br> %<br>| 0.358<br> %<br>| 0.400<br> %<br>|
| Fixed Income | 0.430<br> %<br>| 0.417<br> %<br>| 0.404<br> %<br>| 0.450<br> %<br>|
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt<br>| 0.430<br> %<br>| 0.417<br> %<br>| 0.404<br> %<br>| 0.450<br> %<br>|
| &nbsp;&nbsp; Limited Term <br> Tax-Exempt<br>| 0.430<br> %<br>| 0.417<br> %<br>| 0.404<br> %<br>| 0.450<br> %<br>|

---

NORTHERN FUNDS ANNUAL REPORT **319** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CONTRACTUAL ANNUAL <br> MANAGEMENT FEES  | CONTRACTUAL ANNUAL <br> MANAGEMENT FEES  | CONTRACTUAL ANNUAL <br> MANAGEMENT FEES  | CONTRACTUAL<br> EXPENSE<br> LIMITATIONS |
|  | FIRST<br> $1.5 BILLION<br>| NEXT<br> $1 BILLION<br>| OVER<br> $2.5 BILLION<br>| CONTRACTUAL<br> EXPENSE<br> LIMITATIONS |
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>| 0.380<br> %<br>| 0.369<br> %<br>| 0.358<br> %<br>| 0.400<br> %<br>|
| &nbsp;&nbsp; Multi-Manager <br> High Yield <br> Opportunity<br>| 0.650<br> %<br>| 0.631<br> %<br>| 0.612<br> %<br>| 0.670<br> %<br>|
| Short Bond | 0.380<br> %<br>| 0.369<br> %<br>| 0.358<br> %<br>| 0.400<br> %<br>|
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short Fixed <br> Income<br>| 0.230<br> %<br>| 0.223<br> %<br>| 0.216<br> %<br>| 0.250<br> %<br>|
| Tax-Exempt | 0.430<br> %<br>| 0.417<br> %<br>| 0.404<br> %<br>| 0.450<br> %<br>|
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>| 0.230<br> %<br>| 0.223<br> %<br>| 0.216<br> %<br>| 0.250<br> %<br>|
| U.S. Government | 0.380<br> %<br>| 0.369<br> %<br>| 0.358<br> %<br>| 0.400<br> %<br>|

---

The contractual reimbursement arrangements described above may not be terminated before July 31, 2025 without the approval of the Board of Trustees. The contractual reimbursement arrangements will continue automatically thereafter for periods of one-year (each such one-year period, a "Renewal Year"). The arrangements may be terminated, as to any succeeding Renewal Year, by NTI or a Fund upon 60 days' written notice prior to the end of the current Renewal Year.

NTI may reimburse additional expenses or waive all or a portion of the management fees for the Funds, including, from time to time to avoid a negative yield for the U.S. Government Money Market and U.S. Government Select Money Market Funds. Any such additional expense reimbursement or waiver would be voluntary and could be implemented, increased or decreased or discontinued at any time. There is no guarantee that a Fund will be able to avoid a negative yield. NTI did not voluntarily reimburse any Funds during the fiscal year ended March 31, 2025.

Amounts waived or reimbursed by NTI pursuant to voluntary or contractual agreements may not be recouped by NTI at any time in the future for prior fiscal years.

Pursuant to the Management Agreement with the Trust, NTI is responsible for performing and overseeing investment management services to the Funds.

The Multi-Manager High Yield Opportunity Fund is managed by NTI and the Sub-Advisers. In addition to selecting the overall investment strategies of the Fund, NTI oversees and monitors the selection and performance of any Sub-Advisers and allocates resources among the Sub-Advisers. The Sub-Advisers manage each sub-advised Fund's investment portfolio pursuant to Sub-Advisory Agreements with NTI.

As of March 31, 2025, BlackRock Investment Management, LLC, Nomura Corporate Research and Asset Management Inc. and Polen Capital Credit, LLC are the Sub-Advisers for Multi-Manager High Yield Opportunity Fund.

NTI is responsible for payment of sub-advisory fees to the Sub-Advisers.

As compensation for services rendered as transfer agent, including the assumption by Northern Trust of the expenses related thereto, Northern Trust receives a fee, computed daily and payable monthly, at an annual rate of 0.0385 percent of the average daily net assets of each Fund, except for the U.S. Government Money Market and U.S. Select Government Money Market Funds, which is computed daily and payable monthly, at an annual rate of 0.019 percent of the average daily net assets of each Fund.

NTI has entered into a sub-administration agreement with Northern Trust, pursuant to which Northern Trust performs certain administrative services for the Funds. NTI pays Northern Trust for its sub-administration services out of NTI's management fees. Northern Trust also performs certain administrative services for certain Sub-Advisers pursuant to separate agreements with such Sub-Advisers.

For compensation as custodian, Northern Trust receives an amount based on a pre-determined schedule of charges approved by the Board. During the period, the Funds (except the U.S. Government Money Market and the U.S. Government Select Money Market) have entered into an expense offset arrangement with the custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Funds' custodian expenses. Custodian credits, if any, are shown as Less custodian credits in the Funds' Statements of Operations.

Northern Funds Distributors, LLC, the distributor for the Funds, received no compensation from the Funds under its distribution agreement. However, it received compensation from NTI for its services as distributor pursuant to a separate letter agreement between it and NTI.

Certain officers of the Trust are also officers of Northern Trust and NTI. All officers serve without compensation from the Funds. The Trust provided a deferred compensation plan for its Trustees who are not officers of Northern Trust or NTI. Prior to August 22, 2013, under the deferred compensation plan, Trustees may have elected to defer all or a portion of their compensation. Effective August 22, 2013, the Trustees may no longer defer their compensation. Any amounts deferred and invested under the plan shall remain invested pursuant to the terms of the plan. Each Trustee's account shall be deemed to be invested in shares of the Northern Institutional Funds U.S. Government Portfolio (the "Portfolio") and/or the Global Tactical Asset Allocation Fund of the Trust and/or at the discretion of the Trust, another money market fund selected by the Trust that complies with the provisions of Rule 2a-7 under the 1940 Act or one or more

FIXED INCOME AND MONEY MARKET FUNDS **320** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2025** <br>

short-term fixed income instruments selected by the Trust that are "eligible securities" as defined by that rule. The net investment income, gains and losses achieved by such deemed investment shall be credited to the Trustee's account as provided in the plan.

**6. RELATED PARTY TRANSACTIONS**

Each Fund, excluding the U.S. Government Money Market and U.S. Government Select Money Market Funds, may invest its uninvested cash in a money market fund advised by NTI or its affiliates. Accordingly, each Fund bears indirectly a proportionate share of that money market fund's operating expenses. These operating expenses include the management, transfer agent and custody fees that the money market fund pays to NTI or its affiliates. At March 31, 2025, the Funds, excluding the U.S. Government Money Market and U.S. Government Select Money Market Funds, held an investment in the Northern Institutional Funds U.S. Government Portfolio. The total annual portfolio operating expenses after expense reimbursement (other than certain excepted expenses as described in the fees and expenses table of the Portfolio's prospectus) on any assets invested in the Portfolio is 0.25 percent. NTI reimbursed each Fund the management fees payable by the Fund in an amount equal to the net management fee NTI earned on the amount invested by the Fund in money market mutual funds managed by NTI, as described in Note 5. This reimbursement is included in Less expenses reimbursed by the investment adviser as a reduction to Total Expenses in the Statements of Operations. This reimbursement's impact on each Fund's net expense and net investment income ratios is included in each Fund's Financial Highlights.

The Funds are permitted to purchase and sell securities from or to certain affiliated funds or portfolios under specified conditions outlined in Rule 17a-7 Procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price as defined in the Rule 17a-7 Procedures. For the fiscal year ended March 31, 2025, the Funds did not engage in any purchases and/or sales of securities from an affiliated entity.

NTI or the Sub-Advisers may, from time to time, effect trades on behalf of and for the account of the Funds with brokers or dealers that are affiliated with NTI, in conformity with Rule 17e-1 under the 1940 Act and SEC rules and regulations. Under these provisions, any commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged by other brokers or dealers in comparable transactions. For the fiscal year ended March 31, 2025, there were no Funds that paid Northern Trust Securities, Inc., an affiliate of NTI, brokerage commissions.

During the fiscal year ended March 31, 2025, there were no Funds that received reimbursements from NTI in connection with settlement fees pursuant to the European Union's Central Securities Depositories Regulation. These amounts, if any, are included in Interest income on the Funds' Statements of Operations.

Certain uninvested cash balances of U.S. Government Money Market Fund and U.S. Government Select Money Market Fund may receive a return from Northern Trust based on a market return it receives less an administrative fee. These amounts, if any, are shown on the Funds' Statements of Operations as Income from affiliates.

Certain uninvested foreign currency balances of the Funds may pay/receive a return to/from Northern Trust based on a market return it pays/receives less an administrative fee. For the fiscal year ended March 31, 2025, the High Yield Fixed Income Fund received an amount from Northern Trust of approximately $2,000 and the Multi-Manager High Yield Opportunity Fund received an amount from Northern Trust of less than $1,000. These amounts are included in Interest income on the Funds' Statements of Operations.

**7. INVESTMENT TRANSACTIONS** 

For the fiscal year ended March 31, 2025, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases | Purchases | Sales | Sales |
| *Amounts in thousands*  | U.S. GOVERNMENT | OTHER | U.S. GOVERNMENT | OTHER |
| Arizona Tax-Exempt | $5484 | $15774 | $5680 | $24297 |
| Bond Index | 911469 | 61319 | 965129 | 242546 |
| &nbsp;&nbsp; California <br> Intermediate <br> Tax-Exempt<br>| 11590 | 76795 | 14991 | 94521 |
| &nbsp;&nbsp; California <br> Tax-Exempt<br>| 6084 | 50367 | 6299 | 50595 |
| Core Bond | 75108 | 54803 | 85221 | 35730 |
| Fixed Income | 208009 | 190438 | 250770 | 163721 |
| &nbsp;&nbsp; High Yield Fixed <br> Income<br>|  | 1194697 |  | 1257997 |
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt<br>| 10589 | 413109 | 99730 | 510493 |
| &nbsp;&nbsp; Limited Term <br> Tax-Exempt<br>| 17465 | 103561 | 19762 | 180930 |
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>| 13416 |  | 20257 |  |
| &nbsp;&nbsp; Multi-Manager High <br> Yield Opportunity<br>| 17 | 89880 | 17 | 100914 |
| Short Bond | 228732 | 148891 | 290748 | 49402 |
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short Fixed <br> Income<br>|  | 1261946 |  | 886647 |

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NORTHERN FUNDS ANNUAL REPORT **321** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases | Purchases | Sales | Sales |
| *Amounts in thousands*  | U.S. GOVERNMENT | OTHER | U.S. GOVERNMENT | OTHER |
| Tax-Exempt | $28001 | $314513 | $42059 | $254158 |
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>| 32978 | 882134 | 38885 | 1072161 |
| U.S. Government | 15889 |  | 14095 |  |

---

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on certain foreign currency contracts, the deferral of post-October currency and capital losses for tax purposes, and the timing of income recognition on investments in real estate investment trusts and passive foreign investment companies.

At March 31, 2025, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in*<br> *thousands*<br>| UNREALIZED<br> APPRECIATION<br>| UNREALIZED<br> DEPRECIATION<br>| NET<br> APPRECIATION<br> (DEPRECIATION)<br>| COST<br> BASIS OF<br> INVESTMENTS<br>|
| &nbsp;&nbsp; Arizona <br> Tax-Exempt<br>| $121 | $(5219) | $(5098) | $56983 |
| Bond Index | 13356 | (161120) | (147764) | 2303286 |
| &nbsp;&nbsp; California <br> Intermediate <br> Tax-Exempt<br>| 196 | (14378) | (14182) | 238551 |
| &nbsp;&nbsp; California <br> Tax-Exempt<br>| 1387 | (9925) | (8538) | 151993 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in*<br> *thousands*<br>| UNREALIZED<br> APPRECIATION<br>| UNREALIZED<br> DEPRECIATION<br>| NET<br> APPRECIATION<br> (DEPRECIATION)<br>| COST<br> BASIS OF<br> INVESTMENTS<br>|
| Core Bond | $708 | $(4493) | $(3785) | $100428 |
| Fixed Income | 2843 | (16239) | (13396) | 341994 |
| &nbsp;&nbsp; High Yield Fixed <br> Income<br>| 34456 | (160979) | (126523) | 2719968 |
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt<br>| 4327 | (62536) | (58209) | 1101463 |
| &nbsp;&nbsp; Limited Term <br> Tax-Exempt<br>| 1048 | (6638) | (5590) | 352577 |
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>| 98 | (161) | (63) | 23804 |
| &nbsp;&nbsp; Multi-Manager <br> High Yield <br> Opportunity<br>| 4939 | (11454) | (6515) | 185627 |
| Short Bond | 1522 | (1357) | 165 | 292754 |
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short <br> Fixed Income<br>| 6069 | (4336) | 1733 | 2744990 |
| Tax-Exempt | 948 | (50592) | (49644) | 821472 |
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>| 6266 | (1010) | 5256 | 1678271 |
| U.S. Government | 141 | (385) | (244) | 27414 |
| &nbsp;&nbsp; U.S. Government <br> Money <br> Market<br>|  |  |  | 22305838 |
| &nbsp;&nbsp; U.S. Government <br> Select Money <br> Market<br>|  |  |  | 4364261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. CAPITAL SHARE TRANSACTIONS**

Transactions in Shares class for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Arizona Tax-Exempt  | 1063 | $10274 | 127 | $1225 | (2233) | $(21507) | (1043) | $(10008) |
| Bond Index  | 68066 | 624185 | 2448 | 22423 | (95871) | (875516) | (25357) | (228908) |
| California Intermediate Tax-Exempt  | 4402 | 43523 | 88 | 876 | (7157) | (70539) | (2667) | (26140) |
| California Tax-Exempt  | 2330 | 24456 | 135 | 1411 | (2919) | (30609) | (454) | (4742) |
| Core Bond  | 2034 | 18112 | 156 | 1386 | (1729) | (15328) | 461 | 4170 |
| Fixed Income  | 4744 | 42356 | 729 | 6478 | (7880) | (70055) | (2407) | (21221) |
| High Yield Fixed Income  | 90937 | 550828 | 3383 | 20433 | (101816) | (613626) | (7496) | (42365) |
| Intermediate Tax-Exempt  | 20418 | 199713 | 410 | 4009 | (40710) | (398199) | (19882) | (194477) |
| Limited Term Tax-Exempt  | 4293 | 42662 | 122 | 1204 | (12521) | (124110) | (8106) | (80244) |
| Limited Term U.S. Government  | 135 | 1262 | 25 | 233 | (858) | (7913) | (698) | (6418) |
| Multi-Manager High Yield Opportunity  | 3594 | 30334 | 430 | 3619 | (5083) | (42772) | (1059) | (8819) |

---

FIXED INCOME AND MONEY MARKET FUNDS **322** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2025** <br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Short Bond  | 3758 | $68515 | 250 | $4551 | (3040) | $(55287) | 968 | $17779 |
| Tax-Advantaged Ultra-Short Fixed Income  | 114210 | 1162807 | 999 | 10157 | (92010) | (936073) | 23199 | 236891 |
| Tax-Exempt  | 25389 | 243110 | 455 | 4354 | (22820) | (218117) | 3024 | 29347 |
| Ultra-Short Fixed Income  | 48689 | 501465 | 4156 | 42792 | (50222) | (517319) | 2623 | 26938 |
| U.S. Government  | 1009 | 8861 | 46 | 405 | (780) | (6821) | 275 | 2445 |
| U.S. Government Money Market  | 86878570 | 86878570 | 152719 | 152719 | (85256571) | (85256571) | 1774718 | 1774718 |
| U.S. Government Select Money Market  | 17344848 | 17344848 | 28661 | 28661 | (17478691) | (17478691) | (105182) | (105182) |

---

Transactions in Shares class for the fiscal year ended March 31, 2024, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Arizona Tax-Exempt | 1551 | $14653 | 150 | $1432 | (3129) | $(29597) | (1428) | $(13512) |
| Bond Index | 89398 | 813267 | 1687 | 15289 | (67526) | (612372) | 23559 | 216184 |
| California Intermediate Tax-Exempt | 6983 | 68231 | 116 | 1128 | (9453) | (91668) | (2354) | (22309) |
| California Tax-Exempt | 3907 | 40218 | 147 | 1521 | (5188) | (53743) | (1134) | (12004) |
| Core Bond | 528 | 4657 | 147 | 1289 | (2718) | (23850) | (2043) | (17904) |
| Fixed Income | 1150 | 10102 | 710 | 6231 | (16061) | (141265) | (14201) | (124932) |
| High Yield Fixed Income | 101894 | 593795 | 3514 | 20375 | (153833) | (893101) | (48425) | (278931) |
| Intermediate Tax-Exempt | 34905 | 338691 | 470 | 4559 | (62420) | (605129) | (27045) | (261879) |
| Limited Term Tax-Exempt | 7868 | 77437 | 171 | 1678 | (20662) | (203171) | (12623) | (124056) |
| Limited Term U.S. Government | 52 | 478 | 28 | 259 | (2751) | (25361) | (2671) | (24624) |
| Multi-Manager High Yield Opportunity | 4240 | 34965 | 500 | 4094 | (8404) | (69302) | (3664) | (30243) |
| Short Bond | 1194 | 21393 | 210 | 3759 | (5256) | (94119) | (3852) | (68967) |
| Tax-Advantaged Ultra-Short Fixed Income | 90289 | 909786 | 984 | 9908 | (81852) | (823767) | 9421 | 95927 |
| Tax-Exempt | 38837 | 367114 | 587 | 5562 | (42228) | (400660) | (2804) | (27984) |
| Ultra-Short Fixed Income | 20523 | 207658 | 3925 | 39817 | (105512) | (1069209) | (81064) | (821734) |
| U.S. Government | 268 | 2353 | 71 | 617 | (3017) | (25953) | (2678) | (22983) |
| U.S. Government Money Market | 87142759 | 87142759 | 118731 | 118731 | (85411552) | (85411552) | 1849938 | 1849938 |
| U.S. Government Select Money Market | 19425602 | 19425602 | 25322 | 25322 | (18497872) | (18497872) | 953052 | 953052 |

---

Transactions in Siebert Williams Shank Shares for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Ultra-Short Fixed Income  | 970 | 10015 | 169 | 1735 | (632) | (6515) | 507 | 5235 |

---

Transactions in Siebert Williams Shank Shares for the fiscal year ended March 31, 2024, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Amounts in thousands*  | SHARES<br> SOLD<br>| PROCEEDS<br> FROM<br> SHARES SOLD<br>| SHARES FROM<br> REINVESTED<br> DIVIDENDS<br>| REINVESTMENTS<br> OF<br> DIVIDENDS<br>| SHARES<br> REDEEMED<br>| PAYMENTS<br> FOR SHARES<br> REDEEMED<br>| NET<br> INCREASE<br> (DECREASE)<br> IN SHARES<br>| NET<br> INCREASE<br> (DECREASE)<br> IN NET ASSETS<br>|
| Ultra-Short Fixed Income  |  |  | 132 | 1,257 |  |  | 132 | 1,257 |

---

NORTHERN FUNDS ANNUAL REPORT **323** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. INVESTMENTS IN AFFILIATES** 

Transactions in affiliated investments for the fiscal year ended March 31, 2025, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF YEAR<br>| PURCHASES | SALES<br> PROCEEDS<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| NET<br> REALIZED<br> GAINS<br> (LOSSES)<br>| ACCRUED<br> PREMIUM<br> (DISCOUNT)<br>| DIVIDEND AND<br> INTEREST INCOME<br>| VALUE, END<br> OF YEAR<br>| SHARES/<br> PRINCIPAL, END<br> OF YEAR<br>|
| &nbsp;&nbsp; Arizona <br> Tax-Exempt<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $879 | $30996 | $31341 | $— | $— | $— | $111 | $534 | $533856 |
| Bond Index | Nasdaq, <br> Inc.<br>| 528 |  | 202 | (19) | (1) |  | 28 | 306 | 300000 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 27962 | 381533 | 367706 |  |  |  | 1594 | 41789 | 41789414 |
|  | Total | $28490 | $381533 | $367908 | $(19) | $(1) | $— | $1622 | $42095 | 42089414 |
| &nbsp;&nbsp; California <br> Intermediate <br> Tax-Exempt<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $534 | $100319 | $95290 | $— | $— | $— | $245 | $5563 | $5562694 |
| &nbsp;&nbsp; California <br> Tax-Exempt<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 1151 | 60195 | 58623 |  |  |  | 128 | 2723 | 2722713 |
| Core Bond | Nasdaq, <br> Inc.<br>| 142 |  | 142 | (2) | 2 |  | 2 |  |  |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 5893 | 52238 | 57362 |  |  |  | 163 | 769 | 768559 |
|  | Total | $6035 | $52238 | $57504 | $(2) | $2 | $— | $165 | $769 | 768559 |
| Fixed Income | Nasdaq, <br> Inc.<br>| $366 | $— | $365 | $(6) | $5 | $— | $6 | $— | $— |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 10598 | 168138 | 176356 |  |  |  | 216 | 2380 | 2380100 |
|  | Total | $10964 | $168138 | $176721 | $(6) | $5 | $— | $222 | $2380 | 2380100 |
| &nbsp;&nbsp; High Yield Fixed <br> Income<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $37595 | $919846 | $923203 | $— | $— | $— | $3118 | $34238 | $34238336 |

---

FIXED INCOME AND MONEY MARKET FUNDS **324** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2025** <br>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; *Amounts in thousands* <br> *except shares*<br>| AFFILIATE | VALUE, BEGINNING<br> OF YEAR<br>| PURCHASES | SALES<br> PROCEEDS<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| NET<br> REALIZED<br> GAINS<br> (LOSSES)<br>| ACCRUED<br> PREMIUM<br> (DISCOUNT)<br>| DIVIDEND AND<br> INTEREST INCOME<br>| VALUE, END<br> OF YEAR<br>| SHARES/<br> PRINCIPAL, END<br> OF YEAR<br>|
| &nbsp;&nbsp; Intermediate <br> Tax-Exempt<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $4860 | $385118 | $377713 | $— | $— | $— | $721 | $12265 | $12265462 |
| &nbsp;&nbsp; Limited Term <br> Tax-Exempt<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 8628 | 181678 | 185406 |  |  |  | 315 | 4900 | 4899554 |
| &nbsp;&nbsp; Limited Term <br> U.S. Government<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 67 | 4767 | 3935 |  |  |  | 6 | 899 | 899272 |
| &nbsp;&nbsp; Multi-Manager <br> High Yield <br> Opportunity<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 7277 | 114892 | 113588 |  |  |  | 307 | 8581 | 8581216 |
| Short Bond | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 6701 | 202953 | 205967 |  |  |  | 309 | 3687 | 3686942 |
| &nbsp;&nbsp; Tax-Advantaged <br> Ultra-Short Fixed <br> Income<br>| Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 132151 | 1507127 | 1610352 |  |  |  | 4634 | 28926 | 28925588 |
| Tax-Exempt | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 21307 | 292267 | 299541 |  |  |  | 858 | 14033 | 14033273 |
| &nbsp;&nbsp; Ultra-Short Fixed <br> Income<br>| Nasdaq, <br> Inc.<br>| 10033 |  | 2012 | 3 | 9 | (14) | 521 | 8019 | 8000000 |
|  | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| 67955 | 1036787 | 1037938 |  |  |  | 1877 | 66804 | 66804479 |
|  | Total | $77988 | $1036787 | $1039950 | $3 | $9 | $(14) | $2398 | $74823 | 74804479 |
| U.S. Government | Northern <br> Institutional <br> Funds - <br> U.S. Government <br> Portfolio <br> (Shares)<br>| $122 | $9013 | $8425 | $— | $— | $— | $8 | $710 | $709960 |

---

NORTHERN FUNDS ANNUAL REPORT **325** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. DERIVATIVE INSTRUMENTS**

Information concerning the types of derivatives in which the Funds invest, the objectives for using them and their related risks can be found in Note 2.

Below are the types of derivatives by primary risk exposure as presented in the Statements of Assets and Liabilities as of March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Assets |  | Liabilities |  |
| *Amounts in thousands* | Contract Type | Statements of<br> Assets Location<br>| Value | Statements of<br> Liabilities Location<br>| Value |
| Core Bond | Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>| $143<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| $(82)\*<br>|
| Fixed Income | Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>| 399<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (305)\*<br>|
| High Yield Fixed Income | Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>| 1,130<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>|  |
| Limited Term U.S. Government | Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>| 10<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (3)\*<br>|
| &nbsp;&nbsp; Multi-Manager High Yield <br> Opportunity<br>| Foreign exchange contracts | Unrealized appreciation on<br> forward foreign currency <br> exchange contracts<br>| 3 | Unrealized depreciation on<br> forward foreign currency <br> exchange contracts<br>|  |
|  | Credit contracts | Unrealized appreciation on credit <br> default swap agreements<br>|  | Unrealized depreciation on credit <br> default swap agreements<br>| (3)\*\*<br>|
|  | Equity contracts | Unrealized appreciation on total <br> return swaps<br>| 25 | Unrealized depreciation on total <br> return swaps<br>| (—)\*\*\*<br>|
| Short Bond | Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>| 96<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (208)\*<br>|
| U.S. Government | Interest rate contracts | Net Assets - Net unrealized<br> appreciation<br>| 19<br> \*<br>| Net Assets - Net unrealized<br> depreciation<br>| (3)\*<br>|

---

\* *Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Investments' footnotes. Only the* *current day's variation margin is reported within the Statements of Assets and Liabilities.* 

\*\* *Includes cumulative appreciation/depreciation on centrally cleared swap agreements as reported in the Schedule of Investments'* *footnotes. Only the current day's variation margin, if any, is reported within the Statements of Assets and Liabilities.* 

\*\*\* *Amount rounds to less than one thousand.*

The Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements ("netting agreements"). Generally, netting agreements allow the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. In the event of default where the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the defaulting party, realization of collateral by the Funds may be delayed or limited. In addition, the netting agreements provide the right for the non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.

As of March 31, 2025, gross amounts of assets and liabilities for forward foreign exchange contracts and total return swaps not offset in the Statements of Assets and Liabilities, related collateral and net amounts after taking into account netting agreements, by counterparty, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF ASSETS<br> PRESENTED IN STATEMENTS<br> OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; CASH <br> COLLATERAL<br> RECEIVED<br>| &nbsp;&nbsp; NET<br> AMOUNT<br>|
| &nbsp;&nbsp; Multi-Manager High Yield Opportunity <br> Fund<br>| BNY Mellon | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; (—)\*<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25 |
|  | Total | &nbsp;&nbsp;&nbsp; $28 | &nbsp;&nbsp;&nbsp; $(—)\*<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $28 |

---

FIXED INCOME AND MONEY MARKET FUNDS **326** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2025** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp; GROSS AMOUNTS NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES |
| *Amounts in thousands* | COUNTERPARTY | &nbsp;&nbsp; GROSS AMOUNTS OF<br> LIABILITIES<br> PRESENTED IN STATEMENTS<br> OF<br> ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br>| &nbsp;&nbsp; CASH <br> COLLATERAL<br> PLEDGED<br>| &nbsp;&nbsp; NET<br> AMOUNT<br>|
| &nbsp;&nbsp; Multi-Manager High Yield Opportunity <br> Fund<br>| Morgan Stanley | &nbsp;&nbsp;&nbsp; $(—)\*<br>| &nbsp;&nbsp;&nbsp; $—\* | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
|  | Total | &nbsp;&nbsp;&nbsp; $(—)\*<br>| &nbsp;&nbsp;&nbsp; $—\* | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

\* Amount rounds to less than one thousand.

The following tables set forth, by primary risk exposure, the Funds' realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the fiscal year ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  |  | AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS | AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS |
| *Amounts in thousands* | CONTRACT TYPE | STATEMENTS OF OPERATIONS LOCATION | VALUE |
| Core Bond | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; $(7) |
| Fixed Income | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 257 |
| High Yield Fixed Income | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 580 |
| Limited Term U.S. Government | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 24 |
| Multi-Manager High Yield Opportunity | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; (32) |
|  | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net realized gains (losses) on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp;&nbsp; 6 |
|  | Equity Contracts | Net realized gains (losses) on total return swaps | &nbsp;&nbsp;&nbsp; 82 |
|  | Credit contracts | Net realized gains (losses) on credit default swap agreements | &nbsp;&nbsp;&nbsp; (1) |
| Short Bond | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; (66) |
| U.S. Government | Interest rate contracts | Net realized gains (losses) on futures contracts | &nbsp;&nbsp;&nbsp; 22 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp; CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON<br> DERIVATIVE CONTRACTS | &nbsp;&nbsp;&nbsp; CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON<br> DERIVATIVE CONTRACTS |
| *Amounts in thousands* | CONTRACT TYPE | STATEMENTS OF OPERATIONS LOCATION | VALUE |
| Core Bond | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; $67 |
| Fixed Income | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; 102 |
| High Yield Fixed Income | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; 441 |
| Limited Term U.S. Government | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; 7 |
| Multi-Manager High Yield Opportunity | Foreign exchange contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward foreign <br> currency exchange contracts<br>| &nbsp;&nbsp;&nbsp; (1) |
|  | Equity Contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on total return <br> swaps<br>| &nbsp;&nbsp;&nbsp; 25 |
|  | Credit contracts | &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on credit default <br> swap agreements<br>| &nbsp;&nbsp;&nbsp; (3) |
| Short Bond | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; (69) |
| U.S. Government | Interest rate contracts | Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp; 16 |

---

Volume of derivative activity for the fiscal year ended March 31, 2025\*:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | FOREIGN EXCHANGE<br> CONTRACTS  | FOREIGN EXCHANGE<br> CONTRACTS  | EQUITY<br> CONTRACTS | EQUITY<br> CONTRACTS | CREDIT <br> CONTRACTS  | CREDIT <br> CONTRACTS  | INTEREST RATE<br> CONTRACTS  | INTEREST RATE<br> CONTRACTS  |
|  | NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>|
| Core Bond |  | $— |  | $— |  | $— | 26 | $6642 |

---

NORTHERN FUNDS ANNUAL REPORT **327** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**Notes to the financial statements continued** <br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | FOREIGN EXCHANGE<br> CONTRACTS  | FOREIGN EXCHANGE<br> CONTRACTS  | EQUITY<br> CONTRACTS | EQUITY<br> CONTRACTS | CREDIT <br> CONTRACTS  | CREDIT <br> CONTRACTS  | INTEREST RATE<br> CONTRACTS  | INTEREST RATE<br> CONTRACTS  |
|  | NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>| NUMBER<br> OF<br> TRADES<br>| AVERAGE<br> NOTIONAL<br> AMOUNT\*\*<br>|
| Fixed Income |  | $— |  | $— |  | $— | 33 | $16901 |
| High Yield Fixed Income |  |  |  |  |  |  | 11 | 147821 |
| Limited Term U.S. Government |  |  |  |  |  |  | 12 | 1341 |
| Multi-Manager High Yield Opportunity | 11 | 1837 | 4 | 269 | 7 | 114 | 15 | 755 |
| Short Bond |  |  |  |  |  |  | 21 | 12236 |
| U.S. Government |  |  |  |  |  |  | 14 | 1279 |

---

*\**

*Activity for the fiscal year is measured by number of trades during the fiscal year and average notional amount for forward foreign currency exchange contracts, equity total return swaps contracts, credit default swaps contracts and interest rate futures contracts.*

*\*\**

*Amounts in thousands.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. INDEMNIFICATIONS AND WARRANTIES** 

In the ordinary course of their business, the Funds may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Funds. The maximum exposure to the Funds under these provisions is unknown, as this would involve future claims that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believe the risk of loss to be remote.

**12. OPERATING SEGMENTS**

During the reporting period, the Funds adopted FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280)- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in ASU 2023-07 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. NTI acts as the CODM. Each Fund within the Trust represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the respective Fund's portfolio managers as a team. The financial information in the form of a Fund's total returns, expense ratios, changes in net assets resulting from operations, and subscriptions and redemptions which are used by the CODM to assess the segment's performance and to make resource allocation decisions for each Fund (as a single segment), is consistent with that presented within each Fund's financial statements. Segment assets

are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

**13. LEGAL PROCEEDINGS** 

On or about December 17, 2024, the Multi-Manager High Yield Opportunity Fund (the "Fund") was added as a defendant in a civil action pending in the Supreme Court of the State of New York, County of New York, Commercial Division (the "Court"), captioned CPPIB Credit Investments II Inc., et al. v. Lions Gate Entertainment Corporation, et al., Index No. 654398/2024 (the "Action"). The Action arises from certain notes (the "Original Notes") issued by Lions Gate Capital Holdings, LLC ("Lions Gate Holdings") of which the Fund was a holder. In May 2024, a group of holders of the Original Notes (the "Participating Holders"), including the Fund, entered into a transaction (the "Exchange Transaction") pursuant to which the Participating Holders consented to certain amendments to the indenture for the Original Notes and exchanged their Original Notes for new notes issued by Lions Gate Holdings (the "New Notes"). In the Action, Plaintiff Thebes Offshore Master Fund, LP ("Thebes"), a holder of the Original Notes who was not invited to participate in the Exchange Transaction and did not receive the New Notes, challenges the enforceability of the Exchange Transaction and asserts, among other claims, claims against the Participating Noteholders seeking declaratory judgment and injunctive relief, or alternatively, monetary damages. A group of Participating Noteholders, including the Fund, have moved to dismiss Thebes's claims on several grounds. The Participating Noteholders' motions to dismiss are fully briefed, and oral argument on the motions was scheduled for May 15, 2025, but was adjourned following restructuring actions by Lions Gate Holdings. On May 23, 2025, the Plaintiffs filed an amended complaint. The Court has set a briefing schedule for revised motions to dismiss,

FIXED INCOME AND MONEY MARKET FUNDS **328** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**March 31, 2025** <br>

but has not set a date for oral arguments at this time. At this stage of the proceedings, it is not possible to predict the outcome of the Action. The Fund intends to vigorously defend against Thebes's claims.

**14. NEW ACCOUNTING PRONOUNCEMENTS** 

On December 14, 2023, the FASB issued ASU 2023-09, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid. The ASU's disclosure requirements apply to all entities subject to ASC 740. As the FASB notes in ASC 740-10-50-11A, the "objective of these disclosure requirements is for an entity, particularly an entity operating in multiple jurisdictions, to disclose sufficient information to enable users of financial statements to understand the nature and magnitude of factors contributing to the difference between the effective tax rate and the statutory tax rate." Public business entities (PBEs) must apply the ASU's guidance to annual periods beginning after December 15, 2024 (2025 for calendar-year-end PBEs). Entities other than PBEs have an additional year to adopt it. Management does not believe this update has a material impact on the Funds' financial statements and disclosures.

**15. GLOBAL INSTABILITY**

Unexpected political, regulatory and diplomatic events and military conflicts around the world may affect investor and consumer confidence and may adversely impact global and domestic financial markets and the broader economy. Such conflicts have caused, and could continue to cause, significant market disruptions and volatility within specific markets and globally. The hostilities and sanctions resulting from those conflicts have, and could continue to have, a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters.

**16. SUBSEQUENT EVENTS** 

Management has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure.

NORTHERN FUNDS ANNUAL REPORT **329** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** <br>

**To the Shareholders and Board of Trustees of Northern Funds**:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of eighteen separate portfolios of Northern Funds, comprising the Arizona Tax-Exempt Fund, Bond Index Fund, California Intermediate Tax-Exempt Fund, California Tax-Exempt Fund, Core Bond Fund, Fixed Income Fund, High Yield Fixed Income Fund, Intermediate Tax-Exempt Fund, Limited Term Tax-Exempt Fund, Limited Term U.S. Government Fund, Multi-Manager High Yield Opportunity Fund, Short Bond Fund, Tax-Advantaged Ultra-Short Fixed Income Fund, Tax-Exempt Fund, Ultra-Short Fixed Income Fund, U.S. Government Fund, U.S. Government Money Market Fund, and U.S. Government Select Money Market Fund (collectively, the "Funds"), including the schedules of investments, as of March 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, agent banks, and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

May 27, 2025

We have served as the auditor of one or more Northern Trust investment companies since 2002.

FIXED INCOME AND MONEY MARKET FUNDS **330** NORTHERN FUNDS ANNUAL REPORT

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

---

| | |
|:---|:---|
| **TAX AND DISTRIBUTION INFORMATION** | **March 31, 2025 (Unaudited)** |

---

**CAPITAL GAIN DISTRIBUTION** — The following Fund made capital gain distributions in December 2024, and hereby designated these long-term capital gain distributions as follows *(per share)*:

---

| | |
|:---|:---|
|  | LONG-TERM<br> CAPITAL GAIN<br>|
| U.S. Government Money Market  | $0.000001 |

---

**CORPORATE DIVIDENDS-RECEIVED DEDUCTION (DRD)** — A percentage of the dividends distributed during the fiscal year ended March 31, 2025 for the following Fund qualifies for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
|  | CORPORATE DRD<br> PERCENTAGE<br>|
| Multi-Manager High Yield Opportunity | 0.08<br> %<br>|

---

**EXEMPT-INTEREST DIVIDENDS** — During the fiscal year ended March 31, 2025, the percentage of dividends derived from net investment income paid by each of the following Funds as "exempt-interest dividends," excludable from gross income for Federal income tax purposes were as follows: Arizona Tax-Exempt Fund - 93.42%, California Intermediate Tax-Exempt Fund - 92.15%, California Tax-Exempt Fund - 96.44%, Intermediate Tax-Exempt Fund - 94.35%, Limited Term Tax-Exempt Fund - 94.75%, Tax-Advantaged Ultra-Short Fixed Income Fund - 66.26%, Tax-Exempt Fund - 94.82%.

**QUALIFIED DIVIDEND INCOME (QDI)** — Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the following percentages of ordinary dividends paid by the following Fund during the fiscal year ended March 31, 2025, are designated as "qualified dividend income," as defined in the Act, subject to reduced tax rates:

---

| | |
|:---|:---|
|  | QDI<br> PERCENTAGE<br>|
| Multi-Manager High Yield Opportunity | 0.15<br> %<br>|

---

NORTHERN FUNDS ANNUAL REPORT **331** FIXED INCOME AND MONEY MARKET FUNDS

------

**FIXED INCOME AND MONEY MARKET FUNDS** <br>

---

| | |
|:---|:---|
| **Form N-CSR - Items 8 - 11**  | **March 31, 2025 (Unaudited)**  |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in and disagreements with accountants on accounting and financial disclosure for the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There were no matters submitted during the period covered by the report to a vote of shareholders, through the solicitation of proxies or otherwise.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not Applicable.

FIXED INCOME AND MONEY MARKET FUNDS **332** NORTHERN FUNDS ANNUAL REPORT

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**FIXED INCOME AND MONEY MARKET FUNDS** <br>

This Page Intentionally Left Blank

NORTHERN FUNDS ANNUAL REPORT **333** FIXED INCOME AND MONEY MARKET FUNDS

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---

| | |
|:---|:---|
| ![](img25e705df4.gif)<br>| &nbsp;&nbsp;&nbsp;&nbsp; ![](img6710a7395.gif)<br>|

---

©2025 Northern Funds

NF ANR NCSR FI & MMF (5/25)

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(b) Included as part of the Financial Statements under Item 7(a) of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that would require disclosure herein.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

------

#### Item 19. Exhibits.
(a)(1) [Exhibit 99.CODE: Incorporated by reference to Exhibit 13(a)(1) to the report filed on Form N-CSR on June 5, 2020 (Accession Number 0001193125-20-161887).](https://www.sec.gov/Archives/edgar/data/916620/000119312520161887/d927856dex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [Certifications of the Registrant pursuant to Rule 30a-2(a) under the 1940 Act are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) There has been no change to the registrant's independent public accountant during the reporting period.

(b) [Certifications of the Registrant pursuant to Rule 30a-2(b) under the 1940 Act are filed herewith.](Exhibit_b.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Northern Funds  | Northern Funds  |
| By  | */s/ Kevin P. O'Rourke*  |
|  | Kevin P. O'Rourke, President  |
|  | (Principal Executive Officer)  |
| Date: June 4, 2025  | Date: June 4, 2025  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By  | */s/ Kevin P. O'Rourke*  |
|  | Kevin P. O'Rourke, President  |
|  | (Principal Executive Officer)  |
| Date: June 4, 2025  | Date: June 4, 2025  |

---

---

| | |
|:---|:---|
| By  | */s/ Randal E. Rein*  |
|  | Randal E. Rein, Treasurer  |
|  | (Principal Financial and Accounting Officer)  |
| Date: June 4, 2025  | Date: June 4, 2025  |

---

------

## Ex-99.Cert

#### Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
I, Kevin P. O'Rourke, certify that:

1. I have reviewed this report on Form N-CSR of Northern Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 4, 2025  | */s/ Kevin P. O'Rourke*  |
|  | Kevin P. O'Rourke, President  |
|  | (Principal Executive Officer)  |

---

I, Randal E. Rein, certify that:

1. I have reviewed this report on Form N-CSR of Northern Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 4, 2025  | */s/ Randal E. Rein*  |
|  | Randal E. Rein, Treasurer  |
|  | (Principal Financial and Accounting Officer)  |

---

------

## Exhibit 99.906

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
I, Kevin P. O'Rourke, President/Chief Executive Officer of Northern Funds (the "Registrant"), certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: June 4, 2025  | */s/ Kevin P. O'Rourke*  |
|  | Kevin P. O'Rourke, President  |
|  | (Chief Executive Officer)  |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Report with the Commission.

I, Randal E. Rein, Treasurer/Chief Financial and Accounting Officer of Northern Funds (the "Registrant"), certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: June 4, 2025  | */s/ Randal E. Rein*  |
|  | Randal E. Rein, Treasurer  |
|  | (Chief Financial and Accounting Officer)  |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Report with the Commission.

------